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May 16, 2018 / 1:40 PM / Updated 38 minutes ago Megharryccino anyone? Bakery serves up royal wedding coffees Reuters Staff 2 Min Read
WINDSOR, England (Reuters) - Coffee fans can celebrate the upcoming royal wedding of Prince Harry to actress Meghan Markle by sipping a special type of hot drink - the “Megharrycino”. An image of Britain's Prince Harry and his fiancee Meghan Markle is seen on top of a cup of coffee being sold ahead of their forthcoming wedding in Windsor, Britain, May 16, 2018. REUTERS/Toby Melville
A bakery in the picturesque town of Windsor, where Britain’s sixth-in-line to the throne will marry his American fiancée on Saturday, is serving up cappuccino and latte coffees topped with a frothy portrait of the couple.
Surrounded by Union Jack bunting and a large cut-out of the pair, baristas at Heidi’s bakery use a special machine to reproduce an image of one of Harry and Markle’s engagement pictures onto the froth with coffee.
Priced at 4.50 pounds ($6), the drinks, which Heidi bakery co-owner of Edward Durkin described as “unique”, are more expensive than usual coffees but were proving popular on Wednesday morning with a steady stream of customers ordering them.
“I’m afraid to spoil it,” customer Ann Brooker, 78, said, hesitant to drink her coffee at first before tucking in. “That’s the nearest to a kiss you’re going to get from Harry,” her husband Alan joked. Reporting by Emily Roe; Writing by Marie-Louise Gumuchian; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-latte-art/megharryccino-anyone-bakery-serves-up-royal-wedding-coffees-idUKKCN1IH1RT |
Cramer compares Michael Kors and Molson Coors and picks the better stock 15 Hours Ago Jim Cramer weighs Michael Kors against Molson Coors and uses the drastically different companies to teach an investing lesson. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/cramer-compares-michael-kors-and-molson-coors-picks-the-better-stock.html |
Facebook Inc. is overhauling its management structure in one of the most extensive corporate makeovers in its 14-year history.
In arguably the most significant move, the company put longtime executive Chris Cox in charge of Facebook, Instagram, WhatsApp and Messenger in an effort that will integrate its high-profile acquisitions more deeply into the larger company. Facebook’s product and engineering divisions will now be carved up into three main divisions, including one focused on emerging technologies, such as blockchain,... | ashraq/financial-news-articles | https://www.wsj.com/articles/facebook-shuffles-management-team-1525819627 |
VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV:N) (FRANKFURT:M5BQ) (OTCMKTS:NXTTF) is pleased to announce that further to the April 5 th announcement of an LOI with 2624078 Ontario Inc., the Company has signed a Share Purchase Agreement (“SPA”) to acquire 51% of the outstanding shares of 2624078 Ontario Inc. (“Infinite Labz”) and has agreed to finance the construction of Infinite Labz’s facility in Etobicoke, Ontario.
Infinite Labz intends to submit an application to become a Health Canada Licensed Producer (“LP”) of medical cannabis oil, with the intention of resale to both the medical and recreational markets. Infinite Labz also intends to apply to become a Licensed Dealer (“LD”) of medical cannabis in accordance with Health Canada regulations, allowing the company to initiate research and development, import cannabis, perform analytical testing, and conduct clinical studies with medical cannabis, dried flower, and oil.
Namaste anticipates an accelerated demand for cannabis oils and believes that a dedicated facility designed for the sole purpose of producing oils and extracts can provide the Company with a strong supply of high-margin oil products. Following completion of construction and licensing, the facility will allow Infinite Labz to produce oils and extracts at a low cost for sale to registered patients of Namaste’s wholly owned subsidiary, Cannmart Inc. (“Cannmart”), resulting in increased margins for Namaste. Inifinite Labz also plans to produce and sell oils/extracts directly to other LP’s, and participate in the recreational market by selling its products to licensed provincial distributors. The Company also intends to use its hardware experience to produce specialized pod-based vaporization systems for use with oil formulations. Namaste has established a strong brand through its existing retail channels and intends on building on that unique brand in the Cannabis oil sector through Infinite Labz.
If an LD license is obtained, Infinite Labz will facilitate importation of medical cannabis for testing purposes, following which an application for approval from Health Canada to import for resale purposes can be made. The LP license, in combination with the LD license would allow Infinite Labz to gain full exposure to the exciting segment of the medical cannabis industry through importation, testing, and production of cannabis oils and extracts.
Key SPA terms:
Namaste will provide financing, through a first priority shareholder loan, of up to $750,000 for construction of the Infinite Labz facility. Namaste’s shareholder loan will be re-paid from net profits. Namaste will acquire 51% of the outstanding shares of Infinite Labz. Infinite Labz management team has entered into consulting agreements to oversee construction of the facility and the applications for the LP and LD licences.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to have entered into a definitive agreement as we believe that the facility at Infinite Labz can be instrumental in allowing Namaste to participate in the recreational market. In addition, the facility would allow Namaste to control the production and distribution of cannabis oil for sale through Cannmart, as well as for resale to LP’s. We believe that having the ability to offer oil production services for smaller craft producers through Infinite Labz will add significant value moving forward as we look to develop relationships with all types of LPs that enable us to provide our patients with a broad range of cannabis products. Our hope is that these services will lead to additional opportunities with LP's who see value in working collaboratively. In addition to producing oil through the facility, Cannmart plans on providing oil filling services for pre-filled cartridges and vaporizers pods once approved by Health Canada. This facility will not only support the Company’s growth in the sale of medical cannabis but it will also ensure that we stay ahead of the curve in anticipation of federal changes to the legal cannabis industry.”
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com , Canada's first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada's largest database of medical cannabis patients. The company's subsidiary, CannMart Inc. is an ACMPR Licensed Producer with a "sales-only" license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
“Sean Dollinger”
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD LOOKING INFORMATION
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com . This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press
Source:Namaste Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-namaste-announces-signing-of-a-definitive-agreement-to-acquire-51-percent-of-the-outstanding-shares-of-infinite-labz.html |
May 18, 2018 / 4:48 PM / Updated 40 minutes ago The 'Meghan effect' - Markle's influential fashion looks Reuters Staff 4 Min Read
LONDON (Reuters) - When American actress Meghan Markle arrives at Windsor Castle on Saturday to marry Britain’s Prince Harry, all eyes will be on her wedding dress. FILE PHOTO: Meghan Markle arrives at an event she is attending with her fiancee, Britain's Prince Harry in Nottingham, December 1, 2017. REUTERS/Eddie Keogh/File Photo
Speculation over what look the 36-year-old will choose and who will design the frock has mounted for months, with labels such as Ralph & Russo, Burberry and Stella McCartney among the names touted for the coveted role.
Markle’s sleek style has inspired fashion blogs and sent many dedicated followers shopping for the same looks.
In what fashionistas cite as the “Meghan effect”, her outfits and accessories have sold out fast soon after the bride-to-be is seen wearing them, propelling the labels behind them into the global spotlight.
Below are some of her popular looks from the last few months: THE ENGAGEMENT ANNOUNCEMENT
When Prince Harry and Markle announced their engagement in November, the actress wore a wrap-up coast by Canadian brand Line the Label over a sleeveless dark green dress with a bow detail at the waist by Italian label P.A.R.O.S.H. FILE PHOTO: Meghan Markle, the fiancee of Britain's Prince Harry, arrives for a walkabout on the esplanade at Edinburgh Castle, Britain, February 13, 2018. REUTERS/James Glossop/Pool/File Photo
Royal fans and fashionistas caught eye of the 434 euro ($510) dress in a television interview the couple gave that day and flocked to P.A.R.O.S.H.’s website to buy it.
The fitted frock, soon to be named the “Meghan” dress, sold out quickly, with P.A.R.O.S.H telling its followers on Instagram it was “working hard to restock it asap”. London wax museum Madame Tussauds has dressed its model of Markle in the same dress. COATS
Markle, who starred in the television series “Suits”, has worn a variety of stylish coats since her engagement.
On a visit to the English city of Nottingham in December, she was dressed in the Elodie navy double breast wool coat by Canadian label Mackage. In March, she wore the brand’s sand-coloured MAI belted wool coat while in Northern Ireland. Slideshow (4 Images)
Fashionistas were fast to visit the Mackage website on both occasions.
“When she was seen wearing the Elodie jacket our website had quadrupled in traffic, and when she wore the MAI (coat) our website saw five times the traffic,” Mackage designer duo Eran Elfassy and Elisa Dahan were quoted as saying by Grazia magazine on its website. ACCESSORIES
Edinburgh-based label Strathberry has been catapulted into the limelight since Markle picked their handbags for two official engagements.
On the same visit to Nottingham when she wore the Mackage Elodie coat, Markle carried the 495 pound ($666) burgundy, navy and vanilla Strathberry Midi Tote.
A few months later, she accessorised a tartan print coat with a 395 pound green Strathberry East/West Mini bag on a visit to Edinburgh.
The Strathberry Midi Tote sold out “in minutes” while the East/West Mini in bottle green sold out “almost immediately”, company founders Guy and Leeanne Hundleby said.
“Immediately following the event in Nottingham we saw sales increase considerably (200-300 percent) which was fantastic,” they told Reuters in an email.
“Visitor numbers to the website were also amazing. At one stage they were up tenfold against our daily average ... We estimate sales this year will increase by up to 20 percent - 40 percent due to increased brand awareness.” Reporting By Marie-Louise Gumuchian; Editing by Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-wedding-fashion/the-meghan-effect-markles-influential-fashion-looks-idUKKCN1IJ2A3 |
DALLAS, May 8, 2018 /PRNewswire/ -- Compass Edge Solutions has expanded its leadership team today with the promotion of Luke Dalske to Vice President of BitBox Deployment & Integration and Dan Cernogorsky to Senior Director, BitBox Software Development. Both will report directly to Compass Edge Solutions head Jon Trout and play key roles in Compass Edge Solutions' success. The BitBox platform simplifies the deployment, integration, monitoring and maintenance of distributed infrastructure from the core to the edge.
Dalske oversees deployment of the BitBox monitoring platform and integration. He comes with 15 years of power monitoring, generator control systems, PLC and SCADA experience. Prior to joining Compass Edge Solutions, Dalske spent nine years with Schneider Electric in its professional services division where he led sales engineering, data center systems design and implementation.
Cernogorsky oversees BitBox software engineering and development efforts. He brings nearly 20 years of data center systems integration, systems engineering, DCIM and custom software development experience. Prior to joining Compass Edge Solutions, Cernogorsky held software infrastructure management roles at Facebook, Hoffman Building Technologies, Siemens and Bellsouth.
"Deploying, integrating, monitoring and maintaining distributed infrastructure is growing more complex with edge computing. The BitBox platform reduces this complexity regardless of infrastructure's location, size or manufacturer. Luke and Dan have been key elements of our success and their promotion to senior leadership roles allows us to continue providing our industry leading solutions," said Trout.
"When we acquired BitBox and Edgepoint in December, the edge grabbed the headlines, but infrastructure management is just as critical, with significant innovation opportunities," said Chris Crosby, Compass Datacenters CEO. "Anyone who has been in our industry for ten minutes knows how difficult it is to monitor and manage traditional core data centers. This task becomes even more complex when you bring the edge into the mix. Trout and the Compass Edge Solutions team have engineered a truly ingenious platform for deploying, integrating, monitoring and maintaining distributed infrastructure at scale."
"In my experience of building and operating edge facilities, the single biggest mistake companies make is overlooking monitoring and management tools. Too often, distributed infrastructure becomes an unmanageable island," said Sharif Fotouh, Compass Edge Solutions leader. "Jon Trout has been ahead of the curve on this issue for years, and the BitBox platform allows companies to control distributed infrastructure no matter where it is and what it looks like."
About Compass Datacenters
Compass Datacenters provides enterprises, cloud providers, service providers, and hyperscale customers solutions from the core to the edge. Compass' investors, Ontario Teachers' Pension Plan and RedBird Capital Partners, bring a long-term perspective and significant financial resources. Compass' executive team has built more than $3 billion worth of data centers and edge computing facilities. They have also operated over six million square feet of raised floor worldwide. The Compass team delivers build-to-order data centers which are superior to competing alternatives. Compass enables customers to build what you want, where you want, when your business needs it. For more information, visit www.compassdatacenters.com .
About Compass Edge Solutions
Compass Edge Solutions is Compass Datacenters' edge computing software and service arm. Compass Edge Solutions' BitBox platform simplifies the deployment, integration, monitoring and maintenance of your distributed infrastructure from the core to the edge. For more information, visit www.bitboxusa.com .
View original content: http://www.prnewswire.com/news-releases/bitbox-a-compass-datacenters-company-expands-leadership-team-to-support-rapid-growth-300644345.html
SOURCE Compass Datacenters | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-bitbox-a-compass-datacenters-company-expands-leadership-team-to-support-rapid-growth.html |
May 14 (Reuters) - Strongbow Exploration Inc:
* STRONGBOW APPOINTS MATTHEW HIRD AS CHIEF FINANCIAL OFFICER
* STRONGBOW EXPLORATION INC - APPOINTMENT OF MATTHEW HIRD AS CHIEF FINANCIAL OFFICER, COMMENCING WITH IMMEDIATE EFFECT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-strongbow-appoints-matthew-hird-as/brief-strongbow-appoints-matthew-hird-as-cfo-idUSASC0A1YN |
DUBLIN, May 18 (Reuters) - Independent News & Media (INM) , Ireland’s largest newspaper group, has opposed the appointment of inspectors by the country’s corporate watchdog to look into an alleged data security incident, it said in a statement on Friday ahead of its annual shareholder meeting.
Ireland’s Office of the Director of Corporate Enforcement (ODCE) began an investigation into INM in March following a clash between the company’s then chief executive and chairman in 2016 over the terms of a possible acquisition of Irish radio station Newstalk.
Newstalk’s parent group Communicorp is owned by Irish billionaire Denis O’Brien. O’Brien is INM’s largest shareholder with a stake of 29.9 percent.
INM Chairman Murdoch MacLennan said the company had decided to oppose the appointment of ODCE inspectors because it was in the company’s and shareholders’ interests.
“The company’s application was heard by the High Court last week, and we await the Court’s decision,” he said in a statement to be delivered at the AGM.
He also said the company had appointed Deloitte to conduct a full investigation and that INM would continue to co-operate fully with the ODCE and with the Office of the Data Protection Commissioner.
He said the board had notified a data security incident to the Data Protection Commissioner in August 2017, including allegations that this could have included data maintained by journalists for the purposes of their professional activities.
“If it has occurred, this is entirely deplorable,” the chairman said in the statement.
“The Board is particularly concerned by the suggestion that data maintained by journalists for the purposes of their professional activities might have been accessed for any improper purpose.”
INM also gave an update on its trading performance, confirming that trading year-to-date continued to be in line with market expectations despite challenges from the weather in March and bigger declines in digital advertising. (Reporting by Graham Fahy. Editing by Jane Merriman)
| ashraq/financial-news-articles | https://www.reuters.com/article/ind-news-media-investigation/independent-news-media-opposes-appointment-of-inspectors-idUSL5N1SP15U |
BERLIN, May 30 (Reuters) - Facebook will face consequences for exchanging data with its own WhatsApp product, said Hamburg’s data protection officer, who has a Germany-wide remit to review the U.S. social network.
Johannes Caspar told Reuters on Wednesday the exchange of data between Facebook and WhatsApp had not become lawful under new data protection rules, adding: “We will respond appropriately.” (Reporting by Hans-Edzard Busemann Writing by Paul Carrel Editing by Madeline Chambers)
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MARKET NEWS: Dow sinks 300 points on renewed trade worries | Check indexes
Mortgage applications fall as loan rates hit a 4-year peak Reuters 21 hrs ago Richard Leong U.S. mortgage applications fell last week as interest rates on some 30-year fixed-rate home loans reached their highest levels in more than 4-1/2 years, the Mortgage Bankers Association said Wednesday.
The Washington-based industry group said its seasonally adjusted measure on mortgage requests fell 1.6 percent to 258.1 in the week ended April 27.
Interest rates on "conforming" 30-year mortgages, or loans with balances of $453,100 or less, averaged 4.80 percent, which was the highest since September 2013 and up from 4.73 percent from the prior week, MBA said.
| ashraq/financial-news-articles | http://www.reuters.com/article/us-usa-mortgages-idUSKBN1I31VC?utm_source=34553&utm_medium=partner |
May 14, 2018 / 2:39 PM / Updated 18 minutes ago Tennis-Tsonga withdraws from French Open Reuters Staff 1 Min Read
May 14 (Reuters) - France’s Jo-Wilfried Tsonga has withdrawn from next week’s Lyon Open and the French Open later this month after failing to recover from knee surgery.
Tsonga, who is the defending champion in Lyon, went under the knife in April and said on Twitter on Monday that he was disappointed he would not be able to play either tournament.
“I’m obviously very disappointed, but I still want to come to Lyon as an ambassador and to Roland Garros as a spectator,” he said.
The 33-year-old, ranked number 37 in the world, has not played since reaching the semi-finals of the Montpellier International in February, where he was beaten by compatriot Lucas Pouille. (Reporting by Simon Jennings in Bengaluru Editing by Christian Radnedge) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-tsonga/tennis-tsonga-withdraws-from-french-open-idUKL3N1SL5E8 |
Thursday marks one year to the day since special counsel Robert Mueller began his investigation of the links between Russia and the Trump campaign.
The various probes into Russian election interference did not start on May 17, 2017, however. Federal authorities had been investigating the Kremlin's attempts to sway the 2016 presidential election long before Mueller was appointed by Deputy Attorney General Rod Rosenstein . And the special counsel was preceded by multiple congressional inquiries, a number of which are ongoing.
But the appointment of such a high-profile investigative body, and such a high-profile lead investigator, instantly established Mueller's probe as the cause celebre upon which 's political future could potentially hinge.
Mueller was initially heralded across political battle lines as a competent and unbiased choice for the role. Former Republican House Speaker Newt Gingrich , a vocal supporter of the president and the author of "Understanding Trump," said at the time of Mueller's appointment that he was a "superb choice to be special counsel. His reputation is impeccable for honesty and integrity."
That bipartisan praise quickly collapsed as the investigation moved forward, however, giving way to accusations of political malfeasance and extrajudicial overreach from critics.
The president's view The special counsel's chief detractor has been the president himself. Trump, in heated public remarks and on social media, has repeatedly decried the probe as a "witch hunt." His animus has stoked fears that Trump plans to fire Mueller, prompting some Democratic lawmakers to create legislation that would protect the special counsel from such an attack. Mueller was appointed after President Trump fired FBI Director James Comey who had been leading the investigation into Russian meddling.
While the White House has been circumspect about whether Trump plans to fire the special counsel, press secretary Sarah Huckabee Sanders said in recent months that "the president is clear that he feels it's gone too far" and that he believes he has the power to fire Mueller. Vice President Mike Pence recently said of the special counsel: " It's time to wrap it up ."
The White House did not immediately respond to CNBC's request for comment.
In a tweet marking the special counsel's anniversary, Trump called the investigation "the greatest Witch Hunt in American History."
trump tweet
But the special counsel has already had a material impact on a number of key players in the orbits of both Trump and the Kremlin, issuing more than a dozen indictments and collecting a handful of guilty pleas.
As the investigation moves into its second year, its trajectory and core focus — collusion, obstruction of justice, financial crimes or other matters — remain opaque. Here's what we've seen so far:
George Papadopoulos A New York Times report marked July 2016 as the start of the FBI's inquiry into Trump-Russia coordination. It was prompted by Papadopoulos, at the time a little-known campaign advisor, who told an Australian diplomat in May of that year that he knew Russia had acquired thousands of emails on Trump's political opponent, Hillary Clinton , the Times reported, citing multiple current and former officials.
The Australian diplomat reportedly passed that information to his American counterparts, sparking the federal inquiry.
Papadopoulos was questioned by the special counsel and pleaded guilty to lying to federal investigators on Oct. 5, 2017. As part of his plea agreement, Papadopoulos agreed to cooperate with the government. His sentencing is now contingent on continuing to "respond and provide information regarding any and all matters as to which the government deems relevant."
Michael Flynn The former national security advisor was fired just a few weeks after Trump's inauguration in January 2017. The White House said he was ousted for misleading the vice president about his contacts with Russian Ambassador Sergey Kislyak.
The special counsel charged Flynn with lying to the FBI, also over his contacts with Kislyak. He pleaded guilty on Dec. 1, 2017, and has agreed to "cooperate fully, truthfully, completely, and forthrightly" with law enforcement authorities.
Rick Gates and Paul Manafort Manafort was Trump's campaign chief during the summer of 2016 and was supported by Gates, his close associate. Manafort held deep connections to Ukrainian politics, having worked for parties supportive of former Ukrainian President Viktor Yanukovych, who fled to Russia after his ouster in 2014.
The special counsel levied dozens of counts against Manafort and Gates alleging money laundering, misleading law enforcement officials and bank fraud.
Gates pleaded guilty in February to one count of lying to investigators and one count of conspiracy against the United States.
Manafort, however, has pleaded not guilty and continues to maintain his innocence. His lawyers have argued that the special counsel's actions against him exceed its authority, and they filed a motion to dismiss the charges against him. On Wednesday, the judge presiding over his case denied Manafort's bid and said the case will go to trial.
Peter Strzok and Lisa Page Strzok and Page, former members of Mueller's team, became the driving force behind accusations of political bias in the special counsel's team after their text message exchanges during the 2016 campaign were revealed.
Some of the thousands of texts between the two former investigators, who were reportedly involved in an extramarital affair, appeared to show hostility toward then-candidate Trump. The texts have been reviewed by multiple Republican-led congressional committees.
Trump, too, has hinted the texts reveal shady tactics by the special counsel and the Justice Department.
Trump tweet 2
Internet Research Agency In February, Mueller's team levied indictments against 13 Russian individuals and three Russian entities it alleged were involved in various efforts to meddle in the U.S. election. All of the defendants received conspiracy charges, and some were charged with identity theft and conspiracy to launder money.
Trump later imposed sanctions on many of the individuals and entities included in Mueller's indictments.
Michael Cohen On April 9, federal agents raided office and residence of Trump's attorney, Michael Cohen. The agents seized numerous electronic devices and boxes of documents. Records related to payments made to porn star Stormy Daniels to secure her silence regarding an alleged affair with the president could be included, according to the New York Times.
Stephen Ryan, a lawyer for Cohen, told The New York Times that the raids were, "in part, a referral by the office of special counsel, Robert Mueller."
Lawyers for Trump have intervened in the court proceedings surrounding Cohen's seized materials. The materials are now being reviewed to determine which, if any, are protected by attorney-client privilege.
Roger Stone A longtime political operative in Washington, Stone has become a focus of Mueller's probe, CNBC reported earlier in May, citing sources with direct knowledge of the matter .
Specifically, Mueller is looking into alleged meetings between Stone and Gates before and during the campaign, the sources told CNBC.
Stone has previously praised the hacker known as "Guccifier 2.0" who allegedly stole emails from the Democratic National Committee. Stone, in a leaked email , said he dined with Julian Assange, the founder of Wikileaks, which published the stolen emails.
Stone later denied that he ever met with Assange and said the email was a joke. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/heres-what-the-special-counsel-has-done-after-one-full-year.html |
MILAN (Reuters) - The book for the initial public offering of Italy’s Carel has already been covered, a source with knowledge of the matter said on Wednesday.
Earlier this month Carel, which makes air conditioning and refrigeration control systems, set its IPO price range at 6.7-7.8 euros per share.
The company expects to debut on the Milan market in the first half of June.
Reporting by Elisa Anzolin, writing by Stephen Jewkes
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Company Continues Focus on Channel and Market Growth
Teleconference and Webcast to be Held Today at 4:30 P.M. EST
WAUKESHA, Wis., May 15, 2018 (GLOBE NEWSWIRE) -- Telkonet, Inc. (OTCQB:TKOI), (the “Company”, “Telkonet”), creator of the EcoSmart platform of intelligent automation solutions designed to optimize comfort, energy efficiency and operational analytics in support of the emerging Internet of Things (IoT), today announced financial results for the quarter ended March 31, 2018. Telkonet management will hold a teleconference to discuss these results with the financial community today at 4:30 p.m. ET/3:30 p.m. CT.
"The company’s efforts coming into 2018 have positioned us favorably for strategic growth moving forward. Our combined activity has continued to broaden markets and mature valuable opportunities involving new solution development and significant project scope,” states Jason Tienor, Telkonet CEO. “We continue to see increased market penetration and a growing awareness of Telkonet’s innovative platform and technology."
Operating and Financial Highlights Comparison for the First Quarter Ended March 31, 2018 and 2017:
Operating expense decreased 20% to $1.7 million for the quarter ended March 31, 2018 compared to $2.2 million in the prior year period Loss from continuing operations decreased $0.1 million to $1.2 million for the quarter ended March 31, 2018 compared to $1.3 million in the prior year period Telkonet awarded certification for its’ EcoSmart thermostat products in new hospitality franchise Connected Room initiative and installed in both demonstration and proof-of-concept locations Company declared a finalist in RFP for large economy franchise Company experienced increased traction in large international opportunities Release of new targeted Telkonet website enabling new inbound marketing activity Sales expansion with new Account Executive, Channel Account Manager and Inside Sales Representative
“Having ended 2017 with the completion of our divestiture and redevelopment efforts, 2018 will be Telkonet’s first year with a comprehensive focus on our IoT and intelligent automation business and we’re seeing the fruits for these efforts through new market awareness and growth in size of opportunities both directly and through our channels,” continues Mr. Tienor. “We look forward to a continued ramp through the year due to maturing opportunities and expanded sales and marketing efforts.”
Financial Results Review
First Quarter 2018
Revenue: Total revenue from continuing operations decreased $0.3 million to $1.6 million for the quarter ended March 31, 2018 compared to $1.9 million for the comparable period in 2017. $0.1 million of the decrease was due to ASU 606 adoption.
Product Revenue: Product revenue which principally arises from the sales and installation of our EcoSmart energy management platform decreased 17% to $1.5 million for the quarter ended March 31, 2018 compared to $1.8 million for the comparable period in 2017.
Gross Margin Gross profit percentages decreased to 34% for the quarter ended March 31, 2018 from 46% for the comparable period in 2017.
Net loss: The Company reported a net loss from continuing operations of $1.2 million for the quarter ended March 31, 2018 compared to a net loss from continuing operations of $1.3 million for the comparable period in 2017.
Teleconference
Date: Tuesday, May 15, 2018
Time: 4:30 p.m. EST (3:30 p.m. CST, 1:30 p.m. PST)
Investor Dial-In (Toll Free US & Canada): 877-407-9171
Investor Dial-In (International): 201-493-6757
A replay of the teleconference will be available until May 29, 2018, which can be accessed by dialing (877) 660-6853 if calling within the US & Canada or (201) 612-7415, if calling internationally. Please enter conference ID # 13649459 to access the replay.
NON-GAAP Financial Measures
Telkonet will post to the Company's investor relations web site ( www.telkonet.com ) any reconciliation of differences between non-GAAP financial information that may be required in connection with issuing the Company's financial results.
The Company, as is common in its industry, uses adjusted EBITDA from continuing operations, a non-GAAP measurement gauge to demonstrate earnings exclusive of interest and non-cash events. The Company manages its business based on its cash flows. The Company, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes its decisions based on cash flows, not on the amortization of assets obtained through historical activities. The Company, in managing its current and future affairs, cannot affect the amortization of the intangible assets to any material degree, and therefore uses adjusted EBITDA from continuing operations as its primary management guide. Adjusted EBITDA from continuing operations is not, and should not be considered, an alternative to net income (loss), income (loss) from continuing operations, or any other measure for determining operating performance of liquidity, as determined under accounting principles generally accepted in the United States (GAAP). In assessing the overall health of its business for the quarters ended March 31, 2018 and 2017, the Company excluded items in the following general category described below:
Stock-based compensation: The Company believes that because of the variety of equity awards used by companies, varying methodologies for determining stock-based compensation and the assumptions and estimates involved in those determinations, the exclusion of non-cash stock-based compensation enhances the ability of management and investors to understand the impact of non-cash stock-based compensation on our operating results. Further, the Company believes that excluding stock-based compensation expense allows for a more transparent comparison of its financial results to the previous period.
Bonuses paid to executives in 2017, upon sale of discontinued operations: The Company does not consider the bonuses of $87,750 associated with the sale of Ethostream to be indicative of current or future operating performance. Therefore, the Company does not consider the inclusion of these costs helpful in assessing its current financial performance compared to the previous year.
Adjusted EBITDA from continuing operations and other non-GAAP financial measures should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of the non-GAAP financial measure as an analytical tool. In particular, the non-GAAP financial measure is not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measure reflect the exclusion of items that are recurring and will be reflected in the Company's financial results for the foreseeable future. The Company compensates for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measure.
ABOUT TELKONET
Telkonet, Inc. (OTCQB:TKOI) provides innovative intelligent automation platforms at the forefront of the Internet of Things (IoT) space. Helping commercial audiences better manage operational costs, the Company’s EcoSmart intelligent automation platform is supported by a full-suite of IoT-connected devices that provide in-depth energy usage information and analysis, allowing building operators to reduce energy expenses. Vertical markets that benefit from EcoSmart products include hospitality, education, military, government, healthcare and multiple dwelling housing. Telkonet was founded in 1977 and is based in Waukesha, WI. For more information, visit www.telkonet.com .
For news updates as they happen, follow @Telkonet on Twitter.
To receive updates on all of Telkonet’s developments, sign up for our email alerts HERE . www.telkonet.com
FORWARD LOOKING STATEMENTS
Statements included in this release may constitute within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company’s ability to obtain new contracts and accurately estimate net revenue due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company’s financial results, can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (“SEC”).
TELKONET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended March 31, 2018 2017 Revenues, net: Product $ 1,503,658 $ 1,810,385 Recurring 101,538 102,842 Total Net Revenues 1,605,196 1,913,227 Cost of Sales: Product 994,237 1,008,045 Recurring 59,997 30,018 Total Cost of Sales 1,054,234 1,038,063 Gross Profit 550,962 875,164 Operating Expenses: Research and development 438,780 378,456 Selling, general and administrative 1,276,903 1,769,693 Depreciation and amortization 16,915 9,909 Total Operating Expenses 1,732,598 2,158,058 Operating Loss (1,181,636 ) (1,282,894 ) Other (Expenses) Income: Interest (expense), net (2,530 ) (10,353 ) Total Other (Expenses) (2,530 ) (10,353 ) Loss from Continuing Operations before Provision for Income Taxes (1,184,166 ) (1,293,247 ) Provision for Income Taxes - 991 Net loss from continuing operations (1,184,166 ) (1,294,238 ) Discontinued Operations: Gain from sale of discontinued operations (net of tax) - 6,384,871 Income from discontinued operations (net of tax) - 571,802 Net (loss) income attributable to common stockholders $ (1,184,166 ) $ 5,662,435 Net (loss) income per common share: Basic - continuing operations $ (0.01 ) $ (0.01 ) Basic - discontinued operations $ - $ 0.05 Basic – net (loss) income attributable to common stockholders $ (0.01 ) $ 0.04 Diluted - continuing operations $ (0.01 ) $ (0.01 ) Diluted - discontinued operations $ - $ 0.05 Diluted – net (loss) income attributable to common stockholders $ (0.01 ) $ 0.04 Weighted Average Common Shares Outstanding used in computing basic net loss per share 133,695,111 132,774,475 Weighted Average Common Shares Outstanding used in computing diluted net loss per share 133,695,111 133,520,471
RECONCILIATION OF NET LOSS FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 Net loss from continuing operations $ (1,184,166 ) $ (1,294,238 ) Interest (income) expense, net 2,530 10,353 Provision for income taxes - 991 Depreciation and amortization 16,915 9,909 EBITDA – continuing operations (1,164,721 ) (1,272,985 ) Adjustments: Stock-based compensation 1,531 314,686 Bonus paid to executives upon sale of discontinued operations - 87,750 Adjusted EBITDA – continuing operations $ (1,163,190 ) $ (870,549 ) Media Contacts:
Telkonet Investor Relations
414.721.7988
[email protected]
Source:Telkonet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-telkonet-announces-first-quarter-2018-financial-results.html |
May 24 (Reuters) - Fresche Solutions:
* FRESCHE SOLUTIONS, A PROVIDER OF IBM I APPLICATION MODERNIZATION AND MANAGEMENT SOLUTIONS, ANNOUNCED IT SECURED $60 MILLION OF FINANCING Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fresche-solutions-secures-60-milli/brief-fresche-solutions-secures-60-million-financing-idUSFWN1SV0YY |
How Kevin O'Leary used a glass piggy bank to explain compound interest to his kids 1 Hour Ago Kevin O'Leary answers the question, "How should I teach my children about money?" with this tip on explaining compound interest. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/how-kevin-oleary-taught-his-kids-about-money.html |
CAIRO (Reuters) - An Egyptian television series being shown during the Muslim month of Ramadan has angered neighboring Sudan, prompting Khartoum to lodge an official complaint with Cairo.
The series, titled Abu Omar al-Masri, revolves around an Egyptian Islamist associate of al Qaeda leader and founder Osama bin Laden, who had lived in Sudan in the 1990s before he relocated to Afghanistan after Khartoum expelled him.
In a statement issued on Saturday, the Sudanese Foreign Ministry accused the Egyptian makers of the series of “trying to create and consecrate a negative stereotype image that attributes the charge of terrorism to some Egyptian citizens residing in or visiting Sudan”.
The ministry said it had summoned the Egyptian ambassador in Khartoum on May 16 and lodged an official protest.
“The foreign ministry calls on Egyptian authorities to take an appropriate decision that will put an end to the attempt by some to meddle in the interests and gains of the two sisterly countries,” the statement said.
The Egyptian Foreign Ministry made no response to the statement, but one television channel said the series was based on the “imagination of its author” and did not include any scene against the government, state or people of Sudan.
“The makers of the series realise well the role of art in bringing people closer, rather than creating a crisis against them,” the statement from ON TV said.
Relations between Egypt and Sudan, long strained by a dispute over a patch of Red Sea territory, have deteriorated further over perceived support by Khartoum for an Ethiopian dam, which Cairo says will reduce waters that run to its fields and reservoirs from Ethiopia’s highlands via Sudan.
Reporting by Khalid Abdelaziz and Sameh El Khatib, editing by Sami Aboudi and Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-egypt-sudan/egyptian-television-series-prompts-sudanese-protest-idUSKCN1IL0MS |
VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- Kestrel Gold Inc. (the “ Corporation ” or “ Kestrel ”) (TSX-V:KGC) announces that Brendan Reeve has resigned as the Chief Financial Officer of the Corporation and Kevin Nephin has been appointed to the position of Interim Chief Financial Officer of the Corporation. The Corporation would like to thank Mr. Reeve for his contribution and service to the Corporation.
About Kestrel Gold Inc.
Kestrel Gold Inc. holds a 100% interest in the King Solomon’s Dome project and has options to earn a 100% interest in three gold projects totaling approximately 4,200 hectares located within the Yukon portion of the Tintina Gold Belt, as well as four copper-gold projects in British Columbia, Canada, north of the Red-Chris copper-goldmine, totaling approximately 7,200 hectares. Numerous mineralized occurrences exist on these various properties and each has an excellent data base from previous work. Kestrel’s proposed 2018 work programs will focus on further enhancing the value of these projects.
For further information contact:
Kevin Nephin, President and CEO
Office (604) 799-2456
[email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Kestrel Gold Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-kestrel-gold-inc-announces-resignation-of-cfo-and-appointment-of-interim-cfo.html |
25 Results Reuters Staff 1 Results 2nd Round .. Taylor Fritz (USA) beat 3-Jack Sock (USA) 7-6(6) 6-2 Dusan Lajovic (SRB) beat Filip Horansky (SVK) 6-4 7-5 Mikhail Kukushkin (KAZ) beat Federico Coria (ARG) 6-2 6-3 Gilles Simon (FRA) beat Joris De Loore (BEL) 7-6(3) 6-2 Cameron Norrie (GBR) beat 6-1 6-4 2-John Isner (USA) beat | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-lyon-mens-singles-results-idUKMTZXEE5N73TIWK |
VANCOUVER, British Columbia, May 23, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX-V:CRU) (OTC:CRUUF) (FWB:SY7D) (the “ Company ” or “ Cameo ”) is pleased to announce that the Company's common shares will be split on a (1) one old for (3) three new basis. The Company is also pleased to report it will also change its name to “Cameo Cobalt Corp.” Cameo's name change reflects the Company's new strategic focus on energy-metals exploration. The Company’s trading symbol, “CRU”, will remain unchanged.
Effective at the opening on Friday, May 25, 2018, the common shares of Cameo Cobalt Corp. will commence trading on a split basis on TSX Venture Exchange. Common shareholders of record at the close of business on May 28, 2018 will be mailed additional certificates. The new certificates will be mailed on or about May 31, 2018. The push-out method will be used to effect the split.
Outstanding stock options and share purchase warrants will also be adjusted by the forward split ratio, and the respective exercise prices of outstanding stock options and share purchase warrants will be adjusted accordingly. Shareholders of the Company, with or without a physical share certificate, do not need to take any action with respect to the forward split. The Company's transfer agent will send registered owners of common shares a share certificate or DRS advice which will represent the additional number of common shares to be received as a result of the forward split.
Post split Cameo will have 55,674,156 shares issued and outstanding.
CAMEO RESOURCES CORP.
“Akash Patel”
Akash Patel
President
(778) 549-6714
Email: [email protected]
www.cameoresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Cameo Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-cameo-resources-corp-effects-3-for-1-forward-stock-split-and-changes-name-to-cameo-cobalt-corp.html |
* Migraine drug seen as key to reviving Teva fortunes
* Quarterly net profit drops by less than expected
* Teva’s North American generic product sales down 23 pct (Adds detail, CEO Quote: , background)
TEL AVIV, May 3 (Reuters) - Israel’s heavily indebted Teva Pharmaceutical Industries on Thursday raised its financial outlook for 2018 after reporting a smaller than expected drop in first-quarter net profit and revenue.
Teva also said that while it does not expect to receive approval for its migraine treatment fremanezumab by mid-June, as had been hoped, it does expect the key drug to gain approval in time for launch before the end of 2018.
The world’s largest generic drugmaker said it earned 94 cents per share excluding one-off items in the first three months of the year, down from $1.06 a year ago. Revenue fell 10 percent to $5.1 billion.
Analysts had forecast Teva would earn 67 cents a share excluding one-offs on revenue of $4.8 billion, according to Thomson Reuters I/B/E/S.
For the full year it raised its outlook for adjusted earnings per share (EPS) to $2.40-$2.65 from $2.25-$2.50. Revenue expectations were raised to between $18.5 billion and $19 billion, up from $18.3 billion to $18.8 billion. Analysts have forecast EPS of $2.47 on revenue of $18.7 billion.
Teva’s struggles are similar to those of other major generic drugmakers facing price erosion, increased competition and a consolidated customer base, particularly in the United States.
First-quarter sales of its branded multiple sclerosis drug Copaxone, which opened up to generic competition last year, fell 40 percent in North America, where its total generic product sales declined by 23 percent.
RACE TO MARKET Teva had been counting on its migraine treatment to haul it out of the doldrums. However, U.S. regulatory concerns about the manufacturing process are likely to put Teva behind two of its rivals — Amgen and Eli Lilly — in the race to market for a new migraine treatment.
In late 2017 it announced a restructuring to combine its generic and speciality medicine businesses, cut more than a quarter of its workforce and announced the closure or sale of 10 of its factories.
The moves are designed to strip out $3 billion of costs by the end of 2019. Last year’s costs stood at about $16.1 billion.
“During this quarter, our strong cash flow allowed us to continue to reduce our outstanding debt and, together with our recent debt issuance and covenant amendment, has placed Teva on a more stable financial footing,” said CEO Kare Schultz.
Teva had been saddled with about $35 billion in debt since acquiring Allergan’s Actavis generic drug business for $40.5 billion. Gross debt stood at $30.8 billion as of March 31.
Teva’s New York-listed shares, which fell by 50 percent last year while the INDXX global generics and new pharma index gained 17.5 percent, were indicated 7.3 percent up in pre-trade. (Reporting by Tova Cohen Editing by Steven Scheer and David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/teva-pharm-ind-results/update-1-teva-raises-2018-outlook-expects-migraine-drug-approval-by-year-end-idUSL8N1SA53J |
May 8, 2018 / 3:12 PM / Updated an hour ago UPDATE 1-Intesa Sanpaolo sticks to higher profit pledge after best Q1 since 2008 Reuters Staff 3 Min Read
(Recasts, adds CEO comments, broker, shares)
MILAN, May 8 (Reuters) - Italy’s top retail bank Intesa Sanpaolo stuck to its pledge for better full-year results after posting its best first-quarter profit since 2008 and beating forecasts.
Profits in the first three months of the year rose 39 percent to 1.252 billion euros ($1.5 billion), lifted by fees and net interest income. That was well above a consensus forecast from four analysts of 872 million euros.
“We are well on track to deliver higher 2018 net income and so a very generous cash dividend,” CEO Carlo Messina said in a conference call.
The bank confirmed it would be paying 85 percent of profit in dividends this year and said its net income would be higher than last year’s 3.8 billion euros.
In recent years Intesa has switched from traditional lending activity to a business increasingly based on fees earned through asset management and insurance.
Messina said he expected a very positive trend in asset management this year.
“This is a business of scale and we want to be a leader. We are still looking for a possible partner,” Messina said.
In February the lender said it was seeking a partnership with a global player in asset management this year, with the aim of keeping majority ownership of the business.
Messina, who has been in charge of Intesa since 2013, also struck a positive note on asset quality.
Intesa, Europe’s third-strongest bank in terms of capital ratios with a CET1 of 13.4 percent, said bad loan flows in the first quarter were the bank’s lowest ever in a first quarter.
“This year we expect a significant reduction in (bad loan) provisioning and an increase in recoveries,” Messina said.
In April Intesa approved a plan by Swedish debt collector Intrum Justitia to buy 51 percent of a company made up of its debt recovery business and Intrum’s Italy operations.
Asked if the venture with Intrum could target buying the bad debt of other Italian banks, Messina said the aim was to be the leading servicing unit in Italy and not to buy sour loans.
While many Italian banks trade at a discount on fears they may have to raise capital to shed bad debts, Intesa enjoys healthier multiples thanks to its capital strength.
In the first quarter gross non-performing loans at the bank amounted to 11.7 percent of overall loans, or 9.5 percent including the bad loan disposal agreement signed with Intrum.
“A solid set of numbers (and we) expect a mildly positive reaction,” said broker Jefferies.
At 1443 GMT Intesa shares were down 0.9 percent compared with a 2.3 percent fall in the Italian banking index . ($1 = 0.8425 euros) (Reporting by Stephen Jewkes and Gianluca Semeraro, editing by Louise Heavens/Keith Weir) | ashraq/financial-news-articles | https://www.reuters.com/article/intesa-sanpaolo-results/update-1-intesa-sanpaolo-sticks-to-higher-profit-pledge-after-best-q1-since-2008-idUSL8N1SF5XM |
HOUSTON, May 29, 2018 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today provided details of the Company's strategy, its key assets and 2018 financial and operating guidance. It also provided an initial outlook for 2019 and an operations update. A presentation containing additional information can be found on the Company's website at www.talosenergy.com in the Investor Relations section.
Highlights:
The Company expects that it will generate positive free cash flow after debt service in 2018 – on a pro forma basis – and also in 2019, while investing in the development of its high-quality US Gulf of Mexico assets, appraise the Zama discovery offshore Mexico and continue its high-impact exploration programs both in the US and Mexico The Company forecasts: 2018 pro forma production sales volumes of 18.0 – 19.5 million barrels of oil equivalent ("MMBoe"), which represents an average daily production of 49 – 53 thousand barrels of oil equivalent per day ("MBoe/d") 2018 pro forma capital expenditures of $430 million to $450 million that is expected to be funded with cash on hand and cash flow from operations Successfully drilled Mt. Providence well in January 2018, which is expected to be completed and brought online by September 2018 Tornado #3 well is expected to be spud in 4Q 2018 with first oil expected in 2Q 2019 Pro forma 1Q 2018 EBITDA (1) margin per barrel of oil equivalent ("Boe") of $31.20/Boe
President and Chief Executive Officer Timothy S. Duncan commented, "We are pleased to present our Financial and Operational guidance, including a detailed view on the company and its strategy, which outlines Talos' high-quality portfolio on both sides of the Gulf of Mexico, and value proposition as the largest pure-play public company in the basin. Our guidance reflects a strong free cash flow generating business, with our capital program being internally financed, while effectively managing our liquidity and maintaining balance sheet flexibility. We believe this flexibility will allow us to be a natural consolidator in the basin."
2018 PRO FORMA FULL-YEAR FINANCIAL GUIDANCE
Pro Forma Production
Low
High
Oil (MMBbl)
12.5
13.5
Natural Gas (Bcf)
27.0
30.0
NGL (MMBbl)
0.9
1.0
Total (MMBoe)
18.0
19.5
Average Daily Production (MBoe/d)
49
53
Oil / Liquids percentage
74%
76%
Pro Forma Operating and Capital Expenses
Low
High
Lease Operating Expenses ($mm)
$170
$180
Workover and Maintenance Expense ($mm)
$49
$54
G&A (2) ($mm)
$57
$62
Capital Expenditures ($mm)
$430
$450
The financial guidance for the year ending December 31, 2018 set forth in this press release, unless expressly stated otherwise, gives pro forma effect to the combination of Talos and Stone Energy on May 10, 2018 as if it had occurred on January 1, 2018, and excludes transaction and merger integration related costs. Stone Energy's acquisition of Ram Powell deepwater assets on May 1, 2018 and its respective financial forecast is assumed on our pro forma guidance from May 1, 2018 onwards.
Talos Energy was considered the Acquirer of Stone Energy Corporation for accounting purposes, therefore, the actual reported results of the combined business for 2018 will only reflect the business combination from May 10, 2018 forward, inclusive of Ram Powell; therefore, from January 1, 2018 through May 9, 2018, the reported actual results will only include legacy Talos Energy standalone results. For this reason, the pro forma guidance provided in this press release may the reported actual results. The May 2018 Investor presentation available on our website provides a preliminary view of the Financial Reporting basis forecast for 2018.
2019 INITIAL OUTLOOK
Production:
Tornado #3 well expected to spud in 4Q 2018 and is expected to commence production in 2Q 2019 with an estimated initial production ("IP") in the 10‐15 MBoe/d range, on a gross basis Mt. Providence expected to be completed and brought to production in 3Q 2018 at an IP rate of 2-4 MBoe/d (gross) – full year of production in 2019 First oil on Boris #3 expected in 2Q 2019 at an IP rate of 3-5 MBoe/d (gross) Continue the Asset Management program, which generally consists of Proved Developed Non-Producing (PDNP) investments converting to Proved Developed Producing (PDP), and plays a significant role in offsetting natural production declines Phoenix/Tornado fields are scheduled to be shut‐in in 1Q 2019 for 45 – 60 days due to the Helix Producer 1 ("HP-1") thrusters replacement dry‐dock. The estimated impact on the annual average daily production is between 2-3 MBoe/d net to Talos working interest ("WI")
Capital Expenditures:
Total Capex in 2019 is expected to remain at similar levels of what is expected in 2018 Appraisal of the Zama field offshore Mexico will be intensified in an effort to reach final investment decision ("FID") between 4Q 2019 and the end of 1Q 2020. Drill and complete the Tornado #3 well Drill and complete the Boris #3 well In addition, the Company plans to drill one to three exploration wells in Mexico, participate in two additional non‐operated deepwater exploration wells in the US Gulf of Mexico, and drill five to seven wells in the Shelf in the US Gulf of Mexico Continue to dedicate capital to Asset Management, as it significantly defers P&A costs and helps offset production declines
OPERATIONS UPDATE
Green Canyon – Phoenix Complex
The Phoenix complex currently produces approximately 35 MBoe/d total gross, of which approximately 25 MBoe/d is produced from the two Tornado wells. Talos plans to spud Tornado #3 in Q4 2018 and expects to bring it to production in 2Q 2019, following the mandatory regulatory dry-dock period of the production facility ship, the HP-1. The Tornado #3 well is expected to have an initial gross production rate of 10-15 MBoe/d. The Company owns a 65% WI in the Tornado wells and 100% working interest in the remainder of the wells and assets in the Phoenix Complex. The HP-1 ship is owned by Helix Energy Solutions and is under long-term capital lease to Talos
Talos expects that during 1Q 2019, the Phoenix Complex will be shut-in for approximately 45-60 days, during which period the HP-1 ship will be mobilized to the shipyard dry-dock to replace the thrusters and undergo maintenance to the top-sides and hull, and will mobilize back to the Phoenix/Tornado field and restart normal operations.
Mississippi Canyon – Pompano, Cardona and Amberjack Complex
The company successfully drilled the Mt. Providence well in January 2018 and intends to complete the well in early-3Q of this year, with production expected to start in September 2018. Mt. Providence is expected to contribute between 2-4 MBoe/d of gross initial production. The Company owns 100% WI of Mt. Providence.
Like Tornado #3, Mt. Providence is an example of our infrastructure-led drilling efforts that has an average turnaround time from discovery to production of 6-9 months, which the Company believes leads to attractive rates of return and a high degree of capital efficiency.
Ram Powell
The Ram Powell field and associated infrastructure was acquired in May 2018 from subsidiaries of Royal Dutch Shell (operator), ExxonMobil and Anadarko. The assets produced an average of 6.1 MBoe/d in 2017 and the Talos team has already identified several production rate add opportunities in the stacked-pay formations in the acquired leases to economically boost production from the existing wells.
Mexico
Talos plans to initiate the appraisal of the Zama field in 4Q 2018 and, alongside its partners in the venture, has initiated high-level unitization discussions with Pemex. Following the appraisal campaign and completion of a Front End Engineering Design ("FEED") study and unitization agreement, the Company expects to announce the FID of the project in 4Q 2019 or 1Q 2020. First oil is expected in 2022, with production increasing through 2024, as additional facilities are installed in the field.
In addition to Zama, the Company's portfolio in Mexico includes several other high-impact exploration prospects and Talos expects to begin drilling additional wells on its acreage in 2019.
COMMODITY HEDGES UPDATE
Talos' strategy is to hedge the majority of its production to reduce the risk associate with unpredictable future commodity prices and to provide certainty for a significant portion of its cash flows. As part of this strategy, the Company continues to opportunistically add hedges. As of May 29, Talos has approximately 71% of 2018 production and 46% of 2019 production hedged. Details of the Company's hedges can be found on our May 2018 Investor Presentation, which is available on our website.
UPCOMING EVENTS
Senior Management and members of the Board of Directors of Talos will ring the Opening Bell of the New York Stock Exchange on May 30, 2018. The event can be watched live at www.nyse.com/bell . This link will also be available on the Company's website at www.talosenergy.com in the Investor Relations section prior to the start of the event.
Investor Events
The management team is also scheduled to participate in the Louisiana Energy Conference in New Orleans, Louisiana, May 29 – June 1, 2018. President and Chief Executive Officer Timothy S. Duncan is scheduled to present on the panel on Thursday, May 31, 2018, at 8:00am central time.
Members of the Company's Senior Management are also going to participate in the J.P. Morgan Energy Conference in New York City, June 18 – 20, 2018. Additional details of the Company's participation will be available on the Company's website at www.talosenergy.com prior to the event.
ABOUT TALOS ENERGY
Talos is a technically driven independent exploration and production company with operations in the United States Gulf of Mexico and in the shallow waters off the coast of Mexico. Our focus in the United States Gulf of Mexico is the exploration, acquisition, exploitation and development of shallow and deepwater assets near existing infrastructure. The shallow waters off the coast of Mexico provide us high impact exploration opportunities in an emerging basin. The Company's website is located at www.talosenergy.com .
INVESTOR RELATIONS CONTACT
Sergio Maiworm
+1.713.328.3008
[email protected]
1- EBITDA is a non-GAAP measure; full reconciliation to the closest GAAP measure included on the Investor Presentation on our website
2- Excludes transaction and merger integration related costs
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This communication may contain " " within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this communication, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are . When used in this communication, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify , although not all contain such identifying words. These are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
We caution you that these are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, potential adverse reactions or changes to business or employee relationships resulting from the business combination between Talos Energy LLC and Stone Energy Corporation, competitive responses to such business combination, the possibility that the anticipated benefits of such business combination are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, litigation relating to the business combination, and other factors that may affect our future results and business, generally, including those discussed under the heading "Risk Factors" in our final consent solicitation statement/prospectus, dated April 9, 2018, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) under the Securities Act.
Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered.
Should one or more of these risks occur, or should underlying assumptions prove incorrect, our actual results and plans could those expressed in any . All , expressed or implied, are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any , to reflect events or circumstances after the date of this communication.
Free cash flow after debt service is a supplemental non-GAAP financial measure used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines free cash flow after debt service as net cash from operations less capital expenditures, dividends and cash interest paid.
View original content: http://www.prnewswire.com/news-releases/talos-energy-announces-2018-financial-and-operating-guidance-provides-initial-2019-outlook-and-operations-update-300655531.html
SOURCE Talos Energy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-talos-energy-announces-2018-financial-and-operating-guidance-provides-initial-2019-outlook-and-operations-update.html |
HONG KONG, May 2 (Reuters) - Standard Chartered Plc posted on Wednesday a better- than-expected 20 percent rise in pretax profit for the first three months of the year, helped by a surge in loan demand and improvement in asset quality.
Pretax profit for the bank, which focuses on Asia, Africa and the Middle East, rose to $1.26 billion in the quarter from $1.05 billion in the same period a year ago, it said in a filing to the stock exchange.
That was above an average estimate of $1.21 billion drawn from nine analysts in a poll collated by the bank. (Reporting by Sumeet Chatterjee, Emma Rumney and Lawrence White; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/stanchart-results/standard-chartered-q1-pretax-profit-climbs-20-pct-beats-forecasts-idUSL3N1S73UL |
(Adds bullet that Equinor shares trade ex. dividend of $0.23 per share)
OSLO, May 16 (Reuters) - * Norwegian shares traded near flat on Wednesday * Oslo’s benchmark index rose 0.01 pct, or 0.09 points, to 880.65 points and was up by 8.12 pct year-to-date * The broader Oslo All Share Index was down 0.06 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-0.52 to $77.91 a barrel * Among the biggest firms on the Oslo Bourse, Equinor fell 1.2 pct, Telenor fell -0.15 pct and DNB fell -1.33 pct * Equinor shares traded ex. dividend of $0.23 per share on Wednesday * Equinor will have to pay an undisclosed sum to China’s Oilfield Services Ltd (COSL) for cancelling a contract for a COSL Innovator drilling rig after a fatal accident two years ago, a Norway court ruled on Tuesday * Turnover at the Oslo Bourse was 2.6 billion Norwegian crowns and most traded shares were Salmar, Borr Drilling and Equinor * Shares in Borr Drilling rose 5 pct after buying 5 rigs for completing a $350 mln convertible bond issue to partly finance a purchase of 5 jackup rigs for total $745 mln * Peer Seadrill rose 15 pct * Oil services firms PGS, Subsea 7 and Aker Solutions rose 2 to 5 pct * Aker Solutions won a contract valued above 1 billion Norwegian crowns with Equinor for building a module for the Troll A platform offshore Norway * Shares of Norsk Hydro ASA were up 4.2 pct * Norsk Hydro signs a 19-year wind power contract with Swedish Blakliden Fäbodberget Wind AB * Shares in fish farmer Salmar dropped 4.9 pct to NOK 361.4 crowns per share * Primary insider Glomar AS sold 1.06 mln shares in Salmar at a price of 364 crowns per share * Other losers: Schibsted ASA -2.3 pct and Wallenius Wilhelmsen Logistics ASA -1.81 pct * Abroad European shares rose 0.04 pct, Japan’s main share index Nikkei ended down -0.44 pct, while in China Shanghai index was down -0.70 pct and Dow Jones index in the United States -0.78 pct on Tuesday (Reporting By Ole Petter Skonnord, editing by Gwladys Fouche)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-stocks/norwegian-stocks-borr-drilling-and-norsk-hydro-gain-after-new-deals-idUSL5N1SN47Z |
MEXICO CITY (Reuters) - Mexico’s economy minister Ildefonso Guajardo said on Wednesday that he would not rule out reaching a deal to agree a new North American Free Trade Agreement (NAFTA) from the end of the month onwards, even if it was not possible this week.
Mexico's Economy Minister Ildefonso Guajardo speaks to the media during a news conference at Los Pinos presidential residence in Mexico City, Mexico May 1, 2018. REUTERS/Henry Romero Guajardo said it was impossible for negotiators to reach a deal before May 17, a date U.S. House Speaker Paul Ryan flagged as a deadline to give lawmakers a chance of approving it before a newly elected U.S. Congress takes over in January.
“However, I would not rule out at any point, if the participants show the willingness, that we can settle this negotiation at any moment from the close of May onwards, or in June,” the minister told Mexican radio.
Guajardo said it was not yet clear when the ministers from Mexico, Canada and the United States responsible for negotiating NAFTA would meet again.
Reporting by Dave Graham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta-mexico/nafta-deal-still-possible-from-end-may-onwards-guajardo-idUSKCN1IH2TV |
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Houston, May 30, 2018 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL ) (“Noble Energy” or "the Company") announced the election of Barbara J. Duganier to its Board of Directors, effective today. With the addition of Ms. Duganier, Noble Energy's Board now totals 10 members.
Prior to her retirement in 2013, Ms. Duganier held various leadership and management positions with Accenture PLC, where she was most recently a Managing Director and also served as Global Chief Strategy Officer and Global Growth and Offering Development Lead for the consulting business. For more than 20 years, Ms. Duganier was with the public accounting firm Arthur Andersen, where she was an equity partner and served as an auditor and financial consultant primarily in the energy industry. She also held various leadership roles, including as Global Chief Financial Officer of Andersen Worldwide. She holds a B.S.B.A. in accounting from John Carroll University and is a licensed certified public accountant. Ms. Duganier currently serves as a director of the general partner of Buckeye Partners, L.P. and is also a director of MRC Global Inc.
David L. Stover, Noble Energy’s Chairman, President and CEO, commented: “Our Board is excited to add Barbara to the Noble Energy team. She brings significant financial and strategy expertise to the Board, along with extensive experience in helping numerous upstream and midstream energy companies accelerate and transform their business performance.”
Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit www.nblenergy.com .
Investor Contacts Brad Whitmarsh (281) 943-1670 [email protected] Megan Dolezal (281) 943-1861 [email protected] Media Contacts Reba Reid (713) 412-8441 [email protected]
Source:Noble Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-noble-energy-elects-barbara-j-duganier-to-board-of-directors.html |
SACRAMENTO, Calif. (AP) — The Latest on a California lawsuit over vehicle emissions standards (all times local):
10:30 a.m.
California Gov. Jerry Brown says the state's conflict with the Trump administration is "sharpening."
Brown is speaking at a press conference about a new lawsuit filed by the state and 16 others against the Environmental Protection Agency's plans to roll back the standards on emissions and gas mileage.
Brown is a Democrat and says such a roll back will jeopardize the country's auto industry and hurt the health of Californians and Americans breathing in tailpipe emissions.
He's pledging to use every resource at the state's disposal to fight it.
California has waged battles with the Trump administration on climate, immigration, health care and a variety of other issues. But Brown says the fight over climate policies is the most critical.
He calls climate change an existential threat and says EPA Administrator Scott Pruitt and President Donald Trump are leading the nation on a "path to disaster."
10 a.m.
California and 16 other U.S. states are suing the Trump administration over its plans to scrap vehicle mileage standards and how much greenhouse gases vehicles can emit.
California Gov. Jerry Brown and Attorney General Xavier Becerra announced the lawsuit Tuesday.
It takes aim at a plan by the Environmental Protection Agency to scrap standards for vehicles manufactured between 2022 and 2025.
The standards would have required vehicles to get 36 miles per gallon (58 kilometers per gallon) by 2025, about 10 miles (16 kilometers) over the existing standard.
EPA administrator Scott Pruitt says the standards are not appropriate and need revision.
Joining California are Connecticut, Delaware, Illinois, Iowa, Maine, Maryland, Minnesota, New Jersey, New York, Oregon, Rhode Island, Vermont, Washington, Massachusetts, Pennsylvania, Virginia and the District of Columbia. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-associated-press-the-latest-brown-pledges-fierce-fight-on-vehicle-emissions.html |
SEOUL (Reuters) - North Korean leader Kim Jong Un reaffirmed his commitment to “complete” denuclearisation of the Korean peninsula and to a planned meeting with U.S. President Donald Trump, South Korean President Moon Jae-in said on Sunday.
South Korean President Moon Jae-in speaks during a news conference at the Presidential Blue House in Seoul, South Korea, May 27, 2018.?REUTERS/Kim Hong-Ji Moon and Kim agreed at a surprise second meeting on Saturday that a possible North Korea-U.S. summit, currently planned for June 12 in Singapore, must be held successfully, Moon told a news conference in Seoul.
Moon, who returned to Seoul on Thursday morning after meeting Trump in Washington in a bid to keep the high-stakes U.S.-North Korea summit on track, said he delivered Trump’s “firm will” to end the hostile relationship with North Korea and pursue bilateral economic cooperation.
Reporting by Soyoung Kim and Hyonhee Shin in SEOUL; Editing by Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-southkorea/south-korea-says-north-koreas-kim-reaffirms-commitment-to-summit-with-trump-idUSKCN1IS00V |
(Reuters) - Eddie Bauer LLC and Pacific Sunwear of California LLC are exploring a merger to consolidate their store footprint and weather a prolonged downturn in the U.S. brick-and-mortar retail sector, people familiar with the matter said on Wednesday.
The two sporty retailers have previously succumbed to bankruptcy and are searching for growth. In a merger, the companies could whittle down their store counts from their current total of nearly 700 together, the sources said.
Eddie Bauer and Pacific Sunwear are controlled by a common owner, private equity firm Golden Gate Capital. Golden Gate Capital has not yet decided whether to combine the two companies and its plans for the retailers could still change, the sources said, asking not to be identified because the deliberations are confidential.
Golden Gate and Eddie Bauer declined to comment. Pacific Sunwear could not be reached for comment.
More than 20 U.S. brick-and-mortar retailers have filed for bankruptcy since mid-2016 as consumers moved a lot of their spending online and sought choice and convenience that is often not offered in physical stores or malls.
Last year, Bellevue, Washington-based Eddie Bauer hired investment banks to explore strategic alternatives, including a potential sale, sources said at the time.
Eddie Bauer, which sells outdoor gear and apparel, is at risk of not keeping up with fashion changes, according to credit ratings agency Moody’s Investors Service Inc. It has a $218 million term loan and a $200 million revolving credit line.
The company’s same-store sales are up 5 percent so far this year, one of the people said.
Golden Gate acquired Eddie Bauer out of bankruptcy in 2009 with a cash bid of $286 million. The retailer had been in bankruptcy five years.
Anaheim, California-based Pacific Sunwear emerged from bankruptcy in 2016 under the ownership of Golden Gate after the buyout firm converted its debt into equity in the restructuring. It emerged with a $100 million revolving line of credit from Wells Fargo.
The retailer has seen store sales rise 9 percent this year, one of the sources said. Both Eddie Bauer and Pacific Sunwear saw a 6 percent increase in same store sales in 2017, the source added.
Reporting by Jessica DiNapoli and Liana B. Baker in New York
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eddie-bauer-pacsun-goldengate/eddie-bauer-pacific-sunwear-explore-merger-amid-retail-downturn-sources-idUSKCN1IP03I |
GEDERA, Israel, May 14, 2018 /PRNewswire/ --
TAT Technologies Ltd. (NASDAQ: TATT), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today announced that Mr. Ehud Ben Yair has been appointed as its new Chief Financial Officer, effective May 13, 2018.
Mr. Igal Zamir, President and CEO of the company, stated: "Ehud Ben Yair, the new CFO, has significant experience of more than 20 years of high-level industry experience as a Chief Financial Officer in various companies. Mr. Ben Yair's expertise in all aspects of capital markets and focus on finance modernization will be an asset for the Company as we aim to fulfill mid and long-term strategic plans, and position ourselves for the future. I am happy to welcome him to the team."
Mr. Ben Yair has held several CFO positions in Israeli companies. From 2016 - 2017 he was the CFO of SHL Telemedicine, a public company traded on the Swiss stock exchange (SIX- SHLTN) engaging in the field of digital health. From 2013 - 2016 he was the CFO of Opgal Optronics, a subsidiary of Elbit Systems (NASDAQ: ESLT). Opgal develops and manufactures thermal imaging cameras for military and civilian aerospace markets. From 2005 - 2012 he was the CFO of Orad Hi-Tech Systems, a public company traded on the AIM and German stock exchange, developing, manufacturing and selling proprietary hardware to TV stations and broadcasters. Mr. Ben Yair is a Certified Public Accountant and holds a B.A. in Economics and Accounting from the Ben Gurion University in Israel.
About TAT Technologies Ltd.
TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing ("OEM") of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.
TAT's activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.
TAT's activities in the area of MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT's Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.
TAT's activities in the area of MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components. TAT's Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.
TAT's activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.
For more information of TAT Technologies Ltd., please visit our website:
http://www.tat-technologies.com
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company's shares held by our previously controlling stockholders, and other risks detailed from time to time in the Company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.
Contact:
Ms. Inna Shpringer
MARCOM Manager
Tel: 972-8-862-8594
[email protected]
SOURCE TAT Technologies Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-tat-technologies-announces-appointment-of-chief-financial-officer.html |
May 9, 2018 / 5:38 PM / Updated 14 minutes ago Amazon to let customers install tyres at Sears stores Reuters Staff 3 Min Read
(Reuters) - Amazon.com struck a deal with Sears Holdings Corp to provide tyre services, boosting traffic at the ailing department store and extending the online retailer’s growing stable of alliances with brick-and-mortar companies. FILE PHOTO: Amazon Fulfillment Centre (YVR3) is pictured in New Westminster, British Columbia, Canada April 30, 2018. REUTERS/Ben Nelms
Sears shares rose more than 25 percent, marking its best day in over a year, after the company said it would install any brand tires sold on Amazon at its stores. The deal also includes Sears selling its DieHard range of tires on the online retailer’s website.
Separately on Wednesday, the e-commerce giant said it had partnered with homebuilder Lennar Corp to convert some of the home construction company’s model homes into showrooms for Alexa.
Amazon’s latest deal is another sign that the online behemoth sees the value of in-store pickup and in-person service that’s core to brick-and-mortar retail, that it and rivals see room to cooperate.
Over the past year, the online retailing giant has entered into partnerships with physical chains such as department store operator Kohl’s Corp to sell Amazon-branded items as well as use its retail locations for picking up online orders.
In April, Amazon tapped electronics chain Best Buy to sell smart televisions with the capabilities of its artificial assistant, Alexa, baked in. In return, Best Buy would become the exclusive merchant of these TVs on Amazon.com.
For Sears, the new deal extends its partnership with Amazon, where it already sells its Kenmore home appliances. It is a welcome boost for the struggling company that has seen years of declining sales as competition within the retail industry intensifies from the likes of Wal-Mart and other e-commerce platforms.
Sears said the service would roll out to its Sears Auto Centers centres in the U.S. over the next couple of weeks.
The company’s shares were up 21 percent at $3.35 (2.5 pounds) in afternoon trading. They earlier touched a high of $3.46.
Amazon shares were up 0.6 percent at $1,602.81 on the same day Walmart Inc said it would pay $16 billion for a 77 percent stake in Indian online shopping website Flipkart, Amazon’s main rival in the Asian country. Reporting by Siddharth Cavale in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-amazon-com-partnerships-sears/amazon-to-let-customers-install-tyres-at-sears-stores-idUKKBN1IA2XX |
May 3 (Reuters) - Odonate Therapeutics Inc:
* ODONATE THERAPEUTICS ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018
* QUARTERLY LOSS PER SHARE $0.69 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-odonate-therapeutics-qtrly-loss-pe/brief-odonate-therapeutics-qtrly-loss-per-share-0-69-idUSASC09ZPV |
VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) -- New Point Exploration Corp. (CSE:NP) / (Frankfurt:4NP) (“ New Point ” or the “ Company ”) is pleased to welcome Eric Saderholm to the board of directors. Mr. Saderholm is the former Western USA Exploration Manager for Newmont Mining and is currently the President of American Pacific Mining Corp. He is a well-respected Nevada-based Geologist, with decades of experience in both major and junior resource companies. Eric has led and assisted numerous technical teams from discovery to production, and from expansion to closure. He has worked at many large mines and projects including Bingham Canyon, Carlin, Midas, Gold Quarry, Twin Creeks, Lonetree, Mule Canyon, Black Pine, Genesis and Yanacocha.
Bryn Gardener-Evans comments: “Eric is highly sought after for his technical expertise on Nevada-based geology and mining projects. I am very pleased to welcome Eric to the board as he will be a great asset for New Point when it comes to project acquisition, evaluation, and ongoing technical programs.”
Eric is a Registered Member and Qualified Person, Society for Mining, Metallurgy and Exploration RM# 04145463. As an accomplished public speaker, Eric is a frequent presenter at the Northwest Mining Association yearly gathering of Western United States geologists.
The Company would also like to announce that Gerald Carlson has stepped down from the Board of Directors and has been appointed to the Company’s Advisory Board. “I’d like to thank Gerald for his contributions as a board member and look forward to his continued guidance on the Advisory Board,” said Gardener-Evans.
About New Point Exploration Corp.
New Point (CSE:NP) is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions. New Point, A Next Generation Metals Company .
On Behalf of the Board of New Point Exploration Corp.
Bryn Gardener-Evans
President & CEO
Corporate Office
1240-1140 West Pender St
Vancouver, BC
V6E 4G1
For further information, please contact:
E: [email protected]
P: 403-830-3710
Forward-looking Information
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Assumption Agreement, the anticipated exploration program for the Empire Lithium Property, future capital expenditures, the anticipated business plans, including the Company’s transition into mineral exploration and development related to the battery industry, and the timing of future activities of the Company, are forward-looking statements. Often, but not always, forward looking information can be identified by words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies, including, prices for lithium, cobalt, copper, and base metals remaining as estimated, prices for labour, materials, supplies and services (including transportation) remaining as estimated, all necessary permits, licenses and regulatory approvals for the Company’s operations being received in a timely manner, and the Company’s ability to comply with environmental, health and safety laws. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development, actual results of exploration activities, variations to the geological and metallurgical assumptions, the costs and timing of the development of new exploration projects, requirements for additional capital to fund the Company’s business plan, future prices of lithium, cobalt, copper, and base metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, and environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated November 8, 2017 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com .
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
Source:New Point Exploration Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-new-point-adds-eric-saderholm-to-the-board-of-directors.html |
May 16, 2018 / 6:07 AM / Updated 31 minutes ago Turkey expels Israeli consul in spat over Gaza violence Reuters Staff 2 Min Read
ANKARA (Reuters) - Turkey has ordered the Israeli consul general in Istanbul to return to Israel “for some time”, a Turkish Foreign Ministry official said on Wednesday, in a diplomatic row that follows the killing of 60 Palestinian protesters by Israeli forces.
Turkey has been among the most vocal critics of the Israeli use of deadly force against protesters at the Gaza border and of the U.S. decision to open its new embassy in Jerusalem.
President Tayyip Erdogan described Monday’s bloodshed, the deadliest for Palestinians since the 2014 Gaza conflict, as genocide and called Israel a terrorist state. The government declared three days of mourning.
Turkey has expelled Israel’s ambassador and recalled its ambassadors from Tel Aviv and Washington. It has called for an emergency meeting of Islamic nations on Friday.
On Wednesday, Israel protested what it called Turkey’s “unbecoming treatment” of its expelled ambassador, after the envoy was shown on Turkish media being patted down by airport security in Istanbul in public view.
In response to Ambassador Eitan Naveh’s treatment, Israel’s Foreign Ministry said in a statement that it summoned the Turkish embassy’s charge d’affaires.
The Turkish ambassador to Israel was recalled to Ankara for consultations on Monday.
Israel expelled the Turkish consul-general in Jerusalem, and Erdogan exchanged heated words on Twitter with Prime Minister Benjamin Netanyahu.
Israel’s Foreign Ministry said the Turkish Consul-General in Jerusalem had been summoned and told to return to Turkey “for consultations for a period of time.”
The dispute appears to mark the worst diplomatic crisis between the two regional powers since Israeli marines stormed an aid ship to enforce a naval blockade of Gaza in 2010, killing 10 Turkish activists and prompting a downgrade in diplomatic ties that lasted until 2016. A Palestinian demonstrator carries a tire as others take cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Reporting by Tulay Karadeniz and Dan Williams in Jerusalem; Writing by Daren Butler; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-usa-embassy-turkey-envoy/turkey-tells-israels-envoy-to-istanbul-to-return-to-israel-for-some-time-anadolu-idUKKCN1IH0GQ |
HONG KONG, May 31 (Reuters) - Chinese facial recognition technology developer SenseTime Group Ltd has raised $620 million in its latest round of funding, valing the company at more than $4.5 billion.
The financing was led by Fidelity International, Hopu Capital, Silver Lake and Tiger Global, it said in a statement.
Reporting By Sijia Jiang; Editing by Anne Marie Roantree and Edwina Gibbs
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/sensetime-funding/chinas-sensetime-raises-620-mln-in-latest-funding-round-idUSH9N1RW01P |
May 4 (Reuters) - Vincit Group Oyj:
* CHANGES NAME TO VINCIT OYJ Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vincit-group-changes-name-to-vinci/brief-vincit-group-changes-name-to-vincit-oyj-idUSFWN1SB08Q |
May 31, 2018 / 3:05 PM / Updated 2 hours ago UPDATE 1-Tennis-Shapovalov keeps it in perspective as Paris run cut short Reuters Staff
(Adds details)
By Martyn Herman
PARIS, May 31 (Reuters) - Considering the spotlight now beamed on teenager Denis Shapovalov he could be excused the occasional post-loss sulk, but his mature reaction to defeat at the French Open on Thursday augurs well for his future.
The 19-year-old Canadian’s meteoric rise meant he arrived for his Roland Garros debut seeded 24 and with a potential fourth-round clash with 10-times champion Rafael Nadal already being earmarked for prime time viewing.
But Germany’s 22-year-old Maximillian Marterer put paid to that with a well-earned 5-7 7-6(4) 7-5 6-4 second round victory on the Court 1 bullring - the world number 70 displaying a more clinical edge when his chances came along.
The 82 unforced errors Shapovalov made during the contest did not help his cause.
On this occasion the flashing winners, 52 of them in total, could not quite tip the balance his way.
Some of the most respected voices in tennis predict Grand Slam titles ahead for the straggly-haired, Israel-born Canadian but patience and a sense of perspective will be required.
Shapovalov clearly has both.
“I’m disappointed with the loss, but like I said, I’m only 19, so not every week is going to be a semi-finals,” Shapovalov, who is coached by his mother Tessa and Canada Davis Cup captain Martin Laurendeau, told reporters.
“It’s going to be ups and downs. I just have to keep enjoying it, keep enjoying the journey.”
Last year Shapovalov cracked the top 200, top 100 and became the youngest player to rise into the top 50 since Nadal in 2004.
He reached the Montreal Masters semi-final in 2017 and while his game is best-suited to hardcourts, he made the Madrid semi-finals this month, raising his hopes for Roland Garros.
His inexperience on the clay surface showed against Marterer, occasionally trying to pull the pin too early in rallies.
But he is determined to master the dirt surface.
“You run into guys that are playing well, playing hot. In Madrid it was me, today it was Max,” he said.
“I feel like my game does suit this court. And I feel like in the future I could get really good on it.
“I’m pretty excited about that. I’m pretty excited to come back next year and play all these clay tournaments again.”
The good news for those who drool over his lavish groundstrokes is that he will not look to tame his style.
“I think I have to keep my character on the court, keep my game style, you know, which is being aggressive, dictating, coming to the net a lot,” he said.
“Definitely a bit more patience is going to be better for me, just staying with these guys, opening up the court more, stuff like this. But at the end of the day I still have to keep my identity, keep my game style.”
Shapovalov’s game began to fray in the middle of the second set when a double-fault at 3-3 gave Marterer the break.
The German, also playing in the main draw for the first time, faltered when serving for the second set at 5-4 but he made no mistake in the tiebreak.
Another double-fault gave Marterer a set point at 5-6 in the third and while Shapovalov found the line with a forehand to stave it off Marterer converted a second with a superb backhand.
Marterer saved break points at 2-2 and 4-4 in the fourth set and broke to love to claim victory. (Reporting by Martyn Herman Editing by Peter Graff and Susan Fenton) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-shapovalov/update-1-tennis-shapovalov-keeps-it-in-perspective-as-paris-run-cut-short-idUKL5N1T24IA |
CHICAGO, May 4, 2018 /PRNewswire/ -- Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of Easy Truck Insurance Services, Inc (Easy Truck). Terms of the acquisition were not disclosed.
Headquartered in Vacaville, California, with offices in Hayward, California, Laguna Hills, California, Santa Clara, California and Lake Havasu City, Arizona, Easy Truck is a retail truck insurance brokerage that provides services to owner drivers, small fleet and specific large fleets with a nationwide presence, with a primary focus in the western United States. Easy Truck's niche in the trucking industry supports Hub's recent launch of its Specialty practices by complementing and strengthening Hub's existing transportation industry focus and expertise.
The Easy Truck team will join Hub's Transportation Specialty practice. Randy Brousseau, President of Easy Truck, and Brett Moore, Vice President of Easy Truck, will initially report to Karl Klus, COO of the Hub Transportation Specialty practice. Once Easy Truck's integration into Hub is complete, they will report to Julie Armes, EVP of the Hub Transportation Specialty practice.
About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com .
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited (Hub) is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. From offices located throughout North America, HUB's vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit hubinternational.com .
CONTACT:
Media: Marni Gordon
Phone: 312-279-4601
[email protected]
M&A: Clark Wormer
Phone: 312.279.4848
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/hub-international-acquires-the-assets-of-california-based-easy-truck-insurance-services-inc-300642615.html
SOURCE Hub International Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-hub-international-acquires-the-assets-of-california-based-easy-truck-insurance-services-inc.html |
May 16 (Reuters) - U.S. President Donald Trump acknowledged on Wednesday it was unclear if his planned summit with North Korean leader Kim Jong Un in Singapore next month would go ahead.
North Korea threw the meeting into doubt, saying it might not attend if Washington continues to demand that it unilaterally abandon its nuclear weapons.
Previous attempts to persuade North Korea to back off its nuclear weapons program have been doomed, in part by the North's concerns about being attacked and enmity between Pyongyang and Washington.
The following describes how Trump and Kim came to the table and how previous talks failed:
2017-2018 TRUMP RHETORIC, HISTORIC PLAN
After becoming president in January 2017, Donald Trump seeks help from Chinese President Xi Jinping in dealing with North Korea. Moon Jae-in, who favors engagement with the North, is elected president of South Korean in May.
As Pyongyang tests missiles capable of reaching the United States, Trump turns up the tension and in a September 2017 U.N. address threatens to "totally destroy North Korea" while mocking Kim as "little rocket man." Kim responds with a threat to "tame the mentally deranged U.S. dotard with fire."
The United States pushes for increased U.N. economic sanctions against North Korea including bans on exports of coal, iron and seafood. Trump addresses the South Korean National Assembly two months later, saying the North will have to take steps toward denuclearization if it wants to talk. He also labels North Korea a state sponsor of terrorism, a designation that had been removed in 2008.
The 2018 Winter Olympics, hosted by South Korea, provide a breakthrough with the North sending a delegation to the games.
In March, Trump and Kim agree to meet. North Korea says it will suspend its missile and weapons testing and, despite past insults, Trump praises Kim as "very honorable."
Trump announces on Twitter on May 10 that the meeting will take place in Singapore on June 12.
North Korea lays out details of a plan to dismantle its Punggye-ri nuclear test site later in May.
2010-2016 DEMISE OF TALKS
North Korea's sinking of a South Korean patrol ship near the nations' maritime border in March 2010 becomes a roadblock to talks. The situation worsens in November when the North fires artillery at a South Korean island, killing two soldiers. The South, United States and Japan reject China's call to resume six-party talks until relations improve.
In 2011, China, Russia and the United States make separate and unsuccessful moves to restart negotiations. North Korean leader Kim Jong Il dies in December and son Kim Jong Un takes power.
Concerns rise in 2013 as the North makes rocketry advances and continues nuclear testing but no more talks are held. The administration of President Barack Obama increases sanctions on Pyongyang.
2003-2009 SIX-PARTY TALKS
In 2003, Kim Jong Il announces Pyongyang will withdraw from the Non-Proliferation Treaty it had agreed to in 1985. Three months later North Korea announces it has a nuclear weapon.
Talks begin in August 2003 between North Korea, South Korea, China, the United States, Russia and Japan.
In 2004-05, as the talks are held intermittently, North Korea continues missile testing. As would become a pattern, Pyongyang offers to curtail its work in exchange for aid.
With the talks in abeyance until 2006, the North accuses the United States of being a nuclear menace, drawing a warning from President George W. Bush.
In 2007, North Korea promises to shut its nuclear reactor in exchange for fuel oil. It later demands the United States release $25 million in frozen funds, which it gets, clearing the way for more talks.
A North Korean pledge to disclose all its nuclear activities by the end of 2007 goes unfulfilled.
In May 2008, North Korea demands the United States remove it from a list of state sponsors of terrorism. Washington complies in October, prompting the North to resume dismantling its Yongbyon nuclear plant.
In 2009, the U.N. Security Council responds to a missile test by threatening to increase sanctions and Pyongyang says it will no longer participate in six-party talks.
1994-2002 NORTH KOREA-U.S. TALKS UNDER CLINTON, BUSH
In 1994, North Korea and the United States, under President Bill Clinton, sign an "agreed framework" with the goal of freezing and eventually discontinuing Pyongyang's nuclear program. In exchange, North Korea has the possibility of normalized relations, fuel oil and help building light-water nuclear reactors.
North Korea's production and sale of missiles become an issue. Talks begin with the United States pushing the North to curtail the missile business, while Pyongyang demands financial compensation for lost income. In 1998 sanctions are imposed on the North for sending missile technology and parts to Pakistan.
When Bush becomes president in 2001, Pyongyang detects a more hostile attitude and U.S. sanctions are imposed on a North Korean company for missile-related transfers to Iran.
Relations are frayed further in 2002 when Bush labels North Korea as part of an "axis of evil" sponsoring terrorism and seeking nuclear weapons.
The agreed framework breaks down in December 2002 as the United States determines North Korea has been secretly pursuing nuclear weapons and Pyongyang says it has a right to them for defensive purposes. The North orders international inspectors out of the country while reopening its shuttered nuclear facilities. (Compiled by Bill Trott Editing by Grant McCool and Alistair Bell) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-factbox-lets-try-again-u-s-north-korea-talks-have-failed-often.html |
PONTE VEDRA BEACH, Fla. (Reuters) - Adam Scott and Kim Si-woo, the youngest two players to win the Players Championship, will tee off in the same group in Thursday’s first round with contrasting levels of confidence.
Scott, who was 23 when he won the event in 2004, is searching for a good result at a happy hunting ground and has reverted to a long putter in an effort to resurrect his game and extend his major championship streak to 68 consecutive starts.
Kim, on the other hand, is brimming with confidence after a playoff runner-up finish three weeks ago in nearby Hilton Head Island.
Scott is not setting his sights on becoming the best putter in the world. Rather, he reckons he needs only to become average on the greens to start contending again.
The 37-year-old, who in 2013 became the first Australian to win the U.S. Masters, is not currently exempt for next month’s U.S. Open at Shinnecock Hills.
If the worst comes to the worst, he can take his chances at sectional qualifying, but he can avoid that 36-hole lottery by jumping back into the top 60 in the world rankings.
A strong performance this week would be a huge step in the right direction for the ex world number one, who has slipped to 71st.
Scott was in an upbeat mood after a practice round with current world number one Dustin Johnson at TPC Sawgrass on Wednesday.
“I need to be average putting to be competing, which doesn’t sound that hard to do. I should be able to do that,” Scott, the 2004 champion, told reporters next to the 18th green.
“I feel I have got my best golf ahead of me. I just played with the best player in the world, and I know I can play at that level still.
“I’m feeling really comfortable after last week. It’s interesting as soon as you put a bit better how much more freedom you feel everywhere else.
“So I’m excited about this week. I still feel I can have a good year.”
Scott has played every major since the 2001 British Open. He was one of the biggest sufferers from the 2016 ban that outlawed golfers from anchoring their putters against their chests.
Scott reverted to a regular putter, with limited success, and has now gone back to the one that he first used when he originally switched to the long putter in 2011.
To adhere with the rules, he no longer anchors the club against his chest.
South Korean Kim, meanwhile, shocked the golf world when he won the tournament last year at age 22 despite suffering from a back injury.
He is in fine fettle on his return.
“My body feels great. I’m in great condition heading into this week with no pain,” he said.
“I worked really hard to get my body into the best shape possible, so I think that has led to a lot of the consistency that you have seen this season.”
Reporting by Andrew Both, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-players/scott-uses-long-putter-again-kim-brimming-with-confidence-idUSKBN1IA3CE |
The city of Nashville is the leading candidate to host the 2019 NFL Draft, according to a report from ESPN.
The Nashville skyline at totality during the solar eclipse in Nashville, Tennessee, U.S. August 21, 2017. REUTERS/Harrison McClary A decision is expected to be announced during the league’s spring meeting May 22-23 in Atlanta, according to the report, and, if not selected, Nashville would be the favorite for the 2020 event.
The other candidates to host the 2019 and 2020 NFL drafts are Las Vegas, Denver, Kansas City and a combination bid from Cleveland/Canton, Ohio. A winning city cannot host the draft in both years.
The 2018 NFL Draft was held at AT&T Stadium in Arlington, Texas. The event was held in New York City from 1965-2014 before being moved to Chicago for 2015-16. Philadelphia hosted the 2017 draft.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-ten-draft-nashville/report-nashville-leading-candidate-for-2019-nfl-draft-idUSKBN1IB2RT |
May 8, 2018 / 12:55 PM / in 23 minutes BRIEF-Core-Mark Reports Q1 Loss Per Share $0.03 Reuters Staff
May 8 (Reuters) - Core-Mark Holding Company Inc:
* CORE-MARK ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $0.07 EXCLUDING ITEMS * Q1 SALES $3.8 BILLION VERSUS I/B/E/S VIEW $3.82 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.08 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 EARNINGS PER SHARE $1.13 TO $1.29 EXCLUDING ITEMS * REAFFIRMS 2018 GUIDANCE
* FY2018 EARNINGS PER SHARE VIEW $1.19, REVENUE VIEW $16.66 BILLION — THOMSON REUTERS I/B/E/S
* CORE-MARK - QTRLY INCREASE IN NET SALES WAS DUE TO CONTRIBUTIONS FROM ACQUISITION OF FARNER-BOCKEN COMPANY, ADDITION OF WAL-MART STORES AMONG OTHERS
* CORE-MARK HOLDING - GROWTH IN SALES IN QUARTER WAS OFFSET BY DECLINE IN CIGARETTE CARTON VOLUMES,EXPIRATION OF DISTRIBUTION AGREEMENT WITH KROGER IN 2017 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-core-mark-reports-q1-loss-per-shar/brief-core-mark-reports-q1-loss-per-share-0-03-idUSASC0A0H6 |
April 30 (Reuters) - TransDigm Group Inc:
* TRANSDIGM ANNOUNCES KEVIN STEIN AS PRESIDENT AND CEO AND W. NICHOLAS HOWLEY AS EXECUTIVE CHAIRMAN, APPOINTMENT OF NEW BOARD MEMBERS
* TRANSDIGM GROUP INC - AS PART OF ORGANIZATIONAL CHANGE, STEIN AND HOWLEY HAVE BOTH MODIFIED AND EXTENDED THEIR EMPLOYMENT AGREEMENTS THROUGH 2024
* TRANSDIGM GROUP INC - STEIN AND HOWLEY HAVE BOTH MODIFIED AND EXTENDED THEIR EMPLOYMENT AGREEMENTS THROUGH 2024 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-transdigm-announces-kevin-stein-as/brief-transdigm-announces-kevin-stein-as-president-and-ceo-idUSASC09YBG |
May 17, 2018 / 8:29 PM / Updated 6 minutes ago Inter IKEA grants franchise rights to SACI Falabela for Peru, Chile and Colombia Reuters Staff 1 Min Read
STOCKHOLM (Reuters) - Inter IKEA, owner of the IKEA Concept and the worldwide IKEA franchisor, said on Thursday it had signed an memorandum of understanding with S.A.C.I. Falabella FAL.SN to grant franchise rights for IKEA stores in Peru, Chile and Colombia, the first IKEA stores in South America. The logo of IKEA is seen above a store in Voesendorf, Austria, April 24, 2017. REUTERS/Heinz-Peter Bader
Inter IKEA said the aim was to open at least nine stores in Chile, Colombia and Peru in a period of 10 years, along with online sales channels for these three countries. The first store is expected to open in the city of Santiago at the end of 2020, with Lima and Bogota to follow. Reporting by Johan Ahlander; Editing by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-ikea-falabella/inter-ikea-grants-franchise-rights-to-saci-falabela-for-peru-chile-and-colombia-idUSKCN1II2W4 |
May 1, 2018 / 8:19 PM / Updated 6 hours ago Snap shares sink 16 percent as redesign weighs on results Lisa Richwine , Munsif Vengattil 4 Min Read
(Reuters) - Snap Inc fell short of Wall Street forecasts for revenue and regular users on Tuesday after a redesign of its Snapchat messaging app turned off some long-time fans and advertisers, sending its shares tumbling 16 percent. FILE PHOTO: The Snapchat messaging application is seen on a phone screen August 3, 2017. REUTERS/Thomas White/File Photo
Revenue growth will likely slow substantially in the second quarter, the company said, showing it still faces an uphill battle after an app overhaul meant to fend off bigger rival Facebook Inc as it adds Snapchat-like features.
The number of daily active users on Snapchat, crucial for generating advertising revenue, rose to 191 million in the quarter ended March 31, short of consensus expectations of 194.15 million, according to Thomson Reuters I/B/E/S.
The figure was 15 percent higher than a year earlier, compared with growth of 18 percent in the previous quarter.
Snap shares plunged 16.5 percent to $11.77 in after-hours trading, extending a slide in the stock since February. Shares had surged 48 percent on Feb. 7, to $20.75, topping Snap’s IPO price of $17 for the first time in months, on hopes that the redesign was working. The stocks has mostly fallen since.
“The redesign didn’t just make users unhappy, it also made advertisers more concerned,” said eMarketer analyst Debra Aho Williamson. “That’s not a good position to be in.”
On the plus side, Williamson said, “Snapchat loyalists are highly engaged, using the app multiple times per day. And Snapchat’s ad formats are still among the most creative.”
For the quarter ended in March, total revenue rose 54 percent from the same period a year earlier to $230.7 million in what was Snap’s fifth quarterly earnings as a public company. Analysts on average had expected revenue of $244.5 million.
Company executives acknowledged that the new design hurt results but said they were sticking with the plan to keep content from friends separate from other publishers. The approach will propel growth in the long run, they said.
“The redesign lays the foundation for the future of both our communication products and our media platform, and we look forward to doubling down on both,” Chief Executive Evan Spiegel said on a conference call with analysts.
“As we have mentioned on our past two earnings calls, a change this big to existing behavior comes with some disruption.”
The redesign was meant to draw in a broader audience, but sparked criticism from users including celebrities Kylie Jenner and Chrissy Teigen. The changes also created some “apprehension” among advertisers, Spiegel said.
Chief Strategy Officer Imran Khan said the bad publicity surrounding the redesign made some advertisers rethink their use of Snapchat.
“When there is a lot of negative news in the press every day, it does give people pause,” Khan said, saying that Snapchat will counter that by providing better measurements of return on investment.
User growth at the company’s disappearing-message app has repeatedly fallen short of Wall Street’s expectations since its heavily hyped initial public offering in March last year.
The Venice, California-based firm posted a net loss of $385.8 million, or 30 cents per share, compared with a loss of $2.21 billion, or $2.31 per share, a year earlier.
Snap’s adjusted loss per share of 17 cents was in line with analyst expectations. Reporting by Lisa Richwine in Los Angeles and Munsif Vengattil in Bengaluru; editing by Meredith Mazzilli and Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-snap-results/snaps-user-growth-misses-analyst-expectations-idUKKBN1I24C6 |
U.S. weighs South Korea troop reduction: reports 11:31am BST - 01:19
The Pentagon has been told to consider options for reducing U.S. troop numbers in South Korea, according to a report in the New York Times on Thursday. President Trump told the Pentagon to prepare options for a draw down of U.S. forces just weeks before a planned meeting between the United States and North Korea.
The Pentagon has been told to consider options for reducing U.S. troop numbers in South Korea, according to a report in the New York Times on Thursday. President Trump told the Pentagon to prepare options for a draw down of U.S. forces just weeks before a planned meeting between the United States and North Korea. //uk.reuters.com/video/2018/05/04/us-weighs-south-korea-troop-reduction-re?videoId=423703686&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/us-weighs-south-korea-troop-reduction-re?videoId=423703686 |
6 COMMENTS ISTANBUL—At a clothing shop in Turkey’s megalopolis late last week, there were few customers but Esra Yildirim was still in a rush.
She was racing to keep up with a rapid drop in the Turkish lira. Although the pajamas she sells are sewed locally, they are made with imported materials, and her supplier is hiking prices by the day.
“I’m busy updating price tags,” the 30-year-old manager said. “Sometimes, I’m not yet finished with a pile that I have to start again.”
One month ahead of national elections in which President Recep Tayyip Erdogan is seeking a new mandate, the fast-weakening lira has left some voters questioning a claim by the long-dominant Turkish leader that he knows the way to economic prosperity.
The lira, which has lost a fifth of its value against the dollar since the start of the year, has been hit by a wider storm sweeping through emerging markets caused by a sharp rise in the dollar. But Mr. Erdogan, analysts say, bears some responsibility for the bruised lira and double-digit inflation because he has publicly expressed opposition to interest rate hikes, a traditional tool to support an ailing currency.
Turkish households have been on the front row of the lira’s slide. Their eroding spending power is on display at gas stations, in particular, because Turkey imports most of its fossil fuel.
“I’m filling only half of my tank,” said 40-year-old Funda Sevinc, as she parked at a service station in Istanbul on Tuesday. “And we are going out less on the weekends.”
Many economists say Turkey must signal it is committed to prodding the lira, or risk being hit by an exodus of foreign investors. But the president, who survived a military coup attempt in 2016 and has a strong base of support among small businessmen and middle-income workers, says he is opposed to high interest rates because they slow down investment. Instead, Mr. Erdogan has urged Turkish people “who have euros and dollars under their pillows” to support the national currency by buying lira.
Turkey’s central bank did take emergency steps last week , increasing one of its interest rates by three points, and government officials have also held meetings with foreign investors. That has brought some respite for the lira, which was up more than 1% on Wednesday, trading at 4.49 to the dollar.
Supporters of President Recep Tayyip Erdogan arrive for an election rally in Istanbul on Tuesday. Photo: Emrah Gurel/Associated Press “The critical question at this juncture is whether the recent Turkish lira rout has damaged President Erdogan’s polling numbers,” said Phoenix Kalen, a strategist at Societe Generale in London.
Some recent election polls have pointed to a victory of Mr. Erdogan in the first round of the presidential ballot, on June 24, but political opponents have questioned their reliability at a time when authorities, which imposed emergency rule in the wake of the 2016 failed coup, are cracking down on independent media , the military and the judiciary.
Turkey appears extremely polarized, with 47.8% of respondents to a May 18 survey by polling agency MetroPoll saying they disapprove of Mr. Erdogan’s policies, compared to 46.3% who approve of them—the first time disapproval has surpassed approval since June 2016. Other opinion polls suggest Turks have grown more pessimistic about the economic outlook, and the confidence of consumers, a major driver of the Turkish economy, has dropped to a five-month low in May.
Rivals to Mr. Erdogan in the presidential race have homed in on the lira’s weakness to criticize the president’s economic record.
The drop in the lira “will come back to us in the form of higher inflation and even higher interest rates,” Muharrem Ince, candidate for the secular Republican People’s Party, or CHP, the main opposition force in parliament, said at a rally last week.
Yet, some business owners said Mr. Erdogan was the safest bet for financial stability.
“Yes, inflation is eating into my budget. But if this government loses, it will be chaos,” said Hasan Binkat, who runs a textile company. “I will vote for Mr. Erdogan because I don’t want my business to be ruined.”
The economy has traditionally been an asset for Mr. Erdogan on the campaign trail.
He and his ruling party Justice and Development Party, or AKP, take credit for thrusting Turkey, which was under supervision by the International Monetary Fund when he came to power 15 years ago, into the league of Group 20 economies. The Turkish economy grew 7.4% last year.
The lira has also been on a rollercoaster before without significant negative impact on the electoral performance of Mr. Erdogan, who hasn’t lost a vote since he rose to the national stage in 2003.
In recent months, however, concerns have risen over the country’s economic imbalances ,with the weakening lira and high annual inflation, which stood at close to 11% in April. Turkey is saddled with a widening current-account deficit, a key indicator of the country’s economic vulnerability.
The concerns spiked when Mr. Erdogan went to London earlier this month and said he aimed to play a bigger role in monetary policy. Foreign outflows from Turkish bonds amounted to $638 million in the week ended May 18, the biggest weekly outflow since November 2016, according to data from the central bank.
In Turkey, however, Mr. Erdogan can count on die-hard supporters.
“The rise in the dollar doesn’t affect me,” said Yunus Soylemez, a 37-year-old building contractor. “Mr. Erdogan has stood up against pressure from everywhere. I will support him forever.”
Write to Yeliz Candemir at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/turkish-currency-slide-poses-a-political-challenge-to-erdogan-1527673145 |
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ANKARA, April 30 (Reuters) - Iran is ready to participate in a gas swap between Pakistan and Turkmenistan, but a long-planned pipeline to transport gas from Turkmenistan to India is unlikely to become operational, Iran’s semi-official Fars news agency reported on Monday.
“I see it unlikely for the TAPI (Turkmenistan-Afghanistan-Pakistan-India) pipeline to become operational and Iran is ready for this swap to Pakistan,” Fars Quote: d the head of the National Iranian Gas Company, Hamidreza Araqi, as saying.
The TAPI pipeline - named after the countries involved, Turkmenistan, Afghanistan, Pakistan and India - was first proposed three decades ago. But the region’s complex geopolitics and security concerns have hindered its construction.
TAPI will transport 33 billion cubic meters of gas a year along an 1,800 km (1,125 mile) route from Turkmenistan’s Galkynysh, the world’s second-biggest gas field, to Fazilka in northwest India.
“We have announced our readiness to Turkmenistan for exporting their natural gas to Pakistan, but have not received any response from them,” Araqi said.
“Given Iran’s situation in the centre of the region, we can join every gas pipeline that passes around the country.” (Writing by Parisa Hafezi, editing by Louise Heavens and Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-turkmenistan-pipeline/update-1-iran-views-turkmenistan-india-gas-pipeline-as-unlikely-report-idUSL8N1S759G |
May 16, 2018 / 12:57 PM / in 26 minutes EU's Tusk asks: 'With friends like Trump, who needs enemies?' Gabriela Baczynska 4 Min Read
SOFIA (Reuters) - U.S. President Donald Trump has “rid Europe of all illusions” by quitting the Iran nuclear deal and driving trade disputes, the European Union chairman said on Wednesday, underlining the depth of trans-Atlantic discord.
The 28 worried EU leaders are gathering in the Bulgarian capital for discussions over dinner on Wednesday on how to salvage the nuclear deal and European business dealings with Iran from Trump’s sanctions and how to avoid a trade war in an escalating tariff dispute with the United States.[L5N1SM8S6]
Tusk said the EU must be more united than ever before to deal with what he called Trump’s “capricious assertiveness”.
“Looking at the latest decisions of President Trump, someone could even think: With friends like that, who needs enemies?” Tusk told a news conference.
“But frankly speaking, Europe should be grateful to President Trump. Because thanks to him we have got rid of all illusions. He has made us realise that if you need a helping hand, you will find one at the end of your arm.”
European leaders are troubled by Trump’s “America first” rhetoric and inconsistent statements on NATO and the EU. Trump’s decision to pull out of the Paris climate change accord and the 2015 nuclear deal with Iran threaten Europe’s own foreign policy, which was long complementary to Washington’s.
“Europe must do everything in its power to protect, in spite of today’s mood, the transatlantic bond. But at the same time we must be prepared for those scenarios, where we will have to act on our own,” said Tusk, a former Polish prime minister.
Trump’s moving of the U.S. Embassy in Israel to Jerusalem this week has also upset many in Europe, though the EU has failed to condemn the move squarely due to opposition from the Czech Republic and Hungary, which are strongly pro-Israel.
TRANS-ATLANTIC CHILL
French President Emmanuel Macron has tried to charm Trump but that failed to prevent Washington last week from abandoning the Iran deal, which seeks to curb Tehran’s nuclear program in exchange for sanctions relief.
Speaking to lawmakers in Paris on Wednesday, France’s junior minister for Europe, Jean-Baptiste Lemoyne, said the U.S. behavior meant it was time that Europe stood up for itself.
“The extra-territorial dimension of U.S. sanctions is unacceptable. We must develop our economic sovereignty now. It’s a moment of truth for Europe,” he said.
German Chancellor Angela Merkel has strongly backed efforts to develop a collective European approach towards Trump’s unilateralism but she told the lower house Bundestag on Wednesday she remained determined to support trans-Atlantic relations.
The EU and the United States have traditionally been the closest of allies, working together also via NATO. But Trump has also lambasted his European peers for not spending enough on defense, raising doubts among many in Europe about his commitment to NATO and Europe’s broader security.
“The broader U.S.-EU security relationship is at risk,” a former U.S. envoy to the EU, Anthony Gardner, told the European Parliament on Wednesday. European Council President Donald Tusk makes a statement at Euxinograd residence, near Varna, Bulgaria March 26, 2018. REUTERS/Stoyan Nenov Additional reporting by Andreas Rinke, Ivana Sekularac, Robin Emmott and John Irish; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-eu/eus-tusk-lashes-out-at-trump-amid-trade-dispute-iran-split-idUSKCN1IH1OH |
LILONGWE (Reuters) - Malawi’s maize output declined by 19.4 percent in the 2017/18 farming year to 2.8 million tons due to damage caused by drought and crop-eating armyworms, Agriculture Minister Joseph Mwanamvekha said on Monday.
“This (decline) is because of dry spells experienced in some parts of the country and the armyworm invasion,” Mwanamvekha told Reuters.
Malawi produced 3.5 million tons of maize in the 2016/17 season but banned exports of its staple crop earlier this year and said it was considering restocking its national grain reserves.
Armyworms are a pest from Latin America that first threatened African crops late in 2016, while drought is a perennial threat to the impoverished southern African country.
Mwanamvekha said it was too early to predict 2018/19 agricultural output but there could be significant reductions in the yields of most of Malawi’s major food crops, which include cassava, groundnuts and sorghum.
Malawi relies heavily on rain-fed agriculture, and most of its maize is grown on small plots by subsistence farmers.
Reporting by Mabvuto Banda; Writing by Alexander Winning; Editing by Joe Brock
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malawi-maize/drought-armyworms-cut-malawi-maize-crop-by-19-percent-minister-idUSKCN1IM12T |
May 4, 2018 / 9:00 PM / in 20 hours Deutsche Bank to move NY headquarters from Wall Street Reuters Staff 1 Min Read
(Reuters) - Deutsche Bank AG will shift its New York headquarters from Wall Street to a location midtown, at a time when Germany’s largest bank is scaling back its U.S. operations. A man walks past the Deutsche Bank offices during a snow storm in Manhattan's financial district in New York January 21, 2014. REUTERS/Brendan McDermid/File Photo
The bank will relocate to One Columbus Circle from 60 Wall Street, according to an internal memo to employees.
The move is expected to start in the third quarter of 2021 and will be completed in 2022, according to a source familiar with the matter.
The new location will consolidate the bank’s New York presence and would reduce its commercial presence in the city by 30 percent, according to the memo.
Chief Executive Officer Christian Sewing said last month that the bank would cut back bond and equities trading and would invest in German retail banking and asset management in Europe.
The bank is expected to cut around 1,000 jobs or 10 percent of its workforce in the United States, Reuters reported last month. Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-bank-relocation/deutsche-bank-to-shift-ny-headquarters-from-wall-street-idUSKBN1I52IF |
SAN FRANCISCO — Most big banks have tried to stay far away from the scandal-tainted virtual currency Bitcoin.
But Goldman Sachs , perhaps the most storied name in finance, is bucking the risks and moving ahead with plans to set up what appears to be the first Bitcoin trading operation at a Wall Street bank.
In a step that is likely to lend legitimacy to virtual currencies — and create new concerns for Goldman — the bank is about to begin using its own money to trade with clients in a variety of contracts linked to the price of Bitcoin.
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There Is Nothing Virtual About Bitcoin's Energy Appetite
While Goldman will not initially be buying and selling actual Bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.
Rana Yared, one of the Goldman executives overseeing the creation of the trading operation, said the bank was clear-eyed about what it was getting itself into.
"I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world," Ms. Yared said. "For almost every person involved, there has been personal skepticism brought to the table."
Still, the suggestion that Goldman Sachs, among the most vaunted banks on Wall Street and a frequent target for criticism, would even consider trading Bitcoin would have been viewed as preposterous a few years ago, when Bitcoin was primarily known as a way to buy drugs online.
Bitcoin was created in 2009 by an anonymous figure going by the name Satoshi Nakamoto, who talked about replacing Wall Street banks — not giving them a new revenue line.
Over the last two years, however, a growing number of hedge funds and other large investors around the world have expressed an interest in virtual currencies. Tech companies like Square have begun offering Bitcoin services to their customers, and the commodity exchanges in Chicago started allowing customers to trade Bitcoin futures contracts in December.
But until now, regulated financial institutions have steered clear of Bitcoin, with some going so far as to shut down the accounts of customers who traded Bitcoin. Jamie Dimon, the chief executive of JPMorgan Chase, famously called it a fraud, and many other bank chief executives have said Bitcoin is nothing more than a speculative bubble.
Ms. Yared said Goldman had concluded that Bitcoin is not a fraud and does not have the characteristics of a currency. But a number of clients wanted to hold it as a valuable commodity, similar to gold, given the limited quantity of Bitcoin that can ever be "mined" in a complex, virtual system.
"It resonates with us when a client says, 'I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,'" she said.
Ms. Yared said the bank had received inquiries from hedge funds, as well as endowments and foundations that received virtual currency donations from newly minted Bitcoin millionaires and didn't know how to handle them. The ultimate decision to begin trading Bitcoin contracts went through Goldman's board of directors.
The step comes with plenty of uncertainties. Bitcoin prices are primarily set on unregulated exchanges in other countries where there are few measures in place to prevent market manipulation.
Since the beginning of the year, the price of Bitcoin has plunged — and recovered significantly — as traders have faced uncertainty about how regulators will deal with virtual currencies.
"It is not a new risk that we don't understand," Ms. Yared said. "It is just a heightened risk that we need to be extra aware of here."
Goldman has already been doing more than most banks in the area, clearing trades for customers who want to buy and sell Bitcoin futures on the Chicago Mercantile Exchange and the Chicago Board Options Exchange.
In the next few weeks — the exact start date has not been set — Goldman will begin using its own money to trade Bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.
The bank's first "digital asset" trader, Justin Schmidt, joined Goldman two weeks ago to handle the day-to-day operations, a hiring that was first reported by Tearsheet . In his last job, Mr. Schmidt, 38, was an electronic trader at the hedge fund Seven Eight Capital. In 2017, he left that job to trade virtual currencies on his own.
He will initially be placed on Goldman's foreign currency desk because Bitcoin trading has the most similarity to movements in emerging market currencies, Ms. Yared said.
Mr. Schmidt is looking at trading actual Bitcoin — or physical Bitcoin, as it is somewhat ironically called — if the bank can secure regulatory approval from the Federal Reserve and New York authorities.
The firm also has to find a way to confidently hold Bitcoin for customers without its being stolen by hackers, as has happened to many Bitcoin exchanges. Mr. Schmidt and Ms. Yared said the current options for holding Bitcoin for clients did not yet meet Wall Street standards.
Goldman is known for pushing the envelope in the trading of complicated products. The firm faced significant criticism after the financial crisis for its profitable trading of so-called synthetic derivatives tied to the subprime mortgage markets.
Since the crisis, Goldman has made a big push to position itself as the most technologically sophisticated firm on Wall Street. Among other things, it has started an online lending service, known as Marcus , that has brought the firm into contact with retail customers for the first time. The virtual currency trading, though, will be available only to big institutional investors.
Mr. Schmidt said Goldman's sophistication was a big part of the reason he was open to the job, despite many other opportunities in the virtual currency world.
"In terms of having a trusted institutional player, it has been something I have been looking for in my own crypto trading — but it didn't exist," he said.
Follow Nathaniel Popper on Twitter: @nathanielpop | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/goldman-sachs-to-open-a-bitcoin-trading-operation.html |
ST. LOUIS, May 9, 2018 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("Centene" or the "Company") announced today that its wholly-owned subsidiary, Centene Escrow I Corporation (the "Escrow Issuer"), has priced its offering of $1.8 billion aggregate principal amount of 5.375% senior notes due 2026 (the "Notes"). The offering was upsized from the previously announced $1.7 billion aggregate principal amount of Notes. The Notes priced at 100% of the principal amount thereof, which will result in aggregate gross proceeds of $1.8 billion. The offering is expected to close on or about May 23, 2018, subject to customary closing conditions.
The Escrow Issuer will initially deposit the gross proceeds from the offering, along with certain additional funds, into a segregated escrow account. Centene intends to use the net proceeds of the offering to finance a portion of the cash consideration payable in connection with Centene's previously announced acquisition of the assets of Fidelis Care, to pay related fees and expenses and for general corporate purposes, including the repayment of outstanding indebtedness. The acquisition is expected to close on or about July 1, 2018, subject to regulatory approval from the New York Attorney General and certain closing conditions. Upon consummation of the acquisition, the Escrow Issuer will merge with and into the Company, with the Company continuing as the surviving corporation, and the Company will assume all of the Escrow Issuer's obligations under the Notes, the related indenture and the other applicable documents by operation of law (the "Assumption") and subject to the satisfaction of certain other conditions, the gross proceeds from the offering will be released from the escrow account to the Company. The closing of this offering is not conditioned on the closing of the acquisition. If the acquisition is not consummated, the Escrow Issuer will be required to redeem the Notes at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to the redemption date.
Following the Assumption, the Notes will be senior unsecured obligations of the Company and will be equal in right of payment with all of the Company's existing and future senior indebtedness and will be senior in right of payment to all of the Company's existing and future subordinated debt. The Notes will not be guaranteed by any of its subsidiaries and are only required to be guaranteed by any of the Company's subsidiaries in limited circumstances in the future.
The Notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-United States persons in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.
About Centene Corporation
Centene Corporation, a Fortune 100 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Many receive benefits provided under Medicaid, including the State Children's Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care and Long-Term Services and Supports (LTSS), in addition to other state-sponsored programs, Medicare (including the Medicare prescription drug benefit commonly known as "Part D"), dual eligible programs and programs with the U.S. Department of Defense and U.S. Department of Veterans Affairs. Centene also provides healthcare services to groups and individuals delivered through commercial health plans. Centene operates local health plans and offers a range of health insurance solutions. It also contracts with other healthcare and commercial organizations to provide specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, commercial programs, home-based primary care services, life and health management, vision benefits management, pharmacy benefits management, specialty pharmacy and telehealth services.
The information provided in this press release contains forward-looking statements that relate to future events, including without limitation, statements regarding the intended use of proceeds from the offering. The Company disclaims any obligation to update this forward-looking information in the future. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including prevailing market conditions, as well as other factors. Certain risk factors that may affect our business operations, financial condition and results of operations are included in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
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SOURCE Centene Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-centene-corporation-prices-upsized-offering-of-senior-notes.html |
WASHINGTON (Reuters) - The U.S. Department of Defense has resumed accepting F-35 jet deliveries from Lockheed Martin Corp ( LMT.N ) after reaching an agreement on who would cover the costs to fix a production error, a Pentagon official said on Monday. The terms of the agreement were not disclosed. The cost of the fix was $119 million, people familiar with the situation had previously told Reuters.
Lockheed Martin's logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon The Pentagon had stopped deliveries since at least April 11, when Lockheed first acknowledged to Reuters that the Pentagon was not taking new planes. The dispute was over who was responsible for paying to fix corrosion related to an error discovered in the second half of 2017.
Last year, the Pentagon stopped accepting F-35s for 30 days after discovering corrosion where panels were fastened to the airframe, an issue that affected more than 200 of the stealthy jets. Once a fix had been devised, the deliveries resumed, and Lockheed hit its target aircraft delivery numbers for 2017.
A lack of protective coating at the fastening point that would have prevented corrosion was identified as the primary problem, the Pentagon said at the time.
Lockheed said an agreement had been reached with the Pentagon, adding that it expected to hit its F-35 delivery target of 91 aircraft for 2018.
Reporting by Mike Stone in Washington; Editing by Chris Sanders and Matthew Lewis
| ashraq/financial-news-articles | https://in.reuters.com/article/lockheed-f35-exclusive/exclusive-lockheed-resumes-f-35-jet-deliveries-to-pentagon-official-idINKBN1I827W |
May 3 (Reuters) - Microbio Co Ltd
* Says it received South Korea patent license for its oral solution named USE OF A FERMENTED SOY EXTRACT FOR MANUFACTURE OF A PREBIOTIC COMPOSITION
Source text in Chinese: goo.gl/1FQdhW
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-microbio-receives-south-korea-pate/brief-microbio-receives-south-korea-patent-license-idUSL3N1SA3RI |
May 7 (Reuters) - YAPP Automotive Systems Co Ltd:
* SAYS SHARE TRADE TO DEBUT ON MAY 9 IN SHANGHAI Source text in Chinese: bit.ly/2IgGyx8 (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-yapp-automotive-systems-share-trad/brief-yapp-automotive-systems-share-trade-to-debut-on-may-9-in-shanghai-idUSH9N1SA00X |
TSX Symbol: HNL
CALGARY, May 8, 2018 /PRNewswire/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") reported its financial and operating results for the three months ended March 31, 2018 and 2017.
First Quarter Highlights
Subsequent to Q1 2018, Horizon North successfully completed the previously announced acquisition of Shelter Modular Inc., a 34,000 sq. ft. full service modular manufacturing company based in Aldergrove, British Columbia; Growth of the workforce in the Kamloops, British Columbia manufacturing facility lagged expectations and contributed to weaker than expected results for the quarter. The Aldergrove facility will add additional capacity to execute on the growing backlog in the Modular Solutions division; On May 7, 2018 Horizon North entered into a master teaming agreement with EllisDon Corporation ("EllisDon"). The teaming agreement will apply to projects such as hotels, commercial buildings and multi-family structures undertaken by Horizon North's Modular Solutions division. Horizon North and EllisDon will select, pursue, and execute such projects jointly, bringing the respective strengths of each organization to our customers; The Modular Solutions business gained significant momentum throughout Q1 2018, closing with a backlog of $62.5 million compared to $43.9 million at Q4 2017 with an additional $127.0 million of high-quality, high probability opportunities; Horizon North's joint venture partnership, Halfway River Horizon North, was conditionally awarded $63 million of turn-key camp services in the Montney region of northeast British Columbia. Pending regulatory and internal customer approvals, the contract is expected to start in Q3 2018 and run through Q4 2019; Horizon North continued its dividend policy and paid its 26 th consecutive quarterly dividend; and EBITDAS for Q1 2018 were below the comparable period of 2017, which included $1.0 million of insurance proceeds. The decrease was a result of lower large camp and mat sales volumes combined with a shifting contract mix in the Camps & Catering operations as part of a capital light strategy.
First Quarter Financial Summary
Three months ended March 31
(000's except per share amounts)
2018
2017 (2)
%
Change
Revenue
$
82 ,575
$
70,488
17
EBITDAS (1)
4,433
8,254
(46)
EBITDAS as a % of revenue
5%
12%
Operating (loss) earnings
(7,044)
8,153
(186)
Operating (loss) earnings as a % of revenue
(9%)
12%
Total (loss) profit
(6,062)
5,140
(218)
Total comprehensive (loss) income
(6,062)
5,140
(218)
Earnings (loss) per share
Basic
$
(0.04)
$ 0.04
Diluted
$
(0.04)
$
0.04
Total assets
$
482,753
$
485,961
(1)
Total Long-term loans and borrowings
85,550
70,771
21
Adjusted fund flow
4,672
6,661
(30)
Net Capital spending
16,339
(9,612)
(270)
Total debt to EBITDAS (1)
3.26:1.00
2.84:1.00
Debt to total capitalization ratio (1)
0.22:1.00
0.18:1.00
Dividends declared
$
2,907
$
2,892
Dividends declared per share
$
0.02
$
0.02
(1)
See Non-GAAP measures definitions within the press release for details.
(2)
Includes insurance settlement in Q1 2017 related to the Fort McMurray wild fires.
First Quarter Operational Overview
Results for the three months ended March 31, 2018, except for revenue, decreased across all measures compared to the three months ended March 31, 2017. The increase in revenue for Q1 2018, was mainly driven by the Modular Solutions division as a result of greater project volumes compared to Q1 2017. Partially offsetting this increase were lower mat sales and large camp volumes from the Industrial Services division, compared to Q1 2017. Decreased EBITDAS was a result of lower volumes in Industrial Services combined with a different contract mix in the Camps & Catering operation. Additionally, the first quarter of 2017 included an insurance settlement related to the total loss of the Blacksand Executive Lodge during the 2016 Fort McMurray wildfires. See "Effect of Q1 insurance settlement" on page 6 of this MD&A for a normalization of Q1 2017 results.
Industrial Services
Revenues from Industrial Services for Q1 2018 decreased by 2% compared to Q1 2017. The decrease was mainly a result of lower mat sales along with the associated transport and installation activity. The decrease in mat sales was primarily a result of allocating the majority of Q1 2018 mat production to rental fleet to meet continued strong rental demand. The majority of the demand continues to be driven by high levels of activity in the W5/W6 area south of Grande Prairie, Alberta. Partially offsetting the lower mat sales revenue were increased revenues from Camps & Catering which experienced higher catering only activity as a result of recent Aboriginal partnerships in the Fort McMurray, Alberta area which were not in place in Q1 2017. In addition, used camp equipment sales were higher compared to Q1 2017.
Modular Solutions
Modular Solutions revenues for Q1 2018 were above Q1 2017 as a result of the increased number and scope of projects. The projects in Q1 2018 included several government sponsored affordable housing projects, a hotel project and several commercial condominium projects compared to a single government sponsored affordable housing project and one hotel project in Q1 2017.
Other Financial Measures
Horizon North's Q1 2018 EBITDAS decreased compared to Q1 2017, mainly as a result of the volume and contract mix discussed above. As well, Q1 2017 EBITDAS included $1.0 million of business interruption insurance proceeds related to the 2016 Fort McMurray, Alberta wildfires. Operating loss and loss per share for Q1 2018 was significantly lower compared to Q1 2017 due to lower EBITDAS and the Q1 2017 insurance settlement.
Horizon North continued to maintain a strong focus on managing the Statement of Financial Position through minimizing working capital and a reduced capital program. Total loans and borrowings were $85.6 million at March 31, 2018 compared to $74.6 million at December 31, 2017. As a result of the increased debt, Total Debt to EBITDAS ratio was 3.26:1.00 compared to 2.48:1.00 at December 31, 2017.
Outlook
Horizon North's focus in Q2 and the remainder of 2018 will continue to be on:
Moving forward initiatives started in 2017 intended to strengthen and diversify the Industrial Services business; Ensuring Horizon North is positioned and prepared to take advantage of LNG opportunities; and Expand the Modular Solution backlog while honing execution.
For Industrial Services, Horizon North anticipates moderate strengthening of activity levels in the Camps & Catering operations compared to Q1 2018. The contract mix experienced in Q1 2018 is expected to shift in the second half of 2018 and include more large camp activity with the expectation of the $63 million conditional contract award becoming a firm contract. Horizon North does not expect any significant strengthening in pricing and will continue to focus on cost controls and operational discipline to improve EBITDAS levels.
The Industrial Services business will be focused on continuing to build-out and expand on the three phase strategy initiated in 2017:
Leverage the Aboriginal relationships entered into in the second half of 2017 which cover regions north and south of Fort McMurray, Alberta. A significant project undertaken in the second half of 2017 has shown the potential of this region and Horizon North will continue to develop similar opportunities; Focus on the Duvernay and Montney regions through securing strategic land locations which position Horizon North to participate fully in the continued high activity levels expected in world class resource plays similar to the conventional W5/W6 market; and Grow Horizon North's presence in the mining sector, specifically on developing opportunities in northern Canada where Horizon North has a strong track record.
With the likelihood of one LNG project proceeding to final investment decision, Horizon North will continue to develop plans and work to ensure it is well positioned to take full advantage of opportunities as they arise by strengthening existing relationships with regional First Nations and the municipality as well as completing the development of its land asset in Kitimat, British Columbia.
The Modular Solutions business is expected to continue its growth based on Q1 2018 backlog and the high-quality opportunity pipeline underpinned largely by social infrastructure and affordable housing projects. Ramp up of the workforce in the Kamloops plant continues to lag expectations and the desired staffing levels will likely not be achieved until the second half of 2018. The integration of the Shelter Modular Inc. acquisition is expected to be completed by the end of Q2 2018 adding to capacity growth in the second half of 2018. Horizon North anticipates that Modular Solutions will continue its trend of earnings improvement and contribute positive EBITDAS throughout 2018 as increased volumes drive improved economies of scale.
The recently announced teaming agreement with EllisDon will further strengthen Modular Solutions ability to grow. The agreement applies to specified projects such as hotels, commercial buildings, and multi-family structures undertaken by Horizon North's Modular Solutions division. Horizon North and EllisDon will select, pursue, and execute such projects jointly, bringing the respective strengths of each organization to customers.
The strength of the Statement of Financial Position is a key priority and Horizon North will continue to closely manage debt levels and working capital. Cost reduction measures across our operations and the continued centralization of certain general and administrative functions will drive improved cash flow through efficiencies. In addition to a limited and tightly managed capital program, Horizon North will continue to assess its portfolio of assets in 2018 to ensure a focus on core business lines.
Dividend payment
Horizon North announced today that its Board of Directors has declared a dividend for the second quarter of 2018 at $0.02 per share. The dividend is payable to shareholders of record at the close of business on June 30, 2018 to be paid on July 13, 2018. The Board of Directors regularly monitors the strength of the Statement of Financial Position, cash from operations and capital requirements to ensure the overall sustainability of Horizon North is not compromised. The dividends will be eligible dividends for Canadian tax purposes.
Additional Information
A copy of the Corporation's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2018 and 2017 and related Management's Discussion and Analysis have been filed with the Canadian securities regulatory authorities and is available on SEDAR at www.sedar.com and www.horizonnorth.ca . Unless otherwise indicated, the consolidated financial statements have been prepared in accordance with International Financial Reporting Standards and the reporting currency is in Canadian dollars.
Non-GAAP measures
Certain measures in this MD&A do not have any standardized meaning as prescribed by generally accepted accounting principles ("GAAP") and, therefore, are considered non-GAAP measures. These measures are regularly reviewed by the Chief Operating Decision Maker and provide investors with an alternative method for assessing the Corporation's operating results in a manner that is focused on the performance of the Corporation's ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to total profit and total comprehensive income determined in accordance with GAAP as an indicator of the Corporation's performance . The method of calculating these measures may differ from other entities and accordingly, may not be comparable to measures used by other entities. The following non-GAAP measures are used to monitor the Corporation's performance:
EBITDAS: Earnings before interest, taxes, depreciation, amortization, impairment, gain/loss on disposal of property, plant and equipment and share based compensation ("EBITDAS"). Management believes that in addition to total profit and total comprehensive income, EBITDAS is a useful supplemental measure as it provides an indication of the Corporation's ability to generate cash flow in order to fund working capital, service debt, pay current income taxes and fund capital programs, and it is regularly provided to and reviewed by the Chief Operating Decision Maker.
Debt to total capitalization: Calculated as the ratio of debt to total capitalization. Debt is defined as the sum of current and long-term portions of loans and borrowings. Total capitalization is calculated as the sum of debt and shareholders' equity.
Caution Regarding Forward-Looking Statements and Information
Certain statements contained in this MD&A constitute forward-looking statements or information ("forward-looking statements"). These statements relate to future events or future performance of Horizon North. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions are intended to identify forward-looking statements.
In particular, such forward-looking statements include:
Under the heading "Highlights" the statement that:
"Horizon North's joint venture partnership Halfway River Horizon North was conditionally awarded $63 million of turn-key camp services in the Montney region of northeast British Columbia. Pending regulatory and internal customer approvals, the contract is expected to start in Q3 2018 and run through Q4 2019."
Under the heading "Outlook" the statement that:
"Horizon North's focus in Q2 and the remainder of 2018 will continue to be on:
Moving forward initiatives started in 2017 intended to strengthen and diversify the Industrial Services business; Ensuring Horizon North is positioned and prepared to take advantage of LNG opportunities; and Expand the Modular Solution backlog while honing execution.
For Industrial Services, Horizon North anticipates moderate strengthening of activity levels in the Camps & Catering operations compared to Q1 2018. The contract mix experienced in Q1 2018 is expected to shift in the second half of 2018 and include more large camp activity with the expectation of the $63 million conditional contract award becoming a firm contract. Horizon North does not expect any significant strengthening in pricing and will continue to focus on cost controls and operational discipline to improve EBITDAS levels.
The Industrial Services business will be focused on continuing to build-out and expand on the three phase strategy initiated in 2017:
Leverage the Aboriginal relationships entered into in the second half of 2017 which cover regions north and south of Fort McMurray, Alberta. A significant project undertaken in the second half of 2017 has shown the potential of this region and Horizon North will continue to develop similar opportunities; Focus on the Duvernay and Montney regions through securing strategic land locations which position Horizon North to participate fully in the continued high activity levels expected in world class resource plays similar to the conventional W5/W6 market; and Grow Horizon North's presence in the mining sector, specifically on developing opportunities in northern Canada where Horizon North has a strong track record.
With the likelihood of one LNG project proceeding to final investment decision, Horizon North will continue to develop plans and work to ensure it is well positioned to take full advantage of opportunities as they arise by strengthening existing relationships with regional First Nations and the municipality as well as completing the development of its land asset in Kitimat, British Columbia.
The Modular Solutions business is expected to continue its growth based on Q1 2018 backlog and the high-quality opportunity pipeline underpinned largely by social infrastructure and affordable housing projects. Ramp up of the workforce in the Kamloops plant continues to lag expectations and the desired staffing levels will likely not be achieved until the second half of 2018. The integration of the Shelter Modular Inc. acquisition is expected to be completed by the end of Q2 2018 adding to capacity growth in the second half of 2018. Horizon North anticipates that Modular Solutions will continue its trend of earnings improvement and contribute positive EBITDAS throughout 2018 as increased volumes drive improved economies of scale.
The recently announced teaming agreement with EllisDon will further strengthen Modular Solutions ability to grow. The agreement applies to specified projects such as hotels, commercial buildings, and multi-family structures undertaken by Horizon North's Modular Solutions division. Horizon North and EllisDon will select, pursue, and execute such projects jointly, bringing the respective strengths of each organization to customers.
The strength of the Statement of Financial Position is a key priority and Horizon North will continue to closely manage debt levels and working capital. Cost reduction measures across our operations and the continued centralization of certain general and administrative functions will drive improved cash flow through efficiencies. In addition to a limited and tightly managed capital program, Horizon North will continue to assess its portfolio of assets in 2018 to ensure a focus on core business lines."
Under the heading "Modular Solutions" the statement that:
"The primary metric for Modular Solutions is the backlog of projects and timing of backlog execution. Currently, the focus for this business unit is to secure and increase backlog, which was $62.5 million at the end of Q1 2018 compared to $32.4 million at Q1 2017. With consistent backlog, revenues and plant efficiencies are expected to improve and generate more stable and predictable results."
Under the heading "Dividend Payment" regarding the payment of a dividend to shareholders of record at the close of business on June 30, 2018 to be paid on July 13, 2018.
Under the heading "Industrial Services" where Horizon North expects continued growth in catering only work as a result of additional First Nations partnerships.
The forward-looking statements and information are based on certain assumptions made by Horizon North which include, but are not limited to, assumptions relating to:
industry activity for oil, natural gas and mineral exploration and development in the western Canadian provinces and northern territories; commodity prices; capital investment in the Canadian oil and gas sector; dividend payments; anticipated activity levels for 2018; operational results and capital spending; anticipated backlog in the Modular Solutions business; trade and other receivables; future operating costs and Corporation's access to capital; the effects of regulation by governmental agencies; the competitive environment in which the Corporation operates; the ability of the Corporation to attract and retain personnel; the development of LNG and commodity transportation infrastructure; the relationships between the Corporation and its customers; and general economic and financial conditions.
Although Horizon North believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Horizon North cannot give any assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of known and unknown risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:
volatility in the price and demand for oil, natural gas and minerals; fluctuations in the demand for the Corporation's services; availability of qualified personnel; changes in regulation by governmental agencies, including environmental regulation; and other factors listed under "Risks and Uncertainties" in this MD&A and other risk factors identified in the Corporation's annual information form.
Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect Horizon North's operations and financial results are included in Horizon North's annual information form which may be accessed through the SEDAR website at www.sedar.com . In addition, the reader is cautioned that historical results are not indicative of future performance. The forward-looking statements and information contained in this MD&A are made as of the date hereof and Horizon North does not undertake any obligation to update publicly or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Certain information set out herein may be considered as "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Horizon North's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
About Horizon North
Horizon North is a publicly listed corporation (TSX: HNL.TO) providing a full range of industrial, commercial, and residential products and services. Our Industrial Services division supplies workforce accommodations, camp management services, access solutions, maintenance and utilities. Our Modular Solutions division integrates modern design concepts and technology with state of the art, off-site manufacturing processes; producing high quality building solutions for commercial and residential offerings including offices, hotels, and retail buildings, as well as distinctive single detached dwellings and multi-family residential structures. As a result of our diverse product and service offerings, Horizon North is uniquely positioned to meet the needs of our customers in numerous sectors, anywhere in Canada.
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SOURCE Horizon North Logistics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-horizon-north-logistics-inc-announces-results-for-the-quarter-ended-march-31-2018.html |
May 9, 2018 / 10:18 AM / in 15 minutes China to give Japan investment quota for first time to boost ties Reuters Staff 2 Min Read
BEIJING (Reuters) - China has agreed to grant Japan a 200 billion yuan ($31.4 billion) investment quota for the first time to buy Chinese stocks, bonds and other assets, the Xinhua official news agency quoted Chinese Premier Li Keqiang as saying on Wednesday. Chinese Premier Li Keqiang shakes hands with Japan's Prime Minister Shinzo Abe at the start of their bilateral talks at Akasaka Palace state guest house in Tokyo, Japan May 9, 2018. REUTERS/Kim Kyung-Hoon/Pool
The quota will be for investments under the Renminbi Qualified Foreign Institutional Investor (RQFII) programme, which was set up in late 2011 to allow overseas financial institutions to use offshore yuan to buy securities in mainland China, including stocks, bonds and money market investments.
Li was also quoted as saying that China holds a positive attitude towards setting up a yuan clearing bank in Tokyo.
He made the comments at a meeting with Japanese Prime Minister Shinzo Abe, China’s state council said on its website. Chinese Premier Li Keqiang and Japan's Prime Minister Shinzo Abe attend their bilateral talks at Akasaka Palace state guest house in Tokyo, Japan May 9, 2018. REUTERS/Kim Kyung-Hoon/Pool
China will sign a bilateral currency swap agreement with Japan, the Chinese government said on Tuesday, citing an article written by Premier Li that was published by Japan’s Asahi newspaper.
In 2016, China granted the United States a 250 billion yuan RQFII quota to help deepen ties between the world’s two largest economies.
China resumed a key outbound investment scheme in late April, granting qualified domestic financial institutions fresh quotas to buy overseas stocks and bonds for the first time since early 2015.
($1 = 6.3728 Chinese yuan) | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-japan-rqfii/china-to-give-japan-investment-quota-for-first-time-to-boost-ties-idUSKBN1IA1C3 |
DUBAI, May 2 (Reuters) - Saudi Arabia is able to issue 50- or 100-year bonds, but is not keen at the moment to sell debt of such long maturities, the head of its debt management office said on Wednesday.
“Are we able to issue 50, 100 years, yes. Are we able to issue in different currencies other than dollars, yes. Are we keen to take that step at the moment, I don’t think so,” Fahad al-Saif told a business conference in Riyadh.
“We don’t wanna take a step unless it reflects that issuances are mature issuances,” he said.
Among emerging market economies, Argentina last year sold a 100-year bond in U.S. dollars, joining some countries in the euro zone who have taken advantage of a low-yield environment to sell long-dated bonds. (Reporting by Marwa Rashad and Stephen Kalin; Writing by Saeed Azhar; Editing by Ghaida Ghantous)
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May 2, 2018 / 12:44 AM / Updated 13 hours ago Doctor says Trump dictated glowing 2015 health report: CNN Reuters Staff 3 Min Read
WASHINGTON (Reuters) - A letter from Donald Trump’s New York physician released by his campaign in 2015 declaring he would be “the healthiest individual ever elected to the presidency” was composed by the candidate himself, the doctor said on Tuesday.
“He dictated that whole letter. I didn’t write that letter,” Harold Bornstein told CNN.
Bornstein was not immediately available to comment, but in a subsequent interview with NBC News he confirmed the account.
The White House did not immediately respond to a request for comment from Reuters.
“Mr. Trump has had a recent complete medical examination that showed only positive results,” said the letter signed by Bornstein, who said he had treated Trump since 1980.
“Actually, his blood pressure, 110/65, and laboratory results were astonishingly excellent. His physical strength and stamina are extraordinary,” the letter said. “If elected, Mr. Trump, I can state unequivocally, will be the healthiest individual ever elected to the presidency.”
Bornstein told NBC News the characterization of “healthiest” was “black humor.”
Trump read out the language as Bornstein and his wife were driving across Central Park, the doctor told CNN. The campaign released the letter in December 2015.
“(Trump) dictated the letter and I would tell him what he couldn’t put in there,” he said.Bornstein had previously said he had written the letter in a rush while seeing other patients.
His latest version of the letter’s origins follows his accusation that Trump’s ex-bodyguard Keith Schiller raided his office while retrieving Trump’s medical records after he was elected president.
White House spokeswoman Sarah Sanders told reporters on Tuesday that the records were retrieved as part of “standard operating procedure.”
“As is standard operating procedure for a new president, the White House Medical Unit took possession of the president’s medical records,” she told a regular news briefing.
Asked if the operation was a raid, she said: “No, that is not my understanding.” Writing by Eric Walsh; Editing by Tim Ahmann | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-doctor/doctor-says-trump-dictated-glowing-2015-health-report-cnn-idUSKBN1I3043 |
Cramer: Foot Locker's stellar earnings show the 'mall is still not dead' yet 20 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/jim-cramer-foot-locker-stock-investing.html |
CNBC International Premarket Briefing: May 17, 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/2018/05/17/cnbc-international-premarket-briefing-may-17-2018.html |
May 18 (Reuters) - Wins Finance Holdings Inc:
* WINS FINANCE HOLDINGS INC. REPORTS UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED DECEMBER 31, 2017
* WINS FINANCE HOLDINGS INC - UNDERGOING A REVIEW OF RISK CONTROLS FOR COMPANY’S FINANCIAL GUARANTEE BUSINESS AND MAY REDUCE OPERATION OF THIS BUSINESS
* WINS FINANCE HOLDINGS - CONTINUES TO BE CAUTIOUS AS TO OPERATING RESULTS IN FUTURE IN VIEW OF SLOWDOWN OF CHINESE ECONOMY IN REGIONS WHERE CO OPERATES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wins-finance-holdings-says-is-unde/brief-wins-finance-holdings-says-is-undergoing-review-of-risk-controls-for-its-financial-guarantee-business-idUSASC0A2YL |
Options Action: Trader betting on big surge for this semi stock 5 Hours Ago CNBC contributor Dan Nathan on the chip rip. Is it time to bet on Qualcomm? With CNBC's Melissa Lee and the Fast Money traders, Pete Najarian, Tim Seymour, Dan Nathan and Guy Adami. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/options-action-trader-betting-on-big-surge-for-this-semi-stock.html |
Iconic guitar-maker Gibson files for bankruptcy 8:10pm BST - 00:55
Gibson, the maker of guitars played by the likes of B.B. King and Elvis Presley, filed for Chapter 11 bankruptcy protection on Tuesday with a plan to reorganize its musical instrument business under the new ownership of its lenders.
Gibson, the maker of guitars played by the likes of B.B. King and Elvis Presley, filed for Chapter 11 bankruptcy protection on Tuesday with a plan to reorganize its musical instrument business under the new ownership of its lenders. //reut.rs/2Fyb400 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/iconic-guitar-maker-gibson-files-for-ban?videoId=423004724 |
BERLIN (Reuters) - The German Defence Ministry will notify lawmakers shortly that will proceed with plans to lease Israeli-built Heron-TP surveillance drones, a programme that was delayed last year, Defence Minister Ursula von der Leyen told top military officers on Monday.
Defence Minister Ursula von der Leyen is about to board a helicopter carrying her to the airport in Kabul, Afghanistan, March 26, 2018. Michael Kappeler/Pool via Reuters/Files The ministry had postponed its plan to lease five of the unarmed drones, a deal valued by security sources at around 1 billion euros, amid concerns over their future use raised by the centre-left Social Democrats (SPD) in the final months of the last coalition government.
Chancellor Angela Merkel’s conservatives and SPD agreed in their new coalition accord signed in February to lease the drones built by Israel Aerospace Industries, while work continues on a separate programme to develop a new European-built drone.
Von der Leyen said the required notification would be sent to parliament soon, but gave no details.
Defence ministry officials say lawmakers will be asked to review two separate, nearly completely negotiated contracts - one with Airbus, which will manage the drone programme, and one with the Israeli government to cover training, infrastructure and logistics for the unmanned planes.
The SPD, in a surprise move, had blocked the long-planned lease of the drones last summer, citing concerns about a possible future arming of the aircraft. But SPD officials later agreed to proceed with leasing the unarmed aircraft and insisting on a full debate about the ethical, constitutional and legal ramifications of arming the drones in the future.
In a reply to a query by Left party member Andrej Hunko, dated March 5, a ministry official said the government planned to seek options for two additional Heron-TP aircraft.
Germany also plans to move ahead to negotiate the acquisition of three unmanned, higher-altitude MQ-4C Triton drones built by Northrop Grumman Corp after the U.S. State Department approved the sale on April 4.
The ministry hopes to receive a bid from Northrop for three of the drones in the third quarter, and wants to start using them by the mid-2020s, a ministry spokeswoman said.
Reporting by Andrea Shalal; Editing by Michael Nienaber and Toby Chopra
| ashraq/financial-news-articles | https://in.reuters.com/article/germany-military-drones/german-military-to-move-forward-with-plan-to-lease-israeli-drones-idINKCN1IF1YO |
May 16, 2018 / 5:39 PM / Updated 21 minutes ago Trump repaid attorney who paid off Stormy Daniels - ethics disclosure Ginger Gibson 4 Min Read
WASHINGTON (Reuters) - President Donald Trump acknowledged for the first time in an ethics disclosure released on Wednesday that he repaid more than $100,001 to former personal attorney Michael Cohen, shedding new light on a scandal involving Trump and porn star Stormy Daniels. FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 13, 2018. REUTERS/Jeenah Moon/File Photo
The disclosure, signed by Trump and released by the U.S. Office of Government Ethics, did not describe the purpose or the recipient of the original 2016 payment to a “third party” made by Cohen, for which he was reimbursed by Trump.
But Cohen has acknowledged paying Daniels, whose real name is Stephanie Clifford, in a transaction meant to buy her silence about an alleged 2006 sexual encounter between her and Trump.
Rudy Giuliani, who recently became the Republican president’s new personal attorney, has said Trump reimbursed Cohen for the original, $130,000 payment, which was made shortly before Trump’s victory in the Nov. 8, 2016 presidential election.
The ethics disclosure draws a clearer connection between Trump and Cohen and further underlines inconsistencies in descriptions provided by Trump and aides about the payments.
Trump had previously disputed whether he was aware of the payment by Cohen and whether he reimbursed his attorney. In April, Trump told reporters he did not know anything about the payment. His disclosure now suggests Trump repaid Cohen last year.
Trump, his campaign and Cohen have all denied any wrongdoing.
The acting director of the ethics office, David Apol, said in a letter to Deputy Attorney General Rod Rosenstein that the original payment made by Cohen should have been disclosed in ethics documents that Trump filed in June 2017. Apol’s letter was released with the Trump disclosures.
The payment has been central to complaints filed by watchdog groups alleging that Trump, his campaign and Cohen violated campaign finance laws when Daniels was paid shortly before the election and then further broke the law when the payment was not disclosed in previous filings.
Ethics disclosures are an annual requirement for senior federal officials and are overseen by the ethics office, a government watchdog that provides oversight of an executive branch programme to prevent and resolve conflicts of interest.
Trump’s latest disclosure filing said Cohen incurred the expense in 2016 and that Cohen “sought reimbursement” in 2017. “Mr. Trump fully reimbursed Mr. Cohen,” the report said.
The payment made by Cohen was between $100,001 and $250,000 and there was no interest incurred, the report said.
On May 2, Rudy Giuliani, the former New York mayor who joined Trump’s personal legal team in April, said Trump had reimbursed Cohen for the payment.
Cohen has publicly acknowledged paying Daniels, saying he obtained the cash through a line of credit on his home. Daniels has sued to be released from the nondisclosure agreement.
In April, the FBI raided Cohen’s offices and home as part of a criminal investigation, drawing Trump’s ire.
The ethics disclosure also contained information on Trump’s personal businesses. For instance, it showed that Trump received more than $25 million in income in 2017 from Mar-a-Lago, his private club in Palm Beach, Florida, and more than $15 million in income from his golf club in Bedminster, New Jersey.
Trump spends time and vacations at both clubs.
While Trump’s annual ethics disclosure reveals information about his personal finances, it lacks details of the sort found in an income tax return. Unlike past presidents of both parties in recent decades, Trump has refused to release his tax returns. Reporting by Ginger Gibson; additional reporting by Roberta Rampton; editing by Kevin Drawbaugh, Leslie Adler and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-disclosure/trump-repaid-attorney-cohen-for-2016-payment-made-on-his-behalf-ethics-disclosure-idUKKCN1IH2J5 |
MELBOURNE (Reuters) - National Australia Bank on Saturday suffered what it described as a “nationwide outage” to some of its technology systems, leaving customers unable to access banking services or withdraw money.
FILE PHOTO: A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014. REUTERS/David Gray/File Photo Customers took to social media to vent their frustrations, with some saying they were left unable to pay for groceries or refuel their cars.
“Loyal member for 15 years and you leave me standing at the supermarket altar with a trolley full of shopping,” said one Twitter user.
The bank tweeted just after midday (0200 GMT) on Saturday that some services were coming back online.
“We’re sorry and it’s not good enough ... but we’ll get it fixed as soon as possible,” Chief Customer Officer Business and Private Banking Anthony Healy said in a video posted on Twitter.
NAB is one of Australia’s four largest retail banks with a customer base of 9 million, according to its website.
The outage follows growing customer discontent with the so-called “Big Four” banks, which have suffered numerous embarrassing disclosures at an inquiry into financial sector misconduct.
A spokesman from the bank told Reuters by telephone that it was a national outage, without elaborating on its cause.
The Bank of New Zealand [BNZL.UL], a NAB subsidiary, also experienced outages on Saturday across New Zealand, but the spokesman was unable to confirm a connection between the two incidents.
Reporting by Will Ziebell in MELBOURNE; Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nab-outage/customers-angry-after-national-australia-bank-hit-by-technology-outage-idUSKCN1IR04V |
Amazon hits back hard on head tax in Seattle 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/amazon-hit-back-hard-on-head-tax-in-seattle.html |
DRAPER, Utah, StorageCraft ® , whose mission is to protect all data and ensure its constant availability, announced today that CRN ® , a brand of The Channel Company , has named Janet O'Sullivan, channel marketing manager, Marina Brook, head of sales (APAC) and Olivia Donnell, EMEA business development director, to its prestigious 2018 Women of the Channel list.
The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each honoree is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
O'Sullivan also has the privilege of being named to CRN's Power 100 list where she is highlighted for her innovative initiatives and outstanding channel performance.
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel. The Power 100 belong to an exclusive group drawn from this larger list: women leaders whose vision and influence are key drivers of their companies' success and help move the entire IT channel forward.
As channel marketing manager, O'Sullivan worked with partners to develop strategies that successfully deliver growth to both the partners and StorageCraft. Previous initiatives led by O'Sullivan include sales and marketing boot camps that train partners to maximize their disaster recovery revenue. She started the Trailblazer initiative, a series of webinars that feature leading-light managed service providers sharing their experiences. Finally, O'Sullivan raised StorageCraft's profile through industry awards, including European IT Software Excellence Awards and Business Continuity Awards.
Meanwhile, Brook, a results-driven executive with an enviable track record, excels in her current role at StorageCraft as head of sales, Asia-Pacific (APAC). Her duties include managing the APAC channel and expanding business into emerging markets. During the past year, Brook has led StorageCraft's expansion in Asia and has continued growing the company's regional business. Under Brook's leadership, the team onboarded four new distributors in Southeast Asia, developed a series of technical training sessions to assist partners in understanding StorageCraft technology and designed a successful campaign to activate dormant partners and recruit new ones.
Donnell, the European business development director, drives business growth for StorageCraft's portfolio of data protection and storage solutions via the channel. During this past year, Donnell closed contracts with nine new distributors, resulting in coverage in over 30 new countries in the EMEA region. She also played a major role in re-establishing relapsed relationships with distributors in four countries. Donnell currently focuses on bringing StorageCraft OneBlox scale-out storage to the EMEA market and secured inclusion of StorageCraft in the portfolio of Europe's largest storage distributor, Hammer.
"This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships," said Bob Skelley, CEO of The Channel Company. "CRN's 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives."
"Janet, Marina and Olivia exemplify female leadership and the innovative minds at StorageCraft. Their contributions to the company, our partners, and the channel been instrumental to our success," said Matt Medeiros, CEO at StorageCraft. "All three actively embody the mindset of, 'when our partners are successful, we as a company are successful'. They demonstrate this every day in their ongoing support of our channel partners and customers. All three are a great representation of what StorageCraft is all about and I'm incredibly proud to have these talented professionals recognized."
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
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About StorageCraft
The StorageCraft family of companies, founded in 2003, provides award-winning backup, disaster recovery, system migration and data protection solutions for servers, desktops, laptops and SaaS applications in addition to powerful data analytics. StorageCraft provides business continuity and data management through software products that reduce downtime, improve security and stability for systems and data, and lower the total cost of ownership. For more information, visit www.storagecraft.com .
StorageCraft and ShadowProtect are trademarks of StorageCraft Technology Corp. Other company and product names may be trademarks or registered trademarks of their respective owners. Copyright 2018 StorageCraft Technology Corp. All rights reserved.
Contact Information:
Jock Breitwieser
StorageCraft Technology Corp.
+1 408.800.5625
[email protected]
with multimedia: releases/crn-honors-three-storagecraft-leaders-as-2018-women-of-the-channel-300647783.html
SOURCE StorageCraft | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-crn-honors-three-storagecraft-leaders-as-2018-women-of-the-channel.html |
May 9, 2018 / 11:54 AM / Updated an hour ago Comoros hits back against France over visa suspension Ali Amir Ahmed 3 Min Read
MORONI (Reuters) - The Indian Ocean state of Comoros hit back against France on Wednesday for suspending visas for its citizens, a further escalation in a diplomatic row linked to immigration and territorial disputes.
Comoros considers Mayotte, 400 kilometres (250 miles) east of Mozambique and 300 km west of Madagascar, part of its archipelago.
But Mayotte is a former French colony that voted against independence in referenda in 1974 and 1976. It stayed French, with a status allowing legal differences from the mainland. In March 2009, Mayotte’s people voted overwhelmingly to become a full-fledged part of France.
The ties with mainland France have kept Mayotte richer and more stable than coup-prone Comoros, and many Comorians try to immigrate to Mayotte, which has begun deporting some of them.
The French embassy in Moroni, the capital of Comoros, decided on May 4 to suspend issuing visas to all Comorian nationals. It had earlier suspended visas for officials and services, after the Comorian government refused to receive, in its three islands, Comorians deported from Mayotte.
The decision on visas “gives a clear answer to people who have been fooling themselves by saying that France was a friendly country. It has no friends. It defends its interests,” Comoros Foreign Affairs Minister Souef Mohamed El-Amine told the local newspaper Alwatwan.
“We refuse to kneel in front of France and we will continue because even if France has power, we have the right on our side,” Amine said.
A protest is planned for Thursday in Mayotte over planned deportations of Comorians. Earlier this year, residents of Mayotte also protested about increased insecurity on the island, blaming it on people coming from non-French Comorian islands.
A decision taken by the Comorian government not to receive any boat or aircraft from Mayotte with deported Comorian citizens remains in force, Amine said.
“Comorian sovereignty on this Island, still under French domination, is not negotiable,” he said. Editing by George Obulutsa and Clement Uwiringiyimana, editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-comoros-france-immigration/comoros-hits-back-against-france-over-visa-suspension-idUKKBN1IA1N4 |
May 30, 2018 / 6:11 AM / Updated 28 minutes ago Brazil oil worker strike gains steam in another blow to government Marta Nogueira , Brad Brooks 5 Min Read
RIO DE JANEIRO/SAO PAULO (Reuters) - A 72-hour strike by Brazilian oil workers halted refineries and rigs on Wednesday, union leaders said, a new blow to President Michel Temer on the heels of a trucker protest that has strangled Latin America’s largest economy for over a week.
The strike by workers demanding changes at state-led oil firm Petroleo Brasileiro SA is the latest challenge for the company known as Petrobras, whose shares have tumbled nearly 30 percent in two weeks over fears that political interference would unwind recent investor-focused policies.
The economic and political storm has shaken the lame duck Temer government ahead of October elections and rattled nerves about the path forward for Petrobras, Latin America’s biggest producer of crude.
It has also raised the specter of protests spreading to more sectors as Brazilians vent frustration with the unpopular government and an uneven economic recovery.
With truckers protesting over high fuel prices, government sources told Reuters late on Tuesday that Temer had been considering scrapping a market-based fuel pricing policy at Petrobras. But by Wednesday morning the president’s office issued a statement saying he would preserve the policy.
The oil sector strike included workers on at least 25 of the total 46 oil rigs Petrobras operates in the lucrative Campos basin, responsible for nearly half of Brazil’s petroleum production. FUP, Brazil’s largest oil workers’ union, said that seven of those rigs were paralysed. Petrobras did not respond to requests for confirmation.
Petrobras said before the strike that the disruptions would not have an immediate major impact on its output or overall operations. Brazil produces about 2.1 million barrels of oil per day.
According to a source close to the company, Petrobras has a significant stock of fuel on hand, especially as the 10-day trucker protest prevented significant amounts of fuel from leaving refineries.
The truckers’ highway blockades and resulting fuel shortages have already halted major industries and hammered exports of everything from beef and soybeans to coffee and cars.
FUP said on Wednesday that workers did not show up to work at 10 refineries stretching from Manaus in the Amazon to Rio de Janeiro in the southeast. They also walked off the job at plants handling lubricants, nitrogen and shale gas, as well as in the ports of Suape and Paranagua.
The oil strike was declared illegal by Brazil’s top labour court late Tuesday, after Petrobras argued it was about politics rather than labour issues. FUP union leader Jose Maria Rangel said by phone from Rio de Janeiro on Wednesday the union “will not be intimidated” by judicial decisions, and called the three-day strike a “warning.” Army officers escort trucks transporting cooking gas and aviation gasoline to fuel airplanes at International Brasilia Airport, on the BR-040 highway in Luziania, May 30, 2018, 2018. REUTERS/Ueslei Marcelino
“Our members have already approved us declaring a strike without a fixed end date,” the union said, without providing details on when any longer stoppage may take place. TARGETING PARENTE
Unions representing oil workers said they were demanding the resignation of Petrobras chief executive Pedro Parente. They also want the end of the market-based fuel pricing policy and other changes made at Petrobras since Temer took power in 2016.
Petrobras said on Wednesday that board member José Alberto de Paula Torres Lima had resigned, citing “personal reasons.” He was one of three board members recruited by an outside agency and added to the board in April in an effort to establish its independence.
Petrobras did not respond to questions about his departure.
FUP union leader Rangel said the Temer government and Parente’s policies were delivering Petrobras up to foreign investors, while “the shipyards of Rio de Janeiro are closed” as unemployment remains near record levels.
Parente, on a Tuesday conference call with analysts, said Petrobras was taking action so that any strike would have minimal or no impact on production and operations. The company flexed its muscles a bit by announcing on Wednesday that it would raise gasoline prices at refineries by 0.7 percent starting Thursday.
The separate 10-day trucker protest against diesel price hikes has left major cities running short on food, gasoline and medical supplies, despite significantly easing on Tuesday night.
Officials warned it would take days to restore supply lines disrupted by the stoppage that at its height saw over 1,000 roadblocks on highways across the country. Slideshow (8 Images)
Moody’s Investor Service warned that it will take weeks for operations to return to normal in sectors from meatpackers and automakers to airlines and retail. Reporting by Marta Nogueira and Brad Brooks; Additional reporting by Gram Slattery in Sao Paulo and Alexandra Alper in Rio de Janeiro; Editing by Brad Haynes and Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-brazil-transportation/brazil-oil-workers-plan-strike-in-new-blow-to-government-economy-idUKKCN1IV0HH |
LOS ANGELES--(BUSINESS WIRE)-- Saban Capital Group, Inc. (SCG), the private investment firm specializing in the media, entertainment, and communications industries, today announced the appointment of Greg Ivancich as Chief Financial Officer (CFO), effective immediately. Mr. Ivancich, who will be based in their Los Angeles office, will report directly to Adam Chesnoff, President and Chief Operating Officer of SCG.
“We are very pleased to welcome Greg to our team,” said Adam Chesnoff. “Greg’s leadership and vast experience will certainly prove invaluable as we continue to grow and expand our investment activities.”
Mr. Ivancich joins SCG from Exeter Property Group, a Pennsylvania-based real estate private equity firm, where he served as Principal and a founding partner of Exeter’s international business and held roles overseeing financial reporting, capital raising, operations and acquisitions including functioning as COO/CFO of Europe. Prior to Exeter, Mr. Ivancich spent his career as an investment banker to the real estate industry where he advised public and private companies on IPOs, mergers and acquisitions, and public capital markets transactions. His roles included Director of Real Estate Investment Banking at Barclays and Executive Director of Real Estate Investment Banking at Morgan Stanley.
Greg brings his wealth of experience to work closely with the Saban Real Estate team in addition to utilizing his expertise in all of SCG’s financial affairs. Mr. Ivancich will succeed Fred Gluckman, who served as SCG’s CFO since 2010.
About Saban Capital Group
Saban Capital Group ("SCG") is a leading private investment firm based in Los Angeles specializing in the media, entertainment, and communication industries. SCG was established by Haim Saban, co-founder of Fox Family Worldwide, a global television broadcasting, production, distribution and merchandising company owned in partnership with Rupert Murdoch and The News Corporation, following its sale to The Walt Disney Company in October 2001. The firm currently makes both controlling and minority investments in public and private companies and takes an active role in its portfolio companies. SCG's current private equity investments include: Univision (the premier Spanish-language media company in the US); Celestial Tiger Entertainment (a venture with Lionsgate and Astro, Malaysia’s largest pay TV platform, to launch and operate new branded pay television channels across Asia); MNC (Indonesia's largest and only vertically-integrated media company); and Partner Communications (a leading telecommunications company in Israel). Saban Brands LLC, an affiliate of SCG, was formed in 2010 to acquire, manage and license entertainment properties and consumer brands across media and consumer platforms globally, and currently holds the rights to Power Rangers and Paul Frank Industries in its portfolio, among many others. Additionally, SCG founded Saban Films in 2014 to acquire and distribute independent feature films in North America. With offices in Los Angeles and Singapore, SCG actively manages a globally diversified portfolio of investments across public equities, credit, alternative investments, and real property assets. For more information, please visit www.saban.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005466/en/
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Sard Verbinnen & Co. for Saban Capital Group
Kelsey Markovich/Molly Curry
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Source: Saban Capital Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-greg-ivancich-joins-saban-capital-group-inc-as-chief-financial-officer.html |
Steve DeCosta will partner with executive team to financially lead company in organic and inorganic growth
DALLAS--(BUSINESS WIRE)-- T-System, Inc. has hired Steve DeCosta as Chief Financial Officer (CFO). DeCosta will partner with the executive team in the day-to-day financial operations and in developing the financial and operating strategy for the Company, helping its two businesses function optimally as the company pursues its aggressive growth strategy.
“Steve brings T-System a wealth of experience and knowledge in all areas of finance and accounting, along with focused, financial discipline needed to help steer our growth,” said Tim Swango, Executive Vice President and Chief Operating Officer for T-System. “His background in publicly traded and equity-backed companies provides expertise in helping businesses grow both organically and inorganically. We believe that he will help to create value for T-System as we continue to further extend our industry leadership by capitalizing on opportunities within the clinical documentation and revenue cycle management areas of our industry.”
DeCosta joins T-System from Research Now, a digital data collection company, where he oversaw finance, accounting, tax and treasury. Prior to that, he spent more than a decade in financial leadership positions with THQ Inc. and Advanced Structures Inc. He began his career in public accounting as a licensed CPA.
About T-System
T-System is a healthcare IT company that advances care delivery and financial outcomes for episodic care. Specializing in emergency department documentation since 1996, T-System has since expanded its focus to include the development of innovative solutions for the rapidly expanding episode-based care market, including hospital-based emergency departments (EDs), freestanding emergency centers and urgent care centers. Through clinically-driven services and documentation solutions as well as charge capture and coding solutions, T-System solves clinical, financial and operational challenges for our clients. About 40 percent of the nation’s hospital-based EDs, freestanding emergency centers and urgent care centers use T-System to improve the clinical encounter, including the documentation of the patient visit as well as the downstream outcomes related to that event. For additional information about T-System, please visit www.tsystem.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005052/en/
Allison+Partners for T-System
Allison Klingsick, 903-316-4070
[email protected]
Source: T-System, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-t-system-hires-cfo.html |
army Monday (April 30), as the forces of President Bashar al-Assad seek to crush remaining rebel outposts. David Doyle reports. army Monday (April 30), as the forces of President Bashar al-Assad seek to crush remaining rebel outposts. David Doyle reports. //reut.rs/2KsAct0 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/assad-turns-his-sights-on-syrian-rebel-o?videoId=422906937 |
Sexual abuse victims of disgraced gymnastics Dr. Larry Nassar and Michigan State University have reached a tentative settlement in which the university will pay the victims $500 million, attorneys for both sides said on Wednesday.
The deal calls for the school to pay $425 million to the 332 victims represented in current litigation, with another $75 million set aside in a trust fund which could go to future plaintiffs who allege they were abused by Nassar, the attorneys said in a joint statement.
Nassar, who had worked as a doctor for the USA Gymnastics Federation and also served at an on-campus clinic at Michigan State, earlier this year received two prison sentences of up to 125 years and up to 175 years after hundreds of young women testified about decades of sexual abuse at his hands.
"This historic settlement came about through the bravery of more than 300 women and girls who had the courage to stand up and refuse to be silenced," plaintiffs' attorney John Manly said.
"Michigan State is pleased that we have been able to agree in principle on a settlement that is fair to the survivors of Nassar's crimes," said Robert Young, special counsel to the university.
The attorneys stressed that the settlement, which was agreed to by the university's board of trustees in a conference call on Tuesday night, is still not final.
It applies only to plaintiffs who have sued the university, and not those who have filed claims against the U.S. Olympic Committee, USA Gymnastics, gymnastics coaches Bela and Martha Karolyi or any other parties, the attorneys said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/500-million-settlement-reached-in-nassar-sex-abuse-scandal.html |
EU data law is fresh ammo for Facebook's nemesis Friday, May 25, 2018 - 02:14
Long before most of us grasped how big tech firms could use our data, Austrian lawyer Max Schrems was on the case. He spent much of his twenties suing Facebook, and now he's gearing up for another battle using the EU's strict new GDPR data law. Lucy Fielder reports.
Long before most of us grasped how big tech firms could use our data, Austrian lawyer Max Schrems was on the case. He spent much of his twenties suing Facebook, and now he's gearing up for another battle using the EU's strict new GDPR data law. Lucy Fielder reports. //reut.rs/2IN0Dw3 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/25/eu-data-law-is-fresh-ammo-for-facebooks?videoId=430109477 |
Market News May 2, 2018 / 5:35 PM / Updated 9 minutes ago BRIEF-Humana-In Sept 2018, Expects To Pay Federal Government $1.05 Bln For Portion Of Annual Health Insurance Industry Fee Reuters Staff 1 Min Read
May 2 (Reuters) - Humana Inc:
* HUMANA-IN SEPT 2018, EXPECTS TO PAY FEDERAL GOVERNMENT $1.05 BILLION FOR PORTION OF ANNUAL HEALTH INSURANCE INDUSTRY FEE ATTRIBUTED TO CALENDAR YEAR 2018
* HUMANA INC SAYS ON APRIL 10, CO ACQUIRED FAMILY PHYSICIANS GROUP, FOR CASH CONSIDERATIONS OF ABOUT $190 MILLION - SEC FILING Source text : ( bit.ly/2FBlJHu ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-humana-in-sept-2018-expects-to-pay/brief-humana-in-sept-2018-expects-to-pay-federal-government-1-05-bln-for-portion-of-annual-health-insurance-industry-fee-idUSFWN1S917A |
Trump: We are ready if North Korea acts foolishly 1 Hour Ago President Trump speaks about the cancellation of the summit between the U.S. and North Korea at the signing of the bank bill that rolls back certain regulations for banks from the Dodd-Frank legislation. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trump-we-are-ready-if-north-korea-acts-foolishly.html |
May 2, 2018 / 1:10 PM / a few seconds ago House prices zoom higher in Lisbon and Porto Reuters Staff 2 Min Read
LISBON (Reuters) - House prices in Lisbon and Porto jumped nearly 20 percent in the fourth quarter of last year over the same period in 2016 and were on average 7.6 percent higher across all of Portugal, data showed on Wednesday. FILE PHOTO: A tram runs in downtown Lisbon, Portugal March 22, 2018. REUTERS/Rafael Marchante/File Photo
Portuguese house prices have risen sharply in the past couple of years, boosted by tourism and demand from foreign buyers who have snapped up properties in Lisbon which have been relatively cheap compared with other European capitals.
The National Statistics Institute said house prices in the Lisbon area rose 18.1 percent in the fourth quarter from a year earlier to an average of 1,262 euros per square meter. In Porto house prices rose 17.6 percent. FILE PHOTO: An old facade of a building is seen at the Ribeira neighbourhood in Porto August 25, 2014. REUTERS/Rafael Marchante/File Photo
Across all of Portugal, average house prices rose 7.6 percent in the fourth quarter from a year earlier, to 932 euros per square meter.
Analysts have said they expect house prices to continue rising in Portugal this year, pushed by continued demand by foreign buyers. Record tourism numbers are also contributing as demand for short-term rental properties has risen strongly, especially in the main cities.
The housing boom helped propel economic growth to its highest level in nearly two decades last year. The expansion should continue this year, although at a slightly lower rate. Reporting by Axel Bugge; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-portugal-housing/house-prices-zoom-higher-in-lisbon-and-porto-idUSKBN1I31RH |
NYC nanny sentenced to life for murdering 2 children 02:18
A New York nanny convicted of fatally stabbing two young children in her care was sentenced on Monday to life in prison without the possibility of parole for a crime that has been described as 'every parent's nightmare'. Colette Luke has more.
A New York nanny convicted of fatally stabbing two young children in her care was sentenced on Monday to life in prison without the possibility of parole for a crime that has been described as 'every parent's nightmare'. Colette Luke has more. //reut.rs/2rMOjRo | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/nyc-nanny-sentenced-to-life-for-murderin?videoId=426973553 |
Middle Eastern countries and US don't want to see outright war over Iran: Pro 2:44 AM ET Tue, 1 May 2018 Allison Wood, senior consultant for the Middle East and North Africa at Control Risks, speaks about how Iran is viewed by other Middle Eastern countries. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/middle-eastern-countries-and-us-dont-want-to-see-outright-war-over-iran-pro.html |
PHOENIX, May 4, 2018 /PRNewswire/ -- VEREIT, Inc. (NYSE: VER) ("VEREIT" or the "Company") announced today its operating results for the three months ending March 31, 2018.
Prior to the fourth quarter of 2017, the Company operated through two business segments, the real estate investment segment and the investment management segment, Cole Capital. On February 1, 2018, the Company completed the sale of Cole Capital. Substantially all of the Cole Capital segment is presented as discontinued operations and the Company's remaining financial results are reported as a single segment for all periods presented. The Company's continuing operations represent primarily those of the real estate investment segment. The first quarter 2018 highlights are on a consolidated basis unless specified otherwise.
First Quarter 2018 Highlights
Net income of $32.5 million and net income per diluted share of $0.01, including net income of $29.0 million and net income per diluted share of $0.01 from continuing operations Achieved $0.185 AFFO per diluted share, including $0.182 from continuing operations Completed $139.2 million of acquisitions and $136.2 million of dispositions Repurchased 6.4 million shares of common stock at an average price of $6.94 per share Decreased Debt from $6.07 billion to $6.01 billion; Net Debt decreased from $6.05 billion to $5.99 billion, or 38.6% Net Debt to Gross Real Estate Investments Net Debt to Normalized EBITDA ended at 5.7x Closed the sale of Cole Capital on February 1, 2018, simplifying the business model
The summary below of financial results reflects continuing operations only.
First Quarter 2018 Financial Results
Revenue
Revenue for the quarter ended March 31, 2018 decreased $5.8 million to $315.1 million as compared to revenue of $320.9 million for the same quarter in 2017, primarily due to 2017 dispositions, net of acquisitions, and the timing of those dispositions and acquisitions.
Net Income (Loss) and Net Income (Loss) Attributable to Common Stockholders per Diluted Share
Net income for the quarter ended March 31, 2018 increased $17.1 million to $29.0 million as compared to net income of $11.9 million for the same quarter in 2017, and net income per diluted share increased $0.02 to net income per diluted share of $0.01 for the quarter ended March 31, 2018, as compared to a net loss per diluted share of $(0.01) for the same quarter in 2017. The differences were primarily due to lower property operating, interest, income taxes and depreciation and amortization expenses along with higher other income and a larger gain on the disposition of real estate partially offset by lower revenue and higher G&A and net litigation expenses.
Normalized EBITDA
Normalized EBITDA for the quarter ended March 31, 2018 decreased $2.8 million to $262.4 million as compared to Normalized EBITDA of $265.2 million for the same quarter in 2017, primarily due to higher G&A expenses.
Funds From Operations Attributable to Common Stockholders and Limited Partners ("FFO") and FFO per Diluted Share
FFO for the quarter ended March 31, 2018 decreased $2.5 million to $164.7 million, as compared to $167.2 million for the same quarter in 2017, and FFO per diluted share remained at $0.17 for the quarter ended March 31, 2018, as compared to the same quarter in 2017.
Adjusted FFO Attributable to Common Stockholders and Limited Partners ("AFFO") and AFFO per Diluted Share
AFFO for the quarter ended March 31, 2018 increased $3.7 million to $180.9 million, as compared to $177.2 million for the same quarter in 2017, and AFFO per diluted share remained at $0.18 for the quarter ended March 31, 2018, as compared to the same quarter in 2017.
Management Commentary
Glenn J. Rufrano, Chief Executive Officer, stated, "In the first quarter, VEREIT continued to have consistent operating results with 98.7% occupancy and targeted acquisitions and dispositions to improve the portfolio while taking advantage of capital market volatility by repurchasing common stock. In addition, our balance sheet remains strong and liquid with 5.7x Net Debt to Normalized EBITDA and an increasing Unencumbered Asset Ratio of 73.0%, while our culling process has created a healthy tenant base and well-diversified portfolio."
Common Stock Dividend Information
On May 3, 2018, the Company's Board of Directors declared a quarterly dividend of $0.1375 per share for the second quarter of 2018, representing an annual distribution rate of $0.55 per share. The dividend will be paid on July 16, 2018 to common stockholders of record as of June 29, 2018.
Balance Sheet and Liquidity
During the first quarter, the Company had net repayments on its revolving line of credit of $65.0 million, leaving $2.2 billion of capacity available as of March 31, 2018 on the Company's $2.3 billion revolving line of credit. In addition, secured debt was reduced by $2.6 million.
Share Repurchase Activity
During the first quarter of 2018, the Company repurchased 6.4 million shares of its common stock at an average price of $6.94 per share. The Company had a share repurchase plan of up to $200.0 million, $45.1 million of which was utilized since its inception. On May 3, 2018, the Company's Board of Directors authorized the early termination of the share repurchase plan as of that date and adopted a new one-year program authorizing the purchase of up to $200 million of common stock, effective immediately following the termination of the previous plan. This new program has similar terms as the former share repurchase program.
Consolidated Financial Statistics
Financial Statistics as of the quarter ended March 31, 2018 are as follows: Net Debt to Normalized EBITDA of 5.7x, Fixed Charge Coverage Ratio of 3.1x, Unencumbered Asset Ratio of 73.0%, Net Debt to Gross Real Estate Investments of 38.6% and Weighted Average Debt Term of 4.1 years.
Real Estate Portfolio
As of March 31, 2018, the Company's portfolio consisted of 4,063 properties with total portfolio occupancy of 98.7%, investment grade tenancy of 42.9% and a weighted-average remaining lease term of 9.3 years. During the quarter ended March 31, 2018, same-store rents (3,962 properties) increased 0.2% as compared to the same quarter in 2017. Excluding the effects of an early lease renewal, the increase in same store rents would have been 0.8%.
Property Acquisitions
During the first quarter of 2018, the Company acquired 12 properties for approximately $139.2 million at an average cash cap rate of 6.8%.
Property Dispositions
During the quarter ended March 31, 2018, the Company disposed of 41 properties for an aggregate sales price of $136.2 million at an average cash cap rate of 7.6%, including $9.5 million in net sales of Red Lobster restaurants. Of the $136.2 million of dispositions, $105.4 million was used in the total weighted average cash cap rate calculation of 7.6%.
Sale of Cole Capital
On February 1, 2018, the Company closed the sale of Cole Capital ("Cole") to an affiliate of CIM Group. In connection with the transaction, VEREIT may receive up to $200 million, comprised of approximately $120.0 million cash paid at closing under the purchase and sale agreement and up to $80.0 million in fees to be paid under a six-year services agreement based on Cole's future revenues.
Subsequent Events
Property Acquisitions
From April 1, 2018 through April 27, 2018, the Company acquired one property for $5.2 million at a cash cap rate of 7.0%. Acquisitions year-to-date through April 27, 2018, totaled $144.4 million at an average cash cap rate of 6.8%.
Property Dispositions
From April 1, 2018 through April 27, 2018, the Company disposed of 14 properties for an aggregate sales price of $24.8 million at an average cash cap rate of 7.0%. Dispositions year-to-date through April 27, 2018, totaled $161.0 million at an average cash cap rate of 7.5%.
Audio Webcast Details
The live audio webcast, beginning at 1:00 p.m. ET on Friday, May 4, 2018, is available by accessing this link: http://ir.vereit.com/ . Participants should log in 10-15 minutes early.
Following the call, a replay of the webcast will be available at the link above and archived for up to 12 months following the call.
About the Company
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. The Company has a total asset book value of $14.5 billion including approximately 4,100 properties and 94.7 million square feet. VEREIT's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange. Additional information about VEREIT can be found on its website at www.VEREIT.com and through social media platforms such as Twitter and LinkedIn.
Definitions
Descriptions of FFO and AFFO, EBITDA and Normalized EBITDA, Debt Outstanding and Adjusted Debt Outstanding, Net Debt, Interest Expense, Excluding Non-Cash Amortization, Fixed Charge Coverage Ratio, Net Debt to Normalized EBITDA Annualized Ratio, Net Debt Leverage Ratio, and Unencumbered Asset Ratio are provided below. Refer to pages 9 through 12 for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure and the calculations of these financial ratios.
We determined that adjusted funds from operations ("AFFO"), a non-GAAP measure, and our real estate portfolio and economic metrics should exclude the impact of properties owned by the Company for the month beginning with the date that (i) the related mortgage loan is in default, and (ii) management decides to transfer the properties to the lender in connection with settling the mortgage note obligation ("Excluded Properties") and ending with the disposition date, to better reflect our ongoing operations. At March 31, 2018, the Excluded Property was one vacant industrial property, comprising 307,275 square feet with Debt Outstanding of $16.2 million. The Company did not update data presented for prior periods as the impact on prior period non-GAAP measures, including AFFO and Normalized EBITDA, and operating metrics was immaterial.
Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")
Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as funds from operations ("FFO"), which we believe to be an appropriate supplemental performance measure to reflect the operating performance of a REIT. FFO is not equivalent to our net income or loss as determined under U.S. GAAP.
Nareit defines FFO as net income or loss computed in accordance with U.S. GAAP, excluding gains or losses from disposition of property, depreciation and amortization of real estate assets and impairment write-downs on depreciable real estate including the pro rata share of adjustments for unconsolidated partnerships and joint ventures. We calculated FFO in accordance with Nareit's definition described above.
In addition to FFO, we use adjusted funds from operations ("AFFO") as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. AFFO, as defined by the Company, excludes from FFO non-routine items such as acquisition-related expenses, litigation, merger and other non-routine costs, net of insurance recoveries, held for sale loss on discontinued operations, net revenue or expense earned or incurred that is related to the services agreement we entered into with Cole Capital on February 1, 2018, gains or losses on sale of investment securities or mortgage notes receivable and legal settlements and insurance recoveries not in the ordinary course of business. We also exclude certain non-cash items such as impairments of goodwill and intangible assets, straight-line rent, net of bad debt expense related to straight-line rent, net direct financing lease adjustments, gains or losses on derivatives, reserves for loan loss, gains or losses on the extinguishment or forgiveness of debt, non-current portion of the tax benefit or expense, equity-based compensation and amortization of intangible assets, deferred financing costs, premiums and discounts on debt and investments, above-market lease assets and below-market lease liabilities. We omit the impact of the Excluded Properties and related non-recourse mortgage notes from FFO to calculate AFFO. Management believes that excluding these costs from FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. AFFO allows for a comparison of the performance of our operations with other publicly-traded REITs, as AFFO, or an equivalent measure, is routinely reported by publicly-traded REITs, and we believe often used by analysts and investors for comparison purposes.
For all of these reasons, we believe FFO and AFFO, in addition to net income (loss), as defined by U.S. GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate AFFO and its use as a non-GAAP financial performance measure.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Normalized EBITDA
Normalized EBITDA, as disclosed, represents EBITDA, or earnings before interest, taxes, depreciation and amortization, modified to exclude non-routine items such as acquisition-related expenses, litigation, merger and other non-routine transactions costs, net of insurance recoveries, gains or losses on disposition of real estate, held for sale loss on discontinued operations, net revenue or expense earned or incurred that is related to the services agreement we entered into with Cole Capital on February 1, 2018, gains or losses on sale of investment securities or mortgage notes receivable and legal settlements and insurance recoveries not in the ordinary course of business. We also exclude certain non-cash items such as impairments of goodwill and real estate and intangible assets, straight-line rental revenue, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, write-off of program development costs, and amortization of intangibles, above-market lease assets and below-market lease liabilities. Normalized EBITDA omits the Normalized EBITDA impact of Excluded Properties. Management believes that excluding these costs from EBITDA provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDA and Normalized EBITDA should not be considered as an alternative to net income, as computed in accordance with GAAP, or as an indicator of the Company's financial performance. The Company uses Normalized EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. Normalized EBITDA may not be comparable to similarly titled measures of other companies.
Debt Outstanding and Adjusted Debt Outstanding
Debt Outstanding and Adjusted Debt Outstanding are non-GAAP measures that represent the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Debt Outstanding omits the outstanding principal balance of mortgage notes secured by Excluded Properties. We believe that the presentation of Debt Outstanding and Adjusted Debt Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall liquidity, financial flexibility, capital structure and leverage. Debt Outstanding and Adjusted Debt Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.
Net Debt
Net Debt is a non-GAAP measure used to show the Company's Adjusted Debt Outstanding, less all cash and cash equivalents, including those related to discontinued operations. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.
Interest Expense, Excluding Non-Cash Amortization
Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt. This measure excludes (i) the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP, and (ii)the impact of Excluded Properties and related non-recourse mortgage notes. We believe that the presentation of Interest Expense, excluding non-cash amortization, which shows the interest expense on our contractual debt obligations, provides useful information to investors to assess our overall solvency and financial flexibility. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.
Fixed Charge Coverage Ratio
Fixed Charge Coverage Ratio is the sum of (i) Interest Expense, excluding non-cash amortization, (ii) secured debt principal amortization on Adjusted Debt Outstanding and (iii) dividends attributable to preferred shares divided by Normalized EBITDA. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.
Net Debt to Normalized EBITDA Annualized Ratio
Net Debt to Normalized EBITDA Annualized equals Net Debt divided by the current quarter Normalized EBITDA multiplied by four. We believe that the presentation of Net Debt to Normalized EBITDA Annualized provides useful information to investors because our management reviews Net Debt to Normalized EBITDA Annualized as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.
Net Debt Leverage Ratio
Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. We believe that the presentation of Net Debt Leverage Ratio provides useful information to investors because our management reviews Net Debt Leverage Ratio as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.
Gross Real Estate Investments
Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties, including net investments in unconsolidated entities, investment in direct financing leases, investment securities backed by real estate and loans held for investment, net of gross intangible lease liabilities.
Unencumbered Asset Ratio
Unencumbered Asset Ratio equals unencumbered Gross Real Estate Investments divided by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is a useful supplemental measure of our overall liquidity and leverage.
Forward-Looking Statements
Information set forth herein (including information included or incorporated by reference herein) contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect VEREIT's expectations regarding future events and VEREIT's future financial condition, results of operations and business including the strength and liquidity of its balance sheet and the effects of its culling process. The forward-looking statements involve a number of assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. Generally, the words "expects," "anticipates,""assumes," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," "continues," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, most of which are difficult to predict and many of which are beyond VEREIT's control. If a change occurs, VEREIT's business, financial condition, liquidity and results of operations may vary materially from those expressed in or implied by the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: VEREIT's plans, market and other expectations, objectives, intentions and other statements that are not historical facts; the developments disclosed herein; VEREIT's ability to execute on and realize success from its business plan; VEREIT's ability to meet its 2018 guidance; the unpredictability of the business plans and financial condition of VEREIT's tenants; risks associated with tenant, geographic and industry concentrations with respect to VEREIT's properties; the impact of impairment charges in respect of certain of VEREIT's properties or other assets; competition in the acquisition and disposition of properties and in the leasing of its properties; the inability to acquire, dispose of, or lease properties on advantageous terms; VEREIT could be subject to risks associated with bankruptcies or insolvencies of tenants or from tenant defaults generally; risks associated with pending government investigations and litigations related to VEREIT's previously disclosed audit committee investigation; the ability to retain or hire key personnel; and continuation or deterioration of current market conditions. Additional factors that may affect future results are contained in VEREIT's filings with the U.S. Securities and Exchange Commission (the SEC), which are available at the SEC's website at www.sec.gov . VEREIT disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.
VEREIT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data) (Unaudited)
March 31,
2018
December 31,
2017
ASSETS
Real estate investments, at cost:
Land
$
2,871,533
$
2,865,855
Buildings, fixtures and improvements
10,753,190
10,711,845
Intangible lease assets
2,035,004
2,037,675
Total real estate investments, at cost
15,659,727
15,615,375
Less: accumulated depreciation and amortization
3,059,955
2,908,028
Total real estate investments, net
12,599,772
12,707,347
Investment in unconsolidated entities
33,736
39,520
Investment in direct financing leases, net
17,476
19,539
Investment securities, at fair value
35,741
40,974
Mortgage notes receivable, net
20,072
20,294
Cash and cash equivalents
28,435
34,176
Restricted cash
28,049
27,662
Rent and tenant receivables and other assets, net
335,622
308,253
Goodwill
1,337,773
1,337,773
Due from affiliates, net
—
6,041
Assets related to discontinued operations and real estate assets held for sale, net
15,113
163,999
Total assets
$
14,451,789
$
14,705,578
LIABILITIES AND EQUITY
Mortgage notes payable, net
$
2,078,593
$
2,082,692
Corporate bonds, net
2,822,830
2,821,494
Convertible debt, net
987,071
984,258
Credit facility, net
120,000
185,000
Below-market lease liabilities, net
193,703
198,551
Accounts payable and accrued expenses
126,724
136,474
Deferred rent, derivative and other liabilities
68,718
62,985
Distributions payable
177,645
175,301
Due to affiliates
—
66
Liabilities related to discontinued operations
—
15,881
Total liabilities
6,575,284
6,662,702
Commitments and contingencies
Preferred stock, $0.01 par value, 100,000,000 shares authorized and 42,834,138 issued and outstanding as of each of March 31, 2018 and December 31, 2017
428
428
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 968,154,486 and 974,208,583 issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
9,681
9,742
Additional paid-in-capital
12,611,006
12,654,258
Accumulated other comprehensive loss
(4,284)
(3,569)
Accumulated deficit
(4,896,349)
(4,776,581)
Total stockholders' equity
7,720,482
7,884,278
Non-controlling interests
156,023
158,598
Total equity
7,876,505
8,042,876
Total liabilities and equity
$
14,451,789
$
14,705,578
VEREIT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data) (Unaudited)
Three Months Ended March 31,
2018
2017
Revenues:
Rental income
$
290,631
$
294,172
Operating expense reimbursements
24,443
26,726
Total revenues
315,074
320,898
Operating expenses:
Acquisition-related
777
617
Litigation, merger and other non-routine costs, net of insurance recoveries
21,740
12,875
Property operating
30,565
34,016
General and administrative
15,240
12,679
Depreciation and amortization
166,152
179,012
Impairments
6,036
6,725
Total operating expenses
240,510
245,924
Operating income
74,564
74,974
Other (expense) income:
Interest expense
(70,425)
(73,743)
Loss on extinguishment and forgiveness of debt, net
—
(70)
Other income, net
7,436
659
Equity in income (loss) and gain on disposition of unconsolidated entities
1,065
(82)
Gain on derivative instruments, net
273
824
Total other expenses, net
(61,651)
(72,412)
Income before taxes and real estate dispositions
12,913
2,562
Gain on disposition of real estate and held for sale assets, net
17,335
12,481
Income from continuing operations before income taxes
30,248
15,043
Provision for income taxes
(1,212)
(3,108)
Income from continuing operations
29,036
11,935
Income from discontinued operations, net of tax
3,501
2,855
Net income
32,537
14,790
Net income attributable to non-controlling interests
(742)
(352)
Net income attributable to the General Partner
$
31,795
$
14,438
Basic and diluted net income (loss) per share from continuing operations attributable to common stockholders and limited partners
$
0.01
$
(0.01)
Basic and diluted net income per share from discontinued operations attributable to common stockholders and limited partners
0.00
0.00
Basic and diluted net income (loss) per share attributable to common stockholders and limited partners
$
0.01
$
(0.00)
Distributions declared per common share
$
0.14
$
0.14
VEREIT, INC.
CONSOLIDATED EBITDA AND NORMALIZED EBITDA
(In thousands) (Unaudited)
Three Months Ended March 31,
2018
2017
Net income
$
32,537
$
14,790
Adjustments:
Interest expense
70,425
73,743
Depreciation and amortization of real estate assets
166,152
183,152
(Benefit from) provision for income taxes
(883)
4,254
Proportionate share of adjustments for unconsolidated entities
619
1,246
EBITDA
$
268,850
$
277,185
Gain on disposition of real estate assets and interests in unconsolidated joint ventures, net
(18,036)
(12,481)
Impairments
6,036
6,725
Loss on disposition of discontinued operations
2,009
—
Acquisition-related expenses
777
617
Litigation and other non-routine costs, net of insurance recoveries
21,086
12,875
Gain on investment securities
(5,638)
—
Gain on derivative instruments, net
(273)
(824)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities
1,487
1,305
Loss on extinguishment and forgiveness of debt, net
—
70
Net direct financing lease adjustments
539
621
Straight-line rent, net of bad debt expense related to straight-line rent
(11,260)
(12,797)
Other adjustments, net
(488)
861
Proportionate share of adjustments for unconsolidated entities
(6)
(48)
Adjustment for Excluded Properties
40
(764)
Normalized EBITDA
$
265,123
$
273,345
Normalized EBITDA from continuing operations
$
262,362
$
265,204
Normalized EBITDA from discontinued operations
$
2,761
$
8,141
VEREIT, INC.
CONSOLIDATED FUNDS FROM OPERATIONS
(In thousands, except for share and per share data) (Unaudited)
Three Months Ended March 31,
2018
2017
Net income
$
32,537
$
14,790
Dividends on non-convertible preferred stock
(17,973)
(17,973)
Gain on disposition of real estate assets and interests in unconsolidated joint ventures, net
(18,036)
(12,481)
Depreciation and amortization of real estate assets
165,182
178,295
Impairment of real estate
6,036
6,725
Proportionate share of adjustments for unconsolidated entities
446
709
FFO attributable to common stockholders and limited partners
$
168,192
$
170,065
FFO attributable to common stockholders and limited partners from continuing operations
164,691
167,210
FFO attributable to common stockholders and limited partners from discontinued operations
3,501
2,855
Weighted-average shares outstanding - basic
972,663,193
973,849,610
Limited Partner OP Units and effect of dilutive securities
24,110,249
24,402,139
Weighted-average shares outstanding - diluted
996,773,442
998,251,749
FFO attributable to common stockholders and limited partners per diluted share
$
0.169
$
0.170
FFO attributable to common stockholders and limited partners from continuing operations per diluted share
$
0.165
$
0.167
FFO attributable to common stockholders and limited partners from discontinued operations per diluted share
$
0.004
$
0.003
VEREIT, INC.
CONSOLIDATED ADJUSTED FUNDS FROM OPERATIONS
(In thousands, except for share and per share data) (Unaudited)
Three Months Ended March 31,
2018
2017
FFO attributable to common stockholders and limited partners
$
168,192
$
170,065
Acquisition-related expenses
777
617
Litigation, merger and other non-routine costs, net of insurance recoveries
21,086
12,875
Loss on disposition of discontinued operations
2,009
—
Gain on investments
(5,638)
—
Gain on derivative instruments, net
(273)
(824)
Amortization of premiums and discounts on debt and investments, net
(606)
(847)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities
1,487
1,305
Net direct financing lease adjustments
539
621
Amortization and write-off of deferred financing costs
5,875
6,347
Amortization of management contracts
—
4,146
Deferred other tax (benefit) expense
(1,855)
1,649
Loss on extinguishment and forgiveness of debt, net
—
70
Straight-line rent, net of bad debt expense related to straight-line rent
(11,260)
(12,797)
Equity-based compensation expense
2,774
3,111
Other adjustments, net
514
634
Proportionate share of adjustments for unconsolidated entities
12
55
Adjustment for Excluded Properties
423
294
AFFO attributable to common stockholders and limited partners
$
184,056
$
187,321
AFFO attributable to common stockholders and limited partners from continuing operations
180,854
177,230
AFFO attributable to common stockholders and limited partners from discontinued operations
3,202
10,091
Weighted-average shares outstanding - basic
972,663,193
973,849,610
Limited Partner OP Units and effect of dilutive securities
24,110,249
24,402,139
Weighted-average shares outstanding - diluted
996,773,442
998,251,749
AFFO attributable to common stockholders and limited partners per diluted share
$
0.185
$
0.188
AFFO attributable to common stockholder and limited partners from continuing operations per diluted share
$
0.182
$
0.178
AFFO attributable to common stockholders and limited partners from discontinued operations per diluted share
$
0.003
$
0.010
VEREIT, INC.
FINANCIAL AND OPERATIONS STATISTICS AND RATIOS
(Dollars in thousands) (Unaudited)
Three Months Ended
March 31,
2018
Interest expense - as reported
$
(70,425)
Less Adjustments:
Amortization of deferred financing costs and other non-cash charges
(5,927)
Amortization of net premiums
626
Interest Expense, Excluding Non-Cash Amortization - Excluded Properties
(383)
Interest Expense, Excluding Non-Cash Amortization
$
(64,741)
Three Months Ended
March 31,
2018
Interest Expense, Excluding Non-Cash Amortization
$
64,741
Secured debt principal amortization
2,676
Dividends attributable to preferred shares
17,973
Total fixed charges
85,390
Normalized EBITDA
265,123
Fixed Charge Coverage Ratio
3.10
x
March 31,
2018
Adjusted Debt Outstanding
$
6,022,255
Less: cash and cash equivalents
28,435
Net Debt
5,993,820
Normalized EBITDA annualized
1,060,492
Net Debt to Normalized EBITDA Annualized Ratio
5.65
x
Net Debt
$
5,993,820
Gross Real Estate Investments
15,509,117
Net Debt Leverage Ratio
38.6
%
Unencumbered Gross Real Estate Investments
$
11,325,512
Gross Real Estate Investments
15,509,117
Unencumbered asset ratio
73.0
%
March 31,
2018
Mortgage notes payable and other debt, net
$
2,078,593
Corporate bonds, net
2,822,830
Convertible debt, net
987,071
Credit facility, net
120,000
Total debt - as reported
6,008,494
Adjustments:
Deferred financing costs, net
44,969
Net premiums
(15,008)
Debt Outstanding
6,038,455
Debt Outstanding - Excluded Properties
(16,200)
Adjusted Debt Outstanding
$
6,022,255
View original content with multimedia: http://www.prnewswire.com/news-releases/vereit-announces-first-quarter-2018-operating-results-300642642.html
SOURCE VEREIT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-vereita-announces-first-quarter-2018-operating-results.html |
May 16 (Reuters) - Live World Inc:
* Q1 REVENUE $2.4 MILLION VERSUS $2.4 MILLION * QTRLY LOSS PER SHARE $0.00 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-live-world-q1-loss-per-share-000/brief-live-world-q1-loss-per-share-0-00-idUSASC0A2OJ |
The federal watchdog for equal employment is investigating claims that Intel Corp. targeted workers for layoffs based on their age.
Nearly three years after the chip maker launched a series of layoffs that cut more than 10,000 employees globally, the U.S. Equal Employment Opportunity Commission’s Seattle office is working to determine whether the job cuts were discriminatory, according to a document from the agency reviewed by The Wall Street Journal.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/intel-faces-age-discrimination-claims-1527264300 |
ANKARA (Reuters) - Iran on Friday supported Syria’s right to defend itself against aggression from Israel, state TV reported, accusing others of remaining silent over the attacks on Tehran’s key regional ally.
Missile fire is seen from Damascus, Syria May 10, 2018. REUTERS/Omar Sanadiki “Iran strongly condemns ...(Israel’s) attacks on Syria. The international community’s silence encourages Israel’s aggression. Syria has every right to defend itself,” the broadcaster Quote: d Foreign Ministry spokesman Bahram Qasemi as saying.
Israel said it had attacked nearly all of Iran’s military infrastructure in Syria on Thursday after Iranian forces fired rockets at Israeli-held territory for the first time, in the most extensive military exchange ever between the two adversaries.
The confrontation came two days after President Donald Trump withdrew the United States from the 2015 multinational agreement aimed it curbing Iran’s nuclear programme.
Tehran and its allied Shi’ite Muslim militias back Syrian President Bashar al-Assad.
Since its Islamic Revolution in 1979, Iran has refused to recognise Israel.
Writing by Parisa Hafezi; editing by John Stonestreet
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-israel-iran/iran-says-syria-has-every-right-to-defend-itself-against-israel-tv-idINKBN1IC0JF |
Oil boost helps world stocks turn positive for 2018 1:26pm BST - 01:38
World stocks hit a three-week high on Thursday and turned positive for the year as rising oil prices gave energy firms a shot in the arm that countered the effects of increased political uncertainty. Sonia Legg reports. ▲ Hide Transcript ▶ View Transcript
World stocks hit a three-week high on Thursday and turned positive for the year as rising oil prices gave energy firms a shot in the arm that countered the effects of increased political uncertainty. Sonia Legg reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KR9tGK | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/oil-boost-helps-world-stocks-turn-positi?videoId=425566992 |
May 27, 2018 / 2:36 AM / in 15 hours Major League Baseball notebook: Cubs' Darvish headed back to DL Reuters Staff 6 Min Read
The Chicago Cubs placed right-hander Yu Darvish on the 10-day disabled list for the second time this month on Saturday, this time as the result of right triceps tendinitis. May 20, 2018; Cincinnati, OH, USA; Chicago Cubs starting pitcher Yu Darvish throws against the Cincinnati Reds during the first inning at Great American Ball Park. Mandatory Credit: David Kohl-USA TODAY Sports
The move is retroactive to May 23. Left-hander Randy Rosario was recalled from Triple-A Iowa in a corresponding move. Tyler Chatwood will move up a day to take Darvish’s scheduled turn in the rotation Sunday, with Monday’s starter in Pittsburgh to be determined.
Darvish was placed on the DL on May 7 due to a bout with the flu. He returned May 15 to pitch four innings against the Atlanta Braves before allowing just one run in six innings and picking up his first win of the season against the Cincinnati Reds last Sunday.
Darvish, 31, has mostly struggled this season after signing a six-year, $126 million deal with the Cubs late in the offseason. He has a 1-3 record and a 4.95 ERA in eight starts.
—The St. Louis Cardinals placed relief pitcher Greg Holland on the 10-day disabled list with right hip impingement in the midst of the three-time All-Star’s career-worst season.
Holland, 32, is 0-2 with a 9.45 ERA in 18 appearances a season removed from finishing 2017 tied for a National League-best 41 saves while with the Colorado Rockies. The right-hander, who saved 40 or more games three times in his past four seasons entering this year, has seen his ERA nearly double by allowing two runs in each of his last four outings.
The eight-year veteran signed a one-year, $14 million deal this offseason to join the Cardinals after spending an All-Star season with the Rockies in 2017.
To take Holland’s place on the roster, the Cardinals reinstated left-hander Tyler Lyons from the DL. The team also reinstated catcher Carson Kelly (hamstring) from the DL on Saturday and sent Steven Baron to Triple-A Memphis in a corresponding move. —
Cleveland Indians left-handed reliever Andrew Miller, suffering from inflammation in his right knee, was placed on the 10-day disabled list.
The two-time All-Star Miller, who turned 33 on Monday, was placed on the DL twice last season because of patellar tendinitis in that same knee. To fill Miller’s spot, Cleveland recalled right-hander Evan Marshall from Triple-A Columbus.
Per MLB.com, Indians manager Terry Francona told reporters that Miller’s knee has given the lefty trouble “the entire time” this season. The 13-year veteran has not been himself in 2018, with an ERA almost three runs higher (4.40) than his 2016 (1.45) and 2017 (1.44) campaigns, which both earned Miller All-Star recognition.
—The Miami Marlins placed veteran third baseman Martin Prado on the 10-day disabled list with a strained left hamstring, the team announced.
The 34-year-old Prado suffered the injury on Friday while running out a grounder against the Washington Nationals. The injury comes after Prado missed the first four weeks of the season due to a knee injury. He is batting just .194 in 24 games. Miami manager Don Mattingly suggested that Prado could be sidelined for an extended period.
The Marlins recalled infielder J.T. Riddle from Triple-A New Orleans to fill the roster spot.
—The Colorado Rockies recalled infielder Ryan McMahon, who batting seventh and started at second base against the Cincinnati Reds.
McMahon, 23, is back with the Rockies after making the team’s Opening Day roster. He struggled to begin the season, hitting .180 in his first 50 at-bats before being optioned to Albuquerque at the start of this month. With Albuquerque, McMahon, who is regarded as one of the team’s top prospects, hit .253 with three home runs and 16 RBIs.
To make room for McMahon on the roster, infielder Pat Valaika was optioned to Triple-A Albuquerque. The Rockies’ everyday second baseman, DJ LeMahieu, is on the disabled list with a left thumb sprain.
—The Oakland Athletics placed right-handed reliever Santiago Casilla on the 10-day disabled list with a strained right shoulder, the team announced.
Casilla left Friday’s game against the Arizona Diamondbacks with a trainer after recording two outs in the eighth inning. He told reporters through an interpreter that his shoulder had been “a little bit tight” as he was getting loose, and that it feels similar to something that bothered him during spring training.
Casilla, 37, has posted a 3.32 ERA through 21 2/3 innings of work this season, allowing 11 hits and 14 walks while striking out 14. The A’s also optioned right-handed pitcher Josh Lucas to Triple-A Nashville and recalled right-handers Chris Bassitt and Carlos Ramirez from the same affiliate.
—The Pittsburgh Pirates activated center fielder Starling Marte from the disabled list prior to the game against the St. Louis Cardinals.
Marte has been sidelined since suffering an oblique strain on May 15. Instead of optioning prized outfield prospect Austin Meadows back to the minors, Pittsburgh instead demoted first baseman Jose Osuna. Meadows entered the day batting .448 with three homers and five RBIs in 29 at-bats during his initial big league stint. He was recalled when Marte went on the DL.
Pirates manager Clint Hurdle told reporters that Meadows will be the team’s fourth outfielder and will see time at all three positions. Meadows didn’t start against the Cardinals. He was the ninth overall pick in the 2013 draft.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-notebook/major-league-baseball-notebook-cubs-darvish-headed-back-to-dl-idUSKCN1IS01O |
BEIJING (Reuters) - China’s thermal coal prices jumped more than 4 percent on Tuesday and were on track for their biggest one-day gain since November 2016 as investors continued to fret about supplies due to strong demand.
FILE PHOTO: A worker loads coal onto a cart at a coal mine in Taiyuan, Shanxi province, China November 4, 2010. REUTERS/Stringer/File Photo Investors piled on bullish bets even after Beijing intervened last week to try and boost supplies in an effort to snuff out the red-hot rally, which the government says is not supported by fundamentals.
At 11:09 a.m. (0309 GMT), the most-active futures for delivery in September were up 4.4 percent at 628.2 yuan ($97.97) per tonne. They earlier traded as high as 628.6 yuan.
China’s state planner’s order for utilities to stop stockpiling coal and for miners to slash prices triggered a big sell-off last week.
But with inventory at power plants and major ports lower than last year’s levels and the operating rates higher, analysts said worries about supplies linger.
“We doubt (the) government’s intervention will be effective, because no matter to what extent they can regulate supplies, it is hard to repress demand,” Argonaut analysts said in a research note.
Reporting by Josephine Mason
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-coal/chinas-coal-futures-on-track-for-best-day-since-november-2016-on-supply-worries-idUSKCN1IU07X |
California almond growers brace for impact of China tariffs 6:38am BST - 01:08
As the U.S. and China prepare for trade talks in Washington next week, farmers in California's Central Valley are bracing for the impact of China's increased tariffs on agricultural produce.
As the U.S. and China prepare for trade talks in Washington next week, farmers in California's Central Valley are bracing for the impact of China's increased tariffs on agricultural produce. //reut.rs/2G1Y3vZ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/california-almond-growers-brace-for-impa?videoId=425467990 |
MIAMI, May 17, 2018 (GLOBE NEWSWIRE) -- Victory Yacht Sales, a wholly owned subsidiary of Victory Marine Holdings (OTCPK:VMHG), announces today the completion of its merger and new trading symbol.
On 05/07/2018 FINRA approved the corporate action of China Good Electric Inc. “CGDL” to trade under its new name Victory Marine Holdings with the symbol “VMHG”. This announcement follows the Company’s formal name change to better reflect its core business. There is no action required by current shareholders in connection with these changes.
“We are pleased to begin trading under the new symbol “VMHG.”
The Marine Industry is experiencing its best years ever, mainly due to the shortage of used vessels and the high demand to replace these vessels domestically and throughout the Caribbean,” Orlando Hernandez C.E.O further stated.
Boat Owners Association of The United States (BoatUS), the nation’s largest advocacy, services and safety group for recreational boaters, estimates that more than 63,000 recreational boats were damaged or destroyed as a result of both Hurricane Harvey and Hurricane Irma, with a combined dollar damage estimate of $655 million (boats only). These numbers are strikingly close to 2012’s Hurricane Sandy, which remains the single-largest industry loss with more than 65,000 boats damaged and more than $650 million in estimated losses.
Breaking down the 2017 season storms, Hurricane Irma damaged or destroyed 50,000 vessels with approximately $500 million in recreational boat damage. About 13,500 boats were damaged or lost costing $155 million in boat damage as the result of Hurricane Harvey.
Our business model is to capitalize on the high demand today by building a fully integrated vertical Marine organization with its focus on Sales, Service and Accessories, all surrounded around pleasure boats.
With over 20 years of experience you can count on Victory Yacht Sales to be there on a sunny as well as on a rainy day making your nautical experience a fun filled adventure.
Contact:
www.VictoryYachts.com
Email: [email protected]
About The Company
Victory Yacht Sales Corp., a wholly owned subsidiary of Victory Marine Holdings Corp., is a world class yacht sales, brokerage and consulting firm with over 25 years of experience in the boating industry, we are located in sunny Miami Florida, the yacht capital of the world.
www.Victory Yacht Sales.com has an online inventory of more than two thousand (2000) pre-owned boats and yachts from 28 to 70 feet plus a Worldwide MLS from www.YachtWorld.com with access to more than One Hundred Thousand (100,000) boats, yachts and ships to a thousand feet in length.
Our philosophy is simple. We believe that every client, whether buying or selling, should be well advised in order to make the best decision possible.
We utilize a casual approach in a relaxed atmosphere to establish long lasting relationships with our clients in order to provide the best possible brokerage transaction on their behalf.
Forward-Looking Statements.
Forward-Looking Statements certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.
Source:Victory Marine Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-victory-yacht-sales-has-officially-completed-its-merger-and-is-publicly-trading-on-otc-markets-under-the-symbol-avmhga.html |
Trump's negotiating tactics on trade seem to be working: Researcher 15 Hours Ago Mark Matthews of Bank Julius Baer says President Donald Trump has avoided the "technocratic" negotiation methods of past administrations. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/trumps-negotiating-tactics-on-trade-seem-to-be-working-researcher.html |
May 21, 2018 / 8:34 PM / a few seconds ago US Chamber of Commerce, others back changes to foreign investment bill Diane Bartz 3 Min Read
(Reuters) - The powerful U.S. Chamber of Commerce, along with business groups which lobby for oil, tech, and other industries, said on Monday that they supported changes to bills to tighten oversight of foreign investment, especially Chinese investment.
Because of concern about Chinese attempts to invest in sensitive U.S. technologies, the U.S. Senate and U.S. House of Representatives are considering measures to expand the clout of the inter-agency Committee on Foreign Investment in the United States, or CFIUS, which reviews investments to ensure they do not harm national security.
The bills, which were introduced in November, were designed to address Defense Department concerns that U.S. soldiers could some day face U.S. technology on a future battlefield because the technology - like robotics or drones - had been acquired by foreign adversaries.
Draft changes to the measures are different but address business concerns. For example, both remove a measure that would require CFIUS to review joint ventures that could lead to technology transfer, delaying proposed transactions.
In a brief letter sent to the chairmen and top Democrats of the Senate Banking Committee and the House Committee on Financial Services, which are considering the bills, the groups said they backed the “broad consensus” that CFIUS focus on foreign investment in the United States and allow export control experts to manage outbound technology transfers, as might occur with a joint venture.
Signatories included the U.S. Chamber of Commerce, the American Petroleum Institute, BSA - The Software Alliance, Business Roundtable, Computing Technology Industry Association, Information Technology Industry Council, National Foreign Trade Council, Organization for International Investment, TechNet and the U.S. Council for International Business.
Both the Senate Banking Committee and the House Committee on Financial Services are scheduled to vote on the proposed changes on Tuesday. The measures may also be put in the must-pass National Defense Authorization Act (NDAA), which authorizes defense spending and sets policies controlling how the funding is used.
The business groups’ acceptance removes an obstacle to the bill moving forward. Supporters hope to have it through Congress by the end of the summer.
CFIUS, which is led by the Treasury Department, has killed a long list of deals, including attempts to purchase semiconductor companies such as Qualcomm Inc ( QCOM.O ) and the proposed acquisition of U.S. semiconductor testing company Xcerra Corp ( XCRA.O ) by a China state-backed investment fund. Reporting by Diane Bartz; additional reporting by Ginger Gibson; Editing by Bill Berkrot | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-cfius-congress/u-s-chamber-of-commerce-others-back-changes-to-foreign-investment-bill-idUSKCN1IM29I |
ANKARA (Reuters) - Turkey will take every initiative to protect its firms from U.S. sanctions, Ankara’s foreign ministry spokesman said on Friday, a day after the United States imposed sanctions on several Iranian and Turkish companies in a move targeting Iranian airlines.
Hami Aksoy also told a news conference that Turkey had fulfilled all requirements to procure Lockheed Martin’s F-35 jets from the United States and that Ankara expected all sides to carry out their responsibilities.
A U.S. Senate committee passed its version of a $716 billion defense policy bill on Thursday, including a measure to prevent Turkey from purchasing the F-35 jets.
Reporting by Tulay Karadeniz; Writing by Tuvan Gumrukcu; Editing by Daren Butler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-turkey/turkey-says-to-take-every-initiative-to-protect-firms-from-u-s-sanctions-idUSKCN1IQ110 |
NAIROBI (Reuters) - Kenyan filmmakers have urged authorities to revamp a 1960s law that threatens them with jail if they do not pay for a license and imposes other restrictions they say are stifling their resurgent industry.
FILE PHOTO: 71st Cannes Film Festival - Photocall for the film "Rafiki" in competition for the category Un Certain Regard – Cannes, France, May 9, 2018. Cast members Sheila Munyiva and Samantha Mugatsia. REUTERS/Stephane Mahe/File Photo Directors and producers poured onto social media this week to protest after the regulator printed adverts in newspapers reminding them of the terms of the legislation, which dates back to British colonial rule.
The Kenya Film Classification Board - which has to check scripts before filming begins under the law and classifies movies - said it had placed the ads as part of a crackdown on unregistered producers and makers of pornography.
But the notices touched a raw nerve in a growing industry that has expanded alongside the growth of new media.
“It is a colonial law, created to keep Africans from making films and expressing themselves, so it is not in keeping with the times, it is faulty, we need to fight it, it has to be modified,” veteran director, producer and writer Cajetan Boy said on Friday.
The classification body’s chief executive, Ezekiel Mutua, said it planned to step up checks that film were properly licensed.
“We are now coming to a crackdown, we are starting raids and it’s not because we want to criminalise creativity. It’s because there are bad apples within the industry,” he told Reuters.
“AN OLD LAW” The body had a duty to protect the public, he added. “Films must reflect the dominant values of the people. Films must promote morality in society.”
But filmmakers said the restrictions had not kept track with changing tastes and technology.
Last month the board banned “Rafiki”, a film about two women falling in love, on the grounds that it promoted lesbianism - in violation of another colonial-era law.
“It’s archaic ... it’s an old law. We need to now sit down and look at the situation and circumstances that are now in 2018 and see how best that law can work for us,” director David Gitonga said.
His latest film, “Disconnect” is a romantic comedy about young Kenyans exploring relationships and sexuality in Nairobi.
“I’m all for paying for our licenses but let’s look at what are we paying for. You know that young upcoming kid who wants to make a film with his phone, let him be free to go shoot even in the city,” he added.
The law, which was created just before Kenya gained independence at the end of 1963, allows the government to “control the making and exhibition” of audio visual material including films.
Kenya’s film industry was worth $2 billion in 2016, up from 600 million in 2007, according to a study by the Kenya Film Commission.
FILE PHOTO: Red Carpet Arrivals - Cannes, France, May 9, 2018. Actors Sheila Munyiva and Samantha Mugatsia and director Wanuri Kahiu of "Rafiki" arrive. REUTERS/Jean-Paul Pelissier/File Photo Writing by George Obulutsa; Editing by Maggie Fick and Andrew Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/kenya-film/kenyan-filmmakers-rise-up-against-archaic-1960s-restrictions-idINKCN1IQ2KD |
GRIMSBY, Ontario, Andrew Peller Limited (TSX:ADW.A) (TSX:ADW.B) (“APL” or the “Company”) today announced two senior executive appointments: Sara Presutto as Executive Vice President of Human Resources and Shawn MacLeod as Executive Vice President of Marketing.
A 20-year experienced HR professional, Presutto joins Andrew Peller after a long career at Starbucks Canada. She has a proven track record of building talent and culture focused on developing high performing teams, organizational design, and leading change initiatives focused on the delivery of HR excellence and innovation. At Andrew Peller Limited Presutto is responsible for driving the company’s talent strategy and culture to achieve business success through people.
Shawn MacLeod joins Andrew Peller following senior marketing roles for leading consumer companies in Canada and the U.S. Most recently he was General Manager Mars Food Canada. MacLeod is a proven brand builder and team builder with a track record in delivering strong results by unlocking insights that drive growth, efficiency and profitability. At APL, MacLeod is responsible for consumer insights, building leading brands and driving our innovation agenda across all channels.
“Sara and Shawn bring significant senior expertise in HR and Marketing to strengthen our leadership team and will play an important part in driving our growth strategy to position APL for future success,” said Randy Powell, President.
About Andrew Peller Limited
Andrew Peller Limited is one of Canada’s leading producers and marketers of quality wines and craft spirits. The Company’s award-winning premium and ultra-premium Vintners’ Quality Alliance (“VQA”) brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate, Tinhorn Creek, Gray Monk Estates, Raven Conspiracy and Conviction. Complementing these premium brands are a number of popularly priced varietal offerings, wine based liqueurs, craft ciders and craft spirits. The Company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners, and Wine Country Merchants store names. The Company also operates Andrew Peller Import Agency and The Small Winemaker’s Collection Inc., importers and marketing agents of premium wines from around the world. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly-owned subsidiary, Global Vintners Inc. (“GVI”), the recognized leader in personal winemaking products. More information about the Company can be found at www.andrewpeller.com .
Forward Looking Information
Certain statements in this news release may contain “forward-looking statements” within the meaning of applicable securities laws, including the “safe harbour provision” of the Securities Act (Ontario) with respect to Andrew Peller Limited and its subsidiaries. These forward-looking statements are subject to the risks and uncertainties discussed in the “Risks and Uncertainties” section and elsewhere in the Company’s MD&A and other risks detailed from time to time in the publicly filed disclosure documents of Andrew Peller Limited which are available at www.sedar.com . Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from those conclusions, forecasts, or projections anticipated in these forward-looking statements. The Company’s forward-looking statements are made only as of the date of this news release, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances or otherwise.
For more information, please contact:
Randy Powell
President
(905)-643-4131
Freda Colbourne
(416) 560-7794
Source: Andrew Peller Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-andrew-peller-limited-announces-senior-executive-appointments.html |
April 30 (Reuters) - United Overseas Bank Ltd:
* TO SELL CERTAIN ASSETS OF ITS GLOBAL WHOLESALE BANKNOTES TO TRAVELEX CURRENCY EXCHANGE
* WITH SALE, UOB WILL CEASE ITS GLOBAL WHOLESALE BANKNOTES BUSINESS
* COMPLETION OF SALE EXPECTED TO TAKE PLACE IN Q3 OF YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-overseas-bank-to-sell-certa/brief-united-overseas-bank-to-sell-certain-assets-of-global-wholesale-banknotes-to-travelex-currency-exchange-idUSFWN1S70YI |
TORONTO, May 17, 2018 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX:DPM) (“DPM” or the “Company”) is pleased to announce that it has further strengthened its stakeholder partnerships in Namibia through a transaction to address the empowerment initiatives being developed to aid previously disadvantaged Namibians.
DPM has entered into an agreement with Greyhorse Mining (Pty) Ltd. (“GHM”) pursuant to which GHM will acquire an indirect 8% interest in Dundee Precious Metals Tsumeb (Pty) Ltd. (“DPMT”), the owner and operator of DPM’s Tsumeb smelter operation in Namibia (the “GHM Transaction”). An additional indirect 2% interest in DPMT is also expected to be acquired by an employee trust benefiting DPMT’s employees (the “Employee Trust Transaction”).
Over the last several years, the Namibian government has been developing a national policy framework referred to as the New Equitable Economic Empowerment Framework (the “NEEE Framework”) that seeks to address economic inequalities within Namibian society with particular focus on six pillars, including: ownership, management, control and employment equity, human resources and skills development, entrepreneurship development and marketing, corporate social responsibility and value addition, technology and innovation. The Namibian government has recently tabled a draft bill, based on the NEEE Framework, which is currently in the consultation phase. Maintaining a strong license to operate is fundamental to DPM’s strategy and requires alignment with the relevant local and national objectives in a given area which guided the structure and governance for the GHM and Employee Trust Transactions.
DPM’s goal in structuring the GHM Transaction is to establish an empowerment partnership that is both economically sustainable and as broad-based as possible. The GHM Transaction is structured with the intent of ensuring that groups and individuals receive, directly or indirectly, economic benefits from an ownership interest in DPMT through a combination of dividends and capital appreciation. Through an experienced leadership team and its own network of stakeholders and partners, GHM intends to execute a broad-based empowerment strategy based on enterprise and entrepreneurial development, skills development, mentorship and knowledge transfer.
“Since purchasing the Tsumeb smelter in 2010, we have made significant investments both in the operation to modernize its facilities and in the local community. These initiatives have transformed the smelter, empowered local Namibians and strengthened our relationships with all stakeholders,” stated Rick Howes, President and CEO of DPM. “As a leader in corporate responsibility, and as another demonstration of our support to the government of Namibia and its NEEE Framework, we believe this transaction will help to achieve the objectives of economic empowerment across a broad group of Namibians, including our own employees.”
“We are extremely excited about our new partnership with DPM and DPMT,” said Saul Kahuika President of GHM. “This transaction is another example of how DPM has delivered on its commitments to stakeholders in Namibia and has proactively addressed the NEEE Framework.”
The principal terms and conditions of the GHM Transaction are as follows:
GHM will acquire the 8% equity interest for approximately US$20 million, which approximates DPM’s carrying value; The acquisition will be financed by DPM vendor financing provided by an indirect subsidiary of DPM; The vendor financing will be made through the issuance to the DPM subsidiary by a subsidiary of GHM of 8% cumulative preferred shares that have a face value equal to the acquisition price; The GHM Transaction provides for GHM to receive a preferential annual dividend of $500,000 for the first 5 years, subject to DPMT having sufficient available distributable funds and GHM achieving approved performance metrics; Available distributable cash in excess of the preferential dividend received by GHM and its 8% cumulative dividend obligation will be used to redeem the preferred shares. In the event of a default or non-compliance with the terms of the financing or shareholders’ agreement, DPM has the right to take back the 8% indirect equity interest; GHM shall be entitled to nominate one of DPMT’s five board members that will include three directors that are DPM employees and a fifth independent director to provide additional Namibian perspective and diversity.
The GHM transaction is subject to execution of definitive documentation which has been substantially agreed between the parties and closing is expected to occur by the end of the second quarter. The structure and documentation associated with the Employee Trust Transaction is currently underway.
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The Company's operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold and exploration properties located in Bulgaria, including the Krumovgrad gold project, which started construction in the fourth quarter of 2016 and is expected to commence production in the fourth quarter of 2018, Canada , Serbia and Armenia, and its 10.2% interest in Sabina Gold & Silver Corp.
Cautionary Note Regarding Forward Looking Statements
This press release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. Statements that constitute Forward looking statements include, but are not limited to, certain statements with respect to expected benefits of the GHM and Employee Trust Transactions for the parties, including enhancements to DPM’s social license to operate in Namibia and government regulation of the Tsumeb operation. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Persons (in the case of technical and scientific information), as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this document, such factors include, among others: social and non-governmental organizations (“NGO”) opposition to smelting operations; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; the ability of GHM to successfully achieve its empowerment performance objectives; as well as those risk factors discussed or referred to in the Company’s MD&A under the heading “Risks and Uncertainties” and under the heading “Cautionary Note Regarding Forward Looking Statements” which include further details on material assumptions used to develop such Forward Looking Statements and material risk factors that could cause actual results to differ materially from Forward Looking Statements, and other documents (including without limitation the Company’s most recent Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Other than as it may be required by law, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.
For further information please contact:
DUNDEE PRECIOUS METALS INC.
Rick Howes
President and
Chief Executive Officer
Tel: (416) 365-2836
[email protected]
Hume Kyle
Executive Vice President and Chief Financial Officer
Tel: (416) 365-5091
[email protected]
Janet Reid
Manager, Investor Relations
Tel: (416) 365-2549
[email protected]
Source: Dundee Precious Metals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-dundee-precious-metals-announces-economic-empowerment-initiative-in-namibia.html |
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