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WASHINGTON—The U.S. Treasury Department on Thursday ratcheted up the pressure on Iran-backed Hezbollah, imposing sanctions on one of the Lebanese militia’s top financiers and its representative to Tehran, while also accusing the group’s leader of being complicit in its world-wide illicit operations.
The designation of Mohammad Ibrahim Bazzi as one of Hezbollah’s top financiers and Abdallah Safi-Al-Din as the group’s key financial representative to Tehran is part of a broader U.S. campaign to isolate Iran and sideline its regional... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-treasury-sanctions-a-top-hezbollah-financier-and-representative-to-iran-1526582699 |
LONDON, May 3 (Reuters) - British lawmakers said on Thursday they were seeking information from Britain’s competition regulator regarding their concerns over Sainsbury’s’ proposed 7.3 billion pounds ($9.93 billion) takeover of Walmart owned rival Asda.
In a letter to the Competition and Markets Authority (CMA) the chairs of the UK Parliament’s Business select committee and its Environment Food and Rural Affairs Committee said their members had concerns over the impact the deal, which combines the No. 2 and No. 3 players, would have on the grocery supply chain.
The letter said lawmakers also had concerns about the impact of the deal on the competitiveness of suppliers and on consumer choice. ($1 = 0.7355 pounds) (Reporting by James Davey; editing by Kate Holton)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/sainsburys-walmart/uk-lawmakers-seek-answers-from-regulator-on-sainsburys-asda-deal-idUSL9N1QI01F |
JAKARTA, Indonesia—A family of suicide bombers, including children, killed at least seven people and injured dozens in attacks at churches in Indonesia on Sunday, police said, the latest in a wave of Islamic State-inspired violence in the world’s largest Muslim-majority nation.
The attacks on Indonesia’s Christian minority come amid a rise in extremist violence and security lapses in a Southeast Asian nation where supporters of Islamic State have been seeking to wage large-scale attacks. It was the first time children have... | ashraq/financial-news-articles | https://www.wsj.com/articles/bomb-attacks-rock-three-indonesia-churches-1526177568 |
Under Armour had a bleak 2017: Its share price nearly halved and the company saw its first-ever quarterly sales decline since its initial public offering in 2005. The stock had started 2018 off on a strong footing as the company embarked on its restructuring plan, but Tuesday’s first-quarter results reversed its momentum.
Earnings for the quarter actually beat expectations. Under Armour broke even instead of posting an estimated loss of 5 cents per share, and revenue of $1.2 billion exceeded estimates of $1.12 billion, rising... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/under-armour-sows-doubt-1525194981 |
May 9, 2018 / 11:18 PM / Updated 14 minutes ago Chinese firms slow to reduce share-backed loans despite regulator crackdown Engen Tham , Andrew Galbraith 4 Min Read
SHANGHAI/HONG KONG (Reuters) - Chinese companies are only gradually reducing the amount of shares pledged for loans despite curbs by regulators as part of efforts to reduce the risk the deals pose to market stability. A man stands on the Bund in front of Shanghai's financial district of Pudong in Shanghai, China February 26, 2018. REUTERS/Aly Song
More than 100 companies still have more than 50 percent of their shares pledged, according to Reuters analysis of official data, despite a cap fixed at that level which was introduced two months ago.
The practice of borrowing against big blocks of shares - also known as margin lending - jumped sharply last year in China as company founders and large shareholders used rising markets to fund loans for personal use or company business. The loans are advanced at a discount of as much as 50 percent to the market price of the collateral.
Large pledges can risk destabilising markets if borrowers cannot meet margin calls following price moves, leaving lenders free to dump the collateral - and to trigger a change of company ownership if the shareholding is large enough.
China’s securities regulator introduced new rules in March that prevent any transaction from raising the proportion of pledged shares to above 50 percent of total shares.
But in spite of new restrictions, including on brokers’ exposure as well as the 50-percent cap, a total of 131 companies with a combined market capitalisation of 2.04 trillion yuan (236.27 billion pounds) still had more than 50 percent of their shares pledged as of the end of April.
Since the beginning of 2017, the number of listed Chinese firms with more than half their shares pledged has risen by 48 percent, according to analysis of China Depository Securities and Clearing data.
“A large number of listed firms changing ownership could cause instability in daily operations, which in turn could have a negative impact on share prices,” said Meng Shen, director of Chanson & Co, a boutique investment bank.
Controlling shareholders of at least 24 listed firms had pledged at least 90 percent of their shares as of early May, according to Reuters analysis of market data, heightening the risk of a change of control if markets fall.
Share-backed lending is common around the world, particularly in emerging markets where many companies are controlled by founding families.
Hong Kong regulators are also concerned about the scale of the borrowing. Julia Leung, deputy chief executive of the Securities and Futures Commission, said last week that there was HK$206 billion ($26.24 billion) worth of margin loans outstanding at the end of 2017, a nine-fold increase since 2006.
“It is not only the amount, but also the quality of the collateral that is concerning us,” she said.
Leung added that the watchdog was particularly concerned about borrowers pledging shares from smaller, thinly-traded companies. That can leave markets vulnerable to sharp unexplained price moves and also gives lenders less security in the event of company difficulties.
In the mainland as in Hong Kong, the use of pledged shares has been most pronounced among smaller firms, who often have less access to bank credit.
A total of 54 companies listed on Shenzhen’s tech-focused ChiNext board or its small and medium-sized enterprise board had more than 50 percent of their shares pledged - up 38 percent from 2016, when the practice waned following China’s market crash in 2015.
Banks this year began tightening lending standards ahead of the rule changes, following a stock market tumble in early February that saw shares suffer their worst one-day fall in almost two years.
China Merchants Bank, the country’s fifth-largest listed bank by market value, was one lender that did so, said two people with direct knowledge. “The discount of 30 to 50 percent remains the same, but it’s tougher for an enterprise to qualify for this sort of loan,” said one of the people, adding that some smaller companies were now unable to get them. Reporting by Engen Tham and Andrew Galbraith in Shanghai; Additional reporting by Alun John in Hong Kong and Shanghai newsroom; Editing by Jennifer Hughes and Philip McClellan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-finance/chinese-firms-slow-to-reduce-share-backed-loans-despite-regulator-crackdown-idUKKBN1IA3JZ |
Trump talks trade, Iran and World Cup with Nigerian president 18 Hours Ago CNBC's Eamon Javers and John Harwood discuss the highlights of President Trump and Nigerian President Muhammadu Buhari's joint press conference at the White House. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/trump-talks-trade-iran-and-world-cup-with-nigerian-president.html |
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BEIJING, May 11 (Reuters) - China’s total social financing (TSF), a broad measure of credit and liquidity in the economy, rose to 1.56 trillion yuan ($246.38 billion) in April from 1.33 trillion yuan in March, data from the central bank showed on Friday.
TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.
The economic barometer has become a gauge of fundraising trends and can provide hints of activity in China’s vast and unregulated shadow banking sector.
Chinese authorities have been trying to clamp down on riskier forms of lending as part of a broader campaign to reduce systemic financial risks. ($1 = 6.3318 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-social-financing/rpt-china-april-total-social-financing-rises-to-1-56-trln-yuan-idUSZZN3EAN02 |
Analyst cut off by Tesla’s Musk says he will hold company accountable 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/analyst-cut-off-by-teslas-musk-says-he-will-hold-company-accountable.html |
TOKYO (Reuters) - Japanese buyers have bought between 150,000 and 180,000 tonnes of U.S. sorghum carried by three vessels previously bound for China amid a trade spat between Beijing and Washington, five industry sources with knowledge of the deals told Reuters.
The cargoes were among roughly two dozen bought by China but left stranded after Beijing announced last month it would hit U.S. imports with a 178.6 percent deposit on the value of sorghum shipments, amid escalating trade tensions.
Trading firms have been scrambling to offload the cargoes to other countries, including Spain, which has so far purchased five cargoes, and Saudi Arabia.
Japanese trading house Mitsubishi Corp ( 8058.T ) bought one vessel carrying about 58,000 tonnes of U.S. sorghum, said a source who declined to be named due to sensitivity of the matter. Mitsui & Co ( 8031.T ) purchased some of the sorghum from that vessel, the source said.
“The cargo has arrived at Kashima port and also stopped at Mizushima and Shibushi ports to offload some of the supply, with unloading work to be completed this week,” the source said.
Another source said the vessel arrived at Kashima late last month.
Other buyers include Zen-Noh, a Japanese farmers’ cooperative, and a pair of trading companies - Toyota Tsusho Corp ( 8015.T ) and Itochu Corp ( 8001.T ), four sources said.
“There may be another vessel coming to Japan if Marubeni Corp ( 8002.T ) succeeds in striking a deal with a partner of another country,” one of the sources added.
Officials from Mitsubishi, Mitsui, Zen-Noh, Toyota Tsusho, Itochu and Marubeni all declined to comment.
Data from the U.S. Department of Agriculture and Thomson Reuters Interactive Map shows the cargo that offloaded at Kashima port in late April left Archer Daniel Midland Co’s Galveston elevator around March 7. Another vessel that arrived at Kashima port on May 16 departed Cargill’s Houston elevator at the end of March.
To view a graphic on Japanese grain buyers purchase at least three cargoes of distressed U.S. sorghum shipments, click: reut.rs/2Ky5EoR
ONE-OFF?
While some early offers for the distressed cargoes came in as low as $160-$170 per ton just after China’s announcement, the Japanese buyers paid more than that but “still much lower than the pre-mid-April levels,” another source said.
Traders said Japanese firms had paid around $230 per ton for sorghum before Beijing announced the deposit.
Japan’s sorghum imports have been declining since 2012 as cheaper alternatives took a greater share of livestock feed. Sorghum’s blending ratio slid to 2.3 percent in the 2016/17 financial year from 7.7 percent in 2012/13, said Commodity Intelligence, a Japanese commodity market research company.
In 2017/18, Japan imported about 365,830 tonnes of grain sorghum, down from 1.46 million tonnes in 2012/13, according to government data.
Japan’s increased sorghum purchases may mean reduced imports of other commonly used feed grains like corn, barley and wheat or less use of locally-grown feed rice, a source said.
In the longer term, a lack of Chinese buyers could put pressure on sorghum prices, increasing its share of the Japanese feed market.
“Many believe that this is a one-off thing, but if the U.S. producers sell sorghum at cheaper prices than corn, Japanese feedmakers may buy more sorghum and buy less corn or wheat,” the source said.
Reporting by Yuka Obayashi; Editing by Gavin Maguire, Richard Pullin and Manolo Serapio Jr.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-japan-sorghum/japan-buys-3-vessels-of-sorghum-amid-china-u-s-trade-spat-sources-idUSKCN1II0U8 |
May 8 (Reuters) - U.S solar company SunPower Corp reported a smaller quarterly loss on Tuesday, on higher demand for solar modules in residential and commercial markets.
The company’s net loss attributable to shareholders narrowed to $115.97 million, or 83 cents per share, in the first quarter ended April 1, from a loss of $219.73 million, or $1.58 per share, a year earlier.
The company, majority owned by French energy giant Total SA , said revenue rose to $391.89 million from $329.10 million. (Reporting by Taenaz Shakir in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/sunpower-results/sunpower-posts-smaller-first-quarter-loss-idUSL3N1SF6AT |
BELGRADE (Reuters) - Serbia’s Finance Minister Dusan Vujovic submitted a letter of resignation on Monday citing personal reasons, Serbian daily Blic reported on its web site citing unnamed sources.
Vujovic wrote to Prime Minister Ana Brnabic detailing his reasons for leaving, the paper said, adding that it would publish the letter in its print edition on Tuesday.
Brnabic is expected to tell parliament on Tuesday about the resignation, N1 television reported.
An International Monetary Fund mission arrived in Belgrade on Monday to start talks on a new support program for the Balkan country to pursue reforms to boost growth.
A former World Bank economist in Ukraine and at its headquarters in Washington, Vujovic was appointed finance minister in 2014 and has been involved in final negotiations on the 3-year loan deal with the Fund.
There was no immediate government comment on the resignation reports.
Reporting by Ivana Sekularac; Editing by Matthew Mpoke Bigg
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-serbia-minister/serbias-finance-minister-resigns-serbian-daily-blic-idUSKBN1I82EX |
BUENOS AIRES, May 8 (Reuters) - Argentina’s peso opened on Tuesday 1.92 percent weaker at 22.40 per U.S. dollar, traders said, pointing to possible continued volatility in the local currency despite government and central bank measures aimed at calming the market.
Reporting by Jorge Otaola, writing by Hugh Bronstein Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-peso/argentine-peso-opens-1-92-pct-weaker-at-22-40-per-dollar-traders-idUSL1N1SF0N9 |
PRINCETON, N.J., May 15, 2018 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB:MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, today announced financial results for the first quarter of 2018.
Revenues for the three months ended March 31, 2018 were $2,490,660 compared to $1,754,973 for the three months ended March 31, 2017, an increase of $735,687, or 42%. The increase was due primarily to increased revenue from engineering contracts, and the receipt of additional contracts for engineering services, support, repairs and calibration services.
Costs of sales were $1,177,032 in the three months ended March 31, 2018 compared to $651,536 in the three months ended March 31, 2017, an increase of $525,496, or 81%. As a percentage of revenue, cost of sales increased to 47% as compared to 37% during the three months ended March 31, 2017, due primarily to a change in the mix of costs in 2018, specifically increases in direct labor, material and subcontract costs related to engineering service contracts. Engineering costs increased 24% to $451,678 in the first quarter of 2018 compared to $408,903 in the first quarter of 2017 due to increases in salaries, recruiting costs, and incentive compensation incurred in connection with the growth of the engineering department. General and administrative expenses increased 10% to $451,678 in the first quarter of 2018 from $408,903 in first quarter of 2107 due primarily to increased bid and proposal costs, insurance costs, and professional fees.
Mikros reported net income of $153,305 for the three months ended March 31, 2018 representing a 70% increase over first quarter 2017 net income of $62,998.
During the quarter, the Company continued to hire additional engineers. The Mikros Manufacturing and Depot Center in Largo, FL expanded operations and is operating at near full capacity servicing ADEPT units cycling through the U.S. Navy fleet.
“After a very successful 2017, we maintained our momentum and delivered another very strong quarter for our stockholders,” stated Chief Executive Officer Tom Meaney. “For the fourth straight quarter, we reported increased revenues and profits over the comparable period of the prior year. During the quarter, we increased our cash reserves by 20% and generated multiple orders under our $80 million of IDIQ contracts with the Department of Defense. After completing the expansion of our research and development office in Fort Washington, PA and bulking up our engineering and project management staffs, we are well positioned to take operations to the next level during the remainder of 2018.”
Mikros President Mark Malone added, “We continue to see opportunities to expand our business in both the defense and commercial markets. In this regard, we have expanded our bid and proposal capabilities and have allocated additional R&D resources to develop commercial applications of our core technology.”
Additional information regarding the Company’s financial data may be found in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed with the U.S. Securities and Exchange Commission. The Form 10-Q may be accessed at www.sec.gov or at the Company's website at www.mikrossystems.com .
About Mikros
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering.
Source: Mikros Systems Corporation
CONTACT: Mark Malone (609) 987-1513
Important Information about Forward-Looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2017 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.
Source:Mikros Systems Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-mikros-systems-corporation-reports-first-quarter-2018-financial-results.html |
NEW YORK--(BUSINESS WIRE)-- As Pebblebrook Hotel Trust [NYSE:PEB] pursues its offer to acquire Lasalle Hotel Properties [NYSE:LHO], labor negotiations loom at union hotels owned by the two REITs, according to hospitality union UNITE HERE.
This summer, Locals of UNITE HERE have citywide contract expirations for over 200 hotels and 45,000 hotel workers in key markets including Boston, Chicago, San Francisco, and Los Angeles.
Lasalle and Pebblebrook have 26% and 31% of hotel EBITDA, respectively, exposed to 2018 union negotiations.
“We urge investors considering Pebblebrook’s stock-based bid to investigate the potential effects of upcoming negotiations on the companies and a possible combination,” said Courtney Alexander, Deputy Director of Research for UNITE HERE.
For more detailed information, please see this short report: http://unitehere.org/wp-content/uploads/PebblebookLasalle.pdf
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005511/en/
UNITE HERE Research
Courtney Alexander, 631-834-4681
[email protected]
Source: UNITE HERE | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-lasalle-pebblebrook-and-labor-negotiations-a-new-report-by-unite-here.html |
Tesla's senior vice president of engineering, Doug Field, is leaving the company for what the auto maker is characterizing as a leave of absence.
Late Friday, The Wall Street Journal and Bloomberg reported that Field was stepping back from his duties at Tesla , amid ongoing production problems with its Model 3 sedan. A Tesla spokesperson told CNBC that "Doug is just taking some time off to recharge and spend time with his family. He has not left Tesla."
The WSJ reported that Field's absence would be temporary. Tesla, however, declined to answer CNBC's questions about when he was expected to return.
Field, who was formerly a VP of hardware engineering at Apple, joined Tesla in 2013. He was responsible for development of new vehicles there, including the Model 3 electric sedan, which is the company's first EV designed for the mass market.
Tesla's future hinges on efficient, high volume production of the Model 3. But the company has so far failed to hit its production goals for the vehicle, and has yet to release the $35,000 base model of the car to eager drivers.
In the first quarter of 2018 , Tesla produced 9,766 of its higher-priced Model 3 vehicles, up from 2,425 in the prior quarter. When it first unveiled the Model 3, Tesla CEO Elon Musk said it could manufacture 20,000 of them monthly by the end of 2017.
In the first quarter of 2018, the Model 3 became the best-selling electric vehicle in the U.S. More than 450,000 people have signed up to purchase the car, putting down a $1,000 refundable deposit to do so. Tesla doesn't report how many people have requested refunds for vehicles they have paid to reserve.
In early April, Musk announced that he would personally take over responsibilities for Model 3 production at Tesla from Doug Field. At the same time, Musk wrote on Twitter : "I regard [Doug Field] as one of the world's most talented engineering execs."
Field could not be reached immediately for comment. His leave of absense follows a string of executive departures at Tesla. In April, Intel poached Tesla Autopilot executive Jim Keller. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/tesla-says-top-vehicle-engineer-doug-field-is-taking-time-off.html |
FMC sees strong outlook for lithium demand, prices Published 14 Hours Ago Reuters
TORONTO, May 3 (Reuters) - FMC Corporation "on track" for lithium IPO in October 2018 - CEO Pierre Brondeau FMC Corp says lithium customers increasingly seeking long-term supply commitments - CEO FMC Corp says nearly 60% of agriculture business EBITDA expected in first-half 2018, reversing pattern in previous years - CEO FMC Corp expects by end-2018 80% of its 2020 lithium hydroxide capacity will be committed under long-term contracts - CEO FMC Corp says this last quarter of extensive commentary on its lithium business due to SEC IPO filing this summer - CFO Paul Graves FMC Corp says lithium hydroxide customers "far more focused" on security of supply than price as demand poised to grow - CFO FMC Corp "pretty sure" of lithium price increases in 2018 and 2019, reflects annual price escalation in its contracts, industry supply-demand outlook - CEO FMC Corp sees $550-$700 mln capex for Argentina lithium expansion up to 2025, lithium hydroxide expansion capex seen at $100-$200 mln in next 3-4 years - CFO (Reporting by Susan Taylor) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-fmc-sees-strong-outlook-for-lithium-demand-prices.html |
HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by 11 this week to 1,032.
At this time a year ago there were 877 active rigs.
Houston oilfield services company Baker Hughes reported Friday that 834 rigs drilled for oil this week and 196 for gas. Two were listed as miscellaneous.
Among major oil- and gas-producing states, New Mexico added six rigs and Oklahoma and Texas each gained two. Alaska, Louisiana and North Dakota added one apiece.
Colorado declined by one.
Arkansas, California, Ohio, Pennsylvania, Utah, West Virginia and Wyoming were unchanged.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-new-mexico-gains-6-rigs-as-us-rig-count-rises-to-1032.html |
11:22 AM EDT
Welcome to America — where sports betting is now technically legal.
In a 6-3 ruling, the Supreme Court cleared the way for states to legalize sports betting , striking down a 1992 federal law that had banned the practice in most states.
Justice Samuel Alito explained that this issue has long divided Americans. He said:
The legalization of sports gambling is a controversial subject. Supporters argue that legalization will produce revenue for the States and critically weaken illegal sports betting operations, which are often run by organized crime. Opponents contend that legalizing sports gambling will hook the young on gambling, encourage people of modest means to squander their savings and earnings, and corrupt professional and college sports.
The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own.
This is huge news for daily fantasy sports companies like FanDuel and DraftKings, as sports gambling will account for a big chunk of their business. Ironically enough, both companies have long argued that daily fantasy sports, in which users can win cash prizes in exchange for cash entry fees, is legal because it’s technically a game of skill, not a game of chance.
Now, they’re changing their tune. Last week, FanDuel CEO Matt King told Term Sheet that he’s “excited about the future whatever the decision is.” Yesterday, he said he expects sports betting revenue to eclipse fantasy sports revenue at some point.
“We have exciting ideas from a game features standpoint that we will embed into our current experience,” he said. “What users will see is a simple integrated experience in our core app.”
What does such a product look like? It’ll likely allow users to gamble on the outcome of games or point totals.
Annually, illegal sports betting amounts to an approximately $150 billion industry, and FanDuel isn’t waiting too long to start taking bets from its users. The company plans to launch its sports betting offering as soon as this NFL season.
But where there is huge opportunity, there is also huge competition. When asked if he was worried about daily fantasy sports rival DraftKings, King said, “I’m always worried. I’m always constructively paranoid about the competition.”
He added that a market expansion like this one is bound to attract many new competitors as well. “We have a tremendous foundational business, but we need to execute really, really well.” he said. “I’m optimistic but also very realistic that it’ll be quite the battle.”
Meanwhile, DraftKings CEO Jason Robins is also excited about the Supreme Court ruling, and also plans to debut its sports betting platform during the NFL season, and is also aware of the competition. Robins said he’s “pretty comfortable with our market position at the moment.”
The ruling could have a big windfall for investors, too. Tusk Ventures’ Bradley Tusk, who invested in FanDuel, told Term Sheet that he expects another 25 to 30 states to legalize sports betting. “As an investor, I couldn’t be happier.”
It’s easy to see why. Tusk told ESPN that the decision doubled the value of the firm’s equity stake. “And once states start legalizing sports betting and it becomes common practice, it could be more like five times,” he added.
This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/sports-betting-fanduel-draftkings/ |
Reports solid first quarter earnings;
Affirms full-year 2018 guidance on all measures
CHICAGO, May 02, 2018 (GLOBE NEWSWIRE) -- SP Plus Corporation (Nasdaq:SP), a leading national provider of parking, ground transportation and related services to commercial, institutional and municipal clients throughout North America, today announced its first quarter 2018 results.
G Marc Baumann, President and Chief Executive Officer, stated, “2018 is off to a solid start. Overall first quarter results met our expectations, despite some challenging winter weather and a non-cash write-off related to an unanticipated early termination of a long-term lease contract. Our Airport operations continue to deliver strong results and our health and welfare and casualty programs are performing better than expected. We are also continuing to see some gradual performance improvements in the New York market as a result of the various programs we’ve put in place. Finally, as previously discussed, we completed the sale of our joint venture interest in Parkmobile and our first quarter results include the benefits from this sale.”
Mr. Baumann continued, “We recently held our annual Company management meeting where we brought together the top 175 members of our management team from all around the country. This provided a great opportunity to further review our vision and strategy to accelerate our growth. We discussed our vertical market strategy and our efforts to more aggressively grow our presence in the Hospitality, Municipal, Healthcare and University markets. We also reviewed steps being taken to further expand our revenue management and marketing services capabilities and cross-sell ancillary service offerings, among other initiatives. I believe everyone came out of that two-day meeting excited and re-energized about the growth opportunities ahead and our ability to capitalize on them. I’m very excited about what our team can accomplish in 2018.”
Financial Summary
In millions except per share Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Reported Adjusted (1) Reported Adjusted (1) Gross profit (2) $39.4 $39.4 $40.5 $40.6 General and administrative expenses (2) $22.3 $21.0 $21.2 $21.1 Net income attributable to SP Plus (2) $15.3 $8.8 $6.0 $6.2 Earnings per share (EPS) (2) $0.68 $0.39 $0.27 $0.28 EBITDA (1),(2) $16.6 $17.9 $18.7 $18.8 Net cash (used in) provided by operating activities ($1.6) NA $5.0 NA Free cash flow (1) ($5.6) NA $2.9 NA (1) Refer to accompanying financial tables for a reconciliation of all non-GAAP financial measures to U.S. GAAP.
(2) Adjusted gross profit, adjusted general and administrative expenses, adjusted net income attributable to SP Plus, adjusted earnings per share attributable to SP Plus (“adjusted EPS"), and adjusted earnings before interest, income taxes, depreciation and amortization (“adjusted EBITDA") are all non-GAAP financial measures that exclude, among other things, (a) restructuring, merger and integration costs, (b) non-routine structural and other repairs at legacy Central Parking lease locations, (c) non-routine settlements, (d) the net impact of non-routine asset sales or dispositions, (e) the net loss or gains and the financial results related to sold businesses, (f) the equity in income or losses from investment in unconsolidated entities, and (g) non-routine tax items, including the overall net impact of the U.S. Tax Cuts and Jobs Act of 2017 on 2017. Please refer to the accompanying financial tables for a reconciliation of these adjusted items to U.S. GAAP.
First Quarter Operating Results
Reported gross profit in the first quarter of 2018 was $39.4 million, compared to $40.5 million in the same quarter of 2017, a decrease of $1.1 million or 3%. First quarter adjusted gross profit was also $39.4 million, a decrease of $1.2 million, or 3%, as compared to the first quarter of 2017 on the same basis. The year-over-year decline in adjusted gross profit was primarily due to an early termination of a long-term lease contract that resulted in a $1.7 million non-cash write-off of an acquired lease contract right that was established in connection with the 2012 merger with Central Parking, and also reflected a more severe winter in the first quarter of 2018 relative to 2017 as well as some continuing challenges at certain leased locations in New York, partially offset by a favorable $0.9 million legal settlement.
Reported general and administrative (“G&A”) expenses for the first quarter of 2018 were $22.3 million as compared to $21.2 million in the same period of 2017, an increase of $1.1 million or 5%. Adjusted G&A expenses for the first quarter of 2018 were $21.0 million, a decrease of $0.1 million from the first quarter of 2017.
Reported net income attributable to SP Plus was $15.3 million in the first quarter of 2018, which included the net gain from the sale of a joint venture interest in Parkmobile, as compared to $6.0 million in the same period of 2017. Reported EBITDA was $16.6 million for the first quarter of 2018, compared to $18.7 million for the same period of 2017. Adjusted EBITDA decreased by $0.9 million, or 5%, to $17.9 million for the first quarter of 2018, compared to $18.8 million on the same basis for the first quarter of 2017.
Reported earnings per share for the first quarter of 2018 were $0.68, as compared to $0.27 for the same period of 2017, with $0.33 of the increase due to the net gain from the sale of a joint venture interest in Parkmobile and approximately $0.05 due to a lower effective tax rate. Adjusted earnings per share were $0.39 for the first quarter of 2018, an increase of $0.11 or 39%, compared to adjusted earnings per share of $0.28 for the first quarter of 2017. Lower depreciation and amortization expense, lower interest expense, and a lower effective tax rate were the primary contributors to the year-over-year increase in adjusted earnings per share.
Net cash of $1.6 million was used in operating activities in the first quarter of 2018 and resulting free cash flow was negative $5.6 million for the quarter, as compared to free cash flow of $2.9 million generated in the first quarter of 2017. Higher capital expenditures and temporary changes in working capital impacted first quarter 2018 free cash flow. The Company expects working capital to return a more normal position by year-end.
Recent Developments
SP+ Hospitality Services was awarded several new contracts in the first quarter of 2018 including, the Hotel Zachary, a new development adjacent to Wrigley Field in Chicago, the Kimpton Angler Hotel located in the Art Deco District of Miami’s South Beach, the historic Hotel Roanoke in Roanoke, Virginia, as well as properties in Atlanta and Cleveland.
SP+ Healthcare Services was successful in winning back the parking management contract at 6 hospitals operated by St. Joseph’s Heath Care in London, Ontario. SP+ last provided parking management services at these hospitals in 2010.
SP+ University Services expanded its relationship with Emory University with the addition of valet services at the Midtown Hospital in Atlanta.
SP+ Parking expanded its relationship with Grander Capital Partners with the addition of the Sun Trust Garage in Baltimore. SP+ is excited to be the parking vendor for Grander Capital Partners as it expands in the Baltimore market.
The Company recently lost a long-term municipal contract in Southern California comprised of 31 operating locations.
2018 Outlook
The Company affirms its previously provided guidance on all measures.
Conference Call
The Company's quarterly earnings conference call will be held at 8:00 a.m. (Central Time) on May 3, 2018, and will be available live and in replay to all analysts and investors through a webcast service. To listen to the live call, individuals are directed to the Company's Investor Relations page at http://ir.spplus.com at least 15 minutes early to register and download and install any necessary audio software. For those who cannot listen to the live broadcast, replays will be available shortly after the call on the SP Plus website and can be accessed for 30 days after the call.
About SP+
SP+ provides professional parking management, ground transportation, facility maintenance, security, and event logistics services to property owners and managers in all markets of the real estate industry. The Company has more than 20,000 employees and operates approximately 3,600 facilities with 2.0 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 70 airports. SP+ is one of the premier valet operators in the nation with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor. The Company's ground transportation group transports approximately 37 million passengers each year; its facility maintenance group operates in dozens of U.S. cities; and it provides a wide range of event logistics services. For more information, visit www.spplus.com .
You should not construe the information on that website to be a part of this release. SP Plus Corporation’s annual reports filed on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the Company's website.
Cautionary Note Regarding
This release and the attached tables contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including the statements under the caption "2018 Outlook," and other statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "plan," "guidance," "will," “are to be” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These made based on management's expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment, all of which are difficult to predict and many of which are beyond management's control. Actual results, performance and achievements could differ expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: intense competition; changing consumer preferences that may lead to a decline in parking demand; the Company’s ability to preserve long-term client relationships; difficulty obtaining insurance coverage or obtaining insurance coverage at competitive rates; risk that insurance reserves are inadequate because losses are worse than expected; losses not covered by insurance; risks associated with management contracts and leases; deterioration of general economic and business conditions or changes in demographic trends; information technology disruption, cyber attacks, cyber terrorism and security breaches; adverse litigation judgments or settlements; breach of credit facility terms may restrict borrowing, require penalty payments or accelerate payment of the Company’s substantial indebtedness; the impact of public and private regulations; financial difficulties or bankruptcy of major clients; failure of risk management and safety programs to reduce the cost of risk; labor disputes; failure to attract and retain senior management and other qualified personnel; negative or unexpected tax events; risks associated with joint ventures; weather conditions, natural disasters, and military or terrorist attacks, which may lead to emergency safety measures; adverse weather conditions that lead to fluctuating financial results; risks related to any acquisitions undertaken by the Company; goodwill impairment charges or impairment of long-lived assets; the risk that state and municipal government clients sell or enter into long-term leases of parking-related assets to the Company’s competitors or clients; availability of adequate capital to grow the Company’s business; the Company's ability to obtain performance bonds on acceptable terms; the impact of Federal health care reform; adverse changes in tax laws or rulings, uncertainties in the interpretation and application of the 2017 Tax Cuts and Jobs Act of 2017; and actions of activist investors.
For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any whether as changed circumstances or future events or for any other reason.
Reimbursed Management Contract Revenue and Reimbursed Management Contract Expense Correction
During 2017, the Company corrected reimbursed management contract revenue and reimbursed management contract expense for the previous periods presented, whereby, the Company had been overstating reimbursed management contract revenue and reimbursed management contract expense included within the Consolidated Statements of Income in equal and off-setting amounts. As a result, with respect to the income statements attached, the Company has made corrections which have resulted in a reduction of reimbursed management contract revenue of $12.6 million and a reduction of reimbursed management contract expense of $12.6 million for the 2017. The correction had no impact to the Consolidated Balance Sheets, Statements of Income, Comprehensive Income or Cash Flows, except as described above and as it relates to reimbursed management contract revenue and reimbursed management contract expense. Management has evaluated the effects of the previous misstatements, both qualitatively and quantitatively, and concluded that these corrections were immaterial to any current or prior annual periods that were affected.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements presented in accordance with U.S. GAAP, the Company considers certain financial measures that are not prepared in accordance with U.S. GAAP. Certain non-GAAP measures, such as adjusted gross profit, adjusted general and administrative expenses (adjusted G&A), adjusted net income attributable to SP Plus (adjusted net income), adjusted net income per share attributable to SP Plus (adjusted EPS), and adjusted EBITDA exclude items that management does not consider indicative of its core performance. Such adjustments include, among other things: i) restructuring, merger and integration related costs; ii) non-routine structural and other repairs at legacy Central Parking leases; iii) non-routine settlements; iv) the impact of non-routine asset sales or dispositions; v) the net loss or gains and the financial results related to sold businesses; vi) the equity in income or losses from investment in unconsolidated entities; and vii) non-routine tax items, including any further developments related to the U.S. Tax Cuts and Jobs Act of 2017. Pre-tax adjustments are tax affected at a statutory tax rate of 41% for 2017 and 26% for 2018 for adjusted net income and adjusted EPS purposes.
The Company defines EBITDA, a non-GAAP financial measure, as U.S GAAP net income attributable to the Company before (i) interest expense net of interest income, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) gain on sale of a business or contribution of a business to an unconsolidated entity, and (v) equity in the gains or losses from investment in unconsolidated entities. Adjusted EBITDA excludes items that management does not consider indicative of its core performance, as defined per above. The Company believes that the presentation of EBITDA and adjusted EBITDA provide useful information regarding the Company’s operating performance and are useful measures to facilitate comparisons to our historical and future operating results. The Company's definition of EBITDA and adjusted EBITDA may not be comparable to similarly titled measures presented by other companies.
The Company defines free cash flow as net cash from operating activities, less cash used for investing activities (exclusive of cash used for acquisitions and net after-tax cash proceeds from the sale of businesses or joint venture related assets), less distribution to noncontrolling interest, plus the effect of exchange rate changes on cash and cash equivalents. The Company believes that the presentation of free cash flow provides useful information regarding its ability to generate cash flow from business operations after funding capital expenditures, that can be used to, among other things, repay debt, fund strategic acquisitions, and return value to shareholders. The Company's definition of free cash flow may not be comparable to similarly titled measures presented by other companies.
The Company uses these non-GAAP financial measures, in addition to U.S. GAAP financial measures, to evaluate its operating and financial performance and to compare such performance to that of prior periods and to the performance of its competitors. Additionally, the Company uses these non-GAAP financial measures in making operational and financial decisions and in the Company’s budgeting and planning process. The Company believes that providing these non-GAAP financial measures to investors helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance and consistent with guidance previously provided by the Company. Adjusted gross profit, adjusted G&A, adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA, and free cash flow should not be considered in isolation of, or as alternatives to, or more meaningful indicators of the Company's operating performance or liquidity than, gross profit, G&A, net income, EPS, or net cash provided by operating activities, as determined in accordance with U.S. GAAP. In addition, the Company's calculation of these non-GAAP measures may not be comparable to similarly titled measures presented by other companies.
For reconciliations of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, see the accompanying tables to this release.
Contacts:
Vance Johnston
(312) 521-8409
[email protected]
ICR/Rachel Schacter
(646) 277-1243
[email protected]
SP Plus Corporation Condensed Consolidated Balance Sheets (millions, except for share and per share data) March 31, 2018 December 31, 2017 Assets (unaudited) Cash and cash equivalents $ 28.5 $ 22.8 Notes and accounts receivable, net (1) 136.5 122.3 Prepaid expenses and other 11.3 15.5 Total current assets 176.3 160.6 Leasehold improvements, equipment and construction in progress, net 27.1 27.4 Other assets Advances and deposits 4.7 4.1 Other intangible assets, net 52.8 54.1 Favorable acquired lease contracts, net 20.4 23.3 Equity investments in unconsolidated entities 9.7 18.6 Other assets, net 18.3 18.3 Deferred taxes 15.8 15.9 Cost of contracts, net 8.7 8.9 Goodwill 431.6 431.7 Total other assets 562.0 574.9 Total assets $ 765.4 $ 762.9 Liabilities and stockholders’ equity Accounts payable $ 97.6 $ 102.8 Accrued rent 20.6 23.2 Compensation and payroll withholdings 20.8 22.2 Property, payroll and other taxes 8.5 6.8 Accrued insurance 18.7 18.9 Accrued expenses (1) 30.3 25.5 Current portion of obligations under Restated Credit Facility and other long-term borrowings 20.6 20.6 Total current liabilities 217.1 220.0 Long-term borrowings, excluding current portion Obligations under Restated Credit Facility 124.3 132.0 Other long-term borrowings 1.2 1.2 125.5 133.2 Unfavorable acquired lease contracts, net 29.6 31.5 Other long-term liabilities 64.9 65.1 Total noncurrent liabilities 220.0 229.8 Stockholders’ equity Preferred Stock, par value $0.01 per share; 5,000,000 shares authorized as of March 31, 2018 and December 31, 2017; no shares issued — — Common stock, par value $0.001 per share; 50,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 22,636,809 and 22,542,672 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively. — — Treasury Stock, at cost; 305,183 shares at March 31, 2018 and December 31, 2017 (7.5 ) (7.5 ) Additional paid-in capital 255.2 254.6 Accumulated other comprehensive loss (1.6 ) (1.2 ) Retained earnings 82.2 67.0 Total SP Plus Corporation stockholders’ equity 328.3 312.9 Noncontrolling interest — 0.2 Total stockholders’ equity 328.3 313.1 Total liabilities and stockholders’ equity $ 765.4 $ 762.9 (1) The Company adopted Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts with Customers" (Topic 606) effective January 1, 2018, using the modified retrospective method of adoption. As a result, the Company recognized a $11.1 million contract asset with a corresponding $11.1 million contract liability as of March 31, 2018 for the performance obligation expected to be satisfied at a future date. Pursuant to the Company using the modified retrospective method of adopting Topic 606, the prior period presented has not been recast.
SP Plus Corporation Condensed Consolidated Statements of Income Three Months Ended (millions, except for share and per share data) (unaudited) March 31, 2018 March 31, 2017 Parking services revenue Lease type contracts (1) $ 99.5 $ 130.8 Management type contracts 94.4 92.1 193.9 222.9 Reimbursed management type contract revenue 172.9 179.0 Total parking services revenue 366.8 401.9 Cost of parking services Lease type contracts (1) 94.6 125.8 Management type contracts 59.9 56.6 154.5 182.4 Reimbursed management type contract expense 172.9 179.0 Total cost of parking services 327.4 361.4 Gross profit Lease type contracts 4.9 5.0 Management type contracts 34.5 35.5 Total gross profit 39.4 40.5 General and administrative expenses 22.3 21.2 Depreciation and amortization 4.0 6.6 Operating income 13.1 12.7 Other expenses (income) Interest expense 2.1 2.6 Interest income (0.1 ) (0.1 ) Equity in (earnings) losses from investment in unconsolidated entity (10.1 ) 0.2 Total other (income) expenses (8.1 ) 2.7 Earnings before income taxes 21.2 10.0 Income tax expense 5.3 3.3 Net income 15.9 6.7 Less: Net income attributable to noncontrolling interest 0.6 0.7 Net income attributable to SP Plus Corporation $ 15.3 $ 6.0 Common stock data Net income per common share Basic $ 0.69 $ 0.27 Diluted $ 0.68 $ 0.27 Weighted average shares outstanding Basic 22,308,694 22,148,265 Diluted 22,557,326 22,447,904 (1) The Company adopted Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts with Customers" (Topic 606) and ASU 2017-10, "Service Concession Arrangements" (Topic 853) effective January 1, 2018, using the modified retrospective method of adoption. As a result, $31.6 million of certain expenses which were previously recorded as Cost of parking services have now been recorded as a reduction of Parking services revenue for the three months ended March 31, 2018. Pursuant to the Company using the modified retrospective method of adopting Topics 606 and 853, the prior period presented has not been recast.
SP Plus Corporation Condensed Consolidated Statements of Cash Flows Three Months Ended (millions) (unaudited) March 31, 2018 March 31, 2017 Operating activities Net income $ 15.9 $ 6.7 Adjustments to reconcile net income to net cash (used in) provided by operations: Depreciation and amortization 4.3 6.9 Net amortization (accretion) of acquired lease contracts 0.9 (0.4 ) Loss on sale of equipment 0.1 — Net equity in (earnings) losses of unconsolidated entities (net of distributions) (0.2 ) 0.2 Gain on sale of equity method investment in unconsolidated entity (10.1 ) — Amortization of debt issuance costs 0.1 0.2 Amortization of original discount on borrowings 0.1 0.1 Non-cash stock-based compensation 0.6 0.9 Provisions for losses on accounts receivable — 0.1 Deferred income taxes 0.1 (0.3 ) Changes in operating assets and liabilities Notes and accounts receivable (14.2 ) (4.3 ) Prepaid assets 3.8 1.9 Other assets — (0.9 ) Accounts payable (5.1 ) 4.0 Accrued liabilities 2.1 (10.1 ) Net cash (used in) provided by operating activities (1.6 ) 5.0 Investing activities Purchase of leasehold improvements and equipment (2.6 ) (1.1 ) Proceeds from sale of equity method investment in unconsolidated entity 19.3 — Cost of contracts purchased (0.2 ) (0.3 ) Net cash provided by (used in) investing activities 16.5 (1.4 ) Financing activities Payments on revolver (Restated Credit Facility) (77.3 ) (126.0 ) Proceeds from revolver (Restated Credit Facility) 74.5 127.6 Payments on term loan (Restated Credit Facility) (5.0 ) (5.0 ) Payments on other long-term borrowings (0.1 ) (0.1 ) Distribution to noncontrolling interest (0.8 ) (0.6 ) Payments of debt issuance costs and original discount on borrowings (0.1 ) (0.1 ) Net cash used in financing activities (8.8 ) (4.2 ) Effect of exchange rate changes on cash and cash equivalents (0.4 ) — Increase (decrease) in cash and cash equivalents 5.7 (0.6 ) Cash and cash equivalents at beginning of year 22.8 22.2 Cash and cash equivalents at end of period $ 28.5 $ 21.6 Supplemental disclosures Cash paid during the period for Interest $ 1.9 $ 2.3 Income taxes, net $ 0.4 $ 0.9
SP Plus Corporation Supplemental Financial Information - Reconciliation of Adjusted Gross Profit, Adjusted G&A, Adjusted Net Income, and Adjusted Net Income Per Share (millions, except for share and per share data) (unaudited) Three months ended March 31, 2018 March 31, 2017 Gross profit Gross profit, as reported $ 39.4 $ 40.5 Add: Non-routine structural repairs and other items - 0.1 Other, rounding - - Adjusted gross profit $ 39.4 $ 40.6 General and administrative expenses General and administrative expenses, as reported $ 22.3 $ 21.2 Subtract: Restructuring, merger and integration costs (1.2 ) (0.1 ) Other, rounding (0.1 ) - Adjusted G&A $ 21.0 $ 21.1 Net income attributable to SP Plus Net income attributable to SP Plus, as reported $ 15.3 $ 6.0 Add: Non-routine structural and other repairs - 0.1 Add: Restructuring, merger and integration costs 1.2 0.1 Add: Equity in (earnings) losses from investment in unconsolidated entity (10.1 ) 0.2 Net tax effect of adjustments 2.3 (0.2 ) Other, rounding 0.1 - Adjusted net income attributable to SP Plus $ 8.8 $ 6.2 Net income per share, as reported Basic $ 0.69 $ 0.27 Diluted $ 0.68 $ 0.27 Adjusted net income per share Basic $ 0.39 $ 0.28 Diluted $ 0.39 $ 0.28 Weighted average shares outstanding Basic 22,308,694 22,148,265 Diluted 22,557,326 22,447,904
SP Plus Corporation Supplemental Financial Information - Reconciliation of Net Income to EBITDA and Adjusted EBITDA (millions) (unaudited) Three months ended March 31, 2018 March 31, 2017 Net income attributable to SP Plus, as reported $ 15.3 $ 6.0 Add (subtract): Income tax expense 5.3 3.3 Interest expense, net 2.0 2.5 Equity in (earnings) losses from investment in unconsolidated entity (10.1 ) 0.2 Depreciation and amortization expense 4.0 6.6 Other, rounding 0.1 0.1 Earnings before interest, taxes, depreciation and amortization (EBITDA) $ 16.6 $ 18.7 Add: Non-routine structural and other repairs - 0.1 Add: Restructuring, merger and integration costs 1.2 0.1 Other, rounding 0.1 (0.1 ) Adjusted EBITDA $ 17.9 $ 18.8
SP Plus Corporation Free Cash Flow (millions) (unaudited) Three months ended March 31, 2018 March 31, 2017 Net cash (used in) provided by operating activities ($1.6 ) $5.0 Net cash provided by (used in) investing activities 16.5 (1.4 ) less: Proceeds from sale of business or equity method investee's sale of assets, net (a) (19.3 ) - Distribution to noncontrolling interest (0.8 ) (0.6 ) Effect of exchange rate changes on cash and cash equivalents (0.4 ) - Other, rounding - (0.1 ) Free cash flow ($5.6 ) $2.9 (a) Net of cash income taxes paid
SP Plus Corporation Location Count March 31, 2018 December 31, 2017 March 31, 2017 Leased facilities 659 667 702 Managed facilities 2,911 2,956 2,976 Total facilities 3,570 3,623 3,678
Source:SP Plus Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-sp-plus-corporation-announcesafirst-quarter-2018-results.html |
May 11 (Reuters) - Glacier Media Inc:
* GLACIER REPORTS FIRST QUARTER RESULTS * QTRLY ADJUSTED REVENUE $53.086 MILLION VERSUS $55.435 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-glacier-q1-adjusted-revenue-53086/brief-glacier-q1-adjusted-revenue-53-086-mln-versus-55-435-mln-idUSASC0A1UM |
Looks like many millennials won't have to go out of their way to see mom for Mother's Day.
That's because nearly 23 percent of millennials already live with their mother, according to a new report from Zillow, an online real estate database company. In 2005, about 14 percent did so.
To crunch the numbers, Zillow analyzed U.S. Census Bureau data from 2005 through 2016, focusing on households in the 50 largest metros that included a mom, and a younger resident age 24 to 36.
(Click on graphic to enlarge.)
"You would expect young adults living at home to return to historic norms," said Aaron Terrazas, senior economist at Zillow, speaking about how we've recovered from the housing bubble. "But the trend hasn't decreased — if anything, it's increased."
Fewer millennials are moving into their own place because housing prices are outpacing wages, Terrazas said.
Student loan debt has also become a major barrier to home ownership in America. More than 80 percent of people age 22 to 35 with student debt and who haven't bought a house yet, blame their educational loans, according to the National Association of Realtors.
Here are the cities in which the most millennials reside with mom.
More from Personal Finance:
These are the ways student loans stop people from buying a house
Student loan nightmare: Some borrowers have to start over
People with massive student debt hope Trump will let them declare bankruptcy | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/nearly-25-percent-of-millennials-live-with-their-mom-.html |
May 10 (Reuters) - Air Lease Corp:
* AIR LEASE CORP FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED- SEC FILING
* AIR LEASE CORP - IN ADDITION, SELLING STOCKHOLDERS MAY FROM TIME TO TIME OFFER, SELL UP TO 4.8 MILLION SHARES OF CO'S CLASS A COMMON STOCK - SEC FILING Source text: ( bit.ly/2I9CcEB ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-air-lease-corp-files-for-potential/brief-air-lease-corp-files-for-potential-mixed-shelf-offering-size-idUSFWN1SH1P5 |
NEW YORK (Reuters) - The U.S. economy is expanding at a 4.1 percent annualized rate in the second quarter as the government said construction spending fell in March and revised up its figure on building activity in February, the Atlanta Federal Reserve’s GDPNow forecast model showed on Tuesday.
The latest estimate on gross domestic product growth was unchanged from the pace estimated on Monday, the Atlanta Fed said.
Reporting by Richard Leong; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy-atlantafed/atlanta-fed-leaves-u-s-second-quarter-gdp-growth-view-at-4-1-percent-idUSKBN1I23ZM |
– Registration-directed trial of tipifarnib in HRAS mutant head and neck squamous cell carcinomas (HNSCC) on track to initiate in second half of 2018 –
– Data from multiple Phase 2 trials of tipifarnib in solid tumor and hematologic indications anticipated in second half of 2018 –
– Company expects cash, cash equivalents and short-term investments will be sufficient to fund current operations into the first half of 2020 –
– Management to host webcast and conference call today at 4:30 p.m. ET –
SAN DIEGO, May 08, 2018 (GLOBE NEWSWIRE) -- Kura Oncology, Inc., (Nasdaq:KURA) a clinical-stage biopharmaceutical company focused on the development of precision medicines for oncology, today reported first quarter 2018 financial results and provided a corporate update.
“I am very pleased with the progress we made over the past quarter, highlighted by a successful end of Phase 2 meeting with the FDA,” said Troy Wilson, Ph.D., J.D., President and Chief Executive Officer of Kura Oncology. “We are working diligently to initiate AIM-HN, our registration-directed trial of tipifarnib in HRAS mutant HNSCC, as well as SEQ-HN, our concurrent screening and outcomes study. We believe that tipifarnib has the potential to become an important treatment option for patients with HRAS mutant HNSCC, and we are committed to executing the clinical and regulatory strategy that best positions it for success.”
“We are also excited about the potential to expand the clinical utility of tipifarnib to other solid tumor and hematologic indications,” continued Dr. Wilson. “We are evaluating tipifarnib in multiple biomarker-guided Phase 2 clinical trials, and our goal is to generate proof-of-concept data in one or more of these additional indications by year end. We believe we have the cash runway to advance tipifarnib and our emerging pipeline of drug candidates through a series of upcoming potential data catalysts, and we look forward to providing further updates on our progress in the months ahead.”
Corporate Update
Registration-directed trial of tipifarnib in HRAS mutant HNSCC – Following a positive Phase 2 trial in HRAS mutant HNSCC and a successful end of Phase 2 meeting with the FDA, Kura is planning to conduct a global, registration-directed trial of its lead drug candidate tipifarnib in at least 59 recurrent or metastatic patients with HRAS mutant HNSCC. The primary endpoint of the trial will be objective response rate. Based on feedback from the FDA, Kura believes that the single-arm trial, if positive, could support an application for accelerated approval. Kura anticipates that the trial, called AIM-HN, will require fewer than 100 clinical sites worldwide and take approximately two years to enroll. Kura expects to initiate the AIM-HN trial in the second half of 2018.
Screening and outcomes study in HRAS mutant HNSCC – Concurrent with the AIM-HN trial, Kura is also planning to conduct a non-interventional, case-control study in HNSCC, called SEQ-HN. The study is expected to facilitate the identification of patients with HRAS mutations for potential enrollment into the AIM-HN trial. In addition, SEQ-HN is designed to characterize the natural history of patients with HRAS mutant HNSCC, which may support any future discussions with regulatory agencies concerning the appropriateness and nature of a potential approval.
Tipifarnib in HRAS mutant lung squamous cell carcinoma (LSCC) – Kura recently presented new preclinical data showing that tipifarnib is highly active in HRAS mutant LSCC tumor models. The data, presented at the American Association for Cancer Research (AACR) Annual Meeting in April 2018, illustrate the potential for tipifarnib in the treatment of HRAS mutant LSCC. Kura is collaborating with the Spanish Lung Cancer Group, a cooperative group consisting of more than 150 public and private oncology centers in Spain, on a proof-of-concept trial of tipifarnib in HRAS mutant LSCC. Kura anticipates this investigator-sponsored trial to initiate later this year.
Patent protection for tipifarnib in hematologic malignancies – Kura recently announced the issuance of U.S. patent 9,956,215, “Methods of Treating Cancer Patients with Farnesyltransferase Inhibitors.” The newly issued patent includes multiple claims directed to the use of tipifarnib as a method of treating patients with CXCL12-expressing peripheral T-cell lymphoma (PTCL) and acute myeloid leukemia (AML) and has an expiration date of November 2037, excluding any possible patent term extension. This patent comes less than one year after the U.S. Patent and Trademark Office issued a similar patent for tipifarnib in HRAS mutant HNSCC, reinforcing the potential of Kura’s broader strategy to generate intellectual property related to its drug candidates and their use in treating genetically defined patient populations.
Potential biomarker for KO-947 in squamous cell carcinomas – At the AACR Annual Meeting in April 2018, Kura presented new preclinical data for its ERK inhibitor, KO-947, including the identification of 11q13 amplification as a potential biomarker of activity in squamous cell carcinomas. Amplification of chromosomal region 11q13 is a common genetic alteration in squamous cell carcinomas, comprising approximately 20% of HNSCC and 50% of esophageal squamous cell carcinoma.
Upcoming Milestones
Initiation of AIM-HN, a registration-directed trial of tipifarnib in HRAS mutant HNSCC, and SEQ-HN, a non-interventional, case-control study in HRAS mutant HNSCC, in the second half of 2018
Additional data from RUN-HN, an ongoing Phase 2 trial of tipifarnib in HRAS mutant HNSCC, in the second half of 2018
Biomarker-enriched data from ongoing Phase 2 trials of tipifarnib in hematologic malignancies in the second half of 2018
Initiation of a proof-of-concept study of tipifarnib in HRAS mutant LSCC sponsored by the Spanish Lung Cancer Group in 2018
Data from a Phase 1 dose-escalation trial of KO-947 in solid tumors in the second half of 2018
Submission of an investigational new drug application for KO-539, a potent and selective inhibitor of the menin-MLL interaction, in late 2018 or early 2019
Financial Results
Research and development expenses for the first quarter of 2018 were $11.6 million, compared to $5.5 million for the first quarter of 2017.
General and administrative expenses for the first quarter of 2018 were $3.4 million, compared to $2.1 million for the first quarter of 2017.
Net loss for the first quarter of 2018 was $14.6 million, compared to $7.5 million for the first quarter of 2017.
Cash, cash equivalents and short-term investments totaled $138.2 million as of March 31, 2018, which included $57.7 million in net proceeds under an ATM facility in January 2018, compared with $93.1 million as of December 31, 2017.
Management expects that current cash, cash equivalents and short-term investments will be sufficient to fund its current operations into the first half of 2020.
Conference Call and Webcast
Kura’s management will host a webcast and conference call today at 4:30 p.m. ET / 1:30 p.m. PT today, May 8, 2018, to discuss the financial results for the first quarter of 2018 and provide a corporate update. The live call may be accessed by dialing (877) 516-3514 for domestic callers and (281) 973-6129 for international callers and using conference ID #7199738. A live webcast of the call will be available from the Investors and Media section of the company website at www.kuraoncology.com , and will be archived there for 30 days.
About Kura Oncology
Kura Oncology is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. The company’s pipeline consists of small molecule drug candidates that target cancer signaling pathways where there is a strong scientific and clinical rationale to improve outcomes by identifying those patients most likely to benefit from treatment. Kura Oncology’s lead drug candidate is tipifarnib, a farnesyl transferase inhibitor, which is currently being studied in multiple Phase 2 clinical trials in solid tumor and hematologic indications. The company plans to initiate the AIM-HN trial, a single-arm, registration-directed trial of tipifarnib in at least 59 recurrent or metastatic patients with HRAS mutant HNSCC in the second half of 2018. Kura’s pipeline also includes KO-947, an ERK inhibitor, currently in a Phase 1 trial, and KO-539, an inhibitor of the menin-MLL protein-protein interaction, currently in preclinical development. For additional information about Kura Oncology, please visit the company’s website at www.kuraoncology.com .
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the efficacy, safety and therapeutic potential of Kura Oncology’s product candidates, tipifarnib, KO-947 and KO-539, progress and expected timing of Kura Oncology’s drug development programs and clinical trials, including the timing of initiation of the AIM-HN trial, and submission of regulatory filings, the presentation of data from clinical trials, plans regarding regulatory filings and future clinical trials, the regulatory approval path for tipifarnib, the strength of Kura Oncology’s balance sheet and the adequacy of cash on hand. Factors that may cause actual results to differ materially include the risk that compounds that appeared promising in early research or clinical trials do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that Kura Oncology may not obtain approval to market its product candidates, uncertainties associated with performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, the risks associated with reliance on outside financing to meet capital requirements, and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "promise," "potential," "expects," "plans," "anticipates," "intends," "continues," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties the company faces, please refer to the company's periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov . Such forward-looking statements are current only as of the date they are made, and Kura Oncology assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
KURA ONCOLOGY, INC. Statements of Operations Data (unaudited) (in thousands, except per share data) Three Months Ended March 31, 2018 2017 Operating Expenses: Research and development $ 11,566 $ 5,513 General and administrative 3,425 2,140 Total operating expenses 14,991 7,653 Other income, net 387 120 Net loss $ (14,604 ) $ (7,533 ) Net loss per share, basic and
diluted $ (0.46 ) $ (0.39 ) Weighted average number of
shares used in computing net loss
per share, basic and diluted 31,829 19,464
KURA ONCOLOGY, INC. Balance Sheet Data (unaudited) (in thousands) March 31, December 31, 2018 2017 Cash, cash equivalents and short-term investments $ 138,200 $ 93,145 Working capital 129,010 84,610 Total assets 141,458 95,851 Long-term liabilities 5,307 5,955 Accumulated deficit (103,894 ) (89,290 ) Stockholders’ equity 124,800 79,865 Contacts
Company:
Pete De Spain
Vice President, Investor Relations &
Corporate Communications
(858) 500-8803
[email protected]
Investors:
Robert H. Uhl
Managing Director
Westwicke Partners, LLC
(858) 356-5932
[email protected]
Media:
Jason Spark
Managing Director
Canale Communications
(619) 849-6005
[email protected]
Source:Kura Oncology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-kura-oncology-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
Facebook CEO Mark Zuckerberg stayed pretty quiet during a meeting with members of the European Parliament, but the EU leaders sure didn't.
Zuckerberg was invited to meet with EU leaders on Tuesday to "clarify issues related to the use of personal data." EU representatives pitched tough questions on shadow profiles, data tracking and Facebook's market power — and took their shots at Facebook's top executive.
Some of Europe's top regulators characterized Zuckerberg as a "genius who created a digital monster," asked if he had "too much power" and questioned whether Facebook's policies were "morally acceptable." They also berated the CEO for repeating the same talking points again and again.
If you missed Tuesday's exchanges, here are some of the harshest hits:
1. 'A genius who created a digital monster' A member from Belgium , Guy Verhofstadt, delivered some of the strongest blows to Zuckerberg, at one point comparing the CEO to a character from a dystopian novel.
"[Dave Egger's 'The Circle'] is about a big data company who is out of control — not even the owner has control on it, and that data is used in in elections," Verhofstadt said. "And it seems to me very near to the reality. Also the fact that maybe you have less control or no control about your own company at the moment."
Thomas Samson | AFP | Getty Images Guy Verhofstadt, the European Union's lead Brexit negotiator. Verhofstadt also invoked Zuckerberg's legacy and implied it's now at an inflection point.
"You have to ask yourself how you will be remembered — as one of the three big internet giants together with Steve Jobs and Bill Gates who have enriched our worlds and our societies," Verhofstadt said. "Or on the other, in fact, a genius who created a digital monster that is destroying our democracies and our societies."
Verhofstadt was one of the most vocal critics of the meeting format , which allowed Zuckerberg to essentially pick and choose which big-picture themes he wanted to address, often with rehearsed talking points.
"I'm anxious of this new, brave new world that Mr. Zuckerberg has presented us," Verhofstadt said, "a brave new world where tens and tens of thousands of private people are scrutinizing us and are saying what is fake news, what is not fake news, what is hate speech, what is not hate speech."
2. 'Too much power in only one hand' Several members of parliament asked about Facebook's market share, including German representative Manfred Weber:
"Would you consider your company as a monopoly?" Weber asked. "It is time to discuss breaking [up the] Facebook monopoly because it's already too much power in only one hand ... Can you convince me not to do so?"
3. 'Is it morally acceptable' Zuckerberg evaded questions about so-called shadow profiles, which Facebook creates and stores on non-Facebook users through pixels and plug-ins across the internet.
That line of questioning was kicked off by London representative Syed Kamall:
"Is it morally acceptable do you think in your opinion to collect non-Facebook users' data without them knowing what you do with it?" Kamall asked.
4. 'The same line again and again' Several officials reminded Zuckerberg of his appearances before the U.S. Congress last month, but not in a congratulatory tone.
Frederick Florin | AFP | Getty Images Nigel Farage "I'm watching very carefully that testimony that you gave on Capitol Hill. Time and again people asked you, you know, is this genuinely a neutral political platform. And you come up with the same line again and again — it's well-crafted," said the U.K.'s Nigel Farage, a leader of the Brexit movement.
EU officials have historically been tougher on Silicon Valley and more concerned about privacy than their U.S. counterparts. Facebook has vowed to change many of the policies that have outraged regulators, cracking down on data-collecting apps and giving consumers simpler privacy controls. But the EU, members acknowledged, would be a tougher crowd.
"I want to mention something very obvious. You're not in the congressional hearing, you've come to the European Union and there is a big difference," said Britain's Claude Moraes. "You've come here not to Congress but to the European Union and we have expectations."
The lawmakers asked questions for about an hour while Zuckerberg took notes. He began answering questions with just seven minutes left in the session.
Zuckerberg talked about the company's efforts with artificial intelligence, its commitment to security on the platform and its past policy changes with regard to third-party apps. He didn't specifically address the "brave new world" or monopoly issues other than to repeat what he told the U.S. Congress: that "we exist in a very competitive space." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/facebook-ceo-mark-zuckerberg-the-eu-parliaments-harshest-hits.html |
KIEV (Reuters) - Ukraine’s cyber police said on Wednesday the agency was aware of a possible new threat, as Cisco Systems Inc ( CSCO.O ) warned about a suspected Russian plan to attack Ukraine using highly sophisticated malicious software.
An employee works at the Ukrainian Cyber Police headquarters in Kiev, Ukraine November 2, 2017. REUTERS/Valentyn Ogirenko “We are aware of this situation and these vulnerabilities. Now we, together with the Security Service of Ukraine, take measures to prevent any cyber incident that may arise,” cyber police chief Serhiy Demedyuk told Reuters in a written statement, commenting on Cisco Systems’s warning.
Reporting by Pavel Polityuk; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cyber-routers-ukraine-police/ukraine-cyber-police-aware-of-possible-new-threat-police-chief-idUSKCN1IO1VH |
By Bloomberg 10:00 AM EDT
Walmart Inc. will fund college degrees for its U.S. workforce, the latest benefit rolled out by the nation’s largest private employer to reduce turnover and counter criticism over its treatment of staff.
The retailer’s 1.5 million employees can now pursue associate’s or bachelor’s degrees in business or supply-chain management at three nonprofit schools for $1 a day, according to a statement Wednesday. Walmart will subsidize tuition, books and fees and provide support with the application and enrollment processes. As many as 68,000 employees might sign up, Walmart executives estimated. They declined to disclose the potential cost of the program.
“Many of our associates don’t have the opportunity to complete a degree,” said Drew Holler, Walmart’s U.S. vice president of people innovation, in an interview. “We felt strongly that this is something that would improve their lives and help us run a better business.”
The tuition program — offered to part-time staff as well as full-timers — is the latest move by Walmart to improve employee retention and engagement. Earlier this year, the company boosted its starting hourly wage to $11, expanded its maternity and parental leave policy and added an adoption benefit. The newest offer comes three years after Starbucks Corp. said it would pay full tuition for its workers, rather than just partially foot the bill. Three Schools
The Walmart and Sam’s Club employees can choose from three schools that focus on adult learning: the University of Florida, California’s Brandman University or Bellevue University in Nebraska. Courses can be taken at the campuses or online, Walmart said, and there is no penalty for courses already taken if an employee leaves the company while enrolled in school. There’s also no requirement to continue working at Walmart for any period after receiving the degree.
Walmart estimates that as many as 5 percent of its U.S. workforce could take advantage of the college program. The company currently offers subsidized programs to help employees get their high-school diploma.
Academic counseling will be provided by Guild Education, a company that helps large employers extend education benefits.
Starbucks said it hopes to have 25,000 employees graduate from Arizona State University by 2025 as part of its free four-year college tuition program. Chairman Howard Schultz said last year that Starbucks was the first American company to offer free four-year tuition for all its employees. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/walmart-paying-college-tuition-for-employees/ |
* Stocks extend selloff on Italy woes; Asia follows Wall St slide
* Edgy investors flee stocks, seek safety in bonds
* Euro hits 10-month low, dollar and yen rise
* U.S. moves on China trade also unnerve investors
* Oil under pressure after big falls in last 3 days
* Spreadbetters see mixed opening in Europe
By Tomo Uetake
TOKYO, May 30 (Reuters) - Asian stocks extended a global sell-off on Wednesday as Italy’s political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as U.S. Treasuries.
MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4 percent, while Japan’s Nikkei average sold off 1.5 percent to a six-week low.
Chinese shares also headed south, with the Shanghai Composite index down 1.4 percent. South Korea’s KOSPI and Australia’s S&P/ASX 200 slipped 2.0 percent and 0.5 percent, respectively.
Financial spread-betters expected a mixed opening in Europe, with London’s FTSE to open 5 points lower at 7,627, Frankfurt’s DAX to open 5 points higher at 12,671 and Paris CAC to open down 3 points at 5,435.
The sharp downturn in Asia followed from an equally harsh session on Wall Street on Tuesday, where the Dow Jones Industrial Average fell 1.6 percent, the S&P 500 lost 1.2 percent and the Nasdaq Composite dropped 0.5 percent. The financial sector took the hardest hit.
Investors fear that repeat elections in the euro zone’s third-largest economy - which could come as soon as July - may become a de-facto referendum on Italian membership of the currency bloc and its role in the European Union.
“The way Italy’s short-term debt yields are spiking makes you think default risk is on radar in the market. It tells how grave the situation is,” said Makoto Noji, senior strategist at SMBC Nikko Securities.
“What the markets are starting to factor-in is not a default per se but an early election leading to a victory of eurosceptics and an exit from the euro.”
Short-dated Italian bond yields - a sensitive gauge of political risk - soared 1.5 percentage points from Monday to their highest since 2013 in their biggest move in nearly 26 years.
Safe-haven U.S. Treasury bonds and German bunds rallied, as did the Japanese yen, the U.S. dollar and gold. The euro fell against the Swiss franc, Japanese yen and U.S. dollar, nearing $1.15 and touching its lowest point since July.
U.S. 10-year Treasuries were yielding 2.817 percent in the Asian afternoon, edging up from the U.S. close of 2.768 percent, while S&P futures rose 0.2 percent.
Earlier this week, there was talk that a new vote in Italy would not be held until late this year or early 2019, prolonging the uncertainty.
Kerry Craig, a global market analyst at JPMorgan Asset Management, noted that Italy’s economy is in better shape that it was in 2011 when the euro zone was mired in a debt crisis.
But, he added, “Completely dismissing the risk that Italy poses would be an unwise move, especially given how the next election may play out and the prospect of a stronger eurosceptic position.”
In Asia, traders also fretted over the on-again, off-again U.S.-North Korean summit and the U.S.-China trade relationship.
The United States said on Tuesday that it would continue pursuing actions on trade with China, prompting Chinese state media to slam the U.S. announcement.
Emerging market stocks lost 1.2 percent, marking a new low point for the year, under continued pressure from a rising U.S. dollar for countries that often borrow in that currency.
Indonesia’s central bank is holding an out-of-cycle policy meeting on Wednesday, and is expected to raise its benchmark interest rate for the second time in two weeks, according to a Reuters poll.
Oil struggled under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as U.S. output has surged in recent years.
U.S. crude futures retreated 0.2 percent to $66.58 per barrel, extending losses into a sixth consecutive sessions.
Reporting by Tomo Uetake; Additional reporting by Hideyuki Sano in Tokyo and Swati Pandey in Sydney; Editing by Sam Holmes, Shri Navaratnam & Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-stocks-battered-as-italian-crisis-deepens-idUSL3N1T12DY |
(Updates with more details, Quote: s from Mogherini)
BRUSSELS, May 15 (Reuters) - The European Union cannot provide legal and economic guarantees to Iran after the United States pulled out of the 2015 nuclear accord, but is serious about seeking a way to keep investment flowing, the EU’s top diplomat said on Tuesday.
After a meeting of the foreign ministers of Iran, Britain, France and Germany, EU foreign policy chief Federica Mogherini said the group will come forward with measures in the next few weeks after tasking experts to protect European business in Iran.
The group will meet again in Vienna next week at the level of deputy foreign ministers in a special format within the nuclear deal on Iran’s request and without the United States, which abandoned the accord last week.
On Wednesday, the European Commission will meanwhile discuss the EU’s 1990s-era blocking sanctions, Mogherini said. They might help shield European businesses from U.S. penalties but have never been used.
“We are working on finding a practical solution ... in a short delay of time,” Mogherini told a news conference. “We are talking about solutions to keep the deal alive,” she said, adding that measures would seek to allow Iran to keep exporting oil and for European banks to continue to operate.
“We have a quite clear list of issues to address. We are operating in a very difficult context ... I cannot talk about legal or economic guarantees but I can talk about serious, determined, immediate work from the European side.” (Reporting by Robin Emmott, Parisa Hafezi, John Irish)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-europe-mogherini/update-1-europe-seeking-quick-solution-to-save-iran-nuclear-deal-mogherini-idUSL5N1SM9MQ |
× × CBRE Group CEO: In my whole career, 'we’ve never been this deep into an expansion and had so little vacancy' 21 Hours Ago Jim Cramer sits down with CBRE Group President and CEO Bob Sulentic to get his take on the real estate market and how his company is leveraging big data. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/cbre-group-ceo-on-real-estate-trends-minimal-vacancy-and-nyc-housing.html |
HOUSTON--(BUSINESS WIRE)-- Wolters Kluwer’s ELM Solutions announced today its LegalVIEW ® BillAnalyzer solution is a 2018 SIIA CODiE Award finalist in the Best Legal Solution category. The CODiEs are the premier awards for the software and information industries and have been recognizing product excellence for over 30 years. LegalVIEW BillAnalyzer was honored as a finalist in one of 52 business technology categories.
LegalVIEW BillAnalyzer combines artificial intelligence, machine learning and Wolters Kluwer’s human experts to help corporate legal departments and insurance claims organizations more efficiently manage legal invoices from their outside counsel partners. This enables them to control and reduce legal spend for cost savings, and ensure compliance with billing guidelines.
Research conducted by Gartner and Wolters Kluwer’s ELM Solutions shows corporate legal departments are processing millions of dollars of legal invoices from outside counsel monthly. Errors and oversights in the time-consuming task of reviewing each invoice against detailed billing guidelines can result in compliance violations, excess spend, and poor matter management. Corporate legal departments using LegalVIEW ® BillAnalyzer have realized an average cost savings in legal fees ranging from 7 to 15%.
“LegalVIEW BillAnalyzer offers a very compelling model to use in addressing billing compliance issues,” said Tom Orrison , Director of Legal Procurement at Microsoft . “Augmenting human expertise with AI creates a virtuous circle of more effective matter management, enhanced compliance and reduced legal spend.”
“We are honored the SIIA and CODiE Award judges have recognized our LegalVIEW BillAnalyzer solution as a finalist in the Best Legal Solution category,” said Jonah Paransky , Executive Vice President and General Manager for Wolters Kluwer’s ELM Solutions. “Earning finalist status reflects the focus and commitment we have on driving innovation that improves the overall customer experience and provides world-class business outcomes for our clients through investments in technology and people.”
The SIIA CODiE Awards are the industry's only peer-recognized awards program. Business technology leaders including senior executives, analysts, media, consultants and investors evaluate assigned products during the first-round review which determines the finalists. SIIA members then vote on the finalist products and the scores from both rounds are tabulated to select the winners. Winners will be announced during the Business Technology CODiE Award Celebration at the SIIA Annual Conference & CODiE Awards , June 12 in San Francisco.
About Wolters Kluwer Governance, Risk & Compliance
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006043/en/
Wolters Kluwer
Chuck Miller, +1 320-240-5457
Director, External Communications & Brand
[email protected]
Source: Wolters Kluwer | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-wolters-kluweras-elm-solutions-named-codie-award-finalist-for-best-legal-solution-with-legalviewaabillanalyzer.html |
BLOOMINGDALE, Ill.--(BUSINESS WIRE)-- PCTEL, Inc. (Nasdaq: PCTI), a leader in P erformance C ritical TEL ecom solutions, announced its results for the first quarter ended March 31, 2018.
Highlights from Continuing Operations
Revenue of $21.7 million in the quarter , in line with guidance, down 5% from the first quarter last year. Connected Solutions segment revenue was up 3%. RF Solutions segment revenue was down 30%, due to deferred carrier capital budget deployment in North America. Gross profit margin of 36.2% in the quarter, down 500 basis points compared to last year. The primary reason for the decrease is lower revenue in the RF Solutions segment which has higher margin from its scanner products compared to antenna products. Price erosion in the small cell antenna market also contributed to the decline. Net loss per diluted share of $0.05 in the quarter, compared to net income of $0.01 last year. Non-GAAP net income and adjusted EBITDA are measures the Company uses to reflect the results of its core earnings. A reconciliation of those non-GAAP measures to our financial statements is provided later in the press release. Non-GAAP net loss per diluted share of $0.01, compared to Non-GAAP net income per diluted share of $0.05 in the first quarter last year. Adjusted EBITDA margin as a percent of revenue of 2% in the quarter, compared to 7% last year. $34.7 million of cash and short-term investments and no debt at March 31, 2018.
“The Company saw revenue growth for its Connected Solutions products in the enterprise Wi-Fi market during the quarter. RF Solutions revenue was down in the North American market, due to the slow release of capital budget by several U.S. carriers,” said David Neumann, PCTEL’s CEO. “PCTEL is well positioned to take advantage of the long-term growth opportunities in Industrial IoT and 5G, which require both performance critical antenna solutions across multiple vertical markets and RF test equipment.”
CONFERENCE CALL / WEBCAST
PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call can be accessed by dialing (888) 782-2072 (U.S. / Canada) or (706) 679-6397 (International), conference ID: 47850722 . The call will also be webcast at http://investor.pctel.com/news-events/webcasts-presentations .
REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (855) 859-2056 (U.S./Canada), or International (404) 537-3406, conference ID: 47850722 .
About PCTEL
PCTEL, Inc. provides P erformance C ritical TEL ecom technology solutions. We are a leading global supplier of antennas and wireless network testing solutions. Our precision antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things (IIoT). We offer in-house design, testing, radio integration, and manufacturing capabilities for our antenna customers. PCTEL’s test and measurement tools improve the performance of wireless networks globally, with a focus on LTE, public safety, and emerging 5G technologies. Network operators, neutral hosts, and equipment manufacturers rely on our scanning receivers and testing solutions to analyze, design, and optimize their networks.
For more information, please visit our website at http://www.pctel.com/ .
PCTEL Safe Harbor Statement
This press release and our related comments in our earnings conference call contain “ ” as defined in the 1995. Specifically, the statements regarding our future financial performance, growth of our Connected Solutions and RF Solutions businesses, anticipated demand for certain products, our expectations regarding capital expenditures by U.S. carriers, and the anticipated growth of public and private wireless systems are within the meaning of the safe harbor. These statements are based on management’s current expectations and actual results may those projected as a result of certain risks and uncertainties, including the impact of data densification and IoT on capacity and coverage demand, impact of 5G, customer demand for these types of products and services generally, growth and continuity in PCTEL’s vertical markets, and PCTEL’s ability to grow its wireless products business and create, protect and implement new technologies and solutions. These and other risks and uncertainties are detailed in PCTEL's Securities and Exchange Commission filings. These are made only as of the date hereof, and PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement, whether as a result of new information, future events or otherwise.
PCTEL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (Unaudited) March 31, December 31, 2018 2017 ASSETS Cash and cash equivalents $ 12,452 $ 5,559 Short-term investment securities 22,285 32,499 Accounts receivable, net of allowances of $66 and $319 at March 31, 2018 and December 31, 2017, respectively
19,026 18,624 Inventories, net 12,582 12,756 Prepaid expenses and other assets 1,874 1,605 Total current assets 68,219 71,043 Property and equipment, net 12,537 12,369 Goodwill 3,332 3,332 Intangible assets, net 1,823 2,113 Deferred tax assets, net 8,068 7,734 Other noncurrent assets 64 72 TOTAL ASSETS $ 94,043 $ 96,663 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 5,226 $ 5,471 Accrued liabilities 5,787 7,481 Total current liabilities 11,013 12,952 Long-term liabilities 485 392 Total liabilities 11,498 13,344 Stockholders’ equity: Common stock, $0.001 par value, 100,000,000 shares authorized, 18,258,643 and 17,806,792 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
18 18 Additional paid-in capital 134,253 134,505 Accumulated deficit (52,024 ) (51,258 ) Accumulated other comprehensive loss 298 54 Total stockholders’ equity 82,545 83,319 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 94,043 $ 96,663 PCTEL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Three Months Ended March 31, 2018 2017 REVENUES $ 21,731 $ 22,970 COST OF REVENUES 13,867 13,516 GROSS PROFIT 7,864 9,454 OPERATING EXPENSES: Research and development 2,940 2,716 Sales and marketing 3,028 3,253 General and administrative 2,993 3,339 Amortization of intangible assets 124 124 Total operating expenses 9,085 9,432 OPERATING (LOSS) INCOME (1,221 ) 22 Other income, net 51 28 (LOSS) INCOME BEFORE INCOME TAXES (1,170 ) 50 Benefit for income taxes (312 ) (134 ) NET (LOSS) INCOME FROM CONTINUING OPERATIONS (858 ) 184 NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT 0 (214 ) NET LOSS $ (858 ) $ (30 ) Net (Loss) Income per Share from Continuing Operations: Basic $ (0.05 ) $ 0.01 Diluted $ (0.05 ) $ 0.01 Net Loss per Share from Discontinued Operations: Basic $ 0.00 $ (0.01 ) Diluted $ 0.00 $ (0.01 ) Net Loss per Share: Basic $ (0.05 ) $ (0.00 ) Diluted $ (0.05 ) $ (0.00 ) Weighted Average Shares: Basic 17,056 16,340 Diluted 17,056 16,340 Cash dividend per share $ 0.055 $ 0.05 PCTEL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Three Months Ended March 31, . 2018 2017 Operating Activities: Net (loss) income from continuing operations $ (858 ) $ 184 Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 674 628 Intangible asset amortization 290 290 Stock-based compensation 668 708 Loss on disposal of property and equipment 10 0 Restructuring costs (11 ) (33 ) Bad debt provision 15 (7 ) Deferred tax provision (236 ) (276 ) Changes in operating assets and liabilities: Accounts receivable (350 ) 794 Inventories 321 1,790 Prepaid expenses and other assets (250 ) 319 Accounts payable (64 ) (812 ) Income taxes payable (3 ) (70 ) Other accrued liabilities (1,808 ) (1,467 ) Deferred revenue 14 (12 ) Net cash (used in) provided by operating activities (1,588 ) 2,036 Investing Activities: Capital expenditures (884 ) (1,052 ) Proceeds from disposal of property and equipment 14 0 Purchases of investments (7,266 ) (9,743 ) Redemptions/maturities of short-term investments 17,480 10,197 Net cash provided by (used in) investing activities 9,344 (598 ) Financing Activities: Proceeds from issuance of common stock 364 330 Payment of withholding tax on stock-based compensation (289 ) (614 ) Principle payments on capital leases (24 ) (19 ) Cash dividends (995 ) (865 ) Net cash used in financing activities (944 ) (1,168 ) Cash flows from discontinued operations: Net cash used in operating activities 0 (174 ) Net cash used in investing activities 0 (1 ) Net cash flows used in discontinued operations 0 (175 ) Net increase in cash and cash equivalents 6,812 95 Effect of exchange rate changes on cash 81 10 Cash and cash equivalents, beginning of year 5,559 14,855 Cash and Cash Equivalents, End of Period $ 12,452 $ 14,960 PCTEL, INC. P&L INFORMATION BY SEGMENT - Continuing Operations (unaudited) (in thousands) Three Months Ended March 31, 2018 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,764 $ 3,999 ($32 ) $ 21,731 GROSS PROFIT 5,198 2,670 (4 ) 7,864 OPERATING (LOSS) INCOME $ 1,605 ($328 ) ($2,498 ) ($1,221 ) Three Months Ended March 31, 2017 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,271 $ 5,756 ($57 ) $ 22,970 GROSS PROFIT 5,403 4,045 6 9,454 OPERATING INCOME (LOSS) $ 1,744 $ 1,024 ($2,746 ) $ 22 Reconciliation of GAAP to non-GAAP Results - Continuing Operations (unaudited)
(in thousands except per share information) Reconciliation of GAAP operating (loss) income to non-GAAP operating (loss) income - Continuing Operations
Three Months Ended March 31, 2018 2017 Operating (Loss) Income ($1,221 ) $ 22 (a) Add: Amortization of intangible assets -Cost of revenues 167 167 -Operating expenses 124 124 Stock Compensation: -Cost of revenues 88 61 -Engineering 138 146 -Sales & marketing 131 119 -General & administrative 311 382 959 999 Non-GAAP Operating (Loss) Income ($262 ) $ 1,021 % of revenue -1.2 % 4.4 % Reconciliation of GAAP net (loss) income to non-GAAP net (loss) income - Continuing Operations
Three Months Ended March 31, 2018 2017 Net (Loss) Income ($858 ) $ 184 Adjustments: (a) Non-GAAP adjustment to operating (loss) income 959 999 Income Taxes (295 ) (323 ) 664 676 Non-GAAP Net (Loss) Income ($194 ) $ 860 Non-GAAP (Loss) Income per Share: Basic ($0.01 ) $ 0.05 Diluted ($0.01 ) $ 0.05 Weighed Average Shares: Basic 17,056 16,340 Diluted 17,056 16,340 This schedule reconciles the Company's GAAP operating (loss) income to its non-GAAP operating (loss) income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results. The adjustments to GAAP operating (loss) income (a) consist of stock compensation expense and amortization of intangible assets. The adjustments to GAAP net (loss) income include the non-GAAP adjustments to operating (loss) income as well as adjustments for (b) non-cash income tax expense.
Reconciliation of GAAP to non-GAAP SEGMENT INFORMATION - Continuing Operations (unaudited)
(in thousands) Three Months Ended March 31, 2018 Connected RF Solutions Solutions Corporate Total Operating (Loss) Income $1,605 ($328) ($2,498) ($1,221) Add: Amortization of intangible assets: -Cost of revenues 0 167 0 167 -Operating expenses 39 85 0 124 Stock Compensation: -Cost of revenues 46 42 0 88 -Engineering 74 64 0 138 -Sales & marketing 82 49 0 131 -General & administrative 60 23 228 311 301 430 228 959 Non-GAAP Operating (Loss) Income $1,906 $102 ($2,270) ($262) Three Months Ended March 31, 2017 Connected RF Solutions Solutions Corporate Total Operating (Loss) Income $1,744 $1,024 ($2,746) $22 Add: Amortization of intangible assets: -Cost of revenues 0 167 0 167 -Operating expenses 39 85 0 124 Stock Compensation: -Cost of revenues 39 22 0 61 -Engineering 55 91 0 146 -Sales & marketing 85 34 0 119 -General & administrative 43 14 325 382 261 413 325 999 Non-GAAP Operating Income (Loss) $2,005 $1,437 ($2,421) $1,021 This schedule reconciles the Company's GAAP operating (loss) income by segment to its non-GAAP operating (loss) income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results. The adjustments to GAAP operating (loss) income consist of stock compensation expense and amortization of intangible assets.
PCTEL, Inc.
Reconciliation of GAAP operating income (loss) to Adjusted EBITDA - Continuing Operations
(unaudited, in thousands) Three Months Ended March 31, 2018 2017 Operating (Loss) Income ($1,221 ) $ 22 Add: Depreciation and amortization 674 628 Intangible amortization 291 291 Stock compensation expenses 668 708 Adjusted EBITDA $ 412 $ 1,649 % of revenue 1.9 % 7.2 % This schedule reconciles the Company's GAAP operating (loss) income to Adjusted EBITDA. The Company believes that this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses Adjusted EBITDA when evaluating its financial results as well as for internal planning and forecasting purposes. Adjusted EBITDA should not be viewed as a substitute for the Company's GAAP results. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization. The adjustments on this schedule consist of depreciation, amortization of intangible assets, and stock compensation expenses
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006182/en/
John Schoen
CFO
PCTEL, Inc.
(630) 372-6800
or
Michael Rosenberg
Director of Marketing
PCTEL, Inc.
(301) 444-2046
[email protected]
Source: PCTEL, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-pctel-reports-21-point-7-million-in-first-quarter-revenue.html |
Consumer staples: Wall Street’s most hated trade? 33 Mins 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/2018/05/22/consumer-staples-wall-streets-most-hated-trade.html |
May 9 (Reuters) - Yelp Inc:
* YELP INC FILES FOR POTENTIAL MIXED SHELF, SIZE UNDISCLOSED - SEC FILING Source text: ( bit.ly/2rxz6U9 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yelp-inc-files-for-potential-mixed/brief-yelp-inc-files-for-potential-mixed-shelf-sec-filing-idUSFWN1SG1MV |
LISLE, Ill., May 25, 2018 /PRNewswire/ -- Navistar International Corporation (NYSE: NAV) today announced that it will report its fiscal 2018 second quarter financial results on Tuesday, June 5, 2018.
The company will host a conference call and present via a live webcast its fiscal 2018 second quarter financial results on Tuesday, June 5, at approximately 9:00 a.m. Eastern (8:00 a.m. Central). Speakers on the webcast will include Troy Clarke, Chairman, President and Chief Executive Officer and Walter Borst, Executive Vice President and Chief Financial Officer, among other company leaders.
Those who wish to participate in the conference call may do so by dialing: (877) 303-3199. Additionally, the webcast can be accessed through the investor relations page of the company's website at http://www.navistar.com/navistar/investors/webcasts . Investors are advised to log on to the website at least 15 minutes prior to the start of the webcast to allow sufficient time for downloading any necessary software. The webcast will be available for replay at the same address approximately three hours following its conclusion and will remain available for a limited time.
About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International ® brand commercial and military trucks, proprietary diesel engines, and IC Bus ™ brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/navistar-to-announce-fiscal-2018-second-quarter-financial-results-on-tuesday-june-5-2018-300654854.html
SOURCE Navistar International Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-navistar-to-announce-fiscal-2018-second-quarter-financial-results-on-tuesday-june-5-2018.html |
NEW YORK, May 21, 2018 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) (the "Fund") with information regarding the sources of the distribution to be paid on May 31, 2018 and cumulative distributions paid fiscal year-to-date.
In December 2012, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to the Fund after year end by REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.
DISTRIBUTION ESTIMATES
May 2018
YEAR-TO-DATE (YTD)
May 31, 2018 *
Source
Per Share
Amount
% of Current
Distribution
Per Share
Amount
% of 2018
Distributions
Net Investment Income
$0.0294
36.75%
$0.0294
7.35%
Net Realized Short-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Net Realized Long-Term Capital Gains
$0.0506
63.25%
$0.3706
92.65%
Return of Capital (or other Capital Source)
$0.0000
0.00%
$0.0000
0.00%
Total Current Distribution
$0.0800
100.00%
$0.4000
100.00%
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. T he amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The Fund's Year-to-date Cumulative Total Return for fiscal year 2018 (January 1, 2018 through April 30, 2018) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2018. In addition, the Fund's Average Annual Total Return for the five-year period ending April 30, 2018 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2018. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2018 to April 30, 2018
Year-to-date Cumulative Total Return 1
–8.24%
Cumulative Distribution Rate 2
3.30%
Five-year period ending April 30, 2018
Average Annual Total Return 3
7.06%
Current Annualized Distribution Rate 4
7.91%
1.
Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2.
Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2018 through May 31, 2018) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of April 30, 2018.
3.
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending April 30, 2018. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.
4.
The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of April 30, 2018.
Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com . These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.
Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.
Symbol: (NYSE: CNS)
About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.
View original content: http://www.prnewswire.com/news-releases/cohen--steers-quality-income-realty-fund-inc-rqi-notification-of-sources-of-distribution-under-section-19a-300652223.html
SOURCE Cohen & Steers | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-cohen-steers-quality-income-realty-fund-inc-rqi-notification-of-sources-of-distribution-under-section-19a.html |
NEW YORK (Reuters) - A former executive at an upstate New York developer pleaded guilty and agreed to cooperate with federal prosecutors in a corruption case against a former state university official and others over a $1 billion government project.
Kevin Schuler, formerly an executive at Buffalo-based LPCiminelli, admitted on Friday to wire fraud and conspiracy charges before U.S. District Judge Valerie Caproni in Manhattan, less than a month before a scheduled trial.
Schuler said he was involved in a bid-rigging scheme that allowed his company to win a lucrative contract as part of “Buffalo Billion,” a signature economic development project of New York Governor Andrew Cuomo to revitalize the region around Buffalo, New York.
The plea means Schuler may testify against Alain Kaloyeros, a former president of the State University of New York’s Polytechnic Institute, and former LPCiminelli executives Louis Ciminelli and Michael Laipple at their scheduled June 11 trial.
Prosecutors have said Kaloyeros, who oversaw the bidding process for Buffalo Billion, worked with lobbyist and former Cuomo aide Todd Howe to rig the process in LPCiminelli’s favor, and that Schuler, Ciminelli and Laipple paid bribes to Howe.
Schuler did not, however, plead guilty on Friday to paying bribes.
Howe has pleaded guilty and is also cooperating. He and Kaloyeros were also charged with rigging a bidding process for another Buffalo Billion contract in favor of Syracuse, New York-based developer COR Development Co.
Two former COR executives, Steven Aiello and Joseph Gerardi, were also charged with bribing Howe, and are also expected to be defendants in the upcoming trial.
Both were also defendants in a separate trial for allegedly bribing Joseph Percoco, a former top Cuomo aide, to win favorable treatment for COR.
Percoco was found guilty on multiple corruption charges. Aiello was convicted of one count of conspiracy, while Gerardi was acquitted.
Jurors also deadlocked on charges against energy executive Peter Galbraith Kelly, but he pleaded guilty to fraud last week rather than face a second trial.
Howe testified as a star witness for prosecutors in the earlier case, but was jailed after admitting under cross-examination that he had violated his cooperation agreement.
Reporting by Brendan Pierson in New York, editing by G Crosse
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-corruption/n-y-developer-pleads-guilty-ahead-of-buffalo-billion-corruption-trial-idUSKCN1IJ2TQ |
OTTAWA, May 10, 2018 (GLOBE NEWSWIRE) -- ProntoForms Corporation (TSX-V:PFM), the global leader in smart mobile forms for enterprise, today announced its first quarter (Q1) financial results for the three months ended March 31, 2018.
PLEASE NOTE THAT THE PRESENTATION CURRENCY HAS CHANGED FROM CANADIAN TO U.S. DOLLARS COMMENCING THIS REPORTING PERIOD.
“ProntoForms demonstrated continued momentum in Q1 with 5% sequential growth in recurring revenue following on the heels of 6% sequential growth in the fourth quarter. The company has commenced reporting US Dollar Annual Recurring Revenue base (“ARR”) at the end of each period as a key performance indicator. The increase in Q1 ARR was 5.9% continuing the growth trend going into Q2,” said Alvaro Pombo, CEO of ProntoForms. “We have proven that our platform is built for the enterprise, with the scalability, security, and cloud integrations that major global enterprises require. Our recurring revenue base now includes 11 customers that contribute more than $100,000 of ARR, which is up from 4 such customers at the end of Q1 last year. These same customers represent 19% of our recurring revenue base, up from 9% in Q1 of last year. This growth comes from both new enterprise customers and significant expansion from existing customers. Our growing roster of channel partners is also bringing us to opportunities where enterprise grade cloud-based mobile workflows are needed.”
Financial Highlights – 2018 First Quarter – Presented in US dollars
Recurring revenue in Q1 2018 increased by 15% to $2,495,068, compared to $2,164,211 in Q1 2017, and increased by 5% compared to $2,376,458 in Q4 2017 Recurring revenue consisted of non-operator channel recurring revenue of $1,768,080 (32% growth vs. Q1 2017 and 7% growth vs. Q4 2017) and operator channel recurring revenue of $726,987 (12% decrease vs. Q1 2017 and effectively flat vs Q4 2017) Total revenue for Q1 2018 increased by 18% to $2,748,548, compared to $2,338,746 in Q1 2017, and increased by 4% compared to $2,648,687, in Q4 2017 Gross margin for Q1 2018 was 82% of total revenue compared to 83% in Q1 2017 and 80% in Q4 2017. Gross margin on recurring revenue was 89% for Q1 2018 compared to 91% for Q1 2017 and 89% in Q4 2017 Operating loss for Q1 2018 was $776,701, up slightly from a loss of $766,532 in Q1 2017, down from a loss of $952,769 in Q4 2017 Net loss for Q1 2018 was $775,163, up from a net loss of $870,290 in Q1 2017, and down from a net loss of $1,057,672 in Q4 2017 Comprehensive loss for Q1 2018 was $822,823, down from a comprehensive loss of $862,895 in Q1 2017, and $1,075,705 in Q4 2017 As at March 31, 2018, the Company’s cash and net working capital balances were $4,530,944 and $3,726,310 respectively
Recent Operational Highlights
The leading American SaaS research and advisory firm issued a report, authored by their lead analysts for Field Service Management and Rapid Mobile Application Development (RMAD), outlining critical capabilities of Field Service Management solutions. The report prioritizes extensibility with smart mobile forms and workflows as a crucial integrated add-on to increase field technician enablement and productivity Introduced new RMAD/no-code tools for building enterprise-grade mobile apps for the field Launched mobile solution on Geotab Marketplace, making it available to large fleet tracking ecosystem with over 1 million subscribers Alvaro Pombo, our CEO, co-presented with the Global Asset Manager for one of the world’s largest Oil & Gas service providers, detailing how they are using ProntoForms’ RMAD/no-code platform to build mobile apps for Enterprise Asset Management One of America’s top ten gas and electric companies won the Verdantix International Innovation Award in the Power Utilities category for their use of ProntoForms for safety management Received G2 Crowd #1 Enterprise Forms Automation Software Award
About ProntoForms Corporation
ProntoForms is a leading provider of smart mobile forms for enterprise. The Company's solution is used to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to corporate systems of record.
The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
For additional information, please contact:
Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
[email protected] Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
[email protected]
Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, the lead flow the Company may receive from its partnering strategy and anticipated market trends are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company’s business and value may not grow as anticipated or at all, its partnering strategy may not generate increasing lead flow or maintain current lead flow levels and anticipated market trends may not occur or continue. Historical growth levels and results may not be indicative of future growth levels or results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Please see “Risk Factors Affecting Future Results” in the Company’s annual management discussion and analysis dated March 16, 2018 found at www.sedar.com for a discussion of such factors. Please also refer to the Company’s management discussion and analysis for the quarter ended March 31, 2018 for a description of how the Company determines and uses ARR. ARR is a key performance indicator used by the Company and is not meant as an indication such amounts will necessarily be included in revenues in any given fiscal year.
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.
A PDF accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/0b52d27f-aac0-47e5-8537-0761b020feed
Source:ProntoForms Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-prontoforms-reports-q1-2018-financial-results.html |
Whole Foods new front in the grocery price war 11:39am BST - 02:02
Amazon and Whole Foods are making a surgical strike in the already brutal grocery price war with a new loyalty program for Amazon Prime members.
Amazon and Whole Foods are making a surgical strike in the already brutal grocery price war with a new loyalty program for Amazon Prime members. //reut.rs/2rNBiH1 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/whole-foods-new-front-in-the-grocery-pri?videoId=427389385 |
(Adds CEO comments from Q1 presentation)
May 23 (Reuters) - House builder Selvaag Bolig ASA said:
* Q1 IFRS operating revenue NOK 381 million ($46.93 million) versus NOK 456 million year ago
* Q1 IFRS adjusted ebitda NOK 50.7 million versus NOK 93.6 million year ago
* Q1 gross sales of 216 homes (238) with a sales value of NOK 788 million
* CEO Baard Schumann says housing market has recovered and upwards price pressure in and around capital Oslo is coming back after easing in 2017
* CEO says start of Q1 sales was slow and most of the 238 units sales in Q1 were made towards the end of the quarter
* CEO expects trend to continue and more deliveries in Q2 compared with Q1, peak of the year will be in Q4
* CEO expects good results and good margins in the quarters ahead
* Greater supply of homes (in total) in the second half unlikely to slow down the market -CEO
* If anything could slow down the housing market it will be the psychological effect of rate hikes, which the central bank has said could come later this year Source text for Eikon: Further company coverage: ($1 = 8.1191 Norwegian crowns) (Gdynia Newsroom, Ole Petter Skonnord, editing by Terje Solsvik)
| ashraq/financial-news-articles | https://www.reuters.com/article/selvaag-bolig-results/update-1-selvaag-bolig-ceo-says-pressure-returning-to-oslo-regions-housing-market-idUSL5N1SU1GG |
REGINA, Saskatchewan, May 03, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Information Services Corporation (TSX:ISV) (“ISC” or the “Company”) today declared a quarterly cash dividend of $0.20 per Class A Limited Voting Share ("Class A Share"). The dividend will be paid on or before July 15, 2018 to shareholders of record as of June 30, 2018.
The dividend has been designated as an eligible dividend pursuant to the Income Tax Act. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend tax credit. For further information on tax implications, please consult a tax advisor.
About ISC
Headquartered in Canada, ISC is the leading provider of registry and information management services for public data and records. Throughout our history, we have delivered value to our clients by providing solutions to manage, secure and administer information through our Registry Operations, Services and Technology Solutions segments. ISC is focused on sustaining its core business while pursuing new growth opportunities. The Class A Shares of ISC trade on the Toronto Stock Exchange under the symbol ISV.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain forward-looking information applicable Canadian securities legislation including, without limitation, expectations with respect to payment of dividends. Forward-looking information involves known and unknown risks, uncertainties and other factors that may or events those expressed or implied by such forward-looking information. Important factors that could the Company's plans or expectations include risks relating to changes in economic, market and business conditions and other risks detailed from time to time in the filings made by the Company including those detailed in ISC’s Annual Information Form dated March 13, 2018 and ISC’s unaudited Consolidated Financial Statements and Notes and Management’s Discussion and Analysis for the first quarter ended March 31, 2018, copies of which are filed on SEDAR at www.sedar.com .
The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, ISC assumes no obligation to update or revise such information to reflect new events or circumstances.
Investor Contact
Pamela Keck
Manager, Investor Relations
Information Services Corporation
Toll Free: 1-855-341-8363 in North America or 1-306-798-1137
[email protected]
Source:Information Services Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-isc-declares-quarterly-dividend.html |
(Adds estimates, share price, CFO details)
May 29 (Reuters) - HP Inc reported better-than-expected quarterly revenue on Tuesday, driven by strong growth in its personal systems business, which includes notebooks and desktops.
The company also named Steve Fieler as its chief financial officer, effective July 1, succeeding Cathie Lesjak.
Fieler currently leads the company's treasury and corporate finance functions.
Shares of HP Inc, formed out of the 2015 split of Hewlett-Packard Co, were marginally up in extended trading.
HP Inc's personal systems business, which accounts for more than 60 percent of total revenue, rose 14.5 percent to $8.76 billion, beating the average analyst estimate of $8.28 billion, according to Thomson Reuters I/B/E/S.
The Palo Alto, California-based company had the top position in worldwide PC shipments in the first calendar quarter of 2018 with a 22.6 percent market share, according to research firm International Data Corp's data.
Net earnings jumped to $1.06 billion, or 64 cents per share, in the second quarter ended April 30, from $559 million, or 33 cents per share, a year earlier, mostly helped by a one-time tax benefit of $975 million.
Excluding items, the company earned 48 cents per share, in line with Wall Street estimates.
Revenue rose 13.1 percent to $14 billion, above analysts' average estimate of $13.57 billion. (Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-1-hp-inc-revenue-beats-street-on-notebook-pc-demand.html |
(Reuters) - AT&T Inc ( T.N ) said on Tuesday it had hired Essential Consultants, a company linked to Donald Trump lawyer Michael Cohen, to advise it on working with the new administration in early 2017, around the time of Trump’s inauguration.
FILE PHOTO: An AT&T logo is pictured in Pasadena, California, U.S., January 24, 2018. REUTERS/Mario Anzuoni/File Photo The business arrangement illustrates efforts by the telecommunications company to work with an influential adviser to the new president as his administration took up major industry issues and considered its $85 billion proposal to buy Time Warner Inc.
Payments by AT&T were described earlier on Tuesday by Michael Avenatti, a lawyer for porn star Stormy Daniels, who released a report alleging that a company owned by Russian oligarch Viktor Vekselberg, AT&T and other corporations had made payments to Essential Consultants.
Avenatti’s report said AT&T had paid $200,000 in four equal payments to Essential Consultants between Oct, 3, 2017, and Jan. 3, 2018.
“Essential Consultants was one of several firms we engaged in early 2017 to provide insights into understanding the new administration,” AT&T said in a statement.
“They did no legal or lobbying work for us, and the contract ended in December 2017,” it said, without commenting further.
Reuters could not immediately verify Avenatti’s claim and it was not clear how he would have knowledge of any payment from Vekselberg to Cohen. Cohen and Avenatti did not respond immediately to requests for comment from Reuters.
Daniels had previously said she was paid $130,000 by Cohen to stay quiet about a sexual encounter with Trump, an encounter which Trump has denied.
The Wall Street Journal released a 2016 Delaware certificate of formation for Essential Consultants that was signed by Michael Cohen.
A person familiar with the matter said AT&T engaged with Essential Consultants around the time of the inauguration to understand how the company would be affected by several issues from the new administration, including tax reform and net neutrality.
The payments from AT&T in late 2017 and early 2018 came as it was advocating for its proposed takeover of Time Warner, which the U.S. Justice Department is trying to stop. The deal, announced in October 2016, was quickly denounced by Trump, who as a candidate and later as president has been critical of Time Warner’s CNN.
Reporting By Sheila Dang and Diane Bartz; Editing by Peter Henderson and Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-daniels-at-t/att-says-it-hired-firm-linked-to-cohen-for-advice-on-trump-idUSKBN1IA0AZ |
May 17 (Reuters) - The U.S. Food and Drug Administration on Thursday approved Amgen Inc’s drug Aimovig for the prevention of migraine headaches in adults.
The drug, given monthly by self injection, will have a list price of $6,900 a year, or $575 a month, the company said. Any discounts or rebates will depend on negotiations with health plans, said Amgen spokeswoman Kristen Davis.
Aimovig is the first in a new class of treatments designed to prevent migraine by interfering with calcitonin gene-related peptide (CGRP), which is involved in the processes that kick off a migraine, such as dilation of blood vessels in the brain.
Companies including Teva Pharmaceutical Industries and Eli Lilly & Co are developing similar treatments.
In studies of patients with chronic and episodic migraines, Aimovig was shown to significantly reduce headache days and use of other acute migraine medications. (Reporting by Deena Beasley; Editing by Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/amgen-migraine-fda/u-s-fda-approves-amgen-migraine-drug-price-set-at-6900-yr-idUSL2N1SN2IO |
May 11 (Reuters) - GameStop Corp:
* GAMESTOP ANNOUNCES APPOINTMENT OF DANIEL A. DEMATTEO AS INTERIM CHIEF EXECUTIVE OFFICER AND RESIGNATION OF MICHAEL K. MAULER
* GAMESTOP - DEMATTEO WILL CONTINUE TO SERVE AS EXECUTIVE CHAIRMAN AND DIRECTOR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gamestop-ceo-michael-mauler-resign/brief-gamestop-ceo-michael-mauler-resigns-idUSASC0A1SS |
China trophy factory churns out World Cup tie-ins 3:00am EDT - 01:22
Taiwanese-owned Wagon Group is in the process of manufacturing tens of thousands of replica World Cup trophies and official souvenirs in the run up to the Russia 2018 World Cup. ▲ Hide Transcript ▶ View Transcript
Taiwanese-owned Wagon Group is in the process of manufacturing tens of thousands of replica World Cup trophies and official souvenirs in the run up to the Russia 2018 World Cup. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KAFnXK | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/china-trophy-factory-churns-out-world-cu?videoId=423733953 |
MARKHAM, Ontario, May 15, 2018 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“ Sienna ” or the “ Company ”) (TSX:SIA) today announced a dividend of $0.075 per common share of the Company (each, a “Common Share”) for the month of May 2018, representing $0.90 per Common Share on an annualized basis.
The dividend will be payable on June 15, 2018 to shareholders of record as at May 31, 2018.
The Company's dividends are designated as eligible dividends for Canadian tax purposes in accordance with subsection 89(14) of the Income Tax Act (Canada), and any applicable corresponding provincial and territorial legislation.
Sienna has a Dividend Reinvestment Plan (the “DRIP”) which allows eligible shareholders of the Company to direct that their cash dividends be reinvested in additional Common Shares. Common Shares issued pursuant to the DRIP are issued from treasury at a 3% discount from the market price. Participation in the DRIP is optional and shareholders who do not wish to participate in the plan will continue to receive cash dividends. A complete copy of the DRIP is available under the Investors section of the Company’s website.
ABOUT SIENNA SENIOR LIVING
Sienna Senior Living Inc. (TSX:SIA) is a leading seniors' living provider with 85 seniors' living residences in key markets in Canada. Sienna offers a full range of seniors' living options, including independent and assisted living, long-term and residential care, and specialized programs and services. Sienna also provides expert management services. Sienna is committed to national growth, while driving long-term value for shareholders. The Company's approximately 12,000 employees are passionate about helping residents live fully every day, and were the driving force behind Sienna being named one of Canada's Most Admired Corporate Cultures in 2017. For more information, please visit www.siennaliving.ca .
CONTACT:
Nitin Jain
Chief Financial Officer & Chief Investment Officer
(905) 489-0787
[email protected]
Source: Sienna Senior Living | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-sienna-announces-may-dividend.html |
Barbie doll parts turn into jewelry 01:36
Artist Margaux Lange turns her love of Barbie into a living by making jewelry out of Barbie parts. Rough Cut (no reporter narration).
Artist Margaux Lange turns her love of Barbie into a living by making jewelry out of Barbie parts. Rough Cut (no reporter narration). //reut.rs/2L1ajAr | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/barbie-doll-parts-turn-into-jewelry?videoId=426841405 |
* Market seen welcoming long-stated move to single policy rate
* Central bank lifts 2018 inflation forecast to 8.4 pct
* Says will ‘decisively’ stick to tight policy (Adds analyst comment, recasts)
By Nevzat Devranoglu and Ece Toksabay
ISTANBUL, April 30 (Reuters) - Turkey’s central bank on Monday lifted its 2018 inflation forecast to 8.4 percent and said it was moving closer to officially using a single rate to set policy - a switch analysts have said is long overdue.
For years the central bank relied on a complex system of multiple rates to set borrowing costs, which economists said made monetary policy less predictable.
While the bank has largely stopped using multiple rates in the last year, it is now relying on a single rate - albeit one that is not one of its official policy tools.
Governor Murat Cetinkaya has repeatedly said that moving to a single policy rate is a priority, but the process has not been swift.
“We are close to completing our simplification,” Cetinkaya told a briefing for the bank’s quarterly inflation report. “The final step will be funding through a single rate, and we are close to making that decision.”
Politics have helped to cloud the policy outlook. President Tayyip Erdogan, a self-described “enemy of interest rates”, has repeatedly called for lower borrowing costs to boost the economy.
The central bank’s unwillingness to tighten via its benchmark one-week repo rate - it has been using its late liquidity window - has only strengthened the perception that it is avoiding outright increases because of political pressure.
“For a long time, markets have been waiting for the simplification of monetary policy,” said Inan Demir, senior emerging markets economist at Nomura International.
“Expectations that the simplification will take place after the June 7 meeting have surely strengthened. If we don’t see the simplification step, we might face pressure on the lira.”
Turkey’s central bank is due to have its next policy-setting meeting on June 7.
INFLATION FORECAST The lira has fallen some 7 percent this year, hitting a series of record lows against both the dollar and the euro, and making it one of the world’s worst-performing emerging market currencies.
The central bank lifted its year-end inflation forecast to 8.4 percent from 7.9 percent, citing expectations for higher prices of oil and imports.
For 2019, it stuck to its target of 6.5 percent, while maintaining a 5 percent outlook for the medium term.
Double-digit inflation, which has been stoked by chronic weakness in the lira, remains one of the most pressing problems for the economy. It was at 10.23 percent in March.
“The tight stance in monetary policy will be maintained decisively until the inflation outlook displays a significant improvement and consistent with targets,” Cetinkaya said.
The central bank last week lifted its top interest rate by a more-than-expected 75 basis points to 13.5 percent, although some economists have said that a greater increase is needed to put a floor under the lira. (Additional reporting by Ali Kucukgocmen; Writing by David Dolan Editing by Dominic Evans and Gareth Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-cenbank-inflation/update-2-turkeys-cenbank-says-closing-in-on-single-policy-rate-hikes-inflation-outlook-idUSL8N1S72C4 |
May 23, 2018 / 4:47 AM / Updated 14 hours ago China's April sorghum imports surged ahead of dumping tariffs: customs Reuters Staff 3 Min Read
BEIJING (Reuters) - China’s imports of sorghum rose sharply in April from a year earlier, customs data showed on Wednesday, as buyers brought in large volumes of the feed grain ahead of Beijing’s anti-dumping decision made at the peak of Sino-U.S. trade tensions. FILE PHOTO: A field of sorghum (milo) grain is seen at a farm outside of Texhoma, Oklahoma, U.S., in this undated photo released to Reuters on April 3, 2018. Courtesy Jerod McDaniel/Handout via REUTERS
China imported 640,000 tonnes of sorghum in April, up 87 percent on a year ago, ahead of a huge anti-dumping deposit announced by Beijing on April 17 after a two-month investigation. The country imports almost all of its sorghum from the United States.
News of the deposit, which still came earlier than the trade had expected, prompted several more cargoes of the grain already shipped from the United States to China to be resold to other countries before reaching Chinese ports.
April sorghum imports were up 12.3 percent from last month’s 570,014 tonnes, data from the General Administration of Customs showed.
Beijing dropped the U.S. sorghum probe and anti-dumping deposit last week in a goodwill concession as the two sides held talks to resolve trade tensions. But the damage to shipments was already done and trade flows have been disrupted, traders said.
While the China customs data did not break down countries of origin, the impact of tit-for-tat tariffs between China and the United States was reflected in some other products.
Shipments of barley, used in feed and brewing, and an alternative to sorghum, rose 2.6 pct from last year’s 1.1 million tonnes to 1.12 million tonnes, and were up 30.2 percent from 860,000 tonnes in March.
Beijing in early April increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, although the impact on overall imports was not clear.
China’s pork imports fell 19 percent in April from March to 110,098 tonnes, but were still up 3.4 percent year on year. Imports were also pushed down by falling domestic pork prices, analysts said.
China bought 560,000 tonnes of fresh and dried fruits and nuts in April, up 31.6 percent from the previous year.
Imports of logs in April dropped 11.4 percent on year to 4.21 million cubic meters, as China ramped up inspections of imports of the wood from the United States.
China bought 380,000 tonnes of corn in April, more than six times the 60,000 tonnes imported in March, having imported zero corn in April 2017.
Sugar imports rose 140.5 percent year on year to 470,000 tonnes in April, also up 23.7 percent from 380,000 tonnes in March, as some shipments delayed earlier at port arrived. Reporting by Hallie Gu and Dominique Patton; editing by Richard Pullin | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-trade-agriculture/chinas-april-sorghum-imports-surged-ahead-of-dumping-tariffs-customs-idUSKCN1IO0F3 |
May 2 (Reuters) - EZCORP Inc:
* Q2 REVENUE ROSE 10 PERCENT TO $120.6 MILLION * Q2 EARNINGS PER SHARE $0.21 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ezcorp-reports-q2-earnings-per-sha/brief-ezcorp-reports-q2-earnings-per-share-0-21-idUSASC09Z8D |
April 30 (Reuters) - AxoGen Inc:
* AXOGEN, INC. REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS
* SEES FY 2018 REVENUE UP AT LEAST 40 PERCENT * FY2018 REVENUE VIEW $84.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-axogen-reports-q1-loss-per-share-o/brief-axogen-reports-q1-loss-per-share-of-0-16-idUSASC09YB4 |
May 1, 2018 / 11:41 PM / Updated 29 minutes ago Softbank's ARM cedes control of Chinese operations to local joint venture - Nikkei Reuters Staff 2 Min Read
(Reuters) - Softbank Group ( 9984.T ) subsidiary ARM Holdings will cede control of its Chinese operations to a new joint venture involving itself and Chinese partners, Nikkei reported, citing people familiar with the matter. FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
The joint venture started operations in April and plans an initial public offering on one of the country’s stock exchanges, the Nikkei reported.
The new unit called ARM mini China is officially registered in the Chinese city of Shenzhen and is 51 percent owned by Chinese investors, including state-backed entities, with the British chipmaker controlling the remaining 49 per cent, the report said. s.nikkei.com/2jnQqr1
The IPO plan is likely to receive fast-track approval from regulators, Nikkei reported, citing sources.
SoftBank and ARM Holdings were not immediately available for comment.
SoftBank acquired ARM, Britain’s most valuable technology company, for $32 billion in 2016 in an all-equity deal. Reporting by Mekhla Raina in Bengaluru; editing by Richard Pullin | ashraq/financial-news-articles | https://in.reuters.com/article/softbank-group-china-jointventure/softbanks-arm-cedes-control-of-chinese-operations-to-local-joint-venture-nikkei-idINKBN1I24LC |
SHANGHAI, May 29 (Reuters) - China’s Ningbo Jifeng Auto Parts Co Ltd is in talks to buy Grammer AG in a deal that would value the German auto supplier at around 752 million euros ($874 million), Grammer said in a statement.
The acquisition would mark the latest Chinese investment in German technology, after a $9 billion deal earlier this year saw the Chinese magnate behind Geely Auto take a major stake in Mercedes-Benz maker Daimler AG.
Ningbo Jifeng, already a major shareholder in Grammer, is in “advanced negotiations” with the firm and has offered 60 euros per share with a further proposed dividend of 1.25 euros per share in a potential takeover bid, the German company said.
Grammer shares closed at 51.3 euros on Monday and are down a just over 1 percent so far this year. It has a market capitalisation of 648.3 million euros.
Grammer said it was uncertain whether the negotiations will be concluded successfully and a takeover offer will be launched. It added it was “assessing strategic options in the best interest of the company”.
Ningbo Jifeng raised its stake in Grammer in October last year to 25.51 percent. Sources told Reuters around then the Chinese firm wanted to increase its stake amid an power struggle with a rival shareholder, Bosnia’s Hastor family.
Grammer’s management has generally welcomed the attention of Ningbo Jifeng, another supplier of vehicle interior components, as a potential “white knight” in its conflict with Hastor. ($1 = 0.8604 euros) (Reporting by Adam Jourdan; Editing by Himani Sarkar)
| ashraq/financial-news-articles | https://www.reuters.com/article/grammer-ma-ningbo-jifeng/chinese-firm-in-talks-to-takeover-german-auto-supplier-grammer-idUSL3N1T01MR |
The country's official jobs number report released by the Bureau of Labor Statistics charts the unemployment rate—and has been the cause for cheer the last few cycles. While this rosy economic outlook spells good news for many Americans, a growing threat looms.
As e-commerce increases from the likes of Amazon and other online retailers, greater strain is placed on our nation's transportation system, which is already struggling to find the drivers needed to transport the 70 percent of freight that travels by truck.
In the next decade, we'll need 890,000 drivers to keep pace with growth and demand for freight transportation. Americans are used to getting what they want with the click of a button, but this expectation of door-to-door service will be increasingly difficult to fulfill if we can't get more drivers behind the wheel.
show chapters Fed's Williams reacts to April jobs report 1 Hour Ago | 03:37 At a time when (despite low unemployment) many Americans are still having a hard time finding high paying full-time positions that provide the added security of benefits, the transportation sector offers an attractive solution.
According to ATA Chief Economist Bob Costello, the truck driver shortage currently stands at roughly 50,000 drivers, a figure that could balloon to 174,000 by 2026 .
"The DRIVE-Safe Act is currently moving through Congress, and it is an immediate priority for growing our economy." Truck drivers earn well above the national average salary, making it a career that ensures the ability to feed a family and pay the bills. For young people just starting out, it could mean easy entrée into the skilled workforce.
However, limits on younger commercial drivers are creating unforeseen bumps in the road the industry is having a hard time overcoming. While virtually all states allow individuals to obtain a commercial driver's license (CDL) at the age of 18, these drivers are prohibited from operating in interstate commerce until they are 21.
A significant challenge to the industry is recruiting young talent to replace an aging workforce. Retirements account for 49 percent of drivers needing to be replaced, and by delaying an individual's eligibility to be an interstate driver, trucking is at a significant disadvantage in attracting young people.
Put plainly, if a young man or woman graduates high school at 18, they legally can't really pursue a career in trucking for three years – giving them three years to find another career.
Luckily, Rep. Duncan Hunter and Rep. Trey Hollingsworth are leading the way to help remediate this problem with the DRIVE-Safe Act, a bipartisan bill introduced on March 21 . H.R. 5358 creates a pathway both to qualify more drivers for the trucking profession and to instill a culture of safety.
This bill also fixes that technicality in the existing rules that allows a driver under 21 to take an eight or more hour drive across a long state like Florida or Tennessee, but doesn't allow for a 14-mile drive from Virginia to Washington DC. Under the legislation, once a driver has met the requirements to obtain a CDL, they may begin a two-step program of additional training which includes rigorous performance benchmarks that each candidate must achieve.
The DRIVE-Safe Act is currently moving through Congress, and it is an immediate priority for growing our economy. The truck driver shortage has the potential to slow the movement of commerce in this country to a crawl, raising consumer prices and wait times for goods.
Nowhere is this threat more evident than in the foodservice distribution industry which delivers food and supplies to the over one million professional kitchens across the country every day. It's basic economics: when drivers are in limited supply, the cost to get those goods delivered increases. Those costs will hit the pocketbooks of American consumers and the dollar menu will become a relic of the past.
If passed, the DRIVE-Safe Act would deliver two-fold. First, it would open promising jobs to 18- to 21-year olds without having to incur college debt. Secondly, getting the next generation of drivers into those open jobs would forestall a driver shortage that threatens to disrupt the ready-access to meals enjoyed by most Americans.
But the DRIVE-Safe Act isn't just a jobs bill. It also institutes a culture of safety so that as the rising generation of drivers matures into this field, they embody a high standard of excellence.
Under the bill, a CDL holder under the age of 21 would need to complete 400 hours of apprenticeship training accompanied in the cab by an experienced driver, and demonstrate core competencies in driving and maneuvering skills according to 12 performance benchmarks, before he or she is allowed to drive across state lines without supervision.
Moreover, any truck that an apprentice drives in must be equipped with leading safety technologies, including forward-facing video event capture, active collision mitigation avoidance systems, and governed speeds limited to 65 MPH.
We believe that through the DRIVE-Safe Act, we can train incoming drivers to meet the highest level of safety standards.
The DRIVE-Safe Act is about filling jobs. It's about preserving the timely movement of goods Americans have come to expect. And it's also about ensuring safe roads for all Americans. That's a trifecta that should earn bipartisan support and swift enactment.
Commentary by Mark Allen, president and CEO of the International Foodservice Distributors Associations (IFDA) and Chris Spear, president and CEO of the American Trucking Associations (ATA).
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/truck-driver-shortage-is-fueled-by-amazon-heres-how-to-fill-the-jobs.html |
WASHINGTON (Reuters) - Leaders of the United States and North Korea will meet for the first time when President Donald Trump and Kim Jong Un hold a summit on June 12 in Singapore where the U.S. side will try to persuade Pyongyang to give up its nuclear weapons.
The two men - whose countries are still technically at war - exchanged fiery rhetoric last year over North Korea’s attempts to build a nuclear weapon that could reach the United States.
But tensions have since eased greatly, starting around the time of the North’s participation in the Winter Olympics in South Korea in February.
“The highly anticipated meeting between Kim Jong Un and myself will take place in Singapore on June 12th. We will both try to make it a very special moment for World Peace!” Trump wrote on Twitter.
His announcement came just hours after three Americans who had been held prisoner in North Korea arrived at a U.S. military base outside Washington, having been released by Kim as a gesture ahead of the summit.
Trump said on their arrival that he believed Kim, who has led North Korea for seven years and is believed to be in his
mid-30s, wanted to bring North Korea “into the real world.”
“I think we have a very good chance of doing something very meaningful,” Trump said. “My proudest achievement will be - this is part of it - when we denuclearize that entire peninsula.”
New U.S. Secretary of State Mike Pompeo has visited Pyongyang twice in recent weeks - once as head of the CIA - but there has been no sign that he cleared up the central question of whether North Korea will be willing to bargain away nuclear weapons that its rulers have long seen as crucial to their survival.
Trump is embarking on this high-stakes meeting with Kim after sending shockwaves through the world on Tuesday when he announced that the United States was pulling out of a 2015 accord imposing international oversight of Iran’s nuclear program.
The move raised questions over whether North Korea might now be less inclined to negotiate its own nuclear deal with Washington.
Trump and Japanese Prime Minister Shinzo Abe spoke by telephone on Wednesday and the White House said the two leaders “affirmed the shared goal of North Korea abandoning its illicit weapons of mass destruction and ballistic missile programs” and remained committed to cooperating with South Korea.
Japan worries that it could be the target of any first-use of nuclear weapons by Pyongyang.
‘PHOTO OP’ WORRY In a speech on the floor of the U.S. Senate, Democratic Leader Chuck Schumer warned Trump against going too far too fast in Singapore. The Republican president, Schumer said, should insist upon strong, verifiable commitments from North Korea on disarmament.
“I worry that this president, in his eagerness to strike a deal and get the acclaim and a photo op, will strike a quick one and a bad one, not a strong one, not a lasting one,” Schumer said.
During Trump’s presidency, Kim has overseen weapons tests that rattled the United States, South Korea and Japan as the North Korean leader attempted to showcase his military’s progress on medium- and long-range missiles and atomic weapons.
Last year, North Korea conducted more than a dozen missile tests aimed at demonstrating its ability to conduct a nuclear attack. Several of those tests saw missiles flying over the Sea of Japan, while another led experts to believe North Korea could possibly hit the mainland United States with a missile.
Trump has credited a U.S. “maximum pressure” campaign for drawing North Korea to the negotiating table and vowed to keep economic sanctions in place until Pyongyang takes concrete steps to denuclearize.
But former spy chief Kim Yong Chul, director of North Korea’s United Front Department, said in a toast to Pompeo over lunch in Pyongyang this week: “We have perfected our nuclear capability. It is our policy to concentrate all efforts into economic progress...This is not the result of sanctions that have been imposed from outside.”
Kim recently promised to suspend missile tests and shut a nuclear bomb test site.
North Korea is still technically at war with the United States and its ally South Korea because the 1950-53 Korean War ended in a truce, not a treaty.
The choice of Singapore will put the summit on friendly turf for Trump, as the island nation is a strong U.S. ally and the U.S. Navy frequently visits its port.
The wealthy financial and shipping hub is seen as a gateway between Asia and the West and has been called the “Switzerland of Asia,” in contrast to North Korea’s isolated economy that its leaders now want to modernize.
Nonetheless, Human Rights Watch has described Singapore as having a “stifling” political environment with severe restrictions on “basic rights.”
U.S. officials had looked at several sites other than Singapore for the historic meeting but each was seen as problematic.
Trump’s own preference was for the demilitarized zone between the two Koreas, but aides argued that this would look too much like Trump going to Kim’s turf.
A quick trip to Pyongyang was also seen as bad optics for Trump, U.S. officials said. Mongolia was considered but was seen as too close to China, they said.
Smiling and holding hands, Kim and South Korean President Moon Jae-in held a rare round of talks at the heavily fortified demilitarized zone between the countries at the end of April, pledging to pursue peace after decades of conflict.
South Korea said on Thursday it had high hopes for the summit.
“We welcome the North Korea-U.S. summit to be held in Singapore on June 12. We hope the denuclearisation of the Korean peninsula as well as permanent peace on the peninsula will successfully come about through this summit.”
South Korea announced that its foreign minister, Kang Kyung-wha, will meet Pompeo on Friday in the run-up to a May 22 Washington meeting between Trump and South Korea’s Moon.
Seoul said Friday’s ministerial-level meeting will provide an opportunity to discuss recent talks between the North and South Korean leaders.
President Donald Trump waves as he arrives to greet the three Americans formerly held hostage in North Korea, at Joint Base Andrews, Maryland, U.S., May 10, 2018. REUTERS/Jim Bourg Reporting by Doina Chiacu, Steve Holland and Matt Spetalnick; Writing by Richard Cowan; Editing by Chizu Nomiyama and Alistair Bell
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-usa/trump-says-will-meet-with-north-koreas-kim-on-june-12-in-singapore-idINKBN1IB244 |
A Tesla Model S crashed at speed into a truck from the city's Unified Fire Authority in South Jordan, Utah , late on Friday after failing to slow for a red light, local police said on Monday.
The Tesla car was traveling at 60 miles per hour when it hit the mechanic truck, which was stopped for the light on the South Bangerter Highway in South Jordan, Utah at 6:38 pm MT, the police said.
The Tesla driver suffered a broken ankle and was taken to hospital while no injuries were reported to the truck driver, the police said in a statement.
show chapters Ron Baron: We’re going to make 20 times our money on Tesla 6 Hours Ago | 04:07 Witnesses said the Tesla car did not brake prior to impact, the statement said, adding it was unknown if the autopilot feature in the Model S was engaged at the time.
Tesla did not immediately respond to emails and phone calls requesting comment.
The U.S. National Transportation Safety Board said last week it was investigating a Tesla accident in Fort Lauderdale, Florida , that killed two teenagers and injured another — the agency's fourth active probe into crashes of the company's electric vehicles. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/tesla-model-s-hits-truck-in-utah.html |
Markets have gotten used to administration's negotiation approach, says expert 2 Hours Ago Brian Gardner, KBW director of Washington research, discusses the market reaction to U.S.-China trade and tensions with North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/markets-trump-negotiation-north-korea-summit-stocks.html |
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday said the White House was continuing preparations for his expected meeting with North Korean leader Kim Jong Un but that he was prepared to cancel or delay it if certain conditions are not met.
Trump, speaking to reporters ahead of a meeting with South Korea’s President Moon Jae-in at the White House, reiterated his assertion that Pyongyang by denuclearize as a condition of the planned meeting next month in Singapore.
Reporting by Jeff Mason; Writing by Makini Brice and Susan Heavey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-southkorea-trump/trump-north-korea-summit-preparations-ongoing-but-may-be-delayed-idUSKCN1IN2CE |
How badly does United Airlines want high-paying travelers? It's offering them access to a private terminal.
Business-class travelers will have access to the Private Suite, a new private terminal in Los Angeles International Airport, avoiding the masses in one of the busiest air hubs in the country. Those premium-class passengers will be driven from the terminal to the tarmac to their planes in a BMW 7-Series sedan. A staff of eight is assigned to each booking, United said.
Source: United Airlines United and Private Suite have announced plans for United's business class passengers to have access to a private terminal at LAX. The partnership is United's latest attempt to fill the front of its planes as it works to revamp the business-class product it now calls Polaris. At the same time, global airlines are either building more luxurious business-class cabins or offering over-the-top suites for first-class travelers .
United and other competitors such as American Airlines and Alaska Airlines are also building plusher lounges for these top-paying customers in hubs around the country.
"I think this is a very smart move on United's part to compete," said Henry Harteveldt, founder of travel-industry consulting firm Atmosphere Research Group. Because it's in Los Angeles, the airline may be going after VIP travelers in the entertainment industry, who value privacy, Harteveldt added.
show chapters United Airlines replaces quarterly bonuses with a lottery, angering some employees 4:21 PM ET Mon, 5 March 2018 | 00:39 The Private Suite includes dedicated security and customs screening away from the hoards in the main terminals, as well as individual suites.
Access to the Private Suite will be included in some business-class fares, United said, and on routes to or from LAX, to Newark, Aspen, Hawaii, London's Heathrow, Singapore, Tokyo Narita and Sydney, among other destinations.
An annual membership at the Private Terminal normally goes for $4,500, but access will be included in some tickets, United said.
WATCH: Why United is in pet transporting business show chapters Why United is in the pet transporting business 5:01 PM ET Wed, 21 March 2018 | 02:02 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/united-is-offering-high-paying-customers-their-own-airport-terminal.html |
Dismayed European allies sought to salvage the international nuclear pact with Iran on Wednesday after U.S. President Donald Trump pulled the United States out of the landmark accord , while Tehran poured scorn on the U.S. leader.
"The deal is not dead. There's an American withdrawal from the deal but the deal is still there," French Foreign Minister Jean-Yves Le Drian said.
Iranian Supreme Leader Ayatollah Ali Khamenei, who had backed the deal only reluctantly and remained suspicious of Washington , accused Trump of lying, adding: "Mr. Trump, I tell you on behalf of the Iranian people: You've made a mistake."
French President Emmanuel Macron was due to speak later in the day to his Iranian counterpart Hassan Rouhani , Le Drian said. Iran also signaled its willingness to talk.
Trump announced on Tuesday he would reimpose U.S. economic sanctions on Iran to undermine what he called "a horrible, one-sided deal that should have never, ever been made." Dan Kitwood | Getty Images German Chancellor Angela Merkel, British PM Theresa May and French President Emmanuel Macron at Brexit talks on October 19, 2017 in Brussels, Belgium.
The 2015 agreement, worked out by the United States, five other world powers and Iran, lifted sanctions on Iran in exchange for limits on its nuclear program. The fruit of more than a decade of diplomacy, the pact was designed to prevent Iran obtaining a nuclear bomb.
Trump complained that the deal, the signature foreign policy achievement of his Democratic predecessor, Barack Obama , did not address Iran's ballistic missile program, its nuclear activities beyond 2025 or its role in conflicts in Yemen and Syria .
His decision raises the risk of deepening conflicts in the Middle East, puts the United States at odds with European diplomatic and business interests, and casts uncertainty over global oil supplies. Oil prices rose more than 2 percent on Wednesday, with Brent hitting a 3-1/2-year high .
It could also strengthen the hand of hardliners at the expense of reformers in Iran's political scene. 'Region deserves better'
France's Le Drian said Iran was honoring its commitments under the accord.
"The region deserves better than further destabilization provoked by American withdrawal. So we want to adhere to it and see to it that Iran does too, that Iran behaves with restraint," he told French radio station RTL.
The European Union said it would remain committed to the deal and would ensure sanctions on Iran remain lifted, as long as Tehran meets its commitments. German Foreign Minister Heiko Maas said it was "totally unclear what the U.S. envisages as an alternative to the deal."
France and others were well aware that there were concerns about issues other than nuclear capability, but they could be addressed without ditching the nuclear deal, Le Drian said.
Macron's contact with Rouhani will be followed by meetings next week, probably on Monday, involving the Iranians and European counterparts from France, Britain , and Germany.
Russia has also said it remains committed to the deal; the Russian and German foreign ministers were also due to meet in Moscow, Russian Deputy Foreign Minister Alexander Grushko said.
The prospects of saving the deal depend in large measure on whether international companies are willing and able still to do business with Iran despite the U.S. sanctions.
Le Drian said meetings would also be held with firms including oil giant Total and others with major business and economic stakes in the region.
In a harbinger of what could be in store, Trump's new ambassador to Germany said German businesses should halt their activities in Iran immediately.
French Finance Minister Bruno Le Maire said the United States should not consider itself the world's "economic policeman"
European companies including carmaker PSA, plane manufacturer Airbus, and engineering group Siemens said they were keeping a close eye on the situation.
On his official website, Khamenei said Trump's announcement of his decision had been "silly and superficial," adding: "He had maybe more than 10 lies in his comments." 'Death to America!'
Lawmakers in parliament burned a U.S. flag and a symbolic copy of the deal, known officially as the Joint Comprehensive Plan of Action (JCPOA), and chanted "Death to America!"
President Hassan Rouhani, a reformist who had hoped that the deal would boost living standards in Iran, struck a more pragmatic tone in a televised speech, saying Iran would negotiate with European countries, China and Russia.
"If at the end of this short period we conclude that we can fully benefit from the JCPOA with the cooperation of all countries, the deal will remain," he said.
Trump's decision adds to the strain on the transatlantic alliance since he took office 16 months ago. One by one, European leaders came to Washington and tried to meet his demands, while pleading with him to preserve the deal.
The Trump administration kept the door open to negotiating another deal with allies, but it is far from clear whether the Europeans would pursue that option or be able to convince Iran to accept it. Getty Images President Donald Trump announces his decision to withdraw the United States from the 2015 Iran nuclear deal in the Diplomatic Room at the White House May 8, 2018 in Washington, DC.
The leaders of Britain, Germany, and France, signatories to the deal along with China and Russia, said in a joint statement that Trump's decision was a cause for "regret and concern."
China's foreign ministry said Beijing would defend the deal and urged parties "to assume a responsible attitude."
A Western diplomat was more pointed.
"It announces sanctions for which the first victims will be Trump's European allies," the diplomat said, adding that it was clear Trump did not care about the alliance.
Abandoning the pact was one of the most consequential decisions of Trump's "America First" policy, which has led him to quit the global Paris climate accord, come close to a trade war with China and pull out of an Asian-Pacific trade deal.
It also appeared to reflect the growing influence within the administration of Iran hawks such as new National Security Adviser John Bolton and Secretary of State Mike Pompeo , who arrived in Pyongyang on Wednesday to prepare for a summit that Trump hopes will secure North Korea's denuclearization. Complying with deal
Iran denies long-held Western suspicions that it tried in the past to develop atomic weapons and says its nuclear program is for peaceful purposes.
U.N. inspectors say Iran has not broken the nuclear deal and senior U.S. officials themselves have said several times that Iran is in technical compliance with the pact.
Renewing sanctions would make it much harder for Iran to sell its oil abroad or use the international banking system.
Iran is the third-largest member of the Organization of the Petroleum Exporting Countries and pumps about 3.8 million barrels per day of crude, or just under 4 percent of global supply. China, India , Japan , and South Korea buy most of its 2.5 million bpd of exports.
The U.S. Treasury says sanctions related to Iran's energy, auto, and financial sectors will be reimposed in three and six months.
U.S. Treasury Secretary Steve Mnuchin said a license for Boeing to sell passenger jets to Iran will be revoked, scuttling a $38 billion deal. The ban will also hit Europe's Airbus, whose planes contain U.S.-made parts.
Trump said the nuclear agreement did not prevent Iran from cheating and continuing to pursue nuclear weapons.
"It is clear to me that we cannot prevent an Iranian nuclear bomb under the decaying and rotten structure of the current agreement," he said. "The Iran deal is defective at its core."
Trump said he was willing to negotiate a new deal with Iran, but Iran has already ruled that out.
Iran's growing military and political power in Yemen, Syria, Lebanon , and Iraq worries the United States, Israel , and Washington's Gulf Arab allies such as Saudi Arabia .
Among the few nations to welcome Trump's decision were Israel and Saudi Arabia, Iran's arch-foes in the Middle East. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/europeans-scramble-to-save-iran-deal-after-trump-reneges.html |
May 23 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Former executive at Valeant Pharmaceuticals International Gary Tanner, and Andrew Davenport, the onetime head of a small mail-order pharmacy were convicted on Tuesday of using a secret kickback arrangement to defraud the drugmaker. nyti.ms/2kgxFGf
- Facebook CEO Mark Zuckerberg's meeting with European lawmakers in Brussels ended with members of the parliament complaining that Zuckerberg had used the session's odd format to evade specific questions and just repeat statements he had made in the past. nyti.ms/2IFOBR2
- President Trump declared on Tuesday that he was not happy with how recent trade talks with China had gone, and said the United States had not reached a deal to suspend penalties on the Chinese telecom firm ZTE Corp, disputing reports that the administration had decided to go easy on the company in return for trade concessions. nyti.ms/2KNCceE
- United States Congress agreed on Tuesday to free thousands of small and medium-sized banks from strict rules that had been enacted as part of the 2010 Dodd-Frank law to prevent another meltdown. nyti.ms/2s7b6aF
Compiled by Bengaluru newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-23-idUSL3N1SU29Q |
Cryptocurrency stunt to climb Mount Everest reportedly turns deadly 3 Hours Ago A publicity stunt by a Ukranian social media network encouraging "crypto enthusiasts" to climb Mount Everest and bury a hard drive holding $50,000 worth of digital tokens reportedly led to a man's death | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/cryptocurrency-stunt-climbing-mount-everest-turns-deadly.html |
short@ (Adds comment from SoCalGas)
May 8 (Reuters) - Southern California Gas (SoCalGas) cautioned on Tuesday that pipeline outages and restrictions on the Aliso Canyon gas storage facility could reduce its ability to deliver natural gas this year to a level even lower than California state regulators and others have predicted.
On Monday, regulators and regional grid operators issued a report warning of a "moderate threat" to gas and electric reliability this summer and a "more serious threat" next winter.
SoCalGas, a unit of California energy company Sempra Energy , said that report "may be overly optimistic."
The SoCalGas system has been operating at less than full capacity because of the pipeline outages and restrictions on the use of Aliso Canyon, the utility's biggest storage field, which suffered a devastating leak between October 2015 and February 2016.
"The potential for additional (pipeline) outages means that the situation may be getting worse, not better," the Aliso Canyon Technical Assessment Group said in a report released Monday, noting SoCalGas avoided serious problems last winter due to unusually warm weather.
"With so many pipeline outages, it will be difficult for SoCalGas to fill storage to a level sufficient to ensure energy reliability throughout the coming winter," the group made up of state regulators and regional power companies said.
SoCalGas spokesman Chris Gilbride said in an email that "Service reductions or interruptions to electric generators may be necessary this summer and withdrawals from Aliso Canyon may be required to prevent more extensive customer outages."
SoCalGas wants the state to lift some of the restrictions that were imposed on Aliso Canyon after the months-long leak which forced the evacuation of residents form a nearby Los Angeles neighborhood.
The state has limited the amount of gas SoCalGas can inject into the 86-billion cubic feet Aliso Canyon to just 24.6 bcf and only allows the utility to pull fuel from the field when other options are not available.
One billion cubic feet is enough to fuel about five million U.S. homes for a day.
To avoid power and gas interruptions this summer and next winter, the technical group recommended SoCalGas import liquefied natural gas from Costa Azul in Mexico and that state regulators allow the utility to boost the capacity and use of Aliso Canyon.
The report said this summer's challenges stem primarily from continuing outages and reductions on key pipelines, including Lines 2000, 3000 and 4000 and 235-2.
The group projected capacity on SoCalGas' system would total 3.555 billion cubic feet per day (bcfd) this summer, which includes 2.655 bcfd from pipelines and 0.900 bcfd from storage.
That is lower than the 3.638 bcfd available without Aliso Canyon last summer and well below the 4.668 bcfd maximum the system could send out without Aliso Canyon if all pipelines were available, the group has previously forecast.
This summer's projected system capacity is just enough to cover forecast peak demand of 3.511 bcfd, the report said, warning higher gas usage or loss of additional pipelines could result in curtailments of the fuel to electric generators.
(Reporting by Scott DiSavino; Editing by David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/reuters-america-update-1-southern-california-says-summerwinter-natgas-supply-could-fall-short.html |
Danny Farquhar won’t pitch again in 2018, though even his presence in the Chicago White Sox’s clubhouse was a highlight for his teammates.
Apr 22, 2018; Chicago, IL, USA; The uniform of critically-injured Chicago White Sox relief pitcher Danny Farquhar (43) hangs in the bullpen during the third inning against the Houston Astros at Guaranteed Rate Field. Mandatory Credit: Dennis Wierzbicki-USA TODAY Sports Farquhar, discharged from Rush University Medical Center in Chicago on Monday afternoon, paid the team a visit before its game against the Pittsburgh Pirates on Tuesday night. It was his first time in the team’s clubhouse since he underwent multiple surgeries for a brain hemorrhage caused by a ruptured aneurysm suffered while he was sitting in the dugout during an April 20 home game against the Houston Astros.
The visit lasted about an hour, and Farquhar had his wife Lexie by his side.
“To see him where he is today is pretty much a miracle,” fellow reliever Nate Jones said.
According to the team, Farquhar’s neurosurgeon, Dr. Demetrius Lopes, expects the right-hander to be able to pitch again at some point in the future, though it won’t be this season.
File photo: Aug 10, 2016; Toronto, Ontario, CAN; Tampa Bay Rays pitcher Danny Farquhar (43) throws against the Toronto Blue Jays in the fifth inning vat Rogers Centre. Mandatory Credit: John E. Sokolowski-USA TODAY Sports That didn’t stop him from telling his teammates he can’t wait to get back on the field. Right-hander Miguel Gonzalez told the Chicago Sun-Times Farquhar talked about “throwing some live BP soon.”
“All the reports he’s doing well, but to see him in good spirits, smiling and laughing and having a good time, was great,” White Sox starter James Shields said. “He’s definitely the same guy, no doubt. To see him and to hear how positive he was, the guy wants to come back and play baseball already.”
Farquhar, 31, has pitched in parts of seven MLB seasons for the Toronto Blue Jays, Seattle Mariners, Tampa Bay Rays and White Sox, posting a career ERA of 3.93.
“You can’t place a limit on the size of a man’s heart, and he has a lot of drive,” manager Rick Renteria said. “We’re just glad that he’s out of the hospital now and recovering well. He still has to take it easy for a couple more weeks, just monitor himself, but I wouldn’t put anything past Danny in terms of what he may or may not be able to do.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-chw-farquhar/farquhar-welcomed-back-to-white-sox-clubhouse-idUSKBN1IA1VD |
May 26, 2018 / 3:24 AM / Updated 2 hours ago Kidnap charge spotlights justice divide in Mexican election Suman Naishadham 4 Min Read
MEXICO CITY (Reuters) - An ex-member of an informal police force running for Mexico’s Senate is battling attacks labelling her a “kidnapper,” drawing attention to radical proposals by her ally, presidential candidate Andres Manuel Lopez Obrador, to end the drug war. FILE PHOTO: Nestora Salgado, a community police leader in the community of Olinala in the state of Guerrero smiles as she attends a news conference after a judge ordered her release at the Miguel Agust’n Pro Juarez Human Rights Center, Mexico March 18, 2016. REUTERS/Henry Romero/File Photo
Nestora Salgado, who once ran a local community police force in the opium-rich southwestern state of Guerrero, said she had filed a lawsuit accusing ruling party presidential candidate Jose Antonio Meade of defamation after he called her a “kidnapper” in a televised debate.
The fight over whether Salgado is a heroic social activist or a criminal has put a spotlight on wider differences between presidential candidates over how to fix Mexico’s law and order problems, a major campaign theme ahead of the July 1 election.
Meade, third placed in polls, kept up pressure against his rival and Salgado in a Tweet on Friday, writing that as president he would follow the law without exception “while others opt for amnesty and form alliances with criminals.”
Lopez Obrador is exploring a plan for criminal amnesty to quell the country’s gang-related violence, on the heels of the bloodiest year in a war against drug gangs that has tallied up at least 200,000 homicides over the past decade.
The amnesty idea, along with his backing of Salgado and Jose Manuel Mireles Valverde, a former vigilante leader in the gang-terrorized state of Michoacan, is an attempt to secure votes from indigenous and other marginalized groups drawn into the drug war, said Javier Oliva Posada, a political science professor at the National Autonomous University of Mexico.
Salgado, 46, helped found her local policing group after witnessing the kidnapping and murder of a young taxi driver in 2012, part of the “autodefensa,” or self-defence, movement that grew a few years ago in towns with little trust in either armed drug gangs or the police forces sent to fight them.
Salgado’s group was considered legal under a Guerrero state law allowing self-policing in certain cases. FILE PHOTO: Former Olinala community police leader and Senate candidate of the National Regeneration Movement (MORENA) Nestora Salgado speaks during a news conference in Mexico City, Mexico in May 22, 2018. REUTERS/Ginnette Riquelme/File Photo
In 2013, Salgado, a dual U.S.-Mexico citizen, was arrested after the families of six teenage girls locally accused of dealing drugs said her group had kidnapped and extorted them.
Salgado spent two years and seven months in prison but a federal judge in 2016 acquitted her of all charges.
In a 2016 report, Mexico’s National Human Rights Commission said that Salgado’s arrest violated her right to due process. But the entity also recognised that 12 prisoners, including four minors, in Salgado’s town of Olinala had experienced human right violations at the hands of community police groups.
Lopez Obrador has said Meade’s attacks are a “dirty war.”
“She is fighting for there to be peace and tranquillity and was accused in a despicable way,” Lopez Obrador said at a campaign rally in the central state of Jalisco this week.
Salgado has maintained her innocence.
“In the two years that I’ve been free, the campaign now attacking me hasn’t made a single sound,” she said in a radio interview on Thursday. “Now that I am a running candidate, they want to make me wear the mask of a criminal.” Reporting by Suman Naishadham; Editing by Daina Beth Solomon and Joseph Radford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mexico-election/kidnap-charge-spotlights-justice-divide-in-mexican-election-idUKKCN1IR04I |
JERSEY CITY, New Jersey, May 2 (Reuters) - Goldman Sachs Group Inc leaders said more than 87 percent of shares were voted in favor of its executive pay at its annual shareholder meeting, and that a stock plan for employees was approved by more than 65 percent of votes cast.
Goldman Sachs leaders gave the preliminary vote tallies at the meeting held in New Jersey on Wednesday. Each of the bank’s 11 director nominees received the support of a majority of investors, they said.
Reporting by David Henry and Ross Kerber; Editing by Meredith Mazzilli
| ashraq/financial-news-articles | https://www.reuters.com/article/goldman-sachs-shareholders-meeting/goldman-sachs-vote-backs-pay-shows-less-support-for-stock-plan-idUSL1N1S90L3 |
DUBAI, May 24 (Reuters) - Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.
INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia markets lower on renewed U.S.-China trade concerns
* MIDEAST STOCKS-Dubai market down on profit taking, other markets mixed
* Oil prices drop on potential increase in OPEC output
* PRECIOUS-Gold prices extend gains after dovish Fed stance
* Middle East Crude-Benchmarks rebound; Russian premiums soften
* Syrian state media says U.S. struck army base, U.S. denies
* At least four killed, 15 wounded in Baghdad bomb blast
* Libya cuts oil output by up to 120,000 bpd due to power problems -official
* EXCLUSIVE-Israeli minister says U.S. may soon recognise Israel’s hold on Golan
* Turkish central bank raises rates sharply to prop up lira
* Iran leader: Europe must protect trade with Tehran to save nuclear deal
* Lebanese parliament re-elects Shi’ite Berri as speaker
* Lenders poised to take control of Turk Telekom
* Syria says Iranian withdrawal not up for discussion
* Pakistan hires UAE banks to raise $200 million loan
* French PM cancels Middle East trip, cites diary reasons
* Iraq exported 3.34 million bpd from southern ports in April-oil ministry statement
* Algeria’s Sonatrach says no plans to buy more foreign refineries
* ANALYSIS-Iranian officials split over response to U.S. demands
EGYPT * Egypt and Russia sign 50-year industrial zone agreement
* Egypt says Dubai trader failed to deliver on contracted wheat shipments
* Egypt tourism revenues jump 83 pct to $2.2 bln in Q1 - government official
SAUDI ARABIA * Saudi-led coalition foils Houthi attacks on Red Sea ships, Saudi and UAE media say
* IMF urges Saudi not to boost spending as oil rises as reforms progress
* TABLE-Saudi Arabia Q1 earnings estimates (1)
* TABLE-Saudi Arabia Q1 earnings estimates (2)
UNITED ARAB EMIRATES * MEDIA-Abraaj tapped another client fund to finance itself- WSJ
* TPG in talks with Abraaj investors to manage healthcare fund assets -sources
* Moody’s affirms Emirates NBD and Denizbank’s ratings; action follows announcement that Emirates NBD will acquire Denizbank
* Dubai Crude for August to be priced at $0.15/bbl above Oman
* TABLE-UAE inflation almost flat at 3.5 percent in April
* MEDIA-Abu Dhabi preparing listing of 30 pct of Spain’s Cepsa -El Confidencial
* TABLE-Abu Dhabi Q1 earnings estimates
* TABLE-Dubai Q1 earnings estimates
QATAR * TABLE-Qatar Q1 earnings estimates
* Trump fundraiser launches subpoena blitz in Qatar legal fight-sources
KUWAIT * Kuwait’s Al Mawashi looking beyond Australia for sheep imports
* Kuwait Petroleum plans $2.6 bln loan for LNG terminal -sources
* TABLE-Kuwait Q1 earnings estimates
BAHRAIN * Cost of insuring Bahrain’s debt jumps as deficit jitters increase
* Bahrain asks nationals to avoid traveling to India’s kerala
* Bahrain inflation flat at 2.6 percent in April
* TABLE-Bahrain Q1 earnings estimates
OMAN * Fitch Downgrades National Bank of Oman to ‘BB+’; Outlook Negative
* TABLE-Oman Q1 earnings estimates (Reporting By Dubai newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-factors/mideast-factors-to-watch-may-24-idUSL5N1SV0AU |
American missionary Josh Holt, held by Venezuela without trial on weapons charges since 2016, was heading home with his wife on Saturday after the South American country's socialist government unexpectedly released him.
The freeing of the Mormon missionary from Utah came despite deepening U.S.-Venezuelan tensions that in the last week saw tit-for-tat expulsions of diplomats, Washington's refusal to recognize the May 20 re-election of Venezuelan President Nicolas Maduro, and the imposition of new U.S. sanctions on Caracas.
Speaking at a news conference in Caracas, Communications Minister Jorge Rodriguez said Holt and his wife, Thamy, were freed as part of efforts by Maduro's government to maintain "respectful diplomatic relations" with Washington.
"This type of gesture ... allows us to consolidate what has always been our standpoint: dialogue, agreement, respect for our independence, respect for our sovereignty," Rodriguez said.
Holt and his wife had been charged with espionage, violence and spreading activities against Venezuela's constitutional order, he said.
They were expected to arrive in Washington on Saturday evening and join Holt's family at the White House, U.S. President Donald Trump said on Twitter.
@realDonaldTrump: Good news about the release of the American hostage from Venezuela. Should be landing in D.C. this evening and be in the White House, with his family, at about 7:00 P.M. The great people of Utah will be very happy!
Utah Senator Orrin Hatch said in a statement that Holt's release followed two years of intense lobbying, working with two presidential administrations, countless diplomatic contacts around the world, and Maduro himself.
"I could not be more honored to be able to reunite Josh with his sweet, long-suffering family," Hatch said.
@senorrinhatch: BREAKING: Senator Hatch has secured the release of Utahn Josh Holt from Venezuela. #utpol
Family hails 'miracle' In a statement on Facebook, Holt's family gave thanks "to all who participated in this miracle," but asked to be allowed to meet him and his wife before giving any further statements or interviews.
The details of what led to Holt's release were not immediately clear. It followed by a day a meeting in Caracas between Maduro and U.S. Senator Bob Corker, the chairman of the U.S. Senate Foreign Relations Committee.
Venezuelan authorities arrested Holt in June 2016 while he was in Venezuela for his wedding, and he has been held without trial at the Helicoide, the headquarters of the intelligence agency Sebin, where inmates revolted earlier this month.
His family says he was framed on the weapons charges and the United States accused Caracas of using him as a bargaining chip in sanctions talks.
The United States accuses Maduro's government of stifling democracy, repressing the opposition and massive corruption. Maduro says Washington is conspiring to topple him and seize the OPEC member's large oil reserves.
He blames a U.S. "economic war" for Venezuela's fiscal woes, including hyper-inflation and food and medicine shortages that have triggered mass emigration.
Eva Golinger, a New York-based immigration lawyer once dubbed the "sweetheart" of Venezuela's socialist revolution by former Venezuelan President Hugo Chavez, said on Twitter that Maduro freed Holt as a gesture to gain legitimacy and win the lifting of U.S. sanctions.
"Surely Venezuela gets something in return," wrote Golinger, who has become a Maduro critic. "Stay tuned." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/26/trump-says-venezuela-has-freed-american-hostage-josh-holt.html |
May 2 (Reuters) - Sino Biopharmaceutical Ltd:
* DRUG DEVELOPED BY UNIT GETS APPROVAL FOR DRUG REGISTRATION BY CHINA FOOD AND DRUG ADMINISTRATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sino-biopharmaceutical-gets-approv/brief-sino-biopharmaceutical-gets-approval-from-china-fda-to-register-units-drug-idUSFWN1S90FA |
-- Promising Oncology Drug Data to be Presented at Upcoming American Urological Association Medical Conference; FDA Waives Drug Application Fee;
BE Clinical Studies Results Anticipated for Drugs in 2018; Clinical Trials for
VERU-944 and VERU-111 Planned for 2018 --
Company to Host Investor Conference Call on Wednesday, May 9, 2018, 8 a.m. ET
MIAMI, May 09, 2018 (GLOBE NEWSWIRE) -- Veru Inc. (NASDAQ:VERU), a urology and oncology biopharmaceutical company, today announced its financial results for the fiscal 2018 second quarter ended March 31, 2018.
“During the quarter, we presented promising preclinical data on our cancer drug, VERU-111,” said Mitchell Steiner, M.D., Chairman, President and Chief Executive Officer of Veru. “The preclinical data reinforces our belief that VERU-111 has the potential to become an important therapeutic option for patients with castration resistant prostate cancer. We have been invited to present this exciting data later this month at the prestigious American Urological Association’s 2018 Annual Meeting in San Francisco.
Veru was formed to advance the development of a portfolio of late stage drug products. We remain committed to a strategy that expedites product regulatory approval. Tamsulosin DRS granules final bioequivalence clinical study results and NDA filing are expected in 2018. We are also delighted to report that the US Food and Drug Administration granted a waiver of the drug application fee, approximately $2.4 million, related to our New Drug Application for Tamsulosin DRS granules and Tamsulosin XR capsules. Our other urology drugs, Tadalafil/finasteride combination tablet and Solifenacin DRG granules final bioequivalence clinical results are also anticipated in 2018 with NDA filings in 2019.
“We plan to initiate a Phase 2 clinical trial for VERU-944 for the treatment of hot flashes in men on advanced prostate cancer hormone treatment this summer. We are also planning a Phase 1/2 clinical trial later this calendar year for VERU-111, our novel oral anti-tubulin cancer therapy targeting alpha & beta tubulin focusing on men who have metastatic prostate cancer that have failed abiraterone or enzalutamide therapies.
“Turning to our fiscal 2018 second quarter financial results. Net revenues, which are primarily derived from product sales of FC2 Female Condom ® , increased 7% over the comparable prior year period. During the quarter, we successfully completed a $10 million “synthetic” royalty financing on FC2 product sales. This transaction provided immediate, non-dilutive funds to support our drug development program and operations, as well as provide financial flexibility.”
Fiscal Second Quarter Results: 2018 vs. 2017
For the second quarter of fiscal 2018, net revenues increased to $2.6 million from $2.4 million for the second quarter of fiscal 2017. Gross profit was $1.2 million, or 47% of net revenues, compared with $1.3 million, or 53% of net revenues, for the second quarter of fiscal 2017. Operating expenses were $5.9 million compared with $3.9 million, which includes business acquisition expenses of $108,000. Net loss was $3.8 million, or $0.07 per share, compared with $1.8 million, or $0.06 per share, for the second quarter of fiscal 2017.
Significant quarter-to-quarter variations in the Company’s results have historically resulted from the timing and shipment of large orders rather than from any fundamental changes in the business or the underlying demand for female condoms.
Conference Call Event Details
Veru Inc. will host a conference call on Wednesday, May 9, 2018 at 8 a.m. Eastern Time to review the company’s performance. Interested investors may access the call by dialing 877-317-6789 from the U.S. or 412-317-6789 from outside the U.S. and asking to be joined into the Veru Healthcare call.
In addition, investors may access a replay of the conference call the same day beginning at approximately noon ET by dialing 877-344-7529 for US callers, or 412-317-0088 from outside the U.S., passcode 10119574. The replay will be available for one week, after which, the recording will be available via the company’s website at https://verupharma.com/investors .
About Veru Inc.
Veru Inc. (Veru) is a urology and oncology biopharmaceutical company. The company is currently developing drug product candidates: Tamsulosin DRS, slow release granules, and Tamsulosin XR capsules for lower urinary tract symptoms of benign prostatic hyperplasia (BPH) (NDA planned 2018), Solifenacin DRG, slow release granules, for overactive bladder (urge incontinence, urgency and frequency of urination) (NDA planned 2019), Tadalafil/finasteride combination capsule for restricted urination because of an enlarged prostate (NDA planned 2019), VERU-944 (cis-clomiphene citrate) for hot flashes in men associated with prostate cancer hormone treatment (planned Phase 2 in 2018), and VERU-111 a novel oral anti-tubulin cancer therapy targeting alpha & beta tubulin for a variety of malignancies, including metastatic prostate, breast, endometrial and ovarian cancers (planned Phase 1/2 in 2018).
To help support these clinical development programs, the company markets and sells the PREBOOST ® medicated individual wipe, which is a male genital desensitizing drug product for the prevention of premature ejaculation which is being co-promoted with Timm Medical Technologies, Inc. and the FC2 Female Condom ® (now available by prescription in the US including through the virtual doctor smartphone app “HeyDoctor” at www.fc2.us.com ) in the United States and through The Female Health Company Division in the Global Public Health Sector. The Female Health Company Division markets to entities, including ministries of health, government health agencies, U.N. agencies, nonprofit organizations and commercial partners, that work to support and improve the lives, health and well-being of women around the world. More information about Veru and its products can be found at www.verupharma.com , www.PREBOOST.com , www.fc2.us.com and www.fc2femalecondom.com . For corporate and investor-related information about the Company, please visit https://verupharma.com/investors .
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
The statements in this release that are not historical fact are " " as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements relating to the regulatory pathway to secure FDA approval of the Company's drug candidates and the anticipated timeframe for clinical studies and FDA submissions. Any in this release are based upon the Company's current plans and strategies and reflect the Company's current assessment of the risks and uncertainties related to its business and are made as of the date of this release. The Company assumes no obligation to update any contained in this release because of new information or future events, developments or circumstances. Such are subject to known and unknown risks, uncertainties and assumptions, and if any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results could those expressed or implied by such statements . Factors that may cause actual results to those contemplated by such include, but are not limited to, the following: risks related to the development of the Company's product portfolio, including clinical trials, regulatory approvals and time and cost to bring to market; potential delays in the timing of and results from clinical trials and studies and the risk that such results will not support marketing approval and commercialization; potential delays in the timing of any submission to the FDA and regulatory approval of products under development ; risks relating to the ability of the Company to obtain sufficient financing on acceptable terms when needed to fund development and operations; product demand and market acceptance; competition in the Company's markets and the risk of new or existing competitors with greater resources and capabilities and new competitive product introductions; price erosion, both from competing products and increased government pricing pressures; manufacturing and quality control problems; compliance and regulatory matters, including costs and delays resulting from the extensive governmental regulation, and effects of healthcare insurance and regulation, including reductions in reimbursement and coverage or reclassification of the products; some of the Company's products are in development and the Company may fail to successfully commercialize such products; risks related to intellectual property, including the uncertainty of obtaining patents, the effectiveness of the patents or other intellectual property protections and ability to enforce them against third parties, the uncertainty regarding patent coverages, the possibility of infringing a third party’s patents or other intellectual property rights, and licensing risks; government contracting risks, including the appropriations process and funding priorities, potential bureaucratic delays in awarding contracts, process errors, politics or other pressures, and the risk that government tenders and contracts may be subject to cancellation, delay, restructuring or substantial delayed payments; a governmental tender award indicates acceptance of the bidder's price rather than an order or guarantee of the purchase of any minimum number of units, and as a result government ministries or other public sector customers may order and purchase fewer units than the full maximum tender amount; penalties and/or debarment for failure to satisfy tender awards; the Company's reliance on its international partners and on the level of spending by country governments, global donors and other public health organizations in the global public sector; risks related to concentration of accounts receivable with our largest customers and the collection of those receivables; the economic and business environment and the impact of government pressures; risks involved in doing business on an international level, including currency risks, regulatory requirements, political risks, export restrictions and other trade barriers; the Company's production capacity, efficiency and supply constraints and interruptions, including due to labor unrest or strikes; risks related to the costs and other effects of litigation, including product liability claims; the Company's ability to identify, successfully negotiate and complete suitable acquisitions or other strategic initiatives; the Company's ability to successfully integrate acquired businesses, technologies or products; and other risks detailed in the Company's press releases, shareholder communications and Securities and Exchange Commission filings, including the Company's Form 10-K for the year ended September 30, 2017. These documents are available on the "SEC Filings" section of our website at www.verupharma.com/investors .
FINANCIAL SCHEDULES FOLLOW
Veru Inc.
Condensed Consolidated Balance Sheets
March 31, 2018 and September 30, 2017 March 31, September 30, 2018 2017 Cash $ 8,972,498 $ 3,277,602 Accounts receivable, net 2,969,073 3,555,350 Inventory, net 3,589,057 2,767,924 Prepaid expenses and other current assets 629,527 697,097 Total current assets 16,160,155 10,297,973 Other trade receivables — 7,837,500 Plant and equipment, net 469,215 555,539 Deferred income taxes 13,480,558 8,827,000 Intangible assets, net 20,615,360 20,752,991 Goodwill 6,878,932 6,878,932 Other assets 590,880 156,431 Total assets $ 58,195,100 $ 55,306,366 Accounts payable $ 3,539,667 $ 2,685,718 Accrued expenses and other current liabilities 1,940,348 1,441,359 Credit agreement, short-term portion 3,912,888 — Unearned revenue 872,370 1,014,517 Accrued compensation 322,654 345,987 Total current liabilities 10,587,927 5,487,581 Credit agreement, long-term portion 5,822,693 — Residual royalty liability 372,070 — Other liabilities 81,192 1,365,580 Total liabilities 16,863,882 6,853,161 Total stockholders' equity 41,331,218 48,453,205 Total liabilities and stockholders' equity $ 58,195,100 $ 55,306,366
Veru Inc.
Condensed Consolidated Statements of Operations
Three and Six Months Ended March 31, 2018 and 2017 Three Months Ended
March 31, Six Months Ended
March 31, 2018 2017 2018 2017 Net revenues $ 2,572,872 $ 2,405,519 $ 5,159,485 $ 5,649,118 Cost of sales 1,373,469 1,127,864 2,645,570 2,719,179 Gross profit 1,199,403 1,277,655 2,513,915 2,929,939 Operating expenses 5,895,953 3,856,888 14,647,047 7,383,862 Operating loss (4,696,550 ) (2,579,233 ) (12,133,132 ) (4,453,923 ) Non-operating expenses (437,083 ) (21,442 ) (503,707 ) (43,002 ) Loss before income taxes (5,133,633 ) (2,600,675 ) (12,636,839 ) (4,496,925 ) Income tax benefit (1,302,416 ) (824,033 ) (4,548,469 ) (1,354,102 ) Net loss $ (3,831,217 ) $ (1,776,642 ) $ (8,088,370 ) $ (3,142,823 ) Net loss per basic and diluted common share outstanding $ (0.07 ) $ (0.06 ) $ (0.15 ) $ (0.10 ) Basic and diluted weighted average common shares outstanding 53,355,944 30,982,497 53,253,901 30,979,283
Veru Inc.
Condensed Consolidated Statements of Cash Flows
Six Months Ended March 31, 2018 and 2017 Six Months Ended March 31, 2018 2017 Net loss $ (8,088,370 ) $ (3,142,823 ) Adjustments to reconcile net loss to net cash used in operating activities 325,404 (250,766 ) Changes in current assets and liabilities, net of effects of acquisition of a business 3,579,775 2,333,592 Net cash used in operating activities (4,183,191 ) (1,059,997 ) Net cash used in investing activities (1,913 ) (83,492 ) Net cash provided by financing activities 9,880,000 — Net increase (decrease) in cash 5,694,896 (1,143,489 ) Cash at beginning of period 3,277,602 2,385,082 Cash at end of period $ 8,972,498 $ 1,241,593
Contact:
Kevin Gilbert
786-322-2213
Source:Veru Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-veru-reports-fiscal-2018-second-quarter-financial-results.html |
May 15 (Reuters) - Tyson Foods Inc said on Tuesday it would buy the poultry rendering and blending assets of American Proteins Inc and AMPRO Products Inc for about $850 million, as the company looks to recycle more animal products to use in feed and pet food.
Tyson, the No. 1 U.S. meat processor, said it expects its new business to generate adjusted net sales of more than $550 million over the next year. (Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/tyson-foods-deals-americanproteins/tyson-foods-to-buy-poultry-blending-assets-of-american-proteins-idUSL3N1SM5QX |
May 24, 2018 / 10:25 AM / in 2 minutes Berlusconi says Forza Italia will vote against government Reuters Staff 1 Min Read
ROME (Reuters) - Former Italian Prime Minister Silvio Berlusconi said on Thursday his Forza Italia party would vote against the coalition government of the 5-Star Movement and League in a parliamentary confidence motion expected next week. FILE PHOTO: Forza Italia party leader Silvio Berlusconi leaves after a meeting with Italian President Sergio Mattarella during the second day of consultations at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo
Forza Italia was allied with the far-right League in an inconclusive March national election. Berlusconi gave his blessing to his ally to hold talks with 5-Star earlier this month after all other political options appeared blocked.
However, Berlusconi said in a statement that the program drawn up by the two parties was “a naive book of dreams”. He added: “We can do no other than confirm our decision to vote no in the confidence motion and be in opposition...”
Forza Italia’s votes are not necessary for the 5-Star/League coalition to obtain a majority in parliament. Reporting by Crispian Balmer | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-berlusconi/berlusconi-says-forza-italia-will-vote-against-government-idUSKCN1IP1IQ |
May 5, 2018 / 10:55 AM / Updated 8 hours ago South Korea faces dilemma over anti-North leaflets as ties thaw Hyonhee Shin , Heekyong Yang 6 Min Read
SEOUL/PAJU, South Korea (Reuters) - Days after a historic inter-Korean summit Lee Min-bok, a defector who has been flying anti-Pyongyang leaflets into the North for 15 years, received a call from an official at Seoul’s Unification Ministry urging him to halt his balloon campaign. Park Sang-hak, a North Korean defector and leader of an anti-North Korea civic group, speaks as he prepares to release balloons containing leaflets denouncing North Korean leader Kim Jong Un, near the demilitarized zone in Paju, South Korea, May 5, 2018. REUTERS/Kim Hong-Ji
It was a plea by South Korea not to jeopardise the recent thaw, engineered by the leaders of the two Koreas who agreed during last week’s summit to cease all hostile acts along the border - including the distribution of leaflets - from May 1.
On Saturday, police prevented a planned release of balloons by a defector group after a confrontation with anti-leaflet protesters.
For Lee, the campaign is personal. He says reading such leaflets as a young man in the North brought an “awakening moment” in 1990 that helped him realise how oppressive and destitute his homeland was at a time when the South was emerging as an economic powerhouse. In 1995, he escaped to South Korea.
“I really believed that Kim Il Sung was the centre of the world and he was making everything right and great for us,” Lee said, referring to North Korea’s founding father, the grandfather of current leader Kim Jong Un.
“Realising what I had learned, heard and read were all lies, I decided to defect to the South to live with the truth.”
Lee, who launched his first batch of balloons in 2003 and has since dispatched more than 300 million, runs one of several defector-led civic groups that regularly send leaflets across the border carrying messages critical of Kim and human rights abuses in North Korea.
Their campaign now poses a thorny dilemma for Seoul, which is striving to keep up the momentum for inter-Korean reconciliation after a decade of confrontation amid the North’s growing nuclear weapons and missile programmes.
Pyongyang has in the past blamed Seoul for failing to stop previous leaflet launches, calling them “an act of war”. The two Koreas even traded fire in 2014 after the North’s military shot machine guns at balloons launched by defector activists. LAUNCH BLOCKED
In the call from the Unification Ministry, the official repeatedly pleaded for an end to balloon launches, promising support if his group switched to other activities aimed at improving human rights in North Korea, according to Lee. Park Sang-hak, a North Korean defector and leader of an anti-North Korea civic group, prepares to release balloons containing leaflets denouncing North Korean leader Kim Jong Un, near the demilitarized zone in Paju, South Korea, May 5, 2018. REUTERS/Kim Hong-Ji
The ministry was not available for comment on the call, but on Friday it issued a statement urging civic groups to halt leaflet launches, which it said would violate the spirit of the agreement made at the summit and heighten military tensions and safety concerns.
Some South Koreans also think the balloon campaign should end.
“Customers stopped visiting our town after North Korea threatened to shoot the balloons,” said Kim Hyung-do, who runs a chicken soup restaurant in the border city of Paju.
“The mood between the two Koreas has a big impact on our lives. I hope they won’t send flyers and throw cold water on this good mood after the summit.”
Despite the pleas, a group of North Korean defectors flocked to Paju on Saturday to fly balloons into the North.
The group prepared 150,000 leaflets, 1,000 $1 bills and 500 booklets authored by another defector on South Korea’s dramatic rise from the ashes of the 1950-53 Korean War, said its leader Park Sang-haak.
“We are carried away by Kim Jong Un’s sudden deceitful peace offensive, but just a while ago he blackmailed us and the whole world with nuclear and missile provocations, while killing his own family members and executives,” Park said.
About 150 residents of Paju and members of a small, progressive party staged a protest against the leaflet launch, and one protester ran into Park as he gave a speech, prompting police to intervene.
“I risked my life to cross the border. You can’t stop me,” a colleague of Park furiously shouted at the man, drawing applause from other defectors. Slideshow (3 Images)
The launch was eventually called off as police blocked the truck carrying the balloons from entering the site. Local police were not immediately available for comment. LEAFLET WAR
The two Koreas have waged rival leaflet campaigns for decades.
The South’s military used to launch anti-North flyers across the demilitarised zone, but the programme ended in 2010, a defence ministry official said.
Defector groups continued the campaign, sending, along with the flyers, $1 bills, mini radios, instant food such ramen noodles and USB sticks containing South Korean dramas and news.
Pyongyang has also used balloons to send its own propaganda leaflets, which typically feature military threats and satirical images of South Korean and U.S. leaders.
“I remember picking up fliers praising Kim Il Sung from the playground and mountain near my home when I was in elementary school, and we were told to drop them at a police box and get pencils as a reward,” said Kim Chang-hwan, a 35-year-old book editor in Seoul.
“It was sort of scary as we were taught that those things were very bad, but when I saw them again during my military service, I would just laugh it off.”
Defector and human rights campaigners say the South Korean government cannot obstruct civilian activities that they say are subject to freedom of speech guaranteed by the constitution.
In 2015, a local court dismissed a lawsuit filed by a group of residents to prevent Park’s leaflet campaign, citing freedom of expression.
But in a separate 2016 case, the Supreme Court ruled the government could limit the civic group’s activities due to residents’ safety concerns.
President Moon Jae-in, a former human rights lawyer, took office last May, pledging to re-engage the North. As an opposition lawmaker, Moon co-sponsored a resolution calling for a halt to leaflet launches in 2014.
“The agreement from the summit doesn’t have binding authority over what the people do or don’t do,” said Kim Tae-hoon, a member of Hanbyun, an association of lawyers for human rights and unification. “And it can’t undercut the universal value of human rights.” Reporting by Hyonhee Shin and Heekyong Yang; Editing by Alex Richardson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-southkorea-leaflets/south-korea-faces-dilemma-over-anti-north-leaflets-as-ties-thaw-idUKKBN1I60CB |
May 9, 2018 / 5:01 AM / Updated 8 hours ago Konta hopes Murray can recover in time for grass-court season Reuters Staff 2 Min Read
(Reuters) - Johanna Konta hopes fellow Briton Andy Murray will be in action at this year’s Wimbledon despite media reports claiming that the Scot has suffered a setback in his recovery from hip surgery. FILE PHOTO: Tennis - Australian Open - Melbourne, Australia, January 18, 2018. Johanna Konta of Britain serves against Bernarda Pera of the U.S. REUTERS/Edgar Su
British media reports said former world number one Murray’s participation in Wimbledon had been thrown into doubt after hi recovery from the surgery had stalled.
Murray, 30, has not played a competitive match since losing to Sam Querrey in the Wimbledon quarter-finals last July and had an operation on the hip at the start of the year after rest and recuperation failed to resolve the issue.
“I still hope he can (come back as planned),” Konta told reporters after losing to Bernarda Pera in the second round of the Madrid Open.
“Obviously he needs to do what’s best for the longevity of his career. I can really just feel for him. I can’t imagine how sad he must be to be away from the game which he loves so much.”
Three-times grand slam winner Murray is scheduled to play in the June grass-court tournament in Rosmalen in the Netherlands as well as at Queen’s Club as a warm-up to Wimbledon.
“He must be doing everything that he can to come back fitter and stronger and be playing for a long time so if he’s not around through that period he will be sorely missed. Hopefully he gets better soon,” Konta added. Reporting by Shrivathsa Sridhar in Bengaluru; editing by Amlan Chakraborty | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-england-murray/konta-hopes-murray-can-recover-in-time-for-grass-court-season-idUSKBN1IA0F8 |
Best sector May to October in midterm years 2 Hours Ago Dating back to 1990 our data partners at Kensho say buy healthcare stocks between May and October in midterm election years like this one. The sector is up 6.3% on average, while the S&P falls. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/best-sector-may-to-october-in-midterm-years.html |
LOS ANGELES (Reuters) - Jennifer Aniston will portray the first female - and first gay - U.S. president in a comedy film for Netflix, the streaming service said on Friday.
Actress Jennifer Aniston arrives to attend a dinner organized by French luxury group Louis Vuitton for the launching of new leather accessories in Paris, France, April 11, 2017. REUTERS/Gonzalo Fuentes American stand-up comedian Tig Notaro will play Aniston’s wife in the film and she is also co-writing the script for the film, called “First Ladies.”
No date was scheduled for its release.
“When Beverly and Kasey Nicholson move into the White House, they’ll prove that behind every great woman... is another great woman,” Netflix said in a statement.
The announcement was the latest in a series of high profile projects for Aniston, 49, whose career has consisted mostly of romantic comedy films since the end of the sitcom “Friends” in 2004.
She also is working on her first TV show since “Friends” as the co-star and an executive producer of a drama series for Apple Inc. about the lives of people working on a morning television show.
Reporting by Jill Serjeant; Editing by Bill Trott
| ashraq/financial-news-articles | https://in.reuters.com/article/film-jennifer-aniston/jennifer-aniston-to-star-in-same-sex-white-house-comedy-film-idINKCN1IJ2C8 |
Publicly Held Corporation Provides Guidance Regarding Reverse Takeover
LAS VEGAS--(BUSINESS WIRE)-- Publicly held Megola, Inc. (OTC Pink: MGON) is providing stockholders with an update regarding the status of the corporation and its current strategic objectives. Megola, Inc is subject to a court-appointed custodianship in the state of Nevada. The custodian, International Venture Society, reinstated the corporation’s charter with the Nevada Secretary of State on May 9, 2017.
TheShare TV, LLC, a wholly owned subsidiary of MC Endeavors, Inc. (OTC Pink: MSMY), is pleased to announce that it has executed a term sheet as part of a reverse takeover or “RTO” transaction. Subject to regulatory approval and the fulfillment of contractual obligations, the merged company will be named “TheShare TV, Inc.” Upon successful completion of the transaction, TheShare TV, LLC Chief Executive Officer, John Stippick, will be appointed CEO and also be named the Director of the combined company.
International Venture Society’s CEO Kelani Long stated, “We will continue to work to discharge the duties of the court-appointed custodian in an expeditious manner, which includes the holding of a meeting of stockholders.” She continued, “In addition, "I am very excited about the plans discussed with TheShare TV thus far, and have confidence the RTO could provide some thrilling possibilities in terms of shareholder value. The team at MC Endeavors, Inc. have successfully demonstrated that they can bring a once dormant publicly company back to life, add shareholder value and execute on a vision for long-term success. We firmly believe in the vision of John Stippick, CEO.”
While not an obligation of the court-appointed custodian, TheShare TV will also seek to become current with its reporting obligations to OTC Markets and the SEC. TheShare TV will also seek to petition FINRA for a name and symbol change. The company plans to keep shareholders updated as material company events take place.
About TheShare TV, LLC
TheShare TV, LLC is a wholly owned subsidiary of MC Endeavors, Inc., and is the first and only network channel for addiction treatment and recovery lifestyles. The network is developing, producing, and distributing original addiction treatment and sober lifestyle television programming to a worldwide audience. The original programming promotes long term recovery, inspiration, and awareness through education, support, music and entertainment. For more information, please visit https://twitter.com/TheShareTV .
About MC Endeavors, Inc.
MC Endeavors, Inc. (OTC Pink: MSMY ), an innovator in social commerce platforms, is committed to becoming a leading global social commerce company that utilizes a single core platform, Room 21™, to produce, distribute, and monetize online communities for individuals and businesses that interact with industries ranging from industrial business to healthcare to entertainment.
Statements in this press release that are not historical fact may be deemed 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. Although MC Endeavors Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, MC Endeavors Inc is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006512/en/
for Megola, Inc.
Kelani Long
Custodian / Interim CEO
[email protected]
Source: Megola, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-megola-inc-announces-new-company-direction.html |
* Targets Google, Facebook, Instagram and WhatsApp
* Activist: Blocking users who won’t share data illegal
* There must be an opt-out option - Schrems
* Potential fines up to 4 percent of global revenues
By Lucy Fielder and Douglas Busvine
VIENNA/LONDON, May 25 (Reuters) - As Europe’s new privacy law took effect on Friday, one activist wasted no time in asserting the additional rights it gives people over the data that companies want to collect about them.
Austrian Max Schrems filed complaints against Google , Facebook, Instagram and WhatsApp, arguing they were acting illegally by forcing users to accept intrusive terms of service or lose access.
That take-it-or-leave-it approach, Schrems told Reuters Television, violates people’s right under the General Data Protection Regulation (GDPR) to choose freely whether to allow companies to use their data.
“You have to have a ‘yes or no’ option,” Schrems said in an interview recorded in Vienna before he filed the complaints in various European jurisdictions.
“A lot of these companies now force you to consent to the new privacy policy, which is totally against the law.”
The GDPR overhauls data protection laws in the European Union that predate the rise of the internet and, most importantly, foresees fines of up to 4 percent of global revenues for companies that break the rules.
That puts potential sanctions in the ballpark of anti-trust fines levied by Brussels that, in Google’s case, have run into billions of dollars.
Andrea Jelinek, who heads both Austria’s Data Protection Authority and a new European Data Protection Board set up under GDPR, said she expected to see complaints come in as soon as the law enters force across the 28-member European Union.
SCOURGE OF FACEBOOK Schrems was a 23-year-old law student when he first took on Facebook and he’s been fighting Mark Zuckerberg’s social network ever since - becoming the poster-boy for data privacy.
He won a landmark European court ruling in 2015 that invalidated a ‘safe harbour’ agreement that allowed firms to transfer personal data from the EU to the United States, where data protection is less strict.
With GDPR in mind, he recently set up a non-profit called None of Your Business noyb.eu (noyb) that plans legal action to blunt the ability of the tech titans to harvest data that they then use to sell targeted advertising.
His laptop perched on the table of a traditional Viennese coffee house, Schrems showed how a pop-up message on Facebook seeks consent to use his data - and how he is blocked when he refuses.
“The only way is to really accept it, otherwise you cannot use your Facebook any more,” Schrems explained.
“As you can see, I have my messages there and I cannot read them unless I agree.”
Erin Egan, Facebook’s chief privacy officer, said in a statement that the company has prepared for 18 months to ensure it meets the requirements of GDPR by making its policies clearer and its privacy settings easier to find.
Facebook, which has more than 2 billion regular users, has also said that advertising allows it to remain free, and that the whole service, including ads, is meant to be personalized based on user data.
“1,000-EURO BRICK”
Schrems said, however, that Instagram, a photo-sharing network popular with younger users, and encrypted messaging service WhatsApp - both owned by Facebook - also use pop-ups to gain consent and bar users who refuse.
The action brought by noyb against Google relates to new smartphones using its Android operating system. Buyers are required to hand over their data or else own “a 1,000-euro brick” that they can’t use, Schrems said.
Google did not immediately respond to a request for comment.
noyb is filing the four claims with data protection authorities in France, Belgium, Germany and Austria. Ensuing litigation may play out in Ireland, where both Facebook and Google have their European headquarters.
One filing, made against Facebook on behalf of an Austrian woman, asks the country’s data protection authority to investigate and, as appropriate, prohibit data processing operations based on invalid consent.
It also asks the regulator to impose “effective, proportionate and dissuasive” fines as foreseen by GDPR, which in Facebook’s case could run to 1.3 billion euros ($1.5 billion).
“So far it was cheaper just to ignore privacy rights,” said Schrems. “Now, hopefully, it’s going to be cheaper to follow them because the penalties are so high.” ($1 = 0.8555 euros) (Additional reporting by David Ingram in San Francisco and Julia Fioretti in Brussels Writing by Douglas Busvine Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/europe-privacy-lawyer/austrian-data-privacy-activist-takes-aim-at-forced-consent-idUSL5N1SW1BS |
NEW YORK/HONG KONG (Reuters) - The Hong Kong Monetary Authority (HKMA) stepped into the currency market and bought another HK$4.710 billion ($600 million) in Hong Kong dollars on Wednesday U.S. time as the local currency hit the weaker end of its trading range.
FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo That was in addition to HK$4.789 billion in Hong Kong dollars that the city’s de facto central bank bought earlier during New York trading hours. [nL2N1SN15P]
Reuters data shows the latest intervention will reduce the forecast aggregate balance - the sum of balances on clearing accounts maintained by banks with the authority - to HK$117.431 billion on May 18, when the withdrawn funds will be settled.
These HKMA interventions are the first since mid-April. It has bought a total of HK$11.069 billion this week.
The Hong Kong dollar is pegged at 7.8 to the U.S. dollar but can trade between 7.75 and 7.85. Under the currency peg, the HKMA is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85 to keep the band intact.
The currency [HKD=D3] traded at 7.8496 against the U.S. dollar at 0230 GMT.
HKMA Chief Executive Norman Chan said on Tuesday that capital flowing out from the Hong Kong dollar will allow the Hong Kong dollar’s interest rates to normalize eventually, like the U.S. dollar. [nL3N1SM2C7]
Last month, the HKMA said it had confidence in the local currency’s peg to the U.S. dollar and will stay vigilant to ensure the former British colony’s monetary and financial stability. [nH9N1QI01D][nH9N1RX04U]
Reporting by Saqib Iqbal Ahmed in New York and Twinnie Siu in Hong Kong; Editing by James Pomfret and Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hongkong-dollar/hkma-intervenes-as-hong-kong-dollar-weakens-buys-hk9-5-billion-in-u-s-trade-idUSKCN1II099 |
May 14 (Reuters) - MabVax Therapeutics Holdings Inc :
* MABVAX THERAPEUTICS HOLDINGS INC FILES FOR NON-TIMELY 10-Q - SEC FILING Source bit.ly/2ICIjF1 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mabvax-therapeutics-holdings-inc-f/brief-mabvax-therapeutics-holdings-inc-files-for-non-timely-10-q-idUSFWN1SL15E |
Intesa CEO: Intrum a strong counterparty, adds value 3:28 AM ET Thu, 10 May 2018 Intesa Sanpaolo is a good solution for investment in the long term, Carlo Messina said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/intesa-ceo-intrum-a-strong-counterparty-adds-value.html |
May 15, 2018 / 8:03 PM / Updated 22 minutes ago Mexican journalist gunned down in Gulf state of Tabasco Reuters Staff 2 Min Read
MEXICO CITY (Reuters) - A Mexican journalist was killed on Tuesday in the southern state of Tabasco on the Gulf of Mexico amid deepening violence in one of the world’s most dangerous countries for reporters.
Juan Carlos Huerta, a news radio host, was shot dead by armed men as he drove from his home in the state capital of Villahermosa, authorities said. The attackers escaped, officials said.
Huerta had started his own radio station several months ago, two of his colleagues said.
“In the case of Juan Carlos, he was a leading communicator in his field ... and I can say it, a friend. I am deeply saddened,” Tabasco state Governor Arturo Nunez told reporters.
Nunez said roads leaving the capital had been closed as part of attempts to catch the perpetrators.
So far this year, at least four journalists from states marred by worsening violence and the presence of criminal gangs have been killed in Mexico. Last year, 12 reporters were killed, according to free-speech advocacy group Article 19.
Article 19 has said Mexico is the most dangerous country in Latin America for journalists, with the number of killings similar to war zones like Syria.
A proliferation of violent criminal gangs drove the number of all murders in 2017 to more than 28,000, the highest in records going back to 1997.
The spike in violence has battered the popularity of President Enrique Pena Nieto and contributed to support of leftist presidential hopeful Andres Manuel Lopez Obrador, who leads public opinion polls ahead of elections in July. Reporting by Lizbeth Diaz; Writing by Michael O'Boyle; editing by Grant McCool | ashraq/financial-news-articles | https://in.reuters.com/article/mexico-violence/mexican-journalist-gunned-down-in-gulf-state-of-tabasco-idINKCN1IG34T |
MELBOURNE, May 21 (Reuters) - London copper edged higher on Monday after a truce in a trade row between China and the United States soothed concerns the dispute could escalate, however headwinds from a stronger dollar capped gains. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange edged up by 0.2 percent to $6,869 a tonne by 0142 GMT, reversing small losses from the previous session. Prices have been caught in a tight $6,765-$6,900 range for the past week. * Shanghai Futures Exchange copper also edged up by 0.4 percent to 51,410 yuan ($8,062) a tonne. * TRADE: The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. * DOLLAR: The dollar edged up against the yen on Monday, after Mnuchin's comments, boosting risk sentiment amid hopes for an easing of trade tensions between the world's two biggest economies. * JAPAN ECONOMY: Japan's exports accelerated in April on increased shipments of cars and machines used to make semiconductors, suggesting healthy overseas demand could help the economy recover quickly from a dip in the first quarter. * CHINA ECONOMY: China's economy will likely expand around 6.7 percent in the second quarter this year, the State Information Center (SIC) said in an article in the state-owned China Securities Journal on Saturday. * COPPER: Vedanta Resources Plc's shutdown of its South Indian copper smelter, one of India's biggest, is causing a copper deficit and increased prices in India, its subsidiary Vedanta Ltd said on Friday. * RUSAL: UC Rusal has not yet received any formal notice that sanctions target Oleg Deripaska has resigned from his board position at major Rusal shareholder EN+, the aluminium maker said on Monday. * For the top stories in metals and other news, click or MARKETS NEWS * U.S. stock futures jumped on Monday as U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is "on hold" after the world's two largest economic powers agreed to drop their tariff threats while they work on a wider trade agreement. DATA AHEAD (GMT) 1230 U.S. National activity index Apr PRICES 0127 GMT Three month LME copper 6869.5 Most active ShFE copper 51430 Three month LME aluminium 2264.5 Most active ShFE 14810 aluminium Three month LME zinc 3106.5 Most active ShFE zinc 23970 Three month LME lead 2355 Most active ShFE lead 19770 Three month LME nickel 14655 Most active ShFE nickel 109070 Three month LME tin 0 Most active ShFE tin 145410 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 368.14 LME/SHFE ALUMINIUM LMESHFALc3 -1999.5 4 LME/SHFE ZINC LMESHFZNc3 414.06 LME/SHFE LEAD LMESHFPBc3 696.25 LME/SHFE NICKEL LMESHFNIc3 -1822.5 ($1 = 6.3769 Chinese yuan renminbi) (Reporting by Melanie Burton; editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-london-copper-edges-higher-as-trade-war-fears-recede-idUSL3N1SS1D7 |
Graduating from college and entering the working world comes with a lot of firsts: First job, first apartment and, for a lot of new grads, first time managing their own money.
But that doesn't mean they need to be apprehensive. According to Dave Ramsey, financial expert and author of " The Total Money Makeover ," "There is no reason why anyone graduating from high school or college can't enter into a winning process."
In 2017, Ramsey shared his best advice for newly minted college graduates, and it's just as relevant for the class of 2018 and anyone just starting out. Here's how to set yourself up for a financially successful adulthood.
1. Budget Ramsey advises making a budget on day one and sticking to it — no matter what.
"I tell young people who call our radio show that you're already used to living like a broke college kid, so keep living like one until you start making grown-up money," he tells CNBC Make It .
"That way you can clean up any debt you might have, build up your emergency fund and start saving for the things you want and need down the road like a better car and a down payment on a house."
show chapters Mark Cuban’s best advice for college grads 1:28 PM ET Fri, 12 May 2017 | 01:02 2. Be patient Ramsey also warns new grads that the first few years in the workforce aren't the most glamorous. You're probably not going to land your dream job right away, and you're probably not going to be getting rich, either.
This is the time to buckle down and learn from those around you.
"Remember, you don't have experience right now and that you're going to need to work like crazy, learn everything you can and make yourself a valuable team member," he says.
show chapters Here's how Apple CEO Tim Cook faces the big issues 8:13 AM ET Fri, 12 May 2017 | 01:19 3. Hustle Hard work now will pay off later, Ramsey says.
"Will there be struggle? Oh yes. Guaranteed. There really isn't a yellow brick road. You need that struggle in order to succeed. Embrace it. It's part of the journey!"
Read Ramsey's full message to the class of 2017 below:
Congratulations! It's an exciting time. The good news is there is no reason why anyone graduating from high school or college can't enter into a winning process. To do that, you need to have a budget and stick to it. You need to take control of your money so that it doesn't control you.
You need to start at the bottom and work your way up. I tell young people who call our radio show that you're already used to living like a broke college kid, so keep living like one until you start making grown up money. That way you can clean up any debt you might have, build up your emergency fund and start saving for the things you want and need down the road like a better car and a down payment on a house.
Hopefully you've already chosen a field you can be passionate about — something with a good track record of success in the marketplace where you can actually make a living. You're probably not going to find your dream job while the ink on your diploma is still drying. Take a deep breath. You are going to find a job.
Remember you don't have experience right now and that you're going to need to work like crazy, learn everything you can and make yourself a valuable team member. Will there be struggle? Oh yes. Guaranteed. There really isn't a yellow brick road. You need that struggle in order to succeed. Embrace it. It's part of the journey!
This is an updated version of a previously published article .
Don't miss: If you can't afford a down payment on a home but still want to buy, do these 3 things
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show chapters This is what college graduates need to hear 4:48 PM ET Fri, 12 May 2017 | 01:00 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/dave-ramsey-gives-advice-to-grads-live-like-a-broke-college-kid.html |
May 24, 2018 / 9:22 AM / Updated an hour ago European carmaker shares drop on U.S. tariff fears Edward Taylor 4 Min Read
FRANKFURT (Reuters) - A U.S. warning it may introduce tariffs on foreign auto imports hit shares in German carmakers BMW, Daimler and Volkswagen on Thursday, which together have a more than 90 percent share of North America’s premium car market. FILE PHOTO: A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt/File Photo
Washington said on Wednesday it had launched an investigation into car and truck imports due to signs they had damaged the U.S. auto industry.
That could lead to new U.S. tariffs similar to those imposed on imported steel and aluminium in March.
BMW ( BMWG.DE ) and Daimler ( DAIGn.DE ) shares fell as much as 3.1 percent in early Thursday trading, while Volkswagen’s ( VOWG_p.DE ) dropped as much as 2.5 percent.
“(U.S. President) Donald Trump is obviously not thinking about how to prevent a trade war. Import duties on cars would be a nightmare for the German auto industry and would lead to a massive sales impact,” said Thomas Altmann at Frankfurt-based asset manager QC Partners. FILE PHOTO: A logo of the German luxury carmaker BMW is seen during the company's annual news conference in Munich, Germany, March 21, 2018. REUTERS/Michael Dalder/File Photo
BMW on Thursday condemned the move to consider tariffs.
“The BMW Group is committed to free trade worldwide. Barrier-free access to markets is therefore a key factor not only for our business model, but also for growth welfare and employment throughout the global economy,” it said.
Daimler, which makes Mercedes-Benz cars, and Volkswagen, which makes upmarket Audis and Porsches, were not immediately available for comment.
German carmakers produced 804,000 cars at local factories in the United States and exported 657,000 German-made cars into North America last year, according to German auto industry association VDA.
China took pains on Thursday to welcome German firms and investments, with Premier Li Keqiang talking up relations after a meeting with German Chancellor Angela Merkel.
BMW and Mercedes have expanded production capacity in the United States, but BMW, Audi, Volkswagen and Daimler have also invested billions to build new factories in Mexico in the hope of selling locally produced cars into the United States.
German carmakers hiked vehicle production in Mexico by 46 percent to 620,000 cars last year, while production levels inside the United States fell by 6 percent to 804,000 cars because of a shift to Mexico, according to the VDA.
BMW has its biggest factory worldwide in Spartanburg, South Carolina, and is the largest vehicle exporter among all the carmakers in the United States measured by value of goods exported. More than 70 percent of BMW’s U.S.-made cars are exported.
The risk of tariffs is not just a problem for German carmakers, with shares in France’s PSA Group ( PEUP.PA ) and Renault ( RENA.PA ) also falling by more than 1 percent.
The value of trade imports into the European Union from the United States amounted to 6.157 billion euros while exports of EU-built cars to the United States amounted to 37.4 billion last year, representing almost 30 percent of the total EU export value. Reporting by Edward Taylor in Frankfurt Additional reporting by Phil Blenkinsop in Brussels; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-autos-shares/european-carmaker-shares-drop-on-u-s-tariff-fears-idUKKCN1IP1BJ |
(Reuters) - British oil giant BP Plc said it plans to cut 3 percent of jobs in exploration and production, as part of a restructuring of its global upstream business to make the division more efficient and competitive.
FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo/File A BP spokesman said the cuts of around 540 jobs from the company’s 18,000-strong total upstream workforce will be carried out by the end of the year.
The move is part of an ongoing process to simplify the company’s structure and increase efficiency, following the $50 billion worth of divestments over recent years, BP said in a statement. It did not comment on any possible cost savings associated with the redundancies.
BP held out the prospect of a first dividend increase since 2014, after first-quarter profits beat forecasts earlier this month, thanks to rising oil and gas prices and production.
The 110-year old company is undergoing its fastest growth in recent history with new oil and gas fields from Egypt and Oman to the U.S. Gulf of Mexico, riding a tide of higher oil prices following the 2014 downturn.
BP remains committed to developing its upstream opportunities and delivering its existing five-year growth strategy, the company said in an emailed response on Tuesday.
Shares of the company were down 1 percent at 1410 GMT.
Reporting By Justin George Varghese in Bengaluru and Ron Bousso in London; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bp-redundancies/bp-to-cut-3-percent-of-jobs-in-upstream-business-ft-idUSKCN1IN1UL |
WASHINGTON--(BUSINESS WIRE)-- Arlington Capital Partners has agreed to sell Polaris Alpha, an advanced, technology-focused provider of innovative mission solutions for complex defense, intelligence, and security customers, as well as other U.S. federal government customers to Parsons. Parsons’ acquisition of Polaris Alpha, from private equity firm Arlington Capital Partners, will be the latest in the company’s series of strategic investments focused on companies with technologies aligned to evolving threats in the land, sea, air, space, and cyber domains.
Parsons’ existing artificial intelligence (AI), signals intelligence, and data analytics expertise supporting defensive and offensive cybersecurity missions will be expanded by the integration of Polaris Alpha’s machine learning, data, video, multi-source analytics and automated reasoning technologies. Polaris Alpha’s portfolio of electromagnetic (EM) warfare, signals intelligence (SIGINT), space situational awareness, and multi-domain command and control (C2) technologies will significantly increase the scale and scope of Parsons’ capabilities and customer relationships. Both companies support the U.S. intelligence community, numerous U.S. Department of Defense agencies, the Department of Homeland Security, and other federal agencies, including the National Aeronautics and Space Administration and the Department of Justice.
Michael Lustbader, a Managing Partner at Arlington Capital, said “Polaris Alpha has grown rapidly both organically and through strategic acquisitions to become a recognized leader in the space and cyber domains. The strength of the Polaris Alpha management team has enabled the company to combine leading technical capabilities with a deep understanding of its customers’ missions while establishing a strong, unified culture. We are excited to watch many of our key technology and infrastructure investments continue to pay dividends under Parsons’ leadership.”
“The acquisition of Polaris Alpha is the latest transformative move for Parsons that takes our technology solutions strategy to a new level with customers needing advanced solutions to rapidly-evolving threats,” said Chuck Harrington, Parsons’ Chairman and CEO. “With the integration of Polaris Alpha into Parsons, we enhance our proven artificial intelligence and data analytics expertise with new technologies and solutions, the demand for which is growing exponentially.”
David Wodlinger, a Partner at Arlington Capital, said “Polaris Alpha occupies a unique market position by not only architecting and developing new cutting-edge technologies through its research and development programs, but also efficiently transitioning those same technologies to support the most critical operations conducted by the national security community in the emerging domains of warfare. We are thrilled to have played a role in that strategy and believe Parsons’ increased scale and dedication to the same customers can take it to the next level.”
Polaris Alpha was formed through Arlington Capital’s merger of EOIR Technologies, Intelligent Software Solutions (ISS), and Proteus Technologies. In 2017, Intelesys and Solidyn were added, and in April 2018, 4D was acquired. Polaris Alpha has more than 1,300 employees, with nearly 90% maintaining security clearances. The company’s major office locations are in Colorado Springs, CO, Columbia, MD, Aberdeen, MD, and Fredericksburg, VA, with additional offices, research and development facilities, and on-site customer operations in several other states and the United Kingdom.
“Parsons and Polaris Alpha customers, many of which are common to both companies, will benefit from existing, complimentary technologies and increased scale, enabling end-to-end solutions under our shared vision of rapid prototyping and agile development,” said Carey Smith, President of Parsons’ Federal business unit. “Our plan for the integration of the two companies is simple – combining Parsons’ and Polaris Alpha’s capabilities and cultures for the benefit of our customers and employees. We are fully committed to continuing to attract, develop, and retain the best talent in our industry.”
“The combination of Polaris Alpha into Parsons is a logical continuation of our strategy to deliver highly differentiated technical capabilities for the government’s most critical missions,” said Peter Cannito, CEO, Polaris Alpha. “Joining Parsons significantly broadens our access to new markets, solidifies our ability to deliver at scale, and provides a unique opportunity for our employees to continue to have a meaningful role in a transformative culture and premier organization.”
Arlington Capital Partners is a Washington, D.C.-area private equity firm that has managed $2.2 billion of committed capital via four investment funds. Arlington is focused on middle market investment opportunities in growth industries, including: government services and technology, aerospace/defense, healthcare, and business services and software. The firm's professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their Company's position as leading competitors in their field. www.arlingtoncap.com
Parsons is a digitally enabled solutions provider focused on the defense, security, and infrastructure markets. With nearly 75 years of experience, Parsons is uniquely qualified to deliver cyber-physical security, advanced technology solutions, and other innovative services to federal, regional, and local government agencies, as well as to private industrial customers worldwide. www.parsons.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005838/en/
Arlington Capital Partners
Michael Lustbader and David Wodlinger
5425 Wisconsin Avenue, Suite 200
Chevy Chase, MD 20815
202-337-7500
Source: Arlington Capital Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-arlington-capital-partners-agrees-to-sell-polaris-alpha-to-parsons.html |
NEW YORK--(BUSINESS WIRE)-- Leucadia National Corporation (NYSE: LUK), in anticipation of discussing these matters at tomorrow’s annual meeting, announced today that it has repurchased to date a total of 20 million common shares of its common stock at an average price of $24.39 per share or approximately $488 million in repurchases.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005683/en/
Leucadia National Corporation
Laura Ulbrandt, 212-460-1900
Source: Leucadia National Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-leucadia-has-repurchased-20-million-shares-of-common-stock-since-april-10-2018.html |
By Claire Zillman 7:25 AM EDT
The Royal Wedding between Prince Harry and American actress Meghan Markle on Saturday, May 19 is nearly here. If you’re still contemplating how to commemorate the occasion, gift shops in Britain have you more than covered.
Keeping with Royal Wedding tradition, memorabilia manufacturers have rolled out a slew of Royal Wedding merchandise—from the tasteful to the downright weird.
There are the expected commemorative coffee mugs, featuring the faces of the bride and groom. Tea towels depicting Windsor Castle, where the couple will wed, are also available to mark the wedding date. SPILSBY, ENGLAND - APRIL 30: Worker Lynne Needham folds and packages commemorative tea towels by Victoria Eggs to mark the wedding of Prince Harry to Meghan Markle at Countryside Art Ltd on April 30, 2018 in Spilsby, England. The Centre for Retail Research estimates that £30 million of memorabilia will be sold to mark the May 19th royal wedding. (Photo by Jack Taylor/Getty Images) Jack Taylor—Getty Images
Then there are wooden spoons, featuring the couple’s heads, jars of British food spread Marmite featuring a “Harry” or “Meghan” label, and, naturally, “Crown Jewels” condoms—a photograph of the couple appears on the packaging. WINDSOR, ENGLAND - MAY 15: Jars of the divisively-flavoured yeast extract spread Marmite, labelled with the names "Meghan" and "Harry" are seen on a shop shelf, as fans begin to arrive ahead of a four day wait for the royal wedding of Prince Harry and Meghan Markle, on May 15, 2018 in Windsor, England. (Photo by Leon Neal/Getty Images ) Leon Neal—Getty Images
Upon taking in all the offerings, the question that comes to mind is not so much, “How can I possible choose?!” but more along the lines of: “Harry and Meghan really signed off on all this?” And the answer to the latter is yes, in a manner of speaking.
Under normal circumstances, the British royal family fiercely defends its intellectual property rights. In fact, 1994 trademark legislation protects against “the use of Royal Arms, Royal Devices, Emblems and Title” in “connection with any trade or business” or in a way that suggests the authorization of royal family members. Violating the act is a criminal offense. Likewise, the U.K.’s advertising standards offer specific guidances on using royal symbols in ads. Generally, members of the Royal family should not appear in marketing materials without prior permission.
But even a casual royal observer knows that the upcoming Royal Wedding is anything but a normal scenario. As such, Prince Harry himself agreed to a temporary relaxation of these rules to allow the use of royal photographs and insignia on souvenirs commemorating his engagement and marriage to Markle. That means commemorative goods featuring approved photographs of the couple and Harry’s coat of arms are allowed so long as they’re in “good taste, free from any form of advertisement, and carry no implication of Royal custom or approval.” Chris Ratcliffe—Bloomberg via Getty Images
The souvenir guidelines specifically allow for some kinds of permanent “containers or receptacles,”“commemorative coins and medallions,” and, interestingly, “carpets, cushions, wall hangings and head scarves,” but not other textiles such as “articles of clothing, including T-shirts, drying up cloths and aprons.”
One of the trickiest points is the need for souvenirs to not be seen as advertisements. To tip-toe this careful line, says lawyer Joanna Conway of firm Norton Rose Fulbright, a brand’s logo shouldn’t appear next to the couple’s image. A commemorative plate, for instance, may display the name of the manufacturer on the underside, but it shouldn’t be “splashed across the front.”
The basic gist of the relaxed rules is for approved photographs and royal symbols to be used “within the bounds of good taste—and not on T-shirts or sandwich wrappers for example,” Conway says.
What happens if an image of the couple or a royal emblem is used in a way the tests those subjective parameters, like those condoms, perhaps? A picture arranged as an illustration shows a box of Crown Jewels condoms limited edition unofficial Royal Wedding souvenir box celebrating the upcoming nuptuals of Britain's Prince Harry and his finacee US actress Meghan Markle, photographed in London on May 10, 2018. - Prince Harry will marry US actress Meghan Markle on May 19 in a ceremony at Windsor Castle. The Crown Jewels of London unofficial royal wedding souvenir four-pack comes in a box that when opened reveals a pop-up portrait representation of Harry and Maghan and plays a combined arrangment of the US and British national anthems accompanied by the legend "Your prince will come". (Photo by Daniel SORABJI / AFP) (Photo credit should read DANIEL SORABJI/AFP/Getty Images) DANIEL SORABJI—AFP/Getty Images
The royal family “is not in the business of suing people,” says Janice Denoncourt, a senior lecturer at Nottingham Law School, so it’s likely that any enforcement of the relaxed rules would be done quietly when possible. She thinks the bride and groom might get a kick out of “cheeky” souvenirs, taking them “as part of the fun of celebrating,” though it is ultimately their call on whether items meet the official guidelines.
The rules were relaxed in a similar way for the Queen’s Jubilee in 2012 and for the 2011 wedding of Prince William and Kate Middleton.
Denoncourt says the approach illustrates the royal family’s “good effort” to strike a balance between protecting its brand and fueling the festivities surrounding an event of national importance.
Though jovial spirits might not be the only motivation behind the move. It’ll also provide a bump to the U.K. economy. The Centre for Retail Research estimates that the Royal Wedding will result in £120 million in retail sales, £30 million of which will be from memorabilia. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/royal-wedding-2018-harry-meghan-markle-family-brand-souvenirs/ |
Victoria Falls, ZIMBABWE (Reuters) - Zimbabwe will not require foreign mining companies to list locally as previously announced and will remove the clause from a mines amendment bill now before parliament, the mines minister said on Friday.
Winston Chitando said the requirement had caused panic among foreign mining firms and it was contrary to the government’s push to open the country to foreign investors.
“For the record, Zimbabwe will not compel companies to list on the stock exchange. This does not fit into the new economic dispensation,” Chitando told the annual general meeting of Zimbabwe’s chamber of mines.
The mining bill is expected to be adopted by parliament by the end of this month, the chairman of the parliamentary committee in charge of mining and energy, Temba Mliswa, said on Friday.
Related Coverage Zimbabwe mines need $11 billion investment to modernize The southern African nation has seen increased interest from foreign investors since longtime leader Robert Mugabe was deposed following a de facto military coup last November, but financing of projects remains a hurdle.
Under Mugabe there were often differences within government on policy, with ministers making conflicting statements, which frustrated potential investors in the mineral-rich country.
The plan to force mining companies to list locally had been part of Mugabe’s plan to push through local ownership of foreign mining companies’ Zimbabwe operations.
Reporting by MacDonald Dzirutwe; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zimbabwe-mining/zimbabwe-will-not-require-foreign-mines-to-list-locally-mines-minister-idUSKCN1IJ0QG |
May 31, 2018 / 7:00 AM / Updated an hour ago Polls show most Italians want to stay in euro Reuters Staff 1 Min Read
ROME (Reuters) - Two polls show that between 60-72 percent of Italians want the country to remain part of the euro while 23-24 percent would choose to drop the common currency. The euro sign in front of the former headquarters of the European Central Bank (ECB) is reflected in a puddle during heavy rain in Frankfurt, Germany, November 20, 2017. REUTERS/Kai Pfaffenbach/File Photo
The polls were taken by the Euromedia and Piepoli organizations for state television Rai’s “Porta a Porta” program broadcast on Wednesday night.
The euro has become part of the political debate ahead of snap elections expected for later this year or early in 2019.
The Piepoli poll showed that 72 percent wanted to stay, 23 percent wanted to leave, and five percent were undecided.
The Euromedia poll showed that 60 percent wanted to stay, 24 percent wanted to leave, and 16 percent were undecided. Reporting By Giselda Vagnoni | ashraq/financial-news-articles | https://uk.reuters.com/article/us-italy-euro-poll/polls-show-most-italians-want-to-stay-in-euro-idUKKCN1IW0MT |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (The "Company") declares its monthly distribution of $0.10942 for each Class A share and $0.04167 for each Preferred share. Distributions are payable June 8, 2018 to shareholders on record as at May 31, 2018.
Under the distribution policy announced in September 2013, the monthly dividend payable on the Class A shares is determined by applying a 10% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on May 31, 2018 will receive a dividend of $0.10942 per share based on the VWAP of $13.13 payable on June 8, 2018. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.
Preferred shareholders continue to receive prime plus 0.75% with a minimum rate of 5.00%.
Since inception Class A shareholders have received a total of $13.74 per share and Preferred shareholders have received a total of $6.86 per share inclusive of this distribution, for a combined total of $20.60.
The Company invests in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the portfolio, The Company engages in a selective covered call writing program.
Distribution Details Class A Share (BK) $0.10942 Preferred Share (BK.PR.A) $0.04167 Ex-Dividend Date: May 30, 2018 Record Date: May 31, 2018 Payable Date: June 8, 2018 Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.canadianbanc.com
[email protected]
Source:Canadian Banc Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-canadian-banc-corp-monthly-dividend-declaration-for-class-a-preferred-share.html |
Whole Foods new front in the grocery price war 4:09pm IST - 02:02
Amazon and Whole Foods are making a surgical strike in the already brutal grocery price war with a new loyalty program for Amazon Prime members. ▲ Hide Transcript ▶ View Transcript
Amazon and Whole Foods are making a surgical strike in the already brutal grocery price war with a new loyalty program for Amazon Prime members. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GojTdg | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/whole-foods-new-front-in-the-grocery-pri?videoId=427389385 |
Agriculture US wants China to approve more biotech crops under trade deal The United States is seeking better access for imports of genetically modified crops into China as part of a trade deal currently under discussion between the two sides. The subject, long a major irritant in agricultural trade between the countries, is a main issue for the U.S. Department of Agriculture, said a biotech industry source with knowledge of USDA discussions. Published 1 Hour Ago Reuters Getty Images A farmer loads a container with Bt-corn harvested near Rockton, Illinois. Bt-corn is a GMO (genetically modified organism) crop that offers growers an alternative to spraying an insecticide.
The United States is seeking better access for imports of genetically modified crops into China as part of a trade deal currently under discussion between the two sides, said two people familiar with the matter. The subject, long a major irritant in agricultural trade between the countries, is a main issue for the U.S. Department of Agriculture , said a biotech industry source with knowledge of USDA discussions. "I can say with full confidence that biotech is one of the key issues for USDA in this conversation with the Chinese," the source said. The USDA did not immediately respond to requests for comment on Wednesday. China's Ministry of Agriculture and Rural Affairs, which regulates approvals of genetically modified, or GMO crops, did not respond to a fax seeking comment on whether such demands had been made. China's Ministry of Commerce did not respond to a fax on the issue. After months of escalating trade tension that led Beijing to threaten hefty tariffs on imports of major U.S. farm products, the two sides are nearing a deal that could see China buying more American farm goods, sources said on Tuesday. Those goods are expected to include top U.S. farm products such as soybeans and grains, as well as beef and other meat. U.S. exporters are currently grappling with tough Chinese quarantine requirements on many of their products, including corn, soybeans and pork. China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signaled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday. While the specific demands regarding U.S. biotech are not known, Washington has repeatedly cited the issue in trade talks with Beijing in recent years. China does not permit planting of GMO food crops, but it does allow the import of GMO soybeans and corn for use in its huge animal feed industry. However the approval process for new GMO strains is slow, unpredictable and not based on science, says the biotech industry. As the world's top buyer of soybeans and a major buyer of other grains, China's slow approval process stalls trade by forcing agrichemical firms to restrict sales of new products to American farmers until they get Beijing's go-ahead. That can take several years, according to earlier industry complaints. China promised to speed up a review of pending applications during the 100-day trade talks with the United States last year, approving four new GMO products for import in the weeks following those talks. But it has not approved any other products since then. The industry had expected another meeting of its scientific panel, the National Biosafety Committee, to take place late last year, but no meeting took place, according to industry sources. "Biotech was among one of the key issues in the 100-day plan last year and there's still a lot of unresolved issues from that plan," the source with knowledge of USDA's discussions said. DowDuPont is waiting for China to approve imports of biotech soybeans under its Enlist brand, which have tolerance to a chemical called 2,4-D, used as a herbicide. Without Beijing's approval for Enlist E3 soybeans, the company launched the seed in the United States this year under a program that restricts where farmers deliver their harvests, limiting sales. Dow first submitted E3 soybeans to China for import approval in 2013 and had previously hoped to launch them in the United States in 2015. Syngenta , which is now owned by Chinese chemical company ChemChina, is waiting for Beijing to approve imports of a variety of U.S. biotech soybeans known as 0H2, which were submitted for review in 2014, a Syngenta spokesman said. Last year, China cleared imports of Syngenta's Agrisure Duracade corn as part of the 100-day plan. Another industry source said China needed to overhaul its regulatory system, and not simply approve some pending applications. "Results in the past year were not satisfactory," he added. Beijing has in the past held back approvals of imported GMO products amid concerns about anti-GMO sentiment in the country. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/us-wants-china-to-approve-more-biotech-crops-under-trade-deal.html |
CALGARY, Alberta, May 09, 2018 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) (TSX:PPR) is pleased to announce its operating and financial results for the three months ended March 31, 2018, and to provide an operational update. PPR’s consolidated financial statements (“Financial Statements”) and related Management's Discussion and Analysis (“MD&A”) for the three months ended March 31, 2018 are available on its website and filed on SEDAR.
FIRST QUARTER 2018 HIGHLIGHTS
PPR’s strategy to focus on oil and natural gas liquids opportunities successfully led to an oil and liquids production weighting of 70% for the first quarter, a significant increase from 55% in the same period of the prior year. The attractive production mix positioned PPR to benefit from oil price recovery, evidenced by a favourable per boe realized price increase of 23% and a 36% increase in operating netbacks (before realized gains on derivative instruments) to $20.26/boe compared to $14.87/boe in 2017. Production averaged 4,609 boe/d for 2018. The Company executed its spring 2018 drilling program with 100% success rate during the quarter, which was primarily directed to oil and natural gas liquids targets. The Company brought on production one of the six wells drilled prior to the spring break-up in mid-March. Subsequent to the quarter, another four wells came on-stream increasing production to 5,200 boe/d on the date of this press release. The Company expects the last well to commence production in June 2018. Excluding the impact of divestitures of certain non-core gas weighted properties during 2017, average production decreased by approximately 11% over the same period in 2017, primarily attributable to natural declines and partially offset by realizing a full quarter of production from the acquisition of assets in the Greater Red Earth area (the “Red Earth Acquisition”). Adjusted EBITDAX (before pro-forma adjustments) was $5.0 million, a $1.0 million decrease compared to 2017, largely due to a $1.9 million decrease in realized hedging gains and offset by higher operating netbacks. Adjusted funds from operations was $3.9 million, a $2.1 million decrease compared to 2017 primarily attributable to lower adjusted EBITDAX (before pro-forma adjustments) and higher finance costs as a result of higher average outstanding debt during 2018. Operating netbacks before realized hedging gains were $20.26/boe during 2018, an increase of $5.39/boe or 36% over 2017. The increase was primarily due to higher realized prices, partially offset by higher royalties and operating costs. Operating netbacks after the impact of hedging were $17.34/boe, an increase of 7% over the $16.25 generated in the same period in 2017. Capital expenditures before acquisitions totaled $14.1 million, represented over 50% of the Company’s planned 2018 capital program and included the drilling of six wells in the quarter. In the Princess area, $4.5 million was directed primarily to the drilling and completion of three wells, with one coming on production in mid-March and pipeline construction. In the Wayne area, $6.0 million was directed to primarily the drilling and completion of three wells, two of which were equipped and tied-in. In the Evi area, $2.9 million was allocated to the continued advancement of the waterflood project, where three additional producing wells were converted into injector wells. In 2017, the Company acquired synergistic assets in the Princess area for $0.9 million, including 50 boe/d (90% liquids) of production. Net loss in 2018 was $11.7 million compared to net earnings of $7.3 million in 2017, largely driven by unrealized losses on derivative instruments, foreign exchange losses, an increase in finance costs and a gain on a business combination that was recognized during the prior year’s quarter. At the end of the first quarter, PPR had $69.7 million of net debt, comprised of US$33.5 million drawn against the Company’s US$40 million Revolving Facility, US$16 million of Subordinated Notes outstanding and a working capital deficit of $8.8 million.
FINANCIAL AND OPERATING HIGHLIGHTS
Three Months Ended March 31, ($000s except per unit amounts) 2018 2017 Financial Oil and natural gas revenue 19,283 19,208 Net (loss) earnings (11,742 ) 7,262 Per share – basic & diluted (0.10 ) 0.07 Adjusted EBITDAX (before pro-forma adjustments) 1 5,022 6,113 Per share – basic & diluted 0.04 0.05 Adjusted funds from operations 1 3,882 5,934 Per share – basic & diluted 0.03 0.06 Net capital expenditures 14,952 48,386 Production Volumes Crude oil (bbls/d) 3,089 2,832 Natural gas (Mcf/d) 8,373 15,073 Natural gas liquids (bbls/d) 124 293 Total (boe/d) 4,609 5,637 % Liquids 70 % 55 % Average Realized Prices Crude oil ($/bbl) 61.57 55.89 Natural gas ($/Mcf) 2.09 2.97 Natural gas liquids ($/bbl) 52.78 35.46 Total ($/boe) 46.49 37.86 Operating Netback ($/boe) 1 Realized price 46.49 37.86 Royalties (6.12 ) (5.97 ) Operating costs (20.11 ) (17.02 ) Operating netback 20.26 14.87 Realized (loss) gains on derivative instruments (2.92 ) 1.38 Operating netback, after realized gains on derivative instruments 17.34 16.25 Notes:
(1) Adjusted EBITDAX (before pro-forma adjustments), adjusted funds from operations and operating netback are non-IFRS measures and are defined below under “Other Advisories”.
Capital Structure
($000s) As at
March 31, 2018 As at
December 31, 2017 Working capital deficit (1) 10,860 2,201 Long-term debt 60,942 55,760 Total net debt (2) 71,802 57,961 Debt capacity (3) (in USD) 6,500 9,000 Common shares outstanding (in millions) 115.9 115.9 Notes:
(1) & (2) Working capital (deficit) and Net Debt are a non-IFRS measures. See “Other Advisories” below. (3) Debt capacity reflects the Revolving Facility of USD$40 million at March 31, 2018 and December 31, 2017, net of amounts drawn thereunder at such dates.
Three months ended
March 31, 2018 2017 Drilling Activity Gross wells 6.0 4.0 Working interest wells 5.95 3.95 Success rate, gross wells (%) 100 100 OPERATIONS UPDATE
Wayne, AB
As previously announced on March 20, 2018, during the first quarter PPR drilled one well (95% WI) located at 100/03-26-027-21W4 (“Wayne-1”) and one well (100% WI) located at 100/15-35-027-21W4 (“Wayne-2”), both targeting the Ellerslie formation and drilled as part of its six-well 2018 program in the area. Wayne-1 came on stream in early April and is currently producing at approximately 107 boe/d (78% liquids). Wayne-2 came on stream in mid-April and is producing at approximately 65 boe/d (52% liquids).
A third Ellerslie well (100% WI) was drilled at 100/13-35-027-21W4 is expected to be on stream in early June pending the removal of road bans in the area. All wells in Wayne were drilled using a mono-bore drilling design with an invert-based mud system to reduce drilling times and overall costs.
Princess, AB
During the first quarter, Prairie Provident also completed the drilling, completion and testing of three 100% working interest (“WI”) wells in the Princess area of Southern Alberta, located at 102/01-26-020-11W4 (“Princess-1”), 102/09-21-019-10W4 (“Princess-2”) and 103/01-21-019-10W4 (“Princess-3”) testing the Lithic Glauconitic (“Glauc”) formation.
Princess-1 was brought on stream on May 7, 2018, with current production rate at approximately 460 boe/d (68% liquids). Princess-2 came on stream in mid-March and is currently tied into production facilities and producing at 215 boe/d (23% liquids). Princess-3 was brought on stream on May 4, 2018 and is currently producing at approximately 240 boe/d (15% liquids).
Evi, AB
Operations in the Evi area provide approximately 45% of corporate production with an attractive operating netback of approximately $35.00/boe. Due to the encouraging response to the full-field waterflood project seen to-date, PPR allocated $2.9 million in the first quarter to continue its advancement with the addition of five kilometres of waterflood pipelines and the conversion of three producing wells to water injectors.
2018 OUTLOOK AND GUIDANCE
Prairie Provident’s business strategy has been built on a balanced approach, utilizing predictable funds flow from our low-decline oil assets to fuel growth developments. Our priorities remain focused on maintaining a strong balance sheet while delivering accretive growth in our asset value. PPR’s capital allocation process takes into account a number of factors including rate-of-return, project payout period and reserves addition costs. In response to the broader commodity price environment, the Company will focus on improving corporate netbacks by targeting higher value production streams while striving to lower costs through various operational initiatives such as pad drilling and evaluating opportunities to acquire underutilized infrastructure in our core operating areas.
On January 29, 2018, PPR’s Board of Directors approved a $26 million capital program for 2018 (excluding abandonments and reclamation expenditures and capitalized G&A) designed to support long-term profitability and balance sheet strength through the continued development of oil-weighted opportunities within its low-risk asset base. PPR anticipates spending approximately $12 million in the second and third quarters of 2018 on the continued development of its Wayne property at Wheatland, ongoing drilling and completions at Princess, further expansion of the attractive waterflood at Evi and oil development at Red Earth.
Increasing exposure of PPR to the broader investment community and enhancing the trading liquidity of its shares is ongoing, despite the outflows of capital from Canada and an extremely challenging market for Canadian energy producers. The Company firmly believes that continued operational execution, growth on a per share basis, and prudent management of the balance sheet will ultimately be the key drivers towards enhancing long-term shareholder value.
Prairie Provident's full-year 2018 guidance estimates remain unchanged from those presented in the Company’s news release dated March 28, 2018. Additional details on Prairie Provident's 2018 capital program and guidance can be found on the Company’s website at www.ppr.ca .
ABOUT PRAIRIE PROVIDENT:
Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta. The Company’s strategy is to grow organically in combination with accretive acquisitions of conventional oil prospects, which can be efficiently developed. Prairie Provident’s operations are primarily focused at Wheatland and Princess in Southern Alberta targeting the Ellerslie and the Lithic Glauc formations, along with an early stage waterflood project at Evi in the Peace River Arch. Prairie Provident protects its balance sheet through an active hedging program and manages risk by allocating capital to opportunities offering maximum shareholder returns.
For further information, please contact:
Prairie Provident Resources Inc.
Tim Granger
President and Chief Executive Officer
Tel: (403) 292-8110
Email: [email protected]
website: www.ppr.ca
FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information and statements within the meaning of applicable Canadian securities laws. Statements involving forward-looking information relate to future performance, events or circumstances, and are based upon internal assumptions, plans, intentions, expectations and beliefs. All statements other than statements of current or historical fact constitute forward-looking information. Forward-looking information is typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.
The forward-looking information and statements contained in this news release reflect material factors and expectations and assumptions of Prairie Provident including, without limitation: commodity prices and foreign exchange rates for 2018 and beyond; the timing and success of future drilling, development and completion activities (and the extent to which the results thereof meet Management's expectations); the continued availability of financing (including borrowings under the Company's credit agreements) and cash flow to fund current and future expenditures, with external financing on acceptable terms; future capital expenditure requirements and the sufficiency thereof to achieve the Company's objectives; the performance of both new and existing wells; the successful application of drilling, completion and seismic technology; the Company's ability to economically produce oil and gas from its properties and the timing and cost to do so; the predictability of future results based on past and current experience; prevailing weather conditions; prevailing legislation and regulatory requirements affecting the oil and gas industry (including royalty regimes); the timely receipt of required regulatory approvals; the availability of capital, labour and services on timely and cost-effective basis; and the general economic, regulatory and political environment in which the Company operates. Prairie Provident believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
Although Prairie Provident believes that the expectations and assumptions upon which the forward-looking information in this news release is based are reasonable based on currently available information, undue reliance should not be placed on such information, which is inherently uncertain, relies on assumptions and expectations, and is subject to known and unknown risks, uncertainties and other factors, both general and specific, many of which are beyond the Company's control, that may cause actual results or events to differ materially from those indicated or suggested in the forward-looking information. Prairie Provident can give no assurance that the forward-looking information contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. These include, but are not limited to: risks inherent to oil and gas exploration, development, exploitation and production operations and the oil and gas industry in general,; adverse changes in commodity prices, foreign exchange rates or interest rates; the ability to access capital when required and on acceptable terms; the ability to secure required services on a timely basis and on acceptable terms; increases in operating costs; environmental risks; changes in laws and governmental regulation (including with respect to royalties, taxes and environmental matters); adverse weather or break-up conditions; competition for labour, services, equipment and materials necessary to further the Company's oil and gas activities; and changes in plans with respect to exploration or development projects or capital expenditures in respect thereof. These and other risks are discussed in more detail in the Company's current annual information form and other documents filed by it from time to time with securities regulatory authorities in Canada, copies of which are available electronically under Prairie Provident's issuer profile on the SEDAR website at www.sedar.com and on the Company's website at www.ppr.ca . This list is not exhaustive.
The forward-looking information and statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking information and statements contained in this news release are expressly qualified by this cautionary statement.
OTHER ADVISORIES
The oil and gas industry commonly expresses production volumes and reserves on a “barrel of oil equivalent” basis (“boe”) whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boes may therefore be a misleading measure, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value.
Non-IFRS Measures
The Company uses certain terms in this news release and within the MD&A that do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS), and, accordingly these measures may not be comparable with the calculation of similar measures used by other companies. For a reconciliation of each non-IFRS measure to its nearest IFRS measure, please refer to the “Non-IFRS Measures” section in the MD&A. Non-IFRS measures are provided as supplementary information by which readers may wish to consider the Company's performance, but should not be relied upon for comparative or investment purposes. The non-IFRS measures used in this news release are summarized as follows:
Working Capital – Working capital (deficit) is calculated as current assets less current liabilities excluding the current portion of derivative instruments, the current portion of decommissioning liabilities and flow-through share premium. This measure is used to assist management and investors in understanding liquidity at a specific point in time. The current portion of derivatives instruments is excluded as management intends to hold derivative contracts through to maturity rather than realizing the value at a point in time through liquidation; the current portion of decommissioning expenditures is excluded as these costs are discretionary; and the current portion of flow-through share premium liabilities are excluded as it is a non-monetary liability.
Net Debt – Net debt is defined as long-term debt plus working capital surplus or deficit. Net debt is commonly used in the oil and gas industry for assessing the liquidity of a company.
Operating Netback – Operating netback is a non-IFRS measure commonly used in the oil and gas industry. This measure assists management and investors to evaluate operating performance at the oil and gas lease level. Operating netbacks included in this news release were determined by calculating oil and gas revenues less royalties less operating costs, and dividing that number by gross working interest production. Operating netback, including realized commodity (loss) and gain, adjusts the operating netback for only realized gains and losses on derivative instruments.
Adjusted Funds from Operations – Adjusted funds from operations is calculated based on cash flow from operating activities before changes in non-cash working capital, transaction costs, restructuring costs, decommissioning expenditures and other non-recurring items. Management believes that such a measure provides an insightful assessment of Prairie Provident’s operating performance on a continuing basis by eliminating certain non-cash charges and charges that are non-recurring and uses the measure to assess its ability to finance operating activities, capital expenditures and debt repayment. Adjusted funds from operations as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS.
Adjusted EBITDAX and Adjusted EBITDAX (before pro-forma adjustments) – These measures are indicative of the Company’s ability to manage its debt levels under current operating conditions. “Adjusted EBITDAX” corresponds to defined terms in the Company’s debt agreements and means net earnings before financing charges, foreign exchange gain (loss), E&E expense, income taxes, depreciation, depletion, amortization, other non-cash items of expense and non-recurring items, adjusted for major acquisitions and material dispositions assuming that such transactions had occurred on the first day of the applicable calculation period (“pro-forma adjustments”). As transaction costs related to merger and acquisition transactions are non-recurring costs, Adjusted EBITDAX has been calculated, excluding transaction costs, as a meaningful measure of continuing operating cash flows. For purposes of calculating covenants under long-term debt, Adjusted EBITDAX is determined using financial information from the most recent four consecutive fiscal quarters. Adjusted EBITDAX (before pro-forma adjustments) is determined by subtracting pro-forma adjustments from Adjusted EBITDAX.
Source:Prairie Provident Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-prairie-provident-announces-first-quarter-2018-financial-and-operating-results.html |
SCOTTSDALE, Ariz., May 8, 2018 /PRNewswire/ -- GoDaddy Inc. (NYSE: GDDY), the world's largest cloud platform dedicated to small, independent ventures, today reported financial results for the first quarter ended March 31, 2018.
"2018 is off to an exceptionally strong start, with first quarter revenue up 29% and unlevered free cash flow up 42%," said GoDaddy CEO Scott Wagner. "We feel confident about our ability to both acquire new customers in markets around the world, and deepen relationships with existing customers, which we believe can fuel solid growth for GoDaddy well into the future."
Consolidated First Quarter Financial Highlights
Three Months Ended March 31,
2018
2017
Change
(in millions, except customers in thousands and ARPU)
GAAP Results
Revenue
$
633.2
$
489.7
29.3
%
Net income (loss)
$
4.2
$
(3.1)
NM
Net cash provided by operating activities
$
148.4
$
126.6
17.2
%
Non-GAAP Results
Unlevered Free Cash Flow
$
162.4
$
114.1
42.3
%
Operating Metrics
Total Bookings
$
783.1
$
624.8
25.3
%
Total customers at period end
17,705
15,085
17.4
%
ARPU (1)
$
138
$
130
5.8
%
(1)
The calculation of ARPU for the period ended March 31, 2018 includes approximately 1.6 million customers added with our April 3, 2017 acquisition of HEG, as if the acquisition had been completed as of March 31, 2017, to better align with the revenue included in the calculation.
Total revenue of $633.2 million, up 29.3% year over year. Total bookings of $783.1 million, up 25.3% year over year. Net cash provided by operating activities of $148.4 million, up 17.2% year over year. Unlevered free cash flow of $162.4 million, up 42.3% year over year. Customers of 17.7 million at March 31, 2018, up 17.4% year over year. Average revenue per user (ARPU) of $138, up 5.8% year over year. Domains revenue of $291.7 million, up 21.1% year over year. Hosting and Presence revenue of $239.8 million, up 34.5% year over year. Business Applications revenue of $101.7 million, up 44.1% year over year. International revenue of $226.6 million, up 68.7% year over year.
Operating Highlights
GoDaddy announced its partnership with Amazon Web Services to migrate the vast majority of its infrastructure as part of a multi-year transition to accelerate the delivery of products and services and easily deploy them globally to customers worldwide. GoDaddy today announces that board member Betsy Rafael will be joining the company as Chief Transformation Officer, helping ensure GoDaddy's processes and systems scale as the company grows around the world. With more than 30 years of experience at companies such as Apple and Cisco, Ms. Rafael is well suited to help transition the company for its next phase of growth. Upon her assumption of this role, Ms. Rafael will resign from GoDaddy's board of directors. GoDaddy continues to rapidly extend GoCentral's use cases and international presence. In addition to site design improvements like video headers and animations, a range of other features designed for customer success were launched including site-wide promotional banners, group class bookings with configurable SMS and email reminders, MLS listing integrations for real estate, in-store pickup, Google Pay integration, and site memberships. On the international front, 50 new vertical site designs were rolled out across all markets, along with extended localization of the online store offering and the new blogging tool. GoDaddy completed a secondary offering of 16.9 million shares of its Class A common stock sold by certain of its stockholders at $55.53 per share in March 2018, increasing the publicly available float. GoDaddy won the 2018 Gold Stevie® Award in the Contact Center of the Year category, two Silver Stevie® Awards for Leadership or Management Training Practice of the Year and Back-Office Customer Service Team of the Year, and a Bronze Stevie® Award for Innovation in Customer Service.
Balance Sheet
At March 31, 2018, total cash, cash equivalents and short-term investments were $729.5 million, total debt was $2,476.1 million and net debt was $1,746.6 million.
Business Outlook
For the second quarter ending June 30, 2018, GoDaddy expects total revenue in the range of $640 to $645 million. For the full year 2018, GoDaddy raised its revenue expectations to a range of $2.620 to $2.640 billion, representing approximately 18% growth at the midpoint. The full year revenue outlook includes roughly $10 million per quarter in the back half of the year from the recently announced planned acquisition of Main Street Hub.
For the full year 2018, GoDaddy is raising its unlevered free cash outlook to $615 to $625 million, representing approximately 25% growth at the midpoint versus the $496 million in unlevered free cash generated in 2017.GoDaddy expects full year cash interest payments of approximately $90 million to $95 million and cash tax-related payments of $25 million to $30 million.
Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (GAAP). We do not provide reconciliations from non-GAAP guidance to GAAP, because projections of changes in individual balance sheet amounts are not possible without unreasonable effort, and release of such reconciliations would imply an inappropriate degree of precision. Our reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.
Quarterly Conference Call and Webcast
GoDaddy will host a conference call and webcast to discuss first quarter 2018 results at 5:00 p.m. Eastern Time on May 8, 2018. To hear the call, dial (866) 393-4306 in the United States or (734) 385-2616 from international locations, with passcode 4736426. A live webcast of the call, together with a slide presentation including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through GoDaddy's Investor Relations website at https://investors.godaddy.net . Following the call, a recorded replay of the webcast will be available on the website.
GoDaddy Inc. uses its Investor Relations website at https://investors.godaddy.net as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor GoDaddy's Investor Relations website, in addition to following press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on estimates and information available to us at the time of this press release and are not guarantees of future performance. Statements in this release involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to: launches of new or expansion of existing products or services, any projections of product or service availability, technology developments and innovation, customer growth, or other future events; any statements about historical results that may suggest future trends for our business; any statements regarding our plans, strategies or objectives with respect to future operations, including international expansion plans; any statements regarding integration of recent or planned acquisitions; any statements regarding our future financial results; statements concerning the proposed acquisition of Main Street Hub, including the time frame in which this will occur and the expected benefits to GoDaddy from completing the acquisition; statements concerning GoDaddy's ability to continue to integrate its acquisition of HEG, and the projected impact of the acquisition on GoDaddy's business and results of operations; and any statements of assumptions underlying any of the foregoing.
Actual results could differ materially from our current expectations as a result of many factors, including, but not limited to: the unpredictable nature of our rapidly evolving market; fluctuations in our financial and operating results; our rate of growth; interruptions or delays in our service or our web hosting; breaches of our security measures; the impact of any previous or future acquisitions; our ability to continue to release, and gain customer acceptance of, our existing and future products and services; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition; technological, regulatory and legal developments; intellectual property litigation; and developments in the economy, financial markets and credit markets.
Additional risks and uncertainties that could affect GoDaddy's financial results are included in the other filings we make with the SEC from time to time, including under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the GoDaddy's Annual Report on Form 10-K for the year ended December 31, 2017, which is available on GoDaddy's website at https://investors.godaddy.net and on the SEC's website at www.sec.gov . Additional information will also be set forth in other filings that GoDaddy makes with the SEC from time to time. All forward-looking statements in this press release are based on information available to GoDaddy as of the date hereof. GoDaddy does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Non-GAAP Financial Measures and Other Operating Metrics
In addition to our results determined in accordance with GAAP, this release includes certain non-GAAP financial measures and other operating metrics. We believe that these non-GAAP financial measures and other operating metrics are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. The non-GAAP financial measures included in this release should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation between each non-GAAP financial measure and its nearest GAAP equivalent is included in this release following the financial statements. We use both GAAP and non-GAAP measures to evaluate and manage our operations.
Total bookings. Total bookings represents cash receipts from the sale of products to customers in a given period adjusted for products where we recognize revenue on a net basis and without giving effect to certain adjustments, primarily net refunds granted in the period. Total bookings provides valuable insight into the sales of our products and the performance of our business since we typically collect payment at the time of sale and recognize revenue ratably over the term of our customer contracts. We report total bookings without giving effect to refunds granted in the period because refunds often occur in periods different from the period of sale for reasons unrelated to the marketing efforts leading to the initial sale. Accordingly, by excluding net refunds, we believe total bookings reflects the effectiveness of our sales efforts in a given period.
ARPU. We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to customers, though the impact to date has been muted due to our continued growth in total customers.
Unlevered Free Cash Flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate our business prior to the impact of our capital structure and after tax distributions required by Desert Newco's LLC agreement and purchases of property and equipment, such as data center and infrastructure investments, that can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.
Net Debt. We define net debt as total debt less cash and cash equivalents and short-term investments. Total debt consists of the current portion of long-term debt plus long-term debt, unamortized original issue discount and unamortized debt issuance costs. Our management reviews net debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage and we we believe such information is useful to investors. Furthermore, certain analysts and debt rating agencies monitor our net debt as part of their assessments of our business.
About GoDaddy
GoDaddy powers the world's largest cloud platform dedicated to small, independent ventures. With more than 17.5 million customers worldwide and over 76 million domain names under management, GoDaddy is the place people come to name their idea, build a professional website, attract customers and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success. To learn more about the company visit www.GoDaddy.com .
GoDaddy Inc.
Condensed Consolidated Statements of Operations (unaudited)
(In millions, except share amounts in thousands and per share amounts)
Three Months Ended
March 31,
2018
2017
Revenue:
Domains
$
291.7
$
240.8
Hosting and presence
239.8
178.3
Business applications
101.7
70.6
Total revenue
633.2
489.7
Costs and operating expenses (1) :
Cost of revenue (excluding depreciation and amortization)
215.3
176.8
Technology and development
102.0
80.2
Marketing and advertising
74.5
67.4
Customer care
80.4
67.0
General and administrative
76.4
61.0
Depreciation and amortization
57.8
31.6
Total costs and operating expenses
606.4
484.0
Operating income (2)
26.8
5.7
Interest expense
(23.8)
(12.8)
Tax receivable agreements liability adjustment
(0.1)
5.0
Loss on debt extinguishment
—
(1.7)
Other income (expense), net
1.0
1.7
Income (loss) before income taxes
3.9
(2.1)
Benefit (provision) for income taxes
0.3
(1.0)
Net income (loss)
4.2
(3.1)
Less: net income (loss) attributable to non-controlling interests
0.9
(3.7)
Net income attributable to GoDaddy Inc.
$
3.3
$
0.6
Net income attributable to GoDaddy Inc. per share of Class A common stock:
Basic
$
0.02
$
0.01
Diluted
$
0.02
$
0.01
Weighted-average shares of Class A common stock outstanding:
Basic
137,841
89,600
Diluted
178,787
100,242
(1) Costs and operating expenses include equity-based compensation expense as follows:
Technology and development
$
13.7
$
8.4
Marketing and advertising
2.9
1.7
Customer care
1.2
0.4
General and administrative
13.7
5.9
(2) See reconciliation tables for a detailed listing of certain items included in our consolidated statements of operations.
GoDaddy Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In millions, except per share amounts)
March 31,
December 31,
2018
2017
Assets
Current assets:
Cash and cash equivalents
$
710.7
$
582.7
Short-term investments
18.8
12.3
Accounts and other receivables
24.0
18.4
Registry deposits
41.2
34.7
Prepaid domain name registry fees
365.9
351.5
Prepaid expenses and other current assets
60.7
59.9
1,221.3
1,059.5
Property and equipment, net
295.3
297.9
Prepaid domain name registry fees, net of current portion
184.9
180.8
Goodwill
2,898.3
2,859.9
Intangible assets, net
1,317.4
1,326.0
Other assets
13.8
14.2
Total assets
$
5,931.0
$
5,738.3
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
57.9
$
59.6
Accrued expenses and other current liabilities
492.3
469.6
Deferred revenue
1,345.6
1,264.8
Long-term debt
16.7
16.7
Total current liabilities
1,912.5
1,810.7
Deferred revenue, net of current portion
622.9
596.8
Long-term debt, net of current portion
2,406.6
2,410.8
Payable to related parties pursuant to tax receivable agreements
167.6
153.0
Other long-term liabilities
78.1
75.0
Deferred tax liabilities
147.0
145.5
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value
—
—
Class A common stock, $0.001 par value
0.1
0.1
Class B common stock, $0.001 par value
—
—
Additional paid-in capital
537.6
484.4
Retained earnings
91.0
87.7
Accumulated other comprehensive loss
(80.4)
(85.7)
Total stockholders' equity attributable to GoDaddy Inc.
548.3
486.5
Non-controlling interests
48.0
60.0
Total stockholders' equity
596.3
546.5
Total liabilities and stockholders' equity
$
5,931.0
$
5,738.3
GoDaddy Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(In millions)
Three Months Ended
March 31,
2018
2017
Operating activities
Net income (loss)
$
4.2
$
(3.1)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
57.8
31.6
Equity-based compensation
31.5
16.4
Other
1.9
2.7
Changes in operating assets and liabilities, net of amounts acquired:
Registry deposits
(6.4)
1.9
Prepaid domain name registry fees
(17.4)
(22.8)
Accrued expenses and other current liabilities
(16.8)
(1.4)
Deferred revenue
103.1
94.7
Other operating assets and liabilities
(9.5)
6.6
Net cash provided by operating activities
148.4
126.6
Investing activities
Purchases of short-term investments
(6.9)
(6.4)
Maturities of short-term investments
0.4
0.6
Business acquisitions, net of cash acquired
(6.6)
(4.0)
Payment of PlusServer sales price adjustment
(4.3)
—
Purchases of property and equipment
(16.1)
(19.8)
Net cash used in investing activities
(33.5)
(29.6)
Financing activities
Proceeds received from:
Stock option exercises
20.7
13.9
Payments made for:
Financing-related costs
—
(9.1)
Distributions to holders of LLC Units
—
(7.0)
Repayment of term loans
(6.2)
—
Capital leases and other financing obligations
(2.6)
(2.7)
Net cash provided by (used in) financing activities
11.9
(4.9)
Effect of exchange rate changes on cash and cash equivalents
1.2
—
Net increase in cash and cash equivalents
128.0
92.1
Cash and cash equivalents, beginning of period
582.7
566.1
Cash and cash equivalents, end of period
$
710.7
$
658.2
Reconciliation of Non-GAAP Financial Measures and Other Operating Metric
The following tables reconcile the most directly comparable GAAP financial measure to each non-GAAP financial measure and other operating metric:
Three Months Ended
March 31,
2018
2017
(in millions)
Total Bookings:
Total revenue
$
633.2
$
489.7
Change in deferred revenue
102.3
93.7
Net refunds
49.9
39.9
Other
(2.3)
1.5
Total bookings
$
783.1
$
624.8
Three Months Ended
March 31,
2018
2017
(in millions)
Unlevered Free Cash Flow:
Net cash provided by operating activities
$
148.4
$
126.6
Cash paid for interest on long-term debt
20.5
8.8
Cash paid for acquisition-related costs
9.6
5.5
Capital expenditures
(16.1)
(19.8)
Cash paid for tax-related distributions
—
(7.0)
Unlevered free cash flow
$
162.4
$
114.1
The following table details certain items included in our consolidated statements of operations:
Three Months Ended
March 31,
2018
2017
(in millions)
Operating income includes the following:
Financing-related fees related to debt modifications recorded in general and administrative expenses
$
—
$
3.2
Acquisition-related expenses recorded in general and administrative expenses
$
6.3
$
3.5
March 31, 2018
(in millions)
Net Debt:
Current portion of long-term debt
$
16.7
Long-term debt
2,406.6
Unamortized original issue discount on long-term debt
31.8
Unamortized debt issuance costs
21.0
Total debt
2,476.1
Less: Cash and cash equivalents
(710.7)
Less: Short-term investments
(18.8)
Net debt
$
1,746.6
Shares Outstanding
Shares of Class B common stock do not share in our earnings and are not participating securities. Total shares of common stock outstanding are as follows:
March 31,
2018
2017
(in thousands)
Shares Outstanding:
Class A common stock
148,359
90,633
Class B common stock
22,081
78,410
Total common stock outstanding
170,440
169,043
Effect of dilutive securities (1)
9,671
10,642
180,111
179,685
(1) In periods in which we have a net loss, the impact of potentially dilutive securities is excluded from the calculation of earnings per share because the effect would be antidilutive.
© 2018 GoDaddy Inc. All Rights Reserved.
Source: GoDaddy Inc.
View original content with multimedia: http://www.prnewswire.com/news-releases/godaddy-reports-continued-strong-growth-in-first-quarter-300644742.html
SOURCE GoDaddy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-godaddy-reports-continued-strong-growth-in-first-quarter.html |
* Euro struggles near $1.18 mark * Dollar rise leaves yen at weakest since January * Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh (Updates prices in text, table, adds analyst comment) By Gertrude Chavez-Dreyfuss NEW YORK, May 17 (Reuters) - The dollar climbed to a four-month peak against the yen on Thursday, bolstered by the rise in U.S. Treasury yields that suggests a more upbeat outlook for the world's largest economy. U.S. benchmark 10-year yields hit a high of 3.122 percent on Thursday, the highest in nearly seven years. Since the beginning of the year, U.S. 10-year yields have increased by more than 50 basis points, on track for their largest rise in eight years. "The upside pressure on the dollar has been dramatic as the dollar has not declined consistently in a period which should be seeing dollar weakness," John Taylor, president and founder of research firm Taylor Global Vision in New York, said. Rising yields reflect continued optimism about the U.S. economy, reinforcing expectations that the Federal Reserve would raise borrowing rates at least two more times this year. The dollar rose to its strongest level versus the Japanese yen since Jan. 23 at 110.80 yen. It was last at 110.74, up 0.3 percent on the day. The dollar index rose 0.1 percent to 93.462, below its 2018 high of 93.632. The euro, meanwhile, fell to nearly a five-month low against the dollar on concerns about the demands of populist parties likely to form Italy's next government. Italy's anti-establishment 5-Star Movement and the anti-immigrant League, which are working to draft a coalition program, may ask the European Central Bank to forgive 250 billion euros of debt. But broader Italian markets held up better on Thursday as investors played down the broader impact on euro zone political stability and questioned whether the Italian parties would really follow through on such plans. The euro slipped to $1.1798, just above the $1.1763 2018 low it hit on Wednesday. The euro has slumped six cents from more than $1.24 in three weeks after a huge dollar rally. Investors are betting U.S. interest rates will need to rise further, while other central banks are postponing monetary tightening. That has forced investors who took big positions against the dollar anticipating a fall in 2018 to unwind and cover their positions, pushing the greenback even higher. "This sense of a market that is not particularly well prepared for a euro decline is supported by the benign valuations still evident in the pricing of six-month and 12-month implied volatility," BNY Mellon analysts said in a note, referring to prices of a measure of expected swings in the value of the euro. Sterling gave up earlier gains after the British government dismissed a media report that Britain wanted to stay in the European Union's customs union after Brexit. | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-hits-4-month-high-vs-yen-as-u-s-treasury-yields-rise-idUSL2N1SO1MG |
HOUSTON, May 23, 2018 (GLOBE NEWSWIRE) -- Green Bancorp, Inc. (NASDAQ:GNBC) (the "Company"), announced today that certain of the Company's shareholders (the "Selling Shareholders") intend to offer in an underwritten public offering an aggregate of 2,000,000 shares of the Company's common stock, subject to market conditions. The offering consists entirely of secondary shares to be sold by the Selling Shareholders. The Company will not receive any of the proceeds from the shares sold in the Offering. In connection with the offering, the Selling Shareholders expect to grant the underwriter an option for a period of 30 days to purchase up to an additional 300,000 shares of common stock.
Barclays is acting as sole underwriter for the offering.
The offering will be made pursuant to the Company's effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The offering will be made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov . Alternatively, copies of the prospectus and prospectus supplement may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: [email protected] , telephone: (888) 603-5847.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
ABOUT GREEN BANCORP, INC.
Headquartered in Houston, Texas, Green Bancorp is a bank holding company that operates Green Bank in the Houston and Dallas metropolitan areas and Austin, Louisville and Honey Grove. Commercial-focused, Green Bank is a nationally chartered bank regulated by the Office of the Comptroller of the Currency, a division of the Department of the Treasury of the United States.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited, to statements relating to the offering. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release.
For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled "Risk Factors" in the prospectus supplement and the prospectus related to the offering and in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference in the prospectus supplement related to the offering from the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
Media & Investor Relations Contacts:
Geoff Greenwade Terry Earley President Chief Financial Officer 713-275-8203 713-316-3672 [email protected] [email protected]
Source:Green Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-green-bancorp-inc-announces-secondary-offering-of-common-stock.html |
Markets weigh political risk in Italy 5:23pm BST - 01:39
Italian government bond yields have come under pressure again on reports that a eurosceptic economist may be chosen as the new economy and finance minister in Italy. Kate King reports.
Italian government bond yields have come under pressure again on reports that a eurosceptic economist may be chosen as the new economy and finance minister in Italy. Kate King reports. //reut.rs/2KK2Gxu | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/markets-weigh-political-risk-in-italy?videoId=429351803 |
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