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N. Korea talks moving in right direction: Pompeo 3:28pm EDT - 02:19
U.S. Secretary of State Mike Pompeo said on Thursday he was confident talks with North Korean officials were moving toward a summit and that a North Korean envoy will travel to Washington to deliver a personal letter from leader Kim Jong Un to President Donald Trump. Rough Cut (no reporter narration).
U.S. Secretary of State Mike Pompeo said on Thursday he was confident talks with North Korean officials were moving toward a summit and that a North Korean envoy will travel to Washington to deliver a personal letter from leader Kim Jong Un to President Donald Trump. Rough Cut (no reporter narration). //reut.rs/2J2aVsv | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/n-korea-talks-moving-in-right-direction?videoId=431984060 |
MILAN, May 9 (Reuters) - A Milan judge on Wednesday canceled a tender by Spain’s Mediapro for TV broadcasting rights of Italy’s Serie A soccer matches, ruling in favour of a legal challenge by Sky’s Italian unit, a source said.
The decision, filed after a Friday hearing, said the tender breached antitrust rules, the judicial source said.
Spanish broker Mediapro now has 15 days to appeal the decision. Mediapro was not immediately available for comment.
The tender had already been suspended in mid-April after Sky Italia had requested the court to verify whether the sale respected Italian regulation.
In February, Italy’s Serie A soccer league had accepted Mediapro’s offer for the rights to broadcast the almost 400 matches of the 2018-2021 seasons at just above 1.05 billion euros ($1.24 billion). ($1 = 0.8447 euros) (Reporting by Manuela D’Alessandro in Milan, writing by Giulia Segreti, editing by Steve Scherer)
| ashraq/financial-news-articles | https://www.reuters.com/article/sky-mediapro-soccer-court/italy-judge-cancels-mediapro-tender-for-serie-a-soccer-tv-rights-sale-source-idUSI6N1RO02Q |
May 9, 2018 / 7:26 AM / Updated 6 minutes ago BRIEF-Saeta Yield Board Assesses Positively Offer Price In TERP Bid Reuters Staff
May 9 (Reuters) - Saeta Yield SA:
* BOARD ASSESSES POSITIVELY OFFER PRICE IN TERP BID Source text for Eikon:
Further company coverage: (Gdynia Newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-saeta-yield-board-assesses-positiv/brief-saeta-yield-board-assesses-positively-offer-price-in-terp-bid-idUSFWN1SG0I3 |
May 11, 2018 / 10:11 AM / Updated 7 hours ago Rugby - Red-hot Hurricanes blow away Blues to extend streak Reuters Staff 3 Min Read
WELLINGTON (Reuters) - The red hot Wellington Hurricanes recorded their ninth straight Super Rugby win with a bonus point 36-15 victory over the Auckland Blues at Eden Park on Friday, extending the home side’s winless streak against New Zealand opposition to 16 matches.
Tries from hooker Ricky Riccitelli, loose forward Gareth Evans, fullback Nehe Milner-Skudder, lock Sam Lousi and centre Matt Proctor were enough to see off a spirited Blues challenge and send the Hurricanes to the top of the standings.
The Blues, who had tries from centre Orbyn Leger and prop Ofa Tuungafasi either side of halftime, played plenty of enterprising rugby but were unable to match the discipline or the execution of the Hurricanes at key moments.
The Hurricanes lead the Canterbury Crusaders by three points in the New Zealand conference having played a match fewer than the reigning champions, who would be expected to return to the top after they host the New South Wales Waratahs on Saturday.
The 2016 champions had beaten the Blues in their last five meetings and laid down an early marker when they kicked a penalty to touch and Riccitelli rumbled over the line on the back of the ensuing rolling maul in the sixth minute.
The Blues tried to emulate their opponents to get on the scoreboard but were unable to get their catch-and-drive going as efficiently and Stephen Perofeta slotted a penalty after 14 minutes instead.
The Blues hit the front 12 minutes later when Sonny Bill Williams, returning after six games out injured, broke the defensive line and lobbed the ball on the offload to his centre partner Leger, who scurried to the line to touch down.
The lead did not last long after the half-hour mark before Hurricanes number eight Evans caught the Blues napping with a quickly taken penalty, giving the visitors a 14-8 lead they held until eight minutes into the second half.
Referee Jaco Peyper was feeling unwell so was replaced at the break but the Blues came out firing with Tuungafasi forcing his way over the line for a converted try that gave the hosts a 15-14 lead.
The response from the Hurricanes was immediate and scrumhalf TJ Perenara, returning off the bench after injury, triggered a move which saw Milner-Skudder scurry over in the corner.
Lousi scored from close range on the hour mark to take the lead to 28-15 and Barrett added a penalty before Proctor sealed the bonus point with the try of the night from a cross-kick in the 78th minute. Reporting by Nick Mulvenney; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-blues/rugby-red-hot-hurricanes-blow-away-blues-to-extend-streak-idUKKBN1IC0ZW |
Paris
Last month, after he won a clay tournament in Barcelona for the 11th time in his career, Rafael Nadal bit his trophy and mugged for the camera, a routine he does after every title. Later on, he jumped in a pool with some of the tournament’s ball boys and ball girls. And then Nadal did the unthinkable, something he never used to do: He didn’t play tennis for three days.
Nadal... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/a-scary-thought-at-the-french-open-rafael-nadal-is-more-efficient-than-ever-1527533922 |
WASHINGTON, May 19, 2018 /PRNewswire/ -- The National Association of Realtors ® Board of Directors today voted to raise the bar on professionalism with two amendments to the association's strict member Code of Ethics. Those amendments include publishing limited information about members who violate the Code of Ethics, such as name, photograph, and a description of the violations, as well as requiring listing brokers to provide written affirmation that a buyer's offer has been submitted to the seller or landlord or written notification that the seller or landlord has waived the obligation to have the buyer's offer presented.
The NAR board also raised national membership dues to $150 to fund a broad range of new programming.
NAR President Elizabeth Mendenhall, a sixth-generation Realtor ® from Columbia, Missouri and CEO of RE/MAX Boone Realty issued the following statement after the votes:
"Every Realtor ® in the country should be proud of the steps taken today to increase professionalism and raise the bar even higher on ourselves.
"We have heard from members for years about strengthening professionalism, and today we took an important step forward. The changes we made to the Code of Ethics will bring invaluable benefit to consumers and allow Realtors ® to serve them to the best of our abilities.
"These changes will also lead to greater accountability to one another to ensure a better transaction and consumer experience, and will instill greater trust in Realtors ® as important partners in the real estate transaction. This is all about being the best Realtors ® that we can be for our clients.
"I'm also grateful to our members and board of directors for being involved in and taking an active role to advance our association. Raising membership dues is never an easy decision, but funding more initiatives and the association for the future will enable us to better serve our members.
"Leading NAR during a period of incredible change has been challenging, but it's also been an honor. Thank you for owning it and the hardships and opportunities that lay ahead."
The National Association of Realtors ® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.nar.realtor . This and other news releases are posted in the newsroom under the "About NAR" tab.
View original content with multimedia: http://www.prnewswire.com/news-releases/statement-from-nar-president-elizabeth-mendenhall-regarding-board-vote-to-raise-professionalism-member-dues-300651507.html
SOURCE National Association of Realtors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/19/pr-newswire-statement-from-nar-president-elizabeth-mendenhall-regarding-board-vote-to-raise-professionalism-member-dues.html |
May 31, 2018 / 5:36 PM / Updated 2 hours ago UPDATE 1-Golf-Rock and Canter hit eight under to lead Italian Open Reuters Staff 1 Min Read
(Adds background)
MILAN, May 31 (Reuters) - English pair Robert Rock and Laurie Canter both hit rounds of eight under par to lead after the first round at the Italian Open at the Gardagolf course on Thursday.
They led by two strokes from a pack of six players including 2016 Masters champion Danny Willett and Ryder Cup duo Ross Fisher and Thomas Pieters.
Rock won the first of his two European Tour titles at the same event in 2011 and he recovered from a bogey on the second with birdies on the fourth and sixth, an eagle on the seventh and a hat-trick of birdies from the ninth.
Local favourite Francesco Molinari, twice Italian Open champion who won the PGA Championship at Wentworth on Sunday, was one of several players a further shot back on five under. (Writing by Brian Homewood; editing by David Stamp and Ed Osmond) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-european-italian/golf-rock-and-canter-hit-eight-under-to-lead-at-italian-open-idINL5N1T268K |
Zynga's founder cedes control in a rare move for tech companies Zynga announced a new share-class structure that would voluntarily reduce the voting power of co-founder Mark Pincus. Pincus -- who is moving to executive chairman -- is not selling any stock. The company also reported earnings Wednesday, showing net income of $5.6 million on revenue of $208.2 million. David Paul Morris | Bloomberg | Getty Images Mark Pincus, chairman and CEO of Zynga.
Zynga announced a new share structure on Wednesday that voluntarily reduces the voting power of chairman and co-founder Mark Pincus.
The gaming company, which makes titles like "Farmville," said on Wednesday that it was moving from a multi-class structure to a single class, reducing Pincus' control to about 10 percent, down from about 70 percent.
It's a rare departure from an oft-criticized trend in Silicon Valley, where founders tend to cling to the companies they founded. Facebook CEO Mark Zuckerberg, for example, tried to propose a share structure that would allow Zuckerberg to maintain voting control of the company even as he sold off most of his shares to support philanthropic causes (that plan was later scrapped by the board amid shareholder pressure, though he still has effective control of the company.) Snap gave up its right to be considered for the S&P 500, opting instead to stick with its plan to issue shares with no voting rights . Google, too, has multiple share classes .
Until now, Zynga has been lumped into that category . But on Wednesday, Zynga said it wanted to simplify its share structure and establish "parity for all shareholders." Pincus isn't selling any shares — indicating he is still a believer in its growth — but will become a non-executive chairman of the board as well.
The company also reported earnings on Wednesday, showing net income of $5.6 million on revenue of $208.2 million. Zynga also posting its highest mobile audience in four years thanks to franchises like "Words with Friends."
Pincus said in an interview with CNBC that he and the board have "talked, questioned, when would it make sense to move from multi-class to single class share structure."
"We felt like now is the right time," said Pincus.
Mobile gaming in particular is a very hit-driven business , and one that's been tough for many players, including Zynga. "In the case of Zynga, it missed the mobile transition from Facebook and fortunately, we caught it in time and now we're on it. We don't want to do that again," Zynga CEO Frank Gibeau said at the Morgan Stanley Technology, Media & Telecom Conference earlier this year.
"Our management team welcomes this significant vote of confidence from Mark in the work we've done turning around the company to-date, as well as the progress we're making in our growth strategy," the company said in a shareholder letter.
-- Julia Boorstin contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/zyngas-founder-cedes-control-in-a-rare-move-for-tech-companies.html |
Reblog Phones were painfully slow next to desktops and laptops. Now, though, the iPhone’s processor bests the MacBook’s in many benchmarking tests. A few even have docks or software that adapts to the big screen to serve up an experience virtually identical to a traditional PC. | ashraq/financial-news-articles | https://www.wsj.com/articles/your-phone-is-the-best-computer-you-ownso-use-it-more-1527084001?mod=yahoo_hs&yptr=yahoo |
May 15 (Reuters) - Xerox Corp:
* DARWIN DEASON SAYS ENTERED CONFIDENTIALITY AGREEMENT WITH XEROX - SEC FILING
* DARWIN DEASON SAYS XEROX TO PROVIDE CERTAIN REPRESENTATIVES OF DEASON WITH BOARD OBSERVER RIGHTS Source text: ( bit.ly/2Gl0H07 ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-darwin-deason-says-entered-confide/brief-darwin-deason-says-entered-confidentiality-agreement-with-xerox-sec-filing-idUSFWN1SM1D5 |
U.S. government debt yields held steady on the final trading day of the week after import prices increased less than expected.
The yield on the benchmark 10-year Treasury note was slightly higher at around 2.973 percent at 1:56 p.m. ET, while the yield on the 30-year Treasury bond slightly lower at 3.114 percent. Bond yields move inversely to prices.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- U.S. import prices rose less than expected in April as a decline in food costs offset the rising cost of petroleum.
The Labor Department said on Friday import prices rose 0.3 percent last month. Data for March was revised to show import prices falling 0.2 percent instead of being unchanged as previously reported. Economists polled by Reuters had forecast import prices rising 0.5 percent in April.
The Dow Jones industrial average finished Thursday's session sharply higher , following weaker-than-expected U.S. inflation data. The consumer price index data rose 0.2 percent last month, below analyst expectations of a 0.3 percent increase.
The news lifted market expectations, easing concerns about the pace of the U.S. central bank's tightening strategy.
show chapters Bonds and cash are starting to compete with stocks, says expert 8:43 AM ET Thu, 3 May 2018 | 03:00 Investors will be keeping a close eye on politics after President Donald Trump tweeted the date and location of the first-ever meeting between a sitting incumbent and a leader of North Korea .
On Thursday, Trump took to Twitter to announce that he would be meeting North Korea's Kim Jong Un in Singapore next month, where they would both try to make it "a very special moment for world peace." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/fed-speeches-and-data-eyed-for-bond-investors.html |
PARIS (Reuters) - French fashion house Carven, which dressed cabaret queen Edith Piaf, is filing for bankruptcy protection, a spokesman for the company, which employs 100 people, said on Wednesday.
Models present creations by French designer Guillaume Henry as part of his Spring/Summer 2014 women's ready-to-wear for fashion show for house Carven during Paris fashion week September 26, 2013. REUTERS/Benoit Tessier Carven, founded in 1945 by Carmen de Tommaso, took the world of fashion by storm in the 1950s with pink chequer dresses, counting among its most illustrious clients Parisian singer Piaf.
“Carven is in default on payments and will on Wednesday be asking to be placed under bankruptcy protection of the Paris commercial court via receivership procedures,” a Carven spokesman said.
The fashion house dressed Air France flight attendants in the 1970s before falling on hard times the following decade, only to rise from the ashes in the first decade of the 21st century.
Annual sales plunged to 20 million euros ($23.4 million)in 2017, half of the level in 2014, when the firm’s artistic director left and its fortunes took a new turn for the worse.
Reporting by Pascale Denis; Writing by Brian Love; Editing by Richard Lough
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-fashion-carven/carven-piaf-dresser-in-its-heyday-seeks-bankruptcy-protection-idUSKCN1IO1NN |
May 15, 2018 / 4:41 PM / in 14 minutes UPDATE 1-Pfizer's biosimilar of anemia treatments gets FDA nod Reuters Staff 2 Min Read
(Adds details on approval, background, shares)
May 15 (Reuters) - Pfizer Inc’s biosimilar of anemia treatments from Amgen Inc and Johnson & Johnson was approved by U.S. health regulators on Tuesday setting it up to compete against the established brands.
The approval comes one year after the U.S. Food and Drug Administration rejected the drug, Retacrit, a copy of Amgen’s Epogen and Johnson & Johnson’s Procrit, as a treatment for a drop in red blood cells caused by chronic kidney disease, chemotherapy, or the use of zidovudine in patients with HIV.
The biosimilar was also approved for use before and after surgery to safeguard against the need for red blood cell transfusions due to blood loss from surgery.
Amgen earned a revenue of $1.10 billion from Epogen in 2017, which accounted for about 5 percent of the company’s total sales.
Johnson & Johnson’s Procrit brought in sales of $972 million in 2017, accounting for 2.7 percent of its total sales.
Last year, an independent panel of advisors to the U.S. regulator recommended Retacrit's approval, but the agency rejected the drug citing here issues with a potential manufacturing site in Kansas.
Shares of Johnson & Johnson dipped 1.3 percent and Amgen’s shares fell 2.5 percent in afternoon trading. Pfizer’s shares were down marginally. (Reporting by Tamara Mathias in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/pfizer-fda/update-1-pfizers-biosimilar-of-anemia-treatments-gets-fda-nod-idUSL3N1SM648 |
Amazon's Audible gallops into Kentucky Derby 1 Hour Ago CNBC's Eric Chemi reports on Amazon sponsoring a horse coincidentally named Audible, a company owned by Amazon, for the Kentucky Derby. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/amazons-audible-gallops-into-kentucky-derby.html |
Milwaukee Bucks guard Sterling Brown says he felt “pretty much defenseless” during a controversial arrest over a parking infraction in January.
Jan 26, 2018; Milwaukee, WI, USA; Brooklyn Nets center Jarrett Allen (31) and Milwaukee Bucks guard Sterling Brown (23) reach for a rebound during the first quarter at BMO Harris Bradley Center. Mandatory Credit: Jeff Hanisch-USA TODAY Sports Speaking to “Good Morning America” on Friday, Brown said he gets angry every time he watches body-cam video of the arrest, which the police released to the public on Wednesday.
“I get mad every time I watch it, you know, because I was defenseless, pretty much,” said Brown.
In the video, Brown is seen surrounded by several officers outside his car. He is told by an officer to take his hands out of his pockets, and when he doesn’t immediately, the officers wrestle him to the ground and tase him.
A handful of squad cars were at the scene by the end of the situation, which began with Brown calmly cooperating with the first officer to approach him.
“I am sorry this incident escalated to this level,” Milwaukee Police Chief Alfonso Morales said in a statement. Morales did not take questions from reporters in attendance.
Morales said the officers “acted inappropriately” and have been disciplined following an internal investigation into the incident. The Milwaukee Journal Sentinel has reported that three officers were suspended between 2-15 days.
Brown plans to file a lawsuit against the Milwaukee Police Department as a result of the incident, he said as part of a lengthy statement he released Wednesday.
“My experience in January with the Milwaukee Police Department was wrong and shouldn’t happen to anybody,” Brown said. “What should have been a simple parking ticket turned into an attempt at police intimidation, followed by the unlawful use of physical force, including being handcuffed and tased, and then unlawfully booked. This experience with the Milwaukee Police Department has forced me to stand up and tell my story so that I can help prevent these injustices from happening in the future.
“Situations like mine and worse happen every day in the black community,” the statement continued, in part. “... The common denominator in all of these situations has been racism towards the minority community, the abuse of power, and the lack of accountability for officers involved. The lack of repercussions for the police officers involved in so many of these cases is offensive. This is a slap in the face to the victims’ families and communities.
“This is bigger than me. My family, friends, legal team, Priority Sports, Milwaukee Bucks, the black community and the communities of all who stand against injustice plan to continue the fight. Peaceful support to ensure no further damage to our community is the only way to respond. I know many of you will share my anger and frustration, but for our community to progress and grow, we need to build on what we already have and not destroy it. I will take legal action against the Milwaukee Police Department to continue forcing change in our community.”
The Bucks also released a statement supporting Brown: “The abuse and intimidation that Sterling experienced at the hands of Milwaukee Police was shameful and inexcusable. Sterling has our full support as he shares his story and takes action to provide accountability.
“Unfortunately, this isn’t an isolated case. It shouldn’t require an incident involving a professional athlete to draw attention to the fact that vulnerable people in our communities have experienced similar, and even worse, treatment.
“We are grateful for the service of many good police officers that courageously protect us, our fans and our city, but racial biases and abuses of power must not be ignored. There needs to be more accountability.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-mil-brown-gma/milwaukee-bucks-sterling-brown-says-he-felt-defenseless-during-arrest-idUSKCN1IQ2DN |
Mexico’s central bank said on Monday it was investigating an apparent attempt to hack into the payment systems of at least three local financial institutions, but no funds were stolen.
Connections to the central bank’s payment system at two banks and a brokerage were compromised, said Lorenza Martinez, head of the central bank’s own payment system.
“At this time, both the institutions and ourselves are monitoring in a diagnostic way to identify what the problem was,” Martinez told local radio.
She denied reports that the central bank’s payment system itself had been breached.
“This has not happened,” Martinez said, adding that the problem was detected in the internet application used by some institutions to connect to the central payment system.
She did not identify which institutions had been affected but said no money was missing or stolen.
Mexican bank Banorte on Friday said via Twitter that there was an “incident” affecting the bank’s connection to the central bank’s payment system.
On Monday, in a written response to queries from Reuters, Banorte said it had not been the target of a cyber attack. It offered no details, however, saying only that “some clients saw a delay in executing transactions” due to Friday’s issue.
In January, hackers attempted to rob the government-run export bank Bancomext, but officials said they were unsuccessful.
Reporting by Michael O'Boyle; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mexico-cyber/mexico-central-bank-says-possible-cyber-attack-targets-payment-systems-idUSKBN1I12CJ |
New York
Stephen Adly Guirgis’s progress as a playwright is one of the happiest theatrical stories of the past decade. From the flabby, sophomoric antics of “The Last Days of Judas Iscariot” in 2005 to the taut discipline of “Between Riverside and Crazy,” which won and deserved a Pulitzer in 2015, Mr. Guirgis has come a long, long way, all of it in the right direction. So it’s interesting to look back at “Our Lady of 121st Street,” the 2002 play that helped establish him as an up-and-comer, and reflect on how he got from... | ashraq/financial-news-articles | https://www.wsj.com/articles/our-lady-of-121st-street-review-disappearing-sister-act-1527178249 |
Visitors and exhibitors network at the Tencent booth during the Sportel Asia Conference on March 15, 2016 in Singapore. Photograph by Sean Lee — Getty Images for Sportel By Aaron Pressman and Adam Lashinsky 9:07 AM EDT
Are you paying attention to Tencent? You should.
The Chinese gaming, messaging, and other digital services company isn’t exactly new. Public in Hong Kong for 14 years, it is worth half a trillion dollars—no typo. Yet because Westerners typically don’t use its WeChat service to play games, chat by voice or text, or make payments, Tencent is relatively unknown by consumers outside China.
Businesses, particularly in gaming, know all about Tencent. It has been a voracious investor around the world, as The Wall Street Journal summarized Wednesday. One investment looks particularly shrewd. Tencent owns 40% of Epic Games, the North Carolina maker of the runaway hit Fortnite. Breakingviews cites analysis from researcher SuperData that Fortnite alone rang up sales of $223 million in March—also not a typo. Tencent plans to bring the game to China.
Despite owning stakes in Western mainstays like Tesla, Snap, and Activision Blizzard , Tencent hasn’t made any aggressive moves to become an operator in the West. It has the cash if it chooses to do so. First-quarter revenue jumped nearly 50% to $12 billion. Profits were $3.65 billion.
These are numbers worth paying attention to.
***
Many of you wrote Wednesday to tell me the link to Tom Wolfe’s famous Esquire profile of Intel’s Bob Noyce was broken. Indeed, Esquire , which sells access to all its old articles, had a technical glitch. It fixed the problem and then graciously made Wolfe’s epic Silicon Valley yarn available for free here . Enjoy.
***
I’ve become a fan of The Daily , the 20-minute podcast from The New York Times and a good example of how the formerly stodgy paper is lapping the competition in terms of product development. If you’d like to sample it, listen to “When Facebook Rumors Incite Real Violence,” which you can find at The Daily ’s home page . It’s a gripping and tragic story and illustrates well the ramifications of allowing a media company to deny that label—with horrifying consequences.
Adam Lashinsky @adamlashinsky [email protected] NEWSWORTHY
Now you see me. There were some clues this week about the two tech giants searching for second headquarters sites. Apple was said to be talking to officials in the Raleigh, Durham, and Chapel Hill areas of North Carolina as well as exploring the Northern Virginia region . Amazon has visited all 20 cities on its list of finalists, including both of Apple’s possible targets, suggesting a final decision could be coming soon. While Jeff Bezos’ company continues the HQ2 hunt, another Amazon search is not going so well. The company’s joint venture on health care with Berkshire Hathaway and J.P. Morgan Chase is having trouble finding a CEO, CNBC reported.
Running in place . Amazon’s biggest e-commerce competitor, Walmart , is doing better but still falling behind. The retail giant said its online sales jumped 33% in its most recent quarter, accelerating from a 23% rate of growth in the fourth quarter of last year. Amazon’s first quarter revenue, however, jumped 43%. Overall revenue at Walmart, including sales from its 12,000 stores, grew 4% to $122.7 billion. Another Amazon target, grocery chain Kroger , said it was partnering with British online grocer Ocado to expand its home delivery business.
Running in place, part two. As expected, all 49 Democratic members of the Senate plus three Republicans voted to stop the Federal Communications Commission from repealing its 2015 net neutrality rules . But the move is unlikely to pass the House or be signed by President Trump, so the next battle over net neutrality will likely occur in federal court after the June 11 repeal takes effect.
Leaping ahead. Bain Capital Ventures hired its first female partner , Sarah Smith, a former executive at Facebook and Quora. Based in San Francisco, Smith will focus on early-stage investments in business and consumer technologies and marketplaces. Most recently, Smith was as an investor at Graph Ventures, where she funded more than 20 seed and Series A investments, including BetterUp, Winnie, Motion, OhmniLabs, Heartbeat, Strive, and Twine.
Ha ha . The jokesters at the Securities and Exchange Commission hammed it up with a parody web site meant to focus attention on the dangers of investing in digital currencies and initial coin offerings . The agency’s fake HoweyCoins promotional web site is said to be an homage to a famous 1946 Supreme Court decision, SEC v W.J. Howey , which helped define financial transactions as securities subject to SEC oversight.
Going up . Online training software developer PluralSight went public at $15 a share and starts trading on Thursday under the symbol “PS.” The offering, which raised $357 million, was massively oversubscribed, so the shares are likely to experience a significant pop later today.
First learn stand, then learn fly. YouTube Red’s video series Cobra Kai , a spinoff of the Karate Kid films, was the most watched streaming show last week, beating Hulu’s The Handmaid’s Tale and Netflix’s 13 Reasons Why and Arrested Development , according to data from Parrot Analytics obtained by Variety . Meanwhile, Google is shaking up its pay video service, renaming it YouTube Premium, and switching around its music service, as well. CNet has the details .
Less expensive . Chinese smartphone maker OnePlus unveiled its newest flagship. the OnePlus 6 has a 6.3-inch high-definition screen and other top-end specs, but will only cost $529 when it goes on sale worldwide next week.
Advertisement FOOD FOR THOUGHT
The art of profile writing is challenging , even more so when the subject of a profile does not cooperate. But Wired’s Andrew Rice has written a worthy and illuminating in-depth profile of Federal Communications Commission chair Ajit Pai without the controversial bureaucrat’s participation. A former Verizon lobbyist and Capitol Hill staffer who took a seat on the FCC in 2012, Pai was named to head the agency by President Trump last year. He has since rolled back numerous FCC rules, including one that would have stopped Sinclair from buying dozens more TV stations and, most famously, the agency’s 2015 net neutrality protections.
People who know Pai swear that his nerdy persona is authentic. And even his adversaries will admit that he’s an anomaly in the Trump administration: a skillful practitioner of the Washington game. Pai has spent his entire professional life in the capital, acquiring influential patrons (Mitch McConnell, Jeff Sessions) and insider expertise. As Harold Feld, an ardent critic who works for the consumer advocacy group Public Knowledge, laments, “Why was my area of policy the one that got the guy who actually knows what he’s doing?”
Behind Pai’s brainy, technocratic mask, though, is an alter ego: ruthless conservative ideologue. In this sense, he is emblematic of Trump’s Washington, where all debates—even the bone-dry bureaucratic ones—have become so heated that they are fought like matters of life and death. Pai’s competence has allowed him to make quick work of undoing the Obama administration’s legacy at the FCC. But his polarizing politics assure that the battle over internet regulation will keep raging.
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Amazon Echo Dot Kids Edition Review: Fun for the Whole Family By Don Reisinger
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0 COMMENTS Brian Koppelman, host of ‘The Moment,’ in the mixing studio at Goldcrest Post Productions in New York. ‘What these stories of the people on the podcast show me over and over is that almost all failures are only temporary and can be used as fuel to get you to the next success,’ he says. Photo: Sasha Maslov for The Wall Street Journal Brian Koppelman is miserable when he doesn’t write. And he didn’t write until he was 30.
“My desire to be better than I was, my desire to be perfect on the page, my knowledge that I would fail to be as good as I wished as I was,” he says, “stopped me from doing the work.”
Doing the work helped him overcome his fear of it. For two hours every morning, whether he wanted to or not, Mr. Koppelman and his writing partner, David Levien, worked on a movie script about two poker-playing friends. Mr. Koppelman, who spent his 20s working in the record industry, says it was transformative.
“Those two hours changed me,” he says. “I was finally facing this thing that scared the shit out of me, and I was trying every day to do it.”
His career changed, too. After many rejections, the script eventually sold and became the 1998 movie “Rounders,” starring Matt Damon and Edward Norton. In the two decades since, there have been successes, such as writing “Ocean’s 13,” and disappointments, from flopped movies (“Runner Runner”) to being fired by Martin Scorsese from the showrunner job on HBO’s “Vinyl.” (Mr. Scorsese’s representative didn’t respond to a request for comment.) Showtime is now airing the third season of “Billions,” for which he and Mr. Levien are executive producers, co-creators and showrunners.
Along the way, Mr. Koppelman launched “The Moment,” a podcast in which he invites people who create things—actors, musicians, writers, chefs—to talk about their career paths. Guests range from well-known names like the novelist John Grisham , who recounted the initial commercial failure of “A Time to Kill,” to behind-the-scenes types like screenwriter Eric Heisserer , who detailed the years of rejections he waded through en route to an Oscar nomination for “Arrival.”
Mr. Koppelman interviews Food Network host Guy Fieri for 'The Moment.’ Photo: Rebecca Brooks Mr. Koppelman, 52 years old, spoke with the Journal about rejection, failure and what comes next. Here are edited excerpts:
You seem genuinely curious about how people have made it in creative fields. Is that because there are so few replicable paths to success?
I only will put people on the show if I’m fascinated by their story or their work, ideally both.
What I hope happens in those conversations is that the audience realizes how much dedication, craft, work and rigor goes into what these people have accomplished. These are talented people, but not one of them is just like, “Yeah, I’m talented and it all came easily.”
Why is failure such intriguing territory for you?
It feels like a death. But what these stories of the people on the podcast show me over and over is that almost all failures are only temporary and can be used as fuel to get you to the next success.
That’s not just a platitude. We have hundreds of examples of people figuring it out, like Dave Chang almost not being able to keep his payroll at Ssäm Bar, then they redo the whole thing and boom, it succeeds.
How have you used failure as fuel in your career?
When I was younger I certainly used business rejections as a way to stoke a kind of anger and determination, but I don’t do that anymore. I feel like anger works really well when you’re young, but when you’re old, if you keep using it, I don’t think it burns clean.
Influencers
Carol Burnett, In Charge Again (May 2) Judd Apatow: The King of Comedy Mentors (March 10) Imran Amed: How to Fix the Fashion Industry (Feb. 13)
Was there any correlation between losing the “Vinyl” job and “Billions” happening?
Only in that it made us determined to write our own thing next. Because “Vinyl” was never our project.
How do you differentiate between rejection and failure?
Well, “Runner Runner” there was no rejection, it was just a failure. Rejection doesn’t equal failure at all. I think those are entirely different things. I’m only now interested in failure for its impermanence. It’s not romantic to me. What I’ve come to view it as is just a stop along the way, unless you let it be a final stop.
How do you talk people down after and during failure in a way that’s not Pollyanna-ish?
Just do the thing. If you’re a singer or you’re a songwriter, find a way to do that thing for an hour a day in a way where no one else is judging you, where you’re not asking anyone else for permission, where you’re not trying to get an agent to say yes or a music publisher to say yes or someone to book you into their club. Find an hour where you’re just doing the thing. And you’re not just doing it casually, you’re dreaming and then you’re working with rigor to realize that dream. If you have that time, I believe you will come alive again, and that soon whatever that failure was just won’t loom so large because this new thing you’re doing will start to loom larger, and will start to gain momentum, and will start to push you forward.
Now that you’ve reached a level of success that won’t quickly be taken away, what kind of failures do you continue to experience and that you’re on the lookout for?
You’re a writer, so you know: the failure of not being as you hope you can be on the page.
Who Is He?
Name : Brian Koppelman What He Does : Screenwriter, showrunner, producer, host of “The Moment” How He Got There : Worked as an A&R man for record labels while he wrote his first screenplay, “Rounders,” with his childhood friend and collaborator, David Levien. His Big Break : “Rounders” opened up the door to a writing and producing career that has led to three—going on four—seasons as the co-creator and showrunner of “Billions.” In “The Moment,” he mines the stories of success and failure from creatives like Jon Bon Jovi, Amy Schumer and Salman Rushdie. His Obsession : Morning pages, a daily exercise in Julia Cameron’s book “The Artist’s Way.” “When David Levien gave me that book, and then I started doing the exercises in it, it freed me from [my] perfectionism.” | ashraq/financial-news-articles | https://www.wsj.com/articles/how-to-turn-failure-into-billions-1526390826 |
For more than a decade, Bloomberg has allowed readers to devour journalism on its consumer-facing website at no charge, in the hopes of burnishing its brand, generating advertising dollars and complementing its core terminal business.
Now that strategy is changing.
The global financial-news company is announcing Wednesday the start of a metered... | ashraq/financial-news-articles | https://www.wsj.com/articles/bloombergs-new-paywall-will-charge-users-35-a-month-1525285030 |
DALLAS, May 21, 2018 /PRNewswire/ -- New ThermoServ, Ltd., a leading provider of domestically manufactured travel drinkware and casual dinnerware, and Capitol Cups, a foremost designer and manufacturer of insulated travel cups, today announced the completed acquisition of all assets of Capitol Cups, Inc. by New ThermoServ, Ltd.
New ThermoServ, Ltd., best known as a longstanding domestic manufacturer of plastic drinkware for the retail and commercial markets, has recently made a strategic shift to also focus on and encompass casual dinnerware and tabletop accessories. This latest acquisition further expands the company's production capabilities in the casual drinkware area and opens room for growth in their core channels.
Capitol Cups, a division of the privately-owned, Alabama-based CSP Technologies℠, has been serving the retail, food, restaurant and convenience store industries since 2003, providing high-quality insulated tumblers. Like ThermoServ, Capitol Cups is a domestic manufacturer, operating their full injection molding and decorating operations out of existing headquarters in Auburn, Alabama. Capitol Cups' expertise covers a small, but diverse line of decorated, eco-friendly tumblers. New ThermoServ, Ltd. will be moving production of Capitol Cups to their Dallas facilities.
"We are pleased to bring together resources and technologies of both the ThermoServ and Capitol Cups brands with this acquisition. We are making great gains in the convenience, retail and foodservice industries, and we look forward to growing our ability to serve each of them with domestically produced, high quality drinkware," said Tom Neth, ThermoServ's President. "We believe this transaction will strengthen our relationships with existing customers and support our commitment to be a leading manufacturer of high quality, American-made drinkware products."
About New ThermoServ, Ltd.
Established in 1956, New ThermoServ, Ltd. is a leading provider of innovative drinkware and tableware products that are made in America and designed to fit everyday life. We are committed to serving as an integrated partner for businesses in the retail and commercial markets, and we always keep the end customer's satisfaction a priority. Through product differentiation, continuous quality improvements and the highest level of service from our people, customers can rest assured that ThermoServ will deliver the highest quality and relevant product offerings to meet the demanding needs of the market. Whether for a family gathering, at work, or just for play, we stay focused on life's necessities. For more information, please visit the ThermoServ website at www.thermoserv.com .
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View original content: http://www.prnewswire.com/news-releases/new-thermoserv-ltd-completes-acquisition-of-capitol-cups-brand-300651784.html
SOURCE New ThermoServ, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-new-thermoserv-ltd-completes-acquisition-of-capitol-cups-brand.html |
May 18, 2018 / 12:33 PM / Updated an hour ago U.S. aid chief reaffirms commitment to Myanmar amid Rohingya crisis Antoni Slodkowski 3 Min Read
YANGON (Reuters) - The U.S. government’s aid chief said on Friday he believes in American aid engagement and development work in Myanmar, and the Rohingya crisis is an “impediment” to that work, not a reason to scale back assistance.
Mark Green, administrator of the United States Agency for International Development (USAID), is in Myanmar for a three-day visit that follows a trip to the Bangladeshi capital, Dhaka, and Rohingya refugee camps in southeast Bangladesh.
Some Asian leaders have been wary about U.S. President Donald Trump’s “America First” policy and his commitment to the region, especially after he walked away from the Trans-Pacific Partnership trade pact in 2016 in the name of protecting U.S. jobs.
“When challenges are there, I don’t believe they get better by America pulling back ... I very much believe in what we do,” Green said in Myanmar’s main city of Yangon after meeting government leader Aung San Suu Kyi in the capital, Naypyitaw.
Green said he believed in American engagement in Myanmar and the importance of “development tools” and “humanitarian assistance”.
“We want to do more. We want to do good things, we want to do big things,” said Green.
On Thursday, Green told reporters in Dhaka the United States would provide $44 million in additional aid for the Rohingya and vulnerable populations in Myanmar and Bangladesh.
According to U.N. estimates, nearly 700,000 Rohingya have fled into Bangladesh from Buddhist-majority Myanmar’s Rakhine State to escape a military crackdown since August, launched in response to Rohingya insurgent attacks.
Refugees have told of numerous incidents of murder, rape and arson by Myanmar troops and Buddhist vigilantes, which the United States and United Nations have called “ethnic cleansing”.
Myanmar has denied nearly all of the allegations, saying its security forces have been waging a legitimate counter-insurgency operation against Rohingya “terrorists”.
“This is a country that I think has tremendous potential. There’s an impediment to that work - and that is the crisis that we’re talking about - but we believe that in the long-term future we can address this impediment,” said Green, referring to the Rohingya crisis.
He has called on Myanmar to end violence against the Rohingya and to provide humanitarian workers and media unhindered access in the country.
Green and other American officials on the trip also said the return of Rohingya refugees to Myanmar should be dignified, voluntary and safe and that their rights and security in Myanmar must be guaranteed. Reporting by Antoni Slodkowski | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-usa-rohingya/u-s-aid-chief-reaffirms-commitment-to-myanmar-amid-rohingya-crisis-idUKKCN1IJ1JT |
May 3, 2018 / 9:14 PM / Updated 14 hours ago Four found guilty in insider trading case linked to U.S. health agency Brendan Pierson 3 Min Read
NEW YORK (Reuters) - Two partners at the hedge fund Deerfield Management and two others were found guilty on Thursday of charges stemming from what prosecutors have described as an insider trading scheme based on leaks from within a federal healthcare agency. Ted Huber (C), employee of the healthcare investment fund Deerfield Management, departs Federal Court in Manhattan after an arraignment for insider trading in New York, U.S., May 24, 2017. REUTERS/Lucas Jackson
Rob Olan and Ted Huber, partners at Deerfield Management who are on leave, were convicted of counts including wire fraud, securities fraud and conversion of government property, as was David Blaszczak, founder of political consulting firm Precipio Health Strategies.
Christopher Worrall, who worked for the U.S. Centers for Medicare and Medicaid Services (CMS), was also convicted of wire fraud and conversion of government property, but acquitted of securities fraud. The verdict was handed down by a jury in Manhattan federal court after nearly four days of deliberations, following a four-week trial.
Lawyers for Huber and Worrall had no immediate comment. Lawyers for Olan and Blaszczak could not immediately be reached. A Deerfield spokesman declined to comment.
The four men were charged with fraud, conspiracy and misappropriating government property in May 2017.
Prosecutors said in an indictment that Worrall tipped Blaszczak about upcoming decisions from CMS, which decides how much government insurance programs will reimburse healthcare companies. They said Blaszczak passed the information on to Huber and Olan, who used it to make profitable trades.
Blaszczak himself had worked at CMS, and kept in touch with Worrall after he left, according to prosecutors. Worrall’s illegal tips to Blaszczak included advance notice about rules cutting reimbursement rates for radiation cancer treatment and dialysis, allowing Deerfield to profit by trading in companies affected by the rules, prosecutors said.
The companies involved included radiation oncology companies Accuray Inc and Varian Medical Systems, and dialysis companies DaVita Healthcare Partners Inc, NxStage Medical Inc and Fresenius Medical Care, a unit of Fresenius Medical Care AG of Germany, according to the indictment.
Prosecutors said the scheme ran from about 2009 to 2014.
In a related civil case, the U.S. Securities and Exchange Commission said the scheme yielded $3.9 million in profits and at least $193,000 in consulting fees for companies where Blaszczak worked.
Deerfield agreed in August to pay $4.6 million to the SEC to settle claims related to the criminal case. It did not admit or deny wrongdoing. FILE PHOTO: Rob Olan (C), employee of the healthcare investment fund Deerfield Management, departs Federal Court in Manhattan after an arraignment for insider trading in New York, U.S., May 24, 2017. REUTERS/Lucas Jackson/File Photo Reporting by Brendan Pierson in New York; Editing by Tom Brown and Matthew Lewis | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-crime-healthcare/four-found-guilty-in-insider-trading-case-linked-to-u-s-health-agency-idINKBN1I42P4 |
Hulme to execute capital allocation review and cost cutting initiatives of the board; will also oversee investigation into conduct of advisors to the board in connection with 2017 proxy contest
BRISBANE, Calif.--(BUSINESS WIRE)-- Innoviva, Inc. (NASDAQ: INVA) (“Innoviva”) today announced the appointment of Geoffrey Hulme as interim Principal Executive Officer effective May 21, 2018. Mr. Hulme has a 25 year career in finance and investment management with a record of creating and maximizing shareholder value.
Prior to joining Innoviva, Mr. Hulme served as the owner and manager of Steel Valley Capital LLC and Steel Valley Advisors LLC, a Registered Investment Adviser. Previously, he worked at Amici Capital, LLC, serving in various roles, including as Director of Research, a portfolio manager and a director of various funds managed by Amici.
Dr. Odysseas Kostas, Chairman of the Board of Innoviva, stated, “We are excited to welcome Geoff as we begin a new chapter. Geoff, as an investor, brings to the role the much-needed mindset of an owner and joins us in our strong commitment to making the right capital allocation decisions and considering all avenues to maximize shareholder value.”
Mr. Hulme stated, “I look forward to working with the new board to create value for shareholders. After the last few years, a focus on capital allocation, the cost structure and accountability is exactly what the company needs at this time.”
In addition, Innoviva’s new board plans to launch an investigation into the conduct of the advisors to the former board who enabled Innoviva in connection with the 2017 proxy contest conducted by Sarissa Capital. Recall, the previous board breached the agreement to reconstitute the board and subsequently wasted millions of dollars of shareholder capital in an unsuccessful attempt to defend that breach. At this year’s annual meeting, the old board was replaced in its entirety.
About Innoviva
Innoviva is focused on the management of royalty revenues from the respiratory inhalers RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA® and TRELEGY® ELLIPTA® commercialized by Glaxo Group Limited (GSK). For more information, please visit Innoviva's website at www.inva.com .
ANORO®, RELVAR®, BREO®, TRELEGY® and ELLIPTA® are trademarks of the GlaxoSmithKline group of companies.
Forward-Looking Statements
This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events, including commercial, business and strategic plans and initiatives. Innoviva intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks, uncertainties and assumptions. These statements are based on the current estimates and assumptions of the management of Innoviva as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are described under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in Innoviva's Annual Report on Form 10-K for the year ended December 31, 2017 and Innoviva's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which are on file with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov . In addition to the risks described above and in Innoviva's other filings with the SEC, other unknown or unpredictable factors also could affect Innoviva's results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The information in this press release is provided only as of the date hereof, and Innoviva assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006301/en/
Sloane & Company
Dan Zacchei, 212-446-1882
[email protected]
Source: Innoviva, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-innoviva-names-geoffrey-hulme-as-interim-principal-executive-officer.html |
May 10, 2018 / 7:50 AM / Updated 21 minutes ago Italy's League and 5-Star make 'significant steps' towards government deal Crispian Balmer , Gavin Jones 5 Min Read
ROME (Reuters) - The anti-establishment 5-Star Movement and far-right League said on Thursday they had made “significant steps” towards forming a government, as Italy looked to end nine weeks of political deadlock. FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi/File Photo
The two groups, which are hostile to European Union budget restrictions and have made electoral pledges that would cost billions of euros to implement, finally entered into negotiations on Wednesday just as a swift return to the polls looked inevitable.
“Significant steps forward have been made on the composition of the government and on the (nomination) of a prime minister,” League leader Matteo Salvini and 5-Star chief Luigi Di Maio said in a joint statement after they met.
They gave no indication of who might lead the administration or who could take charge of the key ministries.
“I cannot disguise my joy and happiness that we can finally start solving Italy’s problems,” Di Maio said on Facebook.
Italian President Sergio Mattarella, who has the final word over the make-up of any new administration, has given the two sides until Sunday to tell him about the outcome of their talks. Related Coverage Factbox - Likely policy priorities for a League/5-Star govt in Italy
“They asked us for time until Sunday, and on Sunday we expect an answer,” a source at the president’s office said.
News that a deal was at hand pushed the gap between Italian benchmark bond yields and the safer German equivalent to its widest in seven weeks on concerns that the state accounts might take a hit. Italy’s top share index fell 1 percent, the biggest decline of the day among Europe’s main stock markets.
“The prospect of having a government of two eurosceptic parties creates uncertainties... Investors may not trust such a government and fear that debt would rise,” said IG Markets analyst Vincenzo Longo.
Italy has been stuck in political limbo since an inconclusive March 4 election that saw a centre-right bloc, including the anti-immigrant League, win the most seats, and the 5-Star emerge the largest single party by far. FILE PHOTO: League party leader Matteo Salvini (C) speaks next President of Fratelli d'Italia party (Brothers of Italy) Giorgia Meloni (L) and Forza Italia leader Silvio Berlusconi following a talk with Italian President Sergio Mattarella at the Quirinale palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi/File Photo
5-Star had signalled for weeks it was ready to form a coalition with the League, but not with that party’s electoral ally, former prime minister Silvio Berlusconi, whom it sees as a symbol of political corruption after years of scandals.
Salvini had refused to abandon Berlusconi out of loyalty to the centre-right bloc, but the 81-year-old billionaire businessman finally agreed to step aside voluntarily late on Wednesday, removing a major obstacle to an accord.
Even so, a government deal faces various difficulties. EU CONFLICT
5-Star draws much of its support in the impoverished south while the League’s electoral base is the wealthy north. While 5-Star wants to introduce generous welfare benefits, the League wants to slash taxes.
One of the first things the two parties are likely to agree on will be to scrap a 2011 pension reform which raised the retirement age and required further hikes over time. Economists say repealing the law would cost 20 billion euros ($24 billion) a year, but opponents say it is unfair on ordinary Italians. Italian President Sergio Mattarella meets Forza Italia leader Silvio Berlusconi at the Quirinale Palace, in Rome, Italy, May 7, 2018. Italian Presidential Press Office/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
Both parties also want to renegotiate the EU’s fiscal rules to allow Italy to spend more. 5-Star has rowed back on a pledge to hold a referendum on Italy’s membership of the euro zone, but the League still calls the euro a “flawed currency” and wants to exit it as soon as is politically feasible.
A senior League senator, eurosceptic economist Alberto Bagnai, told reporters on Thursday that quitting the euro would not be a priority for the new government, but added: “European Monetary Union is destined to fail... It makes no sense.”
To hammer out a common government programme, top League and 5-Star members met on Thursday afternoon. Afterward, 5-Star lawmaker Alfonso Bonafede said the meeting went “very well” and that they found a lot of common ground on many issues, including on tax cuts and pensions.
There will probably be another meeting between the party delegations to discuss policies on Saturday, Bonafede said.
Setting up a possible institutional clash in Italy, President Mattarella made clear on Thursday that he did not want to see any confrontation with Brussels.
“To think that one can go it alone in Europe is knowingly deceptive in front of public opinion,” Mattarella said in a pointedly pro-European speech at a conference on the state of the European Union in the central town of Fiesole.
Referring to the euro, he said: “We have a currency that is capable of being a concrete anchor in international relations, a role that no national currency can perform.” Reporting by Crispian Balmer and Gavin Jones; Additional reporting by Massimiliano Di Giorgio and Steve Scherer in Rome and Danilo Masoni in Milan; Editing by Andrew Heavens and Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/italian-president-gives-parties-more-time-to-form-government-idUKKBN1IB0UF |
May 10, 2018 / 10:28 AM / in 12 minutes Britain condemns Iran attack on Israel Reuters Staff 1 Min Read
LONDON, May 10 (Reuters) - Britain condemns Iran’s attacks on Israel and calls on Russia to use its influence in Syria to stop any further attacks, a spokesman for Prime Minister Theresa May said on Thursday, after Iranian forces fired rockets at Israeli army bases.
“We condemn Iran’s attack on Israel. Israel has every right to defend itself,” the spokesman told reporters.
“We call on Iran to refrain from any further attacks and for calm on all sides. We call on Russia to use its influence in Syria to prevent further Iranian attacks.” (Reporting by Elizabeth Piper. Editing by Andrew MacAskill) | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-crisis-iran-britain/britain-condemns-iran-attack-on-israel-idUSL9N1PY04R |
* Dollar choppy before Friday's jobs report * Profit-taking seen halting dollar rally (Updates prices, market activity and comments to U.S. market open, new byline, changes dateline, previous LONDON) By Karen Brettell NEW YORK, May 3 (Reuters) - The U.S. dollar was little changed in choppy trading on Thursday as investors took profits from a rally that sent the greenback to its highest levels of the year and awaited Friday’s payrolls data for April. The dollar has erased all its 2018 losses in the past two weeks on expectations the Federal Reserve will continue to raise interest rates while other central banks, including the European Central Bank, take longer to reduce stimulus. Further dollar gains will likely depend on data showing additional improvement in growth and inflation, which could compel the U.S. central bank to raise rates this year an additional three times. “We are coming at key support points for the euro/dollar and pound/dollar and the market wants to see more positive U.S. data before it takes the dollar higher,” said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York. The dollar index was up 0.02 percent at 92.522, below Wednesday's 2018 high of 92.834. New orders for U.S.-made goods rose more than expected in March, boosted by strong demand for transportation equipment and a range of other products, but there are signs that business spending on equipment is slowing, data showed on Thursday. The U.S. trade deficit, meanwhile, narrowed sharply in March as exports increased to a record high amid a surge in deliveries of commercial aircraft and soybeans, bolstering the economy's outlook heading into the second quarter. Friday’s employment report for April will be evaluated for further indications of the strength of the U.S. labor market and inflation pressures. The Fed on Wednesday held interest rates steady and expressed confidence that a recent rise in inflation to near the central bank's target would be sustained, leaving it on track to raise borrowing costs in June. Some analysts interpreted its comments on inflation as a signal it may allow price rises beyond its target, a stance that would limit the need for it to embark on a more aggressive path of tightening. Comments from the Fed were "possibly disappointing for dollar bulls," but the main reason for the euro's resilience on Thursday was profit-taking after the dollar's rapid move higher, said Jane Foley, currencies strategist at Rabobank. Euro zone inflation slowed to 1.2 percent year-on-year in April, down from 1.3 percent in March, and core inflation fell even more, raising questions about the ECB's plan for withdrawing its monetary stimulus. | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-declines-from-2018-highs-before-jobs-report-idUSL1N1SA0YS |
May 24, 2018 / 10:03 AM / Updated 25 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 4 Min Read
May 24 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:
** Russia’s No.2 bank VTB said it had sold an 11.82 percent stake in food retailer Magnit worth 62.5 billion roubles ($1.02 billion) to Marathon Group, which is owned by Russian businessmen.
** Smurfit Kappa has agreed to buy Dutch paper and recycling firm Reparenco for about 460 million euros ($539 million), the Irish packaging group said, in its effort to see off a takeover bid from U.S. rival International Paper (IP) .
** Deutsche Telekom said it will keep its options open on the future of T-Systems, saying in an investor presentation it would “maintain strategic optionality” with regard to the troubled IT services unit.
** Abu Dhabi’s state-owned Mubadala Investment Company has acquired a 44 percent stake worth at least $271 million in an oil subsidiary of gas giant Gazprom, the Russian company said.
** Britian’s RockRose Energy said it agreed to buy Netherland-based privately held oil and gas explorer Dyas BV, for 107 million euro ($125.3 million) in cash.
** Russian gas giant Gazprom said that its board of directors has agreed to sell 44 percent in the charter capital of its Gazprom Neft-Vostok subsidiary to United Arab Emirates’ Mubadala Petroleum company.
** Russian tycoon Viktor Vekselberg, who has been placed under U.S. sanctions, confirmed he had resumed talks about merging his power assets with gas giant Gazprom, Russian agencies reported.
** Swiss private bank and asset manager Vontobel is buying private bank Notenstein La Roche from Swiss cooperative bank Raiffeisen RFSHW.UL for 700 million Swiss francs ($705 million), the two parties said.
** Oman Arab Bank, a unit of Ominvest, and Alizz Islamic Bank are exploring a merger, the two banks said, joining an increasing trend among Gulf banks to consolidate.
** Westfield Corp shareholders have voted in favour of a $16 billion takeover by Unibail-Rodamco, the chairman of the Australian shopping mall giant said.
** Canada has blocked a proposed C$1.51 billion ($1.18 billion) takeover of construction company Aecon by a Chinese state builder on national security grounds, underscoring rising wariness of Chinese firms buying up assets in Western countries.
** Eddie Bauer LLC and Pacific Sunwear of California LLC are exploring a merger to consolidate their store footprint and weather a prolonged downturn in the U.S. brick-and-mortar retail sector, people familiar with the matter said on Wednesday.
** DynCorp International Inc, a U.S. defense contractor owned by private equity firm Cerberus Capital Management LP, is exploring a sale that could fetch more than $1.3 billion, three people familiar with the matter said.
** Australian energy retailer Origin Energy Ltd said it has agreed to sell its metering business, Acumen, for A$267 mln ($202.07 mln) to intelliHUB, a company to be jointly owned by Pacific Equity Partners and Landis+Gyr.
** Reliance Worldwide Corp Ltd is buying the U.K.’s John Guest Holdings Ltd for A$1.22 billion ($922.93 million), the Australian plumbing fittings maker said.
** Comcast Corp confirmed on Wednesday it was preparing a higher, all-cash offer for most of the media assets of Twenty-First Century Fox, setting up a bidding war with rival Walt Disney Co, which already has agreed to a $52-billion deal with Fox. Compiled by Tamara Mathias in Bengaluru | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SV424 |
May 22 (Reuters) -
* SUBLIMITY THERAPEUTICS - COMPLETED $64 MILLION FINANCING TO FURTHER DEVELOPMENT OF STI-0529 FOR TREATMENT OF MODERATE TO SEVERE ULCERATIVE COLITIS
* SUBLIMITY THERAPEUTICS SAYS FINANCING WAS CO-LED BY ORBIMED AND LONGITUDE CAPITAL WITH PARTICIPATION FROM HBM HEALTHCARE INVESTMENTS. Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sublimity-therapeutics-completed-6/brief-sublimity-therapeutics-completed-64-mln-financing-to-further-development-of-new-oral-ulcerative-colitis-drug-candidate-idUSFWN1ST0BN |
(Correcting 8th paragraph to show personal income was revised lower in February, not personal spending) By Gertrude Chavez-Dreyfuss NEW YORK, April 30 (Reuters) - The U.S. Treasury yield curve flattened on Monday for a third straight session, as a slew of data that missed expectations, fanned some concerns about slowing growth in the world's largest economy. The yield gap between U.S. 5-year notes and U.S. 30-year bonds narrowed to 27.20 basis points, the lowest spread in more than six years. The other benchmark measure, the spread between U.S. 2-year and 10-year notes, was also flatter at 45.60 basis points , the narrowest in two weeks. Aaron Kohli, director of rates strategy at BMO Capital Markets in New York, said U.S. data on Monday morning had been mediocre, supporting the Treasury market's curve flattening trend. There are also technical factors involved, he added. "The varying technicals in the curve highlight the Federal Reserve's increasing control of the front-end and belly (5- and 7-year notes) and the extent to which the longer dated yields (10s and 30s) have thus far resisted following the same pattern," Kohli said. "We're likely to keep with the longer-term flattening view in 2s/10s and 5s/30s till we see this technical divergence correct." Data showed U.S. personal income rose just 0.3 percent in March, compared with expectations of 0.4 percent. This was also revised lower in February to a rise of 0.3 percent, instead of the previously reported 0.4 percent increase. The U.S. Midwest manufacturing index also came in slightly lower than expected, with a reading of 57.6, while U.S. pending home sales, while posting an increase, fell short of a forecast for a 1.0 percent gain. That said, Tom Simons, money market economist at Jefferies in New York, noted that he was not too worried about the slight miss in expectations for Monday's data. "I don't think those would alter the Fed's thinking on rates," Simons said. "We all know that inflation is still trending on the positive side." In late morning trading, U.S. 10-year yields slipped to 2.949 percent from 2.957 percent late on Friday. U.S. 30-year yields also dipped to 3.108 percent from Friday's 3.125 percent. U.S. two-year note yields, meanwhile, were slightly higher at 2.492 percent from 2.484 percent on Friday. April 30 Monday 10:53AM New York / 1453 GMT Price US T BONDS JUN8 143-18/32 0-10/32 10YR TNotes JUN8 119-136/256 0-8/256 Price Current Net Yield % Change (bps) Three-month bills 1.7825 1.815 0.002 Six-month bills 1.9625 2.0091 -0.003 Two-year note 99-198/256 2.492 0.008 Three-year note 99-76/256 2.6235 0.006 Five-year note 99-194/256 2.8023 0.001 Seven-year note 99-196/256 2.9123 -0.008 10-year note 98-80/256 2.9494 -0.008 30-year bond 97-224/256 3.1098 -0.015 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 25.75 0.50 spread U.S. 3-year dollar swap 22.00 0.50 spread U.S. 5-year dollar swap 11.00 0.25 spread U.S. 10-year dollar swap 3.25 0.25 spread U.S. 30-year dollar swap -10.75 0.50 spread (Reporting by Gertrude Chavez-Dreyfuss;editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-yields-curve-flattens-after-slightly-weaker-than-expected-u-s-data-idUSL1N1S70KT |
The company that perfected the stunt drink is unveiling two new drinks it plans to sell for the long-haul.
For the first time in 16 years, Starbucks is adding two new Frappuccinos to its permanent menu. The Ultra Caramel Frappuccino and the Triple Mocha Frappuccino debut on Tuesday in the U.S. and Canada.
Both are made with the chain's new Sweet Cold Brew Whipped Cream, infused with cold brew coffee, dark caramel sauce and white chocolate mocha sauce.
The Ultra Caramel Frappuccino is sweet cold brew whipped cream, dark caramel sauce, dark caramel coffee, milk, ice and smoky dark caramel drizzle.
The Triple Mocha Frappuccino is made of sweet cold brew whipped cream, dark mocha sauce, coffee, milk, ice and dark mocha drizzle.
Read more from USA Today:
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Burger King's new ads go right into McDonald's backyards — of executives
The suggested retail price of a new tall, 12-ounce Frappuccino is $4.75-$4.95. Customers also may add Sweet Cold Brew Whipped Cream to any cold or hot beverage for 50 cents.
A 12-ounce Ultra Caramel Frappuccino, made with whole milk and topped with whipped cream, has 350 calories, 44 grams of sugar and 17 grams of fat and a 12-ounce Triple Mocha Frappuccino, made with whole milk and topped with whipped cream, comes with 320 calories, 37 grams of sugar and 16 grams of fat.
The classic Caramel and Mocha Frappuccinos remain on the menu.
The announcement of the permanent additions to the Starbucks menu comes five days after the Seattle-based company announced it was cutting the number of limited-time offers it featured by 30 percent.
"In the past, we focused on a drumbeat of promotional offerings which have not led to sustained growth," Rosalind Brewer, the company's chief operating officer, said during Thursday's analyst call. "Our new approach to marketing will be centered on meaningfully strengthening customer relationships by increasingly targeting our offers to each customer. While we still have unique products such as Crystal Ball Frappuccino, our focus will shift to leveraging platforms with broader appeal."
Starbucks created a social-media sensation last April in the form of the brightly-colored Unicorn Frappuccino. After that, the coffee giant sporadically rolled out attention-grabbing, easily-Instagrammable new drinks for a few days at a time.
On Monday, Dunkin' Donuts launched two stunt drinks of its own -- the Cosmic Cotton Candy Coolatta and the Cosmic Pineapple Coolatta.
Starbucks stock closed at $57.57, down 79 cents or 1.35 percent, on Monday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/starbucks-adds-2-new-frappuccinos-to-its-permanent-menu.html |
May 15, 2018 / 4:30 PM / Updated 2 hours ago Scottish parliament refuses consent for Britain's EU withdrawal bill Reuters Staff 3 Min Read
LONDON (Reuters) - The Scottish parliament refused consent for Britain’s flagship Brexit legislation on Tuesday, pushing Britain into constitutionally uncharted territory as London presses ahead with the bill regardless.
The devolved Edinburgh legislature voted by 93 votes to 30 to deny consent for the European Union (Withdrawal) Bill, currently going through the national parliament in London, which will cut political, financial and legal ties with the EU.
Although the Scottish parliament has no veto over the bill, the refusal to give consent sets up an unprecedented constitutional clash between Edinburgh and London, complicating British Prime Minister Theresa May’s plans for Brexit.
Britain’s Scottish Secretary David Mundell said the UK intended to push through the withdrawal bill, but that the door was open for further talks.
“There will be an opportunity for further debate and discussion,” Mundell told BBC News. “I still think we can resolve this issue.”
The independence-minded Scottish National Party (SNP), which runs the minority government in Holyrood, Edinburgh, said it would be “outrageous” if the British government imposed the bill on Scotland.
“The Scottish Parliament has spoken loudly and clearly – it’s now up to the UK government to respect that vote and ditch their power-grab,” SNP Scottish lawmaker Ash Denham said in a statement.
The dispute revolves around a clause in the Withdrawal bill that the SNP says limits the Holyrood parliament’s lawmaking ability, as well as the powers of its devolved executive.
Scotland’s parliament has lawmaking competence over a range of domestic issues like farming and fishing, though in practice they have been controlled by Brussels up to now.
An initial proposal last year by Britain that devolved powers returning from the European Union after Brexit should initially pass to Westminster was roundly rejected by Welsh and Scottish politicians.
The Westminster government has offered concessions to devolved administrations and May’s Conservative party points out that these have been enough for the Welsh government to drop their reservations about the bill.
But the SNP argues that in its current state, the bill could mean that the powers of the Scottish parliament could be changed by the British government without the consent of the parliament for the first time ever. Reporting by Alistair Smout, editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-scotland/scottish-parliament-votes-to-refuse-consent-for-britains-eu-withdrawal-bill-idUKKCN1IG2K6 |
Reblog President Donald Trump proposed to executives from the world’s biggest auto makers Friday imposing a 20% tariff on vehicles brought into the U.S. and also subjecting imports to tougher emissions standards than domestic vehicles, according to people familiar with the session. During a tense meeting at the White House that was billed as a discussion of U.S. auto-emissions standards, Mr. Trump brought up the issue of trade and targeted European auto makers for not building more vehicles in the U.S., according to the people briefed on the meeting. | ashraq/financial-news-articles | https://www.wsj.com/articles/auto-makers-meet-with-donald-trump-on-emissions-nafta-1526063070?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
Tuesday's primary elections will begin to settle swing state Pennsylvania's chaotic congressional landscape after a court fight ended with redrawn districts just three months ago.
Pennsylvania primary voters will also decide the fate of President Donald Trump's pick for U.S. Senate. Idaho voters are set to pick their Republican gubernatorial nominee, while heavily Republican Nebraska and Democratic-leaning Oregon are also holding primaries Tuesday.
A look at some of the key races:
Pennsylvania scramble Republicans outnumber Democrats in Pennsylvania's House delegation, though a new congressional map is making the state a focal point of Democrats' effort to reclaim House control in November.
Eighty-four candidates are running in 18 House districts in light of new court-ordered redrawn congressional district maps in February. That's more than any time since 1984, when Pennsylvania had 23 seats in the House.
Five of Pennsylvania's 13 GOP House members have quit or are not running again, helping create seven House vacancies, the most in Pennsylvania since 1976.
Moderate Charlie Dent is abandoning Pennsylvania's new 7th District, where Hillary Clinton received more votes than Trump, who carried Pennsylvania. Six Democrats are running in this district, which reunified Democratic-leaning cities in the east and cut out some of Republican-leaning central Pennsylvania.
Ten Democrats are running in suburban Philadelphia's 5th District, where Rep. Patrick Meehan resigned last month amid allegations he sexually harassed a former employee and where Clinton also beat Trump.
Barletta, Trump's pick for Senate Rep. Lou Barletta is hoping Trump's recent run of successful election suggestions continues in the Pennsylvania Republican Senate primary.
Barletta is heavily favored over state Rep. Jim Christiana to become the Republican challenger for Democratic Sen. Bob Casey, who is seeking a third term in November.
Bill Clark | CQ Roll Call | Getty Images Rep. Lou Barletta, R-Pa., walks down the House steps at the Capitol in Washington, D.C. Barletta was a Trump supporter before the 2016 presidential nomination was settled. The loyalty won Barletta Trump's early support in the Senate race, as well as recorded telephone calls last weekend featuring the president backing Barletta "fully, strongly and proudly."
Last week, Trump urged GOP Senate primary voters to support Rep. Jim Renacci in the Ohio Senate and oppose former coal company executive Don Blankenship in West Virginia . Renacci won and Blankenship lost.
Ohio, Pennsylvania, and West Virginia are all seen as key to the 2018 Senate election landscape as states where Trump won in 2016 and Democratic senators are seeking re-election this year.
A first for Nebraska Democrats Democrats seldom have the luxury of choice in Nebraska, where Republicans have dominated for 80 years. But, for the first time, Omaha -area Democrats have options for the state's lone urban House district.
Tuesday's Democratic primary in Nebraska's 2nd Congressional District, dominated by Omaha and its suburbs, features moderate former Rep. Brad Ashford fighting for his old seat and Kara Eastman, a children's nonprofit administrator, running to Ashford's left.
Ashford, a former Republican, served one term in Congress as a Democrat before Republican Don Bacon beat him for re-election in 2016. Ashford, 69, has the endorsement of the Democratic establishment, including the Democratic Congressional Campaign Committee, and is portraying himself as the one who can win in a swing-voting district in November.
Eastman, 46, is arguing that Democrats have lost by not offering voters a distinct choice and is campaigning on devoutly Democratic themes such as single-payer government-run health insurance, gun control and reducing climate change.
Labrador aims to dodge anti-Washington mood It was a rough night for Republican members of Congress a week ago. Two lost in Indiana's Senate primary, while one fell in the West Virginia Senate primary. North Carolina Rep. Robert Pittenger lost the primary to keep his own seat.
Idaho Rep. Raul Labrador hopes the trend ends there.
The four-term Republican House member and founding member of the conservative House Republicans' Freedom Caucus is one of three GOP candidates for governor in Idaho, a state so heavily Republican that the primary goes a long way to determining the general election.
Republican Gov. C.L. "Butch" Otter is not seeking re-election after three terms.
Lt. Gov. Brad Little is seeking the GOP nomination, with Otter's endorsement, while Tommy Ahlquist, an emergency room doctor turned developer, hopes his outsider status carries him as it did Indiana businessman Mike Braun in last week's GOP Senate primary.
GOP governor primary in Democrat-heavy Oregon Ten Republicans are vying for Oregon's nomination for governor — the most in more than a century. The interest among candidates belies the uphill climb for the party in the Democratic-leaning state.
Of the 10, businessman Sam Carpenter, state Rep. Knute Buehler, and retired Navy pilot Greg Wooldridge have emerged as leaders in fundraising and GOP straw polls. However, Democratic Gov. Kate Brown remains the favorite to win in November. Brown became governor in 2015 upon the resignation of Gov. John Kitzhaber following an ethics scandal, and she won a special election in 2016.
Oregon is among eight states where Democrats control the governorship and both houses of the state legislature. Voters who identify as Democrats also outnumber their Republican counterparts by more than 9 percentage points. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/voters-cast-ballots-in-4-states-as-pennsylvanias-redrawn-district-map-comes-into-play.html |
May 21 (Reuters) - Nox Medical:
* NOX MEDICAL SAYS CLAIMS FOR INFRINGEMENT BY NATUS NEUROLOGY
* NOX MEDICAL - ALLEGES NATUS NEUROLOGY INFRINGED NOX MEDICAL’S PATENT COVERING BIOMETRIC CONNECTOR ON DISPOSABLE RIP BELTS
* NOX MEDICAL SAYS JURY AWARDED CO DAMAGES FOR NATUS’ INFRINGEMENT, AND FINDING THAT NATUS’ INFRINGEMENT OF ‘532 PATENT WAS WILLFUL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nox-medical-claims-for-infringemen/brief-nox-medical-claims-for-infringement-by-natus-neurology-idUSFWN1SS0FB |
BEIJING, May 7, 2018 /PRNewswire/ -- CANbridge Life Sciences, a biopharmaceutical company focused on developing Western drug candidates in China and North Asia, announced that it has filled two key operational positions: Vice President of Clinical Development and Medical Affairs and Director of Quality Assurance. Annie Teng, MD, is joining the company today as VP of Clinical Development and Medical Affairs and Janny Wang started as Director of Quality Assurance on April 9 th . Both are new positions, as CANbridge deepens its operational team as a commercial company with clinical trials.
Dr. Teng has a strong background in oncology and rare disease. Most recently, she was Head of Biology & Early Development at Sanofi, after having served for seven years there as Medical Director, Specialty Care. Prior to Sanofi, she was at Bristol-Meyer-Squibb China, where she was Disease Area Head for Oncology and Immunology. Dr. Teng also spent time in oncology at Pfizer & Pharmacia (later acquired by Pfizer), and started her medical career in pediatrics, focusing on hematology, at Chinese PLA Hospital. She earned her Medical and Master's degree in Pediatric Medicine from China Medical University. Dr. Teng has also received multiple workplace awards throughout her career, including: China R&D President Award and China Medical Golden Award, both from Sanofi, and the President's Special Award and Asia-Pacific Award, from BMS.
Ms. Wang has more than 15 years' experience of building and maintaining GMP systems. She spent 11 years with Teva Pharmaceutical Industry subsidiary, Teva Pharmaceutical & Chemical, in China, where she rose to the position of Quality Assurance and Quality Control Associate Director. She developed the quality system on site based on TEVA global policy and regulatory guidelines, as well as improved quality and compliance in the laboratory. She is adept at developing efficient and high-functioning quality teams. She led many winning quality assurance initiatives, which she took through multiple regulatory authority inspections, including by the USFDA, TGA and CFDA. Prior to coming to Teva, Ms. Wang was Quality Control Manager at the Bayer Pharmaceuticals subsidiary, Dihon Pharmaceutical Group, in China, where she ran a team of 34, and improved laboratory and standard operating procedures. Ms. Wang earned a Bachelor's degree in Chemical Analysis from Zhejiang University of Technology.
"CANbridge is growing rapidly, having just received CFDA approval for our first commercial product the same month that we were approved to commence our first trial in China," said James Xue, PhD, Chairman and CEO, CANbridge Life Sciences. "Bringing talent with deep industry experience, like Annie and Janny, onto the CANbridge team will ensure that we continue to be in an excellent position to execute CANbridge's clinical and commercial programs and fulfill our mission of meeting highly-unmet medical needs in oncology and rare diseases in greater China and beyond."
About CANbridge Life Sciences
CANbridge Life Sciences, Ltd. is a clinical-staged bio-pharmaceutical company accelerating development and commercialization of specialty healthcare products for serious and critical medical conditions in China and North Asia (Korea and Taiwan). CANbridge develops partnerships with Western bio-pharmaceutical companies with clinical-stage pharmaceutical, medical device or diagnostic products that are either unavailable in China/North Asia or address medical needs that are underserved in the region. CANbridge also licenses, or obtains exclusive rights to commercialize, drug and device products that are approved in their home markets for commercialization in China and North Asia.
CANbridge has exclusive rights to develop and commercialize Puma Biotechnology's NERLYNX® (neratinib) in China, Taiwan, Hong Kong and Macao (collectively, greater China), which was approved by the FDA, in 2017, for the extended adjuvant treatment of adult patients with early-stage HER2-positive breast cancer following adjuvant trastuzumab-based therapy, and which CANbridge is developing as CAN030. CANbridge plans to target HER2-positive cancers, including breast and gastric. CANbridge has a license with Apogenix to develop, manufacture and commercialize immune-oncology therapy, APG101, which CANbridge is developing as CAN008, for the treatment of glioblastoma multiforme (GBM) in greater China. CANbridge received China Food and Drug Administration (CFDA) approval to commence a Phase II/III Trial in GBM in mainland China, which it expects to initiate later this year. CANbridge has a world-wide license (ex-North America) to develop, manufacture and commercialize AVEO Oncology's clinical-stage ErbB3 (HER3) inhibitory antibody candidate AV203, which it will develop as CAN017. CANbridge also has an agreement with EUSA Pharma to commercialize Caphosol® in China for the prevention and treatment of oral mucositis caused by cancer treatments. Caphosol was approved for commercialization by the CFDA.
Led and backed by a highly-seasoned executive team, with extensive Chinese drug development experience, CANbridge has the capability to select, acquire, develop and commercialize future therapeutics and diagnostics targeting the unmet medical needs of Chinese and East Asian patients with serious or critical conditions.
CANbridge is privately-held and headquartered in Beijing, China. For more on CANbridge Life Sciences, please go to www.canbridgepharma.com .
Contact:
CANbridge Life Sciences
James Xue
CEO
+8610.8414.8018
781.995.0074
Media
Deanne Eagle
Planet Communications
[email protected]
917.837.5866
View original content with multimedia: http://www.prnewswire.com/news-releases/canbridge-life-sciences-appoints-vice-president-of-clinical-development-and-medical-affairs-and-director-of-quality-assurance-300643517.html
SOURCE CANbridge Life Sciences | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-canbridge-life-sciences-appoints-vice-president-of-clinical-development-and-medical-affairs-and-director-of-quality-assurance.html |
BERLIN, April 30 (Reuters) - German monthly retail sales unexpectedly fell in March, data showed on Monday, marking a fourth consecutive drop and dampening cheer around a consumer-led upswing in Europe’s biggest economy.
The volatile indicator, which is often subject to revision, showed retail sales decreased by 0.6 percent on the month in real terms, the Federal Statistics Office said.
That confounded the Reuters consensus forecast for a 0.8 percent rise and followed an upwardly revised drop of 0.2 percent in February.
Private consumption has been a key growth driver in recent years as consumers benefit from rising wages, record-high employment and strong job security but foreign trade propelled Germany’s fourth-quarter growth.
On the year, retail sales climbed by 1.3 percent, beating a Reuters consensus forecast for a 1.0 percent increase.
The retail sales data came after a GfK survey published last week showed the mood among German consumers fell heading into May amid fears that a possible confrontation between the West and Russia in Syria and protectionist U.S. trade policies could hurt the economy. (Reporting by Michelle Martin Editing by Paul Carrel)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-retail/german-monthly-retail-sales-unexpectedly-drop-in-march-idUSL8N1S47XU |
May 10 (Reuters) - ECN Capital Corp:
* ECN CAPITAL REPORTS US$0.02 IN ADJUSTED EARNINGS PER COMMON SHARE IN Q1-2018
* ECN CAPITAL CORP - BOOK VALUE PER COMMON SHARE AS AT MARCH 31, 2018 WAS $3.58 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ecn-capital-reports-us002-in-q1-ad/brief-ecn-capital-reports-us0-02-in-q1-adjusted-earnings-per-common-share-idUSASC0A1NG |
May 10, 2018 / 5:24 PM / Updated 16 minutes ago UAE's Dana Gas close to sukuk restructuring agreement with creditors - sources Reuters Staff 2 Min Read
DUBAI, May 10 (Reuters) - United Arab Emirates energy producer Dana Gas is close to reaching agreement on restructuring $700 million in Islamic bonds, potentially ending a complex and protracted legal battle with its creditors, sources familiar with the matter said.
Dana Gas last year halted payments on its sukuk, saying the bonds had become unlawful because of changes in Islamic finance. Holders of the sukuk contest its position and are demanding to be paid back.
While legal proceedings are continuing in British and United Arab Emirates courts, talks to find an out-of-court settlement have so far failed to find a resolution.
But the company and a committee of creditors are now very close to an agreement, the sources said.
Both a Dana Gas spokesperson and a spokesperson for the creditors’ committee declined to comment.
The proposed restructuring terms would see Dana pay 20 percent of the bonds and roll the rest of the security amount into three-year bonds with a 4 percent profit rate.
The new bonds would have no convertible option, which was a feature of part of the contested $700 million sukuk.
The new terms are still being discussed and no agreement has been signed, said one of the sources close to the matter, adding the parties could still walk away from the potential deal.
In a previous proposal, Dana offered to redeem 10 percent of the sukuk in cash and to roll over the remaining 90 percent over four years at an annual profit rate of 4 percent. It also offered to buy back up to half of the bonds at a 15 percent discount, sources told Reuters in February.
That proposal was rejected by the creditors’ committee, advised by investment bank Moelis. (Reporting by Davide Barbuscia; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/dana-gas-sukuk/uaes-dana-gas-close-to-sukuk-restructuring-agreement-with-creditors-sources-idUSL8N1SH798 |
Dow hits 25,000 for first time since March 16th 55 Mins Ago CNBC's Bob Pisani takes a look at what's moving in early morning trading as U.S.-China trade tensions appear to ease and cyclical stocks move forward. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/dow-hits-25000-for-first-time-since-march-16th.html |
Community banks and credit unions should be regulated the same way: President Trump 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trump-community-banks-credit-unions.html |
CNBC.com Leah Millis | Reuters Seven-year-old Muscular Dystrophy patient Jordan McLinn, from Indiana, is embraced by U.S. President Donald Trump during the president's signing of the "Right to Try Act," which gives terminally ill patients the right to use experimental medications not yet been approved by the Food and Drug Administration (FDA), at the White House in Washington, U.S., May 30, 2018.
President Donald Trump signed the controversial "right-to-try" bill into law on Wednesday, which bypasses drug regulators to give gravely ill patients access to experimental medicines.
The legislation allows patients with life-threatening conditions to ask drugmakers for medicines that have cleared some testing but still haven't been approved by the Food and Drug Administration . Previously, people would need to ask the FDA for access to experimental treatments.
Trump and Vice President Mike Pence had been major supporters of passing the measure, which supporters say gives patients hope they would not otherwise have. The House of Representatives approved the bill last week, which is the same version the Senate passed in August.
It allows certain patients to ask drugmakers for medicines that have passed Phase 1 of the FDA approval process but haven't been approved yet and are still undergoing testing. Patients must have exhausted other options and be unable to participate in a clinical trial. Drugmakers aren't obligated to give patients the requested experimental medicines.
Critics say the legislation undermines the FDA's authority to regulate drugs and could leave patients vulnerable to medicines that might not work or even be harmful. The agency already runs an "expanded access" program where seriously ill patients can apply to gain access experimental treatments.
Commissioner Scott Gottlieb has said the agency has grants 99 percent of these requests. In a statement Wednesday, Gottlieb said the FDA is ready to implement the "right-to-try" legislation.
"The FDA is dedicated to achieving the goals that Congress set forth in this legislation, so that patients facing terminal conditions have an additional avenue to access promising investigational medicines," he said.
While signing the bill Wednesday, Trump said he never understood why passing this bill was hard since it can take years for drugs to undergo clinical trials.
"Right to try. That's such a great name," Trump said. "Some bills, they don't have a good name. Really. But this is such a great name, from the first day I heard it. Right to try. And a lot of the trying is going to be successful. I really believe that. I really believe it." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/trump-signs-right-to-try-legislation-on-experimental-medicines.html |
SINGAPORE Malaysia has a chance to rebalance its relationship with China. Newly elected Mahathir Mohamad has accused his predecessor of selling out to Beijing, and vows to review investment deals. The country’s strategic position and long-standing ties with the People’s Republic give him leverage to renegotiate. But the Malaysian economy still needs Chinese support, so the haggle will stay polite.
Supporters of Mahathir Mohamad are seen outside of the National Palace, a day after general election in Kuala Lumpur, Malaysia, May 10, 2018. REUTERS/Athit Perawongmetha Outgoing Prime Minister Najib Razak bet heavily on cozying up to China. He capitalised on connections made by his father, Premier Abdul Razak Hussein, who established diplomatic ties with Beijing in 1974. When Najib was caught in a scandal around the 1MDB development fund, Chinese officials lent a hand, purchasing power assets and real estate connected to 1MDB at generous prices.
Enlightened self-interest, perhaps, given President Xi Jinping was pushing his “Belt and Road” overseas influence initiative, and Malaysia made a perfect regional beachhead.
Either way, Beijing’s largesse has been felt in this $300 billion economy. According to DBS research, China contributed roughly 20 percent of the increase in Malaysia’s foreign direct investment between 2013 and 2017. Chinese firms are leading projects like a $14 billion rail link connecting ports on the South China Sea to shipping routes off the west coast, while investing in new shipping terminals too.
Belt and Road money has been less controversial in Malaysia than elsewhere, at least until campaigning ahead of this election. Critics complain of Chinese firms importing workers and crowding out local rivals, as well as murky contract terms. There are grounds for reviewing loan rates, preventing cost overruns, and maybe killing some projects entirely. Indonesia has trimmed its list of investment targets to avoid white elephants, but Malaysia hasn’t quite gotten around to it.
Mahathir can push back. China needs an ally in a region where it has many acquaintances but few friends. The country is already a regional hub for firms like Alibaba. Malaysia is in a key position geographically too, on the Strait of Malacca through which most of China’s oil imports are carried.
But the middle-income country needs a boost to achieve the developed economy status it covets. Chinese cash, properly guided and priced, can help, especially if technological cooperation helps upgrade local manufacturing and exports. The two sides have every reason to wrangle over the details, then agree to get along.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-china-breakingviews/breakingviews-malaysia-can-push-for-a-healthy-china-rebalance-idUSKBN1IC08B |
May 8 (Reuters) - ThoughtSpot:
* THOUGHTSPOT - CLOSED $145 MILLION IN SERIES D FUNDING WITH PARTICIPATION FROM LIGHTSPEED VENTURES, SAPPHIRE VENTURES, AMONG OTHERS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-thoughtspot-closes-145-million-in/brief-thoughtspot-closes-145-million-in-series-d-funding-idUSFWN1SF16J |
RIYADH, May 2 (Reuters) - Saudi Arabia’s stock exchange (Tadawul) is ready from a regulatory and technical point of view to handle a listing of Saudi oil giant Aramco, the chief executive said on Wednesday.
The government has said it plans to sell about 5 percent of Aramco in late 2018 or early 2019, hoping to raise some $100 billion or more in what is likely to be the world’s biggest initial public offer.
The Tadawul is prepared to take steps to ensure the Aramco weighting in the index would not be too big, Khalid al-Hussan said at a business conference in Riyadh. He added that steps in that direction might include imposing an “index cap”.
Saudi officials have said that in addition to Riyadh, Aramco may list on one or more foreign markets.
Reporting by Andrew Torchia, Marwa Rashad; writing by Davide Barbuscia, editing by Ghaida Ghantous
| ashraq/financial-news-articles | https://www.reuters.com/article/saudi-economy-aramco/saudi-stock-exchange-ready-to-handle-aramco-listing-ceo-idUSD5N1O601S |
* Brent back below $80 after breaking through on previous day
* Surge in U.S. production to offset some disruptions
* High oil prices could also dent crude demand
SINGAPORE, May 18 (Reuters) - Oil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.
Brent crude futures were at $79.48 per barrel at 0041 GMT, up 5 cents from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were at $71.55 a barrel, up 6 cents from their last settlement.
Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.
Helped by strong demand, especially in Asia, as well as a U.S. announcement earlier this month to renew sanctions against OPEC-member Iran, Brent has climbed 20 percent since the start of the year.
"Global inventories are approaching long-run averages, suggesting that the coordinated OPEC/non-OPEC supply cuts have been successful," said Jack Allardyce, oil and gas research analyst at Cantor Fitzgerald.
Despite this, he said he saw "little to drive benchmarks much higher in the immediate term (as) there is a building concern over demand growth, partially on account of higher prices."
At $80 per barrel, Asia's thirst for oil costs the region a whopping $1 trillion a year, more than twice what it was in 2015/2016, the two years prior to the OPEC-cuts which started in 2017.
LONGER-TERM
The crude oil price forward curve is in firm backwardation, a structure that suggests a tight market as prices for immediate delivery are higher than those for later dispatch.
Front-month Brent prices are now almost $1.80 per barrel more expensive than those for delivery in December.
"Longer-dated (crude) futures ... remain in backwardation, driven by confidence in indefatigable U.S. shale producers," U.S. firm Height Securities said in a note, although it warned that strong demand as well as looming disruptions due to renewed U.S. sanctions against Iran and falling output in Venezuela could soon start lifting the crude forward curve too.
U.S. crude oil production <C-OUT-T-EIA> has soared by more than a quarter in the last two years, to a record 10.72 million barrels per day.
That puts the United States within reach of top producer Russia, which pumps around 11 million bpd.
As a result of its surging production, U.S. crude is increasingly appearing on global markets as exports.
(Reporting by Henning Gloystein Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-oil-steady-on-opec-cuts-strong-demand-and-looming-iran-sanctions.html |
May 23, 2018 / 11:53 AM / a minute ago Wall St. ends up as Fed seen keeping gradual approach to rate hikes Caroline Valetkevitch 4 Min Read
NEW YORK (Reuters) - U.S. stocks ended with small gains on Wednesday after minutes from the Federal Reserve’s latest meeting suggested higher inflation may not result in faster interest rate hikes. FILE PHOTO: Traders work at the Citadel Securities post on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 18, 2016. REUTERS/Brendan McDermid/File Photo
Most Fed policymakers thought it likely another rate increase would be warranted “soon” if the U.S. economic outlook remains intact, and many participants saw little evidence of general overheating of the labor market, minutes of the central bank’s last policy meeting showed.
Stocks turned higher after the news, with rate-sensitive S&P 500 utilities .SPLRCU and real estate .SPLRCR ending the day with the biggest percentage gains. Financials .SPSY, which benefit from a rising rate environment, ended the day down 0.6 percent.
“The market is probably breathing a little bit of a sigh of relief knowing that inflation even a bit above 2 percent may not necessarily mean a faster rate of increases,” said Mike Baele, managing director at U.S. Bank Private Client Wealth Management in Portland, Oregon.
The central bank has lifted borrowing costs once so far this year, in March, and policymakers are currently about evenly split between those who expect two more rate rises this year and those who anticipate three. Investors overwhelmingly expect a rate rise at the next meeting on June 12-13.
The Dow Jones Industrial Average .DJI rose 52.4 points, or 0.21 percent, to 24,886.81, the S&P 500 .SPX gained 8.85 points, or 0.32 percent, to 2,733.29 and the Nasdaq Composite .IXIC added 47.50 points, or 0.64 percent, to 7,425.96.
Earlier in the day, comments by U.S. President Donald Trump that fueled further skepticism over trade talks between the United States and China weighed on the market.
Trump had signaled a new direction for the trade talks, saying the current track appeared “too hard to get done,” a day after telling reporters that he was not pleased with the recent talks.
Retailers were mixed, with Target ( TGT.N ) sinking 5.7 percent after the retailer’s quarterly profit rose less than expected as price cuts, higher wages and investments into its online business dented margins.
Tiffany ( TIF.N ) surged 23.3 percent after the jeweler’s quarterly results blew past estimates and the company raised its full-year profit forecast and announced a $1 billion buyback program.
Ralph Lauren ( RL.N ) also soared, ending up 14.3 percent after the company’s higher margins helped deliver a solid profit that beat analysts’ estimates.
Also, Lowe’s ( LOW.N ) gained 10.4 percent after the home improvement retailer maintained its annual financial targets and billionaire investor Bill Ackman said his hedge fund had taken a roughly $1 billion stake in the company.
Advancing issues outnumbered declining ones on the New York Stock Exchange by a 1.07-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored advancers.
The S&P 500 posted nine new 52-week highs and three new lows; the Nasdaq Composite recorded 82 new highs and 42 new lows.
About 6.4 billion shares changed hands on U.S. exchanges. That compared with the 6.6 billion-share daily average for the past 20 trading days, according to Thomson Reuters data. Additional reporting by Chuck Mikolajczak in New York and Medha Singh in Bengaluru; Editing by Sriraj Kalluvila, Nick Zieminski and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks/u-s-stock-futures-dip-as-trumps-comments-spark-trade-talk-uncertainty-idUSKCN1IO1N5 |
SEOUL (Reuters) - Shares in Samsung Electronics Co Ltd ( 005930.KS ) dipped slightly on Friday but trading activity surged after a 50:1 stock split aimed at making it easier for retail investors to buy into the South Korean technology giant.
The shares were trading at 52,200 won ($48.50), down 1.5 percent from the basis price of 53,000 won per share, which Korea Exchange said was calculated by dividing the shares' last pre-split closing price by 50. The benchmark KOSPI .KS11 was down 0.6 percent.
Analysts said trading volumes jumped as more investors traded, and attributed the slightly weaker share price to broad concerns about slowing memory chip market conditions since Samsung Electronics share trading was halted after April 27.
“I bought 10 shares in Samsung Electronics. After I return from my military service hopefully it’ll be worth enough money to buy a car,” said Kim Tae-sik, a college student.
Retail investors also commented on social media and investor forums, with one saying that “the Samsung Electronics trading screen is like a madhouse,” while others debated whether to buy now or wait.
As of 0120 GMT, turnover for Samsung shares amounted to 1.08 trillion won ($1.00 billion), accounting for 27 percent of the main board’s KOSPI total turnover. Samsung accounted for an average of 8 percent of total turnover in the one month before the split, according to Thomson Reuters data.
Shares in the global leader in semiconductors, televisions and smartphones traded at 2.65 million won ($2,467.48) each prior to the split, putting them out of reach of retail investors.
The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji Once known as the “emperor stock” for its high price, South Korean media renamed the shares the “people’s stock” after the split.
Analysts said Samsung’s recent efforts to boost shareholder returns would encourage retail investors to take a larger portion of the company than they had previously.
Samsung had 70 trillion won ($65 billion) in net cash at the end of March and is giving out yearly dividends of 9.6 trillion won as part of a three-year shareholder return policy for 2018-2020.
By dispersing shares among a greater number of investors, the split also could help owner family members and affiliate companies, the controlling shareholders, fend off attempts by other shareholders to have a greater say over the company’s affairs, analysts said.
“In the case of Samsung Electronics, whose affiliates control about a 20 percent stake, and only 15 percent stakes have voting rights, the stock split is meaningful,” said Lee Seung-woo, analyst at Eugene Investment & Securities.
Samsung Electronics accounted for around 20 percent of the main KOSPI .KS11 index's market capitalization as of early Friday.
($1 = 1,076.2000 won)
Reporting by Joyce Lee; Additional reporting by Choonsik Yoo; Editing by Stephen Coates and Richard Pullin
| ashraq/financial-news-articles | https://in.reuters.com/article/us-samsung-elec-stocks/samsung-elec-shares-open-at-53000-won-each-after-501-stock-split-idINKBN1I500B |
ORLANDO, Fla., May 9, 2018 /PRNewswire/ -- Effective today, Patricia (Tricia) A. Stitzel assumes the role as President and Chief Executive Officer of Tupperware Brands, after a planned succession process and election by the Company's Board of Directors. In the Company's 70-plus years of history, Stitzel now becomes the first female CEO. Former CEO Rick Goings will now serve as Executive Chairman.
Stitzel has served as the Company's President and Chief Operating Officer since October 2016. Prior to this role, she served as Group President, Americas, and in leadership positions of increasing responsibility in Europe and the United States since joining the Company in 1997.
Commenting on her new role, Stitzel said, "I thank the Board of Directors for its trust and confidence in me, and I am excited to lead this great Company into the future, supporting our important global purpose of empowering women through economic opportunities. For years, our powerful business model has brought us success and global expansion. In the future, we will continue to execute on our strategic growth initiatives and go beyond to deliver more opportunities for Sales Force and consumers. I thank Rick for his leadership, mentorship and friendship and look forward to his guidance as Executive Chairman."
The Company has also appointed a new Presiding Director of the Board, Susan Cameron, who brings more than 20 years of high-level executive experience in the consumer-goods industry. Cameron previously served as the President and CEO of Reynolds American Inc., as well as Chairman of the Board, from 2004-2011 and 2014-2017. She has also served on the Tupperware Brands Board of Directors since 2011.
"I am delighted to serve in this new role on the Company's Board of Directors and look forward to working with Tricia as she leads the company in its next era of growth," said Cameron. "Tupperware is an exceptional global brand with a dedicated Sales Force and experienced management team. Under Tricia's leadership, I believe the Company is poised to capitalize on new and exciting growth opportunities."
With this announcement, Tupperware Brands, a historical leader for gender equality, continues to solidify its commitment to equal representation at all levels of the Company. Today, women represent 50% of the Board of Directors and globally 44% of the senior management positions are held by women. Currently, Tupperware supports and works with an independent Sales Force of 3.1 million, 90% of which are women.
About Tupperware Brands:
Tupperware Brands Corporation, through an independent sales force of 3.1 million, is the leading global marketer of innovative, premium products across multiple brands utilizing social selling. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products through the Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo brands.
Media contact: Elinor Steele, [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/patricia-stitzel-assumes-the-role-as-president-and-ceo-of-tupperware-brands-and-is-elected-to-the-board-of-directors-300645860.html
SOURCE Tupperware Brands Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-patricia-stitzel-assumes-the-role-as-president-and-ceo-of-tupperware-brands-and-is-elected-to-the-board-of-directors.html |
May 2, 2018 / 9:44 AM / Updated 2 hours ago Hermes urges VW investors to oppose board nominees Reuters Staff 1 Min Read
BERLIN (Reuters) - Investment advisory firm Hermes EOS on Wednesday called on Volkswagen ( VOWG_p.DE ) investors to vote against the election of supervisory board members at the annual shareholder meeting on Thursday. FILE PHOTO: The Volkswagen logo is seen on a vehicle at the New York Auto Show in the Manhattan borough of New York City, New York, U.S., March 29, 2018. REUTERS/Shannon Stapleton
The proposed re-election of board member Wolfgang Porsche and the election of Marianne Heiss would contradict a move towards more independent representation on the 20-member controlling panel and undermine corporate governance principles, Hermes, which represents large institutional investors, said in a written statement.
Heiss has been nominated by Volkswagen (VW) to replace Annika Falkengren, a Swedish banker who has switched jobs, while Porsche, chairman of VW’s majority stakeholder Porsche SE ( PSHG_p.DE ), is seeking a new term on the VW board. Reporting by Andreas Cremer; Editing by Tom Sims | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-volkswagen-agm/hermes-urges-vw-investors-to-oppose-board-nominees-idUKKBN1I3157 |
EditorsNote: adds time element in lede
Daniel Descalso hit a two-run home run and right-hander Zack Godley broke a three-game losing streak as the Arizona Diamondbacks beat the Cincinnati Reds 5-2 on Tuesday at Chase Field in Phoenix.
Descalso, starting at first base as struggling All-Star Paul Goldschmidt was given the night off, pounded a 96 mph fastball from Reds right-hander Luis Castillo into the seats in right field to turn a 1-0 deficit into a 2-1 lead in the first inning.
It was the Diamondbacks’ third win in five games as they try to end a down month on a better note. The victory left them 8-18 in May but still within 1 1/2 games of first-place Colorado in the National League West. The Reds have lost four of their last five.
Godley (5-4) struggled to get out of the first inning, giving up a run on a groundout but stranding two runners after throwing 28 pitches.
The Reds also had two runners on base in the third and fourth innings but couldn’t break through against Godley, who won four of his first five starts before losing three straight.
Godley went six innings, giving up two runs, both earned, on six hits and two walks while striking out seven.
In the top of the sixth, he gave up Eugenio Suarez’s 10th home run, a solo shot. The RBI moved Suarez into a tie for the NL lead with 42.
The Diamondbacks, who entered the game having scored the second-fewest runs in the majors despite blowing out the Reds 12-5 on Monday, made the most of their four hits. They had little trouble capitalizing on early opportunities against Castillo (4-5), who had won three straight decisions.
In the first, Jake Lamb drew a walk with two outs, and Descalso hit his sixth home run for a 2-1 advantage.
In the third inning, Jarrod Dyson drew a leadoff walk and then blew through the third base coach’s stop sign in scoring on a double by Ketel Marte. Lamb’s sacrifice fly to left field extended the lead to 4-1.
Arizona added an unearned run in the fifth when Dyson hit a one-out single, went to second on a wild pitch by Castillo and, with two out, scored on a throwing error by shortstop Alex Blandino.
Castillo went five innings, giving up all five runs, four earned, on four hits and three walks. He struck out six.
The Reds scored in the first inning when Blandino doubled to the wall in left field, went to third on a single by Joey Votto, who had two of the Reds’ seven hits, and scored on a groundout by Scooter Gennett.
Yoshihisa Hirano, Archie Bradley and former Reds farmhand Brad Boxberger each pitched a scoreless inning for Arizona. Boxberger notched his 13th save.
David Hernandez and Amir Garrett combined for three scoreless innings in relief of Castillo.
—Field Level Media
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-ari-cin-recap/descalso-godley-lead-d-backs-past-reds-5-2-idUSMTZEE5UIYA27R |
The Supreme Court overturned a federal ban on sports betting in a decision announced Monday. NBA Commissioner Adam Silver explains why that could bring greater transparency and integrity as well as business opportunities. He spoke with WSJ's Jason Gay at the Future of Everything Festival in New York on May 8. | ashraq/financial-news-articles | http://live.wsj.com/video/nba-adam-silver-on-why-he-supports-legal-sports-betting/27DC4F82-D2D1-4890-AF3D-C551375620A2.html |
CHICAGO, May 29, 2018 /PRNewswire/ -- Gogo (NASDAQ: GOGO), the leading global provider of broadband connectivity products and services for aviation, announced today that Will Davis has joined the company as Vice President of Investor Relations. He will report to Barry Rowan, Gogo's Executive Vice President and CFO.
Davis brings nearly 20 years of wireless and communications industry experience in both Investor Relations and financial analyst roles to Gogo. Most recently, he was the Senior Vice President of Marketing & Chief of Staff of the combination of Lumos Networks and Spirit Communications, which is formed by EQT Infrastructure. This transaction closed in April 2018, creating one of the largest private, independent fiber bandwidth companies in the United States. Lumos Networks was taken private by EQT Infrastructure in November 2017 for approximately $1 billion.
"Will's experience and expertise in the communications infrastructure industry, as well as his deep relationships within the financial markets will be incredibly valuable in helping drive value for Gogo and its shareholders," said Gogo's President and CEO, Oakleigh Thorne. "We are excited to have him on the Gogo team."
In his five years at Lumos Networks, Davis was responsible for educating both institutional investors as well as Wall Street analysts on the company's strategic repositioning into a premier communications infrastructure player. During this time, the EBITDA trading multiple doubled. He also played an active role in assessing ongoing strategic opportunities, including M&A and the potential sale of the company.
Prior to Lumos Networks, Davis was an Associate Director in sell-side research at UBS, covering wireless and telecom equipment companies. He also served as the wireless analyst at a large global tech-focused hedge fund with assets of approximately $5 billion. Additionally, he served as a Director of Investor Relations at Nokia. During his tenure, Nokia had a market capitalization of over $100 billion.
"In addition to welcoming Will, I also want to thank Varvara Alva, who previously served as Vice President of Investor Relations and Treasurer," added Thorne. "As our head of investor relations and treasury functions, Varvara was instrumental in leading Gogo through our IPO in 2013, building relationships with institutional investors and Wall Street analysts and managing Gogo's capitalization work over the last decade."
About Gogo:
Gogo is the Inflight Internet Company. We are the leading global provider of broadband connectivity products and services for aviation. We design and source innovative network solutions that connect aircraft to the Internet, and develop software and platforms that enable customizable solutions for and by our aviation partners. Once connected, we provide industry leading reliability around the world. Our mission is to help aviation go farther by making planes fly smarter, so our aviation partners perform better and their passengers travel happier.
You can find Gogo's products and services on thousands of aircraft operated by the leading global commercial airlines and thousands of private aircraft, including those of the largest fractional ownership operators. Gogo is headquartered in Chicago, IL with additional facilities in Broomfield, CO and locations across the globe. Connect with us at gogoair.com .
Media Contact:
Investor Contact:
Meredith Payette
Will Davis
+1 312-517-6216
+1 917-519-6994
[email protected]
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/gogo-welcomes-will-davis-as-vice-president-of-investor-relations-300655697.html
SOURCE Gogo | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-gogo-welcomes-will-davis-as-vice-president-of-investor-relations.html |
A veteran investor suggests powerful market shift is coming, in favor of bonds.
Cresset Wealth's Jack Ablin predicts leaping Treasury yields are here to stay — a scenario that could put equity investors in a quandary as the government's borrowing costs spike.
"I think there's still a lot to go," the firm's chief investment officer said Thursday "[The] 10-Year Treasury yield has been below fair value for nearly ten years thanks in large part to central bank bond purchasing that's been going on."
His thoughts came as the 10-Year yield, which moves inversely to debt prices, made another run to 3 percent. On Friday, the benchmark rate hit its highest level in more than 4 years.
"If you take a look long-term, where the 10-Year Treasury typically trades, it matches nominal [economic growth]," Ablin said. "And, the last nominal [growth] number we got in December of last year suggested that the 10-Year Treasury should be about 4.1 [percent] not 2.9," he added.
Stocks historically become less attractive as yields move higher. In the easy money environment since the financial crisis, low yields created great demand for stocks.
"The fact is that the bond market has been in this tug-o-war for capital for the last ten years with one arm tied behind its back," Ablin said. "The equity market has essentially been the only child of that relationship."
With the Federal Reserve normalizing its interest rate policy and the European Central Bank hinting it'll soon do the same thing, Ablin expects Treasuries to become more attractive.
"We see the 2-Year [Treasury] now nearly at more than 2.4 percent. So, yields are starting to get more attractive on the front end where the Federal Reserve has its influence," he noted. Shorter-dated yields surged to its highest level since September 2008. In the past year, the yield has surged more than 100 percent.
Ablin, who's bullish on the 2-Year, said that not even a "fantastic" earnings season will prevent the stock market troubles likely coming down the pike.
"The fact is the European Central Bank has already said they're likely to end their program in September. So, I think the bond market is starting to sense that, and that's why we're seeing rates rise there," Ablin said.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/22/rising-yields-like-sleeping-giant-veteran-investor-jack-ablin-sees-dramatic-shift-in-favor-of-bonds.html |
SAN DIEGO--(BUSINESS WIRE)-- QDOBA Mexican Eats® (“QDOBA” or the “Company”) today named Keith Guilbault as Chief Executive Officer and restaurant industry veteran Susan Daggett as Chief Financial Officer, following its March 2018 acquisition by funds managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, "Apollo") (NYSE: APO ) from Jack in the Box Inc. (NASDAQ: JACK ).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180514005338/en/
QDOBA Mexican Eats Names Keith Guilbault as Chief Executive Officer (Photo: Business Wire)
Mr. Guilbault previously served as QDOBA’s Brand President and Chief Operating Officer since 2016 under Jack in the Box’s ownership, overseeing approximately 740 restaurants. Prior to leading the QDOBA Brand, Mr. Guilbault held a series of executive leadership positions at Jack in the Box, rising to Senior Vice President & Chief Marketing Officer in charge of branding, traditional and digital communications, product development, menu management, social engagement, and public relations.
“Keith has been instrumental in helping to guide QDOBA through the Brand’s sale and transition into an independent company,” said Lance Milken, Senior Partner at Apollo. “We look forward to working with Keith, and believe he is ideally suited to lead QDOBA’s outstanding management team, employee base, and group of franchises as the Company continues to bolster its position as a market-leading Brand.”
Ms. Daggett, QDOBA’s new Chief Financial Officer, has more than two decades of financial experience in the restaurant industry, most recently at Noodles & Company, where she served as interim Chief Financial Officer since June 2017 and Vice President of Finance since August 2016. She also held executive roles at Pinnacle Restaurant Group, Inc., Einstein Noah Restaurant Group, Inc., and Arby’s Inc.
“Susan brings a wealth of knowledge and technical expertise that will greatly benefit QDOBA as we move forward,” Mr. Guilbault said. “I believe her proven track record as a visionary leader who successfully guided the financial and accounting operations of other large restaurant organizations makes Susan a natural fit for the role.”
Mr. Guilbault’s appointment as Chief Executive Officer is effective immediately. Ms. Daggett is expected to join QDOBA on May 23, 2018. The Company continues to build out internal roles that it previously shared with Jack in the Box Inc., and is expected to add roughly 100 full-time positions to its corporate team in the coming months.
To learn more about QDOBA Mexican Eats, including available corporate positions within the Company, check out www.qdoba.com or the Company’s LinkedIn page .
About QDOBA
At QDOBA, everyone is invited to live a more flavorful life. The QDOBA experience comes to life through its multi-dimensional approach to flavor, which encompasses its people, its restaurants and, of course, its fresh, craveable food. Through the Brand’s vision, guests and team members alike are encouraged to celebrate individuality and boldly craft a meal that’s packed full of flavors like 3-Cheese Queso and hand-smashed guacamole. Getting its start in 1995, QDOBA now has more than 740 restaurants in 47 states, the District of Columbia and Canada. Discover more at QDOBA.com and connect with QDOBA on Facebook , Twitter , Instagram , and YouTube .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005338/en/
Bolt Public Relations
Mackenzie Martin, 949-218-5454
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Source: QDOBA Mexican Eats | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-addingamultimedia-qdoba-mexican-eatsa-names-keith-guilbault-as-chief-executive-officer-and-susan-daggett-as-chief-financial.html |
5 Hours Ago | 00:55
The U.S. Supreme Court ruled Monday that states can legalize sports betting, breaking up Nevada's monopoly on the practice.
The court upheld the legality of a 2014 New Jersey law permitting sports betting at casinos and racetracks in the state and voided the federal Professional and Amateur Sports Protection Act. Some states see sports betting, like lotteries, as a potentially important source of tax revenue.
The Supreme Court justices struck down the entire federal law on a 6-3 vote, with Justices Ruth Bader Ginsburg, Sonia Sotomayor and Stephen Breyer dissenting.
"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," Justice Samuel Alito wrote in the majority opinion.
The state law at issue would allow people age 21 and above to bet on sports at New Jersey casinos and racetracks but would ban wagers on college teams based in or playing in the state.
"Today's ruling will finally allow for authorized facilities in New Jersey to take the same bets that are legal in other states in our country," New Jersey Gov. Phil Murphy said in a statement. "I look forward to working with the Legislature to enact a law authorizing and regulating sports betting in the very near future."
Allowing sports to legalize sports betting is great news for investors in both professional sports teams and the gambling industry, billionaire Mark Cuban told CNBC on "Squawk Alley."
"I think everyone who owns a top four professional sports team just basically saw the value of their team double," said Cuban, owner of the NBA's Dallas Mavericks. show chapters 3 Hours Ago | 03:45
The ruling takes the U.S. a step closer to legal sports betting in numerous states, possibly even nationwide. Currently, the practice is legal only in select places such as Nevada, home to the gambling capital Las Vegas . While Nevada's Gaming Control board reported $4.8 billion in sports bets last year, the black market total is considered to be many times the legal market.
Americans wager "$150 billion illegally each year through off-shore, black market bookies," DraftKings CEO Jason Robins said in a statement. The fantasy sports company has nearly 10 million customers across the country. After the ruling, DraftKings announced plans to launch a mobile platform for sports betting to tap into the new market.
"States are now free to allow their residents to place mobile sports bets with licensed, trusted companies based in the U.S. and that pay taxes here," Robins said.
Shares of several casino companies moved higher following the ruling, including Caesars Entertainment , up 6 percent and Penn National Gaming , up 4 percent. Others gaining included MGM Resorts , Boyd Gaming and Churchill Downs . Wynn Resorts stock recaptured some of its losses from earlier in trading, down 1.9 percent on the day.
The VanEck Vectors Gaming ETF rose 2 percent, on pace for its best day since March 26, with Scientific Games and Caesars leading the fund, up 10 percent and 6 percent, respectively.
Industry analysts have said that dozens of states might legalize sports betting if they are not barred from doing so by the federal law. While awaiting Monday's ruling, seven states — Connecticut , Delaware , Pennsylvania , Iowa , New York , Mississippi and West Virginia — had laws prepared to make sports betting legal. Thirteen other states — California , Illinois , Indiana , Kansas , Kentucky , Maryland , Massachusetts , Minnesota , Michigan , Missouri , Oklahoma , Rhode Island and South Carolina — have plans or proposals to consider legalizing sports betting.
The most recent Summer Games in Rio de Janeiro was the first Olympics in 15 years where Americans could places bets, if you were in Nevada. The Rio Olympics drew "about half of average [NFL] Sunday game" in bets, Vice Fund senior portfolio manager Jordan Waldrep told CNBC, but that could quickly change for the Tokyo Olympics in 2020.
"The big events ... [are] what everyone's going to be paying attention to," Waldrep said. "What they really want is a situation where there's some unpredictability, like a great Australian swimmer going against a great U.S. swimmer. What the betting market needs is competitive events."
"Tokyo is trying to take advantage of it because there is going to be a massive influx of people," Waldrep added.
Multiple professional sports leagues, as well as the National Collegiate Athletic Association, were challenging the New Jersey law: Major League Baseball, the National Football League, the National Basketball Association and the National Hockey League.
"Today's decision by the United States Supreme Court will have profound effects on Major League Baseball," MLB said in a statement. "As each state considers whether to allow sports betting, we will continue to seek the proper protections for our sport, in partnership with other professional sports."
The ruling's implication for college sports is unclear, according to the NCAA. The organization said it is reviewing the decision.
"We will adjust sports wagering and championship policies to align with the direction from the court," NCAA chief legal officer Donald Remy said in a statement.
– Reuters contributed to this report. Michael Sheetz News Associate for CNBC Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/us-supreme-court-rules-for-new-jersey-in-states-fight-to-legalize-sports-betting.html |
(Adds details on financial outlook from presentation)
BOSTON, May 10 (Reuters) - Wells Fargo & Co on Thursday said it expects efficiency efforts to cut expenses by $2 billion annually in 2018 and 2019, and that the aftertax impact on net income of a regulatory cap on its assets will be less than $100 million in 2018.
Wells Fargo gave the figures in an investor presentation posted on the San Francisco bank's website. It said it expects net interest income to be "relatively stable" in 2018 as projected higher interest rates will be offset by lower earning assets and increases in deposit costs.
For 2018, the bank said it expects that total noninterest expenses will be between $53.5 billion and $54.5 billion, and between $52 billion and $53 billion for 2019. Both ranges include typical operating losses and exclude litigation and remediation items, the bank said.
Investors said this week they were looking for updates on how long the bank would stay in the regulatory doghouse, and would be looking for details about costs on Thursday as questions remained about the lender's ability to grow its balance sheet.
A series of scandals over sales and lending practices at the San Francisco-based Wells Fargo has cast a dark cloud over the bank, which previously was known for its ability to consistently grow revenue and earnings in the post-crisis era.
It is now under orders by the Federal Reserve to keep assets below $1.95 trillion until governance and controls improve, which has complicated matters as the bank tries to improve its closely watched efficiency ratio measuring costs per dollar of revenue.
Last month, Wells Fargo agreed to pay $1 billion to settle with U.S. regulators who said it wrongly layered insurance on hundreds of thousands of drivers and hit homebuyers with excessive fees. It also has paid millions of dollars in fines after admitting it opened sham accounts for customers.
Wells Fargo has revamped its leadership since the scandal erupted in 2016 and got a boost on April 24 when directors including Chief Executive Tim Sloan and Chair Elizabeth Duke handily won shareholder support. (Reporting by Ross Kerber; Editing by Meredith Mazzilli and Bernadette Baum) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-1-wells-fargo-on-track-for-4-bln-in-expense-reductions.html |
(Reuters) - U.S. President Donald Trump’s new chief lawyer said on Thursday that if his client agrees to an interview with Special Counsel Robert Mueller, it should be limited to a few hours and focus on Russian tampering in the 2016 election.
Asked what questions might be appropriate, the lawyer Rudy Giuliani, a former New York mayor, suggested two to Reuters: “Was there some agreement with the Russians? Was there any meeting of Trump with the Russians?”
A former federal prosecutor, Giuliani said he was the president’s new chief counsel in the Russia investigation but that he would also keep an eye on a U.S. inquiry into a $130,000 hush payment by longtime Trump attorney Michael Cohen to a porn star who said she had a 2006 sexual encounter with Trump.
Giuliani said he wanted any Trump interview with Mueller to be limited in time and scope, suggesting for only 2-1/2 hours and not under oath.
In addition to the Russia questions, Giuliani said investigators could ask about possible obstruction of justice related to Trump’s firing a year ago of then-FBI Director James Comey.
The two sides have been negotiating the terms of a possible interview for months, including topics Mueller might pursue as part of a nearly year-old inquiry into possible collusion between Moscow and Trump’s presidential campaign.
The Kremlin has denied assertions by U.S. intelligence agencies that it meddled in the election. Trump has denied any collusion and has described the investigation as a political witch hunt.
Giuliani, who joined Trump’s legal team last month, said they were trying to figure out whether it was a good idea for Trump to voluntarily submit to an interview.
“Are they trying to trap him?” Giuliani asked. He said Trump’s legal team expected to make a decision in two or three weeks. “We want to get it over with,” he said.
Giuliani said Trump had used retainer fees starting in 2017 to reimburse Cohen for the $130,000 Cohen paid the porn star, Stormy Daniels, in the closing weeks of the November 2016 election.
Trump wrote in a tweet on Thursday that Cohen was not paid using campaign funds. The payment was part of a “private agreement” that involved money that had “nothing to do with the campaign,” Trump said.
FILE PHOTO: Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on his investigation of potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, U.S., June 20, 2017. REUTERS/Aaron P. Bernstein He said the payment was aimed at stopping “false and extortionist accusations” Daniels made about a sexual encounter with Trump. Trump acknowledged a non-disclosure agreement with her to secure her silence. He denied they had an affair.
The president had previously told reporters he did not know about the payment Cohen made to Daniels.
The investigation of Cohen is an offshoot of Mueller’s probe.
The claim of repayment is significant because a payment by Cohen could be seen as an illegal campaign contribution. Trump as candidate would have been permitted to make unlimited personal contributions to his own campaign.
But several experts pointed out an undisclosed campaign loan is also a violation of federal election law.
“It is hardly an improvement to claim that what was claimed as a gift is now a secret loan from your lawyer to pay hush money to a porn star,” said Jonathan Turley, a George Washington University Law School Professor who has frequently expressed skepticism about the legal case against the president.
But legal watchdog group Citizens for Responsibility and Ethics in Washington (CREW) said it was asking the Department of Justice and Office of Government Ethics to investigate whether Trump made an illegal false statement by not including the $130,000 payment in his personal financial disclosures.
The group said Trump was legally required to disclose any liability in excess of $10,000.
Other legal experts said the payment may not qualify as the sort of financial obligation Trump would have been required to disclose.
Slideshow (4 Images) Peter Henning, a law professor at Wayne State University, said that while prosecutions for making false statements to the government are common, they are rarely based on an omission on a financial disclosure form.
“I don’t see this becoming a case,” he said.
Reporting by Karen Freifeld and Susan Heavey; Additional reporting by Roberta Rampton, Makini Brice and Jan Wolfe; editing by Grant McCool and Howard Goller
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia/giuliani-wants-limits-for-trump-interview-in-russia-probe-idUSKBN1I42VU |
May 3 (Reuters) - Aves One AG:
* DGAP-NEWS: AVES ONE AG: ABN AMRO LEASE GIVES AVES FINANCING COMMITMENT TO BUY CONTAINERS AMOUNTING TO AROUND USD 60 MILLION Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aves-one-abn-amro-lease-gives-aves/brief-aves-one-abn-amro-lease-gives-aves-usd-60-mln-financing-commitment-idUSFWN1SA0JS |
May 4, 2018 / 4:35 AM / in 6 minutes SocGen posts first-quarter profit rise, as it goes ahead with management reshuffle Maya Nikolaeva , Matthieu Protard 3 Min Read
PARIS (Reuters) - SocGen ( SOGN.PA ) reported a higher-than-expected quarterly net income, amid a top management reshuffle happening in the middle of discussions with the U.S. authorities over litigation issues. FILE PHOTO: A general view shows French bank Societe Generale headquarters buildings in La Defense near Paris, France, February 11, 2016. REUTERS/Benoit Tessier/File Photo
The reshuffle, that came on Thursday evening with SocGen’s board announcing the re-appointment of chief executive Frederic Oudea for a new four-year term, arrived several weeks after the departure of a deputy chief executive in charge of investment banking operations.
SocGen reported a 14 percent rise in first-quarter net income to 850 million euros, that came above analysts’ estimates of 821 million euros, according to a Reuters poll of 5 analysts.
“The results ... are generally in line with our strategic ambitions,” chief executive Frederic Oudea said in a statement.
“With a renewed General Management team, the group is more confident than ever of its ability to successfully implement all the current transformation projects and meet its strategic and financial objectives,” added Oudea.
The bank also kept litigation provisions stable at 2.3 billion euros and said a final agreement with relevant authorities was expected in the coming days or weeks.
It expected monetary penalties to be in line with provisions allocated to a case about alleged rigging of the Libor market and to an investigation into potential corruption violations in connection with transactions involving the Libyan Investment Authority.
Nevertheless, SocGen’s quarterly revenue came in weaker than expected, as they fell 2.8 percent to 6.29 billion euros, compared to 6.48 billion seen by the analysts. Its corporate and investment bank was a weak spot with revenue down 13.4 percent and net income falling 56.9 percent, impacted by a “strong negative forex effect”.
Its equity trading also declined despite a broad improvement in this area across other international banks.
SocGen said this “this lower performance in relation to the industry can be attributed to our business mix, which is more geared towards structured products, and our geographical mix, which is more focused on Europe”.
Following the reshuffle, Severin Cabannes, previously in charge of control functions, will overview SocGen’s investment bank.
Under its new three-year plan, SocGen aims to improve the return on net equity at its investment banking arm to 14 percent from 10.8 percent it had in 2017, when revenues fell on the back of low market volatility.
SocGen’s French retail banking revenues were on path to stabilisation, down 0.7 percent over the period.
($1 = 0.8340 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-socgen-results/socgen-posts-first-quarter-profit-rise-as-it-goes-ahead-with-management-reshuffle-idUKKBN1I509U |
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(Reuters Health) – A rising variety of American dad and mom are utilizing marijuana once they nonetheless have kids residing at dwelling, in response to a brand new examine that implies hashish could also be complicating efforts to restrict children’ publicity to second-hand smoke. FILE PHOTO – A person smokes marijuana throughout a rally for the legalization of marijuana in Toronto, April 20, 2010. REUTERS/Mark Blinch
Researchers examined information collected from 169,259 U.S. adults from 2002 to 2015. During that point, the proportion of fogeys with kids at dwelling who mentioned they used hashish no less than as soon as previously month rose from 4.9 % to six.eight %.
Over that very same interval, the proportion of fogeys with children at dwelling who smoked cigarettes declined from 27.6 % to 20.2 %, the examine additionally discovered.
“While cigarette smoking continues to decline among parents with children living at home, use of cannabis is increasing among parents and this may as a result lead to an increase in children’s exposure to secondhand cannabis smoke,” mentioned lead examine creator Renee Goodwin of the Graduate School of Public Health and Health Policy on the City University of New York.
The improve in hashish use seemed to be “disproportionately common among cigarette smoking parents,” Goodwin mentioned by e mail. “Therefore we may be seeing an increase in exposure to multiple types of smoke/increased amount of smoke in a growing percentage of households with this increase in cannabis use.”
With some types of marijuana now authorized in about 30 U.S. states, concern is mounting within the medical group that many individuals could falsely assume the drug is innocent and fail to acknowledge the potential harms to kids who breathe second-hand smoke.
“Exposure to secondhand smoke is associated with an increased risk of asthma and many other health risks for children,” Goodwin mentioned. “There have been tremendous public health campaigns aimed at decreasing cigarette use overall and at reducing children’s exposure to secondhand smoke from cigarettes, but no clinical or public health effort has been made to educate or inform the public about risks of secondhand cannabis smoke.”
Cannabis use was nearly 4 occasions extra widespread amongst dad and mom who additionally smoked cigarettes than amongst non-smokers, the present examine discovered.
Among people who smoke, the proportion of fogeys who reported utilizing hashish previously month elevated from 11 % to 17.Four % through the examine interval, researchers report in Pediatrics.
For non-smokers, the proportion of fogeys who used hashish previously month additionally rose, from 2.Four % to Four %.
Daily hashish use additionally climbed through the examine interval, and was extra widespread amongst cigarette people who smoke.
At the identical time, the proportion of fogeys who mentioned they prevented each cigarettes and hashish additionally elevated.
The examine wasn’t a managed experiment designed to show whether or not or how cigarette smoking would possibly affect hashish use. Another disadvantage is that researchers relied on dad and mom to precisely recall and report any tobacco or hashish use.
Even so, the findings underscore how legalization of hashish in lots of U.S. states could mirror and reinforce extra permissive attitudes about marijuana use, mentioned Ashley Brooks-Russell, creator of an accompanying editorial and a researcher on the Colorado School of Public Health on the University of Colorado Anschutz Medical Campus.
“Cannabis legalization has increased the accessibility of cannabis for adults and removed many penalties for use,” Brooks-Russell mentioned by e mail. “It is possible these laws also convey a sense the product is safe, or at least safer than it once was perceived.”
When dad and mom with younger children at dwelling do select to make use of hashish, they need to take precautions to do it when kids aren’t round, Brooks-Russell suggested.
“If parents use cannabis, not only are they potentially modeling that behavior but they are likely making cannabis products more accessible in the home which could lead to either unintentional ingestion (e.g., poisonings) among younger children, or intentional experimentation and use among older children,” Brooks-Russell mentioned.
SOURCE: bit.ly/2GfHJI9 Pediatrics, on-line May 14, 2018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-kids-cannabis-smoke/us-kids-exposure-to-second-hand-pot-smoke-may-be-rising-idUSKCN1IF2QN/ |
MORRISVILLE, N.C.--(BUSINESS WIRE)-- Worldwide Clinical Trials, Inc. (Worldwide), an award-winning, full-service CRO, announced the addition of Sara Davis as Senior Vice President of Business Development, for the U.S. region, which will further build its business development team to address growth.
Market insight shows that emerging to midsize pharmaceutical and biopharmaceutical organizations are seeking to avoid the trap of large CRO consolidation and commoditization. Davis will focus on accelerating momentum in this important market sector, as these organizations are opting to partner with a midsize CRO, like Worldwide, that is differentiating services by delivering outstanding customer service and flexibility.
“Worldwide is growing exponentially by focusing our investments and resources on reaching emerging to midsize pharmaceutical and biopharmaceutical organizations," said Peter Benton, president and COO, Worldwide Clinical Trials. "With Sara and other key leaders in place, we're even better equipped to deliver what those markets demand: a comprehensive services offering across the entire drug development lifecycle and the agility to offer speed, quality, flexibility and uncommon customer service."
Davis is a CRO industry veteran and has a strong background in leading multinational sales teams. She joins Worldwide from Chiltern, where she was an executive vice president in charge of global sales teams for the oncology, biopharmaceutical, clinical analytics, medical device and diagnostics business units throughout the U.S., Western Europe and Asia Pacific. She has also held senior executive roles with PRA Health Sciences and i3 Research.
“I'm thrilled to be joining the Worldwide team at a true industry inflection point, when pharma and biotech sponsors are telling us they have trouble gaining needed expertise, personnel and resources from large, consolidating CROs,” said Davis. "Worldwide is building its brand promise by delivering the scientific and operational expertise, flexibility, innovation, personal service and executive support, and engagement this market demands of its CRO partner."
About Worldwide Clinical Trials
Worldwide Clinical Trials employs more than 1,600 professionals around the world, with offices in North and South America, Eastern and Western Europe, Russia, and Asia. Founded by physicians committed to advancing medical science, Worldwide is out to change how the world experiences CROs – in the best possible way. From early phase and bioanalytical sciences through late phase, post-approval and real-world evidence, we provide world-class, full-service drug development services. With infrastructure and talent spanning 60 countries, we execute predictable, successful studies with operational excellence across a range of therapeutic areas, including central nervous system, cardiovascular, metabolic, immune-mediated inflammatory disorders (IMID), oncology and rare diseases. We never compromise on science or safety. We’re never satisfied with the status quo. We’re the Cure for the Common CRO. For more information, visit http://www.worldwide.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005372/en/
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Source: Worldwide Clinical Trials, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-worldwide-clinical-trials-adds-sara-davis-as-senior-vice-president-business-development.html |
May 22, 2018 / 8:59 AM / Updated 20 minutes ago Malaysia says finance ministry has been bailing out 1MDB Reuters Staff 1 Min Read
KUALA LUMPUR, May 22 (Reuters) - Malaysia has been “bailing out” 1Malaysia Development Berhad (1MDB) debt obligations since April 2017 and payments on behalf of the state fund amounted to 6.98 billion ringgit ($1.8 billion), the newly appointed finance minister said on Tuesday.
The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to 5.05 billion ringgit, Lim Guan Eng said in a statement.
“The above confirms the public suspicion that 1MDB had essentially deceived Malaysians by claiming that they have been paid via a “successful rationalisation exercise,” he said. “All these while it has been the MoF (finance ministry) who has bailed out 1MDB.” ($1 = 3.9650 ringgit) (Reporting by Praveen Menon) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-1mdb/malaysia-says-finance-ministry-has-been-bailing-out-1mdb-idUSL3N1ST30R |
May 8 (Reuters) - Federal Signal Corp:
* FEDERAL SIGNAL RAISES FULL-YEAR OUTLOOK AFTER REPORTING STRONG FIRST QUARTER EARNINGS AND RECORD ORDERS, UP 54%
* Q1 ADJUSTED EARNINGS PER SHARE $0.23 FROM CONTINUING OPERATIONS
* Q1 SALES $250 MILLION VERSUS I/B/E/S VIEW $239.8 MILLION * Q1 EARNINGS PER SHARE VIEW $0.20 — THOMSON REUTERS I/B/E/S
* RAISES FY 2018 ADJUSTED EARNINGS PER SHARE VIEW TO $1.15 TO $1.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-federal-signal-reports-q1-earnings/brief-federal-signal-reports-q1-earnings-per-share-0-21-from-continuing-operations-idUSASC0A0GR |
May 14 (Reuters) - Destination Maternity Corp:
* DESTINATION MATERNITY URGES STOCKHOLDERS TO VOTE FOR ITS FOUR HIGHLY QUALIFIED DIRECTOR NOMINEES ON THE WHITE PROXY CARD
* DESTINATION MATERNITY CORP - URGE YOU TO VOTE IN LINE WITH DIRECTOR RECOMMENDATIONS OF PROXY ADVISORY FIRM GLASS LEWIS & CO. Source text for Eikon: Further company coverage:
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LONDON (Reuters) - The Scottish parliament refused consent for Britain’s flagship Brexit legislation on Tuesday, pushing Britain into constitutionally uncharted territory as London presses ahead with the bill regardless.
Anti-Brexit protesters waves EU and Union flags opposite the Houses of Parliament, on a sunny day in London, Britain, May 8, 2018. REUTERS/Hannah McKay The devolved Edinburgh legislature voted by 93 votes to 30 to deny consent for the European Union (Withdrawal) Bill, currently going through the national parliament in London, which will cut political, financial and legal ties with the EU.
Although the Scottish parliament has no veto over the bill, the refusal to give consent sets up an unprecedented constitutional clash between Edinburgh and London, complicating British Prime Minister Theresa May’s plans for Brexit.
Britain’s Scottish Secretary David Mundell said the UK intended to push through the withdrawal bill, but that the door was open for further talks.
“There will be an opportunity for further debate and discussion,” Mundell told BBC News. “I still think we can resolve this issue.”
The independence-minded Scottish National Party (SNP), which runs the minority government in Holyrood, Edinburgh, said it would be “outrageous” if the British government imposed the bill on Scotland.
“The Scottish Parliament has spoken loudly and clearly – it’s now up to the UK government to respect that vote and ditch their power-grab,” SNP Scottish lawmaker Ash Denham said in a statement.
The dispute revolves around a clause in the Withdrawal bill that the SNP says limits the Holyrood parliament’s lawmaking ability, as well as the powers of its devolved executive.
Scotland’s parliament has lawmaking competence over a range of domestic issues like farming and fishing, though in practice they have been controlled by Brussels up to now.
An initial proposal last year by Britain that devolved powers returning from the European Union after Brexit should initially pass to Westminster was roundly rejected by Welsh and Scottish politicians.
The Westminster government has offered concessions to devolved administrations and May’s Conservative party points out that these have been enough for the Welsh government to drop their reservations about the bill.
But the SNP argues that in its current state, the bill could mean that the powers of the Scottish parliament could be changed by the British government without the consent of the parliament for the first time ever.
Reporting by Alistair Smout, editing by Stephen Addison
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-eu-scotland/scottish-parliament-votes-to-refuse-consent-for-britains-eu-withdrawal-bill-idINKCN1IG2KE |
BOSTON, May 14, 2018 (GLOBE NEWSWIRE) -- Rapid7, Inc. (Nasdaq:RPD), powering SecOps through its visibility, analytics and automation cloud, announced today the pricing of an underwritten public offering of 3,000,000 shares of its common stock at a price to the public of $30.25 per share. All of the shares are being offered by existing stockholders and Rapid7 will not receive any of the proceeds from the offering. The offering is expected to close on or about May 16, 2018, subject to satisfaction of customary closing conditions.
Barclays is acting as sole underwriter for the offering. The offering is being made pursuant to a shelf registration statement, including a base prospectus, filed by Rapid7 with the Securities and Exchange Commission (SEC) and declared effective by the SEC on June 2, 2017. The offering may be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov . Copies of the prospectus supplement and the accompanying prospectus relating to this offering may also be obtained, when available, from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: (888) 603-5847 or email: [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Rapid7
Rapid7 (NASDAQ:RPD) powers the practice of SecOps by delivering shared visibility, analytics, and automation that unites security, IT, and DevOps teams. The Rapid7 Insight platform empowers these teams to jointly manage and reduce risk, detect and contain attackers, and analyze and optimize operations. Rapid7 technology, services, and research drive vulnerability management, application security, incident detection and response (SIEM), orchestration and automation, and log management for more than 7,100 organizations across more than 120 countries, including 55% of the Fortune 100.
Cautionary Note on Forward-Looking Statements
This press release includes certain disclosures which contain “ ” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, our expectations regarding the anticipated closing of the public offering. The words “anticipate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify . Forward-looking statements are based on our current expectations and assumptions. Because relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the , which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the include risks related to the satisfaction of closing conditions and other factors that are set forth in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the caption “Risk Factors.” The speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any , whether as a result of new information, future events, or otherwise.
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Source:Rapid7 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-rapid7-announces-pricing-of-public-offering-of-common-stock-by-existing-stockholders.html |
NEW YORK, May 9 (Reuters) - American International Group Inc faces an uphill climb to convince shareholders to approve a $43.1 million pay package for Chief Executive Officer Brian Duperreault during the company’s annual meeting on Wednesday.
Two influential proxy advisory firms, International Shareholder Services (ISS) and Glass Lewis, have advised shareholders to reject the package in the non-binding vote, saying it did not align with AIG’s performance.
AIG’s stock has dropped 13 percent since Duperreault took charge of the company last May.
The company’s pay arrangements include $24.2 million for former CEO Peter Hancock, who stepped down last year under pressure, with a $5 million cash award “for his service through the transition” to Duperreault, according to the company’s annual proxy filing to the U.S. Securities and Exchange Commission in March.
It is unusual for both advisory firms to recommend voting against pay measures for the same company. ISS recommends votes against pay only about 12 percent of the time for companies listed on the broad-based Russell 3000 stock index, an ISS spokesman said.
That could sway shareholders, corporate governance experts said.
“It seems that investors do react to these recommendations,” Jill Brown, a management professor at Waltham, Massachusetts-based Bentley University, said in an email.
Brown pointed to a March non-binding vote by Walt Disney Co shareholders, who rejected a $48.5 million executive compensation plan for Chief Executive Officer Bob Iger by a 52 percent majority.
Both proxy advisory firms had advised against Iger’s package.
GRADED ‘F’ Glass Lewis gave AIG’s package a letter grade of “F.”
“Overall, the company paid significantly more than its peers, but performed significantly worse than its peers,” the report said.
ISS said one-time awards to Duperreault when he joined the company, including a $12 million cash bonus, were not tied to performance.
AIG declined to comment on the proxy recommendations.
AIG’s board compensation committee “believes this award properly motivates Mr. Duperreault to create sustainable, profitable growth for AIG, aligning his interests with those of our shareholders,” the proxy filing states.
Some investors have previously said they would approve of Duperreault’s pay so long as he performs.
Duperreault has vowed to help the company expand and boost revenue. He has been working to improve underwriting practices, increase AIG’s focus on technology and install new executives across the insurer to jumpstart profits.
AIG is also preparing to finalize its acquisition of reinsurer Validus Holdings Ltd.
But his steps have yet to boost the bottom line.
In March, AIG said it paid Duperreault $43.1 million last year, according to the proxy filing. Excluding one-time components, Duperreault earned $14.9 million.
That figure was similar to the $15.3 million paid to MetLife Inc CEO and Chairman Steven Kandarian in 2016, and less than the $27.1 million paid in 2017 to John Strangfeld, chairman and CEO of Prudential Financial Inc, according to proxy filings by those companies.
AIG shares have closed as high as $66.06 on Aug. 3, compared with $61.82 on the first trading day following his mid-May appointment.
The stock ended down 0.4 percent on Tuesday at $53.08. (Reporting by Suzanne Barlyn in New York; additional reporting by Ross Kerber in Boston; editing by Bernadette Baum)
| ashraq/financial-news-articles | https://www.reuters.com/article/aig-agm/aig-shareholders-set-to-vote-on-pay-package-for-new-ceo-idUSL1N1SE1W9 |
TOKYO, May 24 (Reuters) - Spain midfielder Andres Iniesta has signed with Japanese side Vissel Kobe, kicking off a new chapter in his career after a storied 16 years with Barcelona, the J.League club said on Thursday.
The 34-year-old former Barcelona captain, who had spent his entire career with the Spanish giants, was introduced at a news conference in Tokyo by Kobe owner Hiroshi Mikitani.
Ahead of the official announcement, Iniesta had posted on Instagram a photo of himself and Mikitani with a message that he was “heading to my new home”.
Mikitani is also the head of Barca’s main sponsor Rakuten. (Reporting by Chris Gallagher; editing by Sudipto Ganguly)
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-japan-vis-iniesta/soccer-iniesta-signs-with-japans-vissel-kobe-idUSL3N1SV25E |
YEREVAN, May 15 (Reuters) - Armenia’s central bank said on Tuesday it had decided to keep its key refinancing rate unchanged at 6 percent.
Armenia’s consumer prices were down 0.3 percent in April in month-on-month terms, but rose by 2.4 percent year-on-year.
That compares with a rise of 0.1 percent in March in month-on-month terms and a 3.7 percent increase in year-on-year terms. (Reporting by Hasmik Mkrtchyan; writing by Margarita Antidze; editing by Maria Kiselyova)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/armenia-rates/armenias-central-bank-keeps-refinancing-rate-unchanged-at-6-pct-idUSR4N1SG00O |
China's Tencent plans culture deal with UK 11:58am BST - 01:21
Chinese internet giant Tencent is planning a cultural trade deal with Britain, including film, video games and fashion, deepening cooperation between the two countries and setting the stage for its own international expansion moves.
Chinese internet giant Tencent is planning a cultural trade deal with Britain, including film, video games and fashion, deepening cooperation between the two countries and setting the stage for its own international expansion moves. //reut.rs/2FYTa6R | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/chinas-tencent-plans-culture-deal-with-u?videoId=425225476 |
May 21 (Reuters) - China Lending Corp:
* CHINA LENDING - EXPANSION OF SERVICE OFFERINGS WITH LAUNCH OF FINANCIAL LEASING SERVICES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-lending-expansion-of-service/brief-china-lending-expansion-of-service-offerings-with-launch-of-financial-leasing-services-idUSFWN1SS0HU |
SÃO PAULO, May 9, 2018 /PRNewswire/ -- BRASKEM S.A. (B3: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) announces today its results for 1Q18.
HIGHLIGHTS:
Braskem - Consolidated:
EBITDA amounted to US$818 million, down 29 and 10% from 1Q17 and 4Q17, respectively, mainly due to the lower availability of products. Parent company net income came to R$1.1 billion, corresponding to R$1.32 per common share and class "A" preferred share, down 42% from 1Q17 and up 173% from 4Q17. Financial leverage in U.S. dollar stood at 1.98x. Free cash flow was R$1.8 billion, compared to R$423 million in 1Q17. In April, the Annual Shareholders' Meeting approved the distribution of additional dividends in the amount of R$1.5 billion, which added to the dividends of R$1 billion distributed in December 2017, bringing total dividends for fiscal year 2017 to R$2.5 billion, which corresponds to 61% of net income for the period. Standard & Poor's and Moody's upgraded the Company's credit outlook from negative to stable in March and April, respectively.
Brazil:
Average cracker capacity utilization rate was 90%. Demand for resins (PE, PP and PVC) reached 1.3 million tons in 1Q18, growing 7% in relation to 1Q17. Resin sales in the Brazilian market amounted to 886 kton in 1Q18, increasing 5% compared to 1Q17, in line with the growth of the overall market Market share stood at 68%. Braskem exported 333 kton of resins, representing declines of 22% and 2% compared to 1Q17 and 4Q17, respectively, influenced by the stronger demand for resins in the Brazilian market and the lower availability of product. EBITDA of R$1,463 million, accounting for 57% of the Company's consolidated EBITDA from all segments.
United States and Europe:
The average capacity utilization rate stood at 92%, down 9 p.p. and 7 p.p. from 1Q17 and 4Q17, respectively, due to the unscheduled shutdown in the United States caused by the severe winter. EBITDA of US$176 million in 1Q18, or 21% of the Company's consolidated EBITDA. Construction of the new PP plant in the United States reached 16% completion in 1Q18, with investments already realized of US$212 million.
Mexico:
The PE plants operated at an average capacity utilization of 85%, down 12 p.p. and 1 p.p, from 1Q17 and 4Q17, respectively. PE sales to the Mexican market amounted to 146 kton, up 17% and 1% from 1Q17 and 4Q17, respectively, to account for 72% of total sales. EBITDA stood at US$165 million.
The full earnings release is available on the Company's IR website: http://www.braskem-ri.com.br/home-en
Braskem will host conference calls to discuss its Results TOMORROW, May 10, at 12:00 p.m. US ET. See connecting details on the Company's IR website.
For further information, contact Braskem's Investor Relations Area:
[email protected] , (+55 11) 3576-9531.
View original content: http://www.prnewswire.com/news-releases/braskem-reports-free-cash-flow-of-r1-8-billion-in-1q18--advancing-317-on-1q17--300645994.html
SOURCE Braskem S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-braskem-reports-free-cash-flow-of-r1-point-8-billion-in-1q18-advancing-317-percent-on-1q17.html |
Shares of small companies are once again climbing to new highs, but that doesn’t mean larger companies will follow suit. The Russell 2000 has gained 5.5% so far this month, well more than the S&P 500′s 2.5% rise, the Dow industrials’ 2.3% rise, and the Nasdaq Composite’s 4.1% rise. The small-cap benchmark’s jump last week Iran Challenges the EU to Take On U.S. Over Nuclear Pact—Energy Journal Next Stocks to Watch: GE, Qualcomm, Facebook, Starbucks, United Technologies, Tesla, Snap | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/21/will-small-caps-lead-large-caps-higher-dont-bank-on-it/ |
Company obtains FDA and EMA feedback on pathway to NDA and MAA filing for sparsentan in IgA nephropathy; single Phase 3 trial expected to initiate in the fourth quarter of 2018
Pivotal Phase 3 DUPLEX Study of sparsentan in FSGS underway to support Subpart H NDA filing
Revenue rose 14 percent to $38 million during the first quarter of 2018
SAN DIEGO, Retrophin, Inc. (NASDAQ:RTRX) today reported its first quarter 2018 financial results and provided a corporate update.
The Company recently obtained regulatory feedback from both the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) on the development pathway for sparsentan in IgA nephropathy (IgAN); a single registration-enabling Phase 3 clinical trial is expected to initiate in the fourth quarter of 2018 In April 2018, the Company announced that the first patient had been enrolled in the DUPLEX Study, a pivotal Phase 3 clinical trial evaluating sparsentan in focal segmental glomerulosclerosis (FSGS); top-line data from the interim endpoint efficacy analysis are expected in the second half of 2020 Net product sales for the first quarter of 2018 were $38.4 million, compared to $33.6 million for the same period in 2017 Cash, cash equivalents and marketable securities, as of March 31, 2018, totaled $264.1 million
“We made significant development advancements to start the year with our recent regulatory feedback on sparsentan’s development path in IgA nephropathy and the initiation of our pivotal Phase 3 DUPLEX Study in FSGS,” said Stephen Aselage, chief executive officer of Retrophin. “The prospect of running parallel registrational trials is exciting not just for us, but also for patients with FSGS and IgA nephropathy worldwide. We look forward to building upon our momentum in the clinic, as well as the continued growth of our commercial products to further our efforts in delivering life-changing therapies to patients living with rare diseases.”
Quarter Ended March 31, 2018
Net product sales for the first quarter of 2018 were $38.4 million, compared to $33.6 million for the same period in 2017. The increase in net product sales is attributable to growth across the Company’s commercial products: Chenodal ® , Cholbam ® and Thiola ® . The Company continues to expect full year 2018 net product sales to be in the range of $170.0 to $180.0 million.
Research and development (R&D) expenses for the first quarter of 2018 were $24.6 million, compared to $20.9 million for the same period in 2017. The difference is largely attributable to support of non-clinical and clinical efforts related to fosmetpantotenate and sparsentan, as well as development funding to support the advancement of CNSA-001. On a non-GAAP adjusted basis, R&D expenses were $23.1 million for the first quarter of 2018, compared to $18.1 million for the same period in 2017.
Selling, general and administrative (SG&A) expenses for the first quarter of 2018 were $26.5 million, compared to $23.1 million for the same period in 2017. The difference is largely attributable to an increase in headcount as a result of the Company’s operational growth, as well as marketing initiatives to support its commercial portfolio. On a non-GAAP adjusted basis, SG&A expenses were $19.0 million for the first quarter of 2018, compared to $14.5 million for the same period in 2017.
Total other expense for the first quarter of 2018 was $0.2 million, compared to total other income of $1.3 million for the same period in 2017. The difference is largely attributable to a change in accounting guidelines in which adjustments to the fair value of derivative instruments no longer impacts the net income or loss of the Company.
Net loss for the first quarter of 2018 was $18.4 million, or $0.46 per basic share, compared to $11.1 million, or $0.29 per basic share for the same period in 2017. On a non-GAAP adjusted basis, net loss for the first quarter of 2018 was $5.6 million, or $0.14 per basic share, compared to net income of $0.3 million, or $0.01 per basic share for the same period in 2017.
As of March 31, 2018, the Company had cash, cash equivalents and marketable securities of $264.1 million.
Program Updates
Fosmetpantotenate
The Company continues to enroll patients in the Phase 3 FORT Study, an international, registrational clinical trial assessing the safety and efficacy of fosmetpantotenate in approximately 82 patients with pantothenate kinase-associated neurodegeneration (PKAN) aged 6 to 65 years. The primary endpoint in the study is the change from baseline in the Pantothenate Kinase-Associated Neurodegeneration Activities of Daily Living (PKAN-ADL) scale through 24 weeks of treatment. After completing the 24-week treatment period, all patients will be eligible to receive fosmetpantotenate as part of an open-label extension. The FORT Study is expected to be registration-enabling in the U.S. and Europe, and is being conducted under a Special Protocol Assessment (SPA) agreement, which indicates concurrence by the FDA that the design of the trial can adequately support the filing of a New Drug Application (NDA). The Company anticipates enrollment of pediatric patients to commence in the FORT Study during the second quarter of 2018, and completion of patient enrollment around year-end 2018. Top-line data are expected in the second half of 2019.
Four PKAN patients receiving fosmetpantotenate for more than three years under physician-initiated treatment outside of the U.S. continue to receive therapy and remain stable.
Sparsentan
In April 2018, the Company announced the initiation of the pivotal Phase 3 DUPLEX Study, a global, randomized, multicenter, double-blind, parallel-arm, active-controlled Phase 3 clinical trial evaluating the safety and efficacy of sparsentan in approximately 300 patients with FSGS aged 8 to 75 years. The DUPLEX Study protocol provides for an unblinded analysis of at least 190 patients to be performed after 36 weeks of treatment to evaluate the interim efficacy endpoint – the proportion of patients achieving a modified partial remission of proteinuria [urine protein-to-creatinine ratio (Up/C) ≤1.5 g/g and a >40 percent reduction in Up/C from baseline] at Week 36. While the confirmatory primary endpoint of the study is the change in slope of estimated glomerular filtration rate (eGFR) after 108 weeks of treatment, successful achievement of the 36-week interim efficacy endpoint is expected to serve as the basis for Subpart H accelerated approval in the U.S. and Conditional Marketing Authorization (CMA) consideration in Europe. Top-line data from the 36-week interim endpoint efficacy analysis are expected in the second half of 2020.
The Company recently received feedback from both the FDA and EMA indicating a single Phase 3 trial of sparsentan in IgAN could support registration in the U.S. and Europe. Study start-up activities are underway in anticipation of initiating a pivotal study in the fourth quarter of 2018.
CNSA-001
In the first quarter of 2018, the single ascending dose portion of the CNSA-001 Phase 1 study completed and the program advanced into the multiple ascending dose portion of the study. A Phase 2 proof-of-concept study in patients with phenylketonuria (PKU) remains on track to commence in mid-2018, with results expected to be available in early 2019.
Thiola
In 2018, the Company expects an NDA to be filed for the new formulation of Thiola for the treatment of cystinuria. Pending approval, the Company expects to begin marketing the new formulation in 2019.
Conference Call Information
Retrophin will host a conference call and webcast today, Tuesday, May 1, 2018 at 4:30 p.m. ET to discuss development updates as well as first quarter 2018 financial results. To participate in the conference call, dial +1-855-219-9219 (U.S.) or +1-315-625-6891 (International), confirmation code 1169697 shortly before 4:30 p.m. ET. The webcast can be accessed at retrophin.com , in the Events and Presentations section, and will be archived for at least 30 days. A replay of the call will be available from 7:30 p.m. ET, May 1, 2018 to 7:30 p.m. ET, May 8, 2018. The replay number is +1-855-859-2056 (U.S.) or +1-404-537-3406 (International), confirmation code 1169697.
Use of Non-GAAP Financial Measures
To supplement Retrophin’s financial results and guidance presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP adjusted financial measures in this press release and the accompanying tables. The Company believes that these non-GAAP financial measures are helpful in understanding its past financial performance and potential future results. They are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read in conjunction with the consolidated financial statements prepared in accordance with GAAP. Retrophin’s management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Retrophin believes that the use of these non-GAAP measures enhances the ability of investors to compare its results from period to period and allows for greater transparency with respect to key financial metrics the Company uses in making operating decisions.
Investors should note that these non-GAAP financial measures are not prepared under any comprehensive set of accounting rules or principles and do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. Investors should also note that these non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future the Company may exclude other items, or cease to exclude items that it has historically excluded, for purposes of its non-GAAP financial measures; because of the non-standardized definitions, the non-GAAP financial measures as used by the Company in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by the Company’s competitors and other companies.
As used in this press release, (i) the historical non-GAAP net income (loss) measures exclude from GAAP net income (loss), as applicable, stock-based compensation expense, amortization and depreciation expense, revaluation of acquisition related contingent consideration, change in fair value of derivative instruments and income tax; (ii) the historical non-GAAP SG&A expense measures exclude from GAAP SG&A expenses, as applicable, stock-based compensation expense, and amortization and depreciation expense; (iii) the historical non-GAAP R&D expense measures exclude from GAAP R&D expenses, as applicable, stock-based compensation expense, and depreciation and amortization expense.
About Retrophin
Retrophin is a biopharmaceutical company specializing in identifying, developing and delivering life-changing therapies to people living with rare diseases. The Company’s approach centers on its pipeline featuring late-stage assets targeting rare diseases with significant unmet medical needs, including fosmetpantotenate for pantothenate kinase-associated neurodegeneration (PKAN), a life-threatening neurological disorder that typically begins in early childhood, and sparsentan for focal segmental glomerulosclerosis (FSGS) and IgA nephropathy (IgAN), disorders characterized by progressive scarring of the kidney often leading to end-stage renal disease. Research in additional rare diseases is also underway, including a joint development arrangement evaluating the potential of CNSA-001 in phenylketonuria (PKU), a rare genetic metabolic condition that can lead to neurological and behavioral impairment. Retrophin’s R&D efforts are supported by revenues from the Company’s commercial products Chenodal ® , Cholbam ® and Thiola ® .
Retrophin.com
Forward-Looking Statements
This press release contains " " as that term is defined in the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, these statements are often identified by the words "may", "might", "believes", "thinks", "anticipates", "plans", "expects", "intends" or similar expressions. In addition, expressions of our strategies, intentions or plans are also . Such are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among the factors that could cause actual results to indicated in the are risks and uncertainties associated with the Company’s business and finances in general, success of its commercial products as well as risks and uncertainties associated with the Company's preclinical and clinical stage pipeline. Specifically, the Company faces risks associated with market acceptance of its marketed products including efficacy, safety, price, reimbursement and benefit over competing therapies. The risks and uncertainties the Company faces with respect to its preclinical and clinical stage pipeline include risk that the Company's clinical candidates will not be found to be safe or effective and that current or future clinical trials will not proceed as planned. Specifically, the Company faces the risk that the Phase 3 clinical trial of sparsentan in FSGS will not demonstrate that sparsentan is safe or effective or serve as a basis for accelerated approval of sparsentan as planned; risk that the planned Phase 3 clinical trial of sparsentan in IgAN will not proceed as planned or will not demonstrate that sparsentan is safe or effective or serve as the basis for an NDA filing as planned; risk that the Phase 3 clinical trial of fosmetpantotenate will not demonstrate that fosmetpantotenate is safe or effective or serve as the basis for an NDA filing as planned; and risk that the Company’s product candidates will not be approved for efficacy, safety, regulatory or other reasons, and for each of the programs, risk associated with enrollment of clinical trials for rare diseases and risk that ongoing or planned clinical trials may not succeed or may be delayed for safety, regulatory or other reasons. The Company faces risk that it will be unable to raise additional funding that may be required to complete development of any or all of its product candidates; risk relating to the Company's dependence on contractors for clinical drug supply and commercial manufacturing; uncertainties relating to patent protection and exclusivity periods and intellectual property rights of first parties; and risks and uncertainties relating to competitive products and technological changes that may limit demand for the Company's products. You are cautioned not to place undue reliance on these as there are important factors that could cause actual results to in , many of which are beyond our control. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Investors are referred to the full discussion of risks and uncertainties as included in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission.
RETROPHIN, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) March 31, 2018 December 31, 2017 Assets (unaudited) Current assets: Cash and cash equivalents $ 61,117 $ 99,394 Marketable securities 202,939 201,236 Accounts receivable, net 12,981 13,872 Inventory, net 5,142 5,351 Prepaid expenses and other current assets 2,011 3,112 Prepaid taxes 2,613 2,842 Total current assets 286,803 325,807 Property and equipment, net 3,042 3,230 Other assets 6,457 5,556 Investment-equity 15,000 — Intangible assets, net 188,556 184,817 Goodwill 936 936 Total assets $ 500,794 $ 520,346 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 9,423 $ 18,938 Accrued expenses 31,644 36,018 Other current liabilities 3,958 3,902 Guaranteed minimum royalty 2,000 2,000 Business combination-related contingent consideration 9,500 9,100 Derivative financial instruments, warrants — 15,710 Total current liabilities 56,525 85,668 Convertible debt 45,238 45,077 Other non-current liabilities 4,617 2,472 Guaranteed minimum royalty, less current portion 12,939 13,095 Business combination-related contingent consideration, less current portion 82,000 80,900 Total liabilities 201,319 227,212 Stockholders' Equity: Preferred stock $0.001 par value; 20,000,000 shares authorized; 0 issued and outstanding as of March 31, 2018 and December 31, 2017 — — Common stock $0.0001 par value; 100,000,000 shares authorized; 39,873,285 and 39,373,745 issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 4 4 Additional paid-in capital 486,717 471,800 Accumulated deficit (185,717 ) (177,655 ) Accumulated other comprehensive loss (1,529 ) (1,015 ) Total stockholders' equity 299,475 293,134 Total liabilities and stockholders' equity $ 500,794 $ 520,346
RETROPHIN, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2018 2017 Net product sales: Bile acid products $ 18,508 $ 15,736 Thiola 19,924 17,884 Total net product sales 38,432 33,620 Operating expenses: Cost of goods sold 1,613 709 Research and development 24,636 20,860 Selling, general and administrative 26,468 23,115 Change in fair value of contingent consideration 3,627 3,344 Total operating expenses 56,344 48,028 Operating loss (17,912 ) (14,408 ) Other income (expenses), net: Other income, net 121 126 Interest expense, net (358 ) (132 ) Change in fair value of derivative instruments — 1,260 Total other income (expense), net (237 ) 1,254 Loss before provision for income taxes (18,149 ) (13,154 ) Income tax benefit (expense) (229 ) 2,064 Net loss $ (18,378 ) $ (11,090 ) Net loss per common share: Basic $ (0.46 ) $ (0.29 ) Diluted $ (0.46 ) $ (0.32 ) Weighted average common shares outstanding: Basic 39,657,418 38,045,317 Diluted 39,657,418 39,158,922
RETROPHIN, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2018 2017 GAAP operating loss $ (17,912 ) $ (14,408 ) R&D operating expense (24,636 ) (20,860 ) Stock compensation 1,407 2,688 Amortization & depreciation 103 81 Subtotal non-GAAP items 1,510 2,769 Non-GAAP R&D expense (23,126 ) (18,091 ) SG&A operating expense (26,468 ) (23,115 ) Stock compensation 3,202 4,405 Amortization & depreciation 4,245 4,203 Subtotal non-GAAP items 7,447 8,608 Non-GAAP SG&A expense (19,021 ) (14,507 ) Change in valuation of contingent consideration 3,627 3,344 Subtotal non-GAAP items 12,584 14,721 Non-GAAP operating income (loss) $ (5,328 ) $ 313 GAAP net loss $ (18,378 ) $ (11,090 ) Non-GAAP operating loss adjustments 12,584 14,721 Change in fair value of derivative instruments — (1,260 ) Income tax benefit (expense) 229 (2,064 ) Non-GAAP net income (loss) $ (5,565 ) $ 307 Per share data: Net earnings (loss) per common share, basic $ (0.14 ) $ 0.01 Weighted average common shares outstanding, basic 39,657,418 38,045,317 Contact:
Chris Cline, CFA
Vice President, Investor Relations & Corporate Communications
760-260-8600
[email protected]
Source:Retrophin, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-retrophin-reports-first-quarter-2018-financial-results.html |
May 15 (Reuters) - Five Prime Therapeutics Inc:
* FIVE PRIME THERAPEUTICS APPOINTS BRYAN IRVING, PH.D., AS CHIEF SCIENTIFIC OFFICER Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-five-prime-therapeutics-appoints-b/brief-five-prime-therapeutics-appoints-bryan-irving-as-chief-scientific-officer-idUSASC0A2EC |
DENVER, RGS Energy (NASDAQ:RGSE), the nation’s original solar company since 1978, will hold a conference call on Monday, May 14, 2018 at 4:30 p.m. Eastern time to discuss results for the first quarter ended March 31, 2018. The financial results will be issued in a press release prior to the call.
RGS Energy management will host the presentation.
Date: Monday, May 14, 2018
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 6375171
Webcast: http://public.viavid.com/index.php?id=129765
The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com .
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 21, 2018.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 6375171
About RGS Energy
RGS Energy (Nasdaq:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities.
For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com , on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy . Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.
RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”
POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.
Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
[email protected]
Source: RGS Energy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-rgs-energy-sets-first-quarter-2018-conference-call-for-monday-may-14-2018-at-430-p-m-et.html |
(Corrects Disney’s Reuters instrument code in first paragraph)
May 16 (Reuters) - Twenty First Century Fox said on Wednesday Executive Chairman Lachlan Murdoch will serve as chairman and CEO of the proposed new Fox, following the sale of its film and TV assets to Walt Disney Co.
Rupert Murdoch will serve as co-chairman of the new Fox, and John Nallen, Fox’s current chief financial officer, will assume the role of chief operating officer, the company said. (Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/fox-ma-disney/lachlan-murdoch-to-be-ceo-of-new-fox-after-disney-deal-idUSL3N1SN594 |
— Medicinal Cannabis Dispensary to open in Peter Tosh Square —
— Peter Tosh Square to be the home of Marigold ’s first herb house —
TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (the " Company " or “ Scythian ”) (TSXV:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl:SCCYF) is pleased to announce that Jamaica-based Marigold Projects Jamaica Ltd. (“ Marigold ”), a company that Scythian is in the process of acquiring a 49% interest in, has signed an exclusive sponsorship agreement with the world-renowned Peter Tosh Museum (the “ Museum ”) in Kingston, Jamaica. Under the terms of the agreement, Marigold will become the exclusive cannabis dispensary partner of the Museum.
Marigold is set to establish its first medicinal cannabis dispensary and herb house at the Peter Tosh Square, home of the Peter Tosh Museum at the Pulse Centre in New Kingston. As the exclusive cannabis sponsor, Marigolds branding will be showcased in the world-renowned Museum.
The Museum opened its doors on October 19, 2016, and honours the life and work of Peter Tosh, Jamaica’s global music legend and founding member of the critically acclaimed reggae group, The Wailers. The Museum is located at the Pulse Centre on Trafalgar Road in New Kingston and is a joint collaboration between The Peter Tosh Estate, Pulse Investments Ltd and Andrea Marlene Brown.
“We are honoured to provide the highest quality cannabis products to such a distinguished institution focused on recognizing a beloved Jamaican musician who championed the cause of legalizing cannabis,” said Scythian CEO Rob Reid. “We look forward to helping his legacy live on through our commitment to furthering medical marijuana research and expanding access to cannabis in the future.”
On March 22, 2018, Scythian announced that it had entered into a binding letter of intent (“ Letter of Intent ”) to acquire Marigold Acquisitions Inc. (“ Holdco ”), a company that holds a 49% interest in Marigold. If the proposed acquisition is completed, Scythian will become a major stakeholder of Marigold. Marigold holds five conditional cannabis licenses from the Jamaican Cannabis Licensing Authority (“ CLA ”) related to cultivation, processing, selling, therapeutic or spa services, and R&D activities. Marigold is also working with the University of West Indies to develop and test products derived from high cannabidiol cannabis sativa strains to establish their efficacy in treating diabetes, hypertension, pain and other ailments. The proposed acquisition is subject to regulatory approval from the TSX Venture Exchange (“ TSXV ”). The proposed acquisition also remains subject to notification to the CLA. The opening of the herb house remains subject to CLA approval.
About Scythian Biosciences Corp.
Scythian is a research and development company committed to advancing prevention and treatment efforts for concussion and traumatic brain injury with its proprietary cannabinoid-based combination drug therapy.
Scythian’s mission is to be the first accepted drug regimen for the treatment of concussion. Scythian is partnered with the University of Miami and its neuroscientific team to conduct pre-clinical and clinical trials of its drug regimen. Through the Company’s collaborative efforts with the university, Scythian has access to the university’s extensive network of experts in the fields of traumatic brain injury and concussion. These connections provide Scythian with the ability to conduct its clinical studies at world-class facilities by widely recognized medical professionals.
Scythian has initiated its international expansion by launching additional cannabis-related activities across the globe. These significant endeavours complement the Company’s research and development efforts to enhance the many medical applications of cannabis.
Scythian is evaluating several strategic initiatives and pursuing partnerships with local cultivators, pharmaceutical import and distribution entities and universities in North America, South America, the Caribbean and beyond. This comprehensive approach positions Scythian as a potential global frontrunner in the research and development of medical cannabis.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Scythian Biosciences Corp.
Rob Reid, CEO
Phone: (212) 729-9208
Email: [email protected]
For media inquiries, please contact:
David Schull or Nic Johnson
Russo Partners
(858) 717-2310
[email protected]
[email protected]
Cautionary Statements
This press release contains certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation that are not based on historical fact, including without limitation, statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Such forward-looking information includes information relating to Scythian’s proposed acquisition of Holdco and Marigold, Marigold becoming the exclusive cannabis dispensary partner of the Museum and Marigold’s plans in expanding its business through its relationship with the Museum.
Readers are cautioned to not place undue reliance on forward-looking information. Forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from those contemplated in the forward-looking information, and even if such actual results or events are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Such risks and uncertainties include the risk that that the Company’s proposed acquisition of Holdco and Marigold will not be successfully completed for any reason (including the failure to meet any condition precedent to the Letter of Intent and/or failure to obtain the required approvals or clearances from the TSXV and the CLA) or that sufficient demand for Marigold’s products fails to materialize.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those contained in the forward-looking information, there can be other factors that cause results or events to not be as anticipated, estimated or intended, including, but not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; the risk of investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s annual information form filed on SEDAR and available at www.sedar.com .
The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Source:Scythian Biosciences Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-scythian-announces-marigoldas-exclusive-agreement-with-jamaicaas-peter-tosh-museum.html |
* Trump comments on China stoke trade fears
* Benchmark oil tops $80 per barrel
* Small-cap Russell 2000 hits fresh record
* Cisco, Walmart drop after earnings reports
* Dow down 0.25 pct, S&P 0.11 pct, Nasdaq 0.25 pct (Updates to late afternoon; changes dateline, byline)
NEW YORK, May 17 (Reuters) - Wall Street turned negative in indecisive trade on Thursday, giving up earlier gains as investors grappled with renewed trade worries and rising oil prices.
Comments by U.S. President Donald Trump that China "has become very spoiled on trade" added fuel to investor jitters as a second round of talks was launched today in efforts to avoid a tariff war between the world's two largest economies.
Unrest in the Middle East suggested a reduction of oil supply and sent crude prices to their highest level in three-and-a-half years. The S&P Energy index was up 1.2 percent, the largest gainer of the major S&P 500 sectors.
U.S. small-cap stocks fared better than their larger rivals as the Russell 2000 hit a record for the second session in a row, while bigger firms with more international exposure were pressured by rising oil prices and a strengthening dollar.
"It doesn't surprise us at all," said Marshall Gause, CEO and chief investment officer at Geneva Fund Partners in Denver. "If you're looking for growth, small- to mid-caps may be the place to go if you can stomach the volatility."
Trade and oil price concerns have also benefited smaller firms, according to Gause. "I think that they're in a better place," he said. "Global companies are more susceptible to that. Plus they're more susceptible to increased energy prices, typically."
Economic reports showed U.S. unemployment rolls falling to their lowest level since 1973 and mid-Atlantic manufacturers asking higher prices for their products, suggesting tightening labor market conditions and firming inflation, which support the likelihood of a Federal Reserve rate hike next month.
U.S. 10-year Treasury yields rose to a near seven-year high at 3.1220 percent, pressuring rate-sensitive sectors as investors ponder whether bonds offer an attractive alternative to riskier equities.
At 2:34 p.m. ET, the Dow Jones Industrial Average fell 62.71 points, or 0.25 percent, to 24,706.22, the S&P 500 lost 2.89 points, or 0.11 percent, to 2,719.57 and the Nasdaq Composite dropped 18.80 points, or 0.25 percent, to 7,379.50.
So-called defensive stocks were among the worst percentage losers among the 11 major sectors of the S&P 500. Rate-sensitive telecom, real estate and utility shares were down in the face of increasing U.S. government bond yields.
Cisco Systems was the biggest drag on the S&P 500 and the Nasdaq, slipping 3.5 percent despite beating profit and revenue estimates in its post-market earnings report. In a research note, Citigroup said investor perception is that the technology company is losing market share.
The S&P 500 Technology sector was down 0.6 percent.
Walmart shares were down 2.3 percent. Walmart said profit margins remained under pressure due to price cuts and higher freight costs, weighing on its shares even as sales and earnings came in stronger than expected.. The retailer's stock was the biggest weight on the Dow.
Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored advancers.
The S&P 500 posted 25 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 132 new highs and 26 new lows. (Reporting by Stephen Culp Editing by Nick Zieminski) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-us-stocks-wall-st-turns-negative-on-trade-worries-oil-prices.html |
May 10 (Reuters) - Filo Mining Corp:
* QTRLY LOSS PER SHARE C$0.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-filo-mining-qtrly-loss-per-share-c/brief-filo-mining-qtrly-loss-per-share-c0-22-idUSL8N1SI00D |
LOS ANGELES, May 30 (Reuters) - U.S. comedian Roseanne Barr said she was tired of “being attacked and belittled” and blamed sleep aid Ambien for her tweet that compared a black former Obama administration official to an ape, a racist remark that sparked a wave of outrage.
Barr said in a series of Tweets on Tuesday and early on Wednesday that what she did was “unforgiveable” when she posted on Twitter that if the Islamist political movement “muslim brotherhood & planet of the apes had a baby = vj,” referring to Valerie Jarrett, a former aide to President Barack Obama.
“It was 2 in the morning and I was Ambien tweeting-it was memorial day too-i went 2 far & do not want it defended-it was egregious Indefensible,” she wrote. “I made a mistake I wish I hadn’t but...don’t defend it please.”
In other Tweets, Barr said that she was tired of “being attacked and belittled more than other comedians who have said worse” and asked for people not to boycott ABC, saying that the network has the right to “do what they wish.”
Walt Disney Co’s ABC network on Tuesday canceled her popular U.S. television comedy “Roseanne” after her tweet.
Barr, 65, then apologized “for making a bad joke” about Jarrett, who is black and was born in Iran to American parents.
“Don’t feel sorry for me, guys!!,” Barr said in a Tweet late on Tuesday. “I just want to apologize to the hundreds of people, and wonderful writers (all liberal) and talented actors who lost their jobs on my show due to my stupid tweet.”
Jarrett, 61, said on Tuesday that Disney Chief Executive Bob Iger called her before ABC announced the show’s cancellation.
Hollywood talent agency ICM said in a statement on Tuesday it will no longer represent Barr. Several networks said it was removing reruns of her show. Hulu said episodes of the new show would no longer be available on its streaming service.
The original “Roseanne” ran from 1988 to 1997, featuring a blue-collar family, the Conners, with overweight parents struggling to get by. It was praised for its realistic portrayal of working-class life.
The current “Roseanne” was ABC’s biggest hit of the 2017-2018 season, drawing an average 18.7 million viewers, second only to CBS sitcom “The Big Bang Theory,” according to Nielsen data through May 20. (Editing by Edmund Blair)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/television-roseanne/u-s-tvs-barr-blames-sleep-aid-ambien-for-racist-tweet-idUSL2N1T1087 |
May 24, 2018 / 11:40 AM / Updated 36 minutes ago Premier League hopefuls Villa could crown season of Asian investment success Simon Evans 6 Min Read
MANCHESTER, England (Reuters) - Chinese-owned Aston Villa hope to join Malaysian-controlled Cardiff City and Chinese-backed Wolverhampton Wanderers in winning promotion to the Premier League as Asian investors reap the rewards of investments in English second-tier clubs. Soccer Football - Championship Play Off Semi Final Second Leg - Aston Villa v Middlesbrough - Villa Park, Birmingham, Britain - May 15, 2018 Aston Villa's John Terry celebrates after the match Action Images via Reuters/Ed Sykes
Midlands club Villa face west London side Fulham, owned by Pakistani-American Shahid Khan, in Saturday’s Championship promotion playoff final at Wembley in what has been dubbed the most lucrative match in world football.
Promotion to the top flight for either club will see an increase in revenue of at least 160 million pounds, rising to more than 280 million if they avoid relegation in their first season in the Premier League.
For former European champions Villa it would mark a return on the investment made by Chinese entrepreneur Tony Xia, of the Recon Holding Group, who took over the club in 2016 following their relegation from the top flight.
Xia paid a reported 76 million pounds to purchase the Birmingham-based outfit from American Randy Lerner and if Villa can win the playoff at Wembley they will be back in the elite after a two-year absence.
Cardiff’s Malaysian owner Vincent Tan took control of the club in 2010 and they were promoted to the Premier League as second-tier champions in 2013 but the South Wales side lasted just one season in the top flight.
Cardiff have won automatic promotion again this term along with Championship title winners Wolves, owned by the Fosun Group, who are themselves back in the Premier League after a six-year absence.
Fosun paid a reported 46 million pounds to purchase west Midlands club Wolves from their previous, English, owner Steve Morgan in 2016.
While getting to the Premier League involves additional investment in transfer fees and the wages of players and coaching staff, the rewards are huge.
This year Southampton, owned by Chinese businessman Gao Jisheng, narrowly avoided relegation but finishing in 17th place was enough for them to pick up over 107 million pounds in annual shared television and other revenues from the Premier League. INTENSE COMPETITION
However, it is not just a case of simply buying a Championship club, investing some money and getting to the promised land. The competition to get out of the second tier is intense with several big city clubs fighting to do the same.
Simon Chadwick, Professor of Sports Enterprise at Salford University, who has closely followed Asian investment in English football, believes this season’s successes highlights the need for intelligent choices of club.
“Each of these clubs has history and heritage, whilst the organisational architecture of them is oriented around being in the Premier League.
“Investors need to combine stealth, strategy and support. Stealth is needed as promotion may not be immediate; strategy is required to ensure a club is moving in the right direction; and support, especially financially and specifically in the transfer market, is crucial,” he said.
Chadwick notes that foreign investors have also been smart to choose executives and managers with knowledge and track records in England, such as Steve Bruce at Villa and Neil Warnock at Cardiff.
Rob Wilson of Sheffield Hallam University’s Sport Industry Research Centre, says newly relegated teams have some advantages for investors, particularly the ‘parachute’ payments given to such clubs by the Premier League.
“Relegation from the Premier League to the Championship can actually increase the interest in new ownership – the lower revenues on offer make the clubs better value and, with the promise of parachute payments and therefore a statistically significant competitive advantage of being promoted, the possible returns are large,” he said. ASIAN INTEREST
There certainly seems to be no let-up in interest in English clubs from Asian financiers.
Wigan Athletic, relegated from the Premier League in 2013, fell into the third-tier but are back in the Championship and this week confirmed a proposed sale of their entire shareholding to International Entertainment Corporation of Hong Kong, subject to Hong Kong Stock Exchange and Football League approval.
As well as the chance of a decent return on investment, Chadwick believes there other, less tangible, gains to be made for those trying their luck in the English game.
“English football is a good place to learn, notably how to create revenue-generating assets that can deliver sustainable revenue flows.
“As such one wonders if we will see the likes of Saudi Arabian investors spending in England as the country seeks to build its own clubs,” he said.
Arab owners celebrated winning the Premier League title this year with Abu-Dhabi-owned Manchester City lifting the trophy, although Chinese-owned West Bromwich Albion were relegated.
But the surge of interest from China may not necessarily see continued purchases of clubs from that country given the changing business atmosphere.
"It's important to remember that most of the Chinese companies bought into European football clubs at a time when the investment landscape in China was very different, says Mark Dreyer editor of the China Sports Insider website chinasportsinsider.com .
“There was active encouragement from the government a year or two ago to invest in the sports industry in general - and that included buying teams overseas.
“That said, promotion to the Premier League is like reaching the promised land with untold riches just 90 minutes away so, from that perspective, the Chinese are just like everyone else.
“Why wouldn’t they want to achieve that goal?”
($1 = 0.7464 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-asia/premier-league-hopefuls-villa-could-crown-season-of-asian-investment-success-idUKKCN1IP1OK |
CARLSBAD, Calif., May 9, 2018 /PRNewswire/ -- Callaway Golf Company (NYSE:ELY) announced today that the Board of Directors has authorized the Company to repurchase up to $50 million of the Company's common stock in open market or in private transactions. The Company will assess market conditions, buying opportunities and other factors from time to time and will make strategic repurchases as appropriate. The open market repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors, and the repurchases will be made consistent with the terms of the Company's credit facility, which defines the amount of stock that can be repurchased. The new repurchase program replaces the prior repurchase program, which was near completion and has been terminated by the Board of Directors. The repurchase program does not require the Company to acquire a specific number of shares and it will remain in effect until completed or until terminated by the Board of Directors.
The Company also announced today that the Board of Directors has declared a regular quarterly cash dividend of $0.01 per share on its Common Stock. The dividend is payable on June 12, 2018 to shareholders of record at the close of business on May 22, 2018.
Forward-Looking Statements
This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements include the Company's intention to purchase shares of its common stock pursuant to a stock repurchase program, the anticipated timing, amount and impact of the stock repurchase program on the Company's financial statements and other statements regarding the Company's "expectations," "beliefs," "hopes," "intentions," "strategies," or the like. These statements are based upon current information and expectations and involve unknown risks, uncertainties, assumptions and other factors, many of which are out of the Company's control and difficult to forecast, which could cause actual results to differ materially from the forward-looking statements. For additional information concerning these and other risks and uncertainties that could affect these statements and the Company's business, see the Company's for the year ended December 31, 2017, as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
About Callaway Golf
Through an unwavering commitment to innovation, Callaway Golf Company (NYSE: ELY) creates products designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells bags, accessories and apparel in the golf and lifestyle categories, under the Callaway Golf®, Odyssey®, OGIO and TravisMathew brands worldwide. For more information please visit www.callawaygolf.com , www.odysseygolf.com . www.OGIO.com , and www.travismathew.com .
Contacts: Brian Lynch
Patrick Burke
(760) 931-1771
View original content with multimedia: http://www.prnewswire.com/news-releases/callaway-golf-company-announces-new-50-million-stock-repurchase-program-and-declares-dividend-300645740.html
SOURCE Callaway Golf Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-callaway-golf-company-announces-new-50-million-stock-repurchase-program-and-declares-dividend.html |
May 1, 2018 / 5:03 AM / Updated 34 minutes ago Boom time comes early to West Texas oil patch Ann Saphir 5 Min Read
MIDLAND, Texas (Reuters) - In West Texas, rising oil prices are fuelling a sharp economic upswing, lifting employment and pay to records, driving up spending at hotels, restaurants, and car dealerships, and raising the cost of housing and other essentials. A pump jack lifts oil out of a well, during a sandstorm in Midland, Texas, U.S., April 13, 2018. REUTERS/Ann Saphir
This parched patch of land, under which lie the largest oil-producing rock formations in the United States, is used to growth binges as well as the busts that always follow.
After a two-year crash, the price of crude CLc1 began to recover in 2016 and pierced $60 a barrel early this year. But oil is still far cheaper than at the peak of the previous eight-year boom that began in 2006 North Dakota’s Bakken oil patch and supercharged the city of Williston.
In the Permian basin, which stretches across West Texas and eastern New Mexico, the latest boom is being helped by advances in technology that allow drillers to extract much more from each acre.
“$60 is like the new $100,” said Dallas Fed economist Michael Plante in a mid-April interview.
Breakeven costs are now as little as $25 per barrel, according to the Dallas Fed’s most recent survey, so energy companies here no longer need $100 oil to make lots of money.
And Midland and its neighbour Odessa, the biggest towns for miles and the regional base for major oil producers in the Permian Basin, including Occidental Petroleum Corp ( OXY.N ), Chevron Corp ( CVX.N ), Apache Corp ( APA.N ) and Pioneer Natural Resources Co ( PXD.N ), are feeling the surge.
“It is a full-fledged boom,” says Dale Redman, chief executive of Propetro, a Midland, Texas, firm that supplies heavyduty horsepower to drill sites, where energy companies coax crude from the ground with sand and water. Slideshow (7 Images)
He has tripled his workforce since early 2016, drawing workers from towns and cities hundreds of miles away. Over half of his 1,200 employees make more than $100,000. “What it has done is raised wages for all these folks. But housing and the cost of living has gone up as well.”
To Midland Mayor Jerry Morales, “It’s a good story right now.” He says the city is trying to keep up with the drop in housing inventory and rise in rents by approving new apartment complexes and working with developers to put in water and sewer pipes.
But as owner of two restaurants in town, including Gerardo’s Casita, he sees the other side too.
“The biggest problem I face is low unemployment - finding workers,” he said in a phone interview, adding that he is increasing pay every six months to keep staff from leaving for other jobs, and he is hiking his menu prices as well. JOBS JUMP, TRUCK SALES SURGE, RENTS RISE
Oil companies are drilling wells faster, and putting more wells on a single site, using technology to find the best angles and depths to get the most out of each layer of shale.
That has helped boost per-employee output by Texas oil and gas companies to an estimated $820,000, according to Waco, Texas-based economist Ray Perryman.
“Companies are making enough money to be able to afford to pay higher wages,” he said.
Unemployment was 3.2 percent in Odessa and 2.5 percent in Midland in February. Average weekly earnings in March hit records in both towns, which have a combined population of about 250,000. Sales tax receipts have soared.
“You have people that move in, you train them and then someone else offers them a job: there is constant raiding going on,” says Jeff Sparks, chief operating officer of family-owned Discovery Oil in Midland, who has only recently shifted to the more efficient and capital-intensive drilling techniques that have pushed per-barrel extraction costs down so steeply. EXPANSION PLANS
At the Odessa car dealership the Sewell family has run since 1935, Colin Sewell sold 1,073 trucks in the first three months of this year, up from 670 last year. He is building a brand new service center on the outskirts of town.
Jason Tarulli, senior project manager at general contractor UEB, is using an out-of-town crew to build a downtown Odessa construction project he is overseeing, because local hiring would have been impossible.
His costs are rising; rent for a one bedroom in his building rose by more than $1,000 in less than a year, to $3,630.
Everyone who has lived here a while knows that the boom is not going to last, including Sondra Eoff, who is footing about half the $80 million bill for the downtown project, meant to help keep the town vibrant for the longrun and not just during boomtimes.
“When there’s an up, there’s a down,” she says. Reporting by Ann Saphir; Editing by Marguerita Choy | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-oil-record-economy-analysis/boom-time-comes-early-to-west-texas-oil-patch-idUKKBN1I22TD |
May 22, 2018 / 10:32 AM / Updated 10 hours ago Britons shunned shops to watch royal wedding, says John Lewis Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s royal wedding dented sales at department store group John Lewis last week, as customers chose to watch Prince Harry and Meghan Markle get married on television instead of go shopping. Prince Harry and Meghan Markle in St George's Chapel at Windsor Castle during their wedding service Windsor, Britain May 19, 2018. Owen Humphreys/Pool via REUTERS
The couple, now known as the Duke and Duchess of Sussex, tied the knot on Saturday at Windsor Castle, in a splendid display of pomp and ceremony watched by almost 18 million viewers, making it the most watched program of the year so far.
John Lewis, Britain’s largest department store group, reported a 6.3 percent drop in sales in the week to May 19 compared to the same week last year, which it put down to warm weather and “customers turning their attention to the weekend’s celebrations.”
John Lewis’s supermarket arm Waitrose fared better, posting a 3.2 percent rise in weekly sales, as people celebrated the wedding with rose wine, champagne and seasonal bouquets of peonies. Reporting by Sarah Young; editing by Kate Holton | ashraq/financial-news-articles | https://in.reuters.com/article/us-john-lewis-royals/britons-shunned-shops-to-watch-royal-wedding-says-john-lewis-idINKCN1IN17U |
May 27, 2018 / 11:57 AM / Updated 29 minutes ago Gulf Capital targets Middle East's "new oil" in consumer boom Tom Arnold 3 Min Read
DUBAI, May 27 (Reuters) - Abu Dhabi-based Gulf Capital aims to invest $350 million over the next two years in areas such as consumer-led sectors and renewable energy, in a shift away from oil and gas and infrastructure.
“The new oil in this region is the consumer. We have the youngest, fastest-growing and wealthiest consumer society, so there are huge opportunities investing in fast-growing, consumer-led sectors,” Karim El Solh told Reuters.
Earlier this month, the private equity firm bought a stake in Geidea, the leading provider of electronic payment solutions in Saudi Arabia, for a deal value exceeding 1 billion riyals ($267 million).
In addition to fintech, other sectors Gulf Capital is increasingly targeting include renewable energy, technology, consumer and business services and defensive sectors offering high growth rates, he said.
This contrasts with its investment focus in the years after its launch in 2006 in traditional, legacy sectors such as oil and gas, infrastructure and construction. SAUDI GROWTH
Gulf Capital sees opportunities in Saudi Arabia, where the government is creating an entertainment industry, including cinemas and a resort far bigger than Disney World.
The kingdom is also privatisating other sectors and aims to produce 9.5 gigawatts of renewable energy by 2023.
El Solh said Gulf Capital aims to invest $350 million from its latest $750 million fund and expects 2018 to be one of its busiest years for deals. It also has some $150 million available from its latest $251 million private debt fund.
“In the current economic cycle, I believe that this is a good time to be investing at attractive valuations,” he said.
Gulf Capital’s optimism comes as Abraaj, the largest player in the Middle East private equity market, faces allegations it misused money from investors including the Bill and Melinda Gates Foundation and International Finance Corp.
Like Abraaj, which denies any wrongdoing, Gulf Capital has grown and diversified its investor base outside the Gulf in recent years. Around 60 percent of its funds are now raised outside the region.
Gulf Capital is targeting four exits this year - via trade sales as well as the stock market - which could make 2018 the first year since its launch in 2006 in which it returns more money to investors than it deploys, El Solh said.
It is in the midst of selling its remaining 27 percent stake in Gulf Marine Services through block trades on the London Stock Exchange, and selling its stake in Destinations of the World, a travel company formed in Dubai in 1993. ($1 = 3.7502 riyals) (Reporting by Tom Arnold Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/gulf-capital-growth/gulf-capital-targets-middle-easts-new-oil-in-consumer-boom-idUSL5N1SS19C |
DUBAI, May 21 (Reuters) - Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore told Reuters in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.
Reporting by Davide Barbuscia. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/dubai-aerospace-loan/dubai-aerospace-signs-480-million-loan-deal-idUSL5N1SS23K |
LONDON, May 10 (Reuters) - British defence company BAE Systems stuck to its forecast for flat earnings this year and said there were good prospects for adding to its order backlog later this year.
BAE said in a statement ahead of its annual shareholder meeting on Thursday that in 2018 it had opportunities to win contracts in the U.S. on amphibious combat vehicles and in Australia to help build military ships.
The company added that negotiations with Saudi Arabia over the terms of its intention to buy 48 Typhoon fighter jets were progressing. (Reporting by Sarah Young; editing by Kate Holton)
| ashraq/financial-news-articles | https://www.reuters.com/article/bae-systems-outlook/bae-systems-sticks-to-forecast-sees-good-prospects-for-orders-idUSFWN1SH0B5 |
EditorsNote: rewords lede
Ben Zobrist singled home the go-ahead run to cap a two-run, ninth-inning rally and help the Chicago Cubs score a 3-2 come-from-behind win over host Atlanta on Tuesday, snapping the Braves’ three-game winning streak.
The Cubs trailed 2-1 entering the ninth but came back to tie the game against Atlanta closer Arodys Vizcaino, who blew a save chance for the second time this season.
Chicago’s Albert Almora Jr. and Addison Russell put together back-to-back doubles to tie the game 2-2, then Zobrist lined an RBI single to center field with two outs to plate the go-ahead run.
Brandon Morrow pitched a scoreless ninth to earn his 10th save in 11 tries. The win went to Carl Edwards Jr. (2-0), who surrendered a long solo home run to Atlanta rookie Ronald Acuna Jr. that gave the Braves a 2-1 lead in the eighth. It was the fourth homer for Acuna.
Neither starter figured in the decision.
Atlanta’s Mike Foltynewicz worked five innings and allowed one run (unearned) on three hits and five walks. The right-hander struck out 10 batters and lowered his ERA to 2.87.
Atlanta’s bullpen worked the next three innings scoreless — 2 1/3 from Luiz Gohara and two-thirds from Dan Winkler, who fanned both batters he faced.
Chicago’s Yu Darvish worked only four innings, but gave up only one run on three hits and two walks. Darvish, who remains winless, struck out five in his return from a stint on the disabled list with flu-like symptoms.
Chicago got two scoreless innings of relief from Mike Montgomery and one scoreless inning from Pedro Strop.
The Cubs scratched out a run in the fourth inning. Willson Contreras led off with a double and went to third on a grounder. He scored when Addison Russell struck out swinging, but the ball eluded catcher Kurt Suzuki and went for a wild pitch.
Atlanta got the run back in the bottom of the fourth when Ender Inciarte hit his fourth homer of the season, a solo shot to right field.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-atl-chc-recap/zobrist-cubs-upend-braves-on-9th-inning-rally-idUSMTZEE5GSVLETH |
May 3, 2018 / 6:52 PM / Updated an hour ago Cosby, Polanski expelled from Academy of Motion Pictures Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - Television’s Bill Cosby and Oscar-winning director Roman Polanski were expelled from the Academy of Motion Picture Arts and Sciences, the Academy Awards presenters said in a statement on Thursday, the latest action by the group as Hollywood grapples with allegations of misconduct in the industry. Bill Cosby reacts while being notified a verdict is in at the Montgomery County Courthouse in his sexual assault retrial, in Norristown, Pennsylvania, U.S., April 26, 2018. Mark Makela/Pool via Reuters
Cosby and Polanski are the first known members expelled for violating a code of conduct that the Academy adopted in December following accusations of sexual harassment or assault within the entertainment industry.
Cosby, 80, who was known as “America’s Dad” for his fatherly role on the popular 1980s TV comedy “The Cosby Show,” was convicted last week of drugging and sexually assaulting Andrea Constand in 2004. He faces up to 30 years in prison.
Polanski, 84, who won the best director Oscar in 2003 for World War Two drama “The Pianist,” in 1977 admitted to having unlawful sex with a 13-year-old girl in Los Angeles.
The French-Polish director lives in France and fled the United States following his guilty plea for fear his deal with prosecutors would be overruled and he would get a lengthy prison term. Polanski’s case is still ongoing. Film director Roman Polanski arrives at the Madeleine Church to attend a ceremony during a 'popular tribute' to late French singer and actor Johnny Hallyday in Paris, France, December 9, 2017. REUTERS/Charles Platiau
Representatives of Cosby and Polanski did not immediately respond to requests seeking comment.
Four academy members are now known to have been expelled by the academy. Once powerful producer Harvey Weinstein was expelled in October after several women accused him of decades-long sexual misconduct, sparking the #MeToo social movement.
Weinstein, 66, has denied having non-consensual sex with anyone.
Actor Carmine Caridi was expelled in 2004 for distributing copies of films that are sent to academy members. Reporting by Eric Kelsey; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-cosby-oscars/bill-cosby-roman-polanski-expelled-from-film-academy-statement-idUSKBN1I42EG |
We’re in the ‘golden age of short-selling’ says one hedge fund manager 53 Mins Ago With rising interest rates and volatility returning to the market, Ben Axler, founder and managing partner at Spruce Point Capital Management says we’re in the “golden age of short-selling.” | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/were-in-the-golden-age-of-short-selling-says-one-hedge-fund-manager.html |
Clinton shows off Russian hat during Yale speech 02:07
During her commencement speech at Yale University, former 2016 Democratic presidential nominee Hillary Clinton pulled out a Russian hat and joked ''if you can't beat em', join em', an indirect jab at U.S. President Donald Trump. Rough Cut (no reporter narration).
During her commencement speech at Yale University, former 2016 Democratic presidential nominee Hillary Clinton pulled out a Russian hat and joked "if you can't beat em', join em', an indirect jab at U.S. President Donald Trump. Rough Cut (no reporter narration). //reut.rs/2LeRb2a | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/clinton-shows-off-russian-hat-during-yal?videoId=428891013 |
May 11, 2018 / 5:33 PM / Updated an hour ago UK court rules Moldova tycoon's dispute with Kazakhstan must go to trial Reuters Staff 2 Min Read
ALMATY (Reuters) - A British court has ruled that a dispute between a Moldovan businessman and Kazakhstan, which has already led to the freezing of more than $20 billion of Kazakh assets in the West, must go to trial.
The asset freezes made last year were unusual both because of their size and the fact they affected sovereign funds traditionally regarded as immune to such legal claims.
Anatolie Stati, his son Gabriel and their companies say they have been subjected to harassment from Astana aimed at forcing them to sell their Kazakh investments cheaply.
Kazakhstan denies the allegations. However, the Statis and two of their companies – Ascom Group S.A. and Terra Raf Trans Traiding Ltd - have won an international arbitration award of around $500 million against the Kazakh government.
Kazakhstan has refused to pay, accusing Stati of using fraudulent means to secure a favorable arbitration ruling and filing lawsuits against him. The Statis, in turn, filed enforcement lawsuits in several European countries which led to large-scale Kazakh asset freezes last year.
The case before the High Court of Justice in London was one of those enforcement lawsuits. Kazakhstan chose to contest it, bringing up fraud allegations - which the Statis deny.
In February, the Statis asked the court to discontinue the proceedings, citing, among other reasons, the fact they had secured “attachments of Kazakhstan’s assets to the tune of $28 billion in other jurisdictions which made the English proceedings redundant”.
However, in a March 26 judgment published on Friday, the court set aside their notice of discontinuance, saying the matter must proceed to trial in October as previously scheduled.
“We are confident that justice will eventually be served,” Kazakh Justice Minister Marat Beketayev said in a statement.
A spokeswoman for Stati said in an email that “the Stati Parties will be seeking permission to appeal the judgment,” describing the court’s decision as flawed. Reporting by Olzhas Auyezov; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-kazakhstan-stati/uk-court-rules-moldova-tycoons-dispute-with-kazakhstan-must-go-to-trial-idUSKBN1IC278 |
WASHINGTON, May 29 (Reuters) - The U.S. Treasury believes that it would be better for Italy and other euro zone countries to work out their issues with no major changes to the bloc, a senior Treasury official said on Tuesday as Italian political and market turmoil emerged as a key topic for a G7 finance leaders meeting this week.
Speaking to reporters, the official said that Treasury was tracking Italy’s political turmoil closely but he has not seen any systemic impact from volatility in Italian and international markets that was a concern for the United States.
“It would be better if they were work things out within the euro zone without making significant changes there, and certainly the Italians have the opportunity to do that,” the official said. (Reporting by David Lawder Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/g7-summit-finance-usa/u-s-treasury-sees-italy-better-off-within-euro-zone-official-idUSL2N1T023L |
Regarding Jason Whitlock’s “Kanye Had One of the Best Tweets of All Time” (op-ed, May 8): There is a debate today over whether anyone should be entitled to independent thought and free speech. That is, should anyone be entitled to think and say things that the established purveyors of “correct” thought and speech deem inappropriate? The outrage among African-American “leaders” toward Kanye West is palpable. How could he, an African-American, possibly tweet such things? It is obviously an outrage to his race, no?
This is very... | ashraq/financial-news-articles | https://www.wsj.com/articles/tribalism-threatens-the-great-melting-pot-1526234552 |
Expect more companies to list in China: Investor 4 Hours Ago Kirk West of Principal Global Investors says the inclusion of A shares in the MSCI index brings more attention to the Chinese market and potentially more listings. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/expect-more-companies-to-list-in-china-investor.html |
SAN FRANCISCO (AP) — Wells Fargo said Friday it has agreed to pay $480 million to resolve a class-action lawsuit brought by shareholders who claim the bank misstated or failed to disclose details about its sales practices.
The San Francisco-based bank said that the agreement is in principle, and must be approved by the court before it's finalized.
Wells Fargo denies the claims and allegations in the lawsuit, which was filed in federal court in Northern California. It said is settling the complaint to avoid the cost and disruption of further litigation.
The proposed settlement is the latest financial hit that Wells Fargo has taken stemming from abuses tied to its business practices.
Starting in September 2016, Wells Fargo has admitted to a number of abusive practices across multiple parts of its business that duped consumers out of millions of dollars. Regulators, in turn, have fined the bank several times and put unprecedented restrictions on its ability to do business, including forcing it to replace directors on its board.
Last month, Wells Fargo agreed to pay $1 billion to federal regulators to settle charges tied to misconduct at its mortgage and auto lending business.
In 2016, it agreed to pay $187 million in fines and penalties fine to state, local and federal regulators after it revealed that millions of accounts were potentially opened without customers' permission between 2009 and 2016.
It also settled a class-action lawsuit for $142 million stemming from the fake accounts scandal.
Even with the latest settlement, Wells Fargo isn't in the clear. Its wealth management business is reportedly under investigation for improprieties similar to those that impacted its consumer bank. And the Department of Justice is investigating the bank's currency trading business. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-wells-fargo-agrees-to-pay-480m-to-settle-shareholder-suits.html |
Commercial real-estate fund Gramercy Property Trust said Monday that it reached a deal to sell itself to Blackstone Group LP for about $4.42 billion in cash.
At $27.50 a share, the offer represents a 15% premium to Gramercy’s Friday closing price. Shares in Gramercy jumped to match the offer price during morning trading.
Gramercy owns industrial,... | ashraq/financial-news-articles | https://www.wsj.com/articles/blackstone-buys-gramercy-property-trust-for-4-42-billion-1525701914 |
May 22, 2018 / 4:47 PM / Updated 19 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 22 (OPTA) - Scoreboard at close of play of between Somerset and Sussex on Tuesday at Taunton, England Sussex win by 75 runs Sussex 1st innings Luke Wells b Craig Overton 11 Luke Wright c Tom Banton b Max Waller 105 Harry Finch lbw Max Waller 35 Ben Brown c Steve Davies b Tim Groenewald 8 Laurie Evans lbw Max Waller 43 Michael Burgess c Tom Banton b Tim Groenewald 56 David Wiese Not Out 58 Oliver Robinson b Tim Groenewald 0 Danny Briggs Not Out 1 Extras 0b 9lb 0nb 0pen 15w 24 Total (50.0 overs) 341-7 Fall of Wickets : 1-31 Wells, 2-138 Finch, 3-156 Brown, 4-205 Wright, 5-229 Evans, 6-332 Burgess, 7-339 Robinson Did Not Bat : Sakande, Sharma Bowling Ov Md Rn Wk Econ Ex Peter Trego 8 0 44 0 5.50 Craig Overton 10 0 75 1 7.50 4w Jamie Overton 3 0 24 0 8.00 1w Roelof van der Merwe 10 0 74 0 7.40 2w Tim Groenewald 9 0 63 3 7.00 Max Waller 10 0 52 3 5.20 4w Somerset 1st innings Johann Myburgh c Laurie Evans b Oliver Robinson 9 Steve Davies b Abidine Sakande 56 Peter Trego c&b Oliver Robinson 6 James Hildreth c&b Danny Briggs 87 Tom Banton c Luke Wells b Abidine Sakande 2 Matthew Renshaw c Ben Brown b David Wiese 55 Roelof van der Merwe Not Out 34 Craig Overton b Danny Briggs 0 Jamie Overton c Laurie Evans b Ishant Sharma 5 Tim Groenewald b Ishant Sharma 0 Max Waller b Ishant Sharma 6 Extras 0b 3lb 2nb 0pen 1w 6 Total (42.5 overs) 266 all out Fall of Wickets : 1-10 Myburgh, 2-24 Trego, 3-91 Davies, 4-101 Banton, 5-197 Renshaw, 6-240 Hildreth, 7-240 Overton, 8-255 Overton, 9-256 Groenewald, 10-266 Waller Bowling Ov Md Rn Wk Econ Ex Oliver Robinson 8 0 41 2 5.12 1w Ishant Sharma 7.5 0 47 3 6.00 1nb David Wiese 8 0 43 1 5.38 Abidine Sakande 7 0 53 2 7.57 Luke Wells 4 0 28 0 7.00 Danny Briggs 8 0 51 2 6.38 Umpire Chris Watts Umpire Robert Bailey Home Scorer Polly Rhodes Away Scorer Mike Charman | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5M52JHRJ |
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