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BEIRUT (Reuters) - Syrian state media reported that the U.S.-led coalition fighting Islamic State struck Syrian army positions in eastern Syria early on Thursday, but the U.S. military denied knowledge of it.
Islamic State lost most of its territory in Syria last year, but retained some remote desert areas and has attacked the army and allied forces in recent weeks. The coalition also recently restarted its own campaign against the jihadist group in Syria.
“Some of our military sites between Albu Kamal and Humeima were exposed at dawn today to aggression launched by U.S. coalition jets,” state news agency SANA reported, citing a military source.
The strikes caused only material damage and came within 24 hours of an Islamic State attack on Syrian army positions in the same region, SANA reported.
A military media unit run by Lebanon’s Hezbollah, an ally of Damascus, said the strikes were near T2, an energy installation near the border with Iraq about 100 km (60 miles) west of the Euphrates.
A U.S. military official denied any knowledge of the strikes. “We have no operational reporting of a U.S.-led coalition strike against pro-Syrian regime targets or forces,” Captain Bill Urban, a spokesman for U.S. Central Command, told Reuters.
Another Pentagon spokesman, who spoke on condition of anonymity, said: “We have no information to substantiate those reports.”
Eastern Syria was mostly held by Islamic State until last year, when two rival military campaigns swept it from most of its territory, leaving only remnants in remote pockets of the desert.
The campaign by the Syrian army, backed by Russia, Iran and Shi’ite militias including Hezbollah, operated mostly on the west side of the Euphrates river.
A rival campaign by the Syrian Democratic Forces (SDF)alliance of Kurdish and Arab militias, backed by the U.S.-led coalition, mostly took territory on the east side of the river.
A war monitor, the Britain-based Syrian Observatory for Human Rights, reported on Thursday that Islamic State militants had been fighting pro-Syrian government forces to the west of the Euphrates, and the SDF to its east, on Wednesday night.
It reported that Thursday’s strikes had killed some members of a foreign militia supporting the Syrian government.
Communication between Russia and the United States averted most clashes between them. However, the coalition has struck pro-Syrian government forces that it said were attempting to attack coalition positions.
The U.S. military operating outside the coalition also maintains a base at Tanf in the eastern Syrian desert near the borders with Iraq and Jordan and last year struck pro-government forces moving along a road toward it.
Reporting by Angus McDowall and Hesham Hejali; Additional reporting by Idrees Ali in Washington; Editing by Sandra Maler, Michael Perry, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-coalition/u-s-led-coalition-hits-syrian-army-base-hezbollah-media-unit-idUSKCN1IO3HB |
May 25, 2018 / 11:35 PM / Updated 18 hours ago Cricket - Pakistan's Babar out of England series with forearm fracture Reuters Staff 1 Min Read
LONDON (Reuters) - Pakistan batsman Babar Azam will miss the remainder of the two-match series against England after fracturing a bone in his left forearm on the second day of the first test at Lord’s on Friday. Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 25, 2018 Pakistan's Babar Azam (L) celebrates with Sarfraz Ahmed after reaching a half century Action Images via Reuters/John Sibley
The 23-year-old righthander top-scored with 68 to help the tourists reach 350-8, a lead of 166, but retired hurt before the close of play after being struck by a Ben Stokes delivery.
"In that last session we took him off the field because he couldn't grip his bat properly, we treated him for pain," Pakistan physiotherapist Cliffe Deacon said in an interview on the Pakistan Cricket Board's official Twitter account twitter.com/TheRealPCBMedia.
“We decided to do a precautionary X-ray at the end of the day’s play ... when we got to the hospital the X-ray confirmed that there was a fracture of the forearm, just above the wrist.”
“Normally with these sort of fractures (recovery) varies between four to six weeks.” Writing by Ken Ferris; Editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-eng-pak-babar/cricket-pakistans-babar-out-of-england-series-with-forearm-fracture-idUKKCN1IQ37F |
Cincinnati outfielders Adam Duvall and Scott Schebler homered, and the Reds overcame a four-run deficit to salvage the finale of a three-game series with a 7-4 victory over the host Arizona Diamondbacks at Chase Field on Wednesday afternoon.
Schebler’s two-run homer off Patrick Corbin (5-2) in the sixth inning broke a 4-4 tie after Duvall’s grand slam in the fourth inning knotted the score as the Reds broke a three-game losing streak.
John Ryan Murphy had three hits and a homer, Jarrod Dyson had three hits and Paul Goldschmidt homered for the Diamondbacks, who had won two in a row after a stretch in which they lost 15 of 17. Goldschmidt’s homer was his seventh, though his first at Chase Field.
Eugenio Suarez had three hits and an RBI, Joey Votto had three hits and Raisel Iglesias recorded four outs for his ninth save on his first day back from the disabled list after a biceps injury.
Murphy also doubled, singled and scored twice. Daniel Descalso and Dyson singled to open the ninth, but Iglesias got the next three, helped by a one-out sliding catch by the left fielder Duvall.
Corbin gave up eight hits and six runs in six innings, with 10 strikeouts and one walk. He had not given up more than four runs or seven hits in his 11 previous starts and entered the game with a National League-leading 0.89 WHIP.
Reds right-hander Sal Romano (3-6) gave up seven hits and four runs in five innings, with three strikeouts and no walks. Romano had given up 18 runs in 12 2/3 innings in his previous three starts.
Dyson singled to lead off the first inning and Goldschmidt followed with his seventh homer into the Reds’ bullpen in the right field corner. Murphy doubled with one out and scored on David Peralta’s single for a 3-0 lead.
Murphy’s homer with one out in the third inning made it 4-0. Murphy, the nominal third catcher, has a career-high seven homers, with four hit in his last five starts.
The Reds had only one hit off Corbin in the first three innings before Duvall tied it with his grand slam in the fourth. Tucker Barnhart and Votto singled and Suarez walked to load the bases. Duvall had eight RBIs in the three-game series.
Schebler’s two-run homer in the sixth inning made it 6-4 and Suarez’s RBI single in the ninth closed the scoring.
—Field Level Media
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April 30 (Reuters) - Porsche Automobil Holding SE :
* SAYS MATTHIAS MÜLLER HAS RESIGNED AS MEMBER OF PORSCHE SE EXECUTIVE BOARD IN AGREEMENT WITH THE SUPERVISORY BOARD EFFECTIVE 30 APRIL 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-porsche-se-says-mueller-resigns-as/brief-porsche-se-says-mueller-resigns-as-member-of-porsche-se-executive-board-idUSFWN1S710Z |
IRVINE, Calif.--(BUSINESS WIRE)-- AutoGravity , the nation’s leading digital car-buying and financing platform, today announced the appointment of Jennifer Y. Ishiguro as Executive Vice President and General Counsel. With nearly twenty years of legal experience, Ishiguro will join the AutoGravity executive management team and serve as Corporate Secretary to the company’s board of directors.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180531005751/en/
Jennifer Y. Ishiguro, EVP/GC for AutoGravity (Photo: Business Wire)
“Jennifer’s leadership — as well as legal- and corporate-governance expertise — uniquely positions her to help guide our company through its next phase of growth,” said Andy Hinrichs, Founder and CEO of AutoGravity. “Use of our technology has grown ten-fold in the last year as lenders and dealers have turned to AutoGravity to power their digital strategies. Having Jennifer at the helm of our legal endeavors is key to AutoGravity serving as the digital retailing solution for the automotive industry.”
Before joining AutoGravity, Ishiguro was Executive Vice President, Chief Legal Officer and Secretary with Gateway One Lending & Finance, LLC, the auto finance company subsidiary of TCF Financial Corporation (NYSE: TCF), a publicly-held bank holding company with approximately $23 billion in assets. As the first legal executive with the company — and first woman on Gateway’s executive team — she oversaw the 12-member legal and compliance departments, while driving initiatives that promoted diversity and inclusion, employee engagement, and performance management.
Prior to Gateway, Ishiguro spent eight years with Toyota Motor Credit Corporation, leading a team that managed cross-border securities reporting and transactions, corporate finance, broker-dealer compliance, corporate governance and commercial contracts. She also directed strategic and departmental management initiatives.
“I'm thrilled to be joining such a diverse and passionate team at the forefront of making the car-buying experience more accessible, transparent and convenient,” said Ishiguro. “I look forward to working with the AutoGravity team and Board to move the needle even further so that every consumer can purchase and finance their next car from their smartphone.”
Earlier in her career, Ishiguro practiced in the fields of securities law and capital markets at Davis Polk & Wardwell LLP, spending time in the firm’s New York, Tokyo and Washington, D.C., offices. Before law school, she was a speechwriter for United Nations Secretary-General Boutros Boutros-Ghali and studied international trade law in Japan on a Fulbright fellowship.
Ishiguro brings years of experience working with non-profits and sits on the boards of organizations that promote diversity and inclusion. She is currently a board member with Los Angeles Team Mentoring and the Vice Chair of the Southern California Region of the U.S.-Japan Council. She also held leadership roles and is a current member at both the Japanese American Bar Association and the Women Lawyers Association of Los Angeles. Ishiguro received her J.D., cum laude from Harvard Law School, and a B.A. in International Studies and Comparative Literature, cum laude from Yale University.
About AutoGravity
AutoGravity technology is revolutionizing the digital car-buying experience. Harnessing the power of the smartphone, AutoGravity’s award-winning platform empowers car shoppers with transparency, convenience and speed. Based in Irvine, California, AutoGravity partners with the world’s leading banks and financial services companies to give car buyers direct control over how they finance or lease their cars, while connecting them to a nationwide network of trusted car dealerships. Available on iOS, Android and Web, AutoGravity provides car buyers with up to four tailored loan or lease offers in minutes. For more information, please visit www.AutoGravity.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005751/en/
AutoGravity
Ginny Walker, 949-535-1774
[email protected]
Source: AutoGravity | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-autogravity-hires-internationally-renowned-legal-expert-jennifer-y-ishiguro-as-executive-vice-president-and-general-counsel.html |
May 24, 2018 / 3:49 AM / Updated 19 minutes ago China's Premier Li says China and Germany uphold free trade Reuters Staff 1 Min Read
BEIJING (Reuters) - China’s Premier Li Keqiang said on Thursday China has always supported a unified and prosperous Europe and that China and Germany uphold free trade. German Chancellor Angela Merkel and Chinese Premier Li Keqiang attend a welcome ceremony outside the Great Hall of the People in Beijing, China May 24, 2018. REUTERS/Jason Lee
Li said at a joint news briefing at Beijing’s Great Hall of the People with visiting German Chancellor Angela Merkel there was huge potential for cooperation between China and Germany. Reporting by Ben Blanchard; Writing by Michael Martina; Editing by Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/us-china-germany/chinas-premier-li-says-china-and-germany-uphold-free-trade-idUKKCN1IP0GR |
(Reuters) - Arizona’s governor signed a budget bill on Thursday that will increase teachers’ wages by 20 percent over the next three years, after dozens of the state’s school districts canceled classes as part of a strike to demand pay raises.
FILE PHOTO: Governor of Arizona, Doug Ducey, speaking at Day 1 of Securing Sport 2015 - the annual conference of the International Centre for Sports Security (ICSS) Photo Hilary Swift for ICSS Livepic “Arizona teachers have earned a raise, and this plan delivers,” Governor Doug Ducey said in a statement. “This plan not only provides our teachers with a 20 percent increase in pay by school year 2020, it also provides millions in flexible dollars to improve our public education system.”
Reporting by Gina Cherelus in New York
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-education-arizona-ducey/arizona-governor-signs-bill-to-boost-teachers-wages-idUSKBN1I41PD |
May 21, 2018 / 10:17 AM / Updated an hour ago Data firm IHS Markit to buy Ipreo in $1.86 billion deal Reuters Staff 4 Min Read
(Reuters) - Data firm IHS Markit Ltd ( INFO.O ) said on Monday it will buy Ipreo from private equity funds Blackstone Group LP ( BX.N ) and Goldman Sachs Group Inc ( GS.N ) for $1.86 billion to expand its financial services operations.
IHS, whose diverse set of businesses range from selling data on automotive and technology industries to publishing Jane’s Defence Weekly, said the deal will be funded through debt financing from HSBC.
The deal is a windfall for the buyout arm of Blackstone and Goldman Sachs, which acquired Ipreo from KKR & Co LP ( KKR.N ) in April 2014 for about $975 million. ( reut.rs/2rUKVEW )
The valuation of Ipreo, whose products are used by investment bankers working on new stock market listings, has quadrupled since 2011 when KKR took over Ipreo in a $425 million deal.
IHS Markit said it found Ipreo’s alternative investment business, which includes private equity, hedge funds, real estate and commodities, a fast-growing sector.
“Alternative segment is very attractive to us and over $10 trillion of assets under management invested in alternatives and the sector continues to show strong growth, expected to reach over $20 trillion by 2025,” said senior executive Adam Kansler, in a conference call with analysts.
IHS said it would pause its share buyback program until debt levels return to its targeted two to three times leverage ratio. The company said its leverage ratio will be about 3.6 times at close, delevering to below 3 times by the third quarter of 2019.
To date, $750 million worth shares have been bought back against a share buyback commitment of $1.1 billion in 2018, IHS said on a conference call with analysts.
Ipreo was created in 2006 when private equity firm Veronis Suhler Stevenson LLC merged i-Deal LLC and Hemscott Group Ltd, with backing from Citigroup Inc ( C.N ) and Merrill Lynch. The company supports banks, public and private companies in raising capital, through financial and data services.
IHS said it expects to close the deal in the second half of 2018, subject to regulatory approvals.
Thomson Reuters Corp ( TRI.TO ), the parent company of Reuters News, competes with Ipreo and IHS Markit in some segments of the financial data business.
In January, Blackstone agreed to buy a majority stake in the Financial and Risk business of Thomson Reuters Corp in a $20 billion deal. Reuters News will remain part of Thomson Reuters.
Even after the sale Blackstone still sees the chance for collaboration between Ipreo and the Financial and Risk business, according to Martin Brand, senior managing director in Blackstone’s private equity group.
“There are significant synergy opportunities between Thomson Reuters and Ipreo/IHS Markit. We look forward to working with them as partners after closing to realize these opportunities,” Brand, who is also a director of Ipreo, said in an interview.
Barclays and HSBC are the financial advisers for IHS Markit, which is based in London. Reporting by Diptendu Lahiri in Bengaluru; Additional reporting by Joshua Franklin in New York; Editing by Bernard Orr and Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-ipreo-m-a-ihs-markit/data-firm-ihs-markit-to-buy-rival-ipreo-for-1-86-billion-idUSKCN1IM0X4 |
* Canadian dollar at C$1.2868, or 77.71 U.S. cents * Price of oil rises 1.2 percent * Bond prices mixed across flatter yield curve TORONTO, May 7 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Monday as the greenback broadly rose and talks to update the NAFTA trade deal entered a make-or-break week. Ministers from Canada, the United States and Mexico meet in Washington on Monday to discuss the North American Free Trade Agreement, and will seek to resolve an impasse in key areas before elections in Mexico and the United States complicate the process. The U.S. dollar climbed back towards its highest level in 2018 as investors continued to bet that rising interest rates in the United States would boost the greenback. At 9:19 a.m. EDT (1319 GMT), the Canadian dollar was trading 0.2 percent lower at C$1.2868 to the greenback, or 77.71 U.S. cents. The currency traded in a range of C$1.2840 to C$1.2890. It hit a one-month low on Friday at C$1.2918. The loonie lost ground on Monday even as the price of oil, one of Canada's major exports, rose to its highest since late 2014, boosted by fresh troubles for Venezuelan oil company PDVSA and a looming decision on whether the United States will re-impose sanctions on Iran. U.S. crude prices were up 1.2 percent at $70.54 a barrel. The world's growing economies will have to find ways to cope with an end of central bank stimulus, said Bank of Canada Deputy Governor Timothy Lane. Canadian government bond prices were mixed across a flatter yield curve, with the two-year down 0.5 Canadian cent to yield 1.913 percent and the 10-year rising 7 Canadian cents to yield 2.320 percent. Canada's jobs report for April is due on Friday. (Reporting by Fergal Smith; Editing by David Gregorio)
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SHANGHAI (Reuters) - CEFC Shanghai International Group Ltd, a subsidiary of troubled China CEFC Energy, said on Monday it missed bond payments totalling 2.09 billion yuan ($327.3 million), becoming the latest private Chinese company to default amid a crackdown on financial risk.
CEFC logo is seen at CEFC China Energy's office in Shanghai, China May 3, 2018. REUTERS/Aly Song It is the first time the company has missed bond payments, and follows mounting concern about its ability to service its debts since February, when it was revealed that China CEFC Chairman Ye Jianming was under investigation for suspected economic crimes.
“There have been significant changes to the issuer’s production and operations, it has failed to raise funds in the amount required, and it is unable to repay principal and interest on (the bond) in time,” the company said in a statement posted on the website of the Shanghai Clearing House.
CEFC Shanghai said it planned to make the payments six months after the maturity date
The company “will maintain close communications with investors and relevant intermediaries, and will handle relevant work following the default and continue to disclose its progress,” its statement said.
The company warned on May 14 that it was uncertain it would be able to make the principal and interest payments on the 270-day super-short-term commercial paper that matured Monday, citing major pressure on operations.
At a recent meeting, bondholders voted overwhelmingly in favour of motions calling on CEFC Shanghai to give details of its finances, and to release a plan for repayment, according to a filing posted last week on the website of the China Foreign Exchange Trade System (CFETS).
The unrated issue had a coupon of 6 percent. At the time of the bond issue, CEFC Shanghai International had a AAA long-term credit rating from domestic ratings agency China Lianhe Credit Rating Co.
China Lianhe downgraded CEFC Shanghai’s rating to B on May 15, the fourth time it had downgraded the issuer’s rating in less than three months.
The default by CEFC Shanghai is the latest in a wave of corporate debt defaults amid a broad campaign to crack down on risky financing, and follows a reminder on Friday from China’s securities regulator that exchanges should monitor default risks.
“This is only an appetizer, (there are) more defaults to come,” said a fixed-income portfolio manager in Shanghai.
CEFC Shanghai has 12 outstanding bonds worth a total of 27.6 billion yuan, according to Reuters Eikon data, including bonds worth 8.1 billion yuan maturing this year.
($1 = 6.3855 Chinese yuan)
Reporting by Andrew Galbraith; Editing by Richard Borsuk
| ashraq/financial-news-articles | https://in.reuters.com/article/china-bonds-cefc/cefc-shanghai-international-defaults-on-327-million-in-bond-payments-idINKCN1IM12V |
A (brief) history of the world's trade wars 1 Hour Ago Chickens and trucks are just a few targets of recent trade spats. IMF historian Harold James walks through the history of trade wars in the 20th century with CNBC's Elizabeth Schulze in Washington. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/a-brief-history-of-the-worlds-trade-wars.html |
SYDNEY—Australia’s corporate regulator has widened legal action against Rio Tinto Ltd. and two of the company’s former executives, pursuing allegations the mining giant was late in writing down a troubled African investment.
Rio Tinto has come under scrutiny from officials in the U.S., U.K. and Australia over the handling of coal assets it purchased in Mozambique for about $4 billion in 2011, but which faced substantial writedowns and were later sold at just $50 million, a fraction of that price.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/australia-broadens-legal-action-against-mining-titan-rio-tinto-1525144032 |
May 9, 2018 / 3:15 PM / Updated an hour ago Lego builds miniature Windsor castle to celebrate royal wedding Reuters Staff 1 Min Read
LONDON (Reuters) - Attraction park Legoland has unveiled a miniature model of this month’s royal wedding of Prince Harry and Meghan Markle at Windsor castle, built by a team of 11 model-makers who used almost 60,000 pieces of Lego bricks. A horse drawn carriage is driven down the Long Walk towards Windsor Castle in Windsor, Britain. REUTERS/Toby Melville
The replica includes a 60-brick Markle in her wedding dress and veil, with Harry by her side.
The couple are riding in a brick-built carriage being drawn by horses along Windsor Great Park’s Long Walk towards the castle, surrounded by 500 spectators, recreating the real life procession that is planned for the big day on May 19.
The scene is completed by miniature models of Queen Elizabeth and the Duke of Edinburgh along with best man Prince William, his wife Kate and their children Prince George and Princess Charlotte, and Meghan Markle’s parents.
Lego said the wedding scene replica, which took 752 hours to build, will be on permanent display at its theme park, just three miles (5 km) from the real Windsor castle to the west of London. Reporting by Ana de Liz; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-lego/lego-builds-miniature-windsor-castle-to-celebrate-royal-wedding-idUKKBN1IA1QN |
May 4 (Reuters) - Sangui Biotech International Inc:
* OPERATING LOSS FOR Q3 OF 2018 DECREASED BY USD 6,856 YEAR-ON-YEAR TO USD 68,798.
* 9MTH REVENUES FROM ROYALTY INCOME AND PRODUCT SALES OF USD 65,273 VERSUS USD 47,186 YE AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sangui-biotech-international-q3-op/brief-sangui-biotech-international-q3-oper-loss-reduced-idUSFWN1SB0F0 |
SAN DIEGO (AP) _ Regulus Therapeutics Inc. (RGLS) on Thursday reported a loss of $16 million in its first quarter.
On a per-share basis, the San Diego-based company said it had a loss of 15 cents.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 16 cents per share.
The biopharmaceutical company posted revenue of $18,000 in the period.
In the final minutes of trading on Thursday, the company's shares hit 72 cents. A year ago, they were trading at $1.65.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on RGLS at https://www.zacks.com/ap/RGLS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-regulus-1q-earnings-snapshot.html |
(Reuters) - Restaurant chain Applebee’s owner Dine Brands Group ( DIN.N ) plans to speed up the pace of opening its IHOP pancake outlets in India, following a strong response to its first restaurant in the northern Indian city of Gurugram opened last year.
A stack of pancakes are pictured at an IHOP restaurant in Los Angeles August 2, 2011. REUTERS/Mario Anzuoni Chief Executive Officer Steve Joyce told Reuters that the expansion was part of a strategy to expand in markets seeing more people go out for breakfast.
“We think IHOP has unique opportunities here because breakfast is an important meal in India,” Joyce said during a visit to inaugurate the second IHOP store in India in a mall in the country’s capital New Delhi.
Joyce, who previously laid out plans to open 20 IHOPs in India by 2025, now expects to open 15 IHOP outlets in the next three to four years and grow it to a hundred within at least seven years. The first IHOP outlet in India had “exceeded” the company’s expectations and was already running a profit eight months after opening, said a source close to the company, who asked not to be named because the details are confidential.
In India, breakfast is a meal traditionally prepared and consumed at home, but trends are changing as the country, with more than half its population below 30 years, preferring to dine out as disposable incomes rise.
This shift has helped breakfast emerge as one of the fastest-growing meal categories in the Indian dining industry.
Fourteen percent of Indians have had breakfast outside home at least three to four times a week in 2016, compared with 9.6 percent in 2015, according to a survey by market research firm Euromonitor international’s global consumer trends unit.
The growing market has seen companies including McDonald’s ( MCD.N ) introduce items such as the masala dosa brioche – an all-day offering that combines a staple south Indian breakfast dish called masala dosa in a burger-style serving.
Analysts covering Dine Brands said tapping India could be a growth vehicle for the company at a time when IHOP’s North American sales have plateaued with comparable sales ranging from down low-single digits to up low-single digits over the past few years.
But configuring its dishes to an Indian palate that usually prefers savory dishes over sweet would be IHOP’s biggest challenge.
“India is a huge potential market but getting the menu mix right could prove to be tricky,” said research firm Retail Metrics founder Ken Perkins.
Additional reporting by Siddharth Cavale in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/us-dinebrands-strategy-india/dine-brands-to-accelerate-ihop-pancake-unit-expansion-in-india-idUSKBN1I2400 |
May 14 (Reuters) - Standard Diversified Inc:
* . REPORTS FINANCIAL RESULTS FOR ITS FIRST QUARTER ENDED MARCH 31, 2018
* Q1 SALES ROSE 11.3 PERCENT TO $74.3 MILLION * QTRLY NET INCOME ATTRIBUTABLE TO SDI PER CLASS A AND CLASS B COMMON SHARE $0.03 Source text for Eikon: Further company coverage:
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Mark Mobius would invest in North Korea if he could 2 Hours Ago The reunification of North and South Korea would be a "beautiful combination," says Mark Mobius of Mobius Capital Partners. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/mark-mobius-would-invest-in-north-korea-if-he-could.html |
SOUTH SAN FRANCISCO, Calif., May 8, 2018 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), a company developing proprietary therapeutics for the treatment of select chronic diseases utilizing its ProNeura™ long-term, continuous drug delivery technology, today announced that its first quarter 2018 financial results will be released after market close on Tuesday, May 15, 2018.
Due to a scheduling conflict, Titan will host a live conference call to discuss the financial results and provide a general business review the following day, May 16, 2018, at 4:15 p.m. ET / 1:15 p.m. PT. The call will be hosted by Sunil Bhonsle, president and CEO; Kate Beebe DeVarney, Ph.D., executive vice president and chief scientific officer; Brian Crowley, vice president of finance; and Marc Rubin, M.D., executive chairman.
The live webcast and a replay of the call may be accessed by visiting http://www.titanpharm.com/news/events . The call can also be accessed by dialing 1-855-940-9476 (or 1-412-317-5223 from outside the U.S.) five minutes prior to the start time, and asking to be joined into the Titan Pharmaceuticals, Inc. call.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is developing proprietary therapeutics primarily for the treatment of select chronic diseases. The company's lead product is Probuphine ® , a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence. Probuphine employs Titan's proprietary drug delivery system ProNeura ™ , which is capable of delivering sustained, consistent levels of medication for three months or longer. Approved by the U.S. Food and Drug Administration in May 2016, Probuphine is the first and only commercialized treatment of opioid dependence to provide continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. The ProNeura technology has the potential to be used in developing products for treating other chronic conditions such as Parkinson's disease and hypothyroidism, where maintaining consistent, around-the-clock blood levels of medication may benefit the patient and improve medical outcomes. For more information about Titan, please visit www.titanpharm.com .
Forward-Looking Statements
This press release may contain " " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management's current expectations include those risks and uncertainties relating to the commercialization of Probuphine, the regulatory approval process, the development, testing, production and marketing of our drug candidates, patent and intellectual property matters and strategic agreements and relationships. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
CONTACTS:
Sunil Bhonsle
President & CEO
(650) 244-4990
Stephen Kilmer
Investor Relations
(650) 989-2215
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/titan-pharmaceuticals-to-report-first-quarter-2018-financial-results-on-may-15-2018-300644912.html
SOURCE Titan Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-titan-pharmaceuticals-to-report-first-quarter-2018-financial-results-on-may-15-2018.html |
Nordstrom beats, but comp sales up less than expected 1 Hour Ago 03:25 03:25 | 1 Hr Ago 03:02 03:02 | 2 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/nordstrom-beats-but-comp-sales-up-less-than-expected.html |
SECAUCUS, N.J., Freshpet, Inc. (“Freshpet” or the “Company”) (NASDAQ:FRPT) today announced that pet nutrition and welfare industry veteran Dr. Gerardo Perez-Camargo has joined the Company as Vice President of Research and Development, effective May 14, 2018. In this role, Dr. Perez-Camargo will be responsible for leading Freshpet’s new product innovation in Bethlehem, Pennsylvania.
“We are excited to have Gerardo join the Freshpet team with his incredible depth of experience in pet health and wellness,” said Scott Morris, Freshpet’s Co-Founder and President. “We believe Gerardo’s future contributions will help us to fulfill our mission of providing more pets with fresh, all-natural foods that enrich their lives and the relationships with their pet parents, and we remain committed to doing so in ways that are good for our pets, for people, and for our planet.”
Dr. Perez-Camargo joins Freshpet with nearly 25 years of pet nutrition, welfare and research and development experience including various leadership roles at Nestle Purina and Mars, Incorporated. Prior to joining Freshpet, he led the Global Pet Welfare and Behavior team for Nestle Purina in France and the United States to deliver innovation in the areas of pet nutrition. He also managed the Global Pet Welfare team to design and implement common pet welfare standards, product performance evaluation and data validation across 15 countries. During his tenure at Mars, Incorporated Dr. Perez-Camargo was a veterinary diet product developer pet nutritionist at the Waltham Center for Pet Nutrition. Prior to Mars, he served in the Spanish Army where he was a Lieutenant in the Veterinary Corps working with Equine Breeding for Spanish Army Horses and with their Police Canine Units. He has degree in Veterinary Medicine from Spain and a Ph.D. in Applied Biochemistry and Food Science from the University of Nottingham, United Kingdom.
About Freshpet
Freshpet’s mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Kitchens in Bethlehem PA. We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in your local market.
Our foods are available in select mass, grocery (including online), natural food, club, and pet specialty retailers across the United States, Canada and in the United Kingdom. From the care, we take to source our ingredients and make our food, to the moment it reaches your home, our integrity, transparency and social responsibility are the way we like to run our business. To learn more, visit www.freshpet.com .
Connect with Freshpet:
https://www.facebook.com/Freshpet
https://twitter.com/Freshpet
http://instagram.com/Freshpet
http://pinterest.com/Freshpet
https://plus.google.com/+Freshpet
https://en.wikipedia.org/wiki/Freshpet
https://www.youtube.com/user/freshpet400
Forward Looking Statements
Certain statements in this release may constitute “forward-looking” statements. These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Freshpet believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are several risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company's latest annual report on Form 10-K filed with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.
CONTACT
ICR
Katie Turner
646-277-1228
[email protected]
Michael Fox
203-682-8218
[email protected]
Source:Freshpet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-freshpet-inc-names-dr-gerardo-perez-camargo-as-vice-president-of-research-and-development.html |
WASHINGTON (Reuters) - The White House said on Thursday that it was moving forward with plans for a summit meeting between President Donald Trump and North Korean leader Kim Jong Un in Singapore on June 12, despite North Korea’s threat to pull out of the summit if the U.S. insists it give up its nuclear program.
“Nothing has changed on our end,” White House spokeswoman Sarah Sanders told reporters. “This was an invitation that North Korea offered, and that we’ve accepted, and we’re continuing to move forward in those preparations.”
Reporting by Jeff Mason; Writing by Justin Mitchell; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa/white-house-says-nothing-has-changed-on-north-korea-summit-idUSKCN1II2KT |
May 4, 2018 / 6:53 AM / in 11 hours Cricket - Kirsten sees recovering Australia as genuine World Cup contenders Amlan Chakraborty 3 Min Read
NEW DELHI (Reuters) - Australia may still be dealing with the aftermath of the ball-tampering scandal but World Cup-winning coach Gary Kirsten has no doubts they will bounce back and be challenging for one-day cricket’s most coveted trophy next year. Cricket - South Africa Nets - Kia Oval - 17/7/12 South Africa's coach Gary Kirsten during nets Mandatory Credit: Action Images / Andrew Couldridge Livepic
The Cape Town scandal in March rocked cricket in Australia to its core and resulted, among other punishments, in lengthy suspensions for then skipper Steve Smith and his deputy David Warner - both key limited overs batsmen.
They will have served their 12-month bans before the World Cup gets underway at the Oval on May 30 but many wonder if Australia, under an as yet unidentified captain, can defend the title they won on home soil three years ago.
“You can never count Australia out of any big tournament,” South African Kirsten, who coached India to their 2011 World Cup triumph, told Reuters in an email interview.
“They are the most consistent team across big tournaments and I am sure they will be ready to compete at the next World Cup.”
Australia unveiled Justin Langer as the new coach on Thursday, succeeding Darren Lehmann who stepped down despite being cleared by Cricket Australia of any wrongdoing in Cape Town.
Kirsten has also been impressed by the recent progress of Australia’s Ashes protagonists, England, whose white-ball resurgence was reflected by their rise to the top spot in ODI rankings on Thursday.
“All the teams have got closer and it really is open for any team to win the big tournaments,” said Kirsten.
“England are playing an aggressive and exciting brand of cricket and it has certainly put them in a great position to contend in all tournaments.”
The former opener reckoned the gap between top teams has been narrowing over the last decade and next year’s tournament could be one of the most open in World Cup history.
South Africa’s penchant to implode at World Cups has earned them the “chokers” tag but Kirsten has no doubt that their talismanic batsman AB de Villiers will not be alone in his determination to end the barren run.
“South Africa has built a team where you have a number of match winners,” said Kirsten who is working with de Villiers as the batting coach of Royal Challengers Bangalore in the Indian Premier League.
“AB is one of them and he will be doing all he can to make sure he contributes as he always does.”
Kirsten plans to open an academy in the western Indian city of Pune by July and is scouting for talents in five other cities in the cricket-mad country.
“This is our first international academy and we are really excited to begin with Pune,” he said.
“We will be building a state-of-the-art facility in Pune with an indoor training centre as well as outdoor facilities catering for all year.
“There will be practical work done as well as theory work where our team will look to cover aspects such as leadership, tactics, strategy and captaincy to name a few.” Reporting by Amlan Chakraborty in New Delhi; editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-worldcup-kirsten/cricket-kirsten-sees-recovering-australia-as-genuine-world-cup-contenders-idUKKBN1I50JD |
(Reuters) - Apple Inc on Tuesday reported resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks, reassuring investors that its decade-old smartphone invention had life in it yet.
Apple’s quarterly results topped Wall Street forecasts, which dropped ahead of the report on growing concern over the iPhone. The Cupertino, California-based company also was more optimistic about the current quarter than most financial analysts, driving shares up 3.6 percent to $175.25 after hours.
Suppliers around the globe had warned of smartphone weakness, playing into fears that the company known for popularizing personal computers, tablets and smartphones had become too reliant on the iPhone.
Sales of 52.2 million iPhones against a Wall Street target of 52.3 million was a comfort and up from 50.7 million last year, according to data from Thomson Reuters I/B/E/S.
Apple bought $23.5 billion of stock in the March quarter, and said it planned to hike its dividend 16 percent, compared with a 10.5 percent increase last year. Analysts believe the heavy emphasis on buybacks will bolster share prices, but some investors wished Apple had found different uses for the cash.
“I’d hoped for more on the dividend side or maybe a strategic investment,” said Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel. “I assume Apple can’t find a strategic investment at the current prices that will move the needle for them. The $100 billion buyback is good for right now but it’s not exactly looking to the future.”
The cash Apple earmarked for stock buybacks is about twice the $50 billion market capitalization of electric car maker Tesla Inc.
Apple posted revenue for its March quarter of $61.1 billion, up from $52.9 billion last year. Wall Street expected $60.8 billion, according to Thomson Reuters I/B/E/S.
Average selling prices for iPhones were $728, compared with Wall Street expectations of $742. The figure is up more than 10 percent from $655 a year ago, suggesting Apple’s iPhone X, which starts at $999, has helped boost prices.
Analysts had feared the high price was muting demand for the iPhone X, but Apple Chief Executive Tim Cook said it was the most popular iPhone model every week in the March quarter.
“This is the first cycle that we’ve ever had where the top of the line iPhone model has also been the most popular,” Cook said during the company’s earnings call.
“It’s one of those things like when a team wins the Super Bowl, maybe you want them to win by a few more points. But it’s a Super Bowl winner and that’s how we feel about it.”
The iPhone X has shaped up to be “a good, not a great product. There was a time prior to its introduction that investors expected it to be a great product,” said Thomas Forte, an analyst with D.A. Davidson Companies.
“Now that we know it is a good product, as investors have lowered expectations, that is enough, in my view, for shares to go higher from current levels.”
Positive iPhone news boosted shares of chip suppliers.
Skyworks Solutions Inc rose 2.9 percent, Broadcom Inc was up 2 percent, while Cirrus Logic gained 4.3 percent.
Apple also predicted revenue of $51.5 billion to $53.5 billion in the June quarter, ahead of the $51.6 billion Wall Street expected as of Monday evening, and the share repurchases in the March quarter drove Apple’s cash net of debt down slightly to $145 billion.
“We are returning the cash to investors as we have promised,” Chief Financial Officer Luca Maestri told Reuters in an interview.
Profits were $2.73 per share versus expectations of $2.68 per share, as of Monday, and up from $2.10 a year ago.
Apple’s services business, which includes Apple Music, the App Store and iCloud, posted $9.1 billion in revenue compared with expectations of $8.3 billion. Heading into earnings, investors were hopeful that growth in that segment could help offset the cooling global smartphone market.
Julie Ask, an analyst with Forrester, said Apple’s services segment results were positive but warned that Apple needed to continue to boost subscriptions on its platforms, which reached 270 million users in the March quarter and includes people who subscribe to third-party apps on the iPhone as well as Apple’s own services like iCloud.
“Apps are carrying most (services revenue) right now, but Apple needs to get to a place where it’s mostly subscriptions and monthly fees and not just one-off downloads,” Ask said.
Apple traditionally updates its share buyback and dividend program each spring, and the $100 billion it added this year compares with an increase of $50 billion last year.
In February, Apple said it planned to draw down its excess cash, although Cook had downplayed the possibility of a special dividend.
But investors have had concerns around Apple because of brewing trade tensions with China.
Greater China sales rose 21 percent from a year earlier, Apple’s best growth rate there in 10 quarters, to $13.0 billion. While there has not yet been a tariff on devices such as Apple’s iPhone, Cook traveled last week to Washington to meet with U.S. President Donald Trump at the White House to discuss trade matters.
“China only wins if the U.S. wins and the U.S. only wins if China wins,” Cook said on the call, when asked about a possible trade war. “I’m a big believer that the two countries together can both win and grow the pie, not just allocate it differently,” he said.
Apple has been emphasizing its contributions to the U.S. economy in recent months, outlining a $30 billion U.S. spending plan and highlighting the tens of billions of dollars it spends each year with U.S.-based suppliers.
In recent months, Apple has been emphasizing the size of its overall user base, which includes used iPhones, rather than focusing strictly on new device sales, a sign of the increasing importance of making money off users without selling them new hardware.
FILE PHOTO: Apple iPhone X samples are displayed during a product launch event in Cupertino, California, U.S. September 12, 2017. REUTERS/Stephen Lam/File Photo Reporting by Stephen Nellis in San Francisco; Editing by Peter Henderson, Lisa Shumaker and Peter Cooney
| ashraq/financial-news-articles | https://in.reuters.com/article/apple-results/apple-beats-financial-expectations-plans-100-billion-cash-return-boost-idINKBN1I24D5 |
NEW YORK, May 16, 2018 /PRNewswire/ -- TARA Biosystems Inc., a company offering physiologically human-relevant "heart-on-a-chip" tissue models for drug discovery and development applications, announced the appointment of Donna See as chief business officer. In this newly created role, Donna will drive the company's commercial operations, building upon TARA's strong and growing base of revenue-generating partnerships with leading biopharmaceutical companies. She will also develop strategy and opportunities that leverage TARA's ongoing investment in the production and analysis of large high-fidelity human-relevant datasets.
TARA Biosystems offers bioanalytical testing services on its human stem cell-derived cardiac tissue platform. The company's Biowire™ II platform enables the maturation of induced pluripotent stem cell (iPSC) derived cardiomyocytes into cardiac tissues that achieve an adult-like phenotype. These physiologically relevant in vitro models facilitate early cardiac risk assessment of drug discovery candidates and accelerate discovery efforts for novel heart medicines via disease modeling and phenotypic screening capabilities.
"We are thrilled to welcome Donna to TARA. As we enter our next phase of rapid company growth, Donna's proven leadership abilities, make-it-happen energy, and shared vision will be critical to TARA's growth and commercial partnering efforts," said Dr. Misti Ushio, CEO of TARA. "Her extensive network and two decades of experience developing, investing and operating early-stage ventures will be immediately leveraged as TARA executes, scales and grows."
"TARA has developed a first-in-class capability with its Biowire™ II platform, creating 'heart-on-a-chip' technology that is uniquely positioned to become the industry standard for high-fidelity human in vitro cardiac tissue biology. There is tremendous potential in the development and application of these data for in silico drug discovery," said Ms. See. "I am very much looking forward to working with the TARA team and our biopharma partners to fully realize this potential."
Donna brings demonstrated executive leadership experience in translational science, business development and operations with an emphasis on early-stage life sciences companies. Donna most recently served as chief business officer of Allied-Bristol Life Sciences, a $110 million therapeutic development fund between Allied Minds and Bristol-Myers Squibb, where she was instrumental in all aspects of sourcing, diligence, deal negotiation and project management across multiple therapeutic areas, including heart failure, oncology, immune disorders and fibrosis.
About TARA Biosystems
TARA Biosystems Inc. provides predictive, in vitro human cardiac tissue models for use in drug discovery and risk assessment. TARA Biosystems offers a high-fidelity solution that is based on human iPSC-derived cardiac tissue matured to physiologically relevant adult-like levels and provides direct measures of cardiac functionality, including contractile force. The TARA platform allows pharma to access human cardiac information on therapeutics candidates earlier in the drug development cycle.
Media Contact:
Misti Ushio
[email protected]
(917) 686-7096
View original content: http://www.prnewswire.com/news-releases/tara-biosystems-appoints-donna-see-as-chief-business-officer-to-drive-expansion-of-commercial-operations-300649308.html
SOURCE TARA Biosystems Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-tara-biosystems-appoints-donna-see-as-chief-business-officer-to-drive-expansion-of-commercial-operations.html |
BOGOTA (Reuters) - Right-wing candidate Ivan Duque held a healthy lead over rivals ahead of Colombia’s presidential election on May 27, with 34 percent of voters saying they planned to back him, a survey by Cifras y Conceptos showed on Thursday.
Colombian presidential candidate Ivan Duque is seen in an elevator after a campaign event in Bogota, Colombia May 10, 2018. REUTERS/Jaime Saldarriaga Support for Duque, a protégé of former President Alvaro Uribe, fell 1.5 points from its last survey in April, and was below numbers from other opinion polls.
Leftist candidate Gustavo Petro, a former M-19 rebel and former mayor of Bogota, was in second place with 22.5 percent, down 1.5 points from the last survey and down 12.5 points compared with a recent poll by Centro Nacional de Consultoria (CNC).
Centrist Sergio Fajardo was third with 13.8 percent and support for center-right German Vargas Lleras was 13.2 percent.
Reporting by Bogota newsroom, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-election-polls/right-winger-duque-holds-strong-lead-in-colombia-presidential-poll-idUSKBN1IB2HG |
Fundstrat technician sees a big breakout for bitcoin in the charts 8 Hours Ago Robert Sluymer, Fundstrat Global Advisors, on why he sees a breakout coming for bitcoin. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Karen Finerman, David Seaburg and Steve Grasso. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/fundstrat-technician-sees-a-big-breakout-for-bitcoin-in-the-charts.html |
DALLAS--(BUSINESS WIRE)-- Tenet Healthcare Corporation (NYSE: THC) today announced the appointment of two independent directors to its Board: General Lloyd J. Austin, III and Meghan M. FitzGerald, DrPH.
Bob Kerrey, Lead Director, said, “As a retired four-star general whose career spans more than four decades in the U.S. Army, Lloyd has demonstrated a powerful commitment to service and leadership with integrity. Meg has an impressive background that combines experience across different aspects of healthcare, including policy, innovation, business development and strategy. We are thrilled to welcome our new directors, and we are confident they will add tremendous value.”
Ron Rittenmeyer, Executive Chairman and CEO, said, “We have been steadfast in our commitment to accelerate change across the company. This applies to all facets of operations and all levels of leadership – including adding five new directors to our board in the last seven months. Lloyd and Meg have remarkable experience and will offer new and valuable insights as we continue to improve performance and drive value for our shareholders.”
Biographical Information (General Lloyd J. Austin, III)
Austin is a retired four-star general who served for 41 years in the U.S. Army. From March 2013 through March 2016, Austin served as the Commander of U.S. Central Command responsible for military strategy and joint operations throughout the 20-country Central Region that includes Iraq, Syria, Iran, Afghanistan, Pakistan, Yemen, Egypt and Saudi Arabia. Prior to that, he served as the 33rd Vice Chief of Staff of the U.S. Army from January 2012 to March 2013 and as the Combined Forces Commander in Iraq from September 2010 through 2011. He is the recipient of numerous U.S. military awards, including the Silver Star, five Defense Distinguished Service Medals and the Legion of Merit. Austin currently serves as a director of United Technologies Corporation and Nucor Corporation. He is a graduate of the U.S. Military Academy and holds master’s degrees from Auburn University (Education) and Webster University (Business Management).
Biographical Information (Meghan M. FitzGerald, DrPH)
FitzGerald is a Managing Partner at L1 Health LLC, an investment fund specializing in healthcare. She also serves as an Assistant Professor of Health Policy at Columbia University. From May 2015 to October 2016, FitzGerald served as Executive Vice President of Strategy and Policy at Cardinal Health, a healthcare services and product company. From 2010 to 2015, she served as President of Cardinal’s Specialty Solutions division. FitzGerald serves as a director of two other public companies, Arix Bioscience plc and Concert Pharmaceuticals, Inc. She holds a DrPh in Healthcare Policy from New York Medical College, a BSN in Nursing from Fairfield University, and a Master of Public Health from Columbia University.
About Tenet Healthcare
Tenet Healthcare Corporation is a diversified healthcare services company with approximately 115,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities in the United States and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com .
The terms “THC”, “Tenet Healthcare Corporation”, “the Company”, “we”, “us” or “our” refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.
Tenet uses its company website to provide important information to investors about the company including the posting of important announcements regarding financial performance and corporate developments.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005407/en/
Tenet Healthcare Corporation
Investor Contact:
Brendan Strong, 469-893-6992
[email protected]
or
Media Contact:
Lesley Bogdanow, 469-893-2640
[email protected]
Source: Tenet Healthcare Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-tenet-board-appoints-two-independent-directors.html |
Strong consumer spending could drive upside surprises 14 Hours Ago Jim Cramer looks ahead to key stocks and events he'll watch as a slew of retail companies report earnings. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/strong-consumer-spending-could-drive-upside-surprises.html |
TORONTO, May 04, 2018 (GLOBE NEWSWIRE) -- Millennial Esports Corp. ("Millennial" or the "Company") (TSX VENTURE:GAME) (OTCQB:MLLLF), a mobile video game publisher focused on Esports and Racing, today announced that movie studio production executive Doug Belgrad has resigned from the Company’s board of directors to devote his full time and attention to his film and television production company. As Millennial’s strategic focus is now solidly on mobile Esports and racing themes, a search for a new Board Member who brings unique expertise and experience in these areas is underway.
“With the acquisition of Eden Games, we have refocused our strategy and our operations on the growth potential in the Esports Racing sector,” said Millennial Esports CEO, Alex Igelman. “Doug has been a valued member of our Board bringing his studio experience to the Company. With the growth of his own production company, and with our shift in focus to the unique opportunity we see in mobile Esports and racing, we fully understand his desire to devote his full time and attention to 2.0 Entertainment and wish him every success for the future there.”
“I have thoroughly enjoyed serving on the Board of Millennial. However, as the obligations at 2.0 Entertainment have grown and the focus at Millennial has shifted, I have less time than I would like to devote to the Board and development of Millennial,” noted Mr. Belgrad, “I wish Millennial great success going forward and also will look forward to potential collaboration as projects of mutual interest arise.”
About Millennial Esports Corp.
Millennial Esports Corp. (MEC) is a vertically integrated mobile gaming publisher leading a revolution to fuse esports racing and professional motorsport through a global competition model. MEC is utilizing its gaming franchises and IP to engage millions of new players. Combined with its virtual and live tournament platforms, gaming analytics capability, and motorsport IP - including World’s Fastest Gamer - MEC is uniquely positioned to become the market leader in Esport Racing.
“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."
Media Contact:
Gavin Davidson
Director, Communication Strategy
705.446.6630
[email protected]
Investor Contacts:
Manish Grigo
Investor Relations
416.569.3292
[email protected]
Alex Igelman
CEO and Director
647.346.1888
[email protected]
Source: Millennial Esports Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-millennial-esports-solidifies-mobile-esports-racing-strategy-and-notes-board-change.html |
JPMorgan Chase & Co:
* JPMORGAN CHASE & CO - BOARD DECLARED A QUARTERLY DIVIDEND OF 56 CENTS PER SHARE ON OUTSTANDING SHARES OF COMMON STOCK OF CO Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jpmorgan-chase-co-board-declared-a/brief-jpmorgan-chase-co-board-declared-a-quarterly-dividend-of-56-cents-per-share-on-outstanding-shares-of-common-stock-of-co-idUSFWN1SM1EL |
85 COMMENTS The biggest pop star’s current concert tour isn’t a sellout. And that’s a good thing, according to some in the concert industry.
Taylor Swift’s “Reputation” tour, which kicked off last week in Glendale, Ariz., is a test case in squeezing out scalpers and capturing more profits from ticket sales.
The strategy, which could reset how tickets to high-profile tours are sold, is to use aggressive pricing to limit the ability of scalpers to purchase tickets and later sell at higher prices. In addition, a program from Ticketmaster is aimed at giving passionate fans earlier access to tickets at discounted prices.
One downside to the plan: empty seats at some of the roughly 36 stadiums on Ms. Swift’s 53-date tour.
However, even if those seats remain unsold, the “Reputation” tour already has grossed more on its North American leg than Ms. Swift’s previous tour in 2015, which brought in more than $250 million world-wide. Across the 17 stadiums Ms. Swift will have played on both tours, she has already grossed 15% more for “Reputation,” with some of those shows still months away.
For decades, artists and their teams have claimed “sold out” shows as a badge of honor showing the high demand for their music. The new approach is raising questions about whether an end is nearing for the days of instant sellouts. In the roughly two decades since online ticketing became commonplace, fans have engaged in the same ritual: using a computer or phone to buy tickets as soon as they go on sale before a show sells out, often because of scalpers with technology that can snap up reams of tickets when they become available.
For the current Taylor Swift tour, would-be concertgoers were encouraged to register for Ticketmaster’s Verified Fan program months before tickets went on sale. They could boost their standing in the ticket queue by watching music videos and purchasing the “Reputation” album or merchandise. Users then received codes that allowed them the chance to purchase discounted tickets over a six-day, presale period.
Queen of the Road Top-grossing North American concert tours of all time, in millions Taylor Swift (2015)
$199.4
U2 (2017)
$176.1
Beyoncé (2016)
$169.4
The Rolling Stones (2005)
$162.0
U2 (2011)
$156.0
U2 (2005)
$138.9
The Rolling Stones (2006)
$138.5
Madonna (2012)
$133.7
The Police (2007)
$133.2
Guns N' Roses (2016)
$130.8
Source: Pollstar
The best seats—some with added VIP perks—cost $800 to $1,500 at face value for a given show, with those immediately behind them at $250 each. Spots in the back of the house go for about $50. Regular tickets for Ms. Swift’s tour three years ago cost about $40 to $225, according to Pollstar data. The Verified Fan presale tickets were each sold for about 25% below the price of face-value tickets sold during the public sale.
Verified Fan was rolled out in scale last year and used for hot-ticket events such as Bruce Springsteen’s solo residency on Broadway and Ed Sheeran’s most recent tour. The program is supposed to identify “real” fans and give them a chance to purchase tickets without having to compete with scalpers.
Half of Ms. Swift’s tickets were allocated to the Verified Fan presale; Ticketmaster said soon after the presale that only 3% of those tickets had made their way to secondary sites such as StubHub, compared with an average of 30% to 50% of tickets for high-demand artists. It is unclear whether that statistic has held up; several of the dates now have upward of 3,000 tickets listed on StubHub.
Related
Ticketmaster’s New Challenger: Your Face CEO of Concert Firm Live Nation Got Paid Like a Rock Star in 2017 Ticketmaster Asks: Are You a Big Enough Fan? (Sept. 5) It is also unclear exactly what was expected for the pace of sales. “Slow ticketing,” a buzzy term for the new sales approach, picked up momentum when Ms. Swift’s tour didn’t sell out immediately after tickets were opened up to the public. Some close to the tour say a longer sales curve was expected with the higher prices, but the tour’s promoters were publicly predicting sold-out concerts during the presale period.
For years, Ticketmaster and other ticketing providers have been contending with scalpers who harvest tickets in the first minutes of an event sale and list them on the secondary market at a premium. Scalpers say they are simply playing by the rules of the free market, while many artists have been hesitant to raise prices for fear of appearing greedy.
With tickets priced closer to their market value, scalpers—who not only profit but also absorb the risk on tickets that go unsold—have less incentive to try to flip them.
“The primary market has been ceding pricing control to secondary markets,” said David Goldberg, a former senior Ticketmaster executive.
Mr. Goldberg contends that there haven’t been any true sellouts—at least from customers’ perspective—since the rise of online resale marketplaces, where tickets are nearly always available, for the right price. And with artists pricing closer to market value, he said, the fan experience is little changed than it might have been purchasing tickets on the secondary market.
“From the consumer perspective it’s not different, but it’s a very big difference if an artist is able to capture that,” he said.
Sarah Rosonke, who was priced out of Ms. Swift’s 2015 tour by scalpers, said she scored a pair of “Reputation” seats in Minneapolis for $200 each, after registering with Verified Fan.
“It has always really frustrated me when a concert sells out in two seconds and then you go on StubHub and they’re outrageously priced and you can’t even go,” the 24-year-old said.
She said she expected the prices this time to be even higher and applauds Ms. Swift’s approach. “I think she’s being smart,” Ms. Rosonke said. Plus, “with Taylor I was willing to pay a little bit more.”
Write to Anne Steele at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/why-empty-seats-at-taylor-swifts-concerts-are-good-for-business-1526385600 |
May 23, 2018 / 4:35 PM / Updated 43 minutes ago Pompeo says precision-guided missiles, as in Yemen, cut risks to civilians Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo said on Wednesday that foreign sales of precision-guided missiles to nations such as Saudi Arabia, which has been criticized for killing civilians during its campaign in Yemen, can help to reduce civilian deaths. U.S. Secretary of State Mike Pompeo testifies at a hearing of the U.S. House Foreign Affairs Committee on Capitol Hill in Washington, U.S., May 23, 2018. REUTERS/Leah Millis
“It is this administration’s judgment that providing precision-guided munitions actually decreases the risk,” he told a congressional hearing.
Reuters reported on Tuesday that the Trump administration has asked Congress to review the sale of more than 120,000 precision-guided munitions to Saudi Arabia and the United Arab Emirates.
Plans to sell the laser-guided weapons to Saudi Arabia has raised concerns from some members of Congress over American weapons being used in the Saudi-led campaign against Houthi rebels in Yemen and the deaths of thousands of civilians there since March 2015. Reporting by Patricia Zengerle; Editing by Chizu Nomiyama and Bill Trott | ashraq/financial-news-articles | https://in.reuters.com/article/usa-pompeo-arms-saudi/pompeo-says-precision-guided-missiles-as-in-yemen-cut-risks-to-civilians-idINKCN1IO2LF |
BAGHDAD, May 4 (Reuters) - Iraq’s top Shi’ite cleric Grand Ayatollah Ali Sistani, making a rare intervention into politics ahead of an election on May 12, said on Friday Iraqis should oppose the return to power of “corrupt” leaders who had failed the country in the past.
Iraqis “should avoid falling in the trap of those ... who are corrupt and those who failed, whether they have been already tried or not,” Sistani said in his weekly sermon, read by one of his representatives and broadcast on television. (Reporting by Maher Chmaytelli Editing by Peter Graff)
| ashraq/financial-news-articles | https://www.reuters.com/article/iraq-election-sistani/iraqs-top-cleric-opposes-return-to-power-of-corrupt-and-failed-leaders-idUSL8N1SB2Z7 |
SINGAPORE, April 30 (Reuters) -
* Trafigura said on Monday it has become the first international commodity trading house to tap on China’s capital market and has raised 500 million yuan ($79 million) by issuing its first yuan-denominated bond
* The first tranche, part of Trafigura’s 2.35 billion yuan Panda Bond programme, was placed in the interbank market under a private placement format for a 3-year maturity, the company said in a statement
* “We have planted the Trafigura flag in a fast-growing debt market and intend to become a recurring issuer,” Christophe Salmon, chief financial officer, said
* “This promising market will offer Trafigura an additional source of liquidity on an ongoing basis, supporting the growth of our trading business and investments,” he said
* Bank of China and ICBC were the lead bookrunners on this transaction, Trafigura said ($1 = 6.3325 Chinese yuan) (Reporting by Florence Tan; Editing by Gopakumar Warrier)
| ashraq/financial-news-articles | https://www.reuters.com/article/trafigura-china-bond/trafigura-raises-79-mln-from-its-first-yuan-denominated-bond-in-china-idUSL3N1S72M8 |
The Frick Collection would like to show you George Washington as you’ve never seen him before.
Think Roman god, with an expression of deep contemplation and an athletic physique, garbed in a flowing cloak and open-toed shoes.
The image comes courtesy of the Italian neoclassical sculptor Antonio Canova (1757-1822), whose rendering of the first... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/the-sculptor-who-imagined-george-washington-as-a-roman-god-1526583206 |
May 11, 2018 / 12:31 AM / Updated 10 hours ago UPDATE 3-PGA Tour The Players Championship Scores Reuters Staff 7 Min Read May 11 (OPTA) - Scores from the PGA Tour The Players Championship on Thursday -6 Patrick Cantlay (USA) 66 Chesson Hadley (USA) 66 Dustin Johnson (USA) 66 Matt Kuchar (USA) 66 Alex Noren (Sweden) 66 Webb Simpson (USA) 66 -5 Si Woo Kim (Korea Republic) 67 Andrew Landry (USA) 67 Keith Mitchell (USA) 67 Rory Sabbatini (South Africa) 67 Steve Stricker (USA) 67 Jhonattan Vegas (Venezuela) 67 -4 Sergio Garcia (Spain) 68 Lucas Glover (USA) 68 Cody Gribble (USA) 68 Billy Horschel (USA) 68 Charles Howell III (USA) 68 Danny Lee (New Zealand) 68 Jon Rahm (Spain) 68 Justin Rose (England) 68 Xander Schauffele (USA) 68 Ollie Schniederjans (USA) 68 Charl Schwartzel (South Africa) 68 Henrik Stenson (Sweden) 68 Cheng Tsung pan (China PR) 68 Bubba Watson (USA) 68 -3 Keegan Bradley (USA) 69 Jason Day (Australia) 69 Tommy Fleetwood (England) 69 Brice Garnett (USA) 69 Branden Grace (South Africa) 69 Emiliano Grillo (Argentina) 69 John Huh (USA) 69 Anirban Lahiri (India) 69 Kevin Na (USA) 69 Adam Scott (Australia) 69 Nick Taylor (Canada) 69 Jimmy Walker (USA) 69 -2 Scott Brown (USA) 70 Bryson DeChambeau (USA) 70 Ross Fisher (England) 70 Tom Hoge (USA) 70 Beau Hossler (USA) 70 Chris Kirk (USA) 70 Brooks Koepka (USA) 70 Luke List (USA) 70 Ted Potter, Jr. (USA) 70 Ian Poulter (England) 70 Chez Reavie (USA) 70 Kevin Streelman (USA) 70 Chris Stroud (USA) 70 Kevin Tway (USA) 70 Nick Watney (USA) 70 Richy Werenski (USA) 70 -1 Byeong Hun An (Korea Republic) 71 Kiradech Aphibarnrat (Thailand) 71 Ryan Blaum (USA) 71 Wesley Bryan (USA) 71 Rafa Cabrera Bello (Spain) 71 Tony Finau (USA) 71 Charley Hoffman (USA) 71 Zach Johnson (USA) 71 Martin Kaymer (Germany) 71 Marc Leishman (Australia) 71 Rory McIlroy (Northern Ireland) 71 Ryan Moore (USA) 71 J.J. Spaun (USA) 71 Harold Varner III (USA) 71 0 Kevin Chappell (USA) 72 Austin Cook (USA) 72 Jason Dufner (USA) 72 Matthew Fitzpatrick (England) 72 Brian Gay (USA) 72 Adam Hadwin (Canada) 72 Russell Henley (USA) 72 J.J. Henry (USA) 72 Patton Kizzire (USA) 72 Jason Kokrak (USA) 72 Martin Laird (Scotland) 72 Trey Mullinax (USA) 72 Grayson Murray (USA) 72 Patrick Reed (USA) 72 Brendan Steele (USA) 72 Vaughn Taylor (USA) 72 Tiger Woods (USA) 72 1 Ryan Armour (USA) 73 Bud Cauley (USA) 73 James Hahn (USA) 73 Alexander Levy (France) 73 William McGirt (USA) 73 Francesco Molinari (Italy) 73 Patrick Rodgers (USA) 73 Robert Streb (USA) 73 Justin Thomas (USA) 73 2 Daniel Berger (USA) 74 Chad Campbell (USA) 74 Rickie Fowler (USA) 74 Bill Haas (USA) 74 Brian Harman (USA) 74 Russell Knox (Scotland) 74 Satoshi Kodaira (Japan) 74 Kelly Kraft (USA) 74 Ryan Palmer (USA) 74 Rod Pampling (Australia) 74 Tyrone Van Aswegen (South Africa) 74 Danny Willett (England) 74 Gary Woodland (USA) 74 3 Jonas Blixt (Sweden) 75 Stewart Cink (USA) 75 Robert Garrigus (USA) 75 Brandon Harkins (USA) 75 Tyrrell Hatton (England) 75 J.B. Holmes (USA) 75 David Lingmerth (Sweden) 75 Shane Lowry (Republic of Ireland) 75 Kim Meen-whee (Korea Republic) 75 D.A. Points (USA) 75 Jordan Spieth (USA) 75 Scott Stallings (USA) 75 Kyle Stanley (USA) 75 Hudson Swafford (USA) 75 4 Blayne Barber (USA) 76 Mackenzie Hughes (Canada) 76 HaoTong Li (China PR) 76 Jamie Lovemark (USA) 76 Pat Perez (USA) 76 Cameron Smith (Australia) 76 Michael Thompson (USA) 76 5 Dominic Bozzelli (USA) 77 Harris English (USA) 77 Derek Fathauer (USA) 77 Kevin Kisner (USA) 77 Scott Piercy (USA) 77 6 Sung Kang (Korea Republic) 78 Michael Kim (USA) 78 Ben Martin (USA) 78 Geoff Ogilvy (Australia) 78 Louis Oosthuizen (South Africa) 78 7 Hideki Matsuyama (Japan) 79 Scott McCarron (USA) 79 Phil Mickelson (USA) 79 Sean O'Hair (USA) 79 8 Martin Flores (USA) 80 10 Brandt Snedeker (USA) 82 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-pga-scores/pga-tour-the-players-championship-scores-idUKMTZXEE5BJG2E2N |
* TUI narrows Q2 loss to 125 mln eur
* Hotels, cruises profit drives first-half results
* Approves new cruises ship for Hapag-Lloyd brand (Adds CEO comments, details on summer bookings)
BERLIN, May 9 (Reuters) - Europe’s largest travel and tourism group TUI Group said summer trading was good and approved construction of another cruise ship for its Hapag-Lloyd cruise business as it seeks to take advantage of booming demand for holidays at sea.
TUI said summer customer numbers were up 5 percent, but turnover was growing faster, up 7 percent, driven by demand for Spain, Turkey and North Africa.
“We are expecting healthy margin development,” TUI CEO Fritz Joussen told journalists after the group reported a narrower second quarter loss.
The quarterly results were driven by improved profits at its hotels and cruises business. The cruises business saw first half profit rise 23 percent.
Joussen said TUI was seeing an opportunity in new customer groups for cruises, such as families and younger couples, but that growth was still coming from the traditional audience of older travellers.
TUI’s board has therefore approved construction of a third expedition cruise ship for its Hapag-Lloyd luxury cruise brand, coming on top of another ship ordered for TUI Cruises earlier in the year.
“The cruises market has changed a lot, it’s growing incredibly fast,” Joussen said.
Overall, the group reported a narrower operating loss of 125 million euros ($148 million) for the quarter, which is traditionally loss-making, and confirmed a target for full-year underlying earnings before interest, tax and amortisation (EBITA) to rise by at least 10 percent at constant currencies. ($1 = 0.8438 euros) (Reporting by Victoria Bryan Editing by Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/tui-group-results/update-1-tui-sees-healthy-summer-margins-eyes-cruises-growth-idUSL8N1SG1O7 |
HONOLULU, May 29 (Reuters) - A small explosion of ash erupted from the summit of Hawaii’s Kilauea volcano early on Tuesday morning in a vertical plume some 15,000 feet (4,600 meters) high, the U.S. Geological Survey said, the latest outburst in a month of volcanic activity.
The agency warned that ash was drifting northwest and liable to dust anyone in the summit area. Hundreds of people have been ordered to leave the vicinity of the biggest eruption cycle in a century of one of the world’s most active volcanoes.
Multiple fissures continue to spew up hot lava flows, which have blocked roads and damaged dozens of buildings on Hawaii’s Big Island.
One fountain of lava rose more than 200 feet (60 meters) at times on Monday, the Geological Survey said.
Officials are on high alert for occasional earthquakes, though none have been big enough so far to trigger a tsunami.
Lava has engulfed the heads of two wells that tap into steam and gas deep in the Earth’s core at the 38-megawatt Puna Geothermal Venture. Its operator, Israeli-controlled Ormat Technologies Inc, said it had not been able to assess the damage.
So far no deaths have been blamed on the eruption, though a man’s leg was shattered when he was hit by a spatter of super-dense lava.
Residents fear the wells may be explosive. Officials have said the power plant is safe but lava has never engulfed a geothermal plant anywhere in the world, creating a measure of uncertainty.
Contingency plans have been made for a possible helicopter evacuation of up to 1,000 residents in a coastal area south of the fissures should their last exit route, be blocked by lava or become unsafe due to gaping cracks, County of Hawaii officials said.
At least 82 homes have been destroyed in the southeastern corner of Big Island and about 2,000 people have been ordered evacuated since Kilauea began erupting on May 3. (Reporting by Jolyn Rosa; writing and additional reporting by Jonathan Allen; Editing by Scott Malone and Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano/vertical-plume-of-ash-explodes-from-hawaii-volcano-idUSL2N1T00I0 |
May 25, 2018 / 4:22 AM / Updated 16 minutes ago Two men set off bomb in restaurant in Canada; 15 wounded Reuters Staff 2 Min Read
TORONTO (Reuters) - Two unidentified men walked into a restaurant on Thursday in the Canadian city of Mississauga and set off a bomb, wounding more than a dozen people, and then fleeing, local police said. A police officer walks in front of Bombay Bhel restaurant, where two unidentified men set off a bomb late Thursday night, wounding more than a dozen people, in Mississauga, Ontario, Canada May 25, 2018. REUTERS/Mark Blinch
The blast went off in the Bombay Bhel restaurant at about 10:30 p.m local time. Fifteen people were taken to hospital, three of them with critical injuries, the Peel Regional Paramedic Service said in a Tweet.
The two male suspects fled after detonating their improvised explosive device, Peel Regional Police said in a Tweet. No one has claimed responsibility, and the motive for the attack was not known.
Police posted a photograph on Twitter showing two people with dark zip-up hoodies walking into an establishment. One appeared to be carrying an object. Slideshow (6 Images)
Peel Police said one suspect was in his mid-20s, stocky, and wore dark blue jeans and a dark zip-up hoody pulled over his head, with black cloth covering his face. The second was thin, and wore faded blue jeans, a grey t-shirt and a dark zip-up hoody over his head, also with his face covered.
Roads in the area were closed and a large police presence was at the scene, with heavily armed tactical officers arriving as part of the large emergency response, local media reported.
The attack in Mississauga comes a month after a driver ploughed his white Ryder rental van into a lunch-hour crowd in Toronto, killing 10 people and injuring 15 .
Mississauga is Canada’s sixth-largest city, with a population of 700,000 people, situated on Lake Ontario about 20 miles (32 km) west of Toronto. Reporting by Brendan O'Brien, Denny Thomas, editing by Robert Birsel, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-canada-explosion/about-15-people-injured-in-explosion-in-canada-media-reports-idUKKCN1IQ0E6 |
NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- National Holdings Corporation (NASDAQ:NHLD) (“National” or the “Company”), a leading full service independent brokerage, investment banking, trading and asset management firm providing diverse services including tax preparation, today announced its financial results for the fiscal second quarter 2018.
Fiscal 2018 Second Quarter Financial Highlights:
• Record quarterly revenue of $60.3 million, versus $51.9 million for the fiscal second quarter 2017. Strategic hires, emphasis on diversified product offerings, and strong equity market activity contributed to this quarter’s performance.
• Investment banking continued to produce excellent results, generating $14.5 million of revenue, in line with the fiscal first quarter of 2018. Year to date Investment banking results are up 18% compared to the prior year to date.
• Adjusted EBITDA increased to $5.9 million, a record quarter, from a strong $4.3 million in the prior year quarter. Strategic investments in technology and enterprise risk management continue to impact profitability as we improve the company’s operating platform.
• Income before other expense and income taxes was $4.7 million, up 27% compared to profit of $3.7 million in the prior year quarter.
Pre-tax loss of $.7 million includes a non-operating, non-taxable loss of $5.6 million due to a change in the fair value of the firm’s warrant liability. The warrants were issued in early 2017, as part of the previously announced tender offer closing. The warrant agreement was amended on March 15 th , 2018, and accordingly this is the last quarterly period a gain or loss will be recorded.
The current quarter net loss of $2.3 million includes the non-operating, non-taxable $5.6 million loss in the current quarter from the fair value warrant liability change mentioned above.
• Cash and cash equivalents of $32.2 million and no debt as of March 31, 2018 versus $27.9 million as of September 30, 2017.
• Equity of $46.0 million as of March 31, 2018 versus $38.9 million as of September 30, 2017. The significant increase in equity period to period is due to the reclassification of the warrant liability to equity, the result of the change to the warrant agreement described above. Management Commentary
Michael Mullen, Chief Executive Officer of National Holdings Corporation stated, “It has been just over 18 months since our reorganization and refocus initiated with the successful closing of the Fortress Biotech tender for our company. It began with an almost complete remaking of the Board of Directors of our holding company and continued with substantive changes in the management team of our operating companies. I am proud to say the transformation has been powerful and this shines through not only in the outperformance we have seen quarter over quarter, but also the high-end talent that continues to join our thriving organization. We have optimized our team by increasing senior management positions across key risk management departments, while simultaneously exiting more than 200 and adding over 100 new financial advisors, to ensure all of our personnel share in the vision, focus and success of National. The cultural shift has permeated from the top down and we are extremely proud of the progress and success we have achieved in such a short period of time.”
Mr. Mullen continued, “While implementing these changes required a substantial investment, we know that we are building an extremely solid foundation which will aid in the continued success and growth of our business. Despite all of the changes, our assets under management have never been higher, and we have driven record revenues and earnings to date. Of particular success has been our proprietary banking results. Since the tender, we have closed 91 banking transactions with an aggregate deal value of $2.8 billion dollars, while generating record banking revenues of $59 million.”
Fiscal 2018 Second Quarter Financial Results
National reported second quarter 2018 revenue of $60.3 million, up $8.4 million or 16% over the second quarter of fiscal 2017. Total expenses increased $7.5 million or 16% to $55.7 million in the quarter.
Revenue
Our major revenue categories produced very strong results in the current quarter. The majority of the revenue increase in Q2 2018 was recorded in commissions and related fees, which increased to $33.2 million in the quarter, up $7.5 million, or 29%, due to significant hires and strong equity markets. Investment banking, investment management, and tax preparation and accounting all contributed strong revenue generation during the quarter.
Investment banking revenue of $14.5 million declined slightly from the $14.9 million recorded in the prior year quarter. Although results declined slightly, the number and diversification of deals conducted in the current quarter improved versus the comparative quarter. Through the first six months of fiscal 2018, investment banking revenue generated has increased 18%, compared to the same period in the prior year.
Investment advisory revenue increased $1.5 million, to $5.2 million, up 40% in the current quarter. Increased focus on this segment of our business combined with high asset values produced a very significant current quarter. Our assets under management continue to grow, adding to our percentage of recurring revenue.
Net dealer inventory gains declined to $2.8 million in the current quarter from $3.4 million in the prior year. We have concluded our analysis of this portion of our business and have eliminated certain trading silos. As a result, we expect our operating margins to improve as we focus our trading efforts on those specifically tailored to service our retail and institutional clients.
Tax preparation and accounting revenue improved to $3.9 million in the second quarter of 2018, traditionally our busiest quarter, versus the $3.1 million during the same period in the prior year, up 23%. This is a net increase as we have eliminated underperforming offices, while adding resources to other, stronger offices.
Expenses
Total expenses increased to $55.7 million in the current fiscal quarter, up $7.5 million, 16%, over the comparative quarter in fiscal 2017. Variable compensation expenses directly associated with overall revenue generation, and technology and enterprise risk management spending contributed to the majority of the increase.
Commissions, compensation and fees increased $7.6 million to $49.3 million in the current quarter. The increase in investment banking, commissions, and investment advisory revenue, and therefore compensation expense, contributed to the majority of the increase. As we have previously noted, planned infrastructure spending in technology development and enterprise risk management professionals and the related incremental employee benefits contributed to the increase.
All other operating expense categories declined $.1 million in total. Increases in technology spending across several categories were offset by slightly lower clearing, professional fee, and other administrative expense spending.
Earnings
Income before other expense and income taxes totaled $4.7 million, up 27%, versus income of $3.7 million in the prior year quarter. The loss before income taxes, which includes the change in the fair value of the firm’s warrant liability, totaled $.7 million, versus income of $5.6 million in the prior year quarter. The change in the fair value of the firm’s warrant liability is a market based adjustment that negatively impacted earnings in the current quarter by $5.6 million as noted, however positively impacted earnings in the prior year quarter by $1.8 million.
The impact of the re-valuation of the firm’s warrant liability is a non-operating, non-taxable earnings adjustment and should be viewed as such. Also, as noted above, due to an amendment to the 2016 warrant agreement, this is the last quarter that will be positively or negatively impacted by a warrant re-valuation.
The net loss for the current quarter totaled $2.3 million, versus income of $3.9 million in the prior year quarter. The variance is due entirely to the warrant valuation noted above.
The net loss per share, both basic and fully diluted, was $.18 in the second fiscal quarter of 2018, versus net income per share of $.31 in the comparable 2017 quarter.
Adjusted EBITDA increased to $5.9 million in the current quarter, from $4.3 million in prior year quarter.
Balance Sheet
As of March 31, 2018, National had $32.2 million of cash and cash equivalents, versus $27.9 million as of September 30, 2017. The Company's balance sheet remains debt free.
About National Holdings Corporation
National Holdings Corporation (NASDAQ:NHLD) is a full-service investment banking and asset management firm that, through its affiliates, provides a range of services, including independent retail brokerage and advisory services, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation and insurance, to corporations, institutions, high net-worth and retail investors. With over 1,000 advisors, registered reps, traders, sales associates and corporate staff, National Holdings operates through various subsidiaries including National Securities Corporation, National Asset Management, Inc., National Insurance Corporation, vFinance Investments, Inc., Gilman Ciocia, Inc. and GC Capital Corporation. Formed as a holding company in 1999, National Holdings’ largest subsidiary National Securities Corporation has been in business since 1947. National Holdings is headquartered in New York and Florida. For more information, visit www.nhldcorp.com. Fortress Biotech, Inc. (NASDAQ: FBIO) through its affiliate FBIO Acquisition, Inc., is a majority shareholder of NHLD.
FORWARD-LOOKING STATEMENTS
This press release may contain certain Any such statements, other than statements of historical fact, are based on management’s current expectations, estimates, projections, beliefs and assumptions about National Holdings, Inc., its current and prospective portfolio investments, and its industry. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond National Holdings, Inc.’s control, difficult to predict and could cause actual results to differ materially from those expected or forecasted in such Actual developments and results are likely to vary materially from these estimates and projections as a result of a number of factors, including those described from time to time in National Holdings, Inc.’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and National undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
CONTACTS:
Investor Relations:
Email: [email protected]
Telephone: +1 212 554 4351
NATIONAL HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31,
2018
(Unaudited) September 30,
2017 ASSETS Cash $ 27,211,000 $ 23,508,000 Restricted cash 1,383,000 1,381,000 Cash deposits with clearing organizations 836,000 1,041,000 Securities owned, at fair value 7,476,000 7,102,000 Receivables from broker-dealers and clearing organizations 2,709,000 2,850,000 Forgivable loans receivable 1,598,000 1,616,000 Other receivables, net 6,033,000 5,180,000 Prepaid expenses 1,681,000 2,490,000 Fixed assets, net 2,119,000 2,397,000 Intangible assets, net 5,225,000 4,843,000 Goodwill 5,217,000 5,217,000 Deferred tax asset, net 4,007,000 6,420,000 Other assets, principally refundable deposits 438,000 353,000 Total Assets $ 65,933,000 $ 64,398,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Securities sold, but not yet purchased, at fair value $ 8,000 $ 151,000 Accrued commissions and payroll payable 10,652,000 10,065,000 Accounts payable and accrued expenses 8,453,000 8,715,000 Deferred clearing and marketing credits 681,000 786,000 Warrants issued — 5,597,000 Other 158,000 181,000 Total Liabilities 19,952,000 25,495,000 Stockholders’ Equity Preferred stock, $0.01 par value, 10,000,000 shares authorized; none outstanding — — Common stock $0.02 par value, authorized 75,000,000 shares at March 31, 2018 and September 30, 2017; 12,489,501 and 12,437,916 shares issued and outstanding at March 31, 2018 and September 30, 2017, respectively 249,000 248,000 Additional paid-in-capital 84,339,000 66,955,000 Accumulated deficit (38,607,000 ) (28,315,000 ) Total National Holdings Corporation Stockholders’ Equity 45,981,000 38,888,000 Non-Controlling interest — 15,000 Total Stockholders’ Equity 45,981,000 38,903,000 Total Liabilities and Stockholders’ Equity $ 65,933,000 $ 64,398,000
NATIONAL HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Month Period Ended
March 31, Six Month Period Ended
March 31, 2018 2017 2018 2017 Revenues Commissions $ 31,407,000 $ 23,993,000 $ 57,025,000 $ 48,499,000 Net dealer inventory gains 2,761,000 3,423,000 3,666,000 5,967,000 Investment banking 14,532,000 14,916,000 29,079,000 24,608,000 Investment advisory 5,197,000 3,700,000 10,529,000 7,086,000 Interest and dividends 601,000 675,000 1,232,000 1,391,000 Transaction fees and clearing services 1,777,000 1,687,000 4,074,000 4,185,000 Tax preparation and accounting 3,868,000 3,144,000 4,391,000 4,000,000 Other 203,000 346,000 429,000 717,000 Total Revenues 60,346,000 51,884,000 110,425,000 96,453,000 Operating Expenses Commissions, compensation and fees 49,345,000 41,761,000 92,906,000 79,020,000 Clearing fees 578,000 618,000 1,321,000 1,356,000 Communications 813,000 682,000 1,572,000 1,404,000 Occupancy 1,141,000 937,000 2,096,000 1,944,000 License and registration 530,000 428,000 1,167,000 832,000 Professional fees 578,000 991,000 1,970,000 2,254,000 Interest 2,000 4,000 5,000 8,000 Depreciation and amortization 379,000 286,000 758,000 582,000 Other administrative expenses 2,287,000 2,475,000 4,113,000 3,705,000 Total Operating Expenses 55,653,000 48,182,000 105,908,000 91,105,000 Income before Other (Expense) Income and Income Taxes 4,693,000 3,702,000 4,517,000 5,348,000 Other (Expense) Income Gain on disposal of Gilman branches — 130,000 — 130,000 Change in fair value of warrant liability (5,597,000 ) 1,773,000 (11,194,000 ) 5,865,000 Other income 230,000 5,000 236,000 5,000 Total Other (Expense) Income (5,367,000 ) 1,908,000 (10,958,000 ) 6,000,000 (Loss) Income before Income Taxes (674,000 ) 5,610,000 (6,441,000 ) 11,348,000 Income tax expense 1,578,000 1,736,000 3,851,000 2,414,000 Net (Loss) Income $ (2,252,000 ) $ 3,874,000 $ (10,292,000 ) $ 8,934,000 Net (loss) income per share - Basic $ (0.18 ) $ 0.31 $ (0.83 ) $ 0.72 Net (loss) income per share - Diluted $ (0.18 ) $ 0.31 $ (0.83 ) $ 0.72 Weighted average number of shares outstanding - Basic 12,457,043 12,437,916 12,447,321 12,437,916 Weighted average number of shares outstanding - Diluted 12,457,043 12,461,882 12,447,321 12,450,178 The following table presents a reconciliation of EBITDA, as adjusted, to net income (loss) as reported in accordance with generally accepted accounting principles, or GAAP:
Three Months Ended
March 31, Six Months Ended
March 31, 2018 2017 2018 2017 Net (loss) income, as reported $ (2,252,000 ) $ 3,874,000 $ (10,292,000 ) $ 8,934,000 Interest expense 2,000 4,000 5,000 8,000 Income taxes 1,578,000 1,736,000 3,851,000 2,414,000 Depreciation 159,000 89,000 328,000 187,000 Amortization 220,000 197,000 430,000 395,000 EBITDA (293,000 ) 5,900,000 (5,678,000 ) 11,938,000 Non-cash compensation expense 418,000 183,000 676,000 183,000 Change in fair value of warrant liability 5,597,000 (1,773,000 ) 11,194,000 (5,865,000 ) Forgivable loan amortization 150,000 161,000 310,000 362,000 Gain on disposal of Gilman branches $ — $ (130,000 ) $ — $ (130,000 ) EBITDA, as adjusted $ 5,872,000 $ 4,341,000 $ 6,502,000 $ 6,488,000 EBITDA, adjusted for forgivable loan amortization, non-cash compensation expense and other non-recurring items, is a key metric we use in evaluating our business. EBITDA is considered a non-GAAP financial measure as defined by Regulation G, promulgated by the SEC.
Source:National Holdings Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-national-holdings-corporation-reports-financial-results-for-the-fiscal-second-quarter-2018.html |
To many banks, bitcoin and other digital currencies are a mania, or worse. But to a handful of small lenders, they are a moneymaker.
Take Silvergate Bank, a three-branch lender that until recently focused mostly on local businesses in the San Diego area. Last year, its assets nearly doubled to $1.9 billion from $978 million, largely because of business flowing in from crypto-related companies.
Big... RELATED VIDEO Bitcoin vs. Regulators: Who Will Win? As bitcoin has emerged from the underground world of nerds and criminals to become a mainstream investment, the risk of hacks and scandals has also blossomed. What's a government to do? The WSJ's Steven Russolillo travels the world (sort of) to see how regulators are responding to the remarkable rise of cryptocurrencies. Video: Sharon Shi and Crystal Tai To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/bitcoin-needs-bankers-too-a-handful-of-community-banks-say-yes-to-crypto-1526997601 |
SAN DIEGO, May 07, 2018 (GLOBE NEWSWIRE) -- Cytori Therapeutics, Inc. (NASDAQ:CYTX) will provide a live webcast of its first quarter financial results and business update on Thursday, May 10, 2018 at 5:30 PM Eastern Time.
The dial-in information is as follows:
Dial-In Number: +1.877.402.3914
Conference ID: 7194327
Prior to the webcast at approximately 4:30 PM Eastern Time on May 10, Cytori will issue its first quarter earnings release which will review Cytori’s first quarter performance. The webcast will be available both live and by replay two hours after the call in the “Webcasts” section of the company’s investor relations website.
About Cytori Therapeutics, Inc.
Cytori is a therapeutics company developing regenerative and oncologic therapies from its proprietary cell therapy and nanoparticle platforms for a variety of medical conditions. Cytori Nanomedicine™ is developing encapsulated therapies for regenerative medicine and oncologic indications using technology that allows Cytori to use the benefits of its encapsulation platform to develop novel therapeutic strategies and reformulate other drugs to optimize their clinical properties. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapy™ acts principally by improving blood flow, modulating the immune system, and facilitating wound repair. As a result, Cytori Cell Therapy™ may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care through Cytori’s proprietary technologies and products. For more information, visit www.cytori.com .
Cytori Therapeutics, Inc.
Tiago Girao, 1.858.458.0900
[email protected]
Source:Cytori Therapeutics Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-cytori-to-webcast-first-quarter-financial-results-on-may-10.html |
Michael Avenatti, the lawyer for former adult-film actress Stephanie Clifford, withdrew a bid to participate in proceedings related to the criminal investigation into President Donald Trump’s personal lawyer, shortly after other lawyers and a federal judge raised concerns in court about his behavior in the matter.
Mr Avenatti withdrew his motion after U.S. District Judge Kimba M. Wood issued a stern warning, saying if she allowed him to participate in the case involving Michael Cohen, Mr. Avenatti would have to change his... RELATED VIDEO Trump's Responses to the Stormy Daniels Allegations President Donald Trump said Thursday that his lawyer Michael Cohen was reimbursed for a payment Mr. Cohen made to former adult film star Stormy Daniels to keep her quiet about an alleged sexual encounter with Mr. Trump. Here are some of the responses by Mr. Trump and the White House to the allegations over the past few months. Photo: Getty To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/michael-avenatti-withdraws-bid-to-appear-before-judge-in-cohen-probe-1527703364 |
We may be at the beginnings of a new bull market, says expert 1 Hour Ago Kevin Mahn, Hennion & Walsh president and CIO, and Michael Farr, Farr, Miller & Washington president and CEO, discuss the current state of the markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/we-may-be-at-the-beginnings-of-a-new-bull-market-says-expert.html |
(Adds milestones, background)
NEW YORK, May 14 (Reuters) - U.S. shale production is expected to rise by about 145,000 barrels per day to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.
A majority of the increase is expected to come from the Permian basin, the biggest U.S. oil patch, where output is expected to climb 78,000 bpd to a fresh record of 3.28 million bpd, the EIA said in its monthly drilling productivity report here #tabs-summary-2.
Soaring Permian crude production has already outpaced pipeline takeaway capacity, depressing prices in the region and leaving traders scrambling for alternatives to get crude to market.
Bakken output is expected to rise 20,000 bpd to 1.24 million bpd, the highest since June 2015, while Eagle Ford production is set to rise 33,000 bpd to 1.39 million bpd, the highest since February 2016.
Production in the United States has surged thanks to the shale boom, helping send U.S. crude futures’ discount to international benchmark Brent crude futures WTCLc1-LCOc1 to the widest in six months.
Meanwhile, U.S. natural gas production was projected to increase to a record 68.1 billion cubic feet per day (bcfd) in June. That would be up almost 1.1 bcfd over the May forecast and would be the fifth monthly increase in a row.
A year ago in June output was just 56.4 bcfd.
The EIA projected gas output would increase in all of the big shale basins in June.
Output in the Appalachia region, the biggest shale gas play, was set to rise almost 0.4 bcfd to a record high of 28.1 bcfd in June. Production in Appalachia was 23.5 bcfd in the same month a year ago.
EIA said producers drilled 1,297 wells and completed 1,242 in the biggest shale basins in April, leaving total drilled but uncompleted wells up 55 at a record high 7,677, according to data going back to December 2013.
Reporting by Devika Krishna Kumar and Scott DiSavino in New York Editing by Phil Berlowitz and Tom Brown
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-oil-productivity/update-1-u-s-shale-output-to-rise-to-record-7-18-mln-bpd-in-june-eia-idUSL2N1SL1DC |
May 16 (Reuters) - Progressive Corp:
* PROGRESSIVE CORP - BOARD OF DIRECTORS RENEWED CO'S AUTHORIZATION TO REPURCHASE UP TO 25 MILLION OF COMMON SHARES Source text: [ bit.ly/2IkIR2Y ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-progressive-corp-says-board-of-dir/brief-progressive-corp-says-board-of-directors-renewed-cos-authorization-to-repurchase-up-to-25-mln-of-common-shares-idUSFWN1SN0OO |
Senior French and German officials Friday said they were looking to help European firms escape the brunt of the reimposition of U.S. sanctions on Iran, while considering longer-term measures to blunt Washington’s powers to penalize European companies from afar.
In the short term, officials said, governments have little choice but to plead for leniency from the Trump administration, which has been in talks with European capitals after President Donald Trump’s decision this week to withdraw the U.S. from the Iranian nuclear... | ashraq/financial-news-articles | https://www.wsj.com/articles/european-officials-look-to-blunt-impact-of-renewed-u-s-sanctions-on-iran-1526060929 |
May 1, 2018 / 5:47 PM / Updated an hour ago Rushed testing, poor communication played role in British TSB outage - contractors Reuters Staff
* Customers still complaining as IT outage enters second week
* Testing that might have prevented problems was skipped -insiders
* Lawmakers to grill bank executives on Wednesday
By Lawrence White
LONDON, May 1 (Reuters) - A computer systems migration at Britain’s TSB bank that left up to 1.9 million customers unable to access their accounts was hindered by rushed and inadequate testing and poor internal communication, two contractors who worked on the project said.
TSB, bought in 2015 by Spain’s Sabadell Bank from Lloyds Banking Group, was migrating to Sabadell’s in-house developed system, Proteo, from legacy systems for which it had been paying Lloyds around a hundred million pounds a year.
TSB customers started reporting problems making bill and mortgage payments within hours of the migration over the weekend of April 21-22. On Tuesday, clients were still complaining on social media.
Two IT contractors who managed employees involved in the migration up until late last year told Reuters that testing of the different systems was not as thorough as it could have been at that time because TSB rushed as it neared a self-imposed deadline of November 2017, later extended to April 2018. TSB rejected that view, telling Reuters testing was “extensive”.
“There wasn’t time to test everything, digital and mobile payment testing weren’t properly scoped, so it wasn’t a surprise to me when it went live last week and those parts didn’t work,” said one source, a project manager who oversaw people working on the upgrade, referring to the testing up to the first deadline.
A second source, a software tester, said tests were in some cases poorly designed or rushed in order to meet the initial project launch date. He also cited a lack of communication between IT and the business about who was managing the testing.
“There were multiple daily failures in Proteo that would go on sometimes for five days and a lack of adequate training on Proteo, meaning testing was conducted based on knowledge of the legacy systems,” the tester said.
The project manager stopped working for the company when his contract ended in December. The tester left around the same time. Both said they have kept in touch with colleagues still working at the bank and were told the situation had not changed.
Reuters contacted several contractors and TSB staff currently working on the project but none were willing to talk.
TSB, which has apologised to customers and pledged an investigation, declined to comment on the specific allegations but disputed any shortcomings in its testing.
“We are working round the clock to put things right and to keep our customers informed about the latest position. This is our priority at the moment,” it said in a statement to Reuters.
“There was extensive testing that was completed before migration. There will of course be an investigation into why the migration did not go as expected.”
TSB chief executive Paul Pester and chairman Richard Meddings are due to appear at a parliamentary hearing on Wednesday to explain how the problems occurred and what they are doing to fix them. SOFTWARE UPGRADES
Banks around the world face the potential for similar crises as they upgrade aging computer systems after decades of under-investment and stitch together different platforms from a wave of mergers.
The sources described the Lloyds system as complicated because it was created by amalgamating many systems as Lloyds acquired rivals leading up to the 2008 financial crisis.
Banks have been fined in the past for technical problems. The Royal Bank of Scotland was fined 56 million pounds by regulators in 2014 over a botched software upgrade in June 2012 that left millions of customers unable to access accounts.
TSB said it will cancel overdraft fees for the month of April and increase interest payments to savers as it tries to prevent a customer exodus in the wake of the outage. Sabadell said it is too early to estimate the costs of the incident.
It has had to bring in remedial teams from IBM to help try and stem the crisis, while Britain’s Financial Conduct Authority has sent in its own team to investigate.
An FCA spokeswoman said: “We are working with the firm to ensure customers are properly communicated with and are not left out of pocket. We’ll be talking to the firm to understand exactly what went wrong.”
On a call to discuss the bank’s annual results on Thursday, Pester told Reuters he did not know whether the problem was in infrastructure, servers or the software communications layer.
Asked whether the issue could be poor testing and communications, he said he was not aware of problems in those areas.
“If he (your source) is so knowledgeable, he can come and help IBM fix it,” he said. (Additional reporting by Eric Auchard, Emma Rumney and Huw Jones Editing by Sonya Hepinstall) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-tsb/rushed-testing-poor-communication-played-role-in-british-tsb-outage-contractors-idUSL3N1S468U |
LONDON, May 24 (Reuters) - Turkish sovereign dollar bonds rose across the curve on Thursday after the central bank raised its key interest rate by 300 basis points the previous evening in an attempt to arrest the plunge in the lira.
The gains were greatest at the long end of the curve according to Tradeweb data, with the February 2034 issue up 1.7 cents to 105.1 cents.
The May 2040 eurobond and the February 2045 issue also gained 1.6-1.8 cents.
Reporting by Claire Milhench Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-bonds-debt/turkish-dollar-bonds-rise-after-emergency-rate-hike-idUSL5N1SV1SU |
WASHINGTON (Reuters) - An American consulate worker at a U.S. consulate in southern China has returned to the United States for further evaluation after reporting symptoms that appear similar to those of head concussion or mild brain injury, the U.S. State Department said on Wednesday.
The department’s statement came as the U.S. government issued a health warning to Americans in China over the incident that it described as “subtle and vague, but abnormal, sensations of sound and pressure.”
Reporting by Lesley Wroughton; Writing by Makini Brice and Susan Heavey; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-usa-health-statedepartment/u-s-says-american-consulate-worker-in-china-back-in-u-s-after-abnormal-injury-idUSKCN1IO24A |
SÃO PAULO, May 9, 2018 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3: GOLL4) , Brazil's #1 airline, reviews its financial outlook for full year of 2018 and 2019. Given the recent increase in oil prices and the currency depreciation, the Company has adjusted down its 2018 capacity growth estimates until the arrival of its 737 Max 8 aircraft that burn 15% less fuel than the 737 NG aircraft.
The Company's guidance highlights key metrics which impact financial results and drive long-term shareholder value. GOL provides forward-looking information that is focused on the main metrics the Company uses to measure business performance. These indicators are useful for analysts and investors who project GOL's results.
Financial Outlook
2018E
2019E 1
(Consolidated, IFRS)
Previous
Revised
Total fleet (average)
118
117
122 to 124
ASKs, System (% change)
1 to 3
1 to 2
5 to 10
- Domestic
0 to 3
0 to 2
1 to 3
- International
7 to 10
6 to 8
30 to 40
Seats, System (% change)
1 to 3
0 to 2
3 to 5
Departures, System (% change)
1 to 3
0 to 2
2 to 5
Average load factor (%)
79 to 80
79 to 80
79 to 81
Cargo and other revenues (R$ billion)
~ 1.6
~ 1.2 2
~ 1.6 2
Total net revenues (R$ billion)
~ 11
~ 11
~ 12
Non-fuel CASK (R$ cents)
~ 15
~ 14
~ 15
Fuel liters consumed (mm)
~ 1,400
~ 1,380
~ 1,440
Fuel price (R$ / liter)
~ 2.2
~ 2.5
~ 2.6
Aircraft rent (R$ mm)
~ 950
~ 960
~ 1,000
EBITDA margin (%)
~ 16
~ 16
~ 18
Operating (EBIT) margin (%)
~ 11
~ 11
~ 13
Net financial expense (R$ mm)
-
~ 650
~ 500
Effective income tax rate (%)
~ 0
~ 5
~ 0
Capital expenditures (R$ mm)
~ 600
~ 700
~ 600
Net Debt 3 / EBITDA (x)
~ 3.0x
~ 2.8x
~ 2.5x
Fully-diluted shares outstanding (million)
347.7
348.4
348.4
Earnings per share – fully diluted 4 (R$)
1.20 to 1.40
0.90 to 1.10
1.70 to 2.30
Fully-diluted ADS outstanding (million)
173.9
174.2
174.2
Earnings per ADS – fully diluted 4 (US$)
0.75 to 0.90
0.50 to 0.65
1.00 to 1.50
(1) 2019 do not consider IFRS 16; (2) 2018 and 2019 consider IFRS 15; (3) Excluding perpetual bonds; (4) After participation of minority interest in Smiles S.A..
The current guidance may be adjusted in order to incorporate the evolution of GOL's operating and financial performance and any eventual changes to the Brazilian economy and GOL's broader economic environment, including variations in such variables as GDP growth, interest rate, exchange rate, and WTI and Brent oil price trends.
Investor Relations
[email protected]
www.voegol.com.br/ir
+55 (11) 2128-4700
About GOL Linhas Aéreas Inteligentes S.A.
Brazil's largest airline group. GOL is Brazil's largest airline, carrying 33 million passengers annually on more than 700 daily flights to 65 destinations, 54 in Brazil and 11 in South America and the Caribbean, on a fleet of 120 Boeing 737 aircraft, with a further 120 Boeing 737 MAX on order. GOLLOG is a leading cargo transportation and logistics business serving more than 3,300 Brazilian municipalities and, through partners, 205 international destinations in 95 countries. SMILES is one of the largest coalition loyalty programs in Latin America, with over 13 million registered participants, allowing clients to accumulate miles and redeem tickets for more than 700 locations worldwide. GOL has a team of more than 15,000 highly skilled aviation professionals delivering Brazil's top on-time performance, and an industry leading 17 year safety record. GOL's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information visit www.voegol.com.br/ir .
Disclaimer
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL's management. Such forward-looking statements depend, substantially, on external factors, in addition to the risks disclosed in GOL's filed disclosure documents and are, therefore, subject to change without prior notice. The Company's non-financial information was not reviewed by the independent auditors.
Non-GAAP Measures
To be consistent with industry practice, we disclose so-called non-GAAP financial measures which are not recognized under IFRS or U.S. GAAP, including "Net Debt", "Adjusted Net Debt", "total liquidity", "EBITDA" and EBITDAR". Our management believes that disclosure of non-GAAP measures provides useful information to investors, financial analysts and the public in their review of our operating performance and their comparison of our operating performance to the operating performance of other companies in the same industry and other industries. However, these non-GAAP items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other companies. Potential investors should not rely on information not recognized under IFRS as a substitute for the GAAP measures of earnings or liquidity in making an investment decision.
View original content: http://www.prnewswire.com/news-releases/gol-reviews-financial-outlook-300645310.html
SOURCE GOL Linhas Aéreas Inteligentes S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-gol-reviews-financial-outlook.html |
JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended March 31, 2018.
First Quarter 2018 Highlights
First quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.31 per diluted share. First quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.96 per diluted share. Same property Net Operating Income (“NOI”) as adjusted, excluding termination fees, increased 4.0% as compared to the same period in the prior year, which reflects adjustments for the Equity One merger. As of March 31, 2018, the same property portfolio was 95.7% leased. As of March 31, 2018, a total of 19 properties were in development or redevelopment representing a total investment of approximately $454 million. Acquired three shopping centers during the quarter and one subsequent to quarter end for approximately $134 million. Repurchased 2.145 million shares of common stock at an average price of $58.24 per share for $125 million as part of the Company’s previously announced stock repurchase program. Completed a public offering of $300 million 4.125% notes due 2028 (the “Notes”) and increased the size of its unsecured revolving credit facility (the “Facility”) to $1.25 billion while extending the maturity date of the Facility to 2023. On April 26, 2018, Lisa Palmer and Deirdre J. Evens were elected to Regency’s Board of Directors (the “Board”) along with nine returning directors.
“Well conceived and well merchandised shopping centers, located in affluent and dense infill communities and neighborhoods, remain a critical component to a retailers success, as demonstrated by another quarter of solid results from Regency’s preeminent portfolio” stated Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Regency’s unequaled combination of strategic advantages will continue to enable us to meet the challenges of the ever-changing retail environment and further position us to attract winning retailers and grow shareholder value.”
Financial Results
Regency reported Net Income for the first quarter of $52.7 million, or $0.31 per diluted share compared to the Net Loss Attributable to Common Stockholders (“Net Loss”) of $33.2 million, or $0.26 per diluted share, for the same period in 2017. Net Income for the first quarter included impairments in the amount of $16.1 million, or $0.09 per diluted share, primarily from an asset currently under contract for sale. The Net Loss in the first quarter of 2017 includes one-time merger related costs of $69.7 million, or $0.55 per share.
The Company reported NAREIT FFO for the first quarter of $164.9 million, or $0.96 per diluted share, compared to $34.2 million, or $0.27 per diluted share, for the same period in 2017. NAREIT FFO in the first quarter of 2017 includes one-time merger related costs of $69.7 million, or $0.55 per share.
The Company reported Operating FFO for the first quarter of $152.2 million, or $0.89 per diluted share, compared to $106.2 million, or $0.84 per diluted share, for the same period in 2017.
Operating Results
First quarter same property NOI as adjusted, excluding termination fees, increased 4.0% compared to the same period in 2017 driven primarily by base rent growth. In light of the merger with Equity One on March 1, 2017, same property NOI as adjusted is presented on a pro forma basis as if the merger had occurred January 1, 2017. Please refer to the Company’s supplemental package for additional details.
As of March 31, 2018, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships was 95.1% leased. The same property portfolio was 95.7% leased, which is a decrease of 40 basis points sequentially and flat from the same period in 2017.
For the three months ended March 31, 2018, Regency executed approximately 1.0 million square feet of comparable new and renewal leases at blended rent spreads of 8.4%. Rent spreads on new and renewal leases were 15.5% and 6.8%, respectively.
Investments
Property Transactions
During the quarter the Company closed on $64.9 million of acquisitions, as previously disclosed, and $3.5 million of dispositions.
Ballard Blocks I (Seattle, WA) – The Company acquired a 49.9% equity interest in Ballard Blocks I, an operating 132,000 square foot shopping center, anchored by Trader Joe’s, for $27.2 million. Regency also acquired a 49.9% interest in adjacent land, and concurrently announced the development start of Ballard Blocks II (description below). District at Metuchen (Metuchen, NJ) – Regency and a co-investment partner acquired District at Metuchen, a 67,000 square foot Whole Foods Market anchored shopping center located in the New York metro area for a gross purchase price of $33.8 million. The Company’s share of the purchase price was $6.8 million. Hewlett Crossing I & II (Hewlett, NY) – The Company acquired Hewlett Crossing I, a 32,000 square foot retail center anchored by Petco, for a gross purchase price of $19.5 million. A secured mortgage of $9.7 million was assumed at closing. Regency also acquired the adjacent Hewlett Crossing II, a 20,000 square foot neighborhood retail center anchored by Duane Reade, for a gross purchase price of $11.4 million. Regency will operate the two centers as a single center known as Hewlett Crossing. Regency sold one Winn-Dixie anchored operating property for a gross purchase price of $3.5 million located in Jacksonville, FL.
Subsequent to quarter end, Regency closed on a $68.9 million acquisition and one disposition for $10.6 million.
Rivertowns Square (Dobbs Ferry, NY) – Regency acquired Rivertowns Square, a 116,000 square foot retail shopping center, anchored by Brooklyn Harvest Market, a specialty grocer with seven existing locations in the New York metro area, for a gross purchase price of $68.9 million. Regency sold one operating property for a gross purchase price of $10.6 million located in Palm Coast, FL.
Developments and Redevelopments
As previously disclosed, during the quarter the Company started one ground up development project.
Ballard Blocks II (Seattle, WA) – Ballard Blocks II is an 114,000 square foot joint venture development anchored by PCC Community Markets. Regency’s pro-rata share of estimated development cost is $31.1 million with a projected 6.3% stabilized yield.
At quarter end, the Company had 19 properties in development or redevelopment with combined, estimated net development costs of approximately $454 million. In-process development projects were a combined 61% funded and 80% leased, and are expected to yield an average return of 7.2%.
During the quarter, Regency completed five redevelopment projects with combined costs of approximately $126.7 million, which includes the redevelopment at Serramonte Shopping Center. The redevelopment at Serramonte Shopping Center was completed with costs of $116.2 and includes 250,000 square feet of new retail including the addition of Nordstrom Rack, Ross, TJ Maxx and Dave & Busters.
Capital Markets
Stock Repurchase Program
During the quarter, Regency purchased 2.145 million shares of common stock at an average price of $58.24 per share for $125 million under its stock repurchase program, which authorizes share repurchases up to $250 million. This program is scheduled to expire on February 6, 2020. The timing of share repurchases under this program depends upon marketplace conditions and other factors, and the program remains subject to the discretion of the Board.
Debt Offering
As previously disclosed on February 28, 2018, the Company’s operating partnership, Regency Centers, L.P., priced a public offering of $300 million 4.125% notes due 2028. The Notes are due March 15, 2028 and were priced at 99.837%. Interest on the Notes is payable semiannually on March 15 th and September 15 th of each year, with the first payment on September 15, 2018. Net proceeds of the offering have been used to repay in full $150 million 6.0% notes originally due June 15, 2020, including a make-whole premium of approximately $10.5 million, which was redeemed on April 2, 2018, and to reduce the outstanding balance on the line of credit. The balance of the net proceeds of the offering are intended to be used to repay approximately $115 million in 2018 mortgage maturities with an average interest rate of 6.3% and for general corporate purposes.
Unsecured Revolving Credit Facility
As previously disclosed on March 26, 2018, the Company closed on its amended and restated unsecured revolving credit facility. The amendment and restatement increased the size of the Facility to $1.25 billion from $1.0 billion and extended the maturity date to March 23, 2022, with options to extend maturity for two additional six-month periods. Borrowings now bear interest at an annual rate of LIBOR plus 87.5 basis points, subject to the Company’s credit ratings, compared to a rate of 92.5 basis points under its previous Facility. An annual facility fee of 15 basis points, subject to the Company’s credit ratings, applies to the entire $1.25 billion Facility.
Dividend
On April 25, 2018, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.555 per share. The dividend is payable on May 30, 2018, to shareholders of record as of May 16, 2018.
Board Changes
At the Annual Shareholders meeting on April 26, 2018, Lisa Palmer and Deirdre J. Evens were elected to Regency’s Board of Directors along with nine returning directors. Ms. Palmer, Regency’s President and Chief Financial Officer, has been with the Company for over 20 years and has extensive experience in finance and capital markets, operations, public board strategy and governance. Ms. Evens, Chief of Operations of Iron Mountain Incorporated (NYSE: IRM), brings a strong background in corporate strategy, addressing technological change, marketing, and human resources. Regency believes that the quality, dedication, and chemistry of Regency’s Board are characteristics vital to the Company’s success and are further enhanced through these additions.
2018 Guidance
The Company has updated certain components of its 2018 earnings guidance. Please refer to the Company’s first quarter 2018 supplemental information package for a complete list of updates. Updated guidance for NAREIT FFO includes a one-time charge of $10.5 million, or $0.06 per diluted share, for the early the redemption of the Company’s $150 million 6.0% Senior Unsecured Notes originally due June 15, 2020, that occurred subsequent to the quarter. Updated guidance for NAREIT FFO also includes a non-cash income benefit of $6.0 million, or $0.04 per diluted share, for the required recognition of the unamortized below market rent intangible for a Toys R Us lease that was purchased at auction.
2018 Guidance
Previous
Guidance
Updated
Guidance
Net Income Attributable to Common Stockholders (“Net Income”) $1.47 - $1.56 $1.33 - $1.38 NAREIT Funds From Operations (“NAREIT FFO”) per diluted share $3.73 - $3.82 $3.74 - $3.79 Operating Funds From Operations ("Operating FFO") per diluted share $3.48 - $3.54 $3.49 - $3.54 Same Property Net Operating Income (“SPNOI”) Growth excluding
termination fees (pro-rata)
2.25% - 3.25% 2.40% - 3.25% Conference Call Information
To discuss Regency’s first quarter results, the Company will host a conference call on Tuesday, May 1, 2018, at 11:00 a.m. EDT. Dial-in and webcast information is listed below.
First Quarter Earnings Conference Call Date: Tuesday, May 1, 2018 Time: 11:00 a.m. EDT Dial#: 877-407-0789 or 201-689-8562 Webcast: investors.regencycenters.com
Replay
Webcast Archive: Investor Relations page under Events & Webcasts
Non-GAAP Disclosure
The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as it believes these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, the Company believes presenting its pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains and losses from dispositions of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered a substitute measure of cash flows from operations. Operating FFO is an additional performance measure that excludes from NAREIT FFO: (a) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments. The Company provides a reconciliation of Net Income to NAREIT FFO and Operating FFO for actual results.
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Operating FFO - Actual (in thousands)
For the Periods Ended March 31, 2018 and 2017 Three Months Ended
Year to Date
2018
2017
2018
2017
Reconciliation of Net Income (Loss) to NAREIT FFO: Net Income (Loss) Attributable to Common Stockholders $ 52,660 (33,223)
$ 52,660 (33,223 ) Adjustments to reconcile to NAREIT Funds From Operations (1) : Depreciation and amortization (excluding FF&E) 96,197 67,444 96,197 67,444 Provision for impairment to operating properties 16,054 - 16,054 - Gain on sale of operating properties (102 ) (12 ) (102 ) (12 ) Gain on remeasurement of investment in real estate partnership - - - - Exchangeable operating partnership units 111 (19 ) 111 (19 ) NAREIT Funds From Operations $ 164,920 34,190 $ 164,920 34,190 Reconciliation of NAREIT FFO to Operating FFO: NAREIT Funds From Operations $ 164,920 34,190 $ 164,920 34,190 Adjustments to reconcile to Operating Funds From Operations (1) : Acquisition pursuit and closing costs - 27 - 27 Income tax benefit - - - - Gain on sale of land (107 ) (404 ) (107 ) (404 ) Provision for impairment to land - - - - Loss on derivative instruments and hedge ineffectiveness - (8 ) - (8 ) Early extinguishment of debt 162 - 162 - Interest on bonds for period from notice to redemption 600 - 600 - Merger related costs - 69,732 - 69,732 Merger related debt offering interest - 975 - 975 Preferred redemption costs - 9,368 - 9,368 Hurricane losses - - - - Straight line rent, net (4,081 ) (3,365 ) (4,081 ) (3,365 ) Above/below market rent amortization, net (8,422 ) (3,719 ) (8,422 ) (3,719 ) Debt premium/discount amortization (899 ) (641 ) (899 ) (641 ) Operating Funds From Operations $ 152,173 106,155 $ 152,173 106,155 Weighted Average Shares For Diluted Earnings per Share 170,959 126,649
170,959 126,649 Weighted Average Shares For Diluted FFO and Operating FFO per Share 171,309 127,051
171,309 127,051 (1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of net income to pro-rata same property NOI.
Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Pro-Rata Same Property NOI as adjusted - Actual (in thousands)
For the Periods Ended March 31, 2018 and 2017 Three Months Ended
Year to Date
2018
2017
2018
2017
Net Income (Loss) Attributable to Common Stockholders $ 52,660 (33,223 ) $ 52,660 (33,223 ) Less: Management, transaction, and other fees (7,158 ) (6,706 ) (7,158 ) (6,706 ) Income tax benefit - - - - Gain on sale of real estate (96 ) (415 ) (96 ) (415 ) Other (1) (14,173 ) (8,196 ) (14,173 ) (8,196 ) Plus: Depreciation and amortization 88,525 60,053 88,525 60,053 General and administrative 17,606 17,673 17,606 17,673 Other operating expense, excluding provision for doubtful accounts 437 70,945 437 70,945 Other expense (income) 52,969 26,102 52,969 26,102 Equity in income of investments in real estate excluded from NOI (2) 15,093 14,334 15,093 14,334 Net income attributable to noncontrolling interests 805 652 805 652 Preferred stock dividends and issuance costs - 11,856 - 11,856 NOI 206,668 153,075 206,668 153,075 Less non-same property NOI (3) (2,496 ) (1,051 ) (2,496 ) (1,051 ) Plus same property NOI for non-ownership periods of Equity One (4) - 43,757 - 43,757 Same Property NOI as adjusted $ 204,172 195,781 $ 204,172 195,781 Same Property NOI as adjusted without Termination Fees $ 203,110 195,301 $ 203,110 195,301 Same Property NOI as adjusted without Termination Fees or Redevelopments $ 180,401 175,831 $ 180,401 175,831 (1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests. (2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, and interest expense. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. (4) Refer to page ii of the Company's first quarter 2018 supplemental package for Same Property NOI detail for the non-ownership periods of Equity One. Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Operating FFO — Guidance (per diluted share)
Full Year NAREIT FFO and Operating FFO Guidance: 2018 Net income attributable to common stockholders $ 1.33 1.38 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.32 2.32 Provision for impairment 0.09 0.09 NAREIT Funds From Operations $ 3.74 3.79 Adjustments to reconcile NAREIT FFO to Operating FFO: Early extinguishment of debt 0.06 0.06 Other non-comparable costs 0.01 0.01 Straight line rent, net (0.10) (0.10) Market rent amortization, net (0.20) (0.20) Debt mark-to-market (0.02) (0.02) Operating Funds From Operations $ 3.49 3.54 The Company has published forward-looking statements and additional financial information in its first quarter 2018 supplemental information package that may help investors estimate earnings for 2018. A copy of the Company’s first quarter 2018 supplemental information will be available on the Company's website at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended March 31, 2018. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.
About Regency Centers Corporation (NYSE: REG)
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit regencycenters.com .
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006489/en/
Regency Centers Corporation
Laura Clark, 904-598-7831
[email protected]
Source: Regency Centers Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-regency-centers-reports-first-quarter-2018-results.html |
May 9 (Reuters) - PRA Group Inc:
* Q1 REVENUE $223.2 MILLION VERSUS I/B/E/S VIEW $208.5 MILLION
* Q1 EARNINGS PER SHARE $0.47 * Q1 EARNINGS PER SHARE VIEW $0.35 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pra-group-reports-q1-earnings-per/brief-pra-group-reports-q1-earnings-per-share-of-0-47-idUSL8N1SGA92 |
Washington Capitals defenseman Michal Kempny has been fined $2,419.35 for cross-checking Tampa Bay Lightning forward Cedric Paquette during Game 2 of the Eastern Conference finals on Sunday, the NHL’s Department of Player Safety announced Monday.
May 11, 2018; Tampa, FL, USA; Washington Capitals left wing Alex Ovechkin (8) celebrates with goaltender Braden Holtby (70) after defenseman Michal Kempny (6) (not pictured) scored a goal during the first period of game one of the Eastern Conference Final in the 2018 Stanley Cup Playoffs at Amalie Arena. Mandatory Credit: Kim Klement-USA TODAY Sports The amount of the fine is the maximum allowable under the collective bargaining agreement.
Kempny delivered a blow with his stick to Paquette’s face at 6:55 of the third period. He received a minor penalty for cross-checking.
The Capitals lead the series 2-0. Game 3 is Tuesday in Washington.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-wsh-kempny-fined/capitals-defenseman-michal-kempny-fined-for-cross-checking-idUSKCN1IG0KZ |
May 4 (Reuters) - Baloise Holding Ltd:
* ENTERS STRATEGIC ALLIANCE IN SWITZERLAND WITH THE DIGITAL ASSET MANAGEMENT PLATFORM ‘VALOO’ Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-baloise-holding-enters-strategic-a/brief-baloise-holding-enters-strategic-alliance-with-valoo-idUSFWN1SA1EX |
Germany's Chancellor Angela Merkel has signaled that the European Union is willing to discuss reducing trade tariffs with the U.S., but only if the measures are reciprocal.
Merkel also added that those discussions would only happen if the U.S. ensured the EU was permanently exempted from import tariffs on metals that President Donald Trump announced in March.
"We have a common position. We want a permanent exemption and then we are ready to talk how we can reciprocally reduce the barriers to trade," Merkel said, according to Reuters, as she arrived at a summit of EU leaders in Sofia, Bulgaria Thursday.
Trump imposed import duties of 25 percent on steel and 10 percent on aluminum but granted EU producers a temporary exemption until June 1.
Merkel's comments mark a shift in her, and Europe's, position over trade tariffs and import duties that Trump said were necessary for "national security."
Previously, the EU's trade commissioner said the tariff proposals were tantamount to "threats" and "bullying" while the Belgian Prime Minister Charles Michel and French President Emmanuel Macron likened the temporary extension to having a "gun to our head," Reuters reported in March.
'Friendlier tone' Reacting to the comments, the chief economist and head of GAM Investment Solutions told CNBC he didn't think Europe's offer would be enough to sway Trump.
"I think the key word in her statement was 'reciprocal' and the Americans are looking for something unilateral. They want the Europeans to cut some tariffs to open up some opportunities in exchange for this permanent exemption," Larry Hatheway told CNBC's "Squawk Box Europe" on Thursday.
"But she used the word 'reciprocal,' in other words, 'we'll lower our tariffs if you lower yours' — well, that's not really offering the Trump administration very much. Yes, it's a friendlier tone perhaps than the Japanese are adopting at the moment but nevertheless it's probably not good enough," he said.
Meanwhile, German economist Carsten Brzeski said the comments revealed Merkel's trademark pragmatism.
"On Merkel, this is again her very pragmatic approach," Brzeski, chief economist at ING, told CNBC in an email.
"(You) could call this 'trade before pride' and it makes sense. It is Merkel's strength to get emotions out of a debate. In the trade conflict, looking at the facts, focusing on each other's arguments and trying to find a compromise," he said.
Noting that her comments were a far cry from her colleague French President Emmanuel Macron's "gun to the head" comments, Brzeski said Merkel "has waited a bit until most (of her) alpha male colleagues have calmed down" before commenting. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/merkel-says-the-eu-is-now-ready-to-talk-trade-tariffs-with-trump--but-with-some-caveats.html |
CALGARY, Alberta, May 07, 2018 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX:PRQ) is pleased to report financial and operating results for the first quarter of 2018. Petrus is focused on organic growth and infrastructure control in its core area, Ferrier, Alberta. The Company is targeting light oil and liquids rich natural gas in the Cardium formation as well as investing in infrastructure in Ferrier to control operations in order to maximize the Company's return on investment. The Company's Management's Discussion and Analysis ("MD&A") and interim consolidated financial statements dated as at and for the period ended March 31, 2018 are available on SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedar.com .
Petrus generated funds flow of $12.1 million in the first quarter of 2018, a 3% increase relative to the $11.7 million generated in the first quarter of 2017. The 3% increase in funds flow is attributed to 14% higher production and 3% lower operating expenses (on a per boe basis) from the prior year, despite a 37% decrease in the market price of natural gas (AECO 7A monthly index) over the same period.
First quarter average production was 10,596 boe/d in 2018 compared to 9,331 boe/d for the same period in 2017. The 14% increase is attributable to the Company's drilling program in Ferrier, where production has grown 126% since the third quarter of 2016 when the Company strategically accelerated its development in the area.
Total operating expenses for the first quarter were 3% lower at $4.36 per boe in 2018 compared to $4.50 per boe in 2017. The Company has strategically focused on lowering its operating cost structure particularly in the Ferrier area through facility ownership and control.
Petrus utilizes financial derivative contracts to mitigate commodity price risk. The Company’s realized gain on financial derivatives in the first quarter of 2018 increased the Company’s corporate netback (1) by $0.31 per boe. The realized hedging gain decreased relative to the $0.57 per boe realized in the first quarter of 2017 primarily due to the increase in the market price for light oil. As a percentage of first quarter 2018 production, Petrus has derivative contracts in place for 54% and 67% of its natural gas and oil and natural gas liquids production, respectively, for the remainder of 2018.
During the first quarter of 2018, Petrus drilled one (0.5 net) Cardium liquids rich natural gas well in the Ferrier area. Capital was also directed toward the completion and tie-in activities related to two (0.4 net) Cardium oil wells drilled late in the fourth quarter of 2017. The three (0.9 net) wells were all brought on production during the first quarter of 2018. Subsequent to the end of the first quarter Petrus participated in an additional light oil well (0.2 net) in the Ferrier area. This well is expected to be brought on production later in the second quarter. (2)
Petrus' 2018 drilling program will continue after breakup. As a result of the current commodity price environment, Petrus intends to direct 84% of its 2018 capital budget toward Cardium light oil development in Ferrier. (2)
(1) Refer to "Non-GAAP Financial Measures".
(2) Refer to "Advisories - Forward-Looking Statements".
SELECTED FINANCIAL INFORMATION
OPERATIONS Three months ended
Mar. 31, 2018 Three months ended
Mar. 31, 2017 Three months ended
Dec. 31, 2017 Three months ended
Sept. 30, 2017 Three months ended
Jun. 30, 2017 Average Production
Natural gas (mcf/d) 45,543 40,332 46,625 45,550 42,392 Oil (bbl/d) 1,530 1,542 1,854 1,877 2,015 NGLs (bbl/d) 1,475 1,067 1,086 1,098 1,160 T otal (boe/d) 10,596 9,331 10,711 10,567 10,240 T otal (boe) 953,598 839,746 985,388 972,140 931,821 Natural gas sales weighting 72 % 72 % 73 % 72 % 69 % Realized Prices Natural gas ($/mcf) 2.18 2.85 1.90 1.66 3.29 Oil ($/bbl) 73.91 62.62 66.10 51.23 59.02 NGLs ($/bbl) 46.50 33.18 38.00 24.79 30.32 T otal realized price ($/boe) 26.50 26.48 23.56 18.82 28.69 Royalty income 0.03 0.05 0.03 0.01 0.03 Royalty expense (4.90 ) (3.94 ) (3.04 ) (2.73 ) (4.62 ) Net oil and natural gas revenue ($/boe) 21.63 22.59 20.55 16.10 24.10 Operating expense (4.36 ) (4.50 ) (4.81 ) (5.42 ) (5.53 ) Transportation expense (1.26 ) (1.38 ) (1.25 ) (1.29 ) (1.32 ) Operating netback (1) ($/boe) 16.01 16.71 14.49 9.39 17.25 Realized gain on derivatives ($/boe) 0.31 0.57 1.23 1.88 0.23 General & administrative expense (1.50 ) (1.05 ) (0.27 ) (1.09 ) (1.12 ) Cash finance expense (1.96 ) (2.07 ) (1.54 ) (1.99 ) (1.94 ) Decommissioning expenditures (0.23 ) (0.19 ) (0.62 ) (0.23 ) (1.03 ) Corporate netback (1) ($/boe) 12.63 13.97 13.29 7.96 13.39
FINANCIAL (000s except per share) Three months ended
Mar. 31, 201 8 Three months ended
Mar. 31, 201 7 Three months ended
Dec. 31, 201 7 Three months ended
Sept. 30, 201 7 Three months ended
Jun. 30, 201 7 Oil and natural gas revenue 25,301 22,274 23,243 18,299 26,753 Net income (loss) (5,684 ) 7,311 (67,095 ) (50,696 ) (781 ) Net income (loss) per share Basic (0.11 ) 0.16 (1.36 ) (1.03 ) (0.02 ) Fully diluted (0.11 ) 0.16 (1.36 ) (1.03 ) (0.02 ) Funds flow 12,105 11,732 13,084 7,727 12,458 Funds flow per share Basic 0.24 0.25 0.26 0.16 0.25 Fully diluted 0.24 0.25 0.26 0.16 0.25 Capital expenditures 6,056 18,907 21,885 13,055 18,903 Net acquisitions (dispositions) (123 ) 8,818 789 (4,866 ) — Weighted average shares outstanding Basic 49,492 46,754 49,456 49,428 49,428 Fully diluted 49,492 46,989 49,456 49,428 49,428 As at period end Common shares outstanding Basic 49,492 49,428 49,492 49,428 49,428 Fully diluted 49,492 52,664 49,492 49,428 49,428 Total assets 343,161 460,095 353,445 409,078 465,794 Non-current liabilities 174,634 165,104 173,272 191,145 170,580 Net debt (1) 142,238 130,624 148,066 137,531 137,069 (1) Refer to "Non-GAAP Financial Measures".
OPERATIONS UPD ATE
Production Average first quarter production by area was as follows: For the three months ended March 31, 2018 Ferrier Foothills Central Alberta Total Natural gas (mcf/d) 31,835 6,793 6,915 45,543 Oil (bbl/d) 942 173 415 1,530 NGLs (bbl/d) 1,282 21 172 1,475 Total (boe/d) 7,530 1,326 1,740 10,596 Natural gas sales weighting 70 % 85 % 66 % 72 % First quarter average production was 10,596 boe/d (72% natural gas) in 2018 compared to 9,331 boe/d (72% natural gas) in the first quarter of 2017. The 14% increase is attributable to the Company's drilling program in its core operating area, Ferrier, where production has grown 126% since the third quarter of 2016.
Capital Development (1)
As a result of Petrus' strategic focus on its Ferrier production growth, the Company set a 2017 capital budget of $50 to $60 million, which was subsequently increased by $10 million to participate in additional capital opportunities identified. Petrus achieved year over year annual average production growth of 24% from 2016 to 2017. In response to the current commodity price outlook for natural gas, the Company has shifted its focus for 2018 to prioritize its light oil drilling opportunities and to moderate the Company's growth by setting a reduced capital budget for 2018 of $25 to $30 million in order to direct excess funds flow towards debt repayment. Petrus estimates debt repayment between $10 and $15 million in 2018, based on a current forecast for commodity futures pricing, anticipated service costs and current activity levels. (1)
Assuming capital investment of $25 million and a current forecast for commodity futures pricing, Petrus estimates the 2018 capital program will increase production year over year by approximately 2% to an average annual 2018 production of approximately 10,350 boe/d. The 2018 capital is expected to be directed primarily to the development of the Company’s Ferrier Cardium asset which is comprised of light oil and liquids rich natural gas opportunities. The program is expected to include the drilling of nine gross (4.4 net) Cardium wells with a focus on light oil drilling locations. The 2018 capital program is expected to be funded through funds flow and available capacity from the Company's existing credit facilities. (1)
During the first quarter of 2018 Petrus drilled one (0.5 net) Cardium liquids rich natural gas well in the Ferrier area. Capital was also directed toward the completion and tie-in activities related to two (0.4 net) Cardium oil wells drilled late in the fourth quarter of 2017. The three (0.9 net) wells were all brought on production during the first quarter of 2018.
Subsequent to the end of the first quarter, Petrus participated in an additional light oil well (0.2 net) in the Ferrier area. The well is expected to be brought on production later in the second quarter. (1) Petrus' 2018 drilling program will continue after breakup and Petrus plans to target Cardium light oil for the remainder of the year.
(1) Refer to "Advisories - Forward-Looking Statements".
ANNUAL MEETING
The Company's Annual Meeting will be held at the Jamieson Place Conference Centre (3rd floor) 308, 4th Ave SW Calgary, Alberta, on Tuesday May 8, 2018 at 2:00 p.m. (Calgary time). The Information Circular, Annual Information Form, 2017 Annual Report and the First Quarter 2018 Report are available on the SEDAR filing system ( www.sedar.com ) as well as on the Company's website ( www.petrusresources.com ).
An updated corporate presentation can be found on the Company's website at www.petrusresources.com.
For further information, please contact:
Neil Korchinski, P.Eng.
President and Chief Executive Officer
T: (403) 930-0889
E: [email protected]
NON-GAAP FINANCIAL MEASURES
This press release makes reference to the terms "operating netback", "corporate netback," "net debt" and "net debt to funds flow." These indicators are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Management uses these terms for the reasons set forth below.
Operating Netback
Operating netback is a common non-GAAP financial measure used in the oil and gas industry which is a useful supplemental measure to evaluate the specific operating performance by product at the oil and gas lease level. The most directly comparable GAAP measure to operating netback is funds flow. Operating netback is calculated as oil and natural gas revenue less royalties, operating and transportation expenses. It is presented on an absolute value and per unit basis.
Corporate Netback
Corporate netback is also a common non-GAAP financial measure used in the oil and gas industry which evaluates the Company’s profitability at the corporate level. Management believes corporate netback provides information to assist a reader in understanding the Company's profitability relative to current commodity prices. It is calculated as the operating netback less general and administrative expense, finance expense, decommissioning expenditures, plus the net realized gain (loss) on financial derivatives. It is presented on an absolute value and per unit basis. The most directly comparable GAAP measure to corporate netback is funds flow.
Net Debt
Net debt is a non-GAAP financial measure and is calculated as current assets (excluding unrealized financial derivative assets) less current liabilities (excluding unrealized financial derivative liabilities) and long term debt. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. There is no GAAP measure that is reasonably comparable to net debt.
Net Debt to Funds Flow
Net debt to funds flow is calculated as the period ending net debt divided by the trailing quarter funds flow (annualized).
ADVISORIES
Basis of Presentation
Financial data presented above has largely been derived from the Company’s financial statements, prepared in accordance with GAAP which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited financial statements as at and for the twelve months ended December 31, 2017. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.
Forward-Looking Statements
Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital investment, anticipated future debt, production, revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus.
In particular, forward-looking statements included in this press release include, but are not limited to, expectations regarding the timing for bringing new wells on production; the focus of and timing of capital expenditures; expected debt repayment amounts; the performance characteristics of the Company’s crude oil, NGL and natural gas properties including estimated production; crude oil, NGL and natural gas production levels and product mix; the availability of cash flows from operating activities; sources of funding for capital expenditures; the use of funds flow and available credit facilities to address working capital deficiency; the growth of Petrus and the availability of the full amount of the revolving credit facility; the treatment of the revolving credit facility following the end of the revolving period; Petrus' ability to fund its financial liabilities; the size of, and future net revenues from, crude oil, NGL (natural gas liquids) and natural gas reserves; future prospects; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; access to debt and equity markets; projections of market prices and costs; Petrus’ future operating and financial results; supply and demand for crude oil, NGL and natural gas; future royalty rates; drilling, development and completion plans and the results therefrom; and treatment under governmental regulatory regimes and tax laws. In addition, statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury; stock market volatility; ability to access sufficient capital from internal and external sources; completion of the financing on the timing planned and the receipt of applicable approvals; and the other risks. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; and future operating costs. Management has included the above summary of assumptions and risks related to forward- looking information provided in this press release in order to provide shareholders with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.
These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
BOE Presentation
The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.
Abbreviations
000’s thousand dollars $/bbl dollars per barrel $/boe dollars per barrel of oil equivalent $/GJ dollars per gigajoule $/mcf dollars per thousand cubic feet bbl barrel bbl/d barrels per day boe barrel of oil equivalent boe/d barrel of oil equivalent per day GJ gigajoule GJ/d gigajoules per day mcf thousand cubic feet mcf/d thousand cubic feet per day mmcf/d million cubic feet per day NGLs natural gas liquids WTI West Texas Intermediate
Source: Petrus Resources Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-petrus-resources-announces-first-quarter-2018-financial-operating-results.html |
SOCHI, Russia (Reuters) - Russian President Vladimir Putin said on Friday any retaliation against U.S. sanctions must not hurt the Russian economy or partners that do business in Russia, signalling that a package of counter-sanctions measures being prepared may be watered down.
Russian President Vladimir Putin speaks during a joint news conference with German Chancellor Angela Merkel following their meeting in the Black Sea resort of Sochi, Russia May 18, 2018. REUTERS/Sergei Karpukhin In response to a new round of U.S. sanctions on Russian businesses, Russian lawmakers are debating legislation that would make it a crime punishable by jail for a Russian citizen to comply with the U.S. measures.
Russian and foreign business lobbies say the proposal, if it becomes law, would effectively force firms to choose between doing business with Russia and having dealings with the rest of the world.
Putin, speaking at a news briefing after talks with German Chancellor Angela Merkel, warned such measures could undermine foreign investment in Russia.
“Of course it should be balanced,” Putin said, referring to the legislation.
“It must not do harm to our own economy and to those of our partners who with good conscience do business in Russia. I am confident that is how it is going to be,” Putin said.
Lawmakers who suggested treating compliance with western sanctions in Russia as criminal offence were guided by “emotional considerations,” Putin said.
Facing fierce criticism over the bill, Russian lawmakers this week put off a second reading of the bill pending consultations with business groups scheduled for May 23.
The draft, in its current form, makes it a crime punishable by up to four years in jail to refuse to supply services or do business with a Russian citizen, citing U.S. or other sanctions.
The legislation must pass a third reading, before being approved by the upper house of parliament and signed by Putin.
His views on the legislation are likely to have a direct bearing on the contents of the bill because parliament is dominated by his allies.
Reporting by Denis Pinchuk; Writing by Andrey Ostroukh
| ashraq/financial-news-articles | https://in.reuters.com/article/russia-germany-sanctions-usa/russia-signals-counter-sanctions-bill-may-be-diluted-idINKCN1IJ22Z |
May 30, 2018 / 1:57 PM / Updated 21 minutes ago U.S. bond, rates futures, options hit volume record: CME Reuters Staff 2 Min Read
(Reuters) - Single-day trading volume on U.S. Treasury and interest rates futures and options reached a record high on Tuesday as jitters about Italy’s political instability and a rout in U.S. and European stocks spurred a massive bond market rally, a CME Group ( CME.O ) spokeswoman said on Wednesday.
A combined 39.6 million in CBOT bond and CME interest rates contracts changed hands on Tuesday, breaking the previous peak of 26.6 million set on Nov. 9, 2016, according to the CME spokeswoman.
“It was a wild day,” said Greg Adamsick, director of global futures and options at RCM Alternatives in Chicago.
Fears that political turmoil in Italy could push the euro zone’s third biggest economy to quit the economic bloc caused investors to scoop up U.S. and German government debt, yen and other safe-haven assets on Tuesday, analysts said.
Dramatic moves on Wall Street and foreign exchange markets pumped trading in stock and currency futures, raising total daily volume to an all-time high at the futures exchanges CME operates.
Overall futures and options volume climbed to a record peak of 51.9 million contracts on Tuesday, surpassing the prior peak of 44.5 million on Nov. 9, 2016, CME said. Reporting by Richard Leong; Editing by Chizu Nomiyama and David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-bonds-volume/u-s-bond-rates-futures-options-hit-volume-record-cme-idUSKCN1IV1SO |
EL PASO, Texas--(BUSINESS WIRE)-- El Paso Electric Company (NYSE:EE):
Overview
For the first quarter of 2018, El Paso Electric Company ("EE" or the "Company") reported a net loss of $7.0 million, or $0.17 basic and diluted loss per share. In the first quarter of 2017, EE reported a net loss of $4.0 million, or $0.10 basic and diluted loss per share.
"As expected, we reported a net loss in the first quarter of 2018 primarily due to the seasonality of our business with higher kWh sales and revenues during the summer cooling season," said Mary Kipp, President and Chief Executive Officer of El Paso Electric Company. "The net loss reported in the first quarter is comparable to last year's first quarter net loss excluding the impacts of a new accounting standard which was implemented this year."
Summary Results
The table and explanations below present the major factors affecting the net loss in the three months ended March 31, 2018 relative to the net loss in the three months ended March 31, 2017, respectively (in thousands except Basic EPS data):
Three Months Ended Pre-Tax
Effect
After-Tax
Effect
Basic
EPS
March 31, 2017 $ (3,989 ) $ (0.10 ) Changes in: Investment and interest income $ (4,108 ) (3,249 ) (0.08 ) Depreciation and amortization (1,880 ) (1,486 ) (0.04 ) Administrative and general expense (1,125 ) (888 ) (0.02 ) O&M at fossil-fuel generating plants 3,324 2,625 0.06 Retail non-fuel base revenues 326 258 0.01 Other (237 ) — March 31, 2018 $ (6,966 ) $ (0.17 ) First Quarter 2018
Income for the three months ended March 31, 2018, when compared to the three months ended March 31, 2017, was negatively affected by (presented on a pre-tax basis):
Decreased investment and interest income primarily due to $3.8 million of net unrealized investment losses from the Company's Palo Verde Generating Station ("Palo Verde") decommissioning trust recognized in the Statements of Operations as required by ASU 2016-01, Financial Instruments, which was adopted by the Company on January 1, 2018, and a $0.9 million decrease in realized gains on securities sold from the Company's Palo Verde decommissioning trust funds. Refer to "Impact of New Accounting Standards and Use of Non-GAAP Financial Measure" for further details. Increased depreciation and amortization primarily due to increased plant balances. Increased administrative and general expense primarily due to an increase in pension and benefits expenses as a result of changes in actuarial assumptions used to calculate expenses for retirement benefit plans and an adjustment in estimated Four Corners Generation Station ("Four Corners") pension and benefit costs recorded in the three months ended March 31, 2017.
Income for the three months ended March 31, 2018, when compared to the three months ended March 31, 2017, was positively affected by (presented on a pre-tax basis):
Decreased operations and maintenance expenses related to the Company's fossil-fuel generating plants primarily due to planned outages at Newman Power Station Units 1, 3 and 4 in 2017, partially offset by a planned outage at Rio Grande Power Station Unit 8 in 2018. Increased retail non-fuel base revenues primarily due to (i) a $2.8 million non-fuel base rate increase approved by the Public Utility Commission of Texas (the "PUCT") in its final order in the Company's 2017 Texas retail rate case in Docket No. 46831 (the "2017 PUCT Final Order") and (ii) increased revenues from residential customers of $1.6 million due to a 2.6% increase in kWh sales which were driven by favorable weather and a 1.7% increase in the average number of residential customers compared to the three months ended March 31, 2017. Heating degree days increased 19.1% in the three months ended March 31, 2018, when compared to the three months ended March 31, 2017. These increases were partially offset by a reserve to refund of approximately $4.1 million to Texas customers for the reduction in the federal corporate income tax rate for the period January 1, 2018 through March 31, 2018. Refer to "Regulatory Matters" for further details. Non-fuel base revenues and kilowatt-hour ("kWh") sales for the three months ended March 31, 2018 are provided by customer class on the Sales and Revenues Statistics of this news release.
Regulatory Matters
Texas Regulatory Matters
On December 18, 2017, the PUCT issued the 2017 PUCT Final Order for the Company's rate case in Docket No. 46831, which provides, among other things, for the following: (i) an annual non-fuel base rate increase of $14.5 million; (ii) a return on equity of 9.65%; (iii) all new plant in service as filed in the Company's rate filing package was prudent and used and useful and therefore is included in rate base; (iv) recovery of the costs of decommissioning Four Corners in the amount of $5.5 million over a seven year period beginning August 1, 2017; (v) the Company to recover reasonable rate case expenses of approximately $3.4 million through a separate surcharge over a three year period; and (vi) a requirement that the Company file a refund tariff if the federal statutory income tax rate, as it relates to the Company, is decreased before the Company files its next rate case. The 2017 PUCT Final Order also established baseline revenue requirements for recovery of future transmission and distribution investment costs and includes a minimum monthly bill of $30.00 for new residential customers with distributed generation, such as private rooftop solar. Additionally, the 2017 PUCT Final Order allows for the annual recovery of $2.1 million of nuclear decommissioning funding and establishes annual depreciation expense that is approximately $1.9 million lower than the annual amount requested by the Company in its initial filing. Finally, the 2017 PUCT Final Order allows for the Company to recover revenues associated with the relate back of rates to consumption on and after July 18, 2017 through a separate surcharge.
New base rates, including additional surcharges associated with rate case expenses and the relate back of rates to consumption on and after July 18, 2017 through December 31, 2017 were implemented in January 2018.
On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act of 2017 (the "TCJA"), which made widespread changes to the Internal Revenue Code, including a reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The 2017 PUCT Final Order required the Company to file a refund tariff if the federal statutory income tax rate, as it relates to the Company, were decreased before the Company files its next rate case. Following the enactment of the TCJA on December 22, 2017, and in compliance with the 2017 PUCT Final Order, on March 1, 2018, the Company filed with the PUCT and each of its municipalities a proposed refund tariff designed to reduce base charges for Texas customers equivalent to the expected annual decrease of $22.7 million in federal income tax expense resulting from the tax law changes. This filing was assigned PUCT Docket No. 48124. On March 27, 2018, the PUCT approved the Company's proposed refund tariff on an interim basis, subject to refund or surcharge, for customer billings effective April 1, 2018. Each of the Company's municipalities also implemented the Company's proposed tax credits on an interim basis effective April 1, 2018. The refund will be reflected in rates over a period of a year and will be updated annually until new base rates are implemented pursuant to the Company's next rate case filing. No party requested a hearing in the case before the PUCT by the deadline of April 16, 2018, and on April 18, 2018, the PUCT Staff filed its final recommendation supporting approval of the Company's application. The refund tariff case is pending with the refund tariff subject to final action by the incorporated municipalities in the Company's Texas service territory and a final order from the PUCT.
New Mexico Regulatory Matters
The Company is required to file its next New Mexico rate case no later than July 31, 2019. That rate case will reflect the Company's new corporate income tax rate. On January 24, 2018, the New Mexico Public Regulation Commission (the "NMPRC") initiated a proceeding in Case No. 18-00016-UT into the impact of the TCJA on New Mexico regulated utilities. On February 23, 2018, the Company responded to a NMPRC Staff inquiry regarding the proceeding. On April 4, 2018, the NMPRC issued an order requiring the Company to file a proposed interim rate rider to adjust the Company’s New Mexico base revenues in amounts equivalent to the Company’s reduced income tax expense for New Mexico customers resulting from the TCJA, to be implemented on or before May 1, 2018. The NMPRC order further requires that the Company record and track a regulatory liability for the excess accumulated deferred income taxes created by the change in the federal corporate income tax rate, consistent with the effective date of the TCJA, and subject to amortization determined by the NMPRC in the Company’s next general rate case. The Company recorded such a regulatory liability during the quarter ended December 31, 2017. On April 16, 2018, after consultation with the New Mexico Attorney General pursuant to the NMPRC order, the Company filed an interim rate rider, with a proposed effective date of May 1, 2018. The annualized credits expected to be refunded to New Mexico customers approximate $4.9 million. On April 25, 2018, the NMPRC approved the Company's interim rate rider to be implemented in customer bills beginning May 1, 2018.
Impact of New Accounting Standards and Use of Non-GAAP Financial Measure
Effective January 1, 2018, the Company adopted:
(i) ASU 2014-09, Revenue from Contracts with Customers, using the modified retrospective approach and had no cumulative effect adjustment to retained earnings. As required by the standard, revenues of $1.9 million related to reimbursed costs of energy efficiency programs approved by the Company's regulators are reported in operating revenues from customers. Related expenses of an equal amount are reported in operations and maintenance expenses.
(ii) ASU 2017-07, Compensation - Retirement Benefits, retrospectively for the income statement presentation of the service cost component as part of operating income and the other components of net benefit costs outside of any subtotal of operating income for each period presented. The Company reclassified $2.1 million to "Operations and maintenance" in the Company’s Statement of Operations for the three months ended March 31, 2017 by increasing (i) "Investment and interest income, net" by $5.3 million, (ii) "Miscellaneous non-operating income" by $2.8 million, (iii) "Miscellaneous non-operating deductions" by $2.1 million, and (iv) "Other interest" by $3.9 million. As a result of the reclassifications, "Operations and maintenance" increased to $2.9 million in service cost from the $0.8 million in net periodic benefit cost previously reported.
(iii) ASU 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities. Upon adoption of this new standard, the Company recorded, as of January 1, 2018, a cumulative effect adjustment to retained earnings of $41.0 million, net of tax, for the unrealized gains (losses) related to equity securities held in the nuclear decommissioning trust funds. As required by ASU 2016-01, changes in the fair value of equity securities are now recognized in the Company's Statements of Operations. The adoption of the new standard added the potential for significant volatility to the Company's reported results of operations as changes in the fair value of equity securities may occur. Furthermore, the equity investments included in the nuclear decommissioning trust funds are significant and are expected to increase significantly during the remaining life (estimated to be 27 to 30 years) of Palo Verde. Accordingly, the Company has provided the following non-GAAP financial measure which reconciles GAAP net loss to non-GAAP adjusted net loss to exclude the impact of changes in fair value of equity securities and realized gains (losses) from the sale of both equity and fixed income securities.
Three Months Ended March 31, 2018 2017 (In thousands) Net loss (GAAP) $ (6,966 ) $ (3,989 ) Adjusting items before income tax effects Unrealized losses, net 3,781 — Realized gains, net (1,272 ) (2,191 ) Total adjustments before income tax effects 2,509 (2,191 ) Income taxes on above adjustments (502 ) 438 Adjusting items, net of income taxes 2,007 (1,753 ) Adjusted net loss (non-GAAP) $ (4,959 ) $ (5,742 ) Adjusted net loss is not a measure of financial performance under generally accepted accounting principles ("GAAP") and should not be considered as an alternative to net loss. Furthermore, the Company's presentation of any non-GAAP financial measure may not be comparable to similarly titled measures used by other companies. The Company believes adjusted net loss is a useful financial measure for investors and analysts in understanding the Company's core operating performance because it removes the effects of variances reported in the Company's results of operations that are not indicative of fundamental changes in the earnings capacity of the Company.
Capital and Liquidity
We continue to maintain a strong capital structure in which common stock equity represented 43.9% of our capitalization (common stock equity, long-term debt, current maturities of long-term debt and short-term borrowings under the Revolving Credit Facility (the "RCF")) as of March 31, 2018. At March 31, 2018, we had a balance of $2.6 million in cash and cash equivalents. Based on current projections, we believe that we will have adequate liquidity through the issuance of long-term debt, our current cash balances, cash from operations and available borrowings under the RCF to meet all of our anticipated cash requirements for the next twelve months.
Cash flows from operations for the three months ended March 31, 2018 were $26.2 million, compared to $26.1 million for the three months ended March 31, 2017. A component of cash flows from operations is the change in net over-collection and under-collection of fuel revenues. The difference between fuel revenues collected and fuel expense incurred is deferred to be either refunded (over-recoveries) or surcharged (under-recoveries) to customers in the future. During the three months ended March 31, 2018, we had fuel over-recoveries of $8.0 million compared to over-recoveries of fuel costs of $8.5 million during the three months ended March 31, 2017. At March 31, 2018, we had a net fuel over-recovery balance of $14.2 million, including an over-recovery of $13.3 million in Texas and an over-recovery of $0.9 million in New Mexico. On April 13, 2018, we filed a request with the PUCT to decrease our Texas fixed fuel factor by approximately 29% to reflect decreased fuel expenses primarily related to a decrease in the price of natural gas used to generate power. On April 25, 2018, the Company's proposed fuel factors were approved on an interim basis effective for the first billing cycle of the May 2018 billing month. If no party to the case requests a hearing by May 14, 2018, the Company's fuel factors will become final as provided by the PUCT's rules and no further action by the PUCT is required. The Texas fixed fuel factor will continue thereafter until changed by the PUCT.
During the three months ended March 31, 2018, our primary capital requirements were for the construction and purchase of electric utility plant, payment of common stock dividends and purchases of nuclear fuel. Capital expenditures for new electric utility plant were $66.9 million in the three months ended March 31, 2018 compared to $53.9 million in the three months ended March 31, 2017. Capital expenditures for 2018 are expected to be approximately $236 million. Capital requirements for purchases of nuclear fuel were $9.3 million in the three months ended March 31, 2018 compared to $10.9 million in the three months ended March 31, 2017.
On March 30, 2018, we paid a quarterly cash dividend of $0.335 per share, or $13.6 million, to shareholders of record as of the close of business on March 16, 2018. We expect to continue paying quarterly cash dividends in 2018. We expect our board of directors to review the dividend policy in the second quarter of 2018.
No shares of common stock were repurchased during the three months ended March 31, 2018. As of March 31, 2018, a total of 393,816 shares remain available for repurchase under our currently authorized stock repurchase program. We may in the future make purchases of our common stock in open market transactions at prevailing prices and may engage in private transactions where appropriate.
Our cash requirements for federal and state income taxes vary from year to year based on taxable income, which is influenced by the timing of revenues and expenses recognized for income tax purposes. The following summary describes the major impacts of the TCJA on our liquidity. We continue to evaluate the TCJA and have made assumptions based on information currently available.
The TCJA discontinued bonus depreciation for regulated utilities which reduced tax deductions previously available to us for 2017, 2018 and 2019. The decrease in tax deductions results in the utilization of our net operating loss carryforwards (“NOL carryforwards”) approximately two years earlier than anticipated and is expected to result in higher income tax payments beginning in 2019, after the full utilization of NOL carryforwards. However, due to the lower federal corporate income tax rate enacted by the TCJA, our future federal corporate income tax payments will be made at the reduced rate of 21% beginning in 2018. Due to NOL carryforwards, minimal tax payments are expected for 2018, which are mostly related to state income taxes.
The effect of the TCJA on our rates will be beneficial to our customers. Following the enactment of the TCJA and the reduction of the federal corporate income tax rate, revenues collected from our customers in 2018 are reduced in an amount that approximates the savings in tax expense. This reduction in revenues is expected to negatively impact our cash flows by approximately $26 million to $31 million during 2018.
We maintain the RCF for working capital and general corporate purposes and financing of nuclear fuel through the Rio Grande Resources Trust ("RGRT"). The RGRT, the trust through which we finance our portion of nuclear fuel for Palo Verde, is consolidated in our financial statements. The RCF has a term ending on January 14, 2020. The maximum aggregate unsecured borrowing currently available under the RCF is $350.0 million. We may increase the RCF by up to $50.0 million (to a total of $400.0 million) during the term of the RCF, upon the satisfaction of certain conditions more fully set forth in the agreement, including obtaining commitments from lenders or third party financial institutions. We also have the option to extend the term of the RCF by one additional year to January 14, 2021 in accordance with the terms of the agreement. The total amount borrowed for nuclear fuel by the RGRT, excluding debt issuance costs, was $134.1 million at March 31, 2018, of which $89.1 million had been borrowed under the RCF, and $45.0 million was borrowed through the issuance of senior notes. Borrowings by the RGRT for nuclear fuel, excluding debt issuance costs, were $135.2 million as of March 31, 2017, of which $40.2 million had been borrowed under the RCF and $95.0 million was borrowed through the issuance of senior notes. Interest costs on borrowings to finance nuclear fuel are accumulated by the RGRT and charged to us as fuel is consumed and recovered through fuel recovery charges. At March 31, 2018, $144.0 million was outstanding under the RCF for working capital and general corporate purposes, which may include funding capital expenditures. At March 31, 2017, $94.0 million was outstanding under the RCF for working capital and general corporate purposes. Total aggregate borrowings under the RCF at March 31, 2018 were $233.1 million with an additional $116.9 million available to borrow.
We received approval from the NMPRC on October 7, 2015, to guarantee the issuance of up to $65.0 million of long-term debt by the RGRT to finance future purchases of nuclear fuel and to refinance existing nuclear fuel debt obligations, which remains effective. We received additional approval from the NMPRC on October 4, 2017 to amend and extend the RCF, issue up to $350.0 million in long-term debt and to redeem and refinance the $63.5 million 2009 Series A 7.25% Pollution Control Bonds and the $37.1 million 2009 Series B 7.25% Pollution Control Bonds, which are subject to optional redemption in 2019. The NMPRC approval to issue up to $350.0 million in long-term debt supersedes prior approval. We requested similar approval from the FERC on September 1, 2017 and received approval on October 31, 2017. The FERC approval also includes permission to guarantee the issuance of up to $65.0 million of long-term debt by the RGRT and to continue to utilize our existing RCF with the ability to amend and extend the RCF at a future date. The authorization approved by the FERC is effective from November 15, 2017 through November 14, 2019 and supersedes prior approvals.
2018 Earnings Guidance
We are reiterating our earnings guidance for 2018 with a range of $2.30 to $2.65 per basic share. The guidance assumes normal operations and considers significant variables that may impact earnings, such as weather, expenses, capital expenditures, nuclear decommissioning trust gains/losses and the impact of the TCJA. The mid-point of the guidance range assumes 10-year average weather (cooling and heating degree days). The guidance range includes $8 million or $0.20 per share to $10 million or $0.25 per share, after-tax, of unrealized gains (losses) on equity securities and realized gains (losses) from the sale of both equity and fixed income securities from the Palo Verde decommissioning trust funds.
Conference Call
A conference call to discuss first quarter 2018 financial results is scheduled for 11:30 A.M. Eastern Time, on May 3, 2018. The dial-in number is 877-795-3635 with a conference ID number of 5361270. The international dial-in number is 719-325-2456. The conference leader will be Lisa Budtke, Director-Treasury Services and Investor Relations. A replay will run through May 17, 2018 with a dial-in number of 888-203-1112 and a conference ID number of 5361270. The conference call and presentation slides will be webcast live on the Company's website found at http://www.epelectric.com . A replay of the webcast will be available shortly after the call.
Safe Harbor
This news release includes statements that are forward-looking statements made pursuant to the safe harbor provisions of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding 2018 earnings guidance, including statements regarding the impact of the TCJA; statements regarding expected capital expenditures; statements regarding expected dividends; statements regarding the anticipated impact of ASU 2016-01; and statements regarding the adequacy of our liquidity to meet cash requirements. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those expressed in forward-looking statements is contained in EE's most recently filed periodic reports and in other filings made by EE with the U.S. Securities and Exchange Commission (the "SEC"), and include, but is not limited to: (i) the impact of the TCJA and other U.S. tax reform legislation; (ii) increased prices for fuel and purchased power and the possibility that regulators may not permit EE to pass through all such increased costs to customers or to recover previously incurred fuel costs in rates; (iii) full and timely recovery of capital investments and operating costs through rates in Texas and New Mexico; (iv) uncertainties and instability in the general economy and the resulting impact on EE's sales and profitability; (v) changes in customers' demand for electricity as a result of energy efficiency initiatives and emerging competing services and technologies, including distributed generation; (vi) unanticipated increased costs associated with scheduled and unscheduled outages of generating plant; (vii) unanticipated maintenance, repair, or replacement costs for generation, transmission, or distribution facilities and the recovery of proceeds from insurance policies providing coverage for such costs; (viii) the size of our construction program and our ability to complete construction on budget and on time; (ix) potential delays in our construction schedule due to legal challenges or other reasons; (x) costs at Palo Verde; (xi) deregulation and competition in the electric utility industry; (xii) possible increased costs of compliance with environmental or other laws, regulations and policies; (xiii) possible income tax and interest payments as a result of audit adjustments proposed by the Internal Revenue Service or state taxing authorities; (xiv) uncertainties and instability in the financial markets and the resulting impact on EE's ability to access the capital and credit markets; (xv) actions by credit rating agencies; (xvi) possible physical or cyber-attacks, intrusions or other catastrophic events; and (xvii) other factors of which we are currently unaware or deem immaterial. EE's filings are available from the SEC or may be obtained through EE's website, http://www.epelectric.com . Any such forward-looking statement is qualified by reference to these risks and factors. EE cautions that these risks and factors are not exclusive. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date of this news release, and EE does not undertake to update any forward-looking statement contained herein.
El Paso Electric Company Statements of Operations Quarter Ended March 31, 2018 and 2017 (In thousands except for per share data) (Unaudited) 2018 2017 (a) Variance Operating revenues $ 175,713 $ 171,335 $ 4,378 Energy expenses: Fuel 41,054 36,606 4,448 Purchased and interchanged power 11,134 13,673 (2,539 ) 52,188 50,279 1,909 Operating revenues net of energy expenses 123,525 121,056 2,469 Other operating expenses: Operations and maintenance 80,160 79,187 973 Depreciation and amortization 23,814 21,934 1,880 Taxes other than income taxes 15,507 15,730 (223 ) 119,481 116,851 2,630 Operating income 4,044 4,205 (161 ) Other income (deductions): Allowance for equity funds used during construction 920 815 105 Investment and interest income, net 5,155 9,263 (4,108 ) Miscellaneous non-operating income 3,136 2,895 241 Miscellaneous non-operating deductions (2,743 ) (2,828 ) 85 6,468 10,145 (3,677 ) Interest charges (credits): Interest on long-term debt and revolving credit facility 17,988 18,367 (379 ) Other interest 4,654 4,345 309 Capitalized interest (1,214 ) (1,294 ) 80 Allowance for borrowed funds used during construction (898 ) (791 ) (107 ) 20,530 20,627 (97 ) Loss before income taxes (10,018 ) (6,277 ) (3,741 ) Income tax benefit (3,052 ) (2,288 ) (764 ) Net loss $ (6,966 ) $ (3,989 ) $ (2,977 ) Basic loss per share $ (0.17 ) $ (0.10 ) $ (0.07 ) Diluted loss per share $ (0.17 ) $ (0.10 ) $ (0.07 ) Dividends declared per share of common stock $ 0.335 $ 0.310 $ 0.025 Weighted average number of shares outstanding 40,491 40,387 104 Weighted average number of shares and dilutive potential shares outstanding
40,491 40,387 104 (a) The Company implemented ASU 2017-07, Compensation-Retirement Benefits, in the first quarter of 2018, and as required by the standard, reclassified certain amounts in the Company's Statement of Operations for 2017. El Paso Electric Company Cash Flow Summary Quarter Ended March 31, 2018 and 2017 (In thousands and Unaudited) 2018 2017 Cash flows from operating activities: Net loss $ (6,966 ) $ (3,989 ) Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization of electric plant in service 23,814 21,934 Amortization of nuclear fuel 10,404 11,278 Deferred income taxes, net (3,964 ) (3,209 ) Net loss (gain) on decommissioning trust funds 2,509 (2,191 ) Other 4,401 4,008 Change in: Accounts receivable 8,063 8,663 Accounts payable (23,324 ) (13,766 ) Net over-collection of fuel revenues 7,965 8,530 Other current liabilities 6,697 648 Other (3,363 ) (5,774 ) Net cash provided by operating activities 26,236 26,132 Cash flows from investing activities: Cash additions to utility property, plant and equipment (66,924 ) (53,867 ) Cash additions to nuclear fuel (9,257 ) (10,873 ) Decommissioning trust funds (1,915 ) (2,427 ) Other 2,589 (1,579 ) Net cash used for investing activities (75,507 ) (68,746 ) Cash flows from financing activities: Dividends paid (13,615 ) (12,565 ) Borrowings (repayments) under the revolving credit facility, net 59,534 52,604 Other (1,064 ) (679 ) Net cash provided by financing activities 44,855 39,360 Net decrease in cash and cash equivalents (4,416 ) (3,254 ) Cash and cash equivalents at beginning of period 6,990 8,420 Cash and cash equivalents at end of period $ 2,574 $ 5,166 El Paso Electric Company Quarter Ended March 31, 2018 and 2017 Sales and Revenues Statistics (Unaudited) Increase (Decrease) 2018 2017 Amount Percentage kWh sales (in thousands):
Retail: Residential 559,563 545,128 14,435 2.6 % Commercial and industrial, small 498,675 500,590 (1,915 ) (0.4 )% Commercial and industrial, large 248,285 252,998 (4,713 ) (1.9 )% Sales to public authorities 328,329 335,563 (7,234 ) (2.2 )% Total retail sales 1,634,852 1,634,279 573 — % Wholesale: Sales for resale 11,730 10,921 809 7.4 % Off-system sales 864,216 596,762 267,454 44.8 % Total wholesale sales 875,946 607,683 268,263 44.1 % Total kWh sales 2,510,798 2,241,962 268,836 12.0 % Operating revenues (in thousands):
Non-fuel base revenues: Retail: Residential $ 53,292 $ 51,310 $ 1,982 3.9 % Commercial and industrial, small 33,297 33,785 (488 ) (1.4 )% Commercial and industrial, large 7,126 7,900 (774 ) (9.8 )% Sales to public authorities 17,156 17,550 (394 ) (2.2 )% Total retail non-fuel base revenues (a)(b) 110,871 110,545 326 0.3 % Wholesale: Sales for resale 476 463 13 2.8 % Total non-fuel base revenues 111,347 111,008 339 0.3 % Fuel revenues: Recovered from customers during the period 39,944 47,620 (7,676 ) (16.1 )% Over collection of fuel (c) (7,950 ) (8,530 ) 580 6.8 % Total fuel revenues (d) 31,994 39,090 (7,096 ) (18.2 )% Off-system sales (e) 23,055 14,200 8,855 62.4 % Wheeling revenues (f) 4,286 4,267 19 0.4 % Energy efficiency cost recovery (g) 1,916 — 1,916 — % Miscellaneous (f) 2,459 1,852 607 32.8 % Total revenues from customers 175,057 170,417 4,640 2.7 % Other (f) 656 918 (262 ) (28.5 )% Total operating revenues $ 175,713 $ 171,335 $ 4,378 2.6 % (a) 2018 includes a $2.8 million base rate increase related to the 2017 PUCT Final Order received in December 2017. (b) The 2017 PUCT Final Order included a provision to pass through tax savings to Texas customers for the reduction in federal statutory income tax rate under the TCJA. 2018 includes a $4.1 million reserve, pending the PUCT's final approval of the refund tariff. (c) Includes the portion of U.S. Department of Energy refunds related to spent fuel storage of $1.1 million and $1.4 million in 2018 and 2017, respectively, that were credited to customers through the applicable fuel adjustment clauses. (d) Includes deregulated Palo Verde Unit 3 revenues for the New Mexico jurisdiction of $2.4 million and $2.8 million in 2018 and 2017, respectively. (e) Includes retained margins of $0.6 million and $0.5 million in 2018 and 2017, respectively. (f) Represents revenues with no related kWh sales. (g) The Company implemented ASU 2014-09, Revenue from Contracts with Customers, in the first quarter of 2018, and as required by the standard, revenues related to reimbursed costs of energy efficiency programs approved by the Company's regulators are reported in operating revenues from customers. Related expenses are reported in operations and maintenance expenses. El Paso Electric Company Quarter Ended March 31, 2018 and 2017 Other Statistical Data Increase (Decrease) 2018 2017 Amount Percentage Average number of retail customers: (a)
Residential 371,351 365,311 6,040 1.7 % Commercial and industrial, small 42,205 42,076 129 0.3 % Commercial and industrial, large 48 49 (1 ) (2.0 )% Sales to public authorities 5,592 5,433 159 2.9 % Total 419,196 412,869 6,327 1.5 % Number of retail customers (end of period): (a)
Residential 372,040 366,298 5,742 1.6 % Commercial and industrial, small 42,167 42,223 (56 ) (0.1 )% Commercial and industrial, large 48 49 (1 ) (2.0 )% Sales to public authorities 5,679 5,572 107 1.9 % Total 419,934 414,142 5,792 1.4 % Weather statistics: (b)
10-Yr Average Cooling degree days 37 72 35 Heating degree days 965 810 1,113 Generation and purchased power (kWh, in thousands):
Increase (Decrease) 2018 2017 Amount Percentage Palo Verde 1,346,507 1,363,527 (17,020 ) (1.2 )% Gas plants 985,107 570,825 414,282 72.6 % Total generation 2,331,614 1,934,352 397,262 20.5 % Purchased power: Photovoltaic 61,570 64,735 (3,165 ) (4.9 )% Other 228,244 363,375 (135,131 ) (37.2 )% Total purchased power 289,814 428,110 (138,296 ) (32.3 )% Total available energy 2,621,428 2,362,462 258,966 11.0 % Line losses and Company use 110,630 120,500 (9,870 ) (8.2 )% Total kWh sold 2,510,798 2,241,962 268,836 12.0 % Palo Verde O&M expenses (c) $ 22,175 $ 21,608 $ 567 Palo Verde capacity factor
100.1
%
101.5
%
(1.4
)%
(a) The number of retail customers presented is based on the number of service locations. (b) A degree day is recorded for each degree that the average outdoor temperature varies from a standard of 65 degrees Fahrenheit. (c) Represents the Company's 15.8% interest in Palo Verde. El Paso Electric Company Financial Statistics At March 31, 2018 and 2017 (In thousands, except number of shares, book value per common share, and ratios) (Unaudited) Balance Sheet 2018 2017 Cash and cash equivalents $ 2,574 $ 5,166 Common stock equity $ 1,119,633 $ 1,063,062 Long-term debt 1,196,110 1,195,630 Total capitalization $ 2,315,743 $ 2,258,692 Current maturities of long-term debt $ — $ 83,206 Short-term borrowings under the revolving credit facility $ 233,067 $ 134,178 Number of shares - end of period 40,661,745 40,558,528 Book value per common share $ 27.54 $ 26.21 Common equity ratio (a) 43.9 % 42.9 % Debt ratio 56.1 % 57.1 % (a) The capitalization component includes common stock equity, long-term debt and the current maturities of long-term debt, and short-term borrowings under the RCF.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005364/en/
El Paso Electric Company
Media Contact
Eddie Gutierrez, 915-543-5763
[email protected]
or
Investor Relations
Lisa Budtke, 915-543-5947
[email protected]
Source: El Paso Electric Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-el-paso-electric-announces-first-quarter-2018-financial-results.html |
NORCROSS, Ga., May 03, 2018 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE American:INS) [ www.intelsys.com ] intends to hold an investor conference call on Wednesday, May 9, 2018 at 11 A.M. Eastern Daylight Time in conjunction with the company’s earnings release for the quarter ended March 31, 2018. The company plans to issue a press release with the financial results for the period before the market opens on May 9, 2018.
Interested investors are invited to attend the conference call by dialing 855-766-6518 and entering conference ID code 3987988. A transcript of the call will be posted on the company’s website at www.intelsys.com as soon as available after the call.
About Intelligent Systems Corporation:
For over thirty-five years, Intelligent Systems Corporation (NYSE American:INS) has identified, created, operated and grown technology companies. Our principal business, CoreCard Software, ( www.corecard.com ) and its affiliate companies, designs, develops, and markets a comprehensive suite of software solutions to corporations, financial institutions, retailers and processors to manage their credit and debit cards, prepaid cards, private label cards, fleet cards, loyalty programs, and accounts receivable and small loan transactions. CoreCard also offers prepaid and credit card processing services using its proprietary software solutions. Further information is available on the company’s website at www.intelsys.com or by calling the company at 770-381-2900.
Forward-looking Statements:
In addition to historical information, this news release may contain relating to Intelligent Systems Corporation and its subsidiary and affiliated companies. These statements include all statements that are not statements of historical fact regarding the intent, belief or expectations of Intelligent Systems Corporation and its management with respect to, among other things, results of operations, product plans, and financial condition. The words "may," "will," "anticipate," "believe," "intend," "expect," "estimate," "plan," "strategy" and similar expressions are intended to identify . Prospective investors are cautioned that any such are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such . The company does not undertake to update or revise any whether as a result of new developments or otherwise, except as required by law. Among the factors that could cause actual results to differ materially from those indicated by such are instability in the financial markets, delays in product development, undetected software errors, competitive pressures, changes in customers’ requirements or financial condition, market acceptance of products and services, and declines in general economic and financial market conditions, particularly those that cause businesses to delay purchase decisions.
Contact:
Intelligent Systems Corporation
Karen J. Reynolds, Chief Financial Officer
770-564-5503
[email protected]
Source:Intelligent Systems Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-intelligent-systems-schedules-first-quarter-2018-earnings-release-and-conference-call.html |
May 22 (Reuters) - Spirit AeroSystems Holdings Inc:
* SPIRIT AEROSYSTEMS, INC. COMMENCES CASH TENDER OFFER FOR ANY AND ALL OF ITS OUTSTANDING 5¼% SENIOR NOTES DUE 2022
* SPIRIT AEROSYSTEMS - UNIT COMMENCED OFFER TO PURCHASE FOR CASH ANY AND ALL OF $300 MILLION OUTSTANDING PRINCIPAL AMOUNT OF ITS 5¼% SENIOR NOTES DUE 2022 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-spirit-aerosystems-commences-cash/brief-spirit-aerosystems-commences-cash-tender-offer-for-senior-notes-due-2022-idUSASC0A38P |
May 22, 2018 / 2:27 PM / Updated an hour ago Dogged Danes bank on Eriksen's class at World Cup Philip O'Connor 3 Min Read
(Reuters) - Best known for the flair, skill and character that enabled them to win the 1992 European Championship in stunning fashion, a more dogged, determined Denmark led by Christian Eriksen will arrive in Russia hoping to make a similar impact at the World Cup. FILE PHOTO: Soccer Football - 2018 World Cup Qualifications - Europe - Republic of Ireland vs Denmark - Aviva Stadium, Dublin, Republic of Ireland - November 14, 2017 Denmark coach Age Hareide celebrates after the match Action Images via Reuters/Lee Smith
Up against Peru, Australia and France in Group C, Denmark will fancy their chances of making it to the knockout stages, and perhaps even beyond the quarter-finals of the World Cup for the first time.
The Danes have gone through a rapid transformation following the departure of former coach Morten Olsen, who remained true to the nation’s ideal of slick passing football in his decade-and-a-half at the helm that ended in 2015.
Age Hareide has since taken over and the gruff Norwegian wasted no time in rolling up his sleeves and instilling a more pragmatic approach.
Olsen’s team disappointed in the 2010 finals in South Africa and missed out completely on Brazil four years later, and though Hareide has yet to solve all their problems, their 5-1 aggregate playoff thrashing of Ireland suggests he is on the right path.
In playmaker Eriksen they have one of the most talented players who will grace the World Cup but rather than stringing together intricate passes, Denmark are more likely to play long balls out of defence and start attacks further up the field. Related Coverage Factbox - Denmark World Cup
Hareide’s ability to organise a defence against top-level opposition was honed in the Champions League at the helm of Swedish side Malmo, and it has given Eriksen the freedom he needs to create.
The 26-year-old repaid his coach with superb performances in qualifying, culminating in a hat-trick in Ireland that secured qualification after they finished second to Poland in qualifying Group E.
Centre-back Simon Kjaer led a miserly defence that conceded only eight goals in qualifying but despite a 4-0 thrashing of group winners Poland their attack often misfired, especially against nations they would be expected to beat.
With striker Nicklas Bendtner rediscovering his form at Rosenborg in Norway and players such as winger Pione Sisto, Viktor Fischer and Andreas Cornelius to call upon, the Danes have the firepower to trouble any side.
But it will be up to Hareide to come up with a recipe for success if they are to make the deep run in the tournament they are capable of. Reporting by Philip O'Connor, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-dnk-prospects/dogged-danes-bank-on-eriksens-class-at-world-cup-idUKKCN1IN1W1 |
NEW YORK, May 17, 2018 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) and the Special Committee of its Board of Directors, today issued the following statement regarding the decision by the Delaware Court of Chancery (the "Court") to deny a motion for a temporary restraining order brought by CBS and the members of a Special Committee of its Board of Directors:
"The judge today found that the allegations in our lawsuit 'are sufficient to state a colorable claim for breach of fiduciary duty against Ms. Redstone and NAI as CBS's controlling stockholder.' We could not agree more. While we are disappointed that the judge did not grant a TRO, the ruling clearly recognizes that we may bring further legal action to challenge any actions by NAI that we consider to be unlawful, and we will do so. We remain confident that we will prevail in the lawsuit previously filed by CBS and the members of its Special Committee.
"As previously announced, the CBS Board will hold a meeting at 5PM today to consider declaring a dividend of shares of Class A common stock to all of the Company's Class A and Class B stockholders, as is permitted under CBS' charter. This dividend would more closely align economic and voting interests of CBS stockholders without diluting the economic interests of any stockholder."
View original content: http://www.prnewswire.com/news-releases/cbs-and-the-cbs-special-committee-issue-statement-regarding-delaware-court-of-chancery-order-300650464.html
SOURCE CBS Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-cbs-and-the-cbs-special-committee-issue-statement-regarding-delaware-court-of-chancery-order.html |
OSLO, May 8 (Reuters) - The spot price for farmed salmon rose by 6.69 Norwegian crowns to an average of 74.57 Norwegian crowns ($9.21) per kilo last week, according to statistics from the Nasdaq Salmon Index.
The price is for producers and applies to freshly sliced salmon for delivery in Oslo. ($1 = 8.0984 Norwegian crowns) (Reporting by Oslo newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/salmon-weekly-price-nasdaq/salmon-price-rose-to-nok-74-57-per-kilo-last-week-nasdaq-salmon-index-idUSL8N1SF5ME |
DUBAI/MUMBAI (Reuters) - The United Arab Emirates (UAE) has banned imports of fresh vegetables and fruits from the southern Indian state of Kerala where 13 people have died due to an outbreak of the rare brain-damaging Nipah virus, the Gulf state said on Tuesday.
The UAE's Ministry of Climate Change and Environment also notified other local authorities, including the Abu Dhabi Food Control Authority and the municipalities of its emirates, to prevent the entry of any fresh produce from Kerala, it said in a statement bit.ly/2ssWeUj.
The ministry suspects that fruit bats are the source of the virus. It said it was banning fresh produce, including mangoes, dates and bananas - the bats’ preferred fruits.
Indian health officials have not been able to trace the origin of the Nipah outbreak and have begun a fresh round of tests on fruit bats from Perambra, the suspected epicenter of the infection.
Kerala has sent 116 suspected cases for testing in recent weeks, 15 have been confirmed with the deadly disease and 13 of these people have died, with two patients still undergoing treatment.
No confirmed cases of the virus have been found outside the state.
There is no vaccine for the virus, which is spread through body fluids and can cause encephalitis, or inflammation of the brain, the World Health Organization (WHO) says.
Last week, the UAE consulate in Kerala advised travelers to take precautions and follow safety instructions issued by the Indian authorities.
The Gulf state has also banned imports of live animals from South Africa, based on a notification from the World Organization for Animal Health (OIE) of the registration of Rift Valley Fever disease, the ministry said.
Reporting by Alexander Cornwell and Subrat Patnaik; Writing by Aziz El aakoubi; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-emirates-south-afroca/uae-bans-vegetables-from-indias-kerala-animals-from-south-africa-idUSKCN1IU1I3 |
US Consumer Price Index rose 0.2% in April, vs 0.3% increase expected U.S. consumer prices rebounded less than expected in April. Rising costs for gas and rentals were tempered by a moderation in health-care prices. The data pointed to a steady buildup of inflation. Published 4 Hours Ago 4 Hours Ago | 01:27
U.S. consumer prices rebounded less than expected in April as rising costs for gasoline and rental accommodation were tempered by a moderation in health-care prices, pointing to a steady buildup of inflation .
The Labor Department said on Thursday its Consumer Price Index rose 0.2 percent after slipping 0.1 percent in March. In the 12 months through April, the CPI increased 2.5 percent, the biggest gain since February 2017, after rising 2.4 percent March.
Excluding the volatile food and energy components, the CPI edged up 0.1 percent after two straight monthly increases of 0.2 percent. The so-called core CPI rose 2.1 percent year-on-year in April, matching March's increase.
Economists had forecast the CPI rebounding 0.3 percent in April and the core CPI climbing 0.2 percent.
The Federal Reserve tracks a different inflation measure, which is now flirting with the U.S. central bank's 2 percent target. The personal consumption expenditures price index excluding food and energy accelerated to 1.9 percent year-on-year in March as last year's big declines in the price of cell phone service plans dropped out of the calculation.
Economists expect the core PCE price index, which had increased 1.6 percent in February, to breach its target in May.
Gasoline prices rebounded 3.0 percent in April after tumbling 4.9 percent in March.
Further increases are likely after crude oil prices jumped to 3-1/2-year highs on Wednesday in the wake of President Donald Trump's decision on Tuesday to pull the United States out of an international nuclear deal with Iran.
Food prices rose 0.3 percent last month after nudging up 0.1 percent in March. Food consumed at home increased 0.3 percent, the biggest gain since March 2017.
Owners' equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, rose 0.3 percent last month after a similar gain in March.
But healthcare costs nudged up 0.1 percent after advancing 0.4 percent in March, helping to restrain the increase in the core CPI. Prices for used cars and trucks tumbled 1.6 percent in April, the largest drop since March 2009.
The cost of recreation fell 0.4 percent last month, the biggest decline since December 2009. Apparel prices rose 0.3 percent in April after falling 0.6 percent in the prior month. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/us-consumer-price-index-april-2018.html |
NEW YORK, May 30, 2018 /PRNewswire-USNewswire/ -- Sylvia Acevedo, CEO of Girl Scouts of the USA (GSUSA), was today named one of Fast Company's 100 Most Creative People in Business, a powerful group of thought leaders from around the world. The rocket scientist, entrepreneur, and lifelong Girl Scout was cited for her vision and creativity—evident in GSUSA's forward-thinking programming in STEM and the outdoors and such timely initiatives as the G.I.R.L. Agenda Powered by Girl Scouts , which aims to inspire, prepare, and mobilize girls to lead through civic action; and the Girl Scout Network on LinkedIn , which invites the organization's more than 50 million alums to connect with one another to enhance their career development.
When Sylvia Acevedo was a girl in Las Cruces, New Mexico, a Girl Scout troop leader encouraged her to build a model rocket for a science badge, sparking a lifelong passion. Many years after that pivotal experience, Acevedo, a true go-getter, became a rocket scientist. Throughout her career she held leadership positions at NASA's Jet Propulsion Lab, IBM, Apple, Autodesk, and Dell. Since taking on the role of interim CEO of GSUSA in 2016 followed by permanent CEO in 2017, she has brought her bold and innovative thinking to the 106-year-old organization, infusing Girl Scout programming with STEM in response to girls' requests as well as the cultural and economic need to prepare more girls in the U.S. for STEM careers.
"To be included in this group of incredible change-makers is a true honor," said Sylvia Acevedo. "The modern world advances rapidly, and I am committed to making sure girls have a hand in designing our collective future. At Girl Scouts, we know that girls are America's great untapped resource, and we're unleashing their creative potential so that they can lead and succeed in whatever path they choose. No matter what a girl's interests—technology, music, medicine, finance, civic leadership, the military, entrepreneurship—she can use the skills she builds at Girl Scouts to be a force for good and make a creative and real impact on her community, the country, and the world."
In May 2017, Acevedo greenlighted the largest rollout of Girl Scout badges in nearly a decade, with 39 of the 47 new badges in STEM and the outdoors. Twenty-three of the badges are currently available, and the rest will be in circulation by summer 2019. Also in 2017, Sylvia introduced the Girl Scout STEM Pledge , a groundbreaking national initiative that seeks to reduce the gender gap in STEM fields through raising $70 million to bring Girl Scouts' STEM programming to 2.5 million girls by 2025. Additionally, during her tenure as GSUSA CEO, Sylvia has spearheaded collaborations with prominent industry leaders—including The North Face, Raytheon, and Palo Alto Networks—that are eager to invest in girls and lend their expertise to the development of state-of-the-art programming.
"Other titles catalog wealth, corporate power, or company size," says Stephanie Mehta, editor-in-chief of Fast Company. "Only Fast Company identifies and celebrates leaders, many unsung, who are making an impact with their creativity."
At a time when issues that affect girls and women dominate cultural conversations, Sylvia is one of many distinguished and inspiring female leaders acknowledged by Fast Company for their significant contributions to business—women whose exceptional work is driving the future of our country and world.
Read more about why Sylvia was named one of Fast Company's 100 Most Creative People in Business. To volunteer, reconnect, donate, or join, visit www.girlscouts.org .
About Girl Scouts of the USA
We're 2.6 million strong—1.8 million girls and 800,000 adults who believe in the power of every G.I.R.L. (Go-getter, Innovator, Risk-taker, Leader)™ to change the world. Our extraordinary journey began more than 100 years ago with the original G.I.R.L., Juliette Gordon "Daisy" Low. On March 12, 1912, in Savannah, Georgia, she organized the very first Girl Scout troop, and every year since, we've honored her vision and legacy, building girls of courage, confidence, and character who make the world a better place. We're the preeminent leadership development organization for girls. And with programs from coast to coast and across the globe, Girl Scouts offers every girl a chance to practice a lifetime of leadership, adventure, and success. To volunteer, reconnect, donate, or join, visit www.girlscouts.org .
About Fast Company
Fast Company is one of the world's leading business media brands, with an editorial focus on creativity, innovation, social impact, leadership, and design. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at fastcompany.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/girl-scouts-of-the-usa-ceo-named-one-of-fast-companys-100-most-creative-people-in-business-300656147.html
SOURCE Girl Scouts of the USA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-girl-scouts-of-the-usa-ceo-named-one-of-fast-companys-100-most-creative-people-in-business.html |
PRAGUE (Reuters) - Czech web developer Vojtech Ruzicka ditched his laptop and urban Prague lifestyle and decamped to the forest dressed as a blue-faced shaman for a “World of Warcraft” reenactment game.
Vojtech Ruzicka (C) and Zuzana Vondrakova (L) both dressed as characters from the computer game "World of Warcraft" stand on a field before a battle near the town of Kamyk nad Vltavou, Czech Republic, April 28, 2018. Picture taken April 28, 2018. REUTERS/David W Cerny The 26-year-old was one of around 150 people who took part in a two-day live action battle between orcs, elves, knights and other fantasy characters from the online role-playing game that has become a cultural phenomenon since launching in 2004.
Ruzicka designed and made his own fur lined flowing gowns, decorated with skulls.
To complete his costume, he painted his face blue and dyed his beard a glowing orange before taking his place in the forest as the Azeroth fighters defended their planet against the Burning Legion.
“I always forget the real world, it relaxes my mind,” he told Reuters.
The event, which concluded on Sunday at Kamyk nad Vltavou, 70km (40 miles) south of Prague, has been going for 16 years.
Slideshow (5 Images) Writing by Patrick Johnston in LONDON; Editing by Andrew Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/czech-lifestyle-warcraft/world-of-warcraft-goes-offline-to-czech-forest-idINKBN1I231R |
MOUNTAIN VIEW, Calif., May 03, 2018 (GLOBE NEWSWIRE) --
IRIDEX Corporation (Nasdaq:IRIX) today reported the first quarter ended March 31, 2018.
First Quarter Highlights
Cyclo G6™ product revenue increased approximately 50% year-over-year Shipped a record 11,600 G6 probes Shipped 99 G6 laser systems Presence at American Society of Cataract and Refractive Surgery (ASCRS) and Association for Research in Vision and Ophthalmology (ARVO) meetings included presentation of 10 papers and posters reviewing the treatment of over 550 eyes with MicroPulse® technology for glaucoma Total revenue of $9.5 million Appointed Maria Sainz and David Bruce to Board of Directors, adding extensive and relevant expertise in medical device product development and commercialization to leadership team
“We’re off to a solid start in 2018 and are making progress in our shift towards a glaucoma, disposables-oriented business model. Revenues in the first quarter were driven by new G6 system placements and increased probe utilization worldwide,” said William M. Moore, President and CEO. “I’m pleased with the strides our commercial team is making with both new and existing customers, as well as the impact our marketing organization is having on raising awareness on the benefits of our MicroPulse technology in treating all stages of glaucoma. I am also pleased that we have made significant progress regarding the voluntary recall of our TrueFocus LIO Premiere™ laser accessory and have developed an action plan to return this product to the market.”
First Quarter 2018 Financial Results
Revenue for the three months ended March 31, 2018 decreased 9% to $9.5 million from $10.5 million during the same period of the prior year. The decrease in revenue was primarily due to lower retina product revenues related to the Company’s voluntary LIO recall. The decrease was partially offset by growth from G6 product revenues and the reversal of a portion of the reserves related to the LIO recall.
Gross profit for the first quarter of 2018 was $3.9 million, or 41.2% gross margin, compared to $4.5 million, or 42.6% gross margin, in the same period of the prior year. Gross margin was primarily impacted by unfavorable geographic mix and less efficient overhead absorption, partially offset by the benefit of higher margin G6 revenues and the reversal of a portion of the reserves related to the LIO recall.
Operating expenses for the first quarter of 2018 were $7.5 million compared to $6.3 million in the same period of the prior year. This increase is attributable to investments to support the Company’s commercial infrastructure, including increased sales and marketing expenses.
Loss from operations for the first quarter of 2018 was $3.6 million, compared to loss from operations of $1.9 million for the same period of the prior year.
Cash and cash equivalents were $18.5 million as of March 31, 2018.
Guidance for Full Year 2018
IRIDEX reiterated its guidance for 2018 of G6 probe shipments of 40,000 to 45,000, representing growth of approximately 32% year-over-year at the midpoint and shipments of 350 to 400 G6 systems. Total revenue for the full year is expected to be $37 million to $41 million.
Webcast and Conference Call Information
IRIDEX’s management team will host a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET. Investors interested in listening to the conference call may do so by dialing (844) 707-0665 for domestic callers or (703) 326-3030 for international callers, using conference ID: 5495252. A live and archived webcast of the event will be available on the “Investors” section of the Company’s website at: www.iridex.com . A telephone replay will also be available beginning Thursday, May 3, 2018 through Friday, May 4, 2018 by dialing (855) 859-2056 for domestic callers or (404) 537-3406 for international callers, using conference ID: 5495252.
About IRIDEX
IRIDEX Corporation is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. The Company’s proprietary MicroPulse® technology delivers a differentiated treatment that provides safe, effective, and proven treatment for targeted sight-threatening eye conditions. IRIDEX’s current product line is used for the treatment of glaucoma, diabetic macular edema (DME) and other retinal diseases. IRIDEX products are sold in the United States through a direct sales force and internationally primarily through a network of independent distributors into more than 100 countries. For further information, visit the IRIDEX website at http://www.iridex.com/ .
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, including those statements concerning the Company’s recall of its LIO product and its plans to return its LIO product to the market, future demand and order levels for the Company's products, future operating expenses, the adoption and effect of Company products on its results, the markets in which the Company operates, usage and efficacy of the Company's products, the Company’s guidance for fiscal 2018 and future financial results, and the Company's strategic and operational plans and objectives. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended December 30, 2017, and Quarterly Reports on Form 10-Q for subsequent fiscal quarters, each of which was filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
Investor Relations Contact
Lynn Pieper Lewis or Leigh Salvo
(415) 937-5404
[email protected]
IRIDEX Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited) Three Months Ended March 31, April 1, 2018 2017 Total revenues $ 9,509 $ 10,483 Cost of revenues 5,587 6,018 Gross profit 3,922 4,465 Operating expenses: Research and development 1,104 1,339 Sales and marketing 4,050 2,923 General and administrative 2,385 2,061 Total operating expenses 7,539 6,323 Loss from operations (3,617 ) (1,858 ) Other income (expense), net 18 (2 ) Loss from operations before provision for income taxes (3,599 ) (1,860 ) Provision for income taxes 4 6 Net loss $ (3,603 ) $ (1,866 ) Net loss per share: Basic $ (0.31 ) $ (0.16 ) Diluted $ (0.31 ) $ (0.16 ) Weighted average shares used in computing net loss per share: Basic 11,628 11,518 Diluted 11,628 11,518
IRIDEX Corporation
Condensed Consolidated Balance Sheets
(In thousands and unaudited) March 31, December 30, 2018 2017 Assets Current assets: Cash and cash equivalents $ 18,522 $ 21,707 Accounts receivable, net 6,400 7,863 Inventories 9,306 9,381 Prepaids and other current assets 681 500 Total current assets 34,909 39,451 Property and equipment, net 1,488 1,403 Intangible assets, net 112 116 Goodwill 533 533 Other long-term assets 170 143 Total assets $ 37,212 $ 41,646 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,976 $ 1,724 Accrued compensation 1,741 2,459 Accrued expenses 2,358 2,153 Accrued warranty 935 1,536 Deferred revenue 2,245 2,520 Total current liabilities 9,255 10,392 Long-term liabilities: 180 199 Accrued warranty Other long-term liabilities 522 533 Total liabilities 9,957 11,124 Stockholders' equity: Common stock 126 126 Additional paid-in capital 59,698 59,385 Accumulated other comprehensive income 23 - Accumulated deficit (32,592 ) (28,989 ) Total stockholders' equity 27,255 30,522 Total liabilities and stockholders' equity $ 37,212 $ 41,646
Source:IRIDEX Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-iridex-announces-2018-first-quarter-financial-results.html |
May 22 (Reuters) - Founders Advantage Capital Corp:
* QTRLY ADJUSTED LOSS PER SHARE $0.02 * QTRLY REVENUES $30.1 MILLION VERSUS $13.7 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-founders-advantage-qtrly-adjusted/brief-founders-advantage-qtrly-adjusted-loss-per-share-0-02-idUSASC0A3B7 |
A federal judge in Chicago has dismissed a proposed class action accusing real estate database company Zillow of deceptively drawing homeowners to its website so it could solicit advertising revenue from real estate brokers and lenders.
Filed last year on behalf of Illinois homeowners, the lawsuit said Zillow unilaterally posted estimates for millions of homes across the state online without homeowners’ permission to attract a huge audience for its website. Zillow did not disclose that its so-called home “Zestimates” were not based on actual market values or that it made revenue from ads placed by agents and lenders, the lawsuit said.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2KMHWGg
| ashraq/financial-news-articles | https://www.reuters.com/article/zillow-lawsuit-dismiss/judge-declares-zillow-home-free-in-consumer-fraud-lawsuit-idUSL1N1SF2IJ |
ALPHARETTA, Ga., May 1, 2018 /PRNewswire/ -- Neenah, Inc. (NYSE:NP) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.41 per share on the company's common stock. The dividend will be payable on June 4, 2018 to shareholders of record as of close of business on May 18, 2018.
In addition, the company announced that its 2018 Annual Meeting of Shareholders will be held on Wednesday, May 23, 2018 at 10:00 a.m., Eastern Time at Neenah's corporate office, located at 3460 Preston Ridge Road, Suite 600, Alpharetta, Georgia 30005. Common shareholders of record as of end of business on March 29, 2018 are eligible to vote at the meeting.
About Neenah, Inc.
Neenah is a leading global specialty materials company, focused on premium niche markets that value performance and image. Key products and markets include advanced filtration media, specialized performance substrates used for digital transfer, tape and abrasive backings, labels and other products, and premium printing and packaging papers. The company is headquartered in Alpharetta, Georgia and its products are sold in over 80 countries worldwide from manufacturing operations in the United States, Europe and the United Kingdom. Additional information can be found at the company's web site, www.neenah.com .
Contact:
Neenah, Inc.
Bill McCarthy
Vice President Investor Relations and Corporate Analysis
678-518-3278
View original content with multimedia: http://www.prnewswire.com/news-releases/neenah-declares-quarterly-dividend-and-announces-annual-shareholders-meeting-on-may-23-2018-300640376.html
SOURCE Neenah, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-neenah-declares-quarterly-dividend-and-announces-annual-shareholders-meeting-on-may-23-2018.html |
May 14 (Reuters) - CAMBRIDGE CHOCOLATE TECHNOLOGIES SA :
* SAID ON FRIDAY THAT ITS Q1 NET LOSS WAS 2.5 MILLION ZLOTYS VERSUS LOSS OF 1.0 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE WAS 0.4 MILLION ZLOTYS VERSUS 2.5 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SL1EW |
College graduates have a lot to worry about. The class of 2018 is graduating with the highest levels of student debt ever and landing even an entry-level position can be difficult to do.
Job site Monster polled 353 soon-to-be college graduates to see what's keeping them up at night, and as it turns out, the job search process is causing some serious stress.
"These fears are normal," Monster Career expert Vicki Salemi tells CNBC Make It, and if you are having these fears, you're likely not alone."
In fact, many of the most common fears that these soon-to-be-college-graduates have are common among all workers. Check out the five biggest fears of the class of 2018 and how to face them — even if you're not fresh out of school.
1. My resume isn't good enough Over 36 percent of respondents said this was one of their biggest post-college fears. Fortunately, Salemi says there are several steps students can take to make their resume the best it can be.
First, make sure your resume is free of technical errors . "Show it to a friend and ask him or her to eyeball it," says Salemi. "Most importantly, have them check for typos, because sometimes spell check won't catch everything and your resume must be flawless — free of typos and grammatically correct."
A second resume-related fear that new graduates often struggle with is what to include when you have not had your first job yet. "If you don't have previous work experience, think about other opportunities and experiences you may have had that demonstrate skills like reliability, responsibility, time management and demonstrate a strong work ethic," explains Salemi. "Things like studying abroad, babysitting, volunteering, working for your parents, doing research for a professor and even mowing the lawn for neighbors demonstrate some of the soft skills that could be beneficial."
No matter what your experience, use strong action words and make sure your spelling and grammar are perfect. If you do these things, writing a resume is nothing to fear.
show chapters Suzy Welch: Beware of these 3 common job interview traps 59 Mins Ago | 01:28 2. I'll bomb the interviews Almost a third of all of those surveyed said that failing an interview was one of the things they feared the most. For students without significant professional experience, it can feel like you are going in blind. Fortunately, this is not the case and when it comes to facing this fear, preparation and practice are key.
First, research everything you can about the company and the role . This includes reaching out to people you know who have experience with the company, learning the mission statement and fully understanding the business model. "Be sure to review their social media feeds, and prepare your questions for them in advance," adds Salemi.
Once you have done your preparation, practice interviewing as much as possible . "Your career office on campus probably encourages you to make an appointment and many even offer free mock interviewing," says Salemi.
And don't feel guilty about asking your friends to give you practice interviews as well. Itt can feel awkward or silly but more likely than not, they will also be in the middle of their job search process themselves and this exercise can be equally beneficial to them as well.
3. I have no idea what job I want Indecision can make the job application process scary no matter where you are in your professional life, but for over 31 percent of new grads, this was the more frightening part. Salemi recommends thinking broadly.
"Look at the classes you enjoyed in college and think about what interests you most. Match your interests and passions with potential jobs descriptions," she says. "You'll get to learn more when you're on the actual job interview, but you won't get the interviews unless you apply."
Once you have found an industry or profession you think you could excel in, be sure to use your network to find out if it is the right choice for you.
"Connect with alumni from your university to learn about their jobs and companies," says Salemi. "It's always nice to hear firsthand about what a typical day looks like on the job."
show chapters These are the top universities in the US 9:37 AM ET Tue, 12 Sept 2017 | 00:55 4. I don't have the right network When you are about to graduate from college, it may seem like you don't have any professional connections.
The first step to facing this fear is expanding your network as much as possible. "Think beyond just your friends – what do your college roommate's parents do? Do they have any connections? Does one of your professors have a contact he/she can put you in touch with?" asks Salemi.
Next, be sure to put yourself into situations where you can meet people who can help you. "Volunteer to work at a reunion or event in the next few weeks, so you can meet new people," she suggests.
No matter how big your network is, the key to landing a job is properly leveraging what you already have. Be sure to stay in touch with people you admire and reach out to people with careers you would like to emulate — there's nothing wrong with reaching out and asking for advice.
5. I know what I want, but what if I can't find it A healthy 36 percent of those surveyed said that knowing what you want but being unable to make it a reality was among their biggest fears. The solution to facing this fear is simple: Be flexible .
"Outline your top three dream jobs and then look at which companies offer those roles," says Salemi. "If you must start at a different role at that company and work your way up or move within, that's a good start."
If you can't find the job of your dreams in your area, consider roles in other cities and set up job alerts so that you are able to hop on an opportunity as soon as it arises. Don't be afraid of not having your dream job just yet — as long as you're working towards your goals, things won't feel so scary.
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5 tricks for paying for college This New Orleans teen was accepted by more than 80 colleges Teacher of the Year delivers letters from immigrant and refugee students to President Trump show chapters This is how much education you need to land a job at the world's biggest tech companies 1:26 PM ET Wed, 26 July 2017 | 00:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-5-biggest-fears-of-the-class-of-2018-and-how-to-face-them-head-on.html |
May 2, 2018 / 3:51 PM / Updated 2 minutes ago Germany's Weidmann says mid-2019 ECB rate hike still realistic Reuters Staff 2 Min Read
MANNHEIM, Germany (Reuters) - Expectations the European Central Bank will raise interest rates towards the middle of next year remain realistic, because worries about an end of the euro zone’s economic expansion are overblown, Germany’s man on the ECB’s policy-making body said. FILE PHOTO: German Bundesbank President Jens Weidmann is seen after G-20 finance ministers and central banks governors family photo during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas
Investors have been wondering whether weaker growth and inflation in the euro zone this year would test the ECB’s resolve in dialling back its aggressive stimulus measures.
But Jens Weidmann, a policy hawk who has long criticised the ECB’s ultra-easy policy, reaffirmed his call for gradually closing the money taps. The 1.7 percent inflation expected in 2020 was in line with the ECB’s target, he said.
“Some observers already see evidence of an approaching end to the upswing in the recent economic slowdown,” he told an audience in Mannheim, Germany. “However, I think such worries are exaggerated.”
Echoing recent speeches, Weidmann backed expectations for the ECB to end its 2.55 trillion-euro (2.2 trillion pounds) money-printing programme this year and raise rates for the first time since 2011 towards the middle of next year.
He added the Federal Reserve experience in spelling out what steps it would take and in what order, was “very helpful” for the ECB.
The Fed said it would first begin raising rates and then start selling down the assets it had bought in its stimulus programme - an order that financial analysts expect the ECB to follow.
“The (ECB’s) Governing Council has so far seen no reason to correct that expectation but it has not committed to it,” Weidmann said.
He cautioned, however, that the ECB would not need to wait more than a year between the end of its bond purchases and its first rate hike - as the Fed did - because economic conditions are better in the euro zone. Reporting by Frank Siebelt; Writing by Francesco Canepa in Mannheim; editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ecb-policy-bundesbank/germanys-weidmann-says-mid-2019-ecb-rate-hike-still-realistic-idUKKBN1I327M |
FORT LAUDERDALE, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB) (“BBX Capital” or the “Company”), today announced it has appointed Susan Saturday to the BBX Capital’s Executive Management Council as Executive Vice President and Chief Human Resources Officer. In this role, Susan will serve as chief Human Resource strategist and advisor to BBX’s executive leadership team, the firm’s portfolio companies, and will oversee BBX Capital’s day-to-day human capital operations.
EVP, Chief Human Resources Officer, BBX Capital Corporation
“Susan comes to BBX Capital from Bluegreen Vacations, where she served as Chief Human Resources Officer since 2004 and as a member of Bluegreen’s Executive Committee. For more than a year, Susan has been supporting BBX Capital and its portfolio of companies with her expertise and knowledge while maintaining her full-time role at Bluegreen Vacations,” commented Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital Corporation. “We are very pleased to welcome Susan to BBX Capital and its family of companies.”
Prior to joining Bluegreen in 1988, Susan Saturday began her career with General Electric Co. in their Financial Management Program and served in various financial positions, including GE’s elite corporate audit staff. In the 1990’s, Susan was not only pivotal in building Bluegreen’s Human Resources department, she also oversaw Bluegreen’s Office Services and Facilities division, its Charitable Giving Committee, and many other functions. She holds a Master of Science from Nova Southeastern University in Human Resource Management and a B.B.A. in Accounting from the University of Massachusetts at Amherst.
Susan is an active member of the Board of Directors for the Boca Raton Chamber of Commerce and currently serves as its Chair-elect and as a Director on its PAC and Golden Bell boards. She is also active in many national and local charitable organizations and passionate about her commitment to the Cystic Fibrosis Foundation. She co-chairs the Cystic Fibrosis Foundation's Boca Raton Great Strides walk with her husband, Jim. Susan is also an Advisory Board member for the South Florida Chapter of CFF and was recently named to the National Volunteer Council.
About BBX Capital Corporation: BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB), is a Florida-based diversified holding company whose activities include its 90 percent ownership interest in Bluegreen Vacations Corporation (NYSE:BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com .
About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (NYSE:BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 212,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of March 31, 2018. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com .
BBX Capital Corporation Contact Info:
Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer
954-940-5300, Email: [email protected]
Media Relations Contacts: Kip Hunter Marketing, 954-765-1329, Nicole Lewis / Elysia Volpe
Email: [email protected] , [email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/66c01d75-f0d1-4720-9c34-6a2feb8a2586
Source:BBX Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-bbx-capital-corporation-appoints-susan-saturday-to-executive-vice-president-and-chief-human-resources-officer.html |
May 10, 2018 / 11:02 AM / Updated 7 minutes ago Turkey acts against French studies at universities amid Koran row Gulsen Solaker , Tuvan Gumrukcu 2 Min Read
ANKARA (Reuters) - Turkey on Thursday suspended the opening of any new French studies departments at its universities, an education official said, amid a growing row with France over a call there for some passages to be removed from the Koran.
An official of Turkey’s Higher Education Board said Turkish universities would not open any new French departments and that 16 existing departments without enrolled students would not be allowed to admit any new students.
The 19 departments which currently have students enrolled will be allowed to admit new students and continue the academic year normally, the official said.
The move to impose limitations on French departments was part of a “reciprocity” relationship with France, the official said, adding that there were no bachelor’s programs offering Turkish literature in France.
Relations between Ankara and Paris - already tense over differences on Syria - have been further strained after an open letter was published in France in which 300 people called for certain verses to be removed from the Muslim holy book.
The signatories, who included former President Nicolas Sarkozy, argued the verses “spread violent and antisemitic ideas”. The move drew a scathing response from President Tayyip Erdogan and ministers from his Islamist-rooted ruling AK Party.
“Is it your place to make such remarks? We see this only as a reflection of your ignorance. You are no different than Daesh (Islamic State) ... No matter how much you attack what’s sacred to us, we will not do the same. We are not despicable,” Erdogan said in a speech.
France has been one of the most vocal critics of Turkey’s military operation in northern Syria against the Kurdish YPG, which Turkey considers a terrorist organization.
Ankara has said that a French pledge to help stabilize a region controlled by Kurdish-dominated forces amounted to support for terrorism and could make France a “target of Turkey”. [nL8N1RC0EZ] Editing by David Dolan and Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-education-france/turkey-acts-against-french-studies-at-universities-amid-koran-row-idUSKBN1IB1EW |
* Dollar index breaks above 200-day average for first time in year
* Sterling falls as soft UK data dampens BoE rate rise expectation
* Euro at lowest since mid-January, GDP seen slowing
By Hideyuki Sano
TOKYO, May 2 (Reuters) - The dollar held near a four-month high against a basket of major currencies on Wednesday, buoyed by the outlook for a strong U.S. economy and rising yields amid signs of slowdown elsewhere, especially in Europe.
The dollar’s index rose 0.66 percent on Tuesday and reached as high as 92.57, its firmest since Jan. 10.
It rose above its 200-day moving average for the first time in a year, triggering a wave of short-covering.
While the Federal Reserve is widely expected to keep the benchmark interest rate on hold at its policy meeting ending on Wednesday, it looks certain to bump it up next month, given signs of possible acceleration in the U.S. economy.
The Institute for Supply Management (ISM) survey published on Tuesday showed U.S. factory activity slowed in April, but it highlighted shortages of skilled workers and rising costs, suggesting inflationary pressure is building.
Data published last month showed the Fed’s favourite gauge of consumer inflation had jumped in March.
“We are seeing a roll-back of dollar selling since the start of the year. If the upcoming U.S. jobs data shows gains in wage rises, that would propel the dollar higher,” said Shinichiro Kadota, senior currency strategist at Barclays Capital in Tokyo.
Investors also think U.S. President Donald Trump’s tax cuts and spending plans, unusual economic stimulus at a time of solid economic expansion, could further fuel inflation and prompt a faster pace of rate rises.
In contrast, expectations of rising rates are dwindling in Europe as recent economic figures suggest cooling momentum after stellar growth last year.
The British pound fell to a four-month low of $1.3588 on Tuesday after soft UK manufacturing data, having fallen nearly 6 percent from a post-Brexit referendum high of $1.4377 hit on April 17.
It was the latest in a run of mediocre economic data that further reduced the chances of a rate increase from the Bank of England when it meets next week.
Swap markets now indicate around a 15 percent chance of a rate increase this month, down from 90 percent in early April.
The pound last stood at $1.3607, flat from late U.S. levels.
The euro fell to $1.1981, a low seen in mid-January and last stood at $1.1998.
The common currency also eased to 131.58 yen, its lowest in three weeks, and last fetched 131.75 yen.
The flash estimate of the euro zone due at 0900 GMT is expected to show growth in the 19 country currency bloc slowing to 0.4 percent quarter-on-quarter in January-March from 0.6 percent in the preceding quarter.
While that would be hardly a bad figure, it would undermine the case for an earlier withdrawal of the European Central Bank’s stimulus.
The dollar rose to as high as 109.89 yen, a three-month high and last changed hands at 109.85.
Elsewhere the Australian dollar sank to an 11-month low of $0.74725 in overnight trade, while gold also hit a four-month low of $1,301.9 per ounce. (Editing by Jacqueline Wong)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-hovers-near-4-month-high-on-solid-u-s-economic-outlook-idUSL3N1S84HX |
May 9, 2018 / 4:57 PM / in 29 minutes BRIEF-NBC News Provides Update On Investigation Of Complaints Against Matt Lauer Reuters Staff
May 9 (Reuters) - NBC News: * NBC NEWS PROVIDES UPDATE ON WORKPLACE INVESTIGATION
* NBC NEWS - FOUND NO EVIDENCE THAT ANY NBC NEWS OR TODAY SHOW LEADERSHIP GOT COMPLAINTS ABOUT MATT LAUER’S WORKPLACE BEHAVIOUR BEFORE NOV. 27, 2017
* NBC NEWS - ALL 4 WOMEN WHO CAME FORWARD CONFIRMED THEY DID NOT TELL DIRECT MANAGER OR ANYONE ELSE IN AUTHORITY ABOUT SEXUAL ENCOUNTERS WITH LAUER
* NBC NEWS - CURRENT, FORMER MEMBERS OF NBC NEWS AND TODAY SHOW LEADERSHIP SAID THEY HAD NEVER RECEIVED COMPLAINT ABOUT INAPPROPRIATE WORKPLACE BEHAVIOR BY LAUER
* NBC NEWS - WERE UNABLE TO ESTABLISH ANY THAT OF THOSE INTERVIEWED KNEW THAT LAUER HAD ENGAGED IN SEXUAL ACTIVITY WITH OTHER EMPLOYEES
* NBC NEWS - INVESTIGATION TEAM FOUND CREDIBLE THE FOUR COMPLAINANTS’ ALLEGATIONS THAT LAUER ENGAGED IN INAPPROPRIATE SEXUAL BEHAVIOR IN THE WORKPLACE
* NBC NEWS - INVESTIGATION TEAM FOUND CREDIBLE STATEMENTS OF NBC NEWS AND TODAY SHOW LEADERSHIP THAT THEY DID NOT KNOW ABOUT LAUER’S BEHAVIOR
* NBC NEWS - INVESTIGATION TEAM DOES NOT BELIEVE THERE IS WIDESPREAD OR SYSTEMIC BEHAVIOUR PATTERN VIOLATING CO’S POLICY OR CULTURE OF HARASSMENT IN NEWS DIVISION Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nbc-news-provides-update-on-invest/brief-nbc-news-provides-update-on-investigation-of-complaints-against-matt-lauer-idUSFWN1SG1KS |
Results Presented at EuroPCR 2018 Confirm Sustained Safety and Cerebral Embolic Prevention out to 24 months
TEL AVIV, ISRAEL, May 30, 2018 (GLOBE NEWSWIRE) -- InspireMD, Inc. (NYSE AMER:NSPR), a leader in embolic prevention systems (EPS), thrombus management technologies and neurovascular devices, today announced that Professor Piotr Musiałek, from the Department of Cardiac and Vascular Diseases, John Paul II Hospital, Kraków, Poland, presented the expanded 24 month follow-up results from the PARADIGM-Extend Clinical Study utilizing CGuard™ EPS at EuroPCR 2018, in Paris on May 24, 2018.
PARADIGM-Extend is the continuation of PARADIGM, an investigator-led clinical study evaluating the use of CGuard™ EPS in patients with symptomatic or asymptomatic carotid artery stenosis with increased stroke risk. The latest results include 251 patients, which is more than double the patient population of 101, which was previously reported in December 2017. Overall cumulative data showed no major strokes in the peri-procedural or post-procedural period up to 30 days (0%). There was one minor peri-procedural stroke (0.4%), and only one death (non-device related) at 30 days (0.4%). These results are consistent with earlier reported data in the first patient cohort. Importantly, there were no stroke or stroke-related deaths between 12 and 24 months.
Professor Musialek, commented, “The 24-month clinical and duplex ultrasound evidence is consistent with the unprecedented, sustained safety and cerebral embolism prevention efficacy of CGuard™ EPS in both symptomatic and asymptomatic patients with carotid stenosis.”
"We feel privileged to have had Professor Musialek, one of the leading interventional cardiologists in Europe, present his expanded results of the PARADIGM study at EuroPCR 2018,” said James Barry, PhD, Chief Executive Officer of InspireMD. “Professor Musialek’s PARADIGM-Extend trial continues to demonstrate consistent and strong clinical evidence of durable protection against potential stroke that can result from post procedural embolization. In addition, the duplex ultrasound data confirms normal vessel healing with the CGuard™ EPS device and with no indication of any long term in-stent restenosis. These results include a significant proportion of challenging patients that would have otherwise been sent to surgery (carotid endarterectomy). Furthermore, these results are consistent with other CGuard™ EPS clinical trials including: CARENET, IRON-GUARD, WISSGOTT Study and CASANA Study. This excellent data continues to build on the extensive body of evidence supporting the clinical advantages of CGuard™ EPS in preventing stroke that can result from high grade carotid stenosis.”
EuroPCR is the official annual meeting of the European Association of Percutaneous Cardiovascular Interventions (EAPCI) and the world-leading course in interventional cardiovascular medicine. Bringing together over 12,000 clinicians and industry executives each year, EuroPCR is the global forum for sharing within and between all interventional communities. EuroPCR 2018 took place in Paris from May 22-25, 2018.
About InspireMD, Inc.
InspireMD seeks to utilize its proprietary MicroNet™ technology to make its products the industry standard for embolic protection and to provide a superior solution to the key clinical issues of current stenting in patients with a high risk of distal embolization, no reflow and major adverse cardiac events.
InspireMD intends to pursue applications of this MicroNet technology in coronary, carotid (CGuard™), neurovascular, and peripheral artery procedures. InspireMD's common stock is Quote: d on the NYSE American under the ticker symbol NSPR and certain warrants are Quote: d on the NYSE American under the ticker symbol NSPR.WS.
Forward-looking Statements
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov . The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Contacts: InspireMD, Inc. Craig Shore Chief Financial Officer Phone: 1-888-776-6804 FREE Email: [email protected] Crescendo Communications, LLC David Waldman Phone: (212) 671-1021 Email: [email protected]
Source:InspireMD, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-inspiremd-reports-on-expanded-2-year-follow-up-results-from-the-paradigm-clinical-study-using-cguard-eps.html |
VANCOUVER, B.C., May 11, 2018 (GLOBE NEWSWIRE) -- Central 1 Credit Union (Central 1) announced today that Dan Blue, Chief Financial Officer, has left Central 1, effective May 10, 2018.
Dan joined Central 1 in 1999 and has been Chief Financial Officer since 2014. He has been an integral member of the leadership team and most recently played a key role in the creation of Aviso Wealth Inc., which provides a comprehensive and fully integrated range of wealth solutions for more than 300 credit unions across Canada and offers a values-based alternative to banks for all Canadian investors.
“We are extremely grateful to Dan for his many contributions to Central 1, and wish him all the best in the future,” said Mark Blucher, President & CEO of Central 1.
Central 1 will immediately begin a search for a new Chief Financial Officer. In the interim, Kari Lockhart, CPA (CA) of Deloitte Canada will take on the role. As the leader of B.C.’s Advisory and Deloitte Private practices, Kari has been focused on partnering with CFOs and financial teams to modernize financial leadership and practices. She has more than 20 years of experience and has helped many enterprises use their financial teams more effectively, improve processes and work toward a renewed vision and strategy.
About Central 1
Central 1 is a preferred partner for financial, digital banking and payment products and services – fuelling the success of businesses across Canada. With over $18 billion in assets, we leverage our scale, strength and expertise to power progress for more than 300 credit unions and other financial institutions, enhancing the financial well-being of more than 3.4 million customers from coast to coast. For more information, visit www.central1.com .
Contact
Heather Merry
Member & External Communications Manager
Central 1 Credit Union
T 604 737 5907 or 1 800 661 6813 ext. 5907
E [email protected]
Source: Central 1Credit Union | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-central-1-announces-departure-of-chief-financial-officer.html |
Lebanon heads to polls for first election in 9 years 8 Hours Ago Awaiting results for the Lebanon's parliamentary election, CNBC's Hadley Gamble walks through the key issues and the outlook for the country. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/lebanon-heads-to-polls-for-first-election-in-9-years.html |
Scratch those on your note pad. More news below. Alan Murray Top News
Oracle vs. Google
The long-running feud between Oracle and Google has spilled over into the tech-privacy debate, with Oracle prompting an Australian investigation into Google’s alleged secret tracking of Android users’ location. Competition and privacy regulators are now probing the allegations, which also involve Android users supposedly having to pay for gigabytes of data transfers, as the phones surreptitiously talk to Google’s servers. Fortune
Tesla Decisions
Tesla developers proposed extra safeguards to ensure that drivers remain attentive, even when Autopilot is engaged, according to a Wall Street Journal report that suggested the measures were rejected due to cost. After the article came out, Tesla chief Elon Musk tweeted that Tesla rejected the proposed eye-tracking mechanism “for being ineffective, not for cost,” and insisted that Teslas are the safest cars on the road. WSJ
Gap Gaffe
Gap has annoyed people in China by selling a T-shirt (in Canada) that portrays China without Tibet, Taiwan and the South China Sea islands to which Beijing lays claims. After photos of the offending T-shirt went viral, Gap apologized, saying it “respects China’s sovereignty and territorial integrity” and the garment would no longer be sold in China. Gap is only the latest in a string of Western firms that have caused similar outrage by flouting the “One China” code. CNN
Cohen Payments
Democratic Senators Elizabeth Warren, Richard Blumenthal and Ron Wyden have sent letters to the CEOs of AT&T and Novartis, suggesting that their firms’ payments of hundreds of thousands of dollars each to Donald Trump’s lawyer, Michael Cohen, “raise obvious questions about corruption.” AT&T’s Washington policy chief, Bob Quinn, retired last week after the company admitted to paying Cohen. Fox Business Advertisement Around the Water Cooler
Homeless in Seattle
Seattle City Council has passed a watered-down version of a controversial tax on large employers that will fund affordable housing programs and emergency services for homeless people. Although the tax is only half as onerous as the original proposal, Amazon—which paused a major office construction project as a thinly-veiled threat over the legislation—is still furious, and says it’s questioning its growth in its home city. Fortune
Google Resignations
A dozen Google employees have reportedly resigned in protest over the company’s decision to provide AI technology to the Pentagon, to help it identify images of people and objects from drone footage. “Over the last couple of months, I’ve been less and less impressed with the response and the way people’s concerns are being treated and listened to,” said one employee who resigned over the Project Maven contract. Gizmodo
Soros Exits Hungary
Viktor Orban’s relentless campaign against George Soros’s pro-democracy foundation has finally prevailed. After the Hungarian government announced a “Stop Soros” bill designed to clamp down on non-governmental organizations, the Open Society Foundations (OSF) said it was moving its staff from Budapest to Berlin. “The government of Hungary has denigrated and misrepresented our work and repressed civil society for the sake of political gain, using tactics unprecedented in the history of the European Union,” said OSF president Patrick Gaspard. Reuters
Trump and China
How can President Trump get the U.S.’s China trade policy back on track? According to Matthew Shay, head of the National Retail Federation, the answer is not fresh tariffs on Chinese imports—which will harm the U.S. economy and “punish hardworking Americans for Chinese misbehavior”—but a “comprehensive strategy with clearly defined objectives and binding requirements for China,” as well as rejoining the Trans-Pacific Partnership. Fortune
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/oracle-google-tesla-gap-ceo-daily-for-may-15-2018/ |
For the first time, Lyft is disclosing internal market-share numbers, and they show its momentum isn't letting up after it capitalized on Uber's disastrous 2017.
Lyft says it has 35 percent of the national ride-sharing market, up from 20 percent 18 months ago. That would represent growth of 75 percent.
Lyft credits more activations of passengers and customers and greater brand awareness. The start-up says its market share is over 40 percent in 16 U.S. markets and that it enjoys majority share in "multiple" markets, although it wouldn't disclose where.
"The last 18 months have been a period of incredible, sustained growth for Lyft," CFO Brian Roberts said. "There are no signs of that momentum slowing down."
As Lyft and Uber battle for market share, they've had to spend big on subsidies to drivers and promotional discounts to riders. It's a race-to-the-bottom strategy that has seen both companies burn through record amounts of cash and struggle to reach profitability.
But both have been trying to rein in spending as they look toward IPOs. Lyft says that in the first quarter of 2018, it reduced its sales and marketing spending by 20 percent year over year.
Market share numbers vary Typically, market-share figures for ride-sharing have been taken from third-party credit card data. Research firms Second Measure and Certify are often quoted.
As of March, Second Measure put Lyft's market share at 27 percent and Uber's at 73 percent. Certify, which tracks business expense data, found that Lyft had 19 percent of the enterprise ride-sharing market in the first quarter versus Uber's 81 percent.
Uber doesn't disclose market-share data, but a source familiar with how the company tracks it says Uber's internal metrics show it with 70 to 72 percent of the U.S. ride-sharing market, which would leave Lyft with at 28 to 30 percent. The person also said data show that Lyft has stopped gaining market share over the last six months.
A different person familiar with how Lyft calculates its market share says the company uses email receipt data, which provides data on ride fare, type and location. The same person says that some credit card panel data don't paint a full picture because debit cards aren't included and because it tracks spending instead of rides, which can overcount the high-end UberBlack town car service.
Second Measure tracks credit and debit cards but includes international rides in its U.S. market share calculation. So a ride by someone taking an Uber in France but with a U.S. credit card billing address would be added the U.S. market tally. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/lyft-market-share-051418-bosa-sf.html |
RADNOR, Pa., Marinus Pharmaceuticals, Inc. (Nasdaq:MRNS) (“Marinus” or “Company”), a biopharmaceutical company dedicated to the development of innovative therapeutics to treat epilepsy and neuropsychiatric disorders, today provided a business update on its clinical development activities and reported its financial results for the first quarter ended March 31, 2018.
Near-term Clinical Value Catalysts (unchanged)
Initiate Phase 3 Marigold pivotal study with oral ganaxolone in children with CDKL5 deficiency disorder (CDD) mid-2018 Report top-line intravenous (IV) ganaxolone data from Phase 2 Magnolia study in women with severe postpartum depression (PPD) third quarter 2018 Report top-line oral ganaxolone data from Amaryllis study in women with moderate PPD fourth quarter 2018
“Our team is laser-focused on enrolling our studies in women with postpartum depression and preparing the medical community for a soon-to-initiate global phase 3 pivotal study in children with CDKL5 deficiency disorder,” commented Christopher M. Cashman, chairman and chief executive officer of Marinus. “We expect our PPD studies to generate data this year that will inform our Phase 3 program. We look forward to providing updates on our progress in these areas in the upcoming months.”
CDKL5 Deficiency Disorder (CDD)
The Company expects to begin enrolling CDD patients in its Marigold study in mid-2018. The Marigold study will be a global, double-blind, placebo-controlled, Phase 3 clinical trial in which patients will undergo a baseline period followed by a treatment period. The study’s primary efficacy endpoint will be percent reduction in seizures. Further study details will be released once the study has been initiated.
Postpartum Depression (PPD)
Enrollment is ongoing in the Company’s Magnolia study, a Phase 2 double-blind, placebo-controlled, dose-optimization clinical trial to evaluate ganaxolone in women diagnosed with severe PPD (Hamilton Depression Rating Scale (HAMD17) score ≥26). The primary efficacy endpoint in the Magnolia study is change from baseline in the HAMD17 score. Patients randomized into the first part of the study will undergo a 60-hour infusion of either ganaxolone or placebo and will be followed for 30 days. The Company expects to complete the IV portion (part one) of the study in the third quarter of 2018. These data will be used to inform dosing for part two of the study, which is planned to evaluate regimens that include both IV and oral formulations of ganaxolone.
Enrollment is also on-going in the Company’s Amaryllis study, a Phase 2 double-blind, placebo-controlled clinical trial to evaluate the safety, tolerability and efficacy of oral ganaxolone in women with moderate PPD (HAMD17 score between 20 and 25). Patients enrolled in the study will receive up to two weeks of treatment with ganaxolone capsules and will be followed for 14 days. The primary efficacy endpoint is change from baseline in the HAMD17 score. Data from this study are expected fourth quarter of 2018.
Status Epilepticus (SE)
The Company has initiated its Phase 2 study with ganaxolone IV in patients with refractory status epilepticus (RSE). Ganaxolone IV will be added to standard of care and administered for up to five days. The primary endpoint of the study is the number of subjects who do not require IV anesthetic for status epilepticus treatment within the first 24 hours after study drug initiation. Initial data from this proof-of-concept study are expected fourth quarter of 2018.
Financial Update
At March 31, 2018, the Company had cash, cash equivalents and investments of $52.0 million, compared to $58.4 million at December 31, 2017. The Company believes that its cash, cash equivalents and investments, as of March 31, 2018, are adequate to fund its operations into 2020.
Research and development expenses increased to $3.9 million for the three months ended March 31, 2018, as compared to $3.6 million for the same period in the prior year. The increase was related to preclinical and clinical expenses associated with our Phase 2 clinical trials in PPD and RSE and planned Phase 3 trial in CDD.
General and administrative expenses were $2.2 million for the three months ended March 31, 2018 as compared to $1.8 million for the same period in the prior year. The expense increase was driven primarily by an increase in stock-based compensation expense.
Readers are referred to, and encouraged to read in its entirety, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed with the Securities and Exchange Commission, which includes further detail on the Company’s business plans and operations, financial condition and results of operations.
Marinus Pharmaceuticals, Inc.
Selected Financial Data (in thousands, except share and per share amounts)
(unaudited)
March 31,
2018 December 31,
2017 ASSETS Cash and cash equivalents $27,181 $33,531 Investments 24,839 24,825 Other assets 3,013 2,316 Total assets $55,033 $60,672 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities 1,794 2,544 Other long term liabilities 114 120 Total liabilities 1,908 2,664 Total stockholders’ equity 53,125 58,008 Total liabilities and stockholders’ equity $55,033 $60,672
Three Months Ended March 31, 2018
2017
Expenses: Research and development $ 3,927 $ 3,573 General and administrative 2,187 1,812 Loss from operations (6,114 ) (5,385 ) Interest income 116 40 Interest expense — (84 ) Other income (expense) (1 ) (9 ) Net loss $ (5,999 ) $ (5,438 ) Per share information: Net loss per share of common stock—basic and diluted $ (0.15 ) $ (0.26 ) Basic and diluted weighted average shares outstanding 40,373,083 20,580,558 About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the development of ganaxolone, which offers a new mechanism of action, demonstrated efficacy and safety, and convenient dosing to improve the lives of patients suffering from epilepsy and neuropsychiatric disorders. Ganaxolone is a positive allosteric modulator of GABA A that acts on a well-characterized target in the brain known to have both anti-seizure and anti-anxiety effects. Ganaxolone is being developed in three different dose forms (IV, capsule and liquid) intended to maximize therapeutic reach to adult and pediatric patient populations in both acute and chronic care settings. Marinus is preparing to initiate a pivotal study in children with CDKL5 deficiency disorder, a rare form of epilepsy, and currently conducting studies in patients with postpartum depression and refractory status epilepticus. For more information visit www.marinuspharma.com . Please follow us on Twitter: @MarinusPharma.
Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Marinus, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “believe”, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements regarding our interpretation of preclinical studies, development plans for our product candidate, including the development of dose forms, the clinical trial testing schedule and milestones, the ability to complete enrollment in our clinical trials, interpretation of scientific basis for ganaxolone use, timing for availability and release of data, the safety, potential efficacy and therapeutic potential of our product candidate and our expectation regarding the sufficiency of our working capital. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the conduct of future clinical trials, the timing of the clinical trials, enrollment in clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, the attainment of clinical trial results that will be supportive of regulatory approvals, and other matters, including the development of formulations of ganaxolone, and the availability or potential availability of alternative products or treatments for conditions targeted by the Company that could affect the availability or commercial potential of our drug candidates. Marinus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see filings Marinus has made with the Securities and Exchange Commission.
CONTACT:
Lisa M. Caperelli
Executive Director, Investor & Strategic Relations
Marinus Pharmaceuticals, Inc.
484-801-4674
[email protected]
Source:Marinus Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-marinus-pharmaceuticals-provides-business-update-and-first-quarter-2018-financial-results.html |
When Melinda Allen-Grote’s plan to spend her birthday at the New York Botanical Garden got rained out on a recent afternoon, she and her two friends googled “Bronx museum” and wound up at the Bronx Museum of the Arts, which they had never heard of. They were even more surprised to discover admission is free.
“We were going to pay,” said her pal Barbara Loizeaux.
Having... | ashraq/financial-news-articles | https://www.wsj.com/articles/free-for-all-at-some-new-york-city-museums-pays-off-1526997601 |
WARSAW (Reuters) - The prime ministers of Hungary and Poland, allies in a series of disputes with Brussels, united on Monday in opposing cuts under the European Union’s new budget.
Poland's Prime Minister Mateusz Morawiecki meets his Hungarian counterpart Viktor Orban in Warsaw, Poland May 14, 2018. REUTERS/Kacper Pempel Both countries are accused by the European Commission of undermining judicial independence in a row that threatens their future funding from the bloc.
Neither Polish Prime Minister Mateusz Morawiecki nor his Hungarian counterpart Viktor Orban commented on an EU plan to cut money in the 2021-2027 budget for member states that interfere in their legal systems.
However, after meeting in Warsaw they declared their common ground on farm payments under the Common Agricultural Policy and reforming the EU budget after Britain leaves the bloc.
On Monday Brussels gave Poland until late June to settle its dispute with the EU over the independence of its courts.
Orban said he and Morawiecki agreed on two principles. “We want to protect the interests of our farmers. So we do not think it is appropriate to reduce the agricultural budget,” he told reporters.
“We also agreed that we have no objections to setting up new funds, as there are always new tasks. But the creation of new funds should not be a justification for the reduction of existing funds that have been functioning well,” he added.
The Commission, backed by Germany, France and the EU’s other wealthy paymasters, wants to tie funding on which poorer eastern countries rely to respect for the rule of law. This could cost Hungary and Poland millions of euros.
Orban won a third four-year term in April and is on his first foreign policy visit since then to Poland, which is the biggest beneficiary of EU aid, using it to upgrade its infrastructure.
Morawiecki said the two countries had “absolutely identical” positions on compensating budget losses due to Brexit and on the common agricultural policy.
Poland and Hungary also have a common stance on migration.
Hungary says it would not agree with any proposal that would provide the potential for blackmail of anyone with regard to the payment of EU funds based on the treaties.
Reporting by Pawel Sobczak; Additional reporting in WARSAW by Anna Koper and in BUDAPEST by Krisztina Than; Writing by Marcin Goettig; Editing by Matthew Mpoke Bigg and David Stamp
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-poland-hungary-orban/hungary-poland-say-hold-similar-position-on-new-eu-budget-idUSKCN1IF1Y3 |
To subscribe to the newsletter, please sign up here MUST READS Italy’s Fanciful Coalition Draft Draws Investors’ Incredulity—For Now: The League and 5 Star say a radical budget plan is out of date, but it isn’t yet clear what the antiestablishment parties will coalesce around, writes Simon Nixon. U.S. Dollar Rises Versus Euro on Italian Stocks to Watch: Walmart, Cisco Systems, Ford, Alphabet, Microsoft, Amazon, J.C. Penney, Blue Apron Next UBS Fights Harry the Otter for Soccer Prediction Crown | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/17/nvestors-incredulous-over-italys-coalition-draft/ |
With major companies like IBM, Aetna and Yahoo calling their remote workers back in the office, the idea of finding a well-paying, stay-at-home job can seem far-fetched.
But according to FlexJobs , experienced job seekers may have more luck than they think when it comes to finding their ideal flexible position.
FlexJobs plowed through its current listings of remote positions to create a list of high-paying, work-from-home jobs hiring right now. The salaries and job descriptions listed were provided to the site by the companies hiring.
Maskot | Getty Images Check out the list below to see what other high-paying, stay-at-home jobs you should keep on your radar.
1. Senior CyberArk Consultant Job requirements: An MBA or master's degree in a technical field like computer science, as well as some level of technical leadership experience in the identity management field. Two years of experience with CyberArk implementations is also required.
Salary: $150,000 per year, plus bonus
Click to view job listing
2. Senior .Net Software Developer Job requirements: Great coding skills, writing skills and verbal skills.
Salary: $100,000-$130,000 per year
Click to view job listing
3. Customer Success Support Engineer Job requirements: Excellent phone and email communication skills, in addition to an understanding of the engineering and technical parts of web hosting.
Salary: At least $100,000 per year, plus benefits
Click to view job listing
show chapters The highest paying jobs that don't require a master's degree 12:15 PM ET Fri, 13 Jan 2017 | 00:51 4. DevOps Engineer Job requirements: At least two years of experience in a DevOps or SRE position.
Salary: $80,000-$100,000 per year
Click to view job listing
5. District Sales Manager Job requirements: Experience with developing sales reps in order to generate new business and expand customer base.
Salary: $90,000 per year, plus bonus
Click to view job listing
6. Sage x3 Distribution and Manufacturing Consultant Job requirements: A minimum of five years of experience with the distribution cloud ERP.
Salary: $75,000-$100,000 per year, plus bonus
Click to view job listing
show chapters High-paying jobs that make getting a graduate degree worth it 9:35 AM ET Wed, 5 April 2017 | 00:50 7. UI-UX Application and Website Designer Job requirements: Experience in working with UI-UX principles, as well as web application design, marketing website design and print design.
Salary: $100,000 per year, plus $2,500 signing bonus to purchase a computer
Click to view job listing
8. Benefits Administrator Job requirements: Bachelor's degree, as well as be fluent in English and Spanish.
Salary: $50,000-$80,000 per year
Click to view job listing
Keep in mind that many of these salaries are based on the amount of experience a candidate comes to the table with. To get a clear understanding of the amount of money you should demand, FlexJobs recommends using a site like PayScale to calculate your job market value.
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Don't miss: 10 work-from-home jobs where you can earn at least $100,000
show chapters How to make six figures from home 1:22 PM ET Wed, 16 March 2016 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/flexjobs-8-high-paying-remote-jobs-hiring-now.html |
MOSCOW (Reuters) - The heads of the Russian and German foreign ministries will meet in Moscow to discuss the situation around the Iranian nuclear deal, Russian news agencies cited acting Russian Deputy Foreign Minister Alexander Grushko as saying on Wednesday.
Germany’s Foreign Minister Heiko Maas said on Tuesday that Germany will try to keep the 2015 Iran nuclear deal alive despite U.S. President Donald Trump’s announcement that he was pulling the United States out of the agreement.
Russia’s acting foreign minister Sergei Lavrov has also said Russia remains committed to the deal.
Reporting by Vladimir Soldatkin; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-russia-germany/russian-german-top-diplomats-to-discuss-iran-in-moscow-agencies-idUSKBN1IA10T |
May 10 (Reuters) - EchoStar Corp:
* Q1 EARNINGS PER SHARE $0.16 EXCLUDING ITEMS * Q1 LOSS PER SHARE $0.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-echostar-reports-q1-earnings-per-s/brief-echostar-reports-q1-earnings-per-share-of-0-16-excluding-items-idUSASC0A1B1 |
May 1 (Reuters) - Fortis Inc:
* Q1 EARNINGS PER SHARE C$0.77 * Q1 EARNINGS PER SHARE VIEW C$0.72 — THOMSON REUTERS I/B/E/S
* CONSOLIDATED CAPITAL EXPENDITURES ARE EXPECTED TO REACH $3.2 BILLION IN 2018
* CORPORATION’S $15.1 BILLION FIVE-YEAR CAPITAL EXPENDITURE PLAN IS EXPECTED TO INCREASE RATE BASE TO $33 BILLION BY 2022 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fortis-reports-q1-earnings-per-sha/brief-fortis-reports-q1-earnings-per-share-c0-77-idUSASC09YHC |
May 31, 2018 / 12:39 AM / Updated 15 hours ago China issues rules to get tough on academic integrity Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China has issued new guidelines to enforce academic integrity in science that include plans to “record and assess” the conduct of scientists and institutions and punish anyone guilty of misconduct, state news agency Xinhua reported.
The guidelines, released on Wednesday by the ruling Communist Party and the State Council, or cabinet, prohibit plagiarism, fabrication of data and research conclusions, ghost-writing and peer review manipulation, according to Xinhua.
Scandals in recent years involving things like faked research, plagiarism and problematic peer review standards have dented China’s reputation as a growing force in the world of scientific research.
Xinhua said China would build a “scientific integrity mechanism” to drive innovation while maintaining zero tolerance for severe academic dishonesty.
“Anyone who violates the integrity rules will be held accountable by law,” it said, citing a document issued by the party and government.
“Those who are found to have committed academic misconduct will be banned from teaching or doing any kind of research work in government-run schools and scientific institutions. Their research grants will be cancelled and honours revoked, according to the guidelines,” it said.
The Ministry of Science and Technology would take responsibility for coordinating and managing the effort in scientific fields, while the state-run Chinese Academy of Social Sciences would do so in social sciences.
Xinhua said the science ministry planned to build “a journal warning mechanism to put any domestic or international academic journals that ignores academic quality while seeking high payments onto a blacklist”.
Papers published in such journals would not be recognised in any kind of assessment, it said.
The guidelines also aimed to change the standards by which scientists are evaluated so that integrity becomes a key factor, rather than just the production of papers, patents, titles, projects and the collection of honours, it said. Reporting by John Ruwitch; Editing by Stephen Coates | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-science/china-issues-rules-to-get-tough-on-academic-integrity-idUKKCN1IW02A |
May 4, 2018 / 10:08 AM / Updated 8 minutes ago BRIEF-Virtu Reports Q1 Earnings Per Share $1.86 Reuters Staff
May 4 (Reuters) - Virtu Financial Inc: * Q1 REVENUE VIEW $305.9 MILLION — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE VIEW $0.61 — THOMSON REUTERS I/B/E/S
* QUARTERLY CASH DIVIDEND OF $0.24 PER SHARE PAYABLE ON JUNE 15, 2018
* QTRLY NET TRADING INCOME $406.2 MILLION VERSUS $139.6 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-virtu-reports-q1-earnings-per-shar/brief-virtu-reports-q1-earnings-per-share-1-86-idUSASC09ZV2 |
May 20, 2018 / 6:44 PM / Updated an hour ago Nadal edges Zverev to win Italian Open in rainy Rome Reuters Staff 3 Min Read
(Reuters) - Rafa Nadal made the best of a rain delay to come from behind in the deciding set and beat defending champion Alexander Zverev 6-1 1-6 6-3 in the Italian Open final on Sunday. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal celebrates with the trophy after winning the final against Germany's Alexander Zverev REUTERS/Tony Gentile
The win gave the Spaniard his 56th title on clay and he will reclaim the world number one ranking from Roger Federer when the revised ATP standings are released on Monday.
“My first victory here in 2005 was one of the most beautiful victories of my career,” Nadal said after collecting his eighth title in Rome, yet his first since 2013. “To have this trophy again with me after so many years is really very special.”
Nadal made a shaky start, losing his serve in the opening game before bouncing back.
The 31-year-old top seed broke Zverev to level the score and then turned up the heat, striking eight winners and making only four unforced errors to his opponent’s 10 to take the opener.
Zverev regrouped, holding for the first time in the match at the start of the second set before breaking Nadal to lead 2-0. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal celebrates with the trophy after winning the final against Germany's Alexander Zverev REUTERS/Tony Gentile
The 21-year-old came into the final as the form player on the ATP Tour, and he settled into a rhythm that had Nadal on the back foot on his favourite surface.
The youngster went 0-30 down while serving for the set but kept his head to win next four points before forcing the decider with a backhand winner down the line.
He carried his momentum into the third set, breaking Nadal to go 2-0 up and gain an early advantage.
Nadal kept himself alive with a hold to love, and two more service games went by before play was halted for the first time with the rain spitting down. Slideshow (7 Images)
Nadal emerged after a short break trailing 3-1 and held serve again before the heavens opened a second time, forcing the 45-minute delay that proved decisive. COMEBACK
The Spaniard broke back immediately after the restart to draw level at 3-3 and then held to 15 to get his nose in front.
Scenting blood, Nadal did what he does best, hounding Zverev into coughing up another break point that he claimed with a stunning crosscourt backhand volley.
His confidence soaring, Nadal served for the match, gaining two match points with a trademark forehand winner.
Zverev saved the first, but could do nothing about the second as Nadal dropped a short volley over the net to claim the title.
“You’re the greatest clay court player of all time and I think everybody saw that today,” Zverev said. Reporting by Simon Jennings; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-rome-men/nadal-edges-zverev-to-win-italian-open-in-rainy-rome-idUKKCN1IL0RL |
NEW YORK--(BUSINESS WIRE)-- Mosaic Acquisition Corp. (“Mosaic”) today announced the appointment of Mr. Ed Albert as Chief Operating Officer, effective immediately.
“As we ramp up our search for a great business combination, I want to welcome Ed to the Mosaic team,” said David M. Maura, Chief Executive Officer of Mosaic. “Getting leverage from Fortress’ experienced team is one of the reasons I chose to partner with Fortress on Mosaic, and having Ed join Mosaic will help us work together as we evaluate opportunities,” Mr. Maura added.
Mr. Albert has extensive experience in the investment industry. He is a Managing Director of the Credit Funds Business at Fortress, focused on structured equity and lending. Mr. Albert left Fortress in 2009 to successfully head the NY special situations business at Macquarie Bank USA and returned to Fortress in 2011. Prior to joining Fortress in 2007, Mr. Albert was a Managing Director at Milestone Capital and a Director with Giuliani Capital Advisors (formerly Ernst & Young Corporate Finance) acting as an advisor to companies, bondholders, lenders and creditors. Mr. Albert began his career working for the CFO of Marriott International in the Company’s Financial Planning and Analysis Group. Mr. Albert received an MBA in finance from the University of Maryland at College Park in 1997, and is a Chartered Financial Analyst.
About Mosaic Acquisition Corp.
Mosaic Acquisition Corp. is a special purpose acquisition company formed by Mosaic Sponsor, LLC and Fortress Mosaic Sponsor LLC for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005195/en/
Mosaic Acquisition Corp.
William H. Mitchell
[email protected]
Source: Mosaic Acquisition Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-mosaic-acquisition-corp-announces-appointment-of-chief-operating-officer.html |
Rudy Giuliani says Mueller's office may narrow the scope of questions Trump can be asked CNBC • Rudy Giuliani says Mueller's office may narrow the scope of questions Trump can be asked More Jabin Botsford | The Washington Post | Getty Images; Kevin Lamarque/Reuters President Donald Trump's legal team and the office of Special counsel Robert Mueller are negotiating the outlines of an agreement that could sharply limit the scope of questions the president is asked about the ongoing Russia probe, his personal lawyer told CNN. Mueller and Trump's legal representatives have been discussing the terms under which the president would be questioned about what he knew about Russia's interference in the 2016 election, and when he knew it. Speaking to the network on Sunday, Trump's personal lawyer Rudy Giuliani said that the two camps "more or less agree on" restricting the questions to two | ashraq/financial-news-articles | http://www.cnbc.com/id/105234141 |
FAIRFIELD, Ohio, May 1, 2018 /PRNewswire/ -- DNA Diagnostics Center® (DDC® or the Company), one of the world's largest private DNA testing companies, announces the acquisition of ContraVac, Inc., a global leader in male reproductive health.
ContraVac, Inc., based in Charlottesville, VA, markets SpermCheck® Fertility, SpermCheck® Vasectomy and FertileCheck® Fertility Gel. The SpermCheck® brand of products, developed by ContraVac, is the first FDA-approved immunoassay home-diagnostic test to measure sperm count. Introduced in 2011, SpermCheck® Fertility tests if a man has a fertile or sub-fertile sperm count, and is currently sold nationwide in Walgreens, CVS, Rite Aid, Amazon, and internationally in major retailers. SpermCheck® Vasectomy is the only test designed specifically for men to test the success of their vasectomy at home, eliminating the inconvenience and embarrassment of a laboratory sperm test. The acquisition includes all assets of ContraVac, Inc., which will relocate to DDC's corporate headquarters in Fairfield, Ohio.
Connie Hallquist, President and Chief Executive Officer of DNA Diagnostics Center®, states: "We are excited about the acquisition of ContraVac, Inc. They have built a strong brand that consumers trust as the global leader in home male fertility testing."
Ed Leary, Chief Executive Officer of ContraVac, Inc. commented "We are pleased to have the SpermCheck® products in the DDC® product portfolio. DDC's worldwide sales, marketing and distribution networks will enable us to create global awareness of the frequency of male factor infertility, accounting for up to 50% of couple infertility, and increase the availability of SpermCheck® Fertility for couples who have been trying to conceive without success." Mr. Leary will join DDC® via the acquisition.
About DNA Diagnostics Center®:
DNA Diagnostics Center ® (DDC®), founded over twenty years ago, is one of the world's largest private DNA testing companies with offices in Fairfield, Ohio (United States) and London, England (United Kingdom). DDC® offers DNA testing for paternity and family relationships, forensics, genetic traits of animals, and ancestry.
DDC® is accredited by the American Association of Blood Banks (AABB), The Ministry of Justice, The College of American Pathologists (CAP), and The Clinical Laboratory Improvement Amendment (CLIA). DDC is also accredited by ACLASS to meet the international standards of ISO 17025 and the American Society of Crime Laboratory Directors / Laboratory Accreditation Board-International (ASCLD/LAB). For more information visit www.dnacenter.com .
About ContraVac, Inc:
ContraVac, Inc., a privately held biotechnology company located in Charlottesville, VA, develops over-the-counter fertility products to meet the needs of millions of men who seek actionable information about their fertility health and wish to test themselves in the privacy of their home. ContraVac's SpermCheck products were developed in collaboration with the Center for Research in Contraceptive and Reproductive Health at the University of Virginia and Princeton BioMeditech Corporation. For more information visit: www.SpermCheck.com .
Contact: Dave Silver
(513) 881-4056
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/dna-diagnostics-center-announces-acquisition-of-contravac-inc-300637982.html
SOURCE DNA Diagnostics Center, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-dna-diagnostics-centera-announces-acquisition-of-contravac-inc.html |
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