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May 3 (Reuters) - SUESS MICROTEC SE:
* Q1 SALES OF EUR 43.1 MILLION (PREVIOUS YEAR’S Q1: EUR 23.0 MILLION)
* Q1 ORDER ENTRY OF EUR 38.6 MILLION (PREVIOUS YEAR’S Q1: EUR 46.0 MILLION)
* Q1 EARNINGS BEFORE INTEREST AND TAXES (EBIT) OF EUR 0.8 MILLION (PREVIOUS YEAR’S Q1: EUR -4.8 MILLION)
* AS OF MARCH 31, ORDER BACKLOG AMOUNTED TO EUR 128.8 MILLION (PREVIOUS YEAR’S Q1: EUR 124.5 MILLION)
* SEES 2018 SALES FOR CURRENT FISCAL YEAR IN RANGE BETWEEN EUR 195 MILLION AND EUR 205 MILLION
* Q1 EARNINGS AFTER TAXES (EAT) EUR 0.0 MILLION (PREVIOUS YEAR’S Q1: EUR -4.6 MILLION)
* EXPECTS 2018 EARNINGS MARGIN (EBIT MARGIN) IN RANGE OF 8.5 PERCENT TO 10.0 PERCENT
* SEES ORDER ENTRY FOR Q2 AND Q3 ABOVE LEVEL OF COMPARABLE QUARTERS YEAR AGO OF AROUND EUR 85 MILLION Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-suess-microtec-q1-ebit-up-at-eur-0/brief-suess-microtec-q1-ebit-up-at-eur-0-8-mln-idUSFWN1SA049 |
MUMBAI(Reuters) - India’s stocks, bonds and currency markets will be closed on Tuesday for a public holiday and trading will resume on Wednesday.
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/Files The broader NSE Nifty rose 0.44 percent to 10,739.35 on Monday and the benchmark BSE Sensex gained 0.55 percent to 35,160.36.
The bonds and currency markets were closed on Monday for a public holiday.
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan
| ashraq/financial-news-articles | https://in.reuters.com/article/india-markets/indian-markets-closed-on-tuesday-for-public-holiday-idINKBN1I22S2 |
NASHVILLE, TN, May 15, 2018 (GLOBE NEWSWIRE) -- LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA"), is extremely proud to announce the Company’s significantly increased financial results for the first quarter of 2018. The following Corporate filing information and documentation has been submitted to OTC Markets and the quarterly report was uploaded on Monday, May 14th.
First Quarter 2018 Highlights:
LIGA is very pleased to confirm that Company gross revenues in Q1 nearly surpassed LIGA’s entire 2017 YTD revenues. First quarter revenues were $1,266,737.00 compared to no operating revenues the prior year Q1 2017 quarter. It is important to note that LIGA continues our commitment to shareholders of drastically eliminating debt by paying off or negotiating debt reduction deals.
Also, in the first quarter of 2018, LIG Assets secured 60 acres in Brentwood, Tennessee documented as one of the richest and fastest growing communities in America. The Company’s plan is to create substantial valuations and assets for LIGA moving forward via Company subsidiaries BGTV and LIG Developments (LIGD) as well as future Company acquisitions, mergers, Joint Venture Partnerships, spin-off’s and additional planned subsidiaries.
Recently appointed Company President, Marvin Baker, restated LIGA’s continued commitment that there will be no reverse split or any increase of authorized shares per the Company’s stated promise to shareholders not to reverse split the stock below at least .05 per share. In addition, LIG Assets has been securing business opportunities and multiple high-value properties with unique funding solutions that do not require Company stock to secure those deals.
Company Chairman Aric Simons states, "As we grow this company organically, we expect accelerating growth to continue with the launch of sales of the homes in the Brentwood development that appear to set to exceed our original forecasts both in terms of revenue and timelines based upon favorable survey and geotechnical testing coupled with the seemingly exponential demand occurring in the Brentwood area." Simons continued, "LIGA continues to work diligently towards creating new revenue sources and aggressively pursuing new strategic development opportunities for LIGA and its subsidiaries some of which will be announced soon. I'm very pleased with the new management team that we've assembled and their due diligence on all fronts including, but not limited to, creating diverse and substantial revenue sources for the company, identifying and competitively bidding on new contracts, reconciling and modernizing our financials, diminishing debt through strategic payment solutions, past debt reduction through negotiated settlement, and eliminating unverifiable debt. LIGA continues to make better than expected progress to achieving rapid growth goals with the intention of transcending to the next level from the OTC market as soon as possible. I believe that our investors and prospective investors will look at the first quarter of 2018 as another important benchmark to that end. LIGA will continue to grow with sound business practices, intelligent allocation of assets and investments and a dynamic, creative and experienced management team that will ensure our investors will be proud to be owners while enjoying significant returns on their investment in LIGA.”
Business Developments and News:
In addition to LIGA posting Q1 2018 revenues of over $1.26 million (very close to what LIG Assets did in 2017), shareholders will be pleased to know that BGTV Direct, Inc. will be making several major announcements regarding the launch of several new ventures in the near future that will have a major impact on the Company’s potential and greatly increase Company revenues and profits.
LIGA will also be announcing in the very near future many new partnerships and deals through LIGA's partners, associates and joint ventures, and LIGA’s subsidiary Live Stor America is ramping up with several major announcements as well. We encourage all interested parties and especially our shareholders to follow events closely in the days and weeks ahead via press releases, social media, on our Company websites and our LIGA Shareholder Newsletter, which interested parties can subscribe to at www.LIGAHomes.com
Combined, LIGA bank account balances, as of close of business, May 14, 2018, were over $225,798.86 plus $32,500.00 in outstanding receivables at the end of Q1 providing more than ample liquidity to move the Company forward and complete all of our planned objectives.
Shareholders will also be pleased to know that LIG Assets has submitted all pertaining corporate documentation and resolutions to the OTC Markets and the Secretary of State in Nevada and has updated all of LIG Assets information. In addition, a new LIGA website for LIGA Homes is in the final stages of completion and will be launched with a whole new branding strategy.
CFO Douglas Vaughn states “Over the past year, LIGA has progressed from almost non-existent revenue to over $1.26 million during the first quarter 2018. Although many investors are focused on the Brentwood Project – with good reason – I want to highlight that BGTV Direct is growing rapidly. And we expect new media projects in the very near future. The Brentwood Real Estate Project will allow BGTV Direct to reinvest its cash flow back into BGTV Direct and would allow more growth in the future. We will work as fast as prudently possible to move Brentwood towards lot sales. Once that is achieved, we can begin interviewing auditors to take advantage of new OTC Markets rules to move off the Pink Sheets and work to achieve OTCQB status.”
LIG Assets, Inc., submitted yesterday the Quarterly Report for the period ending March 31st, 2018 – it is currently available for public viewing at:
https://backend.otcmarkets.com/otcapi/company/financial-report/193173/content
Non-GAAP Financial Measures:
In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company's current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.
About LIG Assets, Inc.:
LIG Assets, Inc., in association with Robert Plarr, is the emerging "Leader in Green Assets" -- focused on exclusive green, renewable energy and sustainable homes, living systems, technologies, and components to be utilized in the residential and commercial real estate acquisition and development projects currently under way and now individual product sales, as well as rapid expansion into other sectors via acquisitions, mergers and joint venture partnerships. LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA". For additional information about LIG Assets, Inc., Robert Plarr, and/or more information about and how to purchase Plarr's exclusive homes, structures, products and technologies or to subscribe online to LIGA's free Shareholder Newsletter for regular updates and alerts regarding important Company developments, please visit the Company's website at www.LeaderInGreenAssets.com
About LIGA Homes:
LIGA Homes unique residential and commercial developments utilize specially designed and manufactured recycled "element resistant" steel framing, in addition to toxic free magnesium oxide building materials and panels that are 100% mold, fungus, termite and rot resistant and fire resistant against temperatures up to 3500 degrees Fahrenheit as well as famed environmentalist Robert Plarr's exclusive "maximum rated" R-60 insulation -- combining to create disaster resistant materials and structures that can withstand up to a 7.5 magnitude earthquake and sustained gale force winds up to 175 MPH while negating damage caused by rain and flood exposure. With the addition of Plarr's green and renewable systems and products, LIGA Homes is now capable of providing affordable, fully sustainable and disaster resistant living environments – LIGA Homes is at the forefront of this new and improved direction for the green, sustainable and construction sectors.
For more information about LIGA Homes visit - www.LIGAHomes.com or contact the Company directly at 833-LIGAHOMES
General inquiries: [email protected]
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings at www.otcmarkets.com .
Contact Information: LIGA Shareholder/Investor inquiries can be directed to: LIG Assets, Inc. Aric Simons Chairman Email: [email protected] www.LeaderInGreenAssets.com
Source:LIG Assets, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-lig-assets-inc-achieves-significant-increases-for-q1-2018-financials-exceeding-1-point-26-million-in-revenues--nearly.html |
On this week's episode of CNBC's " Jay Leno's Garage ," host Jay Leno sets up a couple of surprises for his old buddy Tim Allen, who, it seems, only agreed to be on the show so he could drive the world's fastest-accelerating production car: a 2018 Dodge SRT Demon. "It's just the coolest looking car I've ever seen," he says.
"Well, that's why I brought you here today," replies Leno, just before bringing out a 1955 Dodge La Femme, the first car to be designed by men for women.
"This is the Demon?" asks Allen. "It looks different in person."
CNBC | Jay Leno's Garage 1955 Dodge La Femme The La Femme is pink and white and its original price of $2,518 included a matching pink purse, parasol, boots and raincoat. It's now valued at $100,000.
They take the La Femme out for a ride in Allen's hometown of Detroit. There, the comedian tells stories about his early years on stage, drag racing on Woodward Avenue, and his brief stint in prison for drug violations, before landing his iconic role on the ABC sitcom "Home Improvement."
Eager to please his guest and entertain his viewers at the same time, Leno tells Allen, "I'm going to make your dream come true. We're going to relive the past. I talked to the police. They're going to set up a drag race for you and I on Woodward."
CNBC | Jay Leno's Garage Tim Allen in the seat of a 1916 Ford Model T Runabout next to Jay Leno "I'm cautiously optimistic that this will be fun," says Allen. They arrive on Woodward to find two 1916 Ford Model T Runabouts with 20 horsepower engines and top speeds of 45 mph.
"I can't trust you," Allen says when he sees the cars. But he exacts his vengeance by winning their race even after giving up an early lead. "You had a weight disadvantage," he tells Leno.
Leno, a good loser, at last gives The Tool Man what he came for: A chance behind the wheel of the Dodge Demon.
CNBC | Jay Leno's Garage 2018 Dodge SRT Demon The car sells for $89,062 and is powered by a 840-horsepower Supercharged Hemi V8 engine. Its top speed is 168 mph, and it is capable of going 0 to 60 in just 2.3 seconds. (Later in the episode, Leno hits 200 mph in a 2019 Chevy Corvette ZR1.)
"Yeah baby," Allen yells, as spots the Demon coming in the distance. "Hell yeah!"
He hops in and blasts off down Woodward, churning up a cloud of burnt rubber. Then, after Leno looks at the camera and says, "I got another surprise for Tim," a police car takes off in pursuit.
CNBC's " Jay Leno's Garage " airs Thursdays at 10 p.m. ET.
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Video by Richard Washington
show chapters Jay Leno gets behind the wheel of a $400,000 civilian luxury tank 10:29 AM ET Thu, 18 Jan 2018 | 01:33 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/tim-allen-takes-a-ride-in-the-90000-2018-dodge-srt-demon.html |
May 14, 2018 / 12:18 AM / in 5 minutes Sudan sets major Cabinet reshuffle: state news agency Reuters Staff 1 Min Read
CAIRO (Reuters) - Sudanese President Omar al-Bashir endorsed a major Cabinet reshuffle that includes eight ministers, five ministers of state and 10 governors, state news agency SUNA reported early on Monday. FILE PHOTO: Sudan's President Omar al-Bashir arrives to welcome South Sudan's President Salva Kiir Mayardit at Khartoum airport, Sudan November 1, 2017. REUTERS/Mohamed Nureldin Abdallah
An official source told SUNA that details would be announced at a news conference later on Monday.
In April, the president sued a presidential decree relieving Foreign Minister Ibrahim Ghandour of his position. Reporting by Mohamed El-Sherif; Editing by Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-sudan-cabinet/sudan-sets-major-cabinet-reshuffle-state-news-agency-idUSKCN1IF00H |
The "Rolls-Royce of SUVs" cruises in to the market 12:02pm EDT - 01:54
Rolls-Royce is launching its first ever SUV. The Cullinan is described as a contemporary and functional design to compete in what the luxury carmaker calls ''an increasingly bland SUV market.'' But, as Ciara Lee reports, it’s high price tag might put some customers off.
Rolls-Royce is launching its first ever SUV. The Cullinan is described as a contemporary and functional design to compete in what the luxury carmaker calls "an increasingly bland SUV market." But, as Ciara Lee reports, it’s high price tag might put some customers off. //reut.rs/2KPGAdO | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/the-rolls-royce-of-suvs-cruises-in-to-th?videoId=425615391 |
The CEO of the secure-messaging app Telegram is not happy with Apple . And now he’s talking publicly about it.
In a tweet and Telegram message on Thursday, Telegram CEO Pavel Durov accused Apple of preventing Telegram from updating its iOS apps despite some of the features inside the program not working properly. He said that Apple started the update ban nearly two months ago when Russia banned the messaging service from the country.
“While Russia makes up only 7% of Telegram’s userbase, Apple is restricting updates for all Telegram users around the world since mid-April,” Durov wrote. He added that his company is working to “resolve the situation” and promised to keep users updated on the progress.
Telegram, which has 200 million monthly active users, has caught the ire of Russia and other governments around the world that fight back against secure apps that make it nearly impossible for law enforcement to access user content. In Telegram’s case, the app allows users to engage in encrypted communication that can’t be decrypted by third parties, including law enforcement.
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In April, Russia demanded that Telegram hand over encryption keys that would have allowed the government to decrypt encrypted messages and peer on user conversations. The Kremlin said that it wanted to use the keys to monitor terrorist threats, but Durov and privacy advocates feared it would infringe upon user privacy.
In addition to banning Telegram , Russia called on tech giants, including Apple and Google , to remove the service from app marketplaces in the country.
Since then, Durov said, his company has been updating Telegram with new features and bug fixes. Google has allowed those updates to be made, but Apple, Durov said, has not.
As of this writing, Telegram’s listing on Apple’s App Store says it hasn’t been updated in two months. On the Google Play marketplace where Android users can download the app, the last update release is listed as May 26.
Apple did not immediately respond to a Fortune request for comment on Durov’s claims. | ashraq/financial-news-articles | http://fortune.com/2018/05/31/telegram-apple-app-update/ |
MOSCOW, May 15 (Reuters) - Russia's oil export duty CL-EXPDTY-RU is expected to rise to $131.8 per tonne in June from $118.5 per tonne in May amid higher oil prices, data from the finance ministry showed on Tuesday. The rate is calculated by the finance ministry and is based on the monitoring of seaborne Urals URL-E URL-NWE-E crude oil prices from April 15 to May 14. Export duty per tonne, in U.S. dollars: June May RICs Average price for 71.88 65.80 URL-NWE-E calculation (barrel) URL-E Average price (tonne) 524.7 480.3 URL-NWE-E URL-E Crude oil 131.8 118.5 CL-EXPDTY-RU Discounted rate * 0.0 0.0 DCL-EXPDTY-RU High viscosity crude 21.7 19.2 HVCL-EXPDTY-RU Light products, middle 39.5 35.5 PROD-EXPDTY-RU distillates Gasoline 39.5 35.5 MOG-EXPDTY-RU Diesel 39.5 35.5 DL-EXPDTY-RU Naphtha 72.4 65.1 NPTH-EXPDTY-RU Heavy products 131.8 118.5 FO-EXPDTY-RU Petroleum coke 8.5 7.7 PETC-EXPDTY-RU Oil lubricants 39.5 35.5 MOIL-EXPDTY-RU LPG 0.0 0.0 LPG-EXPDTY-RU BUT-EXPDTY-RU * The discounted rate for crude produced at newer fields in eastern Siberia, fields operated by Lukoil in the Caspian Sea as well as Gazprom Neft's Prirazlomnoye offshore Arctic field. (Reporting by Darya Korsunskaya; writing by Katya Golubkova; editing by Maria Kiselyova)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/russia-oil-duty/russias-oil-export-duty-seen-up-to-131-8-t-in-june-idUSL5N1SM47T |
May 15 (Reuters) - Xinyuan Real Estate Co Ltd:
* XINYUAN REAL ESTATE CO., LTD. ANNOUNCES CHANGES TO BOARD OF DIRECTORS
* XINYUAN REAL ESTATE CO LTD - BOARD WELCOMES APPOINTMENTS OF SAMUEL SHEN AND HAO GAO AS INDEPENDENT DIRECTORS
* XINYUAN REAL ESTATE CO LTD - HUAI CHEN AND STEVE SUN WILL RESIGN AS DIRECTORS OF BOARD Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-xinyuan-real-estate-co-ltd-announc/brief-xinyuan-real-estate-co-ltd-announces-changes-to-board-of-directors-idUSASC0A28G |
Argentina's central bank holds interest rates at 40% 32 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/argentinas-central-bank-holds-interest-rates-at-40-percent.html |
May 7 (Reuters) - Excalibur Global Financial Holdings Ltd :
* QTRLY PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF CO HK$1.7 MILLION VERSUS LOSS OF HK$2.4 MILLION
* QTRLY REVENUE ABOUT HK$9.5 MILLION, UP 53.0 PERCENT * DECLARES INTERIM DIVIDEND OF HK 1 CENT PER SHARE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-excalibur-global-financial-holding/brief-excalibur-global-financial-holdings-posts-qtrly-profit-attributable-hk1-7-mln-idUSFWN1SE0U8 |
Elon Musk snubs analysts, Tesla stocks tumble 02:03
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them.
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them. //reut.rs/2rcjsgC | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/elon-musk-snubs-analysts-tesla-stocks-tu?videoId=423334141 |
How Trump's steel tariffs kick the can business Thursday, May 10, 2018 - 01:39
The Trump administration's tariffs on steel and aluminum are having a ripple effect throughout the U.S. economy, from cars to aircraft to oilfield pipes. But cans have a special significance in the debate over the pros and cons of the administration's policy. Rough Cut (no reporter narration)
The Trump administration's tariffs on steel and aluminum are having a ripple effect throughout the U.S. economy, from cars to aircraft to oilfield pipes. But cans have a special significance in the debate over the pros and cons of the administration's policy. Rough Cut (no reporter narration) //reut.rs/2G10oHL | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/how-trumps-steel-tariffs-kick-the-can-bu?videoId=425465860 |
May 21 (Reuters) - Ferroglobe PLC:
* Q1 EARNINGS PER SHARE $0.21 * Q1 SALES $560.7 MILLION VERSUS I/B/E/S VIEW $559.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* DECIDED TO REINSTATE DIVIDEND WITH AN INTERIM PAYMENT OF $0.06 PER SHARE WITH A RECORD DATE OF JUNE 8
* SILICON METAL EXPERIENCED A 9.3% INCREASE QUARTER-OVER-QUARTER
* SILICON-BASED ALLOYS EXPERIENCED A 8.4% INCREASE QUARTER-OVER-QUARTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ferroglobe-q1-adjusted-earnings-pe/brief-ferroglobe-q1-adjusted-earnings-per-share-0-19-idUSASC0A359 |
LAKE FOREST, Calif., May 3, 2018 /PRNewswire/ -- 1031 Crowdfunding, LLC announced today that on May 1, 2018, through joint venture with Seasons Management, LLC, it acquired a 48-bed memory care facility in Hillsboro, Oregon for a total purchase price of $14 million.
The 44-unit, 22,950 square foot facility will be operated by an affiliate of Frontier Management, LLC ("Frontier"). They have operated the facility since 2008 with a 93.75 percent average occupancy. Frontier operates over 80 facilities in 12 states, with 33 located in Oregon. They were ranked #17 among the nation's Top 50 Largest Providers, and #10 among the nation's Top 10 Largest Memory Care Providers by Argentum Senior Living Executive magazine.
"Senior housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals," said Edward Fernandez, Founder and Chief Executive Officer of 1031 Crowdfunding. "We are particularly excited about the memory care sector."
About 1031 Crowdfunding, LLC
1031 Crowdfunding, LLC is an online marketplace where real estate investors can find, view, and purchase a variety of available, turn-key, investment-grade properties. We present investors with 1031 exchange-qualified properties through Delaware Statutory Trusts (DSTs) to ensure every 1031 exchange investor has the opportunity to complete a successful exchange. Contact an experienced representative at 1031 Crowdfunding for further information about for your investing needs.
For more information on 1031 Crowdfunding, visit www.1031Crowdfunding.com or call (844) 533-1031.
This material does not constitute an offer to sell or a solicitation of an offer to buy any security. An offer can only be made by a prospectus that contains more complete information on risks, management fees and other expenses. A copy of a prospectus must be made available to you in connection with any offering and should read carefully prior to investing. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) and 1031 Exchange properties. These include, but are not limited to, tenant vacancies; declining market values; potential loss of entire investment principal; that past performance is not a guarantee of future results; that potential cash flow, potential returns, and potential appreciation are not guaranteed in any way; adverse tax consequences and that real estate is typically an illiquid investment. IRC Section 1031, IRC Section 1033, and IRC Section 721 are complex tax codes; therefore, you should consult your tax and legal professional for details regarding your situation.
1031Crowdfunding.com is an investment platform owned by 1031 Crowdfunding, LLC. 1031 Crowdfunding is not a registered broker-dealer. Securities are offered through Capulent, LLC, a registered broker-dealer and member FINRA/SIPC (CRD# 155155). Certain principals of 1031 Crowdfunding are affiliated with Capulent, LLC and when offering investment services such offers are made in their capacities as registered representatives of Capulent, LLC.
Related Links
Senior Living Largest Providers
1031 Crowdfunding, LLC
View original content: http://www.prnewswire.com/news-releases/1031-crowdfunding-acquires-memory-care-facility-300641700.html
SOURCE 1031 Crowdfunding, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-1031-crowdfunding-acquires-memory-care-facility.html |
For many people, owning their own business is the American dream. But that dream can be a bit easier to achieve, depending on where you live.
Financial website WalletHub took a close look at many metro areas across the country to determine the best big cities for starting a business, and found that cities in states like Oklahoma, Texas, South Dakota and Montana actually beat out places in California and New York.
For its study , WalletHub compared 182 cities, including 150 of the most populated U.S. cities plus at least two of the most populated cities in each state, and evaluated them on three dimensions — business environment, access to resources and business costs — using 19 relevant metrics.
WalletHub found that budding entrepreneurs might want to make the move to Oklahoma City, Oklahoma, which scored the top spot on its ranking. Oklahoma City had solid scores in all three categories, especially for business environment, in which it placed eighth.
Austin, Texas placed second and Sioux Falls, South Dakota rounded out WalletHub's top three best spots as the best large cities in which to start a business in America.
Meanwhile, cities that fell to the bottom of WalletHub's ranking include Columbia, Maryland and Nashua, New Hampshire. Warwick, Rhode Island placed last.
Here are the top 10 best large cities in which to start a business, according to WalletHub.
1. Oklahoma City , Oklahoma
2. Austin, Texas
3. Sioux Falls, South Dakota
4. Missoula, Montana
5. Durham, North Carolina
6. Bismarck, North Dakota
7. Cheyenne, Wyoming
8. Billings, Montana
9. Charlotte, North Carolina
10. Raleigh, North Carolina
Within its study, WalletHub also found Lewiston, Maine has the cheapest office spaces, while San Francisco, New York City and Washington, D.C. all tied for the most expensive office spaces. Meanwhile, Irvine, California boasts the most educated population, while San Bernardino, California has the least educated population.
Other interesting findings in WalletHub's study include Anchorage, Alaska having the longest average work week, and Burlington, Vermont having the shortest, as well as Detroit, Michigan having the highest availability of human capital and Orlando, Florida having the lowest.
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Don't Miss: These are the 20 best small American cities for starting a business
show chapters Small Business Week: Marcus Lemonis explains why trust is the most valuable business asset 1:46 PM ET Thu, 3 May 2018 | 00:23 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/wallethub-survey-best-big-cities-to-start-a-business-in-america.html |
Patrick Chovanec discusses trade uncertainty 4 Hours Ago Patrick Chovanec, Chief Strategist at Silvercrest Asset Management and Adjunct Professor at Columbia University's School of International and Public Affairs, talks about the new uncertainty of talks between the US and North Korean leaders and how that is impacting markets | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/patrick-chovanec-discusses-trade-uncertainty.html |
Cramer’s Exec Cut: How consumer expectations are evolving 17 Hours Ago Jim Cramer discusses the new economy and a changing consumer with CEOs from Zillow, Rent the Runway, Take-Two Interactive Software and Carnival Corp. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/cramers-exec-cut-how-consumer-expectations-are-evolving.html |
Protest and fire mark May Day across the world 8:57pm IST - 00:57
Scores of people across the world take to the streets to observe the annual Workers' Day which falls May 1.
Scores of people across the world take to the streets to observe the annual Workers' Day which falls May 1. //reut.rs/2KsJNzV | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/protest-and-fire-mark-may-day-across-the?videoId=422962925 |
May 18, 2018 / 9:03 AM / Updated 10 hours ago Root returns to number three to shoulder more responsibility Reuters Staff 3 Min Read
LONDON (Reuters) - Joe Root believes a year in the captaincy has given him the experience he needs to move up the England batting order to the pivotal number three position for the two-test series against Pakistan beginning on Thursday. FILE PHOTO: Cricket - New Zealand vs England - Second Test - Hagley Oval, Christchurch, New Zealand - April 1, 2018 - England's Joe Root in action. REUTERS/Paul Childs
Since replacing Alastair Cook as the test captain last year, Root has batted at number four and juggled the dual demands of being the leader of the side as well as its batting mainstay.
Coach Trevor Bayliss, though, believes England’s best batsman should come at number three and the axing of James Vince for the series against Pakistan has ensured Root’s elevation.
“I think it’s an opportunity for me to take on a bit more responsibility at the top of the order,” Root said at the launch of England’s 2018 kit.
“I’ve had a year in the captaincy now and I feel I’ve gained enough experience to feel comfortable doing that.
“For me it was getting used to the captaincy and making sure I could separate the two; that my full focus was on my batting when it came around.”
The England top order’s struggle for consistency was evident in their series defeats in Australia and New Zealand as Gary Ballance, Tom Westley and Vince all failed to establish themselves at number three.
Root’s highest test score of 254 came at number three, in a 2016 test against Pakistan.
“I did it (number three) for one game in New Zealand and it didn’t work out there but this is a great opportunity to do it at home and it’s a great opportunity moving forward,” Root said.
“Ultimately nothing will change about the way I go about my batting. I will look to have that hunger and desire to make really big runs.”
Wicketkeeper Jonny Bairstow will bat at number five in a revamped batting order, while Jos Buttler, who has been in scintillating form in the Indian Premier League, has been selected as a specialist batsman at number seven.
“He has done some very special things in one-day and T20 cricket and won games when he has been under pressure,” Root said of Buttler.
“Now there is an opportunity for him to do that in test cricket. I can see him putting a lot of bums on seats. That is very exciting for me. He can change a game in half an hour with the bat.” Reporting by Amlan Chakraborty in New Delhi; editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-england-root/root-returns-to-number-three-to-shoulder-more-responsibility-idUKKCN1IJ0WO |
Shohei Ohtani arrived in the major leagues cloaked in intrigue. Hailed as the “Japanese Babe Ruth”—no pressure—he signed with the Los Angeles Angels intending to do something that seemed impossible: thrive simultaneously as a starting pitcher and an everyday batter, a feat hardly attempted, let alone accomplished, in a century.
Scouts predicted the 23-year-old Ohtani would quickly give up hitting and focus his energies on the mound. A dismal spring training even raised questions about whether he should open the season in... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/the-best-player-in-the-world-inside-shohei-ohtanis-unmatched-skills-1526568600 |
NEW YORK--(BUSINESS WIRE)-- G-III Apparel Group, Ltd. (Nasdaq:GIII) announced today that it will release its first quarter fiscal year 2019 earnings before the market opens on Tuesday, June 5, 2018. Management will host a conference call to discuss results at 8:30 a.m. ET that same day, followed by a question and answer session for the investment community.
A live webcast of the call can be accessed at ir.g-iii.com in the “Events & Presentations” section. To access the call, dial toll-free 1-800-708-4540 or 1-847-619-6397 (international). The pass code is 46952815.
To listen to a telephonic replay of the conference call, dial toll-free 1-888-843-7419 or 1-630-652-3042 (international) and enter pass code 46952815. The replay will be available beginning at 11:00 a.m. ET on Tuesday, June 5, 2018 and will last through 11:59 p.m. ET on Tuesday, June 12, 2018. The replay will also be available via webcast at our Company investor relations website.
About G-III Apparel Group, Ltd.
G-III is a leading manufacturer and distributor of apparel and accessories under licensed brands, owned brands and private label brands. G-III’s owned brands include Donna Karan, DKNY, Vilebrequin, G. H. Bass, Andrew Marc, Marc New York, Eliza J and Jessica Howard. G-III has fashion licenses under the Calvin Klein, Tommy Hilfiger, Karl Lagerfeld Paris, Kenneth Cole, Cole Haan, Guess?, Vince Camuto, Ivanka Trump, Kensie, Levi's and Dockers brands. Through our team sports business, G-III has licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Hands High, Touch by Alyssa Milano and over 150 U.S. colleges and universities. G-III also operates retail stores under the DKNY, Wilsons Leather, G. H. Bass, Vilebrequin, Calvin Klein Performance and Karl Lagerfeld Paris names.
Statements concerning G-III's business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are "forward-looking statements" as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, reliance on licensed product, reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit environment, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions, risk relating to G-III’s operations of the Donna Karan International Inc. business and general economic conditions, as well as other risks detailed in G-III's filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006240/en/
G-III Apparel Group, Ltd.
Company:
Priya Trivedi, 646-473-5157
VP of Investor Relations and Treasurer
or
Investor Relations:
ICR, Inc.
Tom Filandro, 646-277-1235
Managing Director
Source: G-III Apparel Group, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-g-iii-apparel-group-announces-date-for-first-quarter-fiscal-year-2019-results.html |
OTTAWA (Reuters) - The Bank of Canada will probably hold interest rates steady on May 30 as uncertain trade policy and indebted consumers necessitate caution, but firmer price and wage inflation will prompt two increases in the second half of 2018, a Reuters poll predicted.
A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie The central bank has raised rates three times since July 2017, but took no action at its last two meetings, because it believes the economy has more room to run in the short-term without stoking more inflation.
Policymakers are also keeping a close eye on how heavily indebted Canadians and the housing market adjust to higher borrowing costs, and how uncertainty over the North American Free Trade Agreement has restrained business investment.
At the same time, the economy has gotten off to a mediocre start in 2018 compared with last year’s robust growth rate. The central bank will want to see signs of better momentum before raising rates again, economists said.
That means the BoC will most likely hold rates at 1.25 percent at its next policy decision on May 30, according to 26 of 29 economists surveyed by Reuters May 18-23.
Only three analysts expected an increase to 1.50 percent next week. Financial markets are placing about 30 percent odds on an increase. BOCWATCH
“There is really no urgency to move on rates, and it would be more prudent to wait until July,” said Doug Porter, chief economist at BMO Capital Markets.
The majority of economists say the Bank will next raise rates in the third quarter, with many specifying the July meeting, when it will also release updated economic forecasts.
The recent rise in bond yields might be another reason for the bank to stay its hand next week. As Canadian five-year yields have gone up along with U.S. bonds, some major banks have raised their rates on five-year mortgages.
That means those who want to buy a home or refinance could face higher costs even without the Bank of Canada raising rates.
“The underlying rise in long-term interest rates and the pressure that is putting on mortgage rates is doing some of the work for the bank,” Porter said. “All that will do is heighten their concern over pressing on the brake too hard and cooling the consumer too much.”
Still, economists acknowledged there was an argument to be made for the central bank raising rates again this month, particularly with an increase in the price of oil and domestic inflation sitting just above the bank’s two percent target.
The central bank has also not been shy about surprising markets with rate moves in the past.
“We usually do not like the expression, but saying it is a ‘50-50 call’ is appropriate here,” said Sebastien Lavoie, chief economist at Laurentian Bank.
“A good case could be made to either wait one more time or hike at the end of the month.”
Polling by Kailash Bathija in Bengluru; reporting by Leah Schnurr, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-rates-poll/reuters-poll-cautious-on-trade-and-debt-bank-of-canada-likely-to-hold-rates-idUSKCN1IP3AL |
DENVER, May 08, 2018 (GLOBE NEWSWIRE) -- RLH Corporation (NYSE:RLH) announced today the addition of Nate Troup as Senior Vice President, Chief Accounting Officer. Troup brings over 17 years of progressive experience and demonstrated success managing diverse teams in high-growth publicly traded companies. He will lead a diverse reporting and accounting team, and act as a business partner to the CFO on all technical, reporting and operational accounting issues as the company continues to grow in both the domestic and international marketplaces. Troup is based in the company’s headquarters in Denver.
Troup joins RLH Corporation from Westmoreland Coal Company (WCC), where he served as Vice President, Chief Accounting Officer, and Corporate Controller for the past three years. There, he was responsible for the accounting department of both WCC and Westmoreland Resource Partners, LP (WMLP), a publicly traded subsidiary of WCC, where he oversaw technical accounting, SEC reporting, financial close and internal controls. He also managed the external audit relationship and reported to the audit committees for both public filers. During his tenure Troup integrated several acquisitions, remediated a material weakness and implemented significant cost savings. Additionally, since 2016, Troup served as the Interim Chief Financial Officer for WMLP.
Prior to WCC and WMLP, Troup held several progressive roles including Vice President, Chief Accounting Officer, Controller during his four-year tenure at DigitalGlobe, Inc. He led the accounting department including technical accounting and SEC reporting, financial close, internal controls and managing the external auditor and Audit Committee relationship. Prior to DigitalGlobe, Troup held roles at The Siegfried Group, LLP and Ernst & Young.
“As we continue to focus on becoming an asset light company and franchise growth, it is vital to advance our accounting team. Nate brings a wealth of experience both domestically and internationally with high-growth public companies like ours. I am confident Nate will help us continue to hit our goals,” said RLH Corporation Executive Vice President and Chief Financial Officer Doug Ludwig.
To learn more about franchising with RLH Corporation, visit franchise.rlhco.com . We don’t wait for the future. We create it.
About RLH Corporation
Red Lion Hotels Corporation is an innovative hotel company doing business as RLH Corporation and focuses on the franchising, management and ownership of upscale, midscale and economy hotels. The company focuses on maximizing return on invested capital for hotel owners across North America through relevant brands, industry-leading technology and forward-thinking services. For more information, please visit the company's website at www.rlhco.com .
Social Media:
www.Facebook.com/myhellorewards
www.Twitter.com/myhellorewards
www.Instagram.com/myhellorewards
www.Linkedin.com/company/rlhco
Investor Relations Contact:
Amy Koch
O: 509-777-6417
C: 917-579-5012
[email protected]
Media Contact:
Dan Schacter
Director, Social Engagement and Public Relations
509-777-6222
[email protected]
Source: RLHC (Red Lion Hotels Corporation) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-rlh-corporation-appoints-nate-troup-chief-accounting-officer.html |
(Reuters Health) - People with rheumatoid arthritis and obesity may be more likely to become disabled than their counterparts who maintain a healthier weight, a U.S. study suggests.
FILE PHOTO: A competitor prepares to go in front of judges at a casting call in New York December 18, 2009. REUTERS/Finbarr O'Reilly Researchers examined data more than 25,000 patients with rheumatoid arthritis. Most were overweight or obese when they joined the study. Those who were severely obese were more likely to report some disability to start with.
Over the course of the study, for up to about 15 years, obesity was associated with more progression of disability.
Their worsening disability “was not explained by worse disease activity,” said lead study author Dr. Joshua Baker of the University of Pennsylvania and the Philadelphia VA Medical Center. “This suggests that obesity causes disability in patients with rheumatoid arthritis and provides yet another reason for patients to try to take off a few pounds.”
In contrast to the more common osteoarthritis, which happens when cartilage on the ends of bones wears down over time, rheumatoid arthritis is an immune system disorder that causes debilitating swelling and pain in the joints.
In the current study, weight loss was also associated with disability, but it’s possible this is because people lost weight due to poor health or frailty as they aged, and not because of a conscious effort to eat right, exercise more and get in shape, researchers speculate in Arthritis Care and Research.
The study wasn’t designed to prove whether or how obesity might directly contribute to disability in rheumatoid arthritis patients. Still, the results suggest that rheumatoid arthritis patients might feel better if they lose weight, even if it’s not enough to stop being obese, said Dr. Axel Finckh, a researcher at Hopital Beau Sejour in Geneva, Switzerland, who wasn’t involved in the study.
“I would say to my patients that they should aim for a slow, progressive weight loss, associated with increased physical activity, rather then aiming for unrealistic aims such as reaching normal weight,” Finckh said by email.
While obesity may lead to worsening disability for rheumatoid arthritis patients, it’s also possible that some people with the immune system disorder might become obese as a result of this disease, noted Dr. Predrag Ostojic, a researcher at the University of Belgrade in Serbia who wasn’t involved in the study.
“Due to disability and chronic pain, patients with rheumatoid arthritis are less active, and inactivity may contribute in gaining weight,” Ostojic said by email. “On the other hand, obesity may cause joint damage independently of rheumatoid arthritis, by excessive joint loading and accelerated degeneration of the joint cartilage (osteoarthritis), especially on lower limbs and spine.”
“Any weight reduction will have positive effect on functional ability,” Ostojic added. “Healthy weight is ideal, but overweight is also an acceptable target, especially in rheumatoid arthritis patients who are severely obese.”
SOURCE: bit.ly/2HEQD7K Arthritis Care and Research, online April 29, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-arthritis-obesity/obesity-tied-to-worse-disability-in-rheumatoid-arthritis-idUSKBN1I12BZ |
May 12, 2018 / 6:01 PM / Updated an hour ago Soccer - Another Hodgson Houdini act makes him season's unsung hero Martyn Herman 4 Min Read
LONDON (Reuters) - If managerial awards were handed out for feats of escapology, Roy Hodgson would have few rivals. Soccer Football - Premier League - Stoke City vs Crystal Palace - bet365 Stadium, Stoke-on-Trent, Britain - May 5, 2018 Crystal Palace manager Roy Hodgson before the match REUTERS/Peter Powell
The 70-year-old looked to have taken on mission impossible when, three matches into his Selhurst Park reign in October, Palace were rock bottom of the Premier League with seven defeats from seven games, having failed to score a goal.
Hodgson’s second and third games in charge resulted in 5-0 and 4-0 thrashings at Manchester City and Manchester United.
Never in the annals of the English top-flight had a team started a season in such woeful fashion. Yet when Palace host relegated West Bromwich Albion in Sunday’s season finale they will do so safely in mid-table, having been transformed by the much-travelled former England manager.
Hodgson replaced Frank de Boer after only four league games and though there was no immediate change in fortunes, the spell was finally broken on Oct. 14 when Palace beat champions Chelsea 2-1 at Stamford Bridge to kickstart their season.
Palace’s form since — 38 points from 29 games — means they even spared themselves any last-day nail-biting, and the fans who will flock to the ground on Sunday will do so relaxed and full of gratitude for local boy Hodgson and his Houdini-like powers.
Pep Guardiola may get the plaudits for Manchester City’s stunning and record-breaking title campaign, but Hodgson’s achievement in steering Palace away from the rocks is, in many ways, equally worthy of praise.
This is no one-off, though.
Hodgson faced an even bleaker situation at Fulham in the 2007-08 season after replacing Lawrie Sanchez in the December.
He earned only nine points from his first 13 league games, and Fulham appeared certain for the drop before they took 12 from the last five to stay up.
Having taken Fulham to the Europa League final in 2010, he moved on to become Liverpool manager, and while that ended badly, he returned in a more familiar role as salvage expert in 2011, helping guide West Bromwich Albion away from danger with a burst of five wins and five draws from their last 12 games.
His time in charge of England will for ever be scarred by the Euro 2016 knockout by Iceland but Hodgson has restored his reputation at Palace, who could finish as high as 10th if they overcome his former club on Sunday. ATTACKING FOOTBALL
Danny Murphy, who played under Hodgson at Fulham, has watched the Palace revival in his role as a pundit and says he never had any doubts that Hodgson would rescue them.
“I saw first-hand at Fulham how he could turn around a struggling team,” Murphy told the Evening Standard.
“Too often, people think Roy is only a defensive coach, but he concentrates on attacking football just as much.”
The form of Wilfried Zaha is proof of that, with the maverick forward repaying Hodgson’s trust with several vital goals to earn the club’s Player of the Year award.
Defender James Tomkins said the key was Hodgson instilling self-belief back into a team that was being dubbed the worst in Premier League history after a nightmare start.
“Seven games without a goal and without a point is crazy when you think about that start,” Tomkins said.
“We were the bookies’ favourites to go down at that time. It is certainly not an easy job coming into a club that hasn’t got a point, and Roy had to turn that around.
“His work is done out on the training field and he has come in with all his knowledge and experience, and everyone has enjoyed playing under him this year.” Reporting by Martyn Herman,; Editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-cry-hodgson/soccer-another-hodgson-houdini-act-makes-him-seasons-unsung-hero-idUKKCN1ID0R9 |
May 16 (Reuters) - Mercury Systems Inc:
* SAYS RECEIVES $2.4 MILLION ORDER FOR RADAR SUBSYSTEMS FOR MISSILE DEFENSE APPLICATION
* ORDER WAS BOOKED IN COMPANY’S FISCAL 2018 Q3 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mercury-systems-receives-24-mln-or/brief-mercury-systems-receives-2-4-mln-order-for-radar-subsystems-idUSFWN1SN10G |
Trump likely to quit Iran nuclear deal: sources 5:29am EDT - 02:12
U.S. President Donald Trump has all but decided to withdraw from the 2015 Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two White House officials and a source familiar with the administration’s internal debate said on Wednesday.
U.S. President Donald Trump has all but decided to withdraw from the 2015 Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two White House officials and a source familiar with the administration’s internal debate said on Wednesday. //reut.rs/2FG1tEm | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/trump-likely-to-quit-iran-nuclear-deal-s?videoId=423365915 |
May 10 (Reuters) - Kala Pharmaceuticals Inc:
* KALA PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.46 * Q1 EARNINGS PER SHARE VIEW $-0.45 — THOMSON REUTERS I/B/E/S
* AS OF MARCH 31, 2018, HAD CASH OF $100.5 MILLION COMPARED TO $114.6 MILLION AS OF DECEMBER 31, 2017
* ANTICIPATES THAT ITS EXISTING CASH ON HAND WILL ENABLE IT TO FUND OPERATIONS THROUGH AT LEAST NEXT TWELVE MONTHS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kala-pharmaceuticals-reports-q1-lo/brief-kala-pharmaceuticals-reports-q1-loss-per-share-of-0-46-idUSASC0A1CA |
NEW YORK, May 18 (Reuters) - Speculators’ net short dollar position slid to its lowest level in 12 weeks, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.
The value of the net short dollar position was $9.82 billion in the week ended May 15, from $10.84 billion the previous week. The net short dollar position has declined for four straight weeks.
U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars. (Reporting by Gertrude Chavez-Dreyfuss; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/cftc-forex/speculators-cut-net-short-u-s-dollar-bets-to-lowest-in-12-weeks-cftc-reuters-data-idUSL2N1SP1LP |
the Trump administration’s latest threat and China’s unhappy reaction, worries over the euro’s future, the seemingly inexorable march of home prices, and how many hours a Swiss woman has to work to pay for […]
Is Really, Finally Generating Higher Wages? | ashraq/financial-news-articles | https://blogs.wsj.com/economics/2018/05/30/real-time-economics-u-s-threatens-tariffs-ahead-of-trade-talks-with-china-newsletter-draft/ |
(Adds earnings estimate, production details, stock move)
By Ernest Scheyder
HOUSTON, May 2 (Reuters) - Continental Resources Inc , the U.S. shale producer controlled by billionaire Harold Hamm, posted a better-than-expected quarterly profit on Wednesday thanks to rising oil prices and spiking output in its core North Dakota Bakken shale operations.
For the second consecutive quarter, Continental bested rival Whiting Petroleum Corp to be the largest oil producer in the Bakken, solidifying that crown and its place as one of the most-prolific U.S. shale companies.
“We are breaking away from our peers and capitalizing on decades of exploration success and operational,” Hamm, the company’s chief executive and largest shareholder, said in a statement.
The quest to regain the top producer spot in one of the most-prolific U.S. shale basins had eluded Hamm’s Continental since at least 2014, when Whiting bought smaller rival Kodiak Oil and Gas.
That deal, though, saddled Whiting with billions in debt just as oil prices cratered, giving Continental an edge as it spent cash to improve ways it fracks wells.
Continental’s success for the second consecutive quarter over Whiting highlights the importance of improving hydraulic fracturing processes, including the use of larger amounts of sand, which the Oklahoma City-based company has helped pioneer.
Continental’s North Dakota production jumped about 50 percent in the first quarter, leap-frogging Whiting’s output in the state by about 50,000 barrels of oil equivalent per day (boe/d).
“We are clearly seeing a structural uplift in well performance across the Bakken field,” Jack Stark, Continental’s president, said in a statement.
Denver-based Whiting, which posted a better-than-expected first-quarter profit of its own on Monday, did not immediately respond to a request for comment.
Continental posted net income of $233.9 million, or 63 cents per share, compared with $469,000, or less than a penny per share, in the year-ago quarter, when oil prices plummeted - and the company’s production costs were higher.
Excluding one-time items, Continental earned 68 cents per share. By that measure, analysts expected earnings of 64 cents per share, according to Thomson Reuters I/B/E/S.
Overall production rose 35 percent to 287,410 barrels of oil equivalent per day.
Continental plans to hold a conference call to discuss the quarterly results on Thursday. (Reporting by Ernest Scheyder; editing by Lisa Shumaker and Dan Grebler)
| ashraq/financial-news-articles | https://www.reuters.com/article/contl-resources-results/update-1-continental-resources-profit-surges-past-wall-streets-forecast-idUSL1N1S920X |
CALGARY, Alberta, May 16, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited ("Canadian Natural") announced today that Toronto Stock Exchange has accepted notice filed by Canadian Natural of its intention to make a Normal Course Issuer Bid through the facilities of Toronto Stock Exchange or other alternative Canadian trading systems. Purchases may also be made through the facilities of the New York Stock Exchange.
The notice provides that Canadian Natural may, during the 12 month period commencing May 23, 2018 and ending May 22, 2019, purchase for cancellation up to 61,424,856 shares, being 5% of the 1,228,497,131 outstanding common shares as at May 11, 2018. Canadian Natural will not acquire more than 25% of the average daily trading volume of its common shares during a trading day, being 639,751 common shares subject to certain prescribed exceptions. The price which Canadian Natural will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Canadian Natural. As of May 11, 2018, Canadian Natural has acquired 702,700 common shares for cancellation at an average price of $41.96 under its current Normal Course Issuer Bid, which authorized the purchase for cancellation of up to 27,931,135 common shares.
In addition to further strengthening its balance sheet, investing in exploration and development of its diverse asset base, and participating in acquisition opportunities, returns to shareholders remain a priority to create value for Canadian Natural’s shareholders. Funds flow in 2018 is targeted to be allocated to these four pillars and may also be used by Canadian Natural, depending upon future trading prices and other factors, to purchase its common shares, as it is believed to be a worthwhile investment, and in the best interests of Canadian Natural and its shareholders.
Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Refer to our website for complete forward-looking statements www.cnrl.com
CANADIAN NATURAL RESOURCES LIMITED 2100, 855 - 2 nd Street S.W. Calgary, Alberta, T2P4J8
Phone: 403-517-7777 Email: [email protected]
www.cnrl.com
STEVE W. LAUT
Executive Vice-Chairman
TIM S. MCKAY
President
COREY B. BIEBER
Chief Financial Officer and Senior Vice-President, Finance
MARK A. STAINTHORPE
Vice-President, Finance – Capital Markets
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange
Source:Canadian Natural Resources Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-canadian-natural-resources-limited-announces-normal-course-issuer-bid.html |
May 26, 2018 / 7:28 AM / a few seconds ago Actor Morgan Freeman apologizes after accusations Reuters Staff 3 Min Read
(Reuters) - Actor Morgan Freeman said on Friday any suggestion he assaulted women or created an unsafe workplace is false and apologized to anyone he may have upset after media reported that women have accused him of inappropriate behavior or harassment. FILE PHOTO: Actor Morgan Freeman takes part in the opening ceremonies of the Invictus Games in Orlando Florida, U.S., May 8, 2016. REUTERS/Carlo Allegri/File Photo
The accusations against the Oscar-winning actor are the latest in a torrent against male actors, filmmakers and agents that have roiled Hollywood since October 2017, leading in some cases to resignations and the halting of projects.
On Friday, movie mogul Harvey Weinstein was charged with rape and other sex crimes.
Similar accusations have also engulfed men in U.S. politics and business, and inspired a #MeToo social media movement by victims sharing their stories of sexual harassment or abuse.
CNN reported on Thursday that it spoke with 16 people as part of its investigation into the 80-year-old actor, some of whom also alleged inappropriate behavior by Freeman at his production company, Revelations Entertainment.
“I am devastated that 80 years of my life is at risk of being undermined, in the blink of an eye, by Thursday’s media reports,” Freeman said in a statement on Friday, a day after he initially apologized.
“But I also want to be clear: I did not create unsafe work environments. I did not assault women. I did not offer employment or advancement in exchange for sex. Any suggestion that I did so is completely false,” he added.
CNN said eight people told the network they were victims of what some labeled harassment and others called inappropriate behavior by Freeman. It said eight others told the network they witnessed the actor’s alleged misconduct.
CNN also said other sources denied having seen any questionable behavior by the actor, and that those sources described him as being professional on set and in the office.
Freeman said he is someone who feels a need to try to make women and men feel appreciated and at ease around him. As part of that, he would often try to joke with and compliment women, in what he thought was a light-hearted and humorous way, he said.
“Clearly I was not always coming across the way I intended. And that is why I apologized Thursday and will continue to apologize to anyone I might have upset, however unintentionally,” he said.
Reuters was unable to independently confirm any of the allegations.
Freeman, whose career has spanned 50 years and more than 100 movies, won a Oscar in 2005 as best supporting actor for his role as a former boxer in “Million Dollar Baby.” Reporting by Brendan O'Brien in Milwaukee, Editing by Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-morgan-freeman/actor-morgan-freeman-apologizes-after-accusations-idUSKCN1IR076 |
May 14, 2018 / 11:58 AM / in 36 minutes Case against Russia in Skripal poisoning now stronger: MI5 chief Reuters Staff 1 Min Read
BERLIN (Reuters) - The head of Britain’s MI5 spy agency said on Monday Britain’s case that Russia was responsible for the poisoning of a former spy, Sergei Skripal, and his daughter had strengthened in recent weeks. FILE PHOTO: Director General of MI5 Andrew Parker delivers a speech in central London, on the security threat facing Britain October 17, 2017. REUTERS/Stefan Rousseau/Pool/File Photo
Andrew Parker told reporters in Berlin that the investigation was continuing, but he did not want to signal to Russia “what we know and what we don’t know.”
He noted the British government provided sufficient information to convince all 28 European Union members about its position several weeks ago. “The case has if anything got stronger since then, but I can’t explain why it is I say that today,” he said. Reporting by Andrea Shalal; Editing by Paul Carrel | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-russia-skripal/case-against-russia-in-skripal-poisoning-now-stronger-mi5-chief-idUSKCN1IF1I9 |
May 4 (Reuters) - Fortis Healthcare Ltd:
* INDIA’S FORTIS HEALTHCARE SAYS APPOINTS ARPWOOD CAPITAL AS FINANCIAL ADVISER TO BOARD
* FORTIS SAYS ARPWOOD TO PROVIDE INDEPENDENT OPINION ON OFFERS RECEIVED OR TO BE RECEIVED FROM BIDDERS Source text for Eikon: [It is hereby informed that basis the direction made by the Board, the Company has appointed Arpwood Capital Private Limited, an eminent investment banking firm engaged in providing merger, acquisition and capital raising advisory services. The firm will act as financial advisor to the Board of Directors of the Company to provide its independent opinion on (a) the offers received or to be received from bidders for a potential significant equity investment and/or acquisition or restructuring of its assets, and (b) on the appropriateness of the process put into place for dealing with the said offers.] Further company coverage: (Mumbai newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-fortis-healthcare-says-appo/brief-indias-fortis-healthcare-says-appoints-arpwood-capital-as-financial-adviser-to-board-idUSI8N1QW00G |
Your editorial “A Chance for Sugar Welfare Reform” (May 16) against America’s no-cost sugar policy is based on decades-old rhetoric that is no longer relevant. Sugar prices in the U.S. aren’t high and are lower today than in 1980. Consider this: A candy bar in the ’80s cost 35 cents and contained two pennies worth of sugar. Today, that same candy bar costs $1.49 and still has just 2 cents of sugar.
U.S. candy companies are no longer fleeing America. More than 100 domestic expansions have been announced since 2014. And foreign... | ashraq/financial-news-articles | https://www.wsj.com/articles/sugar-markets-and-the-national-sweet-tooth-1527176824 |
May 7 (Reuters) - Below are company-related news and stories from French and Benelux media which could have an impact on the region’s markets or individual stocks.
AIRBUS: Airbus posted deliveries figures for January to April
AIR FRANCE KLM: The French finance minister on Sunday raised the pressure on Air France managers and unions to resolve a stand-off over wages, saying the government would not ride to the carrier’s rescue as it grapples with worker strikes and a leadership vacuum.
The dispute at Air France-KLM’s French arm intensified on Friday when staff rejected a pay deal, prompting the group’s chief executive to resign and raising questions over the airline’s capacity to cut costs and reform
ATOS: Atos announced winning a 120 million dollars multi-year contract to secure the state of Virginia’s cyber security in the United States
CARMILA: Carmila expands in Spain with the acquisition of six shopping centres for 182 million euros
Pan-European market data: European Equities speed guide FTSE Eurotop 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurotop 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt items CAC-40 Paris items World Indices Reuters survey of world bourse outlook European Asset Allocation Reuters News at a glance: Top News Equities Main oil report Main currency report
Our | ashraq/financial-news-articles | https://www.reuters.com/article/france-benelux-markets/french-and-benelux-stocks-factors-to-watch-on-may-7-idUSL8N1SB6R8 |
MEMPHIS, Tenn.--(BUSINESS WIRE)-- ServiceMaster Global Holdings, Inc. (NYSE:SERV), a leading provider of essential residential and commercial services, today announced the appointment of Steven B. Hochhauser to its board of directors, effective as of June 1, 2018.
Hochhauser, who most recently served as interim president of American Home Shield from March 26 until May 15, 2018, prior to the appointment of Rex Tibbens , is the former chairman and chief executive officer of Johns Manville. Hochhauser has held various executive positions at Ingersoll Rand, Honeywell and United Technologies. He has previously served on a number of private company boards of directors and currently serves as the chairman of the board of a private chemicals company.
“Steve is an accomplished executive with extensive strategic planning, operations and leadership experience,” said ServiceMaster Chairman Mark E. Tomkins. “His time as interim president of American Home Shield was instrumental in preparing the company for its next great chapter, and we’ll rely on his leadership on the board as we continue to grow through providing excellent service, extending current product offerings and exploring adjacencies across all of our businesses.”
“Steve will be critical in our initiatives to transform Terminix, revamp growth strategies in our businesses and successfully spin-off American Home Shield as an independent, publicly listed company,” said Nik Varty, CEO of ServiceMaster. “Steve’s strong background and experience will be a major asset on our growth journey, and we look forward to him remaining part of the team.”
About ServiceMaster
ServiceMaster (NYSE:SERV) solves the homeowner’s dilemma. Every day, we visit more than 75,000 homes and businesses through our extensive service network of expert professionals. Technology powers our trusted experts to engage with customers so they can order, buy and receive services when, where and how they want them. Our well-recognized brands include American Home Shield (home warranties), AmeriSpec (home inspections), Furniture Medic (furniture repair), Merry Maids (residential cleaning), ServiceMaster Clean (janitorial and residential floor cleaning), ServiceMaster Restore (disaster restoration) and Terminix (termite and pest control). ServiceMaster is the Official Home Services Provider of Minor League Baseball TM . Like, follow, or visit us at facebook.com/ServiceMaster , linkedin.com/ServiceMaster , twitter.com/ServiceMaster , or servicemaster.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005431/en/
ServiceMaster Global Holdings, Inc.
Media Relations:
Michael Wassmer, 901-597-1706
[email protected]
or
Investor Relations:
Brian Turcotte, 901-597-3282
[email protected]
Source: ServiceMaster Global Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-servicemaster-names-steven-b-hochhauser-to-board-of-directors.html |
SAN DIEGO, May 15, 2018 /PRNewswire/ -- Heritage Global Patents & Trademarks has been appointed by the US Bankruptcy Court to auction the Intellectual Property of Cosmederm Bioscience Inc. The Intellectual Property consists of Cosmederm's worldwide Skin Care patent and trademark portfolio. The portfolio will be sold as one auction lot to the highest bidder, subject to Bankruptcy Court confirmation.
Cosmederm Bioscience was a specialty pharmaceutical company that manufactured and marketed pharmaceuticals in the cosmeceutical and OTC drug categories. During its corporate existence it offered topical dermatological skin creams and products under the Cosmederm and Refinity brand names. The company was founded in 1999 and based in San Diego, CA and was a subsidiary of Evofem, Inc.
Cosmeceuticals are considered a hybrid of cosmetics and pharmaceuticals and are skin care products containing biologically active compounds thought to have a pharmaceutical effect on the skin.
Ross Dove, CEO of Heritage Global stated, "The huge global demand for natural skin care products is evidence that consumers are seeking skin care products without synthetic chemicals and the Cosmederm Bioscience patents and trademarks should help provide entry into that global marketplace."
"This is an exceptional opportunity to add to existing Cosmeceutical patent portfolios or to jump-start entry into this sector. The buyer of this portfolio will be bypassing the time and money required for R&D, as well as the time and money required for the patent process itself," added Doug Berman, Director of Heritage Global Patents & Trademarks.
Click Here to View Cosmederm Bioscience Patent Portfolio Auction Info
Click Here to View Cosmederm Bioscience Patent Portfolio Report
About Heritage Global Inc. www.heritageglobalinc.com
Heritage Global Inc. (OTCQB:HGBL)(CSE:HGP) is a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets in twenty-eight global manufacturing and technology sectors. Heritage Global acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.
About Heritage Global Patents & Trademarks
Heritage Global Patents & Trademarks is the Intellectual Property Division of Heritage Global Inc. It's " APEX " – "Affordable Patent Exchange" is a platform for corporations to monetize:
Patents no longer part of strategic corporate objectives Patents which have never been commercialized and for which there are no plans to do so Orphan Patents acquired in mergers and acquisitions that are non-core and not needed Unwanted patents representing ongoing cost but whose market value declines with every year of non-use
Contact
Doug Berman, Director
Heritage Global Patents & Trademarks
707-245-4417
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/heritage-global-patents--trademarks-to-conduct-sealed-bid-auction-of-skin-care-patents-and-trademarks-of-cosmederm-bioscience-inc-300648445.html
SOURCE Heritage Global Patents & Trademarks | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-heritage-global-patents-trademarks-to-conduct-sealed-bid-auction-of-skin-care-patents-and-trademarks-of-cosmederm-bioscience.html |
DALLAS, May 11, 2018 /PRNewswire/ -- Since its beginnings in 1995, ALM First Financial Advisors has held a reputation for providing financial institutions with topnotch advice and sound guidance based on expert knowledge and the latest analytical tools. This September, the advisory firm is hosting its annual three-day ALM First 2018 Financial Forum for both clients and non-clients, designed for financial professionals to learn from industry specialists and financial regulators.
Emily Hollis, CFA, CEO of ALM First Financial Advisors , says the Forum is an excellent opportunity to hear from experts about the current economic outlook and trends, as well as to share insights and successful approaches with colleagues at various networking opportunities.
"The Forum provides attendees the opportunity to improve their institution's performance as they gain a better understanding of innovative strategies for maximizing returns," said Hollis. "The conference is designed to fit educational needs at all levels, whether attendees are executives, professional staff, board or ALCO members, or other officials."
Details
The 2018 Financial Forum will be September 16-19, 2018, at San Diego's world-famous Hotel del Coronado. Online registration is now open, with early-bird pricing available through August 17 .
To enable attendees to maximize their learning opportunities, ALM First's Financial Forum features two separate tracks: an executive track for CEOs, CFOs, controllers, treasury staff, and non-financial senior managers, and a board track for board or ALCO members and other directors.
The executive track will feature presentations on balance-sheet management in various rate environments, investment strategies for today's markets, advanced liquidity management, and applications of hedging strategies. The board track will include sessions on analyzing financial statements, evaluating investment portfolios, structuring liquidity solutions, and discussing the fundamentals of hedging strategies. Both tracks will identify and define the five pillars of high-performing institutions, discussing their contributions to performance and their recommendations to consider.
ALM First's management team, well-known for their expertise in ALM, hedging, investment portfolio strategies, and balance sheet management, will lead the educational presentations and discussions. The staff will also offer updates on the economy and regulatory expectations, as well as insights into current trends affecting the industry and what an institution needs to be successful.
Attendees may earn up to 13 CPE credits. ALM First is committed to providing unbiased advice and education, and attendees can enjoy networking opportunities without pressure from external sponsors.
To register or learn more about the Financial Forum, visit Financial Forum .
About ALM First
ALM First Financial Advisors is a leading, trusted strategic partner for depository institutions, offering an array of financial advisory services. Since 1995, ALM First's expertise in asset liability management, fixed income portfolio management and hedging, has allowed the firm to deliver deeper insights into financial institutions' balance sheets, strengthening their financial performance and building efficiencies. With more than $20 billion of investments under management, ALM First is an SEC-registered investment advisor, acting as an unbiased third party, offering commission-free, fee-based services to over 250 financial institutions across the country.
For more information, call (800) 752-4628, or visit www.almfirst.com .
CONTACT:
Margaret Blankers
MJB Public Relations Group, LLC
866.714.7041
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/alm-firsts-financial-forum-offers-financial-professionals-and-board-members-expert-knowledge-and-latest-insights-300646955.html
SOURCE ALM First Financial Advisors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-alm-firsts-financial-forum-offers-financial-professionals-and-board-members-expert-knowledge-and-latest-insights.html |
CHICAGO, May 1 (Reuters) - Chicago Mercantile Exchange live cattle finished lower for a second consecutive day on Tuesday amid concerns about increased supplies ahead, said traders. "Everybody keeps talking about this wall of cattle coming. But, feedyards moved a lot of cattle ahead of schedule to avoid lower prices later, which may ultimately create a hole in supplies," a Plains feedlot manager said. Futures were undervalued compared to this week's cash price outlook, which limited market losses and briefly lifted contracts into positive trading territory. June live cattle closed down 0.275 cent per pound at 105.825, and August ended 0.450 cent lower at 104.075 cents. On Tuesday a small number of slaughter-ready, or cash, cattle in the U.S. Plains sold for $118 per cwt, down from mostly $124 there last week. Other cattle in the state are priced at $126, said feedlot sources. A week ago, overall cash cattle in the Plains brought $118 to $126.50. Investors await Wednesday's Fed Cattle Exchange auction of 2,982 animals. Market bulls look for steady-to-higher cash returns this week given impressive packer margins and rising wholesale beef values at the start of May National Beef Month. Bearish traders contend that packers might resist paying more for cattle knowing a supply buildup is looming. A walkout over a pay shift differential at a Cargill Nebraska beef processing plant partially disrupted production at the facility, a company spokesman said on Tuesday. Lower live cattle futures and technical selling sank CME feeder cattle. The contract drew more pressure from higher corn prices that tends to increase input costs for feedlots. May closed 2.275 cents per pound lower at 137.900 cents. HOGS FINISH HIGHER Firmer cash hog and wholesale pork prices lifted CME hog futures, said traders. A few traders bought hog futures and simultaneously sold live cattle contracts, they said. May closed up 1.150 cents per pound at 67.450 cents. Most actively traded June ended up 1.200 cents at 73.900 cents. Farmers actively planted corn and soybeans which slowed hog supplies in parts of the Midwest, said traders and analysts. Grocers are advertising pork as warmer spring weather enters parts of the country, stirring interest in cooking outdoors, a trader said. "The return of more spring-like temperatures across most of the nation should finally kick start the pork demand train especially with Mother’s Day and then Memorial Day fast approaching," said independent livestock futures trader Dan Norcini. (Reporting by Theopolis Waters Editing by Tom Brown)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-supply-growth-worries-extend-cme-live-cattle-losses-idUSL1N1S81SP |
TOKYO, May 10 (Reuters) - The Bank of Japan must find ways to gain public understanding that it can adjust policy flexibly and clarify how it sees an end to ultra-easy monetary policy, a policymaker was Quote: d as saying at its rate review last month.
The summary of opinions of the BOJ’s April meeting, released on Thursday, also showed several members raising the need to scrutinise the potential demerits of the bank’s buying of risky assets and its policy of capping long-term rate at zero.
The BOJ kept monetary policy unchanged at the rate review, but ditched a timeframe it had set for hitting its inflation target, a surprise move analysts say is aimed at keeping market expectations for more stimulus in check.
Reporting by Leika Kihara Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-economy-boj/boj-must-gain-public-understanding-that-it-adjusts-policy-flexibly-april-mtg-summary-idUST9N1RI012 |
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Warren Buffett has said for years that he will run Berkshire as long as he is able. Thousands of shareholders attended the company’s annual meeting on Saturday. Bloomberg News Good morning. Managing the transition of leadership at a company ideally begins months, even years in advance of the actual move. Warren Buffett is still the face of Berkshire Hathaway , but behind the scenes, his deputies are frequently calling the shots, writes the WSJ’s Nicole Friedman.
By starting the management transition while he is still in charge, Mr. Buffett hopes to instill shareholder confidence in the next generation of Berkshire leaders, said Thomas Russo, partner at Gardner Russo & Gardner, a longtime holder of Berkshire shares. “This is a very serious transitional year,” Mr. Russo said. On Mr. Buffett’s part, “I think there’s a real sense of willingness to let go of things.”
At Berkshire’s annual meeting this weekend, Mr. Buffett said four executives— Greg Abel, Ajit Jain, Ted Weschler and Todd Combs —are already handling many of the day-to-day responsibilities of running Berkshire. Mr. Buffett remains chairman, chief executive and chief investment officer, but “‘semiretired’ probably catches me at my most active point,” he joked in front of thousands of shareholders at the CenturyLink Center in Omaha on Saturday.
CFO JOURNAL TODAY
Former CFO steered Clorox close to home. Stephen Robb centered Clorox Co.’s business on the domestic market even as other companies chased profits overseas. He positioned the maker of bleach, toilet cleaner and disinfecting wipes to dominate in midsize-product categories while keeping cost down.
THE DAY AHEAD
Tyson Foods , Hertz Global Holdings Inc. , Zillow Group and Mosaic Co. are among the companies slated to report earnings today.
CORPORATE NEWS
Toyota Motor and General Motors back a Wi-Fi-based technology known as DSRC for vehicle connectivity, while Ford Motor and BMW support fast-tracking fifth-generation cellular broadband. Reuters 5G race pits Ford, BMW against GM, Toyota. Excitement around 5G is eclipsing the prospects for a competing technology that General Motors Co. and Toyota Motor are backing, potentially giving rivals a leg-up in the race to debut vehicles with state-of-the-art internet connectivity.
Nestlé inks deal to sell Starbucks products world-wide. Nestlé SA said Monday it agreed to sell Starbucks Corp.’s consumer and food service products world-wide, as the Swiss company embraces coffee as a growth opportunity to offset sagging sales elsewhere.
Mondelez gobbles up cookie maker Tate’s Bake Shop. Food giant Mondelez International agreed to acquire cookie maker Tate’s Bake Shop for about $500 million, as it seeks to address changing consumer tastes.
Australian bank to stop basing adviser bonuses on sales. One of Australia’s biggest banks has scrapped sales-based bonuses for its financial planners and vowed to drop planners who provide inappropriate advice.
Glencore scraps planned sale of $9 billion stake in Russian oil company. Mining giant Glencore PLC and Qatar said they have scrapped plans to sell a roughly $9 billion stake in Russian state oil company PAO Rosneft to a once-high-flying Chinese firm now embroiled in investigations by Beijing.
Tesla’s numbers are even more dramatic than its CEO. Recent drama surrounding Tesla has masked a more mundane reality: The car maker’s finances are deteriorating. Dismal first-quarter results and falling bond prices call into question Tesla’s $50 billion market capitalization and its overall financial health.
Why it’s not crazy to buy a mall giant in the age of Amazon. Franco-Dutch mall giant Unibail-Rodamco , which owns $52 billion in retail real estate in Europe, is set to buy Australian developer Westfield , owner of a $22 billion mall portfolio in the U.S. and U.K.
Activist Third Point pushes for breakup of United Technologies . Activist investor Third Point LLC detailed its case for breaking up industrial conglomerate United Technologies Corp. , and said it has shared its views with the company’s board.
Shari Redstone seeks to end CBS -Viacom deal impasse. Shari Redstone is offering a concession to break a logjam in the merger negotiations of CBS Corp. and Viacom ,the media companies her family controls, but initial indications are that it won’t be enough to get the deal across the finish line.
Air France-KLM shares plunge after CEO quits. Air France-KLM shares plunged Monday after its chief executive pledged to resign because he had failed to quell labor unrest, throwing the company’s strategy into question.
Alibaba expects faster revenue growth on commerce, cloud businesses. Chinese e-commerce giant Alibaba Group Holding says it expects revenue to grow 60% in the next year, as its core commerce business and cloud computing business attracts more customers.
REGULATION
A Sonos spokeswoman said, ‘Preparing for GDPR was, of course, a substantial time investment but a worthwhile one.’ Bloomberg News Tech’s pickup of new data-privacy rules reflects EU’s growing influence. The EU’s General Data Protection Regulation, or GDPR, is the latest sign of the EU’s growing power in global regulation. With increasing frequency, EU rules targeting industries within the bloc—from consumer products to financial services—have set international benchmarks.
A simple rule has constrained bankers’ freedom. Now it is getting ‘retooled.’ The largest big-bank rule changes proposed since President Donald Trump took office would refashion one of the core responses to the 2008 financial crisis, generating an unusual level of opposition for the consensus-driven world of bank regulation.
Greek banks get the all clear from European regulators. Greece’s biggest banks received a clean bill of health from Europe’s regulators on Saturday, an important step toward the completion of an eight-year bailout program that has strained the country’s economy.
Wells Fargo settles securities fraud class action. Wells Fargo & Co. said it reached a $480 million preliminary settlement agreement in a securities fraud class-action suit.
AmTrust has been under an SEC investigation for five years. AmTrust Financial Services disclosed it has been under investigation by the Securities and Exchange Commission for nearly five years over its accounting practices and other matters.
ECONOMY
Clouds loom over Jakarta’s Sudirman Central Business District. Reuters Indonesia market selloff shows perils of relying on foreign funding. The steep recent slide in Indonesia’s stock markets and currency is rooted in heavy foreign ownership of the country’s government bonds—something officials there have been trying to change.
The riddle of the eurozone’s missing inflation. Unlike the U.S. and the U.K., where inflation has started to pick up, consumer-price growth in the 19-nation eurozone remains stubbornly low despite years of strong economic expansion.
Unemployment plunge raises stakes in Fed’s goldilocks conundrum. Stable inflation and low unemployment suggest the U.S. economy is enjoying a Goldilocks moment, running neither too hot nor too cold to cause much hardship for households. But how low can joblessness fall, and for how long, before a boon for the economy turns into a burden for everyone?
U.S. and China make scant progress in trade talks. The U.S. and China asked one another to make sweeping concessions in trade talks, failing to bridge sharp divisions and raising the chances that each government will slap tariffs on tens of billions of dollars of the other country’s exports.
Flood of trademark applications from China alarms U.S. officials. Huge numbers of Chinese citizens are seeking trademarks in the U.S., flooding the U.S. Patent and Trademark Office with applications that officials say appear to be rife with false information.
The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Send tips, suggestions and complaints to the editor: [email protected].
Share this: Previous The Weekend Reader: Three Must-Reads Content from our sponsor Deloitte CFO insight and analysis written and compiled by Deloitte What Companies and Boards Seek From CFO Candidates: An Executive Recruiter’s View As the CFO role continues to expand, so too do the qualities and qualifications that companies seek in a new CFO, says Alyse Bodine, managing partner of the Heidrick & Struggles’ Philadelphia office and co-lead of the firm’s global Financial Officers Practice. She describes the most sought-after skillsets in recent and current CFO searches. Frequent ‘must haves’ include business partnering, leadership, and experience interacting with the board. Organizational leadership, influencing skills, and increasingly, the ability to become CEO are also key attributes company management and boards expect from CFOs.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/07/the-morning-ledger-warren-buffetts-lieutenants-are-increasingly-running-berkshire/ |
May 17, 2018 / 12:32 PM / Updated 42 minutes ago 500 days and a billion barrels of lost oil pushes crude to $80 Amanda Cooper 4 It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia’s desired level of $80 a barrel. FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo
Brent crude futures LCOc1 reached an intraday high of $80.18 on Thursday, breaching the $80 a barrel level for the first time since November 2014.
A vast overhang of unwanted crude stocks has now vanished, investors are buying into the oil price rally more than at any time in the last four years and market watchers are beginning to talk again about oil prices returning to $100 per barrel and more.
To view a graphic on Global oil supply and demand reach balance, click: reut.rs/2rFZGez
Renewed U.S. sanctions on Iran that could seriously hamper the country’s oil exports, along with involuntary output declines in big producers such as Venezuela, Mexico and Angola have contributed to the bounce in the price.
Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries and 10 of its partners including top producer Russia have cut their crude output by a joint 1.8 million barrels a day since January 2017.
The oil price has risen by $50 since hitting a 13-year low of $27 a barrel in January 2016 and has gained 50 percent in the last 12 months alone, reflecting both concern over geopolitics and confidence in a more favourable balance between supply and demand.
The premium of the benchmark Brent crude futures contract LCOc1 is at its largest in years over those for delivery further ahead, reflecting investors’ and traders’ belief that supply will fall short of demand for some time to come.
Saudi Arabia is said to favour an oil price of around $80, or even $100 a barrel, as it gears up to float part of state oil company ARAMCO IPO-ARAM.SE.
To view a graphic on Investors prepare for crude oil supply to shrink, click: reut.rs/2rJiKsk
But OPEC and its cohorts may end up being victims of their own success. The International Energy Agency on Wednesday warned global demand growth will almost inevitably slow given how much the oil price has risen.
To view a graphic on Non-OPEC supply vs global demand growth in 2018, click: reut.rs/2Imrf71
Meanwhile, the rise in the U.S. dollar .DXY since the start of the year may curb the purchasing power of major importing nations to buy crude, especially since many, such as India and Indonesia, no longer offer drivers such as generous fuel subsidies.
OPEC also has a headache in the form of rival supply from outside its club, namely from the United States, which is on course to become the largest producer in the world by the end of this year, with output set to top 11 million bpd.
OPEC’s supply cuts have been swamped by the increase in U.S. output, led by production from shale fields and this, along with the higher price, has made the major forecasting agencies — the IEA, OPEC itself and the U.S. Energy Information Administration — far more cautious.
So while $80 might be Saudi Arabia’s purported magic number, its spell might prove short-lived.
To view a graphic on OPEC vs US oil output, click: reut.rs/2IjSYFf Reporting by Amanda Cooper; Editing by Adrian Croft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-crude-oil-graphic/500-days-and-a-billion-barrels-of-lost-oil-pushes-crude-to-80-idUKKCN1II1QK |
Music stars prepare to hit the road for summer concert tours 3:57am IST - 01:30
Paramore, 3 Doors Down, the Counting Crows and more will celebrate the summer on the stage. Rough cut (no reporter narration) ▲ Hide Transcript ▶ View Transcript
Paramore, 3 Doors Down, the Counting Crows and more will celebrate the summer on the stage. Rough cut (no reporter narration) Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FC081H | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/music-stars-prepare-to-hit-the-road-for?videoId=423334150 |
TORONTO, May 9, 2018 /PRNewswire/ - The Board of Directors of TMX Group Limited today declared a dividend of $0.58 on each common share outstanding, an increase in $0.08 or 16%, from the previous $0.50 per common share. This dividend is payable on June 8, 2018 to shareholders of record at the close of business on May 25, 2018.
"We are pleased to announce another dividend increase for TMX Group, the third and most substantial increase over the last two years," said Lou Eccleston, Chief Executive Officer, TMX Group. "TMX continues to deliver value to shareholders driven by our profitable growth investment strategy. This increase continues our commitment to align TMX's dividend payout ratio with our domestic and international peers. We remain committed to delivering long-term growth in shareholder value."
TMX Group hereby advises that this dividend is designated as an "eligible dividend" for Canadian income tax purposes.
For the results of the quarter ended March 31, 2018 for TMX Group, please click on the following link: http://www.tmx.com/investor-relations/ .
About TMX Group (TSX-X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities and fixed income. Toronto Stock Exchange , TSX Venture Exchange , TSX Alpha Exchange , The Canadian Depository for Securities , Montréal Exchange , Canadian Derivatives Clearing Corporation , Trayport and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London, Beijing and Singapore. For more information about TMX Group, visit our website at www.tmx.com . Follow TMX Group on Twitter: @TMXGroup .
View original content: http://www.prnewswire.com/news-releases/tmx-group-limited-increases-dividend-to-0-58-per-common-share-300645986.html
SOURCE TMX Group Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-tmx-group-limited-increases-dividend-to-0-point-58-per-common-share.html |
China state media slams shock U.S. tariff threat 4:18am EDT - 02:11
China on Wednesday lashed out at Washington's unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war.
China on Wednesday lashed out at Washington's unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war. //reut.rs/2H1RPwM | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/china-state-media-slams-shock-us-tariff?videoId=431622394 |
May 1, 2018 / 5:19 AM / Updated 7 hours ago North and South Korea start to dismantle border speakers, fulfilling summit pledge Joori Roh 4 Min Read
SEOUL (Reuters) - North and South Korea began dismantling loudspeakers that blared propaganda across their heavily fortified border on Tuesday, South Korea’s defense ministry said, fulfilling a promise made at last week’s historic summit.
The moves are the first practical, if small, steps toward reconciliation after Friday’s meeting between South Korean President Moon Jae-in and the North’s Kim Jong Un.
Moon, meanwhile, asked that the United Nations help verify North Korea’s planned shutdown of its Punggye-ri nuclear test site in a phone conversation on Tuesday with U.N. Secretary-General Antonio Guterres, a statement from the presidential Blue House said.
Guterres said the requests need approval from the U.N. Security Council, but he wanted to cooperate to build peace on the Korean peninsula and would assign a U.N. official in charge of arms control to cooperate with South Korea, the statement said.
Several days before Friday’s summit, the North surprised the world by declaring it would dismantle the test site to “transparently guarantee” its dramatic commitment to stop all nuclear and missile tests.
The Punggye-ri site, where North Korea has conducted all six of its nuclear tests, consists of a system of tunnels dug beneath Mount Mantap in the northeastern part of the country.
Some experts and researchers have speculated the most recent - and by far largest - blast in September had rendered the entire site unusable. But Kim said there were two additional, larger tunnels that remain “in very good condition”. BORDER LOUDSPEAKERS REMOVED
Along the border, South Korea started taking down its loudspeakers on Tuesday afternoon, a defence official said. Activity at several spots along the border indicated North Koreans were doing the same, he said. South Korean soldiers dismantle loudspeakers that were set up for propaganda broadcasts near the demilitarized zone separating the two Koreas in Paju, South Korea, May 1, 2018. REUTERS/Kim Hong-Ji/Pool
For decades, with only a few breaks, the two sides have pumped out propaganda from huge banks of speakers as a form of psychological warfare. The South broadcast a mixture of news, Korean pop songs and criticism of the northern regime, while the North blasted the southern government and praised its own socialist system.
As a sign of goodwill, the South had stopped its propaganda ahead of the summit, and the North followed suit.
The incremental steps come amid speculation about where Kim will meet U.S. President Donald Trump, who said their planned summit could take place in three or four weeks.
Trump tweeted Monday that meeting Kim at the Peace House in the demilitarized zone, where Moon met Kim, would be an excellent venue.
“There’s something that I like about it because you’re there, you’re actually there. Where, if things work out, there’s a great celebration to be had on the site, not in a third-party country,” Trump later told reporters at the White House.
But a senior U.S. official said Singapore was still high on the list of potential sites.
Singapore Prime Minister Lee Hsien Loong said on Saturday Singapore had not had any request to host the Kim-Trump meeting. Slideshow (6 Images)
South Korea’s presidential Blue House seemed to welcome the prospect of hosting the meeting in Panmunjom, the border village where the Peace House is located.
“Panmunjom is quite meaningful as a place to erode the divide and establish a new milestone for peace,” a senior presidential official told reporters, asking not be identified because of the sensitivity of the matter. “Wouldn’t Panmunjom be the most symbolic place?” Additional reporting by Hyonhee Shin and Ju-min Park, writing by Malcolm Foster. Editing by Lincoln Feast | ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-southkorea/south-korea-sees-signs-north-is-dismantling-border-loudspeakers-defence-ministry-idINKBN1I22TV |
Maryland police arrest suspects in police officer's slaying Tuesday, May 22, 2018 - 01:19
Maryland police manhunt ended on Tuesday when officers arrested three male teenagers suspected of playing a role in the killing of a female police officer who responded to a burglary report in a Baltimore suburb, according to Baltimore County Police Chief Terrence Sheridan. Rough Cut (no reporter narration).
Maryland police manhunt ended on Tuesday when officers arrested three male teenagers suspected of playing a role in the killing of a female police officer who responded to a burglary report in a Baltimore suburb, according to Baltimore County Police Chief Terrence Sheridan. Rough Cut (no reporter narration). //reut.rs/2IHhZKL | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/maryland-police-arrest-suspects-in-polic?videoId=429450231 |
WALTHAM, Mass., May 02, 2018 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) today announced the appointment of J. Alan Butcher as executive vice president and chief business officer effective immediately. He reports to William Heiden, president and chief executive officer.
In his role at AMAG, Mr. Butcher is responsible for leading the company’s overall business development efforts, with a focus on continuing to expand the portfolio with products that address unmet patient needs. Additionally, he oversees the company's alliance management team, and leads the corporate strategy function in close collaboration with Mr. Heiden, the senior leadership team, and the board of directors.
“I am very pleased to welcome Alan to AMAG’s senior leadership team. He joins us at an exciting time as we execute three product launches and prepare for an additional potential new product launch next year,” said William Heiden. “AMAG is well positioned to develop and commercialize new therapies for patients, and under Alan’s leadership, I’m confident that we will continue to remain focused on building a pipeline of products that will drive long-term growth, and create significant shareholder value.”
Mr. Butcher brings extensive technical, scientific, strategic, and business development experience to AMAG with his nearly two decades of corporate development work in large and medium-sized pharmaceutical companies. Most recently he served as senior vice president, licensing and business development for Purdue Pharma. Prior to Purdue, he led a global business development team and was responsible for identifying, evaluating and negotiating expansion opportunities at Shire Pharmaceuticals. Earlier in his career, Mr. Butcher conducted scientific research in areas of molecular genetics, virology and cardiovascular drug discovery.
Mr. Butcher holds a Bachelor’s of Science in Clinical Microbiology and a Master’s of Science in Biology with a concentration in Molecular Biology and Genetics from West Chester University of Pennsylvania. He is also a graduate of Cornell University’s Johnson Graduate School of Management.
Inducement Equity Awards
In connection with Mr. Butcher entering into employment with AMAG, the Board of Directors of AMAG approved awards to Mr. Butcher of (i) an option to purchase 62,393 shares of common stock and (ii) 28,418 restricted stock units. The option will have an exercise price equal to the closing price of AMAG's common stock on the grant date and will be exercisable in four equal annual installments beginning on the first anniversary of the grant date. The option will have a ten-year term and be subject to the terms and conditions of the stock option agreement pursuant to which the option will be granted. The restricted stock units will vest in three equal annual installments beginning on the first anniversary of the grant date and will be subject to the restricted stock unit agreement pursuant to which the restricted stock units will be granted. These equity awards will be granted without stockholder approval as inducements material to Mr. Butcher entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).
About AMAG
AMAG is a biopharmaceutical company focused on developing and delivering important therapeutics, conducting clinical research in areas of unmet need and creating education and support programs for the patients and families we serve. Our currently marketed products support the health of patients in the areas of maternal and women’s health, anemia management and cancer supportive care. Through CBR®, we also help families to preserve newborn stem cells, which are used today in transplant medicine for certain cancers and blood, immune and metabolic disorders, and have the potential to play a valuable role in the ongoing development of regenerative medicine. For additional company information, please visit www.amagpharma.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including but not limited to statements regarding Mr. Butcher’s responsibilities at AMAG related to the company’s overall business development function and its alliance management team; AMAG’s belief that it is well positioned to develop and commercialize new therapies for patients and under Alan’s leadership we will continue to remain focused on building a pipeline of products which will drive long-term growth, and create significant shareholder value; and beliefs that newborn stem cells have the potential to play a valuable role in the development of regenerative medicine are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others, those identified in AMAG’s Securities and Exchange Commission (SEC) filings, including AMAG’s Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
AMAG disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
AMAG Pharmaceuticals® is a registered trademark of AMAG Pharmaceuticals, Inc. CBR® is a registered trademark of Cbr Systems, Inc.
AMAG Pharmaceuticals, Inc. Contacts:
Media:
Rushmie Nofsinger
Executive Director, Corporate Communications & Alliance Engagement
617-498-3332
Investors:
Christi Waarich
Associate Director, Investor Relations
617-498-7638
Source:AMAG Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-amag-pharmaceuticals-appoints-j-alan-butcher-as-executive-vice-president-and-chief-business-officer.html |
TESLA CRASHES INTO PARKED POLICE VEHICLE IN CALIFORNIA AFTER DRIVER SAID IT WAS OPERATING IN AUTOPILOT MODE -LAGUNA BEACH POLICE | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-tesla-crashes-into-parked-police-vehicle-in-california-after-driver-said-it-was-operating-in-autopilot-mode-laguna-beach.html |
KUALA LUMPUR (Reuters) - Malaysia may renegotiate some deals with China, former prime minister Mahathir Mohamad said on Thursday, just hours after his coalition secured a stunning election win against the government of Najib Razak.
Mahathir Mohamad reacts during a news conference following the general election in Petaling Jaya, Malaysia, May 10, 2018. REUTERS/Lai Seng Sin Mahathir said that his government would likely reverse some policies implemented by the long-ruling Barisan Nasional coalition, including a highly unpopular goods and services tax.
The 92-year-old told a news conference he supported China’s Belt and Road initiative (BRI) but said Malaysia reserved the right to renegotiate terms of some agreements with Beijing, if necessary.
“We have no problem with that (BRI), except of course we would not like to see too many warships in this area because (a) warship attracts other warships,” he said.
A Nomura report last month showed that Malaysia is one of the largest beneficiaries of Chinese investment commitments in Asia, securing $34.2 billion of BRI-related infrastructure projects, which have prompted critics to accuse Najib of “selling” Malaysia to the Asian powerhouse.
Asked about the idea of renegotiation, Chinese foreign ministry spokesman Geng Shuang did not address the issue directly, but said the two countries’ relations were developing well.
“This is worth both sides cherishing and safeguarding,” Geng added, at a regular news briefing in Beijing.
Reporting by Liz Lee; Additional reporting by Michael Martina in Beijing; Writing by Fathin Ungku; Editing by Raju Gopalakrishnan and Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-china/malaysia-may-renegotiate-some-deals-with-china-mahathir-idUSKBN1IB0JZ |
The Cleveland Indians placed outfielder Tyler Naquin on the 10-day disabled list with a left hamstring strain, the team announced on Saturday.
May 11, 2018; Cleveland, OH, USA; Cleveland Indians right fielder Tyler Naquin (30) hits a two RBI double in the fourth inning against the Kansas City Royals at Progressive Field. Mandatory Credit: David Dermer-USA TODAY Sports Naquin suffered the injury during Friday’s game against the Kansas City Royals while running out a two-run double.
An MRI exam revealed the extent of the injury.
Left-hander Tyler Olson was activated from the paternity list to fill the roster spot. Olson is 0-1 with a 6.75 ERA in 15 appearances with the Indians this season.
Naquin is batting .333 with two homers and 11 RBIs. He has an eight-game hitting streak and is 10-for-24 in May.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-cle-naqin-hurt/indians-place-naquin-on-dl-idUSKCN1ID0RN |
May 3, 2018 / 1:02 PM / Updated 3 minutes ago Tesla shares, bonds drop as CEO Musk bites hand of Wall Street Supantha Mukherjee 5 Min Read
(Reuters) - Tesla Inc ( TSLA.O ) chief Elon Musk’s refusal to answer “boring” Wall Street questions about finances sent the electric vehicle maker’s shares down as much as 7 percent on Thursday, jarring investors and raising concerns about its ability to raise money in the future. FILE PHOTO: SpaceX founder Elon Musk pauses at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper
Tesla’s bonds followed the shares lower and, with at least three brokerages cutting price targets for the stock, several wondered what it would now cost the company to raise more funds this year if need be.
In a conference call on Wednesday, Musk refused to answer questions from analysts on Tesla’s capital requirements, saying “boring questions are not cool.”
Instead, he took over a dozen consecutive questions from YouTube investment channel HyperChange TV, which had previously recommended buying Tesla shares.
Cowen analyst Jeffrey Osborne dubbed the call, in which Musk talked of “barnacles, flufferbots, and bonehead bears”, surreal.
Morgan Stanley’s Adam Jonas said it was the most unusual he had heard in 20 years in the business, noting that “the analysts on the call represent the providers of capital that Tesla has throughout its history depended upon.”
Some saw the call in even more stark terms.
Eric Schiffer, head of the Patriarch Organization, a Los Angeles-based private equity firm, called it “the single greatest CEO meltdown in American car history.”
“Elon Musk’s war on day traders and analysts from big banks is like him being on the earnings call with a suicide vest on and pulling the cord. It’s horribly incompetent with investors and results in the stock getting hit by roaring missiles,” Schiffer said, adding that he did not own Tesla shares “for reasons like this.” Related Coverage Investor who mesmerized Musk on conference call opened 'Pandora's box'
Of 27 brokerages covering the stock, nine now have a “buy” or higher rating, 10 “hold” and eight have “sell” or lower.
The company’s shares were down around 6 percent at $283 in New York in afternoon trading. They have lost more than a quarter of their value since touching a high of $389.61 in September, hurt by reports of bottlenecks around production of the Model 3 sedan, seen as crucial to Tesla’s profitability.
Musk has won legions of vocal fans for his soaring vision and bold promises, from making electric vehicles mainstream to sending rockets into space as the CEO of SpaceX.
But the entrepreneur has also exhibited erratic behaviour in recent months, from late-night tweets and jokes about bankruptcy to a public spat with regulators investigating a fatality involving a Tesla.
Some investors said Musk’s behaviour was part of his appeal.
“We like Elon Musk and because he gets frustrated it only makes him human,” said Gerald Sparrow of Sparrow Capital. “We focus on the numbers they produce, not the emotions.”
On Wednesday, Tesla forecast lower capital spending for the year and a profit in the second half.
Musk as also bullish on upcoming projects, promising decisions soon on the construction of a new Model Y factory, and the location of a Chinese Gigafactory. He also pledged to reduce third-party contractors, saying their use had “really gotten out of control.”
“So we’re going to scrub the barnacles on that front. You’ve got barnacles on barnacles. So there’s going to be a lot of barnacle removal.”
Tesla is closely held, with co-founder Musk owning 22 percent and its top four investors, including him, over 40 percent - giving Musk a certain freedom to brush off analyst concerns.
Tesla’s market capitalisation of $51 billion (£37.52 billion) exceeds that of Ford Motor Co ( F.N ), which posted revenues of $156.7 billion last year versus Tesla’s $11.8 billion. MANUFACTURING ON THE FLY
Tesla has consistently fallen short of its promises on car production and has promised in the past it would not need to raise funds, before doing just that.
The company has raised capital each year since its initial public offering in 2010 and issued debt twice in 2017.
Tesla’s free cash flow widened to negative $1 billion in the first quarter from negative $277 million in the fourth quarter, excluding costs of systems for its solar business.
The company plans to reach its weekly goal of producing 5,000 Model 3 cars in two months, after revising the target several times.
“We believe that Tesla is essentially learning how to become a manufacturing company on the fly,” said RBC Capital Markets analyst Joseph Spak.
“Investor feedback to the call was shock that a CEO would be dismissive and the general sentiment was that the defensiveness spoke volumes.” Additional reporting by Munsif Vengattil in Bengaluru and Alexandria Sage in San Francisco; editing by Anna Driver and Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tesla-results-research/tesla-faces-angry-wall-street-as-ceo-musk-snubs-analysts-on-call-idUKKBN1I41IB |
May 10 (Reuters) - Duke Energy Corp:
* DUKE ENERGY REPORTS FIRST-QUARTER 2018 FINANCIAL RESULTS
* FIRST QUARTER 2018 GAAP EPS OF $0.88 * REAFFIRMS 2018 ADJUSTED EPS GUIDANCE RANGE OF $4.55 TO $4.85
* Q1 EARNINGS PER SHARE VIEW $1.14 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $4.71 — THOMSON REUTERS I/B/E/S
* QTRLY ELECTRIC UTILITIES AND INFRASTRUCTURE OPERATING REVENUES $5,323 MILLION VERSUS $4,947 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-duke-energy-reports-qtrly-adjusted/brief-duke-energy-reports-qtrly-adjusted-eps-of-1-28-idUSASC0A1D5 |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- Dividend 15 Split Corp. declares its 170th consecutive monthly distribution of $0.10000 for each Class A share ($1.20 annually) and $0.04375 for each Preferred share ($0.525 annually). Distributions are payable June 8, 2018 to shareholders on record as at May 31, 2018.
Since inception Class A shareholders have received a total of $20.50 per share and Preferred shareholders have received a total of $7.46 per share inclusive of this distribution, for a combined total of $27.96.
Dividend 15 invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TransCanada Corporation.
Distribution Details
Class A Share (DFN) $0.10000 Preferred Share (DFN.PR.A) $0.04375 Ex-Dividend Date: May 30, 2018 Record Date: May 31, 2018 Payable Date: June 8, 2018 Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.dividend15.com
[email protected]
Source:Dividend 15 Split Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-dividend-15-split-corp-declares-170th-consecutive-monthly-distribution.html |
May 4 (Reuters) - Mitula Group Ltd:
* REVENUE FOR APRIL 2018 WAS A$3.8 MILLION, AN INCREASE OF 44.7 PERCENT OVER APRIL 2017
* TRAFFIC TO COMPANY’S SITES IN APRIL 2018 83.0 MILLION VISITS, UP 39 PERCENT FROM APRIL 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mitula-group-posts-april-2018-reve/brief-mitula-group-posts-april-2018-revenue-and-traffic-figures-idUSFWN1SA1E6 |
May 31, 2018 / 6:35 AM / Updated 19 minutes ago Assad raises prospect of clashes with U.S. forces in Syria Tom Perry 5 Min Read
BEIRUT (Reuters) - President Bashar al-Assad raised the possibility of conflict with U.S. forces in Syria if they do not withdraw from the country soon. Syria's President Bashar al Assad attends an interview with a Greek newspaper in Damascus, Syria in this handout released May 10, 2018. SANA/Handout via Reuters
In an interview with Russia’s RT international broadcaster, Assad said he would negotiate with fighters backed on the ground by Washington, but would reclaim territory they control by force if necessary, whether or not American troops supported them.
In Washington, the State Department said it was not looking to fight Syrian or Iranian forces, but would use “necessary and proportionate force” to defend U.S. and partner forces in the fight against Islamic State in Syria.
“The U.S.-led global coalition remains committed to focussing on the defeat-ISIS mission in Syria and does not seek to fight the government of Syria or Iran, or Iranian-supported groups, in Syria,” a State Department official told Reuters.
“However, as we have said in the past, if attacked we will not hesitate to use necessary and proportionate force to defend U.S., coalition, or partner forces engaged in operations to defeat ISIS,” the official added.
In the RT interview Assad also responded sharply to U.S. President Donald Trump’s description of him as an animal, saying “what you say is what you are”.
Assad, who is backed by Russia and Iran, appears militarily unassailable in the war that has killed an estimated half a million people, uprooted around 6 million people in the country, and driven another 5 million abroad as refugees.
Around 2,000 U.S. special forces troops are believed to be on the ground in Syria, where they have aided a group called the Syrian Democratic Forces (SDF), which is led by the YPG, a Kurdish militia.
The U.S.-backed group holds the largest area of Syrian territory outside government control, but has tried to avoid direct clashes with the government during the multi-sided war.
Assad said the government had “started now opening doors for negotiations” with the SDF.
“This is the first option. If not, we’re going to resort to ... liberating those areas by force. We don’t have any other options, with the Americans or without the Americans,” he said in the text of an interview published by Syria’s state news agency.
“The Americans should leave, somehow they’re going to leave,” he said, adding that Washington should learn the lesson of its war in Iraq, which lasted longer and was much costlier than anticipated. Related Coverage EU should help push Iran out of Syria - opposition negotiator
“They came to Iraq with no legal basis, and look what happened to them. They have to learn the lesson. Iraq is no exception, and Syria is no exception. People will not accept foreigners in this region anymore,” he said.
Trump said in April he wanted to withdraw American troops from Syria relatively soon, but also voiced a desire to leave a “strong and lasting footprint”.
U.S. Defense Secretary Jim Mattis said on April 30 the United States and its allies would not want to pull troops out of Syria before diplomats win the peace.
Kino Gabriel, a spokesman for the SDF, said in response to Assad’s comments that a military solution would “lead to more losses and destruction and difficulties for the Syrian people”.
The SDF wants a “democratic system based on diversity, equality, freedom and justice” for all the country’s ethnic and religious groups, he added in a voice message to Reuters. WHAT YOU SAY IS WHAT YOU ARE
Trump called Assad an “animal” after a suspected poison gas attack on a rebel-held town near Damascus in April. Medical aid organisations said the attack killed dozens of people.
The attack triggered U.S., French and British missile strikes against what the countries called chemical weapons targets, the first coordinated Western strikes against Assad’s government of the war. But the Western retaliation had no impact on the wider conflict, in which Assad’s forces continued their advances.
In his interview, Assad reiterated the government’s denial of blame for the chemical attack. Asked if he had a nickname for Trump similar to the “animal” comment, Assad replied: “This is not my language, so I cannot use similar language. This is his language. It represents him, and I think there is a well-known principle, that what you say is what you are.”
Assad also sought in his interview to minimise the extent of Iran’s presence in Syria. Israel, which is deeply alarmed by Tehran’s influence in Syria, said it destroyed dozens of Iranian military sites in Syria in May, after Iranian forces in Syria fired rockets at Israeli-held territory for the first time.
Assad said Iran’s presence in Syria was limited to officers assisting the army. Apparently referring to the May 10 attack by Israel, Assad said: “We had tens of Syrian martyrs and wounded soldiers, not a single Iranian” casualty.”
Asked if there was anything Syria could do to stop Israeli air strikes, he said the only option was to improve air defences, “and we are doing that”. Syria’s air defences were much stronger than before, thanks to Russia, he added. Additional reporting by Lesley Wroughton in Washington. Writing by Tom Perry; Editing by Peter Graff and Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-assad/assad-says-u-s-will-leave-syria-vows-to-retake-sdf-held-areas-idUKKCN1IW0K7 |
May 16 (Reuters) - Magal Security Systems Ltd:
* Q1 LOSS PER SHARE $0.01 * Q1 REVENUE ROSE 20 PERCENT TO $17.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-magal-security-systems-q1-loss-per/brief-magal-security-systems-q1-loss-per-share-0-01-idUSASC0A2LD |
May 17 (Reuters) -
* TOSHIBA SAYS SALE OF CHIP UNIT TO BAIN-LED CONSORTIUM HAS BEEN APPROVED BY CHINA REGULATORS
* TOSHIBA SAYS EXPECTS THE CHIP UNIT SALE TO BE COMPLETED ON JUNE 1 Source text for Eikon: Further company coverage: (Reporting By Edwina Gibbs)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-toshiba-says-china-has-approved-sa/brief-toshiba-says-china-has-approved-sale-of-chip-unit-to-bain-consortium-idUSL3N1SO449 |
COLUMBUS, Ohio, May 15, 2018 /PRNewswire/ -- DSW Inc. (NYSE: DSW), a leading branded footwear and accessories retailer, announced that the Company will conduct a conference call to discuss its First Quarter 2018 results on Wednesday, May 30, 2018 at 8:30 a.m. EDT. A press release detailing the Company's results will be issued prior to the call. The conference will be broadcast live over the internet and can be accessed at http://dswinc.investorroom.com .
The webcast can be accessed directly by clicking on this link: DSW 1Q18 Earnings Webcast .
For those unable to listen to the live webcast, an archived version will be available at the same location until June 13, 2018. A replay of the teleconference will be available by dialing 1-877-344-7529 and entering passcode 10114319.
About DSW Inc.
DSW Inc. is a leading branded footwear and accessories retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear and accessories for women, men and kids. As of May 15, 2018, DSW operates 517 stores in 45 states, the District of Columbia and Puerto Rico, and operates an e-commerce site, http://www.dsw.com , and a mobile website, http://m.dsw.com . DSW also supplies footwear to 289 leased locations under the Affiliated Business Group. For store locations and additional information about DSW, visit http://www.dswinc.com . Follow DSW on Twitter at http://twitter.com/DSWShoeLovers and Facebook at http://www.facebook.com/DSW .
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View original content: http://www.prnewswire.com/news-releases/dsw-inc-announces-first-quarter-2018-earnings-release-date-300648917.html
SOURCE DSW Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-dsw-inc-announces-first-quarter-2018-earnings-release-date.html |
BRUSSELS, May 14 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:
APPROVALS AND WITHDRAWALS — Apollo Capital Management to acquire Cyprus Cooperative Bank (approved May 8)
NEW LISTINGS — U.S. tyre maker Goodyear and Japanese peer Bridgestone to acquire joint control of joint venture Tirehub, which will combine the U.S. tyre wholesale distribution businesses of both companies (notified May 7/deadline June 15/simplified)
— Private equity funds Altor Funds to acquire Swedish packaging company Trioplast Idustrier (notified May 4/deadline June 14/simplified)
EXTENSIONS AND OTHER CHANGES None
FIRST-STAGE REVIEWS BY DEADLINE
MAY 23 — British paper company Mondi to acquire Finnish corrugated case materials maker Powerflute (notified April 11/deadline May 23)
MAY 25 — Global asset manager The Carlyle Group to acquire Accolade Wines Holdings Australia and Accolade Wines Holdings Europe (notified April 13/deadline May 25/simplified)
MAY 28 — U.S coatings maker Axalta Coating Systems to acquire wire enamel manufacturer IVA’s European and Chinese operations (notified April 16/deadline May 28)
— U.S. agricultural merchant Archer Daniels Midland and agricultural trading house Cargill to set up a joint venture in Egypt (notified April 16/deadline May 28/simplified)
MAY 29 — Asset management firms Avenue Capital, Pemberton and private equity firm Permira to jointly acquire luggage bags maker Delsey (notified April 17/deadline May 29/simplified)
MAY 30 — U.S. cable company Liberty Global to acquire Dutch peer Ziggo (notified April 4/deadline extended to May 30 from May 15 after Liberty Global offered concessions)
— Global asset management company Carlyle and U.S. investment company TA Associates to jointly acquire sales marketing company Discoverorg which is now solely controlled by TA Associates (notified April 18/deadline May 30/simplified)
MAY 31 — Swedish bank Skandinaviska Enskilda Banken AB (SEB) to acquire lamp maker Aura Light International AB (notified April 19/deadline May 31/simplified)
— Private equity firm Advent International to acquire British electronics and technnology company Laird (notified April 19/deadline May 31/simplified)
JUNE 1 — Swiss engineering company ABB to acquire General Electric’s industrial solutions business (notified April 20/deadline June 1)
JUNE 4 — Japanese chemicals company Kuraray, Thai petrochemicals group PTT Global Chemical Public Company and Japan’s Sumitomo Corp to set up a joint venture (notified April 23/deadline June 4/simplified)
JUNE 5 — Canadian pension fund OTPP and asset management company Carlyle Group to jointly acquire French campsite operator European Camping Group, which is now solely controlled by Carlyle Group (notified April 24/deadline June 5/simplified)
— French prepaid meal voucher and card provider Edenred to increase its stake in fuel cards issuer UTA (notified April 24/deadline June 5/simplified)
JUNE 6 — UK private equity group 3i Group Plc to acquire a 35 percent stake in ferry operator Scandlines after selling the company to infrastructure funds First State Investments and Hermes Investment Management (notified April 25/deadline June 6/simplified)
— Japanese electronics company Alps Electric Co to acquire Japanese car infotainment systems maker Alpine Electronics (notified April 25/deadline June 6/simplified)
JUNE 7 — German power grid makers Stadtwerke Olching and Bayernwerk Net to set up two joint ventures (notified April 26/deadline June 7/simplified)
JUNE 8 — Private equity firm One Equity Partners to acquire packaging company Walki Holding (notified April 27/deadline June 8/simplified)
JUNE 11 — Investment firm HPS Investment Partners and Madison Dearborn Partners to acquire joint control of UK insurance broker Capita Specialist Insurance Soluions Ld (notified April 30/deadline June 11/simplified)
— U.S. insurer American International Group to acquire Bermuda-based reinsurer Validus Holdings Ltd (notified April 30/deadline June 11/simplified)
JUNE 12 — Deutsche Telekom to acquire Swedish peer Tele2’s Dutch unit and merge it with its Dutch business T-Mobile Nederland (notified May 2/deadline June 12)
JUNE 13 — Private equity firm Rhone Capital LLC and founders of swimming pool equipment maker Fluidra to acquire joint control of the merged Fluidra and its peer Zodiac Holdco (notified May 3/deadline June 13)
JUNE 14 — Private equity firm AEA Investors and investment firm British Columbia Investment Management Corp to acquire joint control of window coverings maker SIWF Holdings Inc (Springs) (notified May 4/deadline June 14/simplified)
— Private equity firm Platinum Equity to acquire U.S. pharmaceutical company Johnson & Johnson’s blood glucose monitoring business LifeScan (notified May 4/deadline June 14/simplified)
— U.S. real estate investment company Kennedy Wilson and French insurer Axa to set up a joint venture (notified May 4/deadline June 14/simplified)
JUNE 15 — Finnish utility Fortum to acquire a controlling stake in German peer Uniper from German energy company E.ON (notified May 7/deadline June 15)
— U.S. cable operator Comcast’s to acquire British pay-TV company Sky (notified May 7/deadline June 15)
JUNE 21 — South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to June 21 from June 7)
AUG 9 — German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to Aug. 9)
SEPT 4 — iPhone maker Apple to acquire UK music streaming service Shazam (notified March 14/deadline extended to Sept. 4 from April 23 after the European Commission opened an in-depth investigation)
DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case.
Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.
SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)
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RICHMOND, Va., May 03, 2018 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL), today announced net sales for the first quarter of 2018 of $58.5 million. This represents an increase of $16.3 million or 39% when compared to net sales for the first quarter of 2017. Excluding the impact from the acquisition of the stainless steel pipe and tube operations of Marcegaglia USA, Inc. (“Bristol Metals-Munhall”), first quarter net sales were up 16% over the same period last year.
For the first quarter of 2018, the Company recorded net income of $3.8 million, or $0.44 per share, an increase of 421% compared to net income of $0.7 million, or $0.08 per share for the first quarter of 2017. The first quarter of 2018 includes financial results in the Company's Metals Segment related to the acquisition of Bristol Metals-Munhall, which closed on February 28, 2017. For the first quarters of 2018 and 2017 (month of March only), net sales for Bristol Metals-Munhall were $11.0 million and $1.1 million, respectively, with operating income for the first quarters of 2018 and 2017 of $1.2 million and $0.2 million, respectively.
The Company also reports on its performance utilizing its two non-GAAP financial measures, Adjusted Net Income and Adjusted EBITDA. The Company's performance, as calculated under the two measures, is as follows:
Adjusted Net Income for the first quarter of 2018 was $4.3 million, or $0.49 per share, an increase of $3.0 million or 231% from $1.3 million, or $0.15 per share for the first quarter of 2017.
Adjusted EBITDA increased $4.1 million or 118% for the first quarter of 2018 to $7.6 million, 13.0% of sales, from $3.5 million, 8.3% of sales, for the first quarter of 2017.
The Company's results are periodically impacted by factors that are not included as adjustments to the non-GAAP totals, but represent items that help understand differences in period to period results. For the first quarter of 2018, the most significant of those was inventory price change gain which, on a pre-tax basis, totaled $2.5 million, compared to a $0.9 million gain for the first quarter of 2017, representing an improvement of $1.2 million in after tax income compared to the prior year.
"We are very pleased with the Company's performance in the first quarter and look for improving results over the balance of the year," said Craig Bram, President and CEO. "The Metals Segment performed exceptionally well, with a 53% improvement in quarterly sales over last year, and an almost three-fold increase in operating profit. Our unique set of manufacturing capabilities and expanded product offerings, with the addition of our Munhall operations, is providing us tremendous opportunities for growth and earnings improvements in the Metals Segment as our markets continue to improve. The Specialty Chemicals Segment's operating margin, as expected, was lower than last year's first quarter due to product mix. Not counting the recently announced new business at CRI, the operating margin for the second quarter will exceed both the first quarter of this year and the second quarter of last year."
Metals Segment
Metals Segment net sales for the first quarter of 2018 totaled $45.5 million, an increase of $15.8 million or 53% from the first quarter of 2017. Excluding Bristol Metals-Munhall, first quarter net sales were up 21% over the same period last year. Sales of seamless carbon pipe and tube were up 47% over last year’s first quarter. Storage tank and vessel sales declined 8% over last year’s first quarter. Stainless steel pipe and tube sales were up 77% over last year’s first quarter. Excluding Bristol Metals-Munhall, sales for stainless steel pipe and tube were up 22% over last year’s first quarter.
The backlog for Bristol Metals as of March 31, 2018 was $34.0 million, while Palmer’s backlog totaled $18.0 million.
The Metals Segment's operating income improved $4.4 million to $6.0 million for the first quarter of 2018 compared to $1.6 million for the first quarter of 2017. The change in operating results were affected by the following factors:
The addition of Bristol Metals-Munhall operations as noted above.
Nickel prices and resulting surcharges for 304 and 316 alloys continued to rise during the first quarter of 2018, with surcharges for both alloys increasing by $0.03 and $0.14 per pound, respectively.
Year over year improvements in volume, pricing, and product mix combined for a 31% improvement in gross profit margins in the first quarter of 2018 compared to the same quarter in 2017.
Seamless carbon pipe and tube showed significant improvement with a 47% increase in sales driving an almost ten-fold improvement in operating profit over the prior year.
The overall Metals Segment growth was achieved despite customer requests for delayed shipment of $1.4 million in storage tanks and vessels, that moved the volume and profits into April. All tanks have been shipped as of the date of this release, bolstering an already strong outlook for second quarter Metals Segment results.
Specialty Chemicals Segment
Net sales for the Specialty Chemicals Segment in the first quarter of 2018 were $13.0 million, representing a $0.5 million or 4% increase from the same quarter of 2017. Net sales were impacted during the first quarter of 2018 primarily from the initial ramp up of four significant customers; a new fire retardant customer at CRI Tolling, two new oil and gas customers at Manufacturers Chemicals, and a new product launch from an existing customer at Manufacturers Chemicals.
Operating income for the Specialty Chemicals Segment for the first quarter of 2018 was $0.9 million, approximately $0.1 million ahead of plan expectations for the quarter. The result was approximately $0.6 million lower than the first quarter of 2017. The primary difference in operating profit performance compared to prior year first quarter is the relative product mix experienced. The segment historically experiences operating profit in a range between 5% to 12%. In 2017, the first quarter represented the higher end of that range at 12%, with the full year averaging to 9%, close to the average for the past four years. In the first quarter of 2018, operating profit was 7% of sales, close to the low end of historical quarterly performances; however, annual performance is expected to be at approximately 10%, or 1% higher than previous historical averages, primarily related to higher volumes on a substantially fixed operating cost base.
Other Items
Unallocated corporate expenses for the first quarter of 2018 decreased $0.1 million or 3.5% to $1.5 million (2.6% of sales) compared to $1.6 million (3.7% of sales) for the first quarter of 2017. The first quarter decrease resulted from lower professional and director fees along with higher corporate allocations to the operating segments partially offset by higher salaries and wages, stock compensation expense and incentive bonus costs.
Acquisition costs were $0.4 million for the first quarter of 2017 ($0.3 million in unallocated SG&A and $0.1 million in Metals Segment cost of sales), resulting from costs associated with the Bristol Metals-Munhall acquisition. There were no significant acquisition costs during the first quarter of 2018.
Interest expense was $0.3 million and $0.2 million for the first quarters of 2018 and 2017, respectively, as the average debt outstanding was higher in the first quarter of 2018 as additional borrowings were required to support working capital requirements associated with increased business activity along with the acquisition of Bristol Metals-Munhall on February 28, 2017, which would have resulted in a partial quarter of interest expense in the prior year.
Due to higher projected sales of small diameter stainless-steel pipe and tube (outside diameter of ten inches or less) for the remainder of the measurement period, the earn-out liability resulting from the acquisition of Bristol Metals-Munhall was increased by $0.2 million for the first quarter 2018.
The effective tax rate was 21.6% for the three-month period ended March 31, 2018. The 2018 effective tax rate was higher than the federal statutory rate of 21% due to state tax expense, net of the federal benefit. The effective tax rate was 30.0% for the three-month period ended March 31, 2017. The 2017 effective tax rate was lower than the 34% federal statutory rate primarily due to state tax expense, net of the federal benefit and other permanent differences, including the manufacturer's exemption.
The Company's cash balance increased $4,000 to $19,000 as of March 31, 2018 compared to $15,000 at December 31, 2017. Fluctuations during the period were comprised of the following:
Net accounts receivable increased $6.1 million at March 31, 2018 when compared to the prior year end, which resulted from a 17% increase in sales for the last two months of the first quarter 2018 compared to the last two months of the fourth quarter 2017. Also, days sales outstanding, calculated using a three-month average basis, decreased from 51 days outstanding at the end of December 2017 to 47 days at the end of the first quarter 2018;
Net inventories increased $10.7 million at March 31, 2018 as compared to year-end 2017. The increase, which was entirely related to the Metals Segment, resulted from higher stainless steel surcharges for the quarter, replenishing seamless carbon steel pipe and tube inventory levels and building higher cost special alloy inventory which is scheduled to ship in the second quarter of 2018. Inventory turns decreased from 2.51 turns at December 31, 2017, calculated on a three-month average basis, to 2.44 turns at March 31, 2018;
Accounts payable increased $5.2 million as of March 31, 2018 from the prior year-end. The significant portion of the increase was for Bristol Metals-Munhall (up $4.1 million) as a greater amount of inventory was purchased during the first quarter of 2018 to support a significant order of special alloy pipe due to ship in the second quarter 2018. Accounts payable days outstanding were approximately 50 days at March 31, 2018 compared to 60 days at December 31, 2017;
The Company purchased approximately 105,000 shares of a potential acquisition target for $0.2 million during the first quarter of 2018. These "equity securities" were acquired via open market trading; and
Capital expenditures for 2018 were $1.9 million.
The Company drew $8.4 million against its line of credit during the first three months of 2018 and had $34.3 million of borrowings outstanding as of March 31, 2018. Covenants under the Credit Agreement include maintaining a minimum fixed charge coverage ratio and a limitation on the Company’s maximum amount of capital expenditures per year, which is in line with currently projected needs. The Company was in compliance with all covenants as of March 31, 2018.
Outlook
While the first quarter results were exceptionally good, there remains considerable upside to the Company's performance. In the Metals Segment, we have yet to see the level of project activity that we enjoyed in 2014 and the associated spending on special alloys and larger OD product sizes. In recent years, Bristol Metals has invested heavily in expanding its total production capacity. Just this month, we acquired a high frequency laser mill which will be installed at Munhall in the third quarter. While we anticipate total shipments greater than 65 million pounds in 2018 at our Bristol Metals unit, our total capacity is now approaching 110 million pounds annually, allowing us to further support our distribution customers and fill any voids that may develop from fewer imports. For the Specialty Chemicals Segment, new product additions like the one recently announced, should drive meaningful organic growth in the current and subsequent years. On the acquisition front, we have identified a high impact "bolt-on" that offers strong earnings potential at a reasonable price. We expect to have more to share regarding this opportunity before the end of the current quarter.
Synalloy Corporation (Nasdaq:SYNL) is a growth-oriented company that engages in a number of diverse business activities including the production of stainless steel pipe and tubing, fiberglass and steel storage tanks and specialty chemicals and the master distribution of seamless carbon pipe and tubing. For more information about Synalloy Corporation, please visit our web site at www.synalloy.com .
Forward-Looking Statements
This earnings release includes and incorporates by reference " " within the meaning of the federal securities laws. All statements that are not historical facts are " ." The words "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions identify . The are subject to certain risks and uncertainties, including without limitation those identified below, which could cause actual results to historical results or those anticipated. Readers are cautioned not to place undue reliance on these . The following factors could cause actual results to historical results or those anticipated: adverse economic conditions; the impact of competitive products and pricing; product demand and acceptance risks; raw material and other increased costs; raw materials availability; employee relations; ability to maintain workforce by hiring trained employees; labor efficiencies; customer delays or difficulties in the production of products; new fracking regulations; a prolonged decrease in oil and nickel prices; unforeseen delays in completing the integrations of acquisitions; risks associated with mergers, acquisitions, dispositions and other expansion activities; financial stability of our customers; environmental issues; negative or unexpected results from tax law changes; unavailability of debt financing on acceptable terms and exposure to increased market interest rate risk; inability to comply with covenants and ratios required by our debt financing arrangements; ability to weather an economic downturn; loss of consumer or investor confidence and other risks detailed from time-to-time in the Company's Securities and Exchange Commission filings. The Company assumes no obligation to update the information included in this release.
Non-GAAP Financial Information
Financial statement included in this earnings release include non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.
Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures and exclude discontinued operations, goodwill impairment, stock option / grant costs, acquisition costs, shelf registration costs, earn-out adjustments, gain on excess death benefit, all (gains) losses associated with the Sale-Leaseback, realized gains on investments, casualty insurance gain and retention costs from net income. They also utilize a constant effective tax rate to reflect tax neutral results.
Adjusted EBITDA is a non-GAAP measure and excludes discontinued operations, goodwill impairment, interest expense, change in fair value of interest rate swap, income taxes, depreciation, amortization, stock option / grant costs, acquisition costs, shelf registration costs, earn-out adjustments, gain on excess death benefit, all (gains) losses associated with the Sale-Leaseback, realized gains on investments, casualty insurance gain and retention costs from net income.
Management believes that these non-GAAP measures provide additional useful information to allow readers to compare the financial results between periods. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
Contact: Dennis Loughran at (804) 822-3266
SYNALLOY CORPORATION COMPARATIVE ANALYSIS THREE MONTHS ENDED (unaudited) Mar 31, 2018 Mar 31, 2017 Net sales Metals Segment $ 45,493,000 $ 29,710,000 Specialty Chemicals Segment 12,988,000 12,494,000 $ 58,481,000 $ 42,204,000 Operating income Metals Segment $ 6,017,000 $ 1,565,000 Specialty Chemicals Segment 863,000 1,508,000 Unallocated expense (income) Corporate 1,503,000 1,558,000 Acquisition costs — 358,000 Operating income 5,377,000 1,157,000 Interest expense 314,000 180,000 Change in fair value of interest rate swap (73,000 ) (41,000 ) Earn-out adjustments 154,000 — Other expense (income) 88,000 (34,000 ) Net income before income taxes 4,894,000 1,052,000 Provision for income taxes 1,059,000 316,000 Net income 3,835,000 736,000 Net income per common share from continuing operations Basic $ 0.44 $ 0.08 Diluted $ 0.44 $ 0.08 Average shares outstanding Basic 8,746,000 8,674,000 Diluted 8,806,000 8,708,000 Other data: Adjusted EBITDA (1) $ 7,627,000 $ 3,490,000 (1) The term Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is included in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company includes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: earnings before discontinued operations, interest (including change in fair value of interest rate swap), income taxes, depreciation and amortization, and 2) Material transaction based items that have no relationship to earnings from operations of past, current or future periods, including: goodwill impairment, acquisition costs, acquisition related retention costs, shelf registration costs, earn-out adjustments, gain on excess death benefit, (gains) losses associated with Sale-leaseback, stock option/grant costs, and other adjustments (lesser value items meeting the criteria, where cumulative impact in a period is material). For a reconciliation of this non-GAAP measure to the most comparable GAAP equivalent, refer to the Reconciliation of Net Income to Adjusted EBITDA as shown on next page.
Reconciliation of Net Income to Adjusted EBITDA THREE MONTHS ENDED (unaudited) Mar 31, 2018 Mar 31, 2017 Consolidated Net income $ 3,835,000 $ 736,000 Adjustments: Interest expense 314,000 180,000 Change in fair value of interest rate swap (73,000 ) (41,000 ) Income taxes 1,059,000 316,000 Depreciation 1,418,000 1,086,000 Amortization 577,000 595,000 EBITDA 7,130,000 2,872,000 Acquisition costs 13,000 446,000 Earn-out adjustments 154,000 — Loss on investment 88,000 — Stock option / grant costs 192,000 120,000 Straight line lease cost - sale-leaseback 92,000 102,000 Amortized gain on sale of assets - sale-leaseback (84,000 ) (84,000 ) Retention expense 42,000 34,000 Adjusted EBITDA $ 7,627,000 $ 3,490,000 % sales 13.0 % 8.3 % Other favorable (unfavorable) impacts to income (2): Inventory price change gain $ 2,454,000 $ 930,000 Inventory cost adjustments (184,000 ) 32,000 Aged inventory adjustment (57,000 ) (32,000 ) Manufacturing variances 777,000 405,000 Total other favorable impacts $ 2,990,000 $ 1,335,000 Metals Segment Operating income $ 6,017,000 $ 1,565,000 Adjustments: Depreciation expense 1,022,000 737,000 Amortization expense 571,000 589,000 EBITDA 7,610,000 2,891,000 Acquisition costs 13,000 88,000 Stock option / grant costs 48,000 36,000 Amortized gain on sale of assets - sale-leaseback (60,000 ) (60,000 ) Retention expense 42,000 34,000 Metals Segment Adjusted EBITDA $ 7,653,000 $ 2,989,000 % segment sales 16.8 % 10.1 % Other favorable (unfavorable) impacts to income (2): Inventory price change gain $ 2,454,000 $ 930,000 Inventory cost adjustments (190,000 ) 59,000 Aged inventory adjustment (57,000 ) (63,000 ) Manufacturing variances 886,000 433,000 Total other favorable impacts $ 3,093,000 $ 1,359,000 Specialty Chemicals Segment Operating income $ 863,000 $ 1,508,000 Adjustments: Depreciation expense 359,000 309,000 Amortization expense 6,000 6,000 EBITDA 1,228,000 1,823,000 Stock option / grant costs 24,000 15,000 Amortized gain on sale of assets - sale-leaseback (24,000 ) (24,000 ) Specialty Chemicals Segment Adjusted EBITDA $ 1,228,000 $ 1,814,000 % segment sales 9.5 % 14.5 % Other favorable (unfavorable) impacts to income (2): Inventory cost adjustments $ 6,000 $ (27,000 ) Aged inventory adjustment — 31,000 Manufacturing variances (109,000 ) (28,000 ) Total other unfavorable impacts $ (103,000 ) $ (24,000 ) (2) Other favorable (unfavorable) impacts to income - listed to provide investors with insight into financial impacts, that cannot be included in the Non-GAAP measure Adjusted EBITDA, but management believes can provide insight into underlying operational earnings associated with the respective period's activity level. The items include a) inventory price change - the calculated value that profits improved (declined) due to the increase (decrease) in metal and alloy pricing indices during the period, and b)inventory valuation adjustments - value of periodic adjustment to inventory carrying value unrelated to periodic earnings including i) reserve for lower of cost or net realizable value, ii) reserve for aged inventory and iii) manufacturing variances - the calculated value of manufacturing absorption deferred into inventory to be amortized in a later period, rather than being shown in the period that created the benefit or cost.
Reconciliation of Net Income and Earnings Per Share to Adjusted Net Income and Adjusted Net Income per Share THREE MONTHS ENDED (unaudited) Mar 31, 2018 Mar 31, 2017 Income before taxes $ 4,894,000 $ 1,052,000 Adjustments: Acquisition costs 13,000 446,000 Earn-out adjustments 154,000 — Loss on investment 88,000 — Stock option / grant costs 192,000 120,000 Straight line lease cost - sale-leaseback 92,000 102,000 Amortized gain on sale of assets - sale-leaseback (84,000 ) (84,000 ) Retention expense 42,000 34,000 Adjusted income before income taxes 5,391,000 1,670,000 Provision for income taxes at 21% 1,132,000 351,000 Adjusted net income $ 4,259,000 $ 1,319,000 Average shares outstanding, as reported Basic 8,746,000 8,674,000 Diluted 8,806,000 8,708,000 Adjusted net income per common share Basic $ 0.49 $ 0.15 Diluted $ 0.48 $ 0.15 Other favorable (unfavorable) impacts to income (2): Inventory price change gain $ 2,454,000 $ 930,000 Inventory cost adjustment (184,000 ) 32,000 Aged inventory adjustment (57,000 ) (32,000 ) Manufacturing variance 777,000 405,000 Total other favorable impacts $ 2,990,000 $ 1,335,000 Other impacts, net of tax $ 2,362,000 $ 1,055,000 (2) Other favorable (unfavorable) impacts to income - listed to provide investors with insight into financial impacts, that cannot be included in the Non-GAAP measure Adjusted Net Income, but management believes can provide insight into underlying operational earnings associated with the respective period's activity level. The items include a) inventory price change - the calculated value that profits improved (declined) due to the increase (decrease) in metal and alloy pricing indices during the period, and b)inventory valuation adjustments - value of periodic adjustment to inventory carrying value unrelated to periodic earnings including i) reserve for lower of cost or net realizable value, ii) reserve for aged inventory and iii) manufacturing variances - the calculated value of manufacturing absorption deferred into inventory to be amortized in a later period, rather than being shown in the period that created the benefit or cost.
Condensed Consolidated Balance Sheets (unaudited) Mar 31, 2018 Dec 31, 2017 Assets Cash $ 19,000 $ 15,000 Accounts receivable, net 34,788,000 28,704,000 Inventories, net 82,849,000 72,125,000 Sundry current assets 6,254,000 6,802,000 Total current assets 123,910,000 107,646,000 Property, plant and equipment, net 35,532,000 35,080,000 Goodwill 6,004,000 6,004,000 Intangible assets, net 10,309,000 10,881,000 Other assets 235,000 263,000 Total assets $ 175,990,000 $ 159,874,000 Liabilities and Shareholders' Equity Accounts payable $ 29,417,000 $ 24,257,000 Accrued expenses 7,737,000 8,993,000 Total current liabilities 37,154,000 33,250,000 Long-term debt 34,274,000 25,914,000 Long-term portion of deferred sale-leaseback gain 5,850,000 5,933,000 Long-term portion of earn-out liability 2,882,000 3,170,000 Deferred income taxes 795,000 636,000 Other long-term liabilities 1,307,000 1,271,000 Shareholders' equity 93,728,000 89,700,000 Total liabilities and shareholders' equity $ 175,990,000 $ 159,874,000 Note: The condensed consolidated balance sheet at December 31, 2017 has been derived from the audited consolidated financial statements at that date.
Source:Synalloy Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-synalloy-reports-first-quarter-2018-resultsarecord-first-quarter-revenue-and-net-income.html |
May 22, 2018 / 4:04 PM / in 13 minutes Venezuela expels U.S. envoy in response to sanctions Luc Cohen , Vivian Sequera 5 Min Read
CARACAS (Reuters) - President Nicolas Maduro on Tuesday ordered the expulsion of the top U.S. diplomat in Venezuela in retaliation for a new round of sanctions over Venezuela’s widely-condemned election. Venezuela's re-elected President Nicolas Maduro greets his supporters as he leaves after receiving a certificate confirming him as winner of Sunday's election at the National Electoral Council (CNE) in Caracas, Venezuela May 22, 2018. REUTERS/Carlos Garcia Rawlins
The United States was among a string of countries that did not recognize Sunday’s vote.
The 55-year-old successor to Hugo Chavez won re-election easily, but critics said the vote was riddled with irregularities, from the barring of two popular opposition rivals to the offering of a government “prize” to voters.
President Donald Trump responded with an executive order limiting Venezuela’s ability to sell state assets, heightening pressure on the cash-strapped government.
Accusing U.S. charge d’affaires Todd Robinson of being involved in “a military conspiracy,” Maduro ordered him and another senior diplomat, Brian Naranjo, to leave within 48 hours. Related Coverage Latest U.S. sanctions to have 'more serious' impact: Venezuela minister
He gave no details of the accusations, but said the U.S. Embassy had been meddling in military, economic and political issues, and vowed to present evidence to the nation shortly.
“Neither with conspiracies nor with sanctions will you hold Venezuela back,” Maduro said, at an event in downtown Caracas at the headquarters of the election board, which is run by government loyalists.
A press officer for the U.S. embassy in Caracas said she had no immediate comment in response to Maduro’s statements. A supporter holds a heart-shaped sign with a figure of Venezuela's re-elected President Nicolas Maduro outside the National Electoral Council (CNE), in Caracas, Venezuela May 22, 2018. REUTERS/Carlos Garcia Rawlins
Earlier on Tuesday, Venezuela’s foreign ministry called the sanctions “a crime against humanity.” Maduro’s socialist administration, which has long said a U.S.-led “economic war” is to blame for a deep crisis in the OPEC nation, said the new sanctions violated international law.
“Venezuela once again condemns the systematic campaign of aggression and hostility by the U.S. regime to punish the Venezuelan people for exercising their right to vote,” the Foreign Ministry said in a statement. “These arbitrary and unilateral measures constitute a crime against humanity.”
Venezuela’s opposition has accused the Maduro government of behaving immorally and trying to hide shortcomings and corruption behind bombastic rhetoric. The mainstream opposition coalition boycotted Sunday’s vote, calling it a sham aimed at legitimizing Maduro’s rule despite his low popularity.
Among widespread international condemnation of the vote, the European Union said in a statement on Tuesday that the elections did not comply with “minimum international standards for a credible process” and repeated that it would consider the “adoption of appropriate measures.” Slideshow (8 Images) LOW TURNOUT
Maduro, whose second term will begin next January, won 68 percent of the vote. Former state governor Henri Falcon, who broke with the boycott to challenge Maduro, said he received reports of hundreds of irregularities.
Turnout was less than 50 percent, compared to 80 percent in 2013.
Electoral council chief Tibisay Lucena, who is on individual U.S. and European Union sanctions lists, certified Maduro’s victory in a presentation on Tuesday.
The latest U.S. sanctions appeared to target in part Citgo[PDVSAC.UL], a U.S.-based oil refiner owned by Venezuela state oil company PDVSA [PDVSA.UL]. More obstacles to PDVSA’s ability to sell oil abroad could restrict already-dwindling foreign exchange earnings, worsening the economic crisis and pressuring Maduro.
While it only applies to U.S. citizens and residents, a U.S. official told reporters on Monday that the Trump administration has also tried to convince China and Russia to stop issuing new credit to Venezuela. The two have provided billions of dollars in funding for Venezuela in recent years.
But they appeared unlikely to heed the U.S. warnings. Beijing said on Tuesday it believed the United States and Venezuela should resolve their differences via talks, while Moscow said it would not comply with the sanctions.
In its statement on Tuesday, Venezuela’s foreign ministry blamed the U.S. “blockade” of the country for “blocking the population’s access to basic goods.”
Most mainstream economists say the country’s strict currency controls, heavy state intervention and money-printing are responsible for a crisis that has caused widespread shortages of food and medicine and led to mass emigration. Reporting by Luc Cohen; Additional reporting by Deisy Buitrago and Andrew Cawthorne in Caracas; Ben Blanchard in Beijing; Robin Emmott in Brussels; editing by Andrew Cawthorne and Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election/venezuela-calls-post-election-u-s-sanctions-a-crime-against-humanity-idUSKCN1IN27T |
ATLANTA, May 18, 2018 /PRNewswire/ -- Crown Bay Group, LLC, a Georgia based real estate investment firm, has acquired The Pines at Greenbriar in Atlanta and Mountain Oaks in Stone Mountain. The communities total 544 units and are located in high demand areas. The value of the acquisition was $27.7 million. Crown Bay now owns 10 communities throughout the state of Georgia.
"These were perfect properties for our investors' portfolio," said Steve Firestone, managing partner and CEO of Crown Bay Group, LLC. "The portfolio emphasizes properties that are cash flowing but offer multiple opportunities for added value. With both communities, we plan to update units with our standard package to include, new appliances, flooring and lighting as appropriate, as well as update community amenities, and implement management operating efficiencies through our own Crown Bay Management Company."
The Pines at Greenbriar was originally built in 1972 and rehabbed in 2016-17. The 376-unit community is located in Atlanta near the Greenbriar Mall and Hartsfield Airport. Its three-story buildings include 1-, 2- and 3-bedroom apartments with up to 1,175 square feet.
"Southwest Atlanta has become a great place to live and work," said Firestone. "It has great shopping, food and entertainment being close to the Camp Creek Marketplace, and is located on a MARTA line, making transportation easily accessible for residents."
Mountain Oaks is a 168-unit community that was built in 1972 and has undergone some renovations which Crown Bay will continue to work on. The development offers both apartments and townhomes in a woodland and park-like setting. Mountain Oaks includes a community pool and clubhouse with a fitness center as well as a neighborhood playground and even a full size soccer field! Units include upgraded standard features like hardwood floors, plush carpeting, upgraded appliances and walk-in closets.
"Both The Pines and Mountain Oaks are gated communities, which makes them even more attractive to potential tenants and long-term renters," said Firestone.
About Crown Bay Group, LLC
Crown Bay Group is a privately held acquisition and asset management company. Based in Atlanta, it focuses on the multifamily market in the South East. It provides above average returns to its partners and investors through a meticulously planned value-add program. For more information, visit www.crownbaygroup.com
Media Contact:
Steve Firestone
561-929-6551
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/crown-bay-group-acquires-two-georgia-apartment-communities-300650947.html
SOURCE Crown Bay Group LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-crown-bay-group-acquires-two-georgia-apartment-communities.html |
U.S. stocks rose Monday afternoon as investors digested signs of easing trade tensions between the U.S. and China.
The Dow Jones Industrial Average climbed 82 points, or 0.3%, to 24914, putting it on track for its eighth consecutive session of gains—its longest streak since September 2017, when it rose for nine straight sessions. The blue-chip index remains down about 6% from its Jan. 26 high.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/european-markets-pause-asia-gains-to-start-the-week-1526283874 |
6 Hours Ago | 03:14
Commerce Secretary Wilbur Ross said the tariffs announced Thursday reflect a lack of progress with Mexico and Canada over NAFTA negotiations.
On Thursday the Trump administration announced it will put tariffs on steel and aluminum imports from Canada, Mexico and the European Union.
"Well, it's a reflection that the discussions didn't get far enough to justify another postponement or an exemption," he said on CNBC's " Squawk on the Street " Thursday. Mary Turner | Reuters Commerce Secretary Wilbur Ross, speaks at the Conferation of British Industry's annual conference in London, Britain, November 6, 2017.
Ross also downplayed the impact of the tariffs on prices and the U.S. economy.
"The tariffs are a fraction of one percent on product. The beer, soft drink and soup cans, it's all a fraction of a penny on each of those," he said. "In terms of an automobile, it's also a fraction of one percent. And for the economy overall, it's a very small fraction of one percent."
The tariffs of 25 percent on steel imports and 10 percent on aluminum imports will take effect at midnight Thursday. The U.S. gave those allies a reprieve from those duties, but the exemptions were set to expire Friday. The U.S. will also place quotas or volume limits on other countries such as South Korea, Argentina, Australia and Brazil instead of tariffs. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/commerce-secretary-ross-nafta-talks-didnt-get-far-enough.html |
April 30 (Reuters) - JORDAN TRADE FACILITIES COMPANY :
* SHAREHOLDERS APPROVE NO CASH DIVIDEND FOR SHAREHOLDERS Source: ( bit.ly/2w4KIUa ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordan-trade-facilities-shareholde/brief-jordan-trade-facilities-shareholders-approve-no-dividend-idUSFWN1S710A |
PHILADELPHIA, May 3, 2018 /PRNewswire/ -- Integrated Ventures, Inc. (OTCQB: INTV) (the "Company"), today announced that it has executed Asset Purchase Agreement ("APA") to acquire the remaining assets of digiMINE, LLC, consisting of mining rigs, digital currency and cash.
Pursuant to the executed APA, the aggregate consideration for all the assets being acquired, consist of 20,000 Restricted Preferred B Shares, to be issued to the digiMINE, LLC.
The Asset Purchase Agreement ("APA") involves the purchase of (1) 97 assorted ASIC miners and related mining equipment, (2) $200,000 in cash and (3) Sia UI and wallet with 554,702 digital coins, currently valued at estimated $16,500.
Use of proceeds for cash consist of purchasing an additional 70 ASIC S9 miners and investing into equipment related to the power capacity for the newly opened 5,900 sq ft warehouse facility, located in Marlboro, NJ.
Following the completion of this equity based APA, Integrated Ventures will own 817 assorted cryptocurrency miners, consisting of Antminer S9, Antminer L3, Antminer X3, Antminer A3, Nemesis 8G and Panda B3 Pro models.
Steve Rubakh, CEO of Integrated Ventures, Inc, comments: "The Company is marching towards its internal goal to deploy 1,000 mining rigs by August 1, 2018. INTV has relocated all mining equipment from Armstrong St, PA to Paul St, PA, which resulted in annual savings of $21,000 and commenced the mining operations at Boundary St, NJ with an initial connection of 45 mining rigs. In addition, we are pleased to report that the Company is in final states of finalizing the settlement agreement with LG Capital, in regards accounts payable item, in the amount of $135,000 and anticipates retiring this non-convertible debt within 14 days, via cash payment."
About Integrated Ventures Inc: Integrated Ventures is focused on acquiring, launching and operating companies in the cryptocurrency sector ("BitcoLab"), mainly in digital currency mining, equipment manufacturing, sales of branded mining rigs ("Nemesis") and blockchain software development ("LoanFunder").
For more details, please visit www.integratedventuresinc.com .
***About Cryptocurrency Investments & Risks***
Integrated Ventures urges all current and potential investors to visit: (1) SEC website: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 , (2) NASAA website: http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/ and (3) FINRA website: https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scams to understand the risks involved in cryptocurrency investing.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
View original content: http://www.prnewswire.com/news-releases/integrated-ventures-acquires-the-remaining-mining-assets-of-digimine-llc-300641890.html
SOURCE Integrated Ventures, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-integrated-ventures-acquires-the-remaining-mining-assets-of-digimine-llc.html |
Botswana: Where Harry won Meghan's heart Monday, April 30, 2018 - 01:57
Reuters Chief Correspondent Joe Brock visits the luxury lodge where Prince Harry and Meghan Markle's love blossomed in Botswana.
Reuters Chief Correspondent Joe Brock visits the luxury lodge where Prince Harry and Meghan Markle's love blossomed in Botswana. //reut.rs/2Fu0cQM | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/04/30/botswana-where-harry-won-meghans-heart?videoId=422680537 |
May 7, 2018 / 1:10 PM / Updated 7 hours ago Jones, Giggs wish former manager Ferguson a full recovery Reuters Staff 2 Min Read
(Reuters) - Manchester United defender Phil Jones has described his former manager Alex Ferguson as a “father figure” and backed him to return to full health after suffering a brain haemorrhage. FILE PHOTO: Soccer Football - FA Cup Semi-Final - Manchester United v Tottenham Hotspur - Wembley Stadium, London, Britain - April 21, 2018 Referee Anthony Taylor speaks with Tottenham's Mousa Dembele and Manchester United's Phil Jones Action Images via Reuters/John Sibley
Ferguson underwent emergency surgery on Saturday which United said had gone “extremely well” and the 76-year-old is recovering from the operation in intensive care.
Jones was signed from Blackburn Rovers by Ferguson in 2011 and was part of the Scot’s 13th Premier League title in his final season before retiring in 2013.
“Just devastated, absolutely devastated,” Jones told British media. “He is the one who brought me to the club and gave me that opportunity to play for one of the biggest clubs in the world.
“He’s taken me under his wing like a father. It was shocking, it’s sad, but I know his character. I know he has that fight in him. Hopefully, he’ll recover well.
“When something like that does happen it’s nice that the football world comes together and shows support and we are all rooting for him.” FILE PHOTO: Soccer Football - Wales - Ryan Giggs Press Conference - St Fagans National Museum of History, Cardiff, Britain - March 15, 2018 Wales manager Ryan Giggs during the press conference Action Images via Reuters/Andrew Couldridge
Wales manager Ryan Giggs, who was handed his United debut by Ferguson in 1991, said he was praying for his former manager’s recovery.
Giggs was one of “Fergie’s Fledglings”, along with David Beckham, Paul Scholes, Nicky Butt and Gary and Phil Neville, who were in the United team that won numerous trophies under Ferguson, including the 1999 treble.
“Now is the time to pray and hope he can make a full recovery,” Giggs told BBC Wales.
“He has been the biggest influence in my career, both on and off the pitch.
“I know the operation has been a success - but he is a fighter and that is what makes me think that he will be able to make a recovery.” Reporting by Hardik Vyas in Bengaluru, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-mun-ferguson/jones-giggs-wish-former-manager-ferguson-a-full-recovery-idUKKBN1I81D1 |
May 4 (Reuters) - BOOKRUNNER ON SOK MARKETLER TICARET IPO:
* SOK MARKETLER TICARET IPO: BOOKRUNNER SAYS APPROVALS BY BIST AND CMB HAVE ARRIVED TODAY
* SOK MARKETLER TICARET IPO: BOOKRUNNER SAYS IPO TIMELINE ADJUSTED WITH FOLLOWING DATES, 9 MAY - END OF INTERNATIONAL AND DOMESTIC BOOKBUILDING
* SOK MARKETLER TICARET IPO: BOOKRUNNER SAYS IPO TIMELINE ADJUSTED WITH FOLLOWING DATES, 11 MAY - ANNOUNCEMENT OF PRICING AND ALLOCATIONS, TRADE DATE
* SOK MARKETLER TICARET IPO: BOOKRUNNER SAYS IPO TIMELINE ADJUSTED WITH FOLLOWING DATES, 15 MAY - SETTLEMENT / CLOSING (T+2)
* SOK MARKETLER TICARET IPO: BOOKRUNNER SAYS IPO TIMELINE ADJUSTED WITH FOLLOWING DATES, 16 MAY - FIRST DAY OF TRADING ON BIST Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bookrunner-says-approvals-by-bist/brief-bookrunner-says-approvals-by-bist-and-cmb-have-arrived-today-for-sok-marketler-ticaret-ipo-idUSFWN1SB18G |
6 COMMENTS TOKYO—Japan’s economy contracted in the first three months of 2018 due to weak private consumption and business investment, putting the brakes on the nation’s longest growth streak in 28 years , government data showed.
The world’s third-largest economy shrank at an annualized pace of 0.6% in the January-March period, compared with revised 0.6% growth in the final quarter of 2017. The contraction was the first since the final quarter of 2015 .
It comes as the Japanese economy seemed to have finally escaped decades of stagnation, helped by economic policies including the Bank of Japan’s aggressive monetary easing .
The new data are a setback for Prime Minister Shinzo Abe, who has used the run of growth as evidence of the success of his economic platform, known as Abenomics. Mr. Abe, who faces a party leadership election in September, has also been under pressure from opposition lawmakers’ allegations that he did favors for friends, charges he denies.
Still, government officials and analysts expect the decline to be temporary. Some analysts expect the economy to rebound as soon as this current April-June quarter.
Related
Japan’s Economy Grows for Longest Stretch in 28 Years ) Feb. 13, 2018) Japan’s Economy Shrinks Again in Fourth Quarter (Feb. 15, 2016) “There is no change in our view that the economy is recovering moderately,”Economy Minister Toshimitsu Motegi said.
An anticipated pickup in private-sector demand will help the economy return to growth, he said.
Private consumption is expected to recover in part due to higher wages, said Yuichi Kodama, chief economist at Meiji Yasuda Life Insurance. Overall cash wages rose 2.1% from a year earlier in March—their fastest pace since June 2003, according to recent data released by the labor ministry.
Private consumption, which accounts for about 60% of GDP, stayed flat in the latest quarter after heavy snow in January and February caused people to stay home, while higher fresh-food and energy prices made consumers reluctant to spend.
Still, some economists say any return to economic expansion would likely be milder than previous quarters. Capital Economics senior Japan economist Marcel Thieliant expects annual growth to slow to 1.2% this year from 1.7% in 2017.
Trade disputes between the U.S. and China could also weigh on Japan if supply chains are affected.
Exports, one of the key engines of the Japanese economy, added just 0.1 percentage point to overall non-annualized growth in the January-March period as demand for electronic parts, such as those for smartphones, slowed.
Write to Megumi Fujikawa at [email protected] and Kosaku Narioka at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/japans-longest-stretch-of-economic-growth-in-28-years-ends-1526432067 |
Encanto Potash Corp:
* ENCANTO TO IMPLEMENT SHARE CONSOLIDATION * ENCANTO POTASH - TO EFFECT CONSOLIDATION OF COMMON SHARES ON BASIS OF 1 NEW COMMON SHARE FOR EVERY 10 COMMON SHARES OUTSTANDING EFFECTIVE MAY 18 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-encanto-to-implement-share-consoli/brief-encanto-to-implement-share-consolidation-idUSFWN1SN0U8 |
May 9 (Reuters) - Novaturas AB:
* REPORTED ON TUESDAY Q1 NET PROFIT OF 0.9 MILLION EUROS VERSUS 0.1 MILLION EUROS YEAR AGO
* Q1 SALES OF 25.8 MILLION EUROS, UP 49% VERSUS YEAR AGO DUE TO HIGH DEMAND FOR FLIGHT PACKAGE TOURS
* Q1 EBITDA OF 1.3 MILLION EUROS, UP 286% VERSUS YEAR AGO * SAYS EARLY BOOKINGS FOR 2018 SUMMER SEASON AT END OF MARCH WERE 51% HIGHER COMPARED TO THE SAME PERIOD LAST YEAR
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SG1BG |
May 17, 2018 / 7:17 AM / Updated 16 minutes ago Malaysian police say searches at ousted PM's homes, former office relate to 1MDB probe Reuters Staff 1 Min Read
KUALA LUMPUR, May 17 (Reuters) - Police searches at places linked to former Malaysian Prime Minister Najib Razak are related to an investigation into state fund 1Malaysia Development Berhad (1MDB), a senior police official told Reuters.
Amar Singh, the director of police commercial crime investigations, told Reuters that searches are being carried out at several locations, including the prime minister’s office and residences linked to Najib.
“Yes, definitely,” Singh said, when asked whether the searches were related to investigations into the 1MDB scandal.
“We are in the midst of collecting information, we will have more details once we have completed our search,” he said declining to elaborate further.
A multibillion-dollar scandal at 1MDB, which was founded by Najib, is being investigated in at least six countries, including the United States. Najib denies any wrongdoing. (Reporting by Rozanna Latiff; Writing by A. Ananthalakshmi; Editing by Raju Gopalakrishnan) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-scandal/malaysian-police-say-searches-at-ousted-pms-homes-former-office-relate-to-1mdb-probe-idUSL3N1SO2RK |
PHILADELPHIA, May 1, 2018 /PRNewswire/ -- FreedomPay , the global leader in secure commerce technology for lodging, gaming, retail, restaurants, stadiums and other hospitality merchants, has announced the opening of its European office in London, England with Tony Hammond serving as Managing Director for the region. Hammond is responsible for establishing relationships with merchants, acquirers and Point of Sale (POS) providers throughout the region and for increasing utilization of FreedomPay's award-winning unified commerce platform across industries.
Hammond's appointment is notable as the world's fastest growing commerce platform is introduced to the European market. Industry leading Enterprise customers across hospitality, lodging, retail and food service are utilizing the FreedomPay Commerce Platform to support and link global operations spanning North America and Europe. As the first PCI validated point-to-point encryption commerce platform capable of providing TransAtlantic services with both card present and card-not-present scenarios, FreedomPay is widely recognized as having partnerships and integrations with the leading providers across payments including; POS systems, eCommerce providers, acquirers and processors delivering a fully integrated solution throughout Europe.
"Our clients are increasingly demanding a secure solution that can seamlessly integrate diverse payment methodologies and currencies on a single, unified platform," said Tom Durovsik, Founder and CEO of FreedomPay. "As a leader in the payments solutions space in the UK and beyond, Tony is uniquely positioned to spearhead our European expansion as we continue to offer technology excellence and new revenue streams to merchants of all sizes."
Hammond brings nearly 40 years of integrated payments solutions, technology and product marketing experience to FreedomPay. Previously, Hammond served as Senior Director, EMEA – Payment Solutions at Oracle, where he was responsible for defining and implementing Oracle's global payments strategy across Hospitality and Retail POS and Property Management Solutions. In this role, he developed partnerships with providers of state of the art applications, terminals, gateways and card processing throughout Europe, Middle East and Africa. "In the many years I have been delivering innovative solutions to merchants, the FreedomPay Commerce Platform represents an enormous step forward in security, innovation and overall merchant flexibility. We are excited to introduce a new standard of excellence to the rapidly growing payments industry", said Tony Hammond, Managing Director FreedomPay Europe.
In addition, Hammond has served at MICROS as Payment Solutions Director, EMEA, where he was responsible for business growth in credit, debit and other forms of electronic payment solutions, and as Product Director, where he headed innovation for Java based POS store management and digital payment solutions. Alongside payment systems and solutions, Hammond has a broad background that includes leadership roles in business systems and technology.
FreedomPay has been helping merchants across multiple verticals securely embrace the latest payment options for nearly two decades. The company has grown exponentially on the strength of its industry leading commerce platform, increasing its presence in key markets across the U.S. and internationally in order to deliver secure payment-processing capabilities and insights to more customers across the globe. The FreedomPay Advanced Commerce Platform is the first PCI-validated point-to-point encryption (P2PE) solution to offer a full suite of merchant capabilities including; EMV, Contactless, Tokenization, dynamic currency conversion and real-time data capabilities.
About FreedomPay
The FreedomPay Commerce Platform is the best way for merchants to simplify complex payment environments. Validated by the PCI Security Standards Council for Point-to-Point Encryption (P2PE) along with EMV, Tokenization, Contactless and DCC capabilities, global leaders in retail, hospitality, gaming, education, healthcare and financial services trust FreedomPay to deliver unmatched security and advanced value added services. With broad integrations across top point-of-sale, device manufacturers and payment processors, supported by rapid API adoption, FreedomPay, the industry's first TransAtlantic payments solution, is driving the future of commerce and customer interaction. For more information, go to www.freedompay.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/freedompay-launches-award-winning-commerce-platform-in-europe-hammond-named-managing-director-300639680.html
SOURCE FreedomPay | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-freedompay-launches-award-winning-commerce-platform-in-europe-hammond-named-managing-director.html |
"Black ops" at Cambridge Analytica: witness 01:46
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, testified before the Senate Judiciary Committee on Wednesday that users’ data from Facebook was exploited by Cambridge Analytica to help elect U.S. President Donald Trump.
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, testified before the Senate Judiciary Committee on Wednesday that users’ data from Facebook was exploited by Cambridge Analytica to help elect U.S. President Donald Trump. //reut.rs/2L6mdZW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/black-ops-at-cambridge-analytica-witness?videoId=427465419 |
May 5, 2018 / 12:26 PM / Updated 4 hours ago Kvitova battles past Buzarnescu to win first Prague title Reuters Staff 2 Min Read
(Reuters) - Petra Kvitova won her third title of the year as she fought back from a set down to beat Romanian Mihaela Buzarnescu 4-6 6-2 6-3 in the Prague Open final on Saturday. Tennis - Fed Cup - World Group Semi Final - Germany vs Czech Republic - Porsche Arena, Stuttgart, Germany - April 22, 2018 Czech Republic’s Petra Kvitova in action during her singles match against Germany’s Angelique Kerber REUTERS/Kai Pfaffenbach
The Czech second seed got off to a flying start and took a 4-1 lead in the opening set but Buzarnescu battled back to break Kvitova’s dominance, winning the next five games to clinch the set.
Kvitova roared back in front of a raucous home crowd, using her powerful forehand to pin Buzarnescu back in the second set and broke the Romanian’s serve three times to force a decider.
The two-times Wimbledon champion, who was missed the Prague event last year due to a hand injury, maintained her momentum to win her home tournament in her first appearance in it. Tennis - Fed Cup - World Group Semi Final - Germany vs Czech Republic - Porsche Arena, Stuttgart, Germany - April 22, 2018 Czech Republic’s Petra Kvitova celebrates with the coaching staff and captain Petr Pala (L) after winning her singles match against Germany’s Angelique Kerber to reach the Fed Cup Final REUTERS/Kai Pfaffenbach
The 28-year-old left-hander added to her triumphs in Petersburg and Doha this season.
Buzarnescu fell to a second WTA final defeat after losing out at the Hobart International final to Belgian Elise Mertens.
World number 10 Kvitova has little time to celebrate as she plays Ukrainian Lesia Tsurenko in the Madrid Open first round on Sunday, two weeks before the start of the French Open. Reporting by Aditi Prakash in Bengaluru, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-prague-women/kvitova-battles-past-buzarnescu-to-win-first-prague-title-idUKKBN1I60FO |
VATICAN CITY (Reuters) - Pope Francis said on Sunday he would elevate 14 churchmen from five continents to the rank of cardinal, picking candidates that work with the poor or where Catholics are in a minority and putting his stamp on the group that will elect his successor.
Pope Francis arrives to lead the Mass of Pentecost at Saint Peter's Basilica at the Vatican, May 20, 2018. REUTERS/Remo Casilli Making the surprise announcement during his weekly Sunday address, the pope said the new cardinals came from Italy, Spain, Portugal, Poland, Iraq, Pakistan, Japan, Madagascar, Peru, Mexico and Bolivia.
They will be given their traditional red hats at a ceremony known as a consistory on June 29.
Eleven of the group are under 80, the age limit for entering the secret conclave that will be called to elect a new pope once Francis dies or retires.
These new appointments will bring the number of so-called elector cardinals to 125, five more than the limit of 120 established by Pope Paul VI for a conclave. Francis will have named almost half of the group since becoming pontiff in 2013.
If a conclave has to be called before any other cardinal turns 80, the electors would have to draw lots to see which five men would be barred from the gathering.
It will be Francis’s fifth consistory and he has used each occasion to show support for the Church where Catholics are in a tiny minority, in this case Iraq, Pakistan and Japan.
Christians in both Iraq and Pakistan have faced death and discrimination in recent years, something Francis has repeatedly railed against, and by elevating prelates from those two nations he is sending a strong message of support to local churches.
Underscoring his focus on the poor, Francis promoted Poland’s Konrad Krajewski, who is the head of the Vatican alms office that has overseen numerous efforts to help the homeless in Rome, including setting up showers near St. Peter’s Basilica.
Two other senior Vatican officials were also moved into the top ranks of the Church - Spanish Bishop Luis Ladaria Ferrer, who is the head of the Vatican’s doctrinal department, and Italian Archbishop Angelo Becciu, the deputy secretary of state.
Italians have traditionally provided the Church with the majority of its cardinals, but Francis has tended to look further afield for his top prelates, passing Italy over altogether in his consistory a year ago.
On Sunday, he put three on his list, but, in what is becoming something of a hallmark, he ignored some prelates based in major cities which traditionally have cardinals, like Turin and Venice, turning instead to smaller hubs - in this case the central city of L’Aquila.
The full list of new elector cardinals is:
Louis Raphaël I Sako, 69, Chaldean Catholic Patriarch of Babylon; Angelo De Donatis, 64, Vicar General of Rome; Joseph Coutts, 72, archbishop of Karachi; António dos Santos Marto, 71, bishop of Leiria-Fatima; Pedro Barreto, 74, archbishop of Huancayo, Peru; Desiré Tsarahazana, 63, archbishop of Toamasina, Madagascar; Giuseppe Petrocchi, 69, archbishop of L’Aquila; Thomas Aquinas Manyo, 69, archbishop of Osaka, Tokyo; Spanish Bishop Luis Ladaria, 74; Konrad Krajewski, 54, from Poland; Italian Archbishop Angelo Becciu, 69.
Pope Francis leaves at the end of a Mass of Pentecost at Saint Peter's Basilica at the Vatican, May 20, 2018. REUTERS/Remo Casilli Additional reporting by Giulia Segreti and Phil Pullella; Editing Jason Neely and Mark Potter
| ashraq/financial-news-articles | https://in.reuters.com/article/pope-cardinals/pope-francis-to-nominate-14-new-cardinals-on-june-29-idINKCN1IL0CD |
May 7, 2018 / 9:11 PM / a few seconds ago Easy credit no more: how shocks from Australian banks' inquiry may squeeze a nation Jonathan Barrett , Tom Westbrook 7 Min Read
SYDNEY (Reuters) - Australia’s biggest banks are imposing stricter lending conditions on borrowers as damaging disclosures at an inquiry into financial-sector misconduct prompt fears the economy will be the victim of a new era of subdued credit growth. An ANZ bank logo is pictured in Sydney, Australia April 23, 2018. REUTERS/Edgar Su
Australia and New Zealand Banking Group ( ANZ.AX ) last week said that in the wake of the Royal Commission, which has uncovered wide-spread examples of careless and at times fraudulent lending practices, it would likely be harder for customers to borrow money.
And National Australia Bank ( NAB.AX ) said net interest margins on its all-important mortgage book were falling; while Westpac Banking Corp ( WBC.AX ) told Reuters it had recently increased scrutiny of borrowers’ living expenses, including asking them to disclose such items as gym memberships and pet insurance, when making loan assessments.
The inquiry has come at a time when there was already a push for increased controls on lending and new capital requirements. Those had helped spark a wave of divestments of cash-intensive wealth management, insurance and financial planning arms.
Borrowers have begun to feel the squeeze, according to Sydney real estate agent Peter Wong, as banks dig through credit histories and ask borrowers for bigger deposits.
“The residential sector has become very, very cautious and so, obviously, they’re making sure that they dot their i’s and cross their t’s, and before it wasn’t like that,” said Wong, who runs an agency in inner-city Chinatown.
“I’ve got property on the market and I’ve had it on for over three months whereas previously, being a popular area, people would buy fairly quickly.”
Australia has an oligopoly banking system - Commonwealth Bank of Australia ( CBA.AX ) sits alongside Westpac, NAB and ANZ making up the so-called “Big Four” - which collectively dominate property, investment and business lending, giving Australians limited options when seeking credit.
The banks withstood the financial crisis, and found ways to increase revenues and profits even during times when regulations were ratcheted up, such as a 2012-13 crackdown on investment and insurance product-selling practices.
But the first few months of the Royal Commission inquiry are creating more than just a reputational hazard, with the practices, structures and market dominance of the banks subjected to unprecedented scrutiny. The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz
New regulatory controls are almost certain to be imposed, as examples of fraud and poor lending controls are revealed.
It all means that banks will not only find their ability to make money from lending squeezed, but they also face increased costs - especially as they hire more lawyers and compliance officers to cope with the immediate problems brought up by the Commission and to deal with tougher regulation in the future.
“You don’t have to be Einstein to work out that credit growth slows down, do you?” said Brian Johnson, banks analyst at brokerage CLSA.
ANZ Chief Executive Shayne Elliott told analysts last week that lending conditions had changed. “(The) Royal Commission impact is real, people will still want to buy and own a home...but it will change the process and it probably will make it harder for people to be successful in their applications,” he said.
ANZ did not respond to Reuters’ questions sent on Friday. Westpac referred to the increased scrutiny of borrowers’ expenses, while NAB directed Reuters to previous remarks.
NAB introduced stricter conditions for mortgage borrowers in February and lowered the sums it was prepared to lend, helping push its mortgage margins four basis points lower to 1.34 percent.
CBA directed Reuters to previous statements, which show the bank has been tightening its mortgage lending rules since 2015. It was also ordered last week to hold an extra A$1 billion ($753 million) in capital against its loans after Australia’s banking regulator delivered a scathing report into the bank’s risk-management culture amid allegations it has allowed money laundering to flourish.
“If credit slows down and margins don’t improve, and I don’t really see margins improving here...profits definitely do take a hit,” said Omkar Joshi, portfolio manager at Regal Funds Management, which owns bank shares. HONEY, I SHRUNK THE BANKS
The banks are core to the health of the Australian economy.
Australia’s authorized deposit-taking institutions - a financial subsector the “Big Four” dominate - hold A$4.6 trillion in assets, according to papers filed by the Royal Commission, more than two-and-a-half times the size of Australia’s economy as measured by gross domestic product.
Official lending statistics, which tend to be volatile, show personal and commercial lending has slipped 1.5 percent on a seasonally adjusted basis since December. Home prices, as measured across the capital cities of the nation’s states and territories, fell 0.1 percent in April from a year earlier, the first negative reading since 2012, according to property consultant CoreLogic.
“You need to be careful there isn’t an over-reaction because a bank can make or break an economy,” said Anne Nalder, head of the Small Business Association of Australia.
She said any obstruction to obtaining credit had an immediate impact on business expenditure and hiring decisions, in an economy, especially as wages growth is modest.
REGULATOR-IMPOSED PANGS
To be sure, Australia’s banks are not in the kind of trouble that led to rescues and emergency injections of cash in Europe and the United States during the financial crisis.
But the increased regulation and scrutiny will be a financial burden and the Australian banks have few defenders given the shocking nature of the revelations.
There have, for example, been disclosures that CBA charged the accounts of customers after they had died, while falsified mortgage documents were used at NAB to help people collect bonuses and beat sales targets. Even Australia’s conservative government – which had resisted for years the calls for a Royal Commission - is now an active critic of their practices.
While borrowers and businesses fret over credit, there is at least one industry benefiting from the banks’ day of judgment.
ANZ estimates it will incur about A$50 million in legal costs linked to the Royal Commission over a 12-month period. CBA has booked a combined A$575 million in charges and provisions in preparation for legal fees, remediation and potential penalties tied to the inquiry and, on another legal front, civil charges linked to a money-laundering case.
There is a huge demand for lawyers with relevant experience, said Jason Johnson, managing partner at Sydney-based Johnson, an executive search firm. “Major law firms, those that participate in the financial and regulation space, are having an absolute purple patch,” he said. Reporting by Jonathan Barrett and Tom Westbrook in SYDNEY; Additional reporting by Paulina Duran; Editing by Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/us-australia-lending-analysis/easy-credit-no-more-how-shocks-from-australian-banks-inquiry-may-squeeze-a-nation-idUKKBN1I82ES |
Following are news stories, press reports and events to watch that may affect Poland’s financial markets on Thursday. ALL TIMES GMT (Poland: GMT + 2 hours):
BOND TENDER Poland will offer treasury bonds worth 3.0 billion zlotys ($813.96 million) at a regular tender on Thursday. Results of the tender are expected at 0930 GMT.
INTEREST RATES For now, the rates will be stable, although it would be good to raise them in order to avoid all the possible inflation-related threats, Monetary Policy Council (MPC) member Kamil Zubelewicz told PAP news agency.
He said that the balance in the MPC is shifting now, and that he thinks that it would be best to raise rates to 2 percent. Presently, the main interest rate is at 1.5 percent.
PRIVACY The Polish finance ministry wants banks to provide the taxman with information on locations from where companies’ representatives order their internet payments. The ministry explains that such a move is aimed at making life harder for tax fraudsters.
COMPANIES RESULTS Polish companies’ aggregated net profit fell in the first quarter by 5 percent year-on-year to 36.7 billion zloty ($9.99 billion), Rzeczpospolita daily reported.
JSW Miners at European Union’s biggest coking coal producer JSW demand a 15 percent pay rise, but the management board plans to raise their salaries by half of this amount at most, Dziennik Gazeta Prawna daily said.
PGNIG Poland’s gas firm PGNiG is considering asking the United States to be exempted from the anti-Iran sanctions, if French firm Total succeeds in its attempts to get such a permission, the PGNiG chief executive was Quote: d by Dziennik Gazeta Prawna.
PIOTR I PAWEL A list of investors interested in buying Polish supermarket chain Piotr i Pawel includes Jeronimo Martins, Carrefour, Maxima Grupe, ITM Polska, as well as financial investors, Rzeczpospolita said.
****Reuters has not verified stories reported by Polish media and does not vouch for their accuracy.****
For other related news, double click on: Polish equities E.Europe equities Polish money Polish debt Eastern Europe All emerging markets Hot stocks Stock markets Market debt news Forex news For real-time index Quote: s, double click on: Warsaw WIG20 Budapest BUX Prague PX ($1 = 3.6749 zlotys) (Reporting by Warsaw Bureau; Editing by Biju Dwarakanath)
| ashraq/financial-news-articles | https://www.reuters.com/article/poland-factors/poland-factors-to-watch-may-24-idUSL5N1SU5V8 |
RACINE, Wis., May 04, 2018 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today reported double-digit increases in sales and earnings driving record-high results during the Company’s 2018 second fiscal quarter and first fiscal six months ending March 30, 2018.
"We continue to benefit from our dedicated focus on consumer-driven innovation that delivers bigger, better marketplace success, most notably in Fishing, our largest and most profitable business. Only Johnson Outdoors can leverage the unique combination of groundbreaking technologies in our powerhouse Minn Kota ® and Humminbird ® brands to maximize the growth potential of our Fishing business. Innovative core life-support products have also been key drivers behind SCUBAPRO ® performance this year. On the flip side, the negative impact on distribution channels from tough market conditions in Watercraft Recreation and Camping underscores the critical importance and urgency of our digital transformation,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer. “At this time, excitement for our 2018 product line-up remains strong, giving us a great start to the year and positioning our brands for continued marketplace success. Ongoing investment against our three key strategic plan priorities – richer consumer insights, enhanced innovation processes and digital sophistication – are essential to ensure continued progress toward our goal of delivering accelerated sustained profitable growth.”
S ECOND Q UARTER R ESULTS
Sales in the second fiscal quarter reflect shipments to customers in anticipation of the primary retail-selling period for the outdoor recreation industry’s warm-weather products. Net sales jumped 11 percent to $165.8 million in the current fiscal second quarter compared to $149.8 million in the prior year quarter, driven by continued strong positive momentum in the Company’s Fishing and Diving groups. Key contributing factors in year-over-year quarterly comparisons in each group were:
Exceptional new product performance in Minn Kota ® and Humminbird ® brands across all key channels powered a 19 percent increase in Fishing revenue. Diving showed mixed results across global markets resulting in a 7 percent uptick in revenue. On a currency neutral basis, sales were flat vs. the prior year quarter. Watercraft Recreation sales were negatively impacted by a weakened market and retail consolidations. Primary drivers of a decline in Camping revenues were the divesture of the Silva brand and decreases in military tent revenue.
Total Company operating profit in the fiscal second quarter was $26.0 million, a 27 percent increase over operating profit of $20.5 million in the previous fiscal year quarter. Gross margin improved to 44.8 percent compared to 43.3 percent in the prior year second quarter due to favorable mix and improved operating efficiency. Operating expense during the quarter increased 8 percent year-over-year due primarily to higher sales volume-related costs and discretionary compensation accruals. Net income in the fiscal second quarter was $21.6 million, or $2.15 per diluted share, a 54 percent increase compared with net income of $14.0 million, or $1.39 per diluted share, in the previous fiscal year’s second quarter.
Y EAR-TO- D ATE R ESULTS
Fiscal 2018 year-to-date net sales advanced 16.0 percent to $282.4 million versus net sales of $243.5 million in the same fiscal six-month period last year. Total Company operating profit increased 58 percent to $33.0 million compared with $20.9 million during the prior fiscal year-to-date first six months. Gross margin year-to-date improved to 43.6 percent versus 41.7 percent for the previous fiscal year first six months. Operating expense increased during the first half of the fiscal year due primarily to higher sales volume, yet declined as a percentage of sales. Net income of $21.9 million, or $2.18 per diluted share, in the first fiscal six-month period compared favorably to net income of $18.0 million, or $1.80 per diluted share, in the prior year-to-date period. New U.S. tax reform legislation prompted changes in accounting for taxes resulting in $6.8 million in charges during the first two 2018 fiscal quarters.
O THER F INANCIAL I NFORMATION
At March 30, 2018, cash, net of debt was $51.1 million compared with the Company’s cash, net of debt position of $24.4 million at March 31, 2017. Depreciation and amortization was $6.4 million in the current year-to-date period versus $6.4 million in the prior fiscal first six-months. Capital spending totaled $10.9 million during the first six-month period compared with $5.2 million in the previous year-to-date period. The increase in the current six-month period was driven by investments in system upgrades and digital transformation.
“The balance sheet remains strong and our growing cash position enables us to continue investment against strategic priorities and opportunities to expand our business and growth potential. We remain confident in our ability and plans to create long-term value and consistently pay dividends to shareholders,” said David W. Johnson, Vice President and Chief Financial Officer.
W EBCAST
The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Friday, May 4, 2018. A live listen-only web cast of the conference call may be accessed at Johnson Outdoors’ home page. A replay of the call will be available for 30 days on the Internet.
About Johnson Outdoors Inc.
J OHNSON O UTDOORS is a leading global innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping. Johnson Outdoors' iconic brands include: Old Town ® canoes and kayaks; Ocean Kayak ™ ; Carlisle ® paddles; Minn Kota ® fishing motors, batteries and anchors; Cannon ® downriggers; Humminbird ® marine electronics and charts; SCUBAPRO ® dive equipment; Jetboil ® outdoor cooking systems; and, Eureka! ® camping and hiking equipment.
Visit Johnson Outdoors at http://www.johnsonoutdoors.com
Safe Harbor Statement
Certain matters discussed in this press release are “forward-looking statements,” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact are considered forward-looking statements. These statements may be identified by the use of forward-looking words or phrases such as "anticipate,'' "believe,'' "confident," "could,'' "expect,'' "intend,'' "may,'' "planned,'' "potential,'' "should,'' "will,'' "would'' or the negative of those terms or other words of similar meaning. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results or outcomes to differ materially from those currently anticipated. Factors that could affect actual results or outcomes include the matters described under the caption “Risk Factors” in Item 1A of the Company’s Form 10-K which will be filed with the Securities and Exchange Commission on December 8, 2017 and the following: changes in economic conditions, consumer confidence levels and discretionary spending patterns in key markets; the Company’s success in implementing its strategic plan, including its targeted sales growth platforms, innovation focus and its increasing digital presence; litigation costs related to actions of and disputes with third parties, including competitors; the Company’s continued success in its working capital management and cost-structure reductions; the Company’s success in integrating strategic acquisitions; the risk of future write-downs of goodwill or other long-lived assets; the ability of the Company’s customers to meet payment obligations; movements in foreign currencies, interest rates or commodity costs; fluctuations in the prices of raw materials or the availability of raw materials used by the Company; any disruptions in the Company's supply chain as a result of material fluctuations in the Company's order volumes and requirements for raw materials and other components necessary to manufacture and produce the Company's products; the success of the Company’s suppliers and customers and the impact of any consolidation in the industries of the Company’s suppliers and customers; the ability of the Company to deploy its capital successfully; unanticipated outcomes related to outsourcing certain manufacturing processes; unanticipated outcomes related to litigation matters; and adverse weather conditions. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this filing. The Company assumes no obligation, and disclaims any obligation, to update such forward-looking statements to reflect subsequent events or circumstances.
FINANCIAL TABLES FOLLOW
(thousands, except per share amounts) THREE MONTHS
ENDED
SIX MONTHS
ENDED
Operating Results March 30
2018
March 31
2017
March 30
2018
March 31
2017
Net sales $ 165,778 $ 149,807 $ 282,357 $ 243,536 Cost of sales 91,583 84,894 159,351 142,058 Gross profit 74,195 64,913 123,006 101,478 Operating expenses 48,193 44,455 89,967 80,548 Operating profit: 26,002 20,458 33,039 20,930 Interest (income) expense, net (76 ) 115 (206 ) 578 Other income, net (3,367 ) (1,494 ) (4,524 ) (1,440 ) Income before income taxes 29,445 21,837 37,769 21,792 Income tax expense 7,825 7,878 15,914 3,777 Net income $ 21,620 $ 13,959 $ 21,855 $ 18,015 Weighted average common shares outstanding - Dilutive 9,993 9,915 9,979 9,892 Net income per common share - Diluted $ 2.15 $ 1.39 $ 2.18 $ 1.80 Segment Results Net sales: Fishing $ 125,506 $ 105,424 $ 214,413 $ 172,495 Camping 10,082 11,375 15,928 17,110 Watercraft Recreation 10,808 15,087 15,165 21,304 Diving 19,370 18,026 36,808 32,919 Other/eliminations 12 (105 ) 43 (292 ) Total $ 165,778 $ 149,807 $ 282,357 $ 243,536 Operating profit (loss): Fishing $ 30,762 $ 22,838 $ 44,827 $ 30,031 Camping 302 1,011 (422 ) 239 Watercraft Recreation (170 ) 847 (1,314 ) 49 Diving 14 311 (371 ) (750 ) Other/eliminations (4,906 ) (4,549 ) (9,681 ) (8,639 ) Total $ 26,002 $ 20,458 $ 33,039 $ 20,930 Balance Sheet Information (End of Period) Cash and cash equivalents $ 51,066 $ 29,360 Accounts receivable, net 124,237 122,386 Inventories, net 94,607 74,858 Total current assets 272,273 230,611 Total assets 383,926 342,302 Short-term debt - - Total current liabilities 99,902 86,775 Long-term debt, less current maturities - 5,000 Shareholders’ equity 261,245 221,324
A t J ohnson O utdoors I nc . D avid Johnson Patricia Penman VP & Chief Financial Officer VP – Global marketing services & communications 262-631-6600 262-631-6600
Source:Johnson Outdoors Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-johnson-outdoors-posts-record-fiscal-second-quarter-results.html |
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Premier Inc. (NASDAQ: PINC) today reported financial results for the fiscal 2018 third quarter ended March 31, 2018.
Q3 2018 Highlights:
Net revenue increased 12% to $425.3 million from the same period last year; Supply Chain Services segment revenue rose 16% to $330.7 million and Performance Services segment revenue was unchanged at $94.6 million. Net income rose 7% to $76.5 million from the same period a year ago. After non-cash adjustments to reflect the change in the redemption value of limited partners’ Class B common unit ownership at the end of each period, diluted earnings per share reflected a loss of $1.93 compared with a loss of $1.60 the prior year. Non-GAAP adjusted EBITDA* of $142.2 million increased 4% from the same period last year. Non-GAAP adjusted fully distributed net income* increased 24% to $90.6 million, representing $0.67 per diluted share, an increase of 29% over $0.52 per diluted share from a year ago. Fiscal 2018 guidance has been updated to reflect expectations of increased consolidated net revenue, increased Supply Chain Services revenue, a decrease in the Performance Services revenue range and tightening of the previous ranges for consolidated non-GAAP adjusted EBITDA and non-GAAP adjusted fully distributed earnings per share. On May 4, 2018, Premier’s board of directors approved the repurchase of up to $250 million of the company’s Class A common stock during fiscal 2019.
* Descriptions of non-GAAP adjusted EBITDA, adjusted fully distributed net income and other non-GAAP financial measures are provided in “Use and Definition of Non-GAAP Financial Measures,” and reconciliations to GAAP financial measures are provided in the tables at the end of this release.
“Our fiscal third-quarter performance reflects continuing consolidated revenue and profitability growth, as well as strong cash flow generation, with non-GAAP free cash flow approximating 82% of non-GAAP adjusted EBITDA for the quarter,” said Susan DeVore, president and chief executive officer. “Revenue growth was driven by our Supply Chain Services segment, where our products revenue exceeded management expectations and net administrative fees revenue performed in line with expectations. Our Performance Services segment results reflect the continuation of a challenging market environment in addition to slower-than-anticipated growth in our seasonal ambulatory regulatory reporting business.
“Looking forward to the fourth quarter, in Supply Chain Services we continue to anticipate steady net administrative fees revenue growth and stronger-than-previously-expected revenue growth in our products business,” DeVore said. “In Performance Services, we believe lingering regulatory uncertainty continues to impact health system decision making processes and is impacting us more than previously anticipated, delaying some buying decisions and projects across our technology and consulting services businesses. We continue to believe Premier remains uniquely well positioned to help our nation’s health systems reduce cost and improve quality and safety while continuing their journey to value-based care in this dynamically evolving healthcare environment.
“As part of our ongoing effort to deliver value to stockholders, I am pleased to report that our board of directors has approved the repurchase of $250 million of Class A common stock during fiscal 2019, following our previous $200 million Class A common stock repurchase program, which we completed in the third quarter,” DeVore said. “Going forward, we will continue to focus on long-term stockholder value as we consider the most appropriate approaches for use of capital to optimize the performance of our existing businesses, explore new growth opportunities within our evolving strategy and generate return for stockholders.”
Results of Operations for the Third Quarter of Fiscal 2018
Consolidated Third-Quarter Financial Highlights Three Months Ended March 31, Nine Months Ended March 31, (in thousands, except per share data) 2018 2017 % Change 2018 2017 % Change Net Revenue (a) : Supply Chain Services: Net administrative fees $ 161,612 $ 143,915 12 % $ 471,946 $ 398,962 18 % Other services and support 2,899 3,116 (7 )% 8,470 5,962 42 % Services 164,511 147,031 12 % 480,416 404,924 19 % Products 166,234 138,132 20 % 480,997 386,639 24 % Total Supply Chain Services (a) 330,745 285,163 16 % 961,413 791,563 21 % Performance Services (a) 94,593 94,640 — % 265,887 260,012 2 % Total (a) $ 425,338 $ 379,803 12 % $ 1,227,300 $ 1,051,575 17 % Net income $ 76,549 $ 71,338 7 % $ 156,934 $ 375,617 (58 )% Net income attributable to stockholders $ (103,537 ) $ (80,601 ) 28 % $ 514,093 $ 389,976 32 % Adjusted net income (loss) (b) $ (103,537 ) $ (80,601 ) 28 % $ (115,888 ) $ 314,314 (137 )% Weighted average shares outstanding: Basic 53,529 50,525 6 % 53,885 49,051 10 % Diluted 53,529 50,525 6 % 138,254 141,372 (2 )% Earnings (loss) per share attributable to stockholders: Basic $ (1.93 ) $ (1.60 ) 21 % $ 9.54 $ 7.95 20 % Diluted (b) $ (1.93 ) $ (1.60 ) 21 % $ (0.84 ) $ 2.22 (138 )% NON-GAAP FINANCIAL MEASURES:
Adjusted EBITDA (a) (c) : Supply Chain Services $ 135,265 $ 127,898 6 % $ 392,930 $ 364,224 8 % Performance Services 36,715 36,535 — % 85,865 87,449 (2 )% Total segment adjusted EBITDA 171,980 164,433 5 % 478,795 451,673 6 % Corporate (29,741 ) (27,709 ) (7 )% (83,844 ) (82,167 ) (2 )% Total (a) $ 142,239 $ 136,724 4 % $ 394,951 $ 369,506 7 % Adjusted fully distributed net income (c) $ 90,590 $ 72,959 24 % $ 222,284 $ 197,129 13 % Earnings per share on adjusted fully distributed net income - diluted (a) (c) $ 0.67 $ 0.52 29 % $ 1.61 $ 1.39 16 % (a) Bolded measures correspond to company guidance. (b) Earnings per share attributable to stockholders excludes the adjustment of redeemable limited partners' capital to redemption amount and the net income attributable to non-controlling interest in Premier LP if Class B common stock is determined to be dilutive. Likewise, earnings per share attributable to stockholders includes the adjustment of redeemable limited partners' capital to redemption amount and the net income attributable to non-controlling interest in Premier LP if Class B common stock is determined to be antidilutive. (c) See attached supplemental financial information for reconciliation of reported GAAP results to Non-GAAP results. For the fiscal third-quarter ended March 31, 2018, Premier generated net revenue of $425.3 million, an increase of 12% from net revenue of $379.8 million for the same period a year ago.
Net income for the fiscal third-quarter increased 7% to $76.5 million from $71.3 million for the same period a year ago. In accordance with GAAP, fiscal 2018 and 2017 third-quarter net income attributable to stockholders included non-cash adjustments of $(127.0) million and $(100.5) million, respectively, to reflect the change in the redemption value of limited partners’ Class B common unit ownership at the end of each period. These non-cash adjustments result primarily from changes in the number of Class B common shares and the company’s stock price between periods and do not reflect results of the company’s business operations. After these non-cash adjustments, the company reported a net loss attributable to stockholders of $103.5 million, compared with net loss of $80.6 million for the same period a year ago. The third-quarter net loss per diluted share of $1.93 compared with a net loss of $1.60 for the same period a year ago. See “Calculation of GAAP Earnings per Share” in the income statement section of this press release.
Fiscal third-quarter non-GAAP adjusted EBITDA of $142.2 million increased 4% from $136.7 million for the same period the prior year. The growth was driven by an increase in net administrative fees revenue primarily resulting from the Innovatix and Essensa businesses, partially offset by $5.1 million in severance costs related to the personnel adjustments that included a reduction in force that occurred in February.
Non-GAAP adjusted fully distributed net income for the fiscal third quarter increased to $90.6 million from $73.0 million for the same period a year ago. Adjusted fully distributed earnings per share increased 29% to $0.67 from $0.52 for the same period a year ago. Adjusted fully distributed earnings per share is a non-GAAP financial measure that represents net income, adjusted for non-recurring and non-cash items, attributable to all stockholders as if all Class B stockholders exchanged their Class B common units and associated Class B common shares for Class A common shares.
Segment Results
Supply Chain Services
For the fiscal third-quarter ended March 31, 2018, the Supply Chain Services segment generated net revenue of $330.7 million, an increase of 16% from $285.2 million a year ago. The revenue increase was driven by growth in the company’s group purchasing organization (GPO) and products businesses. GPO net administrative fees revenue of $161.6 million increased 12% from a year ago, driven by contributions from the Innovatix and Essensa businesses and further contract penetration of our existing members. Innovatix and Essensa were acquired in December 2016, however, during the fiscal 2017 third-quarter the businesses contributed $11.6 million in net administrative fees revenue related to cash received post-acquisition for member purchases that occurred prior to acquisition. As a result, these cash collections were unable to be recognized as GAAP revenue under purchase accounting rules. Legacy year-over-year net administrative fees revenue increased 5% in the third quarter from a year ago, supported by improved patient utilization trends. Product revenues of $166.2 million increased 20% from $138.1 million a year ago, attributable to growth from both the integrated pharmacy and direct sourcing businesses.
Supply Chain Services segment non-GAAP adjusted EBITDA of $135.3 million for the fiscal 2018 third-quarter increased 6% from $127.9 million for the same period a year ago. The increase primarily reflects net administrative fees revenue growth.
Performance Services
For the fiscal third-quarter ended March 31, 2018, the Performance Services segment generated net revenue of $94.6 million, unchanged from the same quarter last year. The technology services business experienced growth in the areas of applied sciences and cost management solutions. These were primarily offset by a decrease in ambulatory regulatory reporting revenue resulting from a larger-than-expected reduction in participation of smaller physician groups that were exempted from reporting requirements this year. Consulting services revenue was relatively flat when compared to the same period a year ago, due to lower-than-expected revenue based partly on timing of revenue recognition related to performance-based engagements and to delayed health system decision making, which management believes is related to continuing regulatory uncertainty impacting the marketplace.
Performance Services segment non-GAAP adjusted EBITDA of $36.7 million for the fiscal 2018 third-quarter increased slightly from $36.5 million for the same quarter last year, reflecting the impact of severance costs related to the personnel adjustments that included a reduction in force that occurred in February.
Results of Operations for the Nine Months Ended March 31, 2018
For the nine months ended March 31, 2018, Premier generated net revenue of $1.23 billion, a 17% increase from net revenue of $1.05 billion for the same period a year ago.
Net income for the nine-month period totaled $156.9 million, compared with $375.6 million for the same period a year ago. Fiscal 2018 and 2017 nine-month net income attributable to stockholders required non-cash adjustments of $511.3 million and $296.6 million, respectively, to reflect changes in redemption value of the limited partners’ Class B common unit ownership at the end of each period. These non-cash adjustments result from changes in the company’s stock price between periods and do not reflect results of the company’s business operations. After these non-cash adjustments based on the changes in stock price, and after a one-time re-measurement of deferred taxes resulting from the Tax Cuts and Jobs Act, which negatively impacted net income, the company reported a net loss attributable to stockholders of $0.84 per diluted share, compared with a net income attributable to stockholders of $2.22 per diluted share a year ago. (See income statement in the tables section of this press release.)
For the nine months ended March 31, 2018, non-GAAP adjusted EBITDA of $395.0 million increased 7% from $369.5 million for the same period last year. Non-GAAP adjusted fully distributed net income for the nine months rose 13% to $222.3 million from $197.1 million a year ago, representing $1.61 per diluted share, a 16% increase from $1.39.
Supply Chain Services segment net revenue for the nine months ended March 31, 2018 increased 21% to $961.4 million from $791.6 million a year earlier. Supply Chain Services segment adjusted EBITDA increased 8% to $392.9 million from $364.2 million for the prior year.
Performance Services segment net revenue for the nine months ended March 31, 2018 increased 2% to $265.9 million from $260.0 million a year earlier, while segment adjusted EBITDA decreased 2% to $85.9 million from $87.4 million.
Cash Flows and Liquidity
Cash provided by operating activities was $369.7 million for the nine-month period ended March 31, 2018, compared with $274.2 million for the same period last year. The increase in cash flow from operations primarily results from the increase in net administrative fees revenue and decreased working capital needs. At March 31, 2018, the company’s cash and cash equivalents totaled $149.4 million, compared with $156.7 million at June 30, 2017. At March 31, 2018, the company had an outstanding balance of $200.0 million on its five-year $750.0 million revolving credit facility.
As of March 31, 2018, the company had completed the $200.0 million Class A common stock repurchase plan announced on Oct. 31, 2017, which authorized shares to be repurchased through June 30, 2018. This resulted in the aggregate repurchase of approximately 6.4 million shares of Class A common stock at an average price of $31.16 per share. The stock repurchase plan is expected to impact non-GAAP adjusted fully distributed earnings per share by approximately $0.05 per share for the full fiscal year.
Non-GAAP free cash flow for the nine months ended March 31, 2018 was $238.4 million compared with $155.0 million for the same period a year ago. The increase was primarily driven by the same factors driving the growth in cash flow from operations. (See free cash flow definition in “Use and Definitions of Non-GAAP Financial Measures,” and reconciliation to net cash provided by operating activities is provided in the tables section of this press release).
Fiscal 2018 Outlook and Guidance
Based on results for the nine months ended March 31, 2018 and management’s current expectations for the remainder of fiscal 2018, and the realization of previously disclosed underlying assumptions, the company has narrowed and adjusted guidance as follows.
The company is raising its consolidated revenue range to $1.612 billion-to-$1.649 billion, with the anticipated increase in Supply Chain Services revenue expected to offset the downward revision in Performance Services revenue. The guidance range for Supply Chain Services revenue has been increased to $1.259 billion-to-$1.289 billion, driven by raised expectations of 18% to 22% growth in products revenue, and reaffirmed expectations of 13% to 17% growth in net administrative fees revenue, comprised of mid-single digit growth in the company’s legacy GPO business augmented by contributions from Innovatix and Essensa. The Performance Services revenue guidance range has been reduced to $353.0 million-to-$360.0 million, due to lack of growth in the ambulatory regulatory reporting business in the fiscal-third quarter, and the ongoing slow-growth environment and regulatory uncertainty impacting the current fiscal year. The new range projects expected year-over-year growth of 0% to 2%. The Non-GAAP adjusted EBITDA range has been narrowed to a range of $532.0 million to $537.0 million, reflecting projected year-over-year growth of 6% to 7%. The guidance range for non-GAAP adjusted fully distributed earnings per share has been narrowed to a range of $2.24 to $2.28, indicating year-over-year growth expectations of 19% to 21%.
Fiscal 2018 Financial Guidance * Premier, Inc. adjusts full-year fiscal 2018 financial guidance, as follows: Current* Previous (in millions, except per share data) FY 2018 % YoY Increase FY 2018 Net Revenue: Supply Chain Services segment $1,259.0 - $1,289.0 14% - 17% $1,200.0 - $1,266.0 Performance Services segment $353.0 - $360.0 0% - 2% $364.0 - $382.0 Total Net Revenue $1,612.0 - $1,649.0 11% - 13% $1,564.0 - $1,648.0 Non-GAAP adjusted EBITDA $532.0 - $537.0 6% - 7% $532.0 - $557.0 Non-GAAP adjusted fully distributed EPS $2.24 - $2.28 19% - 21% $2.24 - $2.37 * The company does not meaningfully reconcile guidance for non-GAAP adjusted EBITDA and non-GAAP adjusted fully distributed earnings per share to net income attributable to stockholders or earnings per share attributable to stockholders because the company cannot provide guidance for more significant reconciling items between net income attributable to stockholders and adjusted EBITDA and between earnings per share attributable to stockholders and non-GAAP adjusted fully distributed earnings per share without unreasonable effort. This is due to two primary reasons:
• Reasonable guidance cannot be provided for reconciling the adjustment of redeemable limited partners’ capital to redemption amount – historically the largest adjustment in the reconciliation from non-GAAP to GAAP amounts – due to the fact that the increase or decrease in this item is based on the change in the number of shares of Class B stock outstanding and change in stock price between quarters, which the company cannot predict, control or reasonably estimate.
• Reasonable guidance cannot be provided for earnings per share attributable to stockholders because the ongoing quarterly member-owner exchange of Class B common stock and corresponding Class B units into shares of Class A common stock impacts the number of shares of Class A common stock outstanding each quarter, which the company cannot predict, control or reasonably estimate. Member owners have the right, but not the obligation, to exchange shares on a quarterly basis, and the company has the discretion to settle any exchanged shares for Class A common stock, cash, or a combination thereof, neither of which can be predicted, controlled or reasonably estimated at this time. Fiscal 2019 Stock Repurchase Program Authorization
On May 4, 2018, the company’s board of directors approved the repurchase of up to $250 million of the company’s Class A common stock during fiscal 2019 through open market purchases or privately negotiated transactions. In order to initiate the repurchase program, Premier expects to execute the necessary agreements and documentation with one or more financial institutions during the next open trading window under the company’s insider trading policy, scheduled to occur shortly after the fiscal 2018 third-quarter earnings call on May 7, 2018. There can be no assurance as to when or whether the repurchase program will be ultimately initiated or regarding number of shares of Class A common stock, if any, purchased under the program. The company will provide additional details regarding the repurchase program, if adopted and initiated, in future filings with the SEC.
Conference Call
Premier management will host a conference call and live audio webcast on Monday, May 7, 2018, at 5:00 p.m. ET, to discuss the company’s financial results. The conference call can be accessed through a link provided on the investor relations page on Premier’s website at investors.premierinc.com . Those wanting to participate by phone may do so by dialing 844.296.7719 and providing the operator with conference ID number: 3477807. International callers should dial 574.990.1041 and provide the same passcode. The company encourages callers to dial in at least five minutes before the start of the call to register. The archived webcast will be accessible on Premier’s investor relations page for at least 90 days following the webcast.
About Premier Inc.
Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of approximately 3,900 U.S. hospitals and health systems and approximately 150,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com ; as well as Twitter , Facebook , LinkedIn , YouTube , Instagram and Premier’s blog for more information about the company.
Use and Definitions of Non-GAAP Financial Measures
Premier uses EBITDA, adjusted EBITDA, segment adjusted EBITDA, adjusted fully distributed net income, adjusted fully distributed earnings per share, and free cash flow to facilitate a comparison of the company’s operating performance on a consistent basis from period to period and to provide measures that, when viewed in combination with its results prepared in accordance with GAAP, allow for a more complete understanding of factors and trends affecting the company’s business than GAAP measures alone. The company believes adjusted EBITDA and segment adjusted EBITDA assist its board of directors, management and investors in comparing the company’s operating performance on a consistent basis from period to period by removing the impact of the company’s asset base (primarily depreciation and amortization) and items outside the control of management (taxes), as well as other non-cash (impairment of intangible assets and purchase accounting adjustments) and non-recurring items, from operating results. Non-recurring items are income or expenses or other items that have not been earned or incurred within the prior two years and are not expected to recur within the next two years. Such items include certain strategic and financial restructuring expenses.
In addition, adjusted fully distributed net income and adjusted fully distributed earnings per share eliminate the variability of non-controlling interest as a result of member owner exchanges of Class B common stock and corresponding Class B units into shares of Class A common stock and other potentially dilutive equity transactions which are outside of management’s control. Adjusted fully distributed net income is defined as net income attributable to Premier (i) excluding income tax expense, (ii) excluding the impact of adjustment of redeemable limited partners’ capital to redemption amount, (iii) excluding the effect of non-recurring and non-cash items, (iv) assuming the exchange of all the Class B common units for shares of Class A common stock, which results in the elimination of non-controlling interest in Premier LP, and (v) reflecting an adjustment for income tax expense on non-GAAP fully distributed net income before income taxes at the company’s estimated effective income tax rate. We define adjusted fully distributed earnings per share as adjusted fully distributed net income divided by diluted weighted average shares. These measures assist our board of directors, management and investors in comparing our net income and earnings per share on a consistent basis from period to period because these measures remove non-cash and non-recurring items, and eliminate the variability of non-controlling interest that results from member owner exchanges of Class B common units into shares of Class A common stock.
EBITDA is defined as net income before interest and investment income, net, income tax expense, depreciation and amortization and amortization of purchased intangible assets. Adjusted EBITDA is defined as EBITDA before merger and acquisition related expenses and non-recurring, non-cash or non-operating items, and including equity in net income of unconsolidated affiliates. Non-recurring items include certain strategic and financial restructuring expenses. Non-operating items include gain or loss on the disposal of assets. Segment adjusted EBITDA is defined as the segment's net revenue less cost of revenue and operating expenses directly attributable to the segment, excluding depreciation and amortization, amortization of purchased intangible assets, merger and acquisition related expenses and non-recurring or non-cash items, and including equity in net income of unconsolidated affiliates. Operating expenses directly attributable to the segment include expenses associated with sales and marketing, general and administrative and product development activities specific to the operation of each segment. General and administrative corporate expenses that are not specific to a particular segment are not included in the calculation of segment adjusted EBITDA. Adjusted EBITDA is a supplemental financial measure used by the company and by external users of the company’s financial statements.
Management considers adjusted EBITDA an indicator of the operational strength and performance of the company’s business. Adjusted EBITDA allows management to assess performance without regard to financing methods and capital structure and without the impact of other matters that management does not consider indicative of the operating performance of the business. Segment adjusted EBITDA is the primary earnings measure used by management to evaluate the performance of the company’s business segments.
Free cash flow is defined as net cash provided by operating activities less distributions and tax receivable agreement payments to limited partners and purchases of property and equipment. Free cash flow does not represent discretionary cash available for spending as it excludes certain contractual obligations such as debt repayments. Management believes free cash flow is an important measure because it represents the cash that the company generates after payment of tax distributions to limited partners and capital investment to maintain existing products and services and ongoing business operations, as well as development of new and upgraded products and services to support future growth. Free cash flow is important because it allows the company to enhance stockholder value through acquisitions, partnerships, joint ventures, investments in related or complimentary businesses and/or debt reduction.
Readers are urged to review the reconciliation of these non-GAAP financial measures included at the end of this release. To properly and prudently evaluate our business, readers are encouraged to review the financial tables included at the end of this release. Readers should not rely on any single financial measure to evaluate the company’s business. In addition, the non-GAAP financial measures used in this release are susceptible to varying calculations and may differ from, and may therefore not be comparable to, similarly titled measures used by other companies.
Forward-Looking Statements
Statements made in this release that are not statements of historical or current facts, such as those related to expected financial performance, growth trends and market uncertainty in our Supply Chain and Performance Services business segments and their respective business units, the impact and length of the lower utilization and patient volume trends and regulatory uncertainty and our ability to manage through these issues, expected financial contributions from our acquired businesses, the statements related to fiscal 2018 outlook and guidance and the assumptions underlying such guidance, and Premier’s plans with respect to the repurchase program, including the possibility that the repurchase program is not adopted, the expected size of the repurchase program, or the possible suspension of or discontinuance of the repurchase program once adopted are “ ” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from historical results or from any future results or projections expressed or implied by such . Accordingly, readers should not place undue reliance on any forward looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to Premier’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Premier’s control. More information on potential factors that could affect Premier’s financial results is included from time to time in the “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Premier’s periodic and current filings with the SEC, including those discussed under the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” section of Premier’s Form 10-K for the year ended June 30, 2017, as well as the Form 10-Q for the quarter ended March 31, 2018, expected to be filed with the SEC shortly after the date of this release, and also made available on Premier’s website at investors.premierinc.com . Forward-looking statements speak only as of the date they are made, and Premier undertakes no obligation to publicly update or revise any , whether as a result of new information or future events that occur after that date, or otherwise.
Condensed Consolidated Statements of Income
(Unaudited) (In thousands, except per share data) Three Months Ended
March 31,
Nine Months Ended
March 31, 2018 2017 2018 2017 Net revenue: Net administrative fees $ 161,612 $ 143,915 $ 471,946 $ 398,962 Other services and support 97,492 97,756 274,357 265,974 Services 259,104 241,671 746,303 664,936 Products 166,234 138,132 480,997 386,639 Net revenue 425,338 379,803 1,227,300 1,051,575 Cost of revenue: Services 47,037 47,319 141,228 134,865 Products 156,511 129,929 454,222 356,900 Cost of revenue 203,548 177,248 595,450 491,765 Gross profit 221,790 202,555 631,850 559,810 Other operating income: Remeasurement of tax receivable agreement liabilities - - 177,174 5,722 Other operating income - - 177,174 5,722 Operating expenses: Selling, general and administrative 109,007 108,668 331,948 302,555 Research and development 292 755 1,105 2,328 Amortization of purchased intangible assets 13,881 14,080 41,597 34,440 Operating expenses 123,180 123,503 374,650 339,323 Operating income 98,610 79,052 434,374 226,209 Remeasurement gain attributable to acquisition of Innovatix, LLC - - - 204,833 Equity in net income (loss) of unconsolidated affiliates (4,939 ) 83 570 14,789 Interest and investment loss, net (1,236 ) (2,017 ) (4,239 ) (3,026 ) Loss on disposal of long-lived assets (5 ) (725 ) (1,725 ) (2,243 ) Other income (expense) (2,593 ) 2,260 (14,486 ) 3,135 Other income (expense), net (8,773 ) (399 ) (19,880 ) 217,488 Income before income taxes 89,837 78,653 414,494 443,697 Income tax expense 13,288 7,315 257,560 68,080 Net income 76,549 71,338 156,934 375,617 Net income attributable to non-controlling interest in Premier LP (53,047 ) (51,433 ) (154,142 ) (282,207 ) Adjustment of redeemable limited partners' capital to redemption amount (127,039 ) (100,506 ) 511,301 296,566 Net income (loss) attributable to stockholders $ (103,537 ) $ (80,601 ) $ 514,093 $ 389,976 Calculation of GAAP Earnings (Loss) per Share Numerator for basic earnings (loss) per share: Net income (loss) attributable to stockholders $ (103,537 ) $ (80,601 ) $ 514,093 $ 389,976 Numerator for diluted earnings (loss) per share: Net income (loss) attributable to stockholders $ (103,537 ) $ (80,601 ) $ 514,093 $ 389,976 Adjustment of redeemable limited partners' capital to redemption amount - - (511,301 ) (296,566 ) Net income attributable to non-controlling interest in Premier LP - - 154,142 282,207 Net income (loss) (103,537 ) (80,601 ) 156,934 375,617 Tax effect on Premier, Inc. net income - - (272,822 ) (61,303 ) Adjusted net income (loss) $ (103,537 ) $ (80,601 ) $ (115,888 ) $ 314,314 Denominator for basic earnings (loss) per share: Weighted average shares 53,529 50,525 53,885 49,051 Denominator for diluted earnings (loss) per share: Weighted average shares 53,529 50,525 53,885 49,051 Effect of dilutive stock based awards - - 551 446 Class B shares outstanding - - 83,818 91,875 Weighted average shares and assumed conversions 53,529 50,525 138,254 141,372 Basic earnings (loss) per share $ (1.93 ) $ (1.60 ) $ 9.54 $ 7.95 Diluted earnings (loss) per share $ (1.93 ) $ (1.60 ) $ (0.84 ) $ 2.22 Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share data) March 31, 2018 June 30, 2017 Assets Cash and cash equivalents $ 149,410 $ 156,735 Accounts receivable (net of $2,149 and $1,812 allowance for doubtful accounts, respectively) 174,092 159,745 Inventory 57,230 50,426 Prepaid expenses and other current assets 24,374 35,164 Due from related parties 491 6,742 Total current assets 405,597 408,812 Property and equipment (net of $282,678 and $236,460 accumulated depreciation, respectively) 198,853 187,365 Intangible assets (net of $139,802 and $99,198 accumulated amortization, respectively) 335,948 377,962 Goodwill 906,545 906,545 Deferred income tax assets 306,738 482,484 Deferred compensation plan assets 43,267 41,518 Investments in unconsolidated affiliates 93,448 92,879 Other assets 4,241 10,271 Total assets $ 2,294,637 $ 2,507,836 Liabilities, redeemable limited partners' capital and stockholders' deficit Accounts payable $ 43,708 $ 42,815 Accrued expenses 69,094 55,857 Revenue share obligations 75,341 72,078 Limited partners' distribution payable 13,157 24,951 Accrued compensation and benefits 52,857 53,506 Deferred revenue 44,534 44,443 Current portion of tax receivable agreements 17,925 17,925 Current portion of long-term debt 200,255 227,993 Other liabilities 7,044 32,019 Total current liabilities 523,915 571,587 Long-term debt, less current portion 6,962 6,279 Tax receivable agreements, less current portion 232,783 321,796 Deferred compensation plan obligations 43,267 41,518 Deferred tax liabilities 33,787 48,227 Other liabilities 56,456 42,099 Total liabilities 897,170 1,031,506 Redeemable limited partners' capital 2,532,731 3,138,583 Stockholders' deficit: Class A common stock, $0.01 par value, 500,000,000 shares authorized; 57,352,698 shares issued and 51,940,576 shares outstanding at March 31, 2018 and 51,943,281 shares issued and outstanding at June 30, 2017 574
519
Class B common stock, $0. 1 par value, 600,000,000 shares authorized; 80,978,267 and 87,298,888 shares issued and outstanding at March 31, 2018 and June 30, 2017, respectively - - Treasury stock, at cost; 5,412,122 shares (170,274 ) - Additional paid-in-capital - - Accumulated deficit (965,564 ) (1,662,772 ) Accumulated other comprehensive loss - - Total stockholders' deficit (1,135,264 ) (1,662,253 ) Total liabilities, redeemable limited partners' capital and stockholders' deficit $ 2,294,637 $ 2,507,836 Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Nine Months Ended March 31, 2018 2017 Operating activities Net income $ 156,934 $ 375,617 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 93,998 77,758 Equity in net income of unconsolidated affiliates (570 ) (14,789 ) Deferred income taxes 243,550 45,961 Stock-based compensation 24,930 19,125 Remeasurement of tax receivable agreement liabilities (177,174 ) (2,954 ) Remeasurement gain attributable to acquisition of Innovatix, LLC - (204,833 ) Loss on disposal of long-lived assets 1,725 2,243 Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other current assets (3,558 ) 7,037 Other assets 378 405 Inventories (6,804 ) (14,693 ) Accounts payable, accrued expenses, and other current liabilities 9,690 (11,082 ) Long-term liabilities 1,336 (1,221 ) Loss on FFF put and call rights 18,674 86 Other operating activities 6,625 (4,449 ) Net cash provided by operating activities 369,734 274,211 Investing activities Purchases of property and equipment (65,260 ) (51,892 ) Proceeds from sale of marketable securities - 48,013 Acquisition of Innovatix, LLC and Essensa Ventures, LLC, net of cash acquired - (319,717 ) Acquisition of Acro Pharmaceuticals, net of cash acquired - (64,500 ) Investments in unconsolidated affiliates - (65,660 ) Distributions received on equity investments in unconsolidated affiliates - 6,550 Other investing activities - 25 Net cash used in investing activities (65,260 ) (447,181 ) Financing activities Payments made on notes payable (7,997 ) (3,336 ) Proceeds from credit facility 30,000 425,000 Payments on credit facility (50,000 ) (57,500 ) Proceeds from exercise of stock options under equity incentive plan 3,615 3,322 Proceeds from issuance of Class A common stock under stock purchase plan 1,388 1,256 Repurchase of vested restricted units for employee tax-withholding (5,916 ) (17,678 ) Settlement of exchange of Class B units by member owners - (123,330 ) Distributions to limited partners of Premier LP (66,098 ) (67,363 ) Repurchase of Class A common stock (held as treasury stock) (200,129 ) - Earn-out liability payment to GNYHA Holdings (16,662 ) - Net cash provided by (used in) financing activities (311,799 ) 160,371 Net decrease in cash and cash equivalents (7,325 ) (12,599 ) Cash and cash equivalents at beginning of year 156,735 248,817 Cash and cash equivalents at end of period $ 149,410 $ 236,218 Supplemental Financial Information Reconciliation of Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (Unaudited) (In thousands) Three Months Ended
March 31,
Nine Months Ended March 31,
2018 2017 2018 2017 Net cash provided by operating activities $ 163,219 $ 135,847 $ 369,734 $ 274,211 Purchases of property and equipment (26,638 ) (17,567 ) (65,260 ) (51,892 ) Distributions to limited partners of Premier LP (20,395 ) (22,733 ) (66,098 ) (67,363 ) Non-GAAP Free Cash Flow $ 116,186 $ 95,547 $ 238,376 $ 154,956 Supplemental Financial Information Reconciliation of Net Income to Adjusted EBITDA Reconciliation of Operating Income to Segment Adjusted EBITDA Reconciliation of Net Income Attributable to Stockholders to Non-GAAP Adjusted Fully Distributed Net Income (Unaudited) (In thousands) Three Months Ended
March 31, Nine Months Ended
March 31, 2018 2017 2018 2017 Net income $ 76,549 $ 71,338 $ 156,934 $ 375,617 Interest and investment loss, net 1,236 2,017 4,239 3,026 Income tax expense 13,288 7,315 257,560 68,080 Depreciation and amortization 18,584 15,102 52,401 43,318 Amortization of purchased intangible assets 13,881 14,080 41,597 34,440 EBITDA 123,538 109,852 512,731 524,481 Stock-based compensation 7,333 7,157 25,241 19,476 Acquisition related expenses 1,540 4,330 6,312 11,483 Strategic and financial restructuring expenses 1,648 - 1,652 - Remeasurement of tax receivable agreement liabilities - 2,768 (177,174 ) (2,954 ) ERP implementation expenses 40 215 531 1,741 Acquisition related adjustment - revenue 65 11,765 257 17,729 Remeasurement gain attributable to acquisition of Innovatix, LLC - - - (204,833 ) Loss on disposal of long-lived assets 5 725 1,725 2,243 Loss (gain) on FFF put and call rights 3,067 (88 ) 18,674 86 Impairment on investments 5,002 - 5,002 - Other expense 1 - - 54 Adjusted EBITDA $ 142,239 $ 136,724 $ 394,951 $ 369,506 Income before income taxes $ 89,837 $ 78,653 $ 414,494 $ 443,697 Remeasurement gain attributable to acquisition of Innovatix, LLC - - - (204,833 ) Equity in net loss (income) of unconsolidated affiliates 4,939 (83 ) (570 ) (14,789 ) Interest and investment loss, net 1,236 2,017 4,239 3,026 Loss on disposal of long-lived assets 5 725 1,725 2,243 Other expense (income) 2,593 (2,260 ) 14,486 (3,135 ) Operating income 98,610 79,052 434,374 226,209 Depreciation and amortization 18,584 15,102 52,401 43,318 Amortization of purchased intangible assets 13,881 14,080 41,597 34,440 Stock-based compensation 7,333 7,157 25,241 19,476 Acquisition related expenses 1,540 4,330 6,312 11,483 Strategic and financial restructuring expenses 1,648 - 1,652 - Remeasurement of tax receivable agreement liabilities - 2,768 (177,174 ) (2,954 ) ERP implementation expenses 40 215 531 1,741 Acquisition related adjustment - revenue 65 11,765 257 17,729 Equity in net income (loss) of unconsolidated affiliates (4,939 ) 83 570 14,789 Impairment on investments 5,002 - 5,002 - Deferred compensation plan income (expense) (112 ) 1,675 3,004 2,778 Other income 587 497 1,184 497 Adjusted EBITDA $ 142,239 $ 136,724 $ 394,951 $ 369,506 Segment Adjusted EBITDA: Supply Chain Services $ 135,265 $ 127,898 $ 392,930 $ 364,224 Performance Services 36,715 36,535 85,865 87,449 Corporate (29,741 ) (27,709 ) (83,844 ) (82,167 ) Adjusted EBITDA $ 142,239 $ 136,724 $ 394,951 $ 369,506 Net income (loss) attributable to stockholders $ (103,537 ) $ (80,601 ) $ 514,093 $ 389,976 Adjustment of redeemable partners' capital to redemption amount 127,039 100,506 (511,301 ) (296,566 ) Net income attributable to non-controlling interest in Premier LP 53,047 51,433 154,142 282,207 Income tax expense 13,288 7,315 257,560 68,080 Amortization of purchased intangible assets 13,881 14,080 41,597 34,440 Stock-based compensation 7,333 7,157 25,241 19,476 Acquisition related expenses 1,540 4,330 6,312 11,483 Strategic and financial restructuring expenses 1,648 - 1,652 - Remeasurement of tax receivable agreement liabilities - 2,768 (177,174 ) (2,954 ) ERP implementation expenses 40 215 531 1,741 Acquisition related adjustment - revenue 65 11,765 257 17,729 Remeasurement gain attributable to acquisition of Innovatix, LLC - - - (204,833 ) Loss on disposal of long-lived assets 5 725 1,725 2,243 Loss (gain) on FFF put and call rights 3,067 (88 ) 18,674 86 Impairment on investments 5,002 - 5,002 - Other expense 1 - - 54 Non-GAAP adjusted fully distributed income before income taxes 122,419 119,605 338,311 323,162 Income tax expense on fully distributed income before income taxes 31,829 46,646 116,027 126,033 Non-GAAP Adjusted Fully Distributed Net Income $ 90,590 $ 72,959 $ 222,284 $ 197,129 Supplemental Financial Information Reconciliation of GAAP EPS to Non-GAAP EPS on Adjusted Fully Distributed Net Income (Unaudited) (In thousands, except per share data) Three Months Ended
March 31, Nine Months Ended
March 31, 2018 2017 2018 2017 Net income (loss) attributable to stockholders $ (103,537 ) $ (80,601 ) $ 514,093 $ 389,976 Adjustment of redeemable partners' capital to redemption amount 127,039 100,506 (511,301 ) (296,566 ) Net income attributable to non-controlling interest in Premier LP 53,047 51,433 154,142 282,207 Income tax expense 13,288 7,315 257,560 68,080 Amortization of purchased intangible assets 13,881 14,080 41,597 34,440 Stock-based compensation 7,333 7,157 25,241 19,476 Acquisition related expenses 1,540 4,330 6,312 11,483 Strategic and financial restructuring expenses 1,648 - 1,652 - Remeasurement of tax receivable agreement liabilities - 2,768 (177,174 ) (2,954 ) ERP implementation expenses 40 215 531 1,741 Acquisition related adjustment - revenue 65 11,765 257 17,729 Remeasurement gain attributable to acquisition of Innovatix, LLC - - - (204,833 ) Loss on disposal of long-lived assets 5 725 1,725 2,243 Loss (gain) on FFF put and call rights 3,067 (88 ) 18,674 86 Impairment on investments 5,002 - 5,002 - Other expense 1 - - 54 Non-GAAP adjusted fully distributed income before income taxes 122,419 119,605 338,311 323,162 Income tax expense on fully distributed income before income taxes 31,829 46,646 116,027 126,033 Non-GAAP Adjusted Fully Distributed Net Income $ 90,590 $ 72,959 $ 222,284 $ 197,129 Weighted Average: Common shares used for basic and diluted earnings (loss) per share 53,529 50,525 53,885 49,051 Potentially dilutive shares 547 465 551 446 Conversion of Class B common units 81,394 88,892 83,818 91,875 Weighted average fully distributed shares outstanding - diluted 135,470 139,882 138,254 141,372 GAAP earnings (loss) per share $ (1.93 ) $ (1.60 ) $ 9.54 $ 7.95 Adjustment of redeemable limited partners' capital to redemption amount 2.37 2.00 (9.49 ) (6.05 ) Net income attributable to non-controlling interest in Premier LP 0.99 1.02 2.86 5.75 Income tax expense 0.25 0.14 4.78 1.39 Amortization of purchased intangible assets 0.26 0.28 0.77 0.70 Stock-based compensation 0.14 0.14 0.47 0.40 Acquisition related expenses 0.03 0.09 0.12 0.23 Strategic and financial restructuring expenses 0.03 - 0.03 - Remeasurement of tax receivable agreement liabilities - 0.05 (3.29 ) (0.06 ) ERP implementation expenses - - 0.01 0.04 Acquisition related adjustment - revenue - 0.23 - 0.36 Remeasurement gain attributable to acquisition of Innovatix, LLC - - - (4.18 ) Loss on disposal of long-lived assets - 0.01 0.03 0.05 Loss (gain) on FFF put and call rights 0.06 - 0.35 - Impairment on investments 0.09 - 0.09 - Impact of corporation taxes (0.60 ) (0.92 ) (2.14 ) (2.57 ) Impact of dilutive shares (1.02 ) (0.92 ) (2.52 ) (2.62 ) Non-GAAP EPS on Adjusted Fully Distributed Net Income $ 0.67 $ 0.52 $ 1.61 $ 1.39
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006043/en/
Premier Inc.
Investor relations contact:
Jim Storey, 704-816-5958
Vice President, Investor Relations
[email protected]
or
Media contact:
Amanda Forster, 202-879-8004
Vice President, Public Relations
[email protected]
Source: Premier Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-premier-inc-reports-fiscal-2018-third-quarter-results.html |
By Rachel King 4:06 PM EDT
Weddings are known to be money pits. But when the world is watching, no expense will be spared.
Estimates for just how much this Saturday’s royal wedding of Prince Harry and Meghan Markle will cost are all over the map, ranging from an optimistic budget of just $1.4 million upward to as much as $46 million . ( Editor’s note: All costs will be converted and presented in U.S. dollars for the purpose of this article. )
There’s no way to know for sure—and like all weddings, last minute costs always seem to creep out of nowhere—but that’s not stopping event planners, royal watchers, and U.K. taxpayers from trying to figure it out.
Additionally, since the engagement between the American actress and Britain’s ginger-spiced prince was announced last November , there has been an active debate as to who should be footing the bill. British taxpayers support the Royal Family through the sovereign grant, a percentage of The Crown Estate’s profit that is issued by the treasury. This year’s grant is expected to be worth $105 million, breaking down to less than $1 per year per taxpayer, according to The Boston Globe .
This week, the BBC reported about a petition circulating, demanding that the government refrain from spending public funds on the Royal Wedding, including security costs. The petition has already garnered more than 32,000 signatures.
But both Prince Harry and Meghan Markle come to the union with healthy bank accounts of their own. Before we get to the Royal Wedding budget, here’s how the (hopefully) happy couple’s finances look at the moment.
Markle, who rose to fame on USA Network’s legal drama Suits and also had a loyal following to her online lifestyle site The Tig before it was shutdown ahead of her engagement, reportedly has a net worth of at least $5 million .
Prince Harry’s net worth is a little more difficult to pin down to an exact figure, but with an estimate range between $25 million and $30 million, he’s doing just fine for himself. Now sixth-in-line to the throne after Prince Louis ‘s birth in April, Prince Harry does have some expenses covered by the Duchy of Cornwall, the estate bestowed upon and managed by his father, Prince Charles. And like his older brother Prince William, Prince Harry also received millions in a trust from his mother’s (Princess Diana) will when he turned 30. (Not to mention Prince Harry also held a stable job for 10 years with the Royal Air Force, which reportedly paid $50,000 per year .)
That all said, while even Buckingham Palace garden parties are planned down to the last napkin folded, let’s take a look at some of the guesstimates about some of the most important expenses this weekend. The ring contains diamonds owned by Harry's mother, Princess Diana. Eddie Mulholland — Reuters The Dress
Gamblers can place bets on seemingly anything from who will perform at the reception (Elton John? The Spice Girls?) to which color hat Queen Elizabeth II might wear. But no territory is a hotter betting ground than predicting the designer of Meghan Markle’s wedding dress.
Safer bets would be placed on British designers —namely Stella McCartney, Burberry, and Erdem, among others. The Daily Mail recently called it for Ralph & Russo, reporting that the London-based couture house would be designing Markle’s dress, priced at roughly $135,000, to be paid for out of Prince Harry’s accounts.
By comparison, estimates put Kate Middleton’s wedding dress by Sarah Burton for Alexander McQueen at more than $400,000 , so maybe Markle’s dress will be considered a bargain. The Ceremony and Reception(s)
Windsor Castle, the longest-occupied castle in Europe and widely reported to be the Queen’s favorite residence, has been chosen as the primary venue for the festivities on May 19. The ceremony will be at St. George’s Chapel. There is no fee for hosting the ceremony, but apparently we can all look forward to seeing some sort of “glass marquee,” which would have a final cost of $400,000 , according to CNBC.
The town of Windsor, just over 25 miles from London, has been busy for months with local renovations in preparation for hosting the world’s media and thousands of tourists descending upon the village with hopes of getting a spot along the parade route. NBC’s Today show, in particular, has been dedicating countless segments ( and even part of a primetime special ) to how local businesses and infrastructure are shaping up with new coats of paint and freshly paved roads. CNN Money reported that infrastructure improvements and local cleanups to ensure everything looks spotless could cost as much as $3.5 million, but that’s coming out of the purse of the municipal government in the Royal Borough of Windsor and Maidenhead.
Even the castle has been outfitted in scaffolding as it undergoes renovations said to cost nearly $32 million. The Royal Mews, the entrance exclusive to the Royal Family, is being prepped for the big day, but the castle’s renovations aren’t expected to be totally completed until the end of the year.
Queen Elizabeth is expected to pick up the tab for the afternoon reception, hosting 600 guests. That includes costs for all of the flowers , the music, the champagne, and lots and lots of canapés.
And don’t forget the cake. One of the first wedding details revealed by Kensington Palace in March, Meghan and Harry chose American-born baker and Chez Panisse alum Claire Ptak of East London’s Violet Bakery, who will prepare a “lemon elderflower cake that will incorporate the bright flavours of spring.” The cost wasn’t revealed, but Violet Bakery’s website lists wedding cakes for as much as $1,060 to serve 150 guests. With 600 guests in attendance (and likely some extra slices needed for saving in the freezer as well as auctioning off), the cake could cost well more than $7,000 alone. (Let’s be generous with this estimate as it is a Royal Wedding , after all.) For their wedding cake Prince Harry and Ms. Meghan Markle have chosen pastry chef Claire Ptak, owner of the London-based bakery @violetcakes . pic.twitter.com/Rx36WBt7kC
— Kensington Palace (@KensingtonRoyal) March 20, 2018
Tennis star Serena Williams—Markle’s friend, a possible wedding guest, and the Greatest of All Time —recently revealed her own bit of wedding advice to Markle in an interview with ABC’s Robin Roberts: Enjoy the moment, and eat your cake.
A more intimate reception—for just 200 guests!—will be hosted by Prince Charles later in the evening, paid out of his bank account, again, covered by the Duchy of Cornwall. Meghan and Harry’s wedding planners might have padded the budget here as the meal is expected to be less formal, standing, and served in passed bowls rather than a full sit-down affair. (It would have made for a dreamy blog post with Pinterest-worthy photos on The Tig, but we can only dream.) CNBC puts the total costs for food and beverages, at least, at $680,000, citing at least one royal source that Prince Harry really likes whiskey. Security
Much to the dismay of the aforementioned taxpayers who are probably not royalists, this is where the British public foots the bill AND it’s the true big-ticket item on the registry. The Independent pegs the total security costs at as much as $41 million. That’s considerably less than what it cost for security at Prince William’s wedding to Kate Middleton in 2011. Reports vary there with some citing costs at $13.6 million up to $27 million .
A big difference between the two royal weddings is that William and Kate’s held theirs in central London, and all accounts suggest securing and locking down Windsor—especially amid heightened counter-terrorism activity in 2018—is a much more costly affair.
Sure, the dress is what everyone is speculating about now. But if you want that to be the top trending topic after the big day, too, then security is really the most crucial cost. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/17/royal-wedding-dress-cost-meghan-markle-prince-harry/ |
May 29, 2018 / 10:10 AM / a few seconds ago Scotiabank second-quarter earnings beat market expectations Reuters Staff 1 Min Read
TORONTO, May 29 (Reuters) - Bank of Nova Scotia posted second quarter results that were ahead of market expectations, helped by strong performances from its domestic and international operations.
Canada’s third-biggest lender said on Tuesday earnings per share for the quarter to March 31 totaled C$1.70, compared with C$1.62 a year earlier. Analysts had on average forecast earnings of C$1.67, according to Thomson Reuters I/B/E/S data. (Reporting by Matt Scuffham; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/scotiabank-results/scotiabank-second-quarter-earnings-beat-market-expectations-idUSL5N1T02UF |
Bill Ackman announces major changes at Pershing Square 1 Hour Ago CNBC's Leslie Picker reports on the latest information from the Pershing Square conference call with Bill Ackman. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/bill-ackman-announces-major-changes-at-pershing-square.html |
Andy Serkis and Benedict Cumberbatch talk 'Mowgli' 5:34am IST - 01:54
Benedict Cumberbatch and actor-director Andy Serkis discuss the long-awaited adaptation of The Jungle Book, 'Mowgli. Rough Cut.
Benedict Cumberbatch and actor-director Andy Serkis discuss the long-awaited adaptation of The Jungle Book, 'Mowgli. Rough Cut. //reut.rs/2GKRvlF | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/andy-serkis-and-benedict-cumberbatch-tal?videoId=429712406 |
CLARK, N.J., May 3, 2018 /PRNewswire/ -- The PromptCare Companies ("PromptCare" or the "Company"), a leading regional provider of respiratory and infusion services, announced today it has acquired Hometown Oxygen ("Hometown"), a provider of respiratory services throughout North and South Carolina. The acquisition will expand PromptCare's service offering to the Southeastern United States. Terms of the transaction were not disclosed.
Headquartered in Charlotte, NC, Hometown provides respiratory solutions primarily focused on pediatric patients with invasive vents. It serves nearly 1,100 patients from eight locations throughout North and South Carolina. Hometown CEO Scott Dinning is staying on as an executive.
"Bringing the Hometown team on board will allow us to expand our footprint to the Southeast, an integral part of our strategy," said PromptCare CEO Tom Voorhees. "Scott and the Hometown team share our strong commitment to providing exemplary patient care to those we care for and we are excited to partner with them as we continue building our platform."
"It is an honor and our mission to serve the most fragile among us," said Mr. Dinning. "Hometown Oxygen's core focus has been serving the Pediatric Ventilator population in North and South Carolina. Joining the PromptCare family of companies gives us the platform and the resources to continue to expand these services while continuing to provide hometown homecare in the communities we serve. Tom and the PromptCare team have an excellent reputation within the industry and I am very happy to have our team join PromptCare's team as we continue our expansion in the Southeastern United States."
About Hometown Oxygen
Hometown Oxygen provides respiratory solutions, primarily focused on pediatric ventilation patients requiring life and nutritional support services in the home. Hometown is headquartered in Charlotte, NC and operates eight locations throughout North and South Carolina. For more information, please visit www.hometownoxygen.com .
About PromptCare
The PromptCare Companies, Inc. ( www.promptcare.net ) is a leading regional provider of specialty respiratory and infusion services. Established in 1985 and headquartered in Clark, NJ, PromptCare serves pediatric and adult patients across the Mid-Atlantic and Northeastern United States. The Company combines high-tech equipment and infusion drug therapies with a tailored, -high-touch service approach to deliver superior patient care, and is a preferred partner of hospitals, physicians, and payors in managing complex medical conditions such as ALS, chronic lung conditions, and a number of nutritional and autoimmune deficiencies. PromptCare currently serves more than 2000 pediatric and adult ventilation patients and more than 1,400 infusion patients from 23 locations in 12 states.
Contact:
Jennifer Hurson
Blicksilver Public Relations, Inc.
845-507-0571
[email protected]
View original content: http://www.prnewswire.com/news-releases/promptcare-acquires-hometown-oxygen-expanding-its-respiratory-services-to-the-southeast-300641737.html
SOURCE PromptCare Companies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-promptcare-acquires-hometown-oxygen-expanding-its-respiratory-services-to-the-southeast.html |
TOKYO (Reuters) - Uber Technologies plans to launch its first taxi-hailing pilot service in Japan that will connect passengers to other taxi providers, as it seeks to expand in the country where the U.S. firm has been blocked from setting up its own fleet of drivers.
FILE PHOTO: Uber's logo is pictured at its office in Tokyo, Japan, November 27, 2017. REUTERS/Kim Kyung-Hoon/File Photo In the coming months, Uber plans to provide its ride-hailing app to residents and visitors to Awaji, an island with a population of around 150,000 located near Osaka, to request taxis operated by more than 20 local taxi companies.
The pilot will run through March 2019.
“Currently we are concentrating on partnerships with taxi companies in the country,” Uber Japan spokeswoman Kay Hattori said on Tuesday. “We would like to expand this nationwide.”
Uber has been unable to bring its full ride-hailing services to Japan as local regulations outlaw non-professional drivers from transporting paying customers, but it already operates its UberEats takeaway delivery service in four Japanese cities, including Tokyo and Osaka.
Its mobile app can be used in Tokyo to connect users with car services, while Uber is also conducting two ride-hailing pilot services for elderly people in rural towns in Japan as the country’s ageing population makes it an attractive prospect for ride-hailing companies.
Earlier this year, Uber CEO Dara Khosrowshahi told investors that Uber must change the way it does business in Japan, adding that it would focus on partnerships with taxi companies.
Amid the global rise of ride-hailing services and other next-generation taxi services, a growing number of companies are jockeying for a share of Japan’s $16 billion taxi industry.
China’s Didi Chuxing and SoftBank Group Corp have announced they will roll out a venture in Japan to provide ride-hailing services. Toyota and Sony Corp have separately partnered with local taxi firms to develop services that use artificial intelligence to predict usage and demand.
($1 = 111.0000 yen)
Reporting by Naomi Tajitsu; Editing by Himani Sarkar
Advertise with Us | ashraq/financial-news-articles | https://in.reuters.com/article/uber-japan/uber-pulls-up-in-japan-with-taxi-hailing-service-idINKCN1IN15D |
Smart devices have risks but much bigger benefits, says tech expert 35 Mins Ago Lance Ulanoff, tech and social media expert, discusses the service outage for Nest smart home devices and how vulnerable consumers are with the proliferation and popularity of these devices. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/smart-devices-have-risks-but-much-bigger-benefits-says-tech-expert.html |
By Natasha Bach 6:26 AM EDT
Robert Mueller, the special counsel responsible for investigating Russian election interference, is still seeking to interview President Trump directly.
As part of his ongoing efforts to convince Trump’s legal team to permit the interview, Mueller recently provided them with a list of questions he would ask the president. What’s on the list
That list, numbering 48 questions, was obtained and printed by The New York Times . The questions cover a wide range of subjects, within four broad categories: Questions related to Michael Flynn, the former national security advisor; Questions related to James Comey, the former FBI director; Questions related to Jeff Sessions, the attorney general; and Questions related to campaign coordination with Russia.
The questions are largely open-ended, in what the Times calls an “attempt to penetrate the president’s thinking.” Many of the questions relate to possible obstruction of justice and include questions about attempts to fire Mueller , possible pardon offers for Flynn, and more broadly, Trump’s perspective on the role of law enforcement officials. A surprising question
While many of the questions relate to issues that Mueller is publicly known to be investigating , at least one of the published questions points to a new area of inquiry. Mueller reportedly wants to ask Trump, “What knowledge did you have of any outreach by your campaign, including by Paul Manafort, to Russia about potential assistance to the campaign?”
Mueller has brought several charges against Trump’s former campaign manager, but none of them relate to Russian election interference thus far and there have been no reports to date about Manafort reaching out to Russia. The question, therefore, might suggest that there “are still collusion threads that are not yet public,” according to Benjamin Wittes, a senior fellow at the Brookings Institution. This is very interesting–strong evidence that there are still collusion threads that are not yet public. pic.twitter.com/DWCXEfNeWd
— Benjamin Wittes (@benjaminwittes) May 1, 2018 Rudy Giuliani is involved
Rudy Giuliani, who joined Trump’s legal team just over a week ago, reportedly met with Mueller last week to determine whether he and his team would be “truly objective” in a potential interview. It is unclear whether he will allow the interview to go ahead, or what Mueller hopes to achieve by questioning the president directly. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/01/special-counsel-mueller-questions-for-trump-investigation/ |
May 24 (Reuters) - American International Group Inc:
* AIG NAMES LISA SUN AS CHIEF EXECUTIVE OFFICER OF AIG INSURANCE COMPANY CHINA, LTD.
* AIG - SUN IS REPLACING ERIC ZHENG WHO IS LEAVING AIG TO PURSUE OTHER OPPORTUNITIES
* AIG - SUN JOINS AIG FROM MERCER, WHERE MOST RECENTLY SHE WAS CEO OF MERCER’S HONG KONG & SOUTH AND EAST ASIA ZONE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aig-names-lisa-sun-as-ceo-of-aig-i/brief-aig-names-lisa-sun-as-ceo-of-aig-insurance-company-china-ltd-idUSASC0A3K2 |
LAS VEGAS, May 30, 2018 (GLOBE NEWSWIRE) -- Player’s Network, Inc. (OTCQB:PNTV), a cannabis holding company, announced on May 10, 2018 that it had entered into a binding Letter Of Intent to acquire the assets of a 56,000 sq. ft., fully operational greenhouse complex in Salinas Valley, California licensed for cannabis cultivation. The transaction has now closed and will immediately begin generating significant revenue for PNTV.
PNTV paid an initial installment of $1,000,000 in cash to LCG Business Enterprises for the acquired assets, against the full purchase price of $5,000,000. Four additional cash installments are scheduled over the next several months.
Mark Bradley stated, “It’s official! PNTV is now operating cannabis business in two states: California, the world’s largest cannabis market, and Nevada, which is quickly becoming the world’s leading Adult Use cannabis destination. PNTV now has cultivation facilities capable of generating significant revenues in two states, providing a great reward for our loyal shareholders, as we execute our plans to expand operations in both states internally and through additional acquisitions.”
Mike Gregory, General Manager and Member of LCG Business Enterprises, who has been retained under a management agreement to continue overseeing operations along with his Master Grower and cultivation team, states, “I am thrilled to work with Mark and his team to help them become one of the most successful operators in California by executing our plan to optimize the facility with additional lighting, supplementing the greenhouse’s natural sunlight during winter months, resulting in an increased yield, and generating higher profits than ever before.”
Visit www.PlayersNetwork.com/IR to Activate Your Shareholder Account now.
About Player’s Network (PNTV)
Player’s Network, Inc. (symbol: PNTV) is a cannabis holding company. PNTV focuses on two main business segments: seed-to-sale operations and cannabis lifestyle. All seed-to-sale operations are held by PNTV’s subsidiary, Green Leaf Farms Holdings, and our cannabis entertainment and lifestyle ventures such as WeedTV are held by MJ Media Corp. Follow PNTV on Twitter at @PlayersNetwork and follow us on Facebook www.fb.com/PlayersNetwork .
For more information please visit www.PlayersNetwork.com
Activate your Shareholder Account here: https://playersnetwork.com/shareholders
Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company's need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company's products, and other risks that are detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Players Network, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov . The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Player’s Network Contacts:
Investor Inquiries:
Brett H. Pojunis, Director
Email: [email protected]
Office: 702.840.3272
Investor Inquiries:
David Klepinger, Strategic Relationships Manager
Email: [email protected]
Office: 702.840.3283
Source:Players Network | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-players-network-closes-acquisition-that-will-immediately-deliver-significant-revenue-estimated-at-11000000-annually.html |
KUALA LUMPUR (Reuters) - A Malaysian government advisory panel set up by new Prime Minister Mahathir Mohamad announced on Thursday that it will set up a committee to look into matters related to the controversial state fund 1Malaysia Development Berhad (1MDB).
The panel, the Council of Eminent Persons, said it “recognizes the importance” of having a committee focus specifically on the multi-billion dollar scandal tied to 1MDB, founded by former Prime Minister Najib Razak.
“Until and unless the issue of 1MDB is resolved, there will be questions that undermine public confidence in the government and its institutions,” the council said in a statement.
The 1MDB committee will be made up of five members, led by former attorney-general Abu Talib Othman.
Reporting by Joseph Sipalan; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-1mdb/malaysia-advisory-board-to-set-up-committee-to-focus-on-1mdb-scandal-idUSKCN1II1DX |
May 3, 2018 / 8:56 AM / Updated 15 minutes ago Commodities help Britain's FTSE outperform while Smith & Nephew tumbles Reuters Staff
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* FTSE 100 flat while European stocks fall
* Smith & Nephew falls 6.2 pct after results
* Glencore boosted by stronger outlook
* Weaker services PMI dents sterling, boosts FTSE
By Helen Reid
LONDON, May 3 (Reuters) - A strong outlook from miner Glencore and gains in oil stocks provided the bedrock for British shares to outperform stock markets on the continent on Thursday.
Mining and energy stocks helped the FTSE stay flat while euro zone stocks declined 0.2 percent. A survey showing Britain’s services sector struggled to recover in April dented sterling, boosting the index to a session high.
Oil majors BP and Royal Dutch Shell delivered the biggest boost to the index, while miners Glencore, Antofagasta and Evraz also rose strongly.
Glencore shares rose 2 percent, nabbing the top spot on the FTSE, after the commodities trader and miner said it expected 2018 earnings from its trading division to be at the top end of its previously forecast range.
Miners in general were supported by stronger metals prices as trade talks between the U.S. and China began.
Results dominated trading with sharp falls for some stocks, but investors remained positive on the overall picture for the UK earnings season.
Shares in Smith & Nephew were on track for their worst day in nine years, down 6.4 percent after Europe’s biggest artificial hip and knee maker downgraded its revenue and profit forecasts following a weak first quarter.
Britain’s leading stock index has enjoyed a rapid revival in recent weeks. It is up a hefty 9.5 percent since it hit a 15-month low as recently as March 26.
“I would not be surprised if we continue to see very strong UK equities numbers and a really quite material rerating,” said Guy Monson, chief investment officer at Sarasin & Partners, adding that if this final stage of Brexit talks results in a settlement there could be a flight back into UK equities.
“We have been tactically adding on dark days,” he added, saying he was keeping a UK focus “for a real backing of the underdog.”
Heavyweight stocks G4S, LSE, Kingfisher and Mondi going ex-dividend shaved 4.7 points off the FTSE 100.
The FTSE 250 edged down 0.1 percent, weighed by industrials stocks after IMI results sent its shares down 3.4 percent.
Property and casualty insurer Lancashire led the index, up 4 percent after reporting a jump in profits, and saying oil prices would boost energy insurance demand this year and next.
Go Ahead Group tumbled 7.7 percent after Deutsche Bank downgraded the stock to ‘hold’ from ‘buy’, saying that in the absence of future rail franchise wins it is no longer clear the shares are significantly undervalued.
Inbound M&A interest in British assets continued apace with French property group Fonciere des Regions buying 14 upmarket hotels in Britain from Starwood Capital for 858 million pounds ($1.2 billion).
The deal would also see InterContinental Hotels Group sign long-term leases for 13 of those 14 hotels and subsequently rebranding and running them.
“We have seen absolutely record levels of M&A,” said Sarasin’s Monson.
“The deal market began the year dotted with a few intra-UK announcements, but has since seen a flurry of large inbound acquisition attempts,” said Liberum strategists.
“These stocks have offered growing revenue and international exposure at a depressed valuation.” Reporting by Helen Reid Editing by Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/commodities-help-britains-ftse-outperform-while-smith-nephew-tumbles-idUSL8N1SA32Z |
Wednesday, May 2 - Contact info for Reuters Entertainment & Lifestyle editors Jill Serjeant in New York +1 646 223 5968 ENTERTAINMENT Facebook to play cupid in online dating debut SAN JOSE - Facebook Inc is entering the dating game, Chief Executive Mark Zuckerberg said on Tuesday, planning a dating service to matchmake millions of people on the world's largest online social network and nudge them into spending more time there. (FACEBOOK-F8CONFERENCE/ (UPDATE 5), by David Ingram, moved, 812 words) 'Golden State Killer' book to be made into HBO documentary series LOS ANGELES - A best-selling true-crime book that explores a series of California rapes and murders attributed to the "Golden State Killer" will be made into a television documentary series, HBO said on Tuesday, a week after a former police officer was charged with crimes related to the decades-old spree. (TELEVISION-GOLDENSTATEKILLER/ (PIX), moved, 189 words) LIFESTYLE UK's Prince Harry and Meghan choose their royal wedding carriage LONDON - Britain's Prince Harry and his bride-to-be Meghan Markle said on Wednesday they were looking forward to the procession through Windsor following their wedding this month, after choosing an open-top royal carriage for the journey. (BRITAIN-ROYALS/WEDDING CARRIAGE (PIX, TV), moved, 233 words) Kanye West sounds off on slavery, his opioid addiction and Trump LOS ANGELES - Rapper Kanye West on Tuesday described slavery as a choice, praised Donald Trump for doing "the impossible" by becoming U.S. president, and attributed his 2016 mental breakdown to opioid addiction. (PEOPLE-KANYE WEST/ (UPDATE 1, PIX), moved, 404 words) Ecstasy therapy may help service veterans suffering PTSD Combining intensive psychotherapy with a pure form of the party drug ecstasy is safe and could aid recovery in people with post-traumatic stress disorder (PTSD), according to the findings of a study in military veterans. (HEALTH-MDMA/ (moved), by Kate Kelland, 386 words) | ashraq/financial-news-articles | https://www.reuters.com/article/lifestyle-entertainment-news-schedule-un/reuters-lifestyle-entertainment-may-2-1500-gmt-1100-et-idUSL3N1S94HM |
SANTA ROSA, Calif.--(BUSINESS WIRE)-- Exchange Bank (OTC: EXSR) declared a quarterly cash dividend of $0.95 per share on common stock outstanding to shareholders of record at the close of business on June 1, 2018. The dividend is payable June 15th, 2018. The cash dividend is unchanged over the prior quarter’s dividend at $.95 per share. The dividend has increased from $.85 per share during the similar quarter ending June 30, 2017, an increase of approximately 12%.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522005512/en/
Exchange Bank main office in downtown Santa Rosa (545 Fourth Street) (Photo: Business Wire)
50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
Forward looking information
This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.6 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.
Exchange Bank is a 12-time winner of the North Bay Business Journal’s Best Places to Work survey, a recipient of the 2018 North Bay Community Philanthropy Award and the 2017 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2018 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian’s “Best of 2018” Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the North Bay Business Journal’s listing of leading SBA 7(a) Lenders, Wealth Management Advisors and Wine Industry Lenders. www.exchangebank.com .
Member FDIC — Equal Housing Lender — Equal Opportunity Employer
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005512/en/
Exchange Bank
Greg Jahn, 707 524-3218
EVP, Chief Financial Officer
Source: Exchange Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-exchange-bank-declares-increase-to-quarterly-cash-dividend.html |
May 15 (Reuters) - Heidrick & Struggles International Inc :
* HEIDRICK & STRUGGLES INTERNATIONAL - ISS RECOMMENDED STOCKHOLDERS VOTE IN FAVOR OF ITEM SEEKING APPROVAL OF GSP, CHANGING ITS MAY 8 RECOMMENDATION Source text: ( bit.ly/2wKeA8n ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-heidrick-struggles-international-s/brief-heidrick-struggles-international-says-iss-recommended-stockholders-vote-in-favor-of-item-seeking-approval-of-gsp-idUSFWN1SM186 |
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