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BRASILIA, May 23 (Reuters) - Five grain trading houses, including Cargill Inc and Bunge Ltd, and dozens of farmers were fined a total of 105.7 million reais ($29 million) for activities connected to illegal deforestation, Brazilian authorities announced on Wednesday.
The five trading firms were fined 24.6 million reais and the government claims they bought nearly 3,000 tonnes of grain produced in areas off limits to farming under environmental rules, according to a statement from environmental watchdog Ibama. They include ABC Industria e Comercio SA, JJ Samar Agronegocios Eireli, and Uniggel Protecao de Plantas Ltda in addition to Cargill and Bunge.
Cargill and Bunge did not immediately respond to requests for comment, while the other traders could not be reached.
The fines are part of “Operation Soy Sauce” carried out since April by Ibama and federal prosecutors in the Matopiba region - comprising Maranhao, Tocantins, Piaui and Bahia states - in Brazil’s Cerrado savannah.
The Cerrado is one of the fastest growing soy regions thanks to cheap and abundant virgin land subject to far weaker deforestation rules than those applied to the Amazon rainforest.
“Illegal Cerrado deforestation is advancing much faster in Matopiba than in other regions of the biome. This requires stepping up control strategies to deter every illegal link in the supply chain,” said Renê Luiz de Oliveira, the head of environmental enforcement at Ibama, in the statement.
The operation focused on areas that had already been illegally deforested and had been embargoed by Ibama to allow native vegetation to regrow.
Dozens of farmers were fined for producing grains in these areas, suppressing the regrowth of the native vegetation or otherwise seeking to commercialize products originating in the embargoed areas.
Trading firms had purchased grains under advanced purchase agreements that in some cases financed the illegal farming to be carried out, Ibama said.
The statement said that public prosecutors plan to take legal action beyond the fines to ensure the offenders repair all environmental damage. ($1 = 3.6475 reais) (Reporting by Jake Spring; Editing by Lisa Shumaker)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-deforestation-bunge-carg/brazil-fines-5-grain-trading-firms-farmers-connected-to-deforestation-idUSL3N1ST5T7 |
May 24, 2018 / 2:20 PM / Updated 31 minutes ago Early birds Panama look to put on a dignified performance Reuters Staff 3 Min Read
PANAMA CITY (Reuters) - Panama coach Hernan Dario Gomez believes his side have qualified for their first World Cup earlier than they should have done and is limiting his ambitions to putting on a dignified display. Soccer Football - 2018 World Cup - Panama Training - Panama City, Panama - May 15, 2018. Panama's coach Hernan Dario Gomez and players attend a training session. Picture taken May 15, 2018. REUTERS/Carlos Lemos
Unlike in most Latin American countries, football does not have a strong tradition in Panama and it lagged behind boxing, baseball and basketball in popularity until a few years ago.
Panama did not even enter the World Cup until the qualifiers for the 1978 tournament but that has changed and in the last decade they have become a force in the CONCACAF region.
Since 2005, they have twice reached the final of the CONCACAF Gold Cup and the semi-finals on another two occasions, including a stormy defeat to Mexico in 2015.
Even so, Gomez said recently that he had not expected his team to qualify for a World Cup so early and admitted that Panama were the team that “the other 31 countries wanted to get in the draw”.
“It’s a young football country and we qualified before our time,” he said. “Panama doesn’t have a (Lionel) Messi, we don’t have a Neymar, we don’t have a Cristiano Ronaldo.”
But, with the United States in disarray and a favourable combination of results elsewhere, Panama finished third in the final stage of the CONCACAF qualifiers, despite winning only three out of 10 games and scoring a modest nine goals. Related Coverage Panama World Cup factbox
A 2-1 win over Costa Rica in their final game — helped by an equaliser where the ball clearly did not cross the line — meant they finished above Honduras on goal difference and one point ahead of the U.S. who lost 2-1 to Trinidad & Tobago.
Suddenly, they were at the World Cup but are now wondering whether they have bitten off more than they can chew.
Panama, who will face Belgium, England and Tunisia in Group G, are certainly not short on experience and six members of the squad which took part in the March tour to Europe have more than 100 caps.
If anything, they are somewhat long in the tooth with a surprising number of key players, such as goalkeeper Jaime Penedo, defenders Felipe Baloy and Roman Torres, midfielders Gabriel Gomez and Alberto Quintero and forwards Blas Perez and Luis Tejada all into their 30s.
A lack of practice against teams from outside the CONCACAF region is another concern and a 6-0 friendly thumping in Switzerland — in which Gomez said his team were “stripped naked” — has left the coach with a certain amount of trepidation.
“We have made a dream come true by reaching the World Cup but we still have to do well when we get there,” he said.
“It’s a big task and we have to work out to put on a dignified display which the Panamanians can enjoy.” Writing by Brian Homewood in Bern, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-pan-prospects/early-birds-panama-look-to-put-on-a-dignified-performance-idUKKCN1IP29C |
BEIJING—Chinese exports rebounded in April, as companies rushed to make shipments ahead of expected tariffs brought on by trade tensions with the U.S.
Exports jumped 12.9% last month from a year earlier, after falling 2.7% in March, the General Administration of Customs said Tuesday. Imports surged 21.5% from a year earlier, compared with a 14.4% increase in March. Both exports and imports beat economists’ expectations.
“However... RELATED VIDEO The Tech Arms Race Driving the U.S.-China Trade Dispute “Made in China 2025” is Beijing’s industrial plan to dominate high-tech industries including robotics, aerospace and computer chips. The Trump administration argues China is using the plan to give its tech companies unfair advantage over foreign rivals. But what is it exactly? | ashraq/financial-news-articles | https://www.wsj.com/articles/china-u-s-trade-gap-widens-as-firms-run-to-beat-looming-trump-tariffs-1525774016 |
LIBERTYVILLE, Ill., May 30, 2018 /PRNewswire/ -- MBX Systems, a manufacturer of custom server hardware for software developers and cloud service providers, today announced the promotion of Chris Tucker to company president. Tucker takes this position after 10 years with MBX, including several years of serving on the executive team. He succeeds Jill Bellak, who remains a special advisor to the management team following a 19-year career with the organization.
The transition comes as MBX continues to grow its vertical markets, introduce new software tools, and expand unique engineering, fulfillment and support services that simplify customer management of their hardware programs. Recent expansions to the company's portfolio include multi-rack deployments as well as the launch of MBX Hatch TM , a software toolset that brings the entire process of managing a hardware program into a single user interface, providing advanced support for high variability needs and other tools not available from other suppliers.
"MBX is transforming the role of a manufacturing partner. Our vision is to deliver a unique platform of services and software to advanced technology companies deploying hardware-based solutions," Tucker said. "With an experienced executive team alongside me as well as our customer-centric corporate culture, we will continue to adapt to new market trends, solve increasingly complex problems for our customers, and ultimately provide more customer value than anyone else in our space."
Tucker joined MBX in 2007, moving into the Director of Business Development role in 2011 and the VP of Customer Engagement position in 2015. In that position he oversaw business development, account management and marketing to ensure that all customer touchpoints align to optimize the customer experience. Before joining MBX, he worked in sales management roles for several Chicago-area companies.
"Chris has been a critical member of both our customer-facing and executive management teams, and in both capacities has been instrumental in driving our business growth over the last decade," said MBX CEO Tom Crowley. "This new role reflects our confidence in his ability to help move the company into new markets, differentiate our services, and continue more than 20 years of growth and profitability."
About MBX Systems
MBX Systems provides hardware manufacturing programs backed by a platform of software, services and experts for software developers that deliver complex products on turnkey hardware. MBX customizes each hardware program for the customer's unique requirements and provides an interactive software management toolset called MBX Hatch with advanced features such as configurable products and engineering change management that enable better product decisions as well as clear traceability and accountability. Systems are manufactured in ISO 9001:2015 certified facilities using the award-winning Forge TM infrastructure developed by MBX to automate customers' high variability manufacturing requirements for faster time to market and industry-leading quality. For more information, visit www.mbx.com .
View original content: http://www.prnewswire.com/news-releases/mbx-systems-promotes-chris-tucker-to-president-300656264.html
SOURCE MBX Systems | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-mbx-systems-promotes-chris-tucker-to-president.html |
Cambridge Analytica, the political-consulting firm at the center of a data-collection and privacy scandal, said it’s shutting down all operations and has begun insolvency proceedings in the U.K.
The data and advertising firm is also filing for bankruptcy in the U.S., according to a statement on Cambridge Analytica’s website. The company, which did work for U.S. President Donald Trump’s 2016 campaign, said it lost “virtually all” customers and suppliers as a result of reports that it improperly obtained information from tens of millions of Facebook Inc. users. Cambridge Analytica has denied any wrongdoing.
“Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the company’s efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas,” the company said in the statement. “It has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration.”
The company said that despite its “precarious financial condition,” it plans to meet all its obligations to employees. | ashraq/financial-news-articles | http://fortune.com/2018/05/02/cambridge-analytica-shutting-down/ |
The 'Plan B' from the US on Iran is more economic pressure: Expert 13 Hours Ago Behnam Ben Taleblu of the Foundation for Defense of Democracies says the U.S. wants Iran to "come to terms" on issues such as its nuclear program and a "broad array of threats." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/the-plan-b-from-the-us-on-iran-is-more-economic-pressure-expert.html |
* CEO says company on track to meet 2018 targets
* Profit helped by investment results, lower taxes
* Follows difficult 2017 marred by natural disasters (Updates with details from the report)
BERLIN, May 15 (Reuters) - The German insurer Allianz said it was on track to meet its 2018 goals as it posted a forecast-beating 6.8 percent rise in first quarter net profit, lifted by higher investment results and lower tax rates.
Net profit of 1.939 billion euros ($2.31 billion) was better than the 1.787 billion euros forecast by analysts in a Reuters poll and above the 1.816 billion euros earned during the same period last year.
Allianz and the insurance industry is bouncing back from a difficult 2017 that was marked by a spate of natural disasters in North America which resulted in record payouts to customers.
“This good performance puts Allianz on track to meet its 2018 yearly targets,” said Oliver Baete, chief executive officer of Allianz.
Baete said last week operating profit would be similar to the 11.1 billion euros the insurer posted in 2017, or possibly 500 million euros more or less than that.
He also said that Allianz was cautious in its outlook given global economic uncertainties and the strong euro.
The combined ratio, a measure of profitability, improved in the first quarter by 0.8 percentage point to 94.8 percent. Allianz also said that lower restructuring costs helped its bottom line in the quarter.
$1 = 0.8393 euros Reporting by Tom Sims Editing by Edward Taylor
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/allianz-results/update-1-allianz-q1-profit-up-6-8-pct-on-investments-lower-taxes-idUSL5N1SM0VE |
4 COMMENTS KUALA LUMPUR, Malaysia—When it finally came, Anwar Ibrahim’s release from detention Wednesday was almost as dramatic as the pivotal democracy leader’s first arrest more than 22 years ago—ordered by the man who is again leading Malaysia, Prime Minister Mahathir Mohamad.
Swarmed by news-camera teams at the hospital where he had been serving a sentence on what he says were trumped-up sodomy charges, Mr. Anwar was hustled into a black SUV by prison guards in camouflage fatigues and red berets for a trip to the national palace to see the country’s king, Sultan Muhammad V. Along the way supporters waved banners and chanted “Long live Anwar!” in Malay and English and “Reformasi!” (Malay for “reform”).
After a brief ceremony with the king and a handshake with Mr. Mahathir, Mr. Anwar left a free man for the first time in three years, telling reporters he would take time to rest and travel before considering his political role.
“I will be informed and I will take an interest,” Mr. Anwar said, looking trim and with a tidy goatee. “But I don’t have to serve in the cabinet for now.”
His return will likely revive a decades-old rivalry with Mr. Mahathir, political insiders say—this time, to direct the ragtag coalition they formed to defeat former Prime Minister Najib Razak and the United Malays National Organization , which had led the country since independence in 1957.
One complication is that the 92-year-old Mr. Mahathir has already pledged to hand power to Mr. Anwar in a year or two , making him something of a lame duck. The two men are also at odds on economic policy, Mr. Anwar more a free-market advocate and Mr. Mahathir a champion of economic nationalism during his first stint in office, from 1981 until his retirement in 2003.
Many in Mr. Anwar’s camp remain wary of Mr. Mahathir’s autocratic tendencies, although he has said he would try to rein himself in.
“There is still a lot that can go wrong,” said one person familiar with the situation.
The newly released Mr. Anwar and Prime Minister Mahathir Mohamad at the national palace on Wednesday. Photo: krish balakrishnan/Agence France-Presse/Getty Images The two men have a long and complex history.
Two decades ago, helicopter searchlights swept the streets outside Mr. Anwar’s Kuala Lumpur home as police moved in to arrest him, and his wife pleaded to Mr. Mahathir for mercy. The prime minister had just fired Mr. Anwar as his deputy after a protracted dispute over how to steer the economy through the 1990s Asian financial crisis.
Knowing he was facing arrest on sodomy charges, Mr. Anwar took to the streets, organizing mass protests against Mr. Mahathir and the ruling coalition. Unusually for Malaysia, all the country’s ethnic groups joined in—the majority Malays as well as thousands of ethnic Chinese and Indian Malaysians, bound together by the rallying cry “Reformasi!”
Mr. Anwar spent six years in prison before his conviction was overturned.
But the drama kicked off a political-reform movement that led to Mr. Mahathir’s turning against Malaysia’s establishment. He accused Mr. Najib of stealing hundreds of millions of dollars from a state investment fund —and rode the reform wave back to power in last week’s elections.
In an interview before his release, Mr. Anwar said he accepted Mr. Mahathir’s offer to hand over power and had agreed to put their conflicts behind him.
“It has been difficult,” he said, especially for his wife, his children and grandchildren. “We have suffered a lot…But we have enough common ground to move forward together.”
Speaking to reporters Wednesday, Mr. Mahathir said the new ruling coalition would hold a meeting Thursday on Mr. Anwar’s immediate political role.
Related Coverage Malaysia’s Mahathir Expects to Stay in Power for a Year or Two (May 15) Malaysia’s Mahathir Leads Opposition to Breathtaking Election Win (May 10) “I don’t think they’ve really sorted out those issues,” said one person who knows both men.
Mr. Anwar’s long-term objective is to win a seat in Parliament through a special election before taking on the premiership. But some political analysts say a lengthy delay could suit his interests.
Zachary Abuza, an expert on Southeast Asia and professor at the National War College in Washington, said Mr. Mahathir’s deep connections with the civil service and judiciary could allow him to be “the hatchet man going after Najib and corruption” that Mr. Anwar couldn’t.
Mr. Mahathir’s particular priority is recovering $4.5 billion that the U.S. Justice Department says was siphoned out of state investment fund 1Malaysia Development Bhd., or 1MDB, between 2009 and 2015, including $681 million allegedly received by Mr. Najib, referred to in U.S. lawsuits as “Malaysian Official 1.” Mr. Mahathir said Wednesday he would contact the governments of the U.S., Singapore, Switzerland and Luxembourg.
“This money belongs to Malaysia and comes from 1MDB,” he said, adding that the government would seek to repatriate the assets while honoring 1MDB’s debt obligations.
Mr. Najib and the fund deny any wrongdoing. Malaysia’s new government has banned him and his wife, Rosmah Mansor, from leaving the country. Mr. Mahathir said Wednesday that investigators had already amassed substantial evidence implicating Mr. Najib and many others.
Later, while Mr. Anwar was addressing supporters at a late-night rally, around a dozen police cars pulled up at Mr. Najib’s home in Kuala Lumpur and entered, quickly followed by one of Mr. Najib’s lawyers and his former press secretary. Police Commercial Crimes Department Director Amar Singh said investigators were looking for documents.
According to people familiar with the matter, the government plans first to charge Mr. Najib with misappropriating about $25 million in 2014 and 2015 from a state institution called SRC International Bhd., previously part of 1MDB. All the transactions took place in Malaysia, allowing prosecutors to proceed without placing time-consuming mutual assistance treaty requests with other countries.
Meanwhile, people familiar with the matter say Mr. Anwar will attempt to ensure that the opposition alliance he helped form doesn’t come to be dominated solely by Mr. Mahathir. Members of Mr. Anwar’s People’s Justice Party already have squabbled with Mr. Mahathir over cabinet posts.
Mr. Anwar also intends to put on some weight. “I want to enjoy the food I’ve not been able to eat for a while,” he said.
—Yantoultra Ngui in Putrajaya, Malaysia, and Jake Maxwell Watts in Kuala Lumpur, Malaysia, contributed to this article.
Correction
Anwar Ibrahim served three years in detention before his release Wednesday. An earlier version of this article incorrectly stated he had served nearly five years. (May 16)
Write to James Hookway at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/malaysian-pro-democracy-leader-released-from-detention-1526445921 |
Elon Musk rethinks 'bonehead' call as 'foolish' 7:07pm BST - 01:38
Tesla Chief Executive Officer Elon Musk said it was “foolish” of him to snub Wall Street analysts on a conference call after earnings on Wednesday, an erratic outburst which initially cost the electric car company billions of dollars in lost market wealth.
Tesla Chief Executive Officer Elon Musk said it was “foolish” of him to snub Wall Street analysts on a conference call after earnings on Wednesday, an erratic outburst which initially cost the electric car company billions of dollars in lost market wealth. //reut.rs/2KCryZ0 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/elon-musk-rethinks-bonehead-call-as-fool?videoId=423880772 |
Xin En Lee | @entinomy 3 Hours Ago
Wolfgang Puck has been a celebrity chef for more than two decades and is a mainstay on cooking and television shows like Masterchef and The Ellen DeGeneres Show.
His restaurant Spago in West Hollywood, which he opened in 1982, is considered a pioneer of California-style cooking, and is still a celebrity hotspot more than 30 years on.
Amid all that success, Puck's business empire now brings in about $600 million each year, he told CNBC. That includes his fine dining restaurants, casual restaurants and merchandise like cookware, knives, coffee makers and rice steamers.
The restaurant industry is tough, though, and even celebrity chefs often struggle to convert fame into profit. Passion, the Austria-born chef said, is what's essential for those wanting to venture into the restaurant industry.
"They have to have passion for food, the passion for hospitality. It's not a business where you sit in an office and just look at the computer and numbers. The numbers come after. First, you have to make the customer happy," he told CNBC during a visit to his restaurants in Singapore .
The city-state played host to the first international outpost of Puck's fine dining empire, and the chef said that his Singapore restaurants are the most profitable — as labor costs are lower. Last year marked the restaurants' best year, he said.
Despite his own international outings, he cautioned that expansion is a risky business. The restaurant businesses need to "expand at a certain pace — not too much and not too little," he said.
"You have to make more money than you spend, that's my first thing — I didn't have to go to Harvard or Princeton for that." A restaurant empire, and then Harvard
Now 68 years old, Puck has earned his stripes and could afford to slow down, but the Austria-born chef is pushing forward.
In fact, he is currently enrolled in Harvard Business School's Owner/President Management program — an achievement he is says he's proud of since he began culinary training at 14 and never graduated from high school or college. Kevork Djansezian | Getty Images Master Chef Wolfgang Puck holds a chocolate Oscar during the Governors Ball Press Preview in Hollywood.
"I learned a lot about negotiation, I learned a lot about marketing and how really to explain my vision better to everybody," he said, adding that he is now in the process of reorganizing the multiple companies in his business empire.
He may have opened restaurants around the world, but Puck credits Harvard for teaching him how to negotiate better.
"In the old times, it was my way or the highway. If you don't like it, forget about it," he recalled, saying that attitude was not particularly good for him or the other party. For instance, he pointed out that one of the first things a restaurant owner needs to do is to negotiate a good deal for the lease.
But he said he has since learned that a better negotiation tactic was to think about what the other party wants from the deal. Make your mistakes early
The chef said he has made his fair share of business mistakes.
He opened a restaurant-cum-brewery in 1989 and it seemed successful, hosting celebrities like Sean Connery and Julia Roberts. However, as the beer had been made the traditional way without pasteurizing, hundreds of cases went bad and he had to close down the business after two years.
"I learned from that, not to do anything that I'm not an expert at," he said.
That's why he advises aspiring entrepreneurs, including his son who is a young chef, to learn as much as they can before opening their own businesses.
"Gain as much experience before, make your mistakes so that way you don't have to pay for it, somebody else will pay for it. Once you open your own business, you'll have to pay for it," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/how-celebrity-chef-wolfgang-puck-built-a-food-empire.html |
May 11, 2018 / 7:22 AM / Updated 9 hours ago Chinese censorship of Eurovision prompts LGBT community outcry Christian Shepherd 3 Min Read
BEIJING (Reuters) - A Chinese broadcaster’s censorship of gay-themed content during this week’s Eurovision Song Contest has fuelled an outcry among the country’s LGBT community and prompted the European Broadcasting Union to halt its relationship with the channel. FILE PHOTO: Ireland's Ryan O'Shaughnessy performs "Together" next to two male dancers during the Semi-Final 1 for Eurovision Song Contest 2018 at the Altice Arena hall in Lisbon, Portugal, May 8, 2018. REUTERS/Pedro Nunes/File Photo
Mango TV, a state broadcaster run by central China’s Hunan province that is widely viewed online, pixelated rainbow flags and cut a Tuesday performance by Irish singer Ryan O’Shaughnessy that included two male dancers portraying a gay relationship.
The broadcaster blacked-out two performances, which Chinese state tabloid the Global Times said contained tattoos and “LGBT elements”.
Many of China’s lesbian, gay, bisexual and transgender advocacy groups expressed dismay over censorship by the channel, which is known to be relatively progressive.
“Absurd! Mango TV pixelated rainbow flags,” read a headline from the Global Gay News account on China’s Twitter-like Weibo.
“Isn’t this a bit much?! Nearly twenty years ago Hunan TV first had a gay interview show... How are they now going in reverse?”, China Rainbow Media Awards, which works with Chinese media to improve LGBT coverage, said on Weibo.
The European Broadcasting Union said in an online statement this week it had terminated its relationship with Mango TV for this year’s contest.
“This is not in line with the EBU’s values of universality and inclusivity and our proud tradition of celebrating diversity through music,” the statement said.
It was not clear whether Mango TV’s censorship of the content was made independently or at the behest of regulators.
Neither Mango TV nor China’s TV and radio regulator responded to requests for comment.
The incident comes after Sina Weibo last month reversed a ban on some LGBT content in the wake of a widespread outcry online that included calls to dump Sina shares.
The company said at the time that it had been working to clean-up the internet of content banned in government censorship directives.
Under Chinese President Xi Jinping, China has ramped up controls on content in both traditional and online media, beefed up censorship regulators and increasingly holds internet giants accountable if they fail to police content strictly.
Homosexuality is not illegal in China, but activists say that conservative attitudes in some parts of society have prompted occasional government clampdowns.
Award-winning gay romance “Call Me By Your Name” was dropped from a Chinese film festival in March. Reporting by Christian Shepherd; Editing by Tony Munroe and Edwina Gibbs | ashraq/financial-news-articles | https://in.reuters.com/article/china-lgbt-censorship/chinese-censorship-of-eurovision-prompts-lgbt-community-outcry-idINKBN1IC0LH |
Coinbase Inc. did more than any other company to bring U.S. retail investors into digital currencies—and left many feeling burned as bitcoin crashed, plunging about 60% since December.
Now, it’s looking for new customers.
Earlier... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/can-the-biggest-u-s-bitcoin-exchange-win-over-wall-street-1527418800 |
May 28, 2018 / 2:58 PM / Updated 43 minutes ago UPDATE 2-Bank of Montreal says customers' financial data lost in cyber attack Reuters Staff
* Bank says attack originated from outside Canada
* Bank says customers should monitor accounts (Adds details, background)
TORONTO, May 28 (Reuters) - Bank of Montreal said on Monday it was contacted by fraudsters on Sunday who claimed they were in possession of the personal and financial information of a limited number of the bank’s customers.
The bank said it believed the attack originated from outside the country and was confident the exposures that led to the theft of customer data had been closed off. It said it was working with relevant authorities to assess the situation.
The bank, Canada’s fourth biggest lender, did not say how many customers were affected or if customers had lost money in the attack. It did not respond to requests for further comment.
Bank of Montreal said it was contacting customers who may have been hacked and would “support and stand by them.”
“Customers are recommended to monitor their accounts and notify BMO with any suspicious activity,” it said in a statement.
Shares in BMO were down 0.4 percent.
Canada’s six biggest banks have been collaborating along with the Bank of Canada to enhance their defenses against cyber attacks. The Bank of Canada said earlier this month that some attacks would inevitably succeed but it has recovery mechanisms in place to limit the damage.
Cyber attacks are increasingly common. Last year, credit monitoring firm Equifax said information on about 146.6 million names, 146.6 million dates of birth, 145.5 million U.S. social security numbers, 99 million addresses and 209,000 payment card numbers and expiration dates, were stolen in a cyber attack. (Reporting by Matt Scuffham Editing by Jeffrey Benkoe) | ashraq/financial-news-articles | https://www.reuters.com/article/bmo-attack/update-1-bank-of-montreal-says-it-was-hit-by-cyber-attack-on-sunday-idUSL2N1SZ0MP |
PASADENA, Calif.--(BUSINESS WIRE)-- Bolton & Company, one of the nation’s leading independent insurance brokers, announced that Scott Morsch has joined the firm’s Employee Benefits practice as Senior Vice President.
Scott joins Bolton with more than 25 years of experience within the healthcare industry. He is experienced in a number of benefits-related roles, including strategic planning, carrier negotiations, cost analysis, employee communication and change management strategies.
Within the industry, Scott is focused on legislative and compliance issues that affect employees and employers, and he has established himself as a recognized speaker on Patient Protection and Affordable Care Act and Healthcare Reform.
The announcement is the latest in a series of strategic growth developments from one of the state’s largest employee benefits teams.
“Bolton is committed to strengthening and evolving our benefits practice into a state-wide and national resource for all of our clients and beyond,” said Tom Polenzani, Director of Employee Benefits. “The most direct and effective way to achieve this goal successfully comes down to finding the right people, and Scott brings with him a wealth of knowledge and experience in the benefits arena that will help propel our practice even further in this direction.”
Prior to joining Bolton, Scott served as Area Senior Vice President and Strategic Client Leader with Gallagher in Los Angeles. Prior to this, he started his consulting career with one of the largest privately held insurance brokerages at the time.
About Bolton & Company: Established in 1931, Bolton & Company is one of the nation’s largest privately owned insurance broker agencies providing clients worldwide with insurance and risk management services, employee benefits and financial products. As a partner of Assurex Global, Bolton employs approximately 200 insurance professionals and places over $600 million in annual premiums on behalf of its clients. Bolton is headquartered in Pasadena, with additional offices in Orange County and Santa Clara. Learn more by visiting www.boltonco.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006441/en/
Bolton & Company
Greg Toumassian
Senior Client Experience Consultant
626-535-1462
[email protected]
Source: Bolton & Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-bolton-company-continues-growth-of-employee-benefits-practice-with-addition-of-scott-morsch-as-senior-vice-president.html |
VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : GEN III Oil Corporation TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : GIII Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 12:14 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
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IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--giii.html |
Why people are flocking to this avocado-only restaurant, valued at $2 million on Shark Tank 1 Hour Ago Avocaderia, branded as the "world's first avocado bar," opened in New York City in April of 2017 to great fanfare following on the heels of the millennial avocado trend. The bar serves items like avocado burgers, avocado smoothies and avocado chocolate mousse and plans to add 20 locations over the next four years. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/inside-avocaderia-shark-tank-backed-avocado-only-restaurant.html |
Gina Haspel sworn in as director of CIA 1 Hour Ago CNBC's Eamon Javers reports on the swearing-in ceremony for Gina Haspel to lead the Central Intelligence Agency. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/gina-haspel-sworn-in-as-director-of-cia.html |
LEXINGTON, Mass., Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with a pipeline of immune checkpoint antibodies, cancer vaccines, and adoptive cell therapies 1 , will release its first quarter 2018 financial results before the market opens on Monday, May 07, 2018. In connection with the earnings release, Agenus executives will host a conference call and live audio webcast at 11:00 a.m. ET the same day to discuss the results and provide Company updates.
Conference Call Information:
Date: Monday, May 07, 2018
Time: 11:00 a.m. ET
Domestic Dial-in Number: (844) 492-3727
International Dial-in Number: (412) 317-5118
Conference ID: Agenus
Live Webcast: accessible from the Company's website at http://investor.agenusbio.com/presentation-webcasts or with this link
https://www.webcaster4.com/Webcast/Page/1556/25631
A replay will be available on the Company's website approximately two hours after the call and will remain available for 90 days.
About Agenus
Agenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body's immune system to fight cancer. The Company's vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing combination approaches that leverage a broad repertoire of antibody therapeutics, proprietary cancer vaccine platforms, and adoptive cell therapies (through its AgenTus Therapeutics subsidiary). The Company is equipped with a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support early phase clinical programs. Agenus is headquartered in Lexington, MA. For more information, please visit www.agenusbio.com ; information that may be important to investors will be routinely posted on our website.
About AgenTus Therapeutics, Inc.
AgenTus Therapeutics, a subsidiary of Agenus, is a preclinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of breakthrough "living drugs" to advance potential cures for cancer patients. AgenTus employs naturally-derived and engineered receptors, specifically T cell receptors (TCRs) and Chimeric Antigen Receptors (CARs), designed to supercharge human immune effector cells to seek and destroy cancer. AgenTus also aims to advance adoptive cell therapy formats which would enable off-the-shelf living drugs. AgenTus has locations in Lexington, MA and Cambridge, UK. For more information, please visit www.agentustherapeutics.com .
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding Agenus' planned earnings release and conference call. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission. Agenus cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and Agenus undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Contact:
Agenus Inc.
Jennifer Buell, PhD
781-674-4420
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/agenus-to-report-first-quarter-2018-financial-results-on-may-7-2018-and-host-conference-call-and-webcast-300642029.html
SOURCE Agenus Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-agenus-to-report-first-quarter-2018-financial-results-on-may-7-2018-and-host-conference-call-and-webcast.html |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Axcella Health , a biotechnology company pioneering a new class of products to rebalance patients’ metabolic state to address serious unmet medical needs, announces today the appointment of William (Bill) Hinshaw as President and Chief Executive Officer. Mr. Hinshaw is a highly accomplished health care executive with nearly three decades of global pharmaceutical experience and was most recently Executive Vice President and Head of U.S. Oncology at Novartis.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180531005693/en/
Bill Hinshaw (Photo: Business Wire)
“Bill joins Axcella’s leadership team at a key inflection point in the company’s strategic and clinical evolution with a proven track record of overseeing the successful clinical development and commercialization of numerous therapeutic franchises across multiple geographies,” said David Epstein, Chairman of the Axcella Board of Directors and Executive Partner of Flagship Pioneering. “Axcella has made substantial progress in 2018 as we continue advancing our proprietary platform and expanding our pipeline of novel metabolic modulators. We are excited to have Bill on board to lead the company through its next phase. I want to thank Bob Connelly whose leadership and dedication over the last five years have put Axcella on our current growth trajectory.”
Prior to Axcella, Mr. Hinshaw led all aspects of Novartis’ >$6B revenue U.S. Oncology business, including products such as Tasigna ® , Gleevec ® , and Kymriah ® ; the integration of the GSK oncology portfolio and driving greater patient centricity. He also played a key role on the Global Oncology Executive Committee, including leading crucial strategic programs to maximize the portfolio and develop the pipeline.
Prior to this role, Mr. Hinshaw held a number of leadership positions of increasing responsibility and expanding global scope at Novartis, including Head of the NCE (Northern and Central Europe) Region for Novartis Oncology, GEM (Group Emerging Markets), as Head of the Hematology Business Franchise, and Global Head of Infectious Disease and Transplantation (IDTI). Before joining Novartis, Bill worked at the former Schering Plough Corporation where he held a series of commercial roles, including the Head of US Oncology. Mr. Hinshaw holds a B.S. in Molecular Biology from the University of Wisconsin.
“I was drawn to Axcella by the importance and fundamental nature of their science, and the potential of their platform to transform patients’ lives. I am thrilled to join the company at this critical stage and look forward to leading the organization with passion and purpose into its next phase of growth,” said Mr. Hinshaw.
About Axcella™ Health
Metabolic dysregulation is at the heart of many diseases. Axcella is combining endogenous metabolic modulators to develop powerful new medicines with the goal of addressing metabolic dysregulation by safely reprogramming cellular physiology with unprecedented multifactorial effects. Our AXA™ product candidates leverage the diversity and synergy of metabolic modulators to restore health across a network of dysregulated pathways. With our platform, we are transforming traditional drug discovery and development. Our platform has already produced a rich pipeline of product candidates in programs that include liver, muscle, CNS and other target indications. www.axcellahealth.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005693/en/
Company Contact
Axcella Health
Alison Williams, 857-320-2204
[email protected]
or
Media Contact
MacDougall Biomedical Communications
Stefanie Tuck, 781-235-3060
[email protected]
Source: Axcella Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-axcella-appoints-bill-hinshaw-as-president-and-chief-executive-officer.html |
ISS recommending against 5 of 9 Facebook board members 50 Mins Ago CNBC's Leslie Picker reports on proxy advisor ISS urging better corporate governance at Facebook by telling shareholders to vote against five of the nine board members. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/iss-recommending-against-5-of-9-facebook-board-members.html |
The fact that more public companies are being acquired by large global private equity firms is neither shocking nor problematic, at least according to the titans of private equity.
It's hardly surprising that boards of formerly public companies elect to give private equity a chance, said Jonathan Sokoloff, managing partner of Leonard Green & Partners.
"Our view is that we're a better model. We're a better model for governance. We don't have to deal with all the hassles of the public boards," Sokoloff told CNBC's Leslie Picker at the Milken Global Investment Conference last Tuesday.
"You go to a private company board meeting: we get right down to the meat of the business, and we help the businesses and we're involved," he added. "It's a pretty dramatic shift that's going on, and the public equity markets are really losing share."
show chapters Bain & Co: Private equity funds attracting record amount of capital 4:16 AM ET Wed, 28 Feb 2018 | 02:45 Other private equity managers on the panel echoed Sokoloff's comments. The panelists also included Apollo Global Management's Leon Black, Vista Equity Partners' Robert Smith and Brookfield Asset Management's Bruce Flatt.
According to a Credit Suisse report published in 2017, the number of publicly traded U.S. companies has been cut in half over the past 20 years, falling to 3,671 from 7,322 in the two decades ending in 2016.
While private equity buyouts can account for some of the drop in the number of public companies, some executives of companies such as Uber and Airbnb are simply electing to delay their IPOs. Their explanations for the delay have ranged from increased regulation in the public sphere to shareholder lawsuits and activist pressure.
While notable in its own right, the decline in the number of public companies has been accompanied by a mass migration of capital into private equity as some of the world's largest pension funds remain strapped for reliable returns.
Source: Credit Suisse
Private equity raised a record $453 billion from investors in 2017, bringing the available pool of money to invest to $1 trillion, industry tracker Preqin said earlier this year. The amount of money raised exceeded the previous record of $414 billion set in 2007.
Much of the new capital flow has helped balloon so-called megafunds (those with more than $4.5 billion), with raises for all buyout megafunds up over 90 percent year over year, according to McKinsey, which concluded that had growth in the largest funds stalled in 2017, overall fundraising would have fallen by 4 percent.
At the top of the list of top fundraisers, Apollo took in $24.6 billion last year, and the firm manages a total of $69 billion in private equity assets.
Black said that taking a public company private is a natural step in the business life cycle and gives companies a chance to implement initiatives without increased regulatory or public scrutiny.
"What happens when a company goes private?" Black said. "It is private for a while, it doesn't have to report quarter-to-quarter, things can get done — as John said — more efficiently. And then there's an exit."
The flood of cash into private equity, however, has attracted the criticism of federal regulators, especially as managers look to foreigners for cash.
In its most recent move, the Committee on Foreign Investment in the United States — which monitors and reviews potential national security implications of foreign investments in U.S. companies — warned President Donald Trump against allowing Singapore-based Broadcom 's hostile takeover of San Diego-based Qualcomm to go through.
CFIUS, which rarely weighs in publicly on a deal it is scrutinizing, told both companies it was concerned that Broadcom could use a "'private-equity'-style" approach to Qualcomm, slashing investments in research and development as part of a focus on short-term profitability.
Broadcom was forced to abandon the Qualcomm bid.
Private equity executives often say their ownership of private companies creates a better relationship between owners and management compared with publicly traded companies, where managers may hold a very small amount of the company's stock, and so their incentives aren't necessarily aligned with other stakeholders.
"The fact of the matter is, private equity has just, frankly, a better alignment of incentives between stakeholders, stockholders, management and the company," said Smith, founder and chairman of San Francisco-based Vista Equity Partners, which focuses on software and technology companies.
"The challenge, I think, that the public markets have run into is that often the managers of those businesses don't actually have a meaningful stake in the companies any longer," he said. "That fundamental difference in alignment is why I think the private equity model is going to continue to gain momentum." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-stock-market-is-shrinking-and-thats-a-good-thing-private-equity-honchos-say.html |
When Argentina issued a 100-year bond last year it was taken by many as a clear case of market froth. Investors could hardly get more enthusiastic about emerging markets than lending money for a century to a country that averaged one default every 25 years since its founding. So with Argentina now asking for an emergency rescue from the International Monetary Fund it looks like the skeptics were right. Right?
Not so much. Anyone who bought the Argentine 100-year when it was issued—in dollars—last June has lost 2.5% from the... | ashraq/financial-news-articles | https://www.wsj.com/articles/argentinas-madcap-century-bond-has-beaten-treasurys-1526573993 |
WASHINGTON, May 24 (Reuters) - Lockheed Martin Corp’s Lockheed Martin Aeronautics Co subsidiary is being awarded a $558 million contract for support for low-rate initial production of Lot 11 F-35 Lightning II aircraft, the Pentagon said on Thursday.
The contract includes equipment, training devices, training facilities, non-aircraft spares, Autonomic Logistics Information System hardware and software, and facilities standup, the Pentagon said in a statement.
Reporting by Eric Walsh; Editing by Mohammad Zargham
| ashraq/financial-news-articles | https://www.reuters.com/article/lockheed-pentagon/lockheed-wins-558-mln-u-s-defense-contract-pentagon-idUSL2N1SV2DJ |
May 3, 2018 / 10:19 AM / Updated 2 hours ago Signs of political deal emerge in Armenia after weeks of crisis Hasmik Mkrtchyan , Margarita Antidze 5 Min Read
YEREVAN (Reuters) - Signs of a tentative deal to end Armenia’s political crisis emerged on Thursday after the ruling party said the country would get a new prime minister next week and a lawmaker who has led street protests said he was on track to be elected. A woman crosses the street in Yerevan, Armenia, May 3, 2018. REUTERS/David Mdzinarishvili
Armenia, a close Russian ally, has been shaken by nearly three weeks of demonstrations fueled by public anger over perceived political cronyism and official corruption, prompting the prime minister, who led the country as president for a decade until earlier this year, to resign.
The Kremlin, which has troops in the landlocked ex-Soviet state, said on Thursday it was watching closely and hoped that whatever the outcome the two countries would remain firm allies.
Moscow has exercised restraint so far. But it is wary that Armenia could go the same way as Ukraine in 2014, where an uprising swept to power new leaders who moved their country closer to the West.
Signs of a compromise that pointed to a peaceful resolution of the political crisis began to emerge on Thursday.
Vahram Baghdasaryan, head of the ruling Republican Party in parliament, held talks with protest leader Nikol Pashinyan, a bearded 42-year-old former journalist who sports camouflage T-shirts with a black baseball cap while rallying supporters.
After the talks, Baghdasaryan said his party was ready, at least in principle, to back Pashinyan for the job of premier next week. People walk in front of the government headquarters at the Republic square in Yerevan, Armenia, May 3, 2018. REUTERS/David Mdzinarishvili
The apparent climb down — the Republican Party on Tuesday blocked Pashinyan’s candidacy despite previously saying it would not stand in his way — came after a day of civil disobedience on Wednesday which brought parts of the country to a standstill.
Baghdasaryan told Reuters after the talks that his party would support anyone on May 8 - including Pashinyan - if the candidate enjoyed the backing of one third of lawmakers, something Pashinyan secured on Thursday.
“We will provide support to the candidate put forward by one third of parliament’s deputies whether it’s Pashinyan or someone else, and on May 8 Armenia will have a prime minister,” said Baghdasaryan.
Pashinyan is the only candidate to have declared he is running and it was unclear whether another candidate might emerge.
May 8 is when parliament plans to elect Armenia’s next premier. If it fails to do so at what would be its second attempt, the legislature will be dissolved and early parliamentary elections called. Policemen patrol at the Republic square in Yerevan, Armenia, May 3, 2018. REUTERS/David Mdzinarishvili ‘PEOPLE’S CANDIDATE’
Pashinyan confirmed in a video he posted to social media that the ruling party had agreed to back what he called “the people’s candidate” for the prime minister’s job, a phrase he has repeatedly used to describe himself.
He had agreed on Wednesday to pause his campaign of civil disobedience while he sought assurances that the Republican Party would support him, stoking speculation that the ruling elite had agreed to back him on condition he ended the protests.
Pashinyan said in the same video that his own candidacy for the premiership had garnered the necessary number of signatures and was being officially registered with the authorities.
In a move that looked calculated to keep up pressure on the authorities, he called on his supporters to gather in the center of Yerevan, the Armenian capital, on May 8 and to stand by for further announcements.
Later on Thursday, he issued a statement saying he had met the Russian, U.S., EU and Georgian ambassadors.
“I informed the ambassadors about the agreements which have been reached on resolving the domestic crisis,” he said.
The crisis was sparked when Armenia’s veteran leader Serzh Sarksyan, forbidden by the constitution from standing for a third term as president after a decade in office, tried to become prime minister last month.
His switch to the new job triggered protests by people who saw it as a cynical ploy to hang onto power, and he stepped down after just a week. The ruling elite has since dug in its heels and resisted ceding power to Pashinyan.
Not all Armenians back the protests. Some see Pashinyan as a demagogue who is trying to oust the country’s democratically elected leaders by whipping up public anger. Additonal reporting by Masha Tsvetkova in Moscow; Writing by Andrew Osborn; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics/armenia-to-get-new-pm-on-may-8-after-weeks-of-turmoil-says-ruling-party-idUSKBN1I411S |
May 3 (Reuters) - Hexaware Technologies Ltd:
* DECLARED INTERIM DIVIDEND OF 1 RUPEE PER SHARE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hexaware-technologies-declares-int/brief-hexaware-technologies-declares-interim-dividend-of-1-rupee-share-idUSFWN1SA0YQ |
May 16, 2018 / 8:06 PM / in 7 minutes Oxygen presence in distant galaxy sheds light on early universe After detecting a whiff of oxygen, astronomers have determined that stars in a faraway galaxy formed 250 million years after the Big Bang — a rather short time in cosmic terms — in a finding that sheds light on conditions in the early universe. A galaxy located 13.28 billion light-years away new insight into the early history of the universe, with the detection of the oldest-known evidence of oxygen. This image shows the galaxy cluster MACS J1149.5+2223 and the inset image shows the galaxy MACS1149-JD1, with the detected oxygen distribution in green, observed with the Atacama Large Millimeter/submillimeter Array (ALMA), an astronomical interferometer of radio telescopes in the Atacama desert of northern Chile. The image was released May 16, 2018. Courtesy ALMA (ESO/NAOJ/NRAO), NASA/ESA , W. Zheng (JHU), M. Postman (STScI), the CLASH Team, Hashimoto et al/Handout via REUTERS
Their research, published on Wednesday, provides insight into star formation in perhaps the most distant galaxy ever observed. The scientists viewed the galaxy, called MACS1149-JD1, as it existed roughly 550 million years after the Big Bang, which gave rise to the universe about 13.8 billion years ago.
Light emitted by MACS1149-JD1 traveled 13.28 billon light years before reaching Earth. Looking across such distances lets scientists peer back in time. A light year is the distance light travels in a year, 5.9 trillion miles (9.5 trillion km).
The detection of oxygen in MACS1149-JD1 was particularly instructive. The universe initially was devoid of elements such as oxygen, carbon and nitrogen, which were first created in the fusion furnaces of the earliest stars and then spewed into interstellar space when these stars reached their explosive deaths.
The presence of oxygen showed that an even earlier generation of stars had formed and died in MACS1149-JD1 and that star formation in that galaxy began about 250 million years after the Big Bang when the universe was only about 2 percent of its current age, the researchers said.
The oxygen in MACS1149-JD1 was the most distant ever detected.
“Prior to our study, there were only theoretical predictions of the earliest star formation. We have for the first time observed the very early stage of star formation in the universe,” said astronomer Takuya Hashimoto of Osaka Sangyo University in Japan.
The study marked another step forward as scientists hunt for evidence of the first stars and galaxies that emerged from what had been total darkness in the aftermath of the Big Bang, a time sometimes called “cosmic dawn.”
“With these observations, we are pushing back the limit of the observable universe and, therefore, we are coming closer to the cosmic dawn,” University College London astronomer Nicolas Laporte said, adding that computer simulations suggest that the first stars appeared around 150 million years after the Big Bang.
The researchers confirmed the distance of the galaxy with observations from ground-based telescopes in Chile and reconstructed the earlier history of MACS1149-JD1 using infrared data from orbiting telescopes.
The research Nature. | ashraq/financial-news-articles | https://www.reuters.com/article/us-space-galaxy/oxygen-presence-in-distant-galaxy-sheds-light-on-early-universe-idUSKCN1IH2SO |
May 12, 2018 / 6:56 PM / Updated 36 minutes ago Atletico beat Getafe to clinch second spot in La Liga Reuters Staff 3 Atletico Madrid clinched second spot in La Liga and ensured they will finish above Real Madrid for the first time in four years after winning 1-0 at Getafe on Saturday as Villarreal sealed an automatic Europa League spot by beating Deportivo La Coruna 4-2.
Real Betis drew an exciting local derby with Sevilla 2-2 to a Europa League place and they will finish above their city rivals for the first time in five seasons, although the point assured Sevilla of seventh spot and a playoff berth for Europe’s secondary competition.
Atletico coach Diego Simeone fielded a full-strength team against neighbours Getafe despite playing the Europa League final against Olympique de Marseille next Wednesday and his side took the lead in the eighth minute when midfielder Koke arrowed the ball into the bottom corner from inside the area.
Getafe were awarded a penalty late in the second half but Atletico goalkeeper Jan Oblak guessed right and beat away Moroccan midfielder Faycal Fajr’s spot-kick to preserve the visiting side’s lead.
The Slovenian made another impressive save in stoppage-time, tipping a header over the crossbar to ensuring Getafe missed out on seventh place to Sevilla, denying them a return to Europe for the first time in a decade.
Atletico are second in the standings on 78 points, six ahead of Real Madrid who host Celta Vigo later on Saturday. Atletico’s superior head-to-head record means they finish above Real for the first time since winning the title in 2014.
Villarreal are fifth on 60, Betis sixth on 60 and Sevilla seventh on 55, three above Getafe and with a better head-to-head record than the Madrid side.
Champions Barcelona, on 90 points, visit Levante on Sunday.
Betis took the lead at home to fierce rivals Sevilla when defender Marc Bartra headed home from a free kick but the visiting side, who beat Real Madrid 3-2 on Wednesday, turned things around after the break with goals from Wissam ben Yedder and Simon Kjaer.
Betis striker Loren bundled the ball in down the other end two minutes after Kjaer’s strike to lift the home fans again and ensure his side will not have to play three playoff rounds to get into the Europa League.
Villarreal raced into a 3-0 lead in the first half at relegated Deportivo but it was cut by two goals before Russia international Denis Cheryshev struck in stoppage-time to give them a 4-2 win. Reporting by Richard Martin, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain/atletico-beat-getafe-to-clinch-second-spot-in-la-liga-idUKKCN1ID0SS |
May 23, 2018 / 1:47 PM / in 9 minutes UPDATE 1-Brazil's Marfrig names five potential bidders for Keystone, shares rise Reuters Staff 1 Min Read
(Updates with share reaction, names of potential bidders)
SAO PAULO, May 23 (Reuters) - Brazilian meatpacking company Marfrig Global Foods SA said five companies have qualified to participate in a second phase of bidding for Keystone Foods LLC, lifting its shares 10 percent.
In a securities filing on Wednesday, Marfrig said the potential bidders will gain access to the dataroom and visit Keystone plants in the United States and Asia. Binding proposals are expected next month, the filing said.
Marfrig shares were up around 10 percent at 8.70 reais, the highest level in about five years.
Tyson Foods Inc, Cargill Inc and Fosun International Ltd are among companies interested in Keystone, one person with direct knowledge of the matter told Reuters this month. (Reporting by Ana Mano and Tatiana Bautzer Editing by Susan Thomas) | ashraq/financial-news-articles | https://www.reuters.com/article/keystone-ma-marfrig/update-1-brazils-marfrig-names-five-potential-bidders-for-keystone-shares-rise-idUSL2N1SU0N7 |
(Reuters) - Oil prices are at risk for further gains due to the United States’ decision to withdraw from the 2015 Iran nuclear agreement, coupled with rising tensions in other oil-producing countries such as Saudi Arabia and Venezuela, Goldman Sachs said in a note Wednesday.
FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo The investment bank’s current forecast is for Brent crude to hit $82.50 a barrel by the summer; it is currently trading around $77 a barrel. The harsher approach by the United States could result in an initial loss of about 500,000 barrels a day (bpd) in Iran’s output, which is currently 3.8 million bpd.
Such a loss would boost oil prices by about $6.20 per barrel, Goldman said. “Such elevated oil geopolitical risks exacerbate the upside risks to Brent forecasts and reinforce our view that oil price volatility will continue to increase,” they wrote.
Reporting by David Gaffen; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-oil-goldman/iran-deal-withdrawal-other-global-issues-risk-higher-oil-prices-goldman-sachs-idINKBN1IA28J |
CNBC International Midday Briefing: May 22, 2018 29 Mins Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/cnbc-international-midday-briefing-may-22-2018.html |
IRVINE, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- AutoWeb, Inc. (Nasdaq:AUTO), a robust digital marketing platform providing advertising solutions for automotive dealers and OEMs, is reporting financial results for the first quarter ended March 31, 2018.
First Quarte r 2018 Financial Summary vs. Year-Ago Quarter
Total revenues were $32.3 million compared to $37.3 million. Advertising revenues increased to $8.1 million, with click revenues up 3% to $6.7 million. Net loss was $10.3 million or $(0.81) per share, compared to net income of $0.5 million or $.04 per share. Non-GAAP loss was $0.9 million or $(0.07) per share, compared to non-GAAP income of $3.5 million or $0.26 per share.
Management Commentary
“AutoWeb is a pioneer in the automotive marketing industry, and has established itself as a premier provider of measured media advertising solutions,” said Jared Rowe, president & CEO of AutoWeb. “We work with every major automotive OEM and thousands of retail dealers across the country, while helping millions of consumers purchase a car each year. AutoWeb has certainly struggled over the last 18 months, and the company’s results are disappointing to everyone. However, we believe the need for AutoWeb’s lead and click products remains strong, which speaks to the power of our platform and the brand equity and trust AutoWeb has created among our clients.
“I assumed the leadership role less than one month ago, and we remain in the early stages of redeveloping our strategic and operating plans to make the AutoWeb platform more efficient and effective. I believe there are many opportunities to return AutoWeb to growth by focusing on improved operational execution, enhancing our client value proposition, and redefining investments by our company. We plan to lay out our strategic plans in more detail later in the year. In the meantime, we will remain focused on serving our long-standing OEM and dealer customers with highly targeted, measurable, and cost-efficient advertising solutions.”
First Quarte r 2018 Financial Results
Total revenues in the first quarter of 2018 were $32.3 million compared to $37.3 million in the year-ago quarter. The decline was primarily due to less efficient traffic acquisition, and lower retail dealer count and lead volumes. The decline was partially offset by continued growth of advertising click revenues, which increased 3% to $6.7 million.
Gross profit in the first quarter was $7.7 million compared to $12.9 million in the year-ago quarter, with the decrease driven by less efficient traffic acquisition. As a percentage of revenue, gross profit was 23.8%.
Total operating expenses in the first quarter were $18.0 million compared to $11.7 million in the year-ago quarter, with the increase primarily due to a goodwill impairment charge of $5.1 million, as well as severance costs associated with the company’s previously announced headcount realignment in February and the exit of its previous CEO.
Net loss in the first quarter of 2018 was $10.3 million or $(0.81) per share, compared to net income of $0.5 million or $0.04 per share in the year-ago quarter.
Non-GAAP loss was $0.9 million or $(0.07) per share, compared to non-GAAP income of $3.5 million or $0.26 per share in the first quarter of 2017 (see "Note about Non-GAAP Financial Measures" below for further discussion). The decline was primarily driven by the aforementioned lower revenue and gross margins resulting from less efficient traffic acquisition, lower retail dealer count and lead volumes.
At March 31, 2018, cash and cash equivalents totaled $15.2 million compared to $25.0 million at December 31, 2017, with the reduction primarily driven by the repayment of AutoWeb’s $8.0 million revolving line of credit. Total debt was reduced to $1.0 million compared to $9.0 million at December 31, 2017.
Conferenc e Call
AutoWeb will hold a conference call today at 5:00 p.m. Eastern time to discuss its first quarter 2018 results, followed by a question-and-answer session.
Date: Thursday, May 10, 2018
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-877-852-2929
International dial-in number: 1-404-991-3925
Conference ID: 5996108
Please call the conference telephone number 5-10 minutes prior to the start time, and an operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.
A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through May 19, 2018. The call will also be archived in the Investors section of AutoWeb’s website for one year.
Toll-free replay number: 1-855-859-2056
International replay number: 1-404-537-3406
Replay ID: 5996108
Tax Benefit Preservation Plan
At December 31, 2017, the company had approximately $74.0 million in available net operating loss carryforwards (NOLs) for U.S. federal income tax purposes. The company reminds stockholders about AutoWeb’s Tax Benefit Preservation Plan dated May 26, 2010, as amended on April 14, 2014 and April 13, 2017 (as amended, the “Plan”) between the company and Computershare Trust Company, N.A., as rights agent.
The Plan was adopted by the company’s board of directors to preserve the company’s NOLs and other tax attributes, and thus reduce the risk of a possible change of ownership under Section 382 of the Internal Revenue Code. Any such change of ownership under Section 382 would limit or eliminate the ability of the company to use its existing NOLs for federal income tax purposes. In general, an ownership change will occur if the company’s 5% shareholders, for purposes of Section 382, collectively increase their ownership in the company by an aggregate of more than 50 percentage points over a rolling three-year period. The Plan is designed to reduce the likelihood that the company experiences such an ownership change by discouraging any person or group from becoming a new 5% shareholder under Section 382. Rights issued under the Plan could be triggered upon the acquisition by any person or group of 4.9% or more of the company’s outstanding common stock and could result in substantial dilution of the acquirer’s percentage ownership in the company. There is no guarantee that the Plan will achieve the objective of preserving the value of the company’s NOLs.
As of April 30, 2018, there were 12,886,225 shares of the company’s common stock, $0.001 par value, outstanding. Persons or groups considering the acquisition of shares of beneficial ownership of the company’s common stock should first evaluate their percentage ownership based on this revised outstanding share number to ensure that the acquisition of shares does not result in beneficial ownership of 4.9% or more of outstanding shares. For more information about the Plan, please visit investor.autoweb.com/tax.cfm .
About AutoWeb, Inc.
AutoWeb, Inc. provides high-quality consumer leads, clicks and associated marketing services to automotive dealers and manufacturers throughout the United States. The company also provides consumers with robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive Internet in 1995 and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and has helped every major automaker market its brand online.
Investors and other interested parties can receive AutoWeb news alerts and special event invitations by accessing the online registration form at http://investor.autoweb.com/alerts.cfm .
Not e about Non-GAAP Financial Measures
AutoWeb has disclosed non-GAAP (loss) income and non-GAAP EPS in this press release, which are non-GAAP financial measures as defined by SEC Regulation G, for the 2018 and 2017 first quarters. The company defines (i) non-GAAP (loss) income as GAAP net (loss) income before amortization of acquired intangibles, non-cash stock-based compensation, severance costs, litigation settlements, goodwill impairment and income taxes; and (ii) non-GAAP EPS as non-GAAP (loss) income divided by weighted average diluted shares outstanding. The company's management believes that presenting non-GAAP (loss) income and non-GAAP EPS provides useful information to investors regarding the underlying business trends and performance of the company's ongoing operations and are better metrics for monitoring the company's performance given the company’s net operating loss (NOL) tax credits. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the company's consolidated financial statements in their entirety and to not rely on any single financial measure. Tables providing reconciliations of non-GAAP (loss) income and non-GAAP EPS are included at the end of this press release.
Forward- Lookin g Statements Disclaimer
The statements contained in this press release or that may be made during the conference call described above that are not historical facts are forward-looking statements under the federal securities laws. Words such as “anticipates,” “could,” “may,” “estimates,” “expects,” “projects,” “intends,” “pending,” “plans,” “believes,” “will,” and words of similar substance, or the negative of those words, used in connection with any discussion of future operations or financial performance identify forward-looking statements. In particular, statements regarding expectations and opportunities, new product expectations and capabilities, projections, statements regarding future events, and our outlook regarding our performance and growth are forward-looking statements. These forward-looking statements, including, that (i) we believe the need for AutoWeb’s lead and click products remains strong; (ii) Mr. Rowe believes there are many opportunities to return AutoWeb to growth by focusing on improved operational execution, enhancing our client value proposition, and redefining investments by the company; and (iii) the company plans to lay out its strategic plans in more detail later in the year, but will remain focused on serving our long-standing OEM and dealer customers with highly targeted, measurable, and cost-efficient advertising solutions, are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, these forward-looking statements. AutoWeb undertakes no obligation to update publicly 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 materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions; the financial condition of automobile manufacturers and dealers; disruptions in automobile production; changes in fuel prices; the economic impact of terrorist attacks, political revolutions or military actions; failure of our internet security measures; dealer attrition; pressure on dealer fees; increased or unexpected competition; the failure of new products and services to meet expectations; failure to retain key employees or attract and integrate new employees; actual costs and expenses exceeding charges taken by AutoWeb; changes in laws and regulations; costs of legal matters, including, defending lawsuits and undertaking investigations and related matters; and other matters disclosed in AutoWeb’s filings with the Securities and Exchange Commission. Investors are strongly encouraged to review the company's Annual Report on Form 10-K for the year ended December 31, 2017 and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect the business, operating results or financial condition of AutoWeb and the market price of the company's stock.
Company Contact
Wesley Ozima
Interim Chief Financial Officer
949-225-4543
[email protected]
Investor Relations Contact
Sean Mansouri or Cody Slach
Liolios Investor Relations
949-574-3860
[email protected]
AUTOWEB, INC. UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS (Amounts in thousands, except share and per-share data) March 31, December 31, 2018 2017 Assets Current assets: $ 15,159 $ 24,993 Short-term investment 255 254 Accounts receivable (net of allowances for bad debts and customer credits of $857 and $892 at March 31, 2018 and December 31, 2017, respectively) 25,024 25,911 Prepaid expenses and other current assets 1,667 1,805 Total current assets 42,105 52,963 4,070 4,311 Investments 100 100 Intangible assets, net 27,426 29,113 Goodwill - 5,133 Long-term deferred tax asset - 692 Other assets 1,269 601 Total assets $ 74,970 $ 92,913 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,984 $ 7,083 Accrued employee-related benefits 1,925 2,411 Other accrued expenses and other current liabilities 7,473 7,252 Current convertible note payable 1,000 - 16,382 16,746 Convertible note payable - 1,000 Borrowings under revolving credit facility - 8,000 Total liabilities 16,382 25,746 Commitments and contingencies - - Stockholders' equity: Preferred stock, $0.001 par value; 11,445,187 shares authorized Series A Preferred stock, none issued and outstanding - - Common stock, $0.001 par value; 55,000,000 shares authorized; 12,896,225 and 13,058,841 shares issued and outstanding, as of March 31, 2018 and December 31, 2017, respectively 13 13 Additional paid-in capital 357,754 356,054 Accumulated deficit (299,179 ) (288,900 ) Total stockholders' equity 58,588 67,167 Total liabilities and stockholders' equity $ 74,970 $ 92,913
AUTOWEB, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Amounts in thousands, except per-share data) Three Months Ended March 31, 2018 2017 Revenues: Lead fees $ 24,080 $ 29,092 Advertising 8,087 7,969 Other revenues 182 280 Total revenues 32,349 37,341 Cost of revenues 24,659 24,430 Gross profit 7,690 12,911 Operating expenses: Sales and marketing 3,712 3,763 Technology support 3,385 3,253 4,575 3,457 Depreciation and amortization 1,160 1,229 Goodwill impairment 5,133 - Total operating expenses 17,965 11,702 Operating income (loss) (10,275 ) 1,209 Interest and other income (expense), net - (100 ) Income (loss) before income tax provision (10,275 ) 1,109 Income tax provision 4 625 Net income (loss) and comprehensive income (loss) $ (10,279 ) $ 484 Basic earnings (loss) per common share $ (0.81 ) $ 0.04 Diluted earnings (loss) per common share $ (0.81 ) $ 0.04 Shares used in computing earnings (loss) per common share (in thousands): Basic 12,617 10,909 Diluted 12,617 13,309
AUTOWEB, INC. RECONCILIATION OF NON-GAAP INCOME (LOSS) / EPS (Amounts in thousands, except per-share data) Three Months Ended March 31, 2018 2017 Net income (loss) $ (10,279 ) $ 484 Amortization of acquired intangibles 1,687 1,387 Non-cash stock based compensation: Cost of revenues 15 20 Sales and marketing 225 412 Technology support 152 127 1,234 452 Total non-cash stock-based compensation 1,626 1,011 Severance costs 950 - Litigation settlements (17 ) (25 ) Goodwill impairment 5,133 - Income taxes 4 625 Non-GAAP income (loss) $ (896 ) $ 3,482 Weighted average diluted shares 12,617 13,309 Diluted GAAP EPS $ (0.81 ) $ 0.04 EPS impact of adjustments 0.74 0.23 Non-GAAP EPS $ (0.07 ) $ 0.26
Source:AutoWeb, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-autoweb-reports-first-quarter-2018-results.html |
U.S. gun lobby takes aim at 'gun-hating' banks 6:03pm BST - 01:40
The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists. ▲ Hide Transcript ▶ View Transcript
The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wVbezp | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/19/us-gun-lobby-takes-aim-at-gun-hating-ban?videoId=428428482 |
WASHINGTON—The Congressional Budget Office estimates President Donald Trump’s 2019 budget proposal will result in deficits in 2027 and 2028 that are more than double the White House’s estimates.
Under the Trump budget, the federal deficit would total $965 billion in fiscal 2027 and $1.1 trillion in 2028, CBO said in an analysis of the president’s budget released Thursday. Those numbers are much higher than the $450 billion deficit estimated by the White House for 2027 and $445 billion in 2028.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/congressional-budget-offices-long-term-deficit-forecast-dwarfs-white-house-estimate-1527189631 |
May 3, 2018 / 2:53 AM / Updated 41 minutes ago China bans new polluting projects in three cities - ministry Muyu Xu , David Stanway 3 Min Read
BEIJING (Reuters) - China has ordered three northern cities to stop approving new projects that would add to air pollution after they failed to meet air quality targets this past winter. FILE PHOTO - People walk on the road leading to the Badaling section of the Great Wall on a hazy day in Yanqing district in Beijing, China February 27, 2018. REUTERS/Thomas Peter
The mayors of Handan in Hebei province and Jincheng and Yangquan in Shanxi province were given the orders after being summoned to the Ministry of Ecology and Environment in Beijing on Thursday.
The meeting, which was attended by Reuters, came after the cities failed to meet targets to cut levels of hazardous, breathable particles known as PM2.5 over the October 2017 to March 2018 period.
“We will continue to fight against air pollution in the name of dignity and as our mission,” Handan’s mayor, Wang Litong, said at the meeting.
China launched a campaign last October to reduce average concentrations of PM2.5 by between 10-25 percent in 28 northern cities in an effort hit 2013-2017 air quality targets.
However, though Handan was ordered to reduce traffic, cut industrial output and curb coal use in a bid to cut PM2.5 by 20 percent over the period, it only achieved an average reduction of 15.7 percent.
Handan, a major steel- and chemical-producing city, also saw average PM2.5 concentrations increase 4.9 percent to 86 micrograms per cubic metre in 2017, with one district experiencing a 19.7 percent rise.
Wang, the mayor, said Handan would close another 300,000 tonnes of steelmaking capacity, 1.1 million tonnes of coal-producing capacity and 268 megawatts of coal-fired power by August. He said three officials have been fired and 14 given warnings.
The three cities have been ordered to come up with a detailed plan to “rectify” the situation, which they must submit to the environment ministry within 20 days, said Liu Changgen, a ministry official.
The major of Jincheng, Liu Feng, said the major coal and gas city would “rather sacrifice GDP growth” in order to curb air pollution, noting that Jincheng’s gross domestic product fell 9 percent as a result of production curbs in the first quarter, while fixed-asset investment slumped 41 percent.
After struggling for years to force growth-obsessed local governments to toe the line, China’s beefed-up environment ministry now has the authority to hold officials to account for failing to comply with pollution policies.
Local authorities said last year that senior officials could face dismissal if they failed to meet winter targets.
China has already held more than 2,000 local government officials to account after they were found to have violated environmental rules during extensive nationwide inspections ordered by Beijing beginning in 2016.
However, while hundreds of officials were given official reprimands, only a handful were actually fired or prosecuted. Reporting by Muyu Xu and David Stanway; editing by Philip McClellan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-pollution/china-bans-new-polluting-projects-in-three-cities-ministry-idUKKBN1I405N |
CINCINNATI--(BUSINESS WIRE)-- Medpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced a secondary offering of 3,000,000 shares of its common stock by investment funds affiliated with Cinven Capital Management (V) General Partner Limited (the “Selling Shareholder”). The offering consists entirely of secondary shares of common stock to be sold by the Selling Shareholder. Medpace will not receive any proceeds from the sale of the shares of common stock by the Selling Shareholder.
Jefferies is acting as the sole bookrunner for the offering. Jefferies proposes to offer the shares of our common stock from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to such prevailing market prices or negotiated prices, subject to their right to reject any order in whole or in part.
The offering will be made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement, when available, and the accompanying prospectus relating to this offering may be obtained by contacting Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, telephone: 1-877-821-7388 or e-mail: [email protected] .
A registration statement on Form S-3 (including a prospectus) relating to the securities being sold in the offering has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Medpace
Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages local regulatory and deep therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 2,600 people across 35 countries.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006752/en/
Medpace Holdings, Inc.
Media Contact:
Julie Hopkins, 513-579-9911 x12627
[email protected]
or
Investor Contact:
[email protected]
Source: Medpace Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-medpace-holdings-inc-announces-secondary-offering-of-common-stock-by-selling-shareholder.html |
NEW ORLEANS--(BUSINESS WIRE)-- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until June 4, 2018 to file lead plaintiff applications in a securities against Longfin Corp. (NasdaqCM: LFIN), if they purchased the Company’s shares between December 15, 2017 and April 2, 2018, Period”). This action is pending in the United States District Court for the Southern District of New York.
Get Help
Longfin investors should visit us at https://www.claimsfiler.com/cases/view-longfin-corp-securities-litigation or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
Longfin and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 26, 2018, Citron Research reported that the Company was “a pure stock scheme” and “[f]ilings and press releases are riddled with inaccuracies and fraud.” Soon thereafter, global index operator FTSE Russell announced that Longfin was being removed from its global indices, less than two weeks after joining. The next day, Longfin CEO Meenavalli stated that the company would file its 10-K within three days; however, no such filing was made by then or during trading on April 2, 2018.
On this event, the price of Longfin’s shares plummeted.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. ClaimsFiler's team of experts monitor the securities class action landscape and cull information from a variety of sources to ensure comprehensive coverage across a broad range of financial instruments.
To learn more about ClaimsFiler, visit www.claimsfiler.com .
//www.businesswire.com/news/home/20180511005807/en/
ClaimsFiler
Jerry Gallo, 844-367-9658
https://www.claimsfiler.com
Source: ClaimsFiler | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-longfin-shareholder-alert-claimsfiler-reminds-investors-with-losses-in-excess-of-100000-of-lead-plaintiff-deadline-in-class.html |
* Speculative 2-year T-note net shorts lowest in nearly a year * Speculators' net shorts in ultra bonds hit record high * Speculative Eurodollar net shorts post biggest drop in 11 months (Adds details, background) May 18 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell to a one-month low earlier this week, as the 10-year yield began setting a series of seven-year highs, according to Commodity Futures Trading Commission data released on Friday. The amount of speculators' bearish, or short, positions in 10-year Treasury futures exceeded bullish, or long, positions by 381,922 contracts on May 15, according to the CFTC's latest Commitments of Traders data. A week earlier, speculators held 408,629 net short positions in 10-year T-note futures. On Tuesday, the yield on benchmark 10-year Treasury notes broke above 3.05 percent, which was last seen in July 2011, as traders sold longer-dated government debt on concerns about rising inflation and government debt. The 10-year yield climbed to 3.128 percent early Friday before slipping to 3.063 percent, 9 basis points higher on the week, Reuters data showed. Speculators raised their net bullish positions in Treasury bond futures to 11,854 contracts, while they increased net short bets in ultra bond futures, which hit a record high at 187,904 contracts. Among other T-note futures, speculative net shorts in five-year T-notes retreated from their record high to 643,081 contracts earlier this week. Speculators scaled back their net shorts in two-year T-notes for a fourth straight week to 31,029 contracts, the lowest in nearly a year. Among interest rates contracts, speculative net shorts in Eurodollar futures recorded their biggest weekly drop in 11 months to 3.80 million contracts. Below is a table of the speculative positions in Treasury futures on the Chicago Board of Trade and in Eurodollar futures on the Chicago Mercantile Exchange in the latest week: U.S. 2-year T-notes (Contracts of $200,000) May 15, 2018 Prior week week Long 456,847 431,577 Short 487,876 485,833 Net -31,029 -54,256 U.S. 5-year T-notes (Contracts of $100,000) May 15, 2018 Prior week week Long 541,907 544,450 Short 1,184,988 1,201,358 Net -643,081 -656,908 U.S. 10-year T-notes (Contracts of $100,000) May 15, 2018 Prior week week Long 706,685 697,678 Short 1,088,607 1,106,307 Net -381,922 -408,629 U.S. T-bonds (Contracts of $100,000) May 15, 2018 Prior week week Long 148,968 143,269 Short 137,114 137,034 Net 11,854 6,235 U.S. Ultra T-bonds (Contracts of $100,000) May 15, 2018 Prior week week Long 83,571 66,749 Short 271,475 244,186 Net -187,904 -177,437 Eurodollar (Contracts of $1,000,000) May 15, 2018 Prior week week Long 906,344 961,731 Short 4,709,472 5,002,025 Net -3,803,128 -4,040,294 Fed funds (Contracts of $1,000,000) May 15, 2018 Prior week week Long 288,028 268,470 Short 221,207 222,037 Net 66,821 46,433 (Reporting by Richard Leong Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-cftc/update-1-speculators-cut-bearish-bond-bets-as-10-year-yield-hit-7-year-high-idUSL2N1SP1L3 |
May 3 (Reuters) - HNA Infrastructure Investment Group Co Ltd :
* SAYS IT IS IN DISCUSSIONS TO BUY STAKES IN FOUR FIRMS, SHARE TRADE REMAINS SUSPENDED Source text in Chinese: bit.ly/2Kw3uXv (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hna-infrastructure-in-discussions/brief-hna-infrastructure-in-discussions-to-buy-stakes-in-four-firms-share-trade-remains-suspended-idUSH9N1S403G |
HAMPTON, Va., May 9, 2018 /PRNewswire/ -- Old Point Financial Corporation has declared a quarterly cash dividend of $0.11 per share on its common capital stock to be paid on June 29, 2018 to shareholders of record as of May 31, 2018. Based on the stock's closing price of $26.34 on May 8, 2018, the dividend yield is approximately 1.7%. The dividend is consistent with the prior quarter's dividend.
ABOUT OLD POINT FINANCIAL CORPORATION
Old Point Financial Corporation (NASDAQ: OPOF) is the parent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank based in Hampton, Virginia serving all of Hampton Roads; and Old Point Trust & Financial Services, N.A., a Hampton Roads wealth management services provider. Additional information on the Company is available at www.OldPoint.com under "Investor Relations".
Contact: Erin Black, Marketing Director, 757.251.2792
View original content with multimedia: http://www.prnewswire.com/news-releases/old-point-financial-corporation-declares-second-quarter-dividend-300645824.html
SOURCE Old Point Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-old-point-financial-corporation-declares-second-quarter-dividend.html |
(Corrects name of winner of Best Perfomance in final paragraph)
71st Cannes Film Festival – Un Certain Regard Prize - Cannes, France. May 18, 2018. Eva Melander and producer Nina Bisgaard on stage on behalf of director Ali Abbasi, winner of the Grand Prix Un Certain Regard Award for his film Border (Grans), with Benicio Del Toro, Jury President of Film selection "Un Certain Regard". REUTERS/Eric Gaillard By Robin Pomeroy and Sarah Mills
CANNES, France (Reuters) - An unusual Scandinavian movie about a relationship between two outsiders that Variety said was “destined to be a cult classic”, won the Un Certain Regard prize at Cannes on Friday.
Directed by Iranian-born Ali Abbasi and co-written by John Ajvide Lindqvist, the author of Swedish vampire movie “Let the Right One In”, “Border” entertained and baffled audiences at the festival which closes on Saturday.
It is the story of Tina, a strange-looking Swedish customs officer who finds herself drawn to a similarly odd man, Vore, and discovers an uncomfortable truth about her own identity.
71st Cannes Film Festival – Un Certain Regard Prize - Cannes, France. May 18, 2018. Eva Melander and producer Nina Bisgaard on stage on behalf of director Ali Abbasi, winner of the Grand Prix Un Certain Regard Award for his film Border (Grans), with Benicio Del Toro, Jury President of Film selection "Un Certain Regard". REUTERS/Eric Gaillard Variety critic Alissa Simon called it an “exciting, intelligent mix of romance, Nordic noir, social realism and supernatural horror that defies and subverts genre conventions”.
Lead actress Eva Melander said: “It’s a very unpredictable story and people watching it are really touched by it. They go out from the cinema and they kind of forget their mobile phone and wonder: ‘What’s this and what did I just see?’”
Un Certain Regard is the second-tier competition at Cannes, which closes on Saturday with the award of the Palme d’Or and other prizes for the films in the main selection.
71st Cannes Film Festival – Un Certain Regard Prize - Cannes, France. May 18, 2018. Jury members and winners of Un Certain Regard Prizes pose on stage after the ceremony. REUTERS/Eric Gaillard Among the other Un Certain Regard winners were Belgian actor Victor Polster, who won Best Performance for his role as a transgender teenage girl’s quest to become a professional ballerina in “Girl”.
Writing by Robin Pomeroy; Editing by Catherine Evans
| ashraq/financial-news-articles | https://in.reuters.com/article/filmfestival-cannes-un-certain-regard/weird-romance-border-wins-un-certain-regard-at-cannes-idINKCN1IJ2DY |
* Argentina seeks IMF financing deal
* Turkey President to meet economic team to discuss lira
* Emerging market borrowing costs hover close to 17 month high
By Karin Strohecker
LONDON, May 9 (Reuters) - A stronger dollar, higher oil prices and rising diplomatic tensions over Washington pulling out of the Iran nuclear deal deepened the broad emerging markets currency sell-off on Wednesday with Turkey and Argentina finding themselves in the firing line. Currencies of developing nations had already been under the cosh after the dollar started a relentless ascent in mid-April and U.S. Treasury yields climbed above the psychological 3 percent threshold.
Adding to woes was U.S. President Donald Trump’s decision late on Tuesday to pull out of an international nuclear deal with Iran, hampering risk appetite and sparking worries about fresh tension in the Middle East and global oil supplies.
“U.S. withdrawal from the agreement heightens uncertainty globally, and of course especially in the region,” said Tilmann Kolb, emerging markets analyst at UBS Global Wealth Management, adding higher oil prices would ramp up inflationary pressures and in turn impact the trajectory for U.S. interest rates.
“More important though remains the broad based U.S. dollar strength (and) U.S. Treasury yields ... emerging market currencies are vulnerable to this given their high sensitivity to global dynamics.”
Emerging market currency indexes plumbed new 2018 lows as the sell-off widened, but it was Argentina and Turkey which took centre stage.
Unable to stem brutal losses which saw the peso hit record lows despite the central bank jacking up interest rates to 40 percent, Buenos Aires pulled the emergency stop by announcing it would seek a financing deal with the International Monetary Fund. The move helped stabilise the currency which is still down 17 percent since the start of the year.
Turkey looked next in line for trouble with the lira tumbling around 1 percent and hitting a fresh record low in early trading following seven days of hefty losses, prompting the central bank on Wednesday to provide additional liquidity measures to shore up the currency.
However, the lira took a sharp turn and strengthened more than 1 percent after government officials said President Tayyip Erdogan will meet members of his economic team later in the day to discuss the lira currency and developments in the economy.
“It remains to be seen whether the meeting results in concrete measures to support the lira, but it does support our argument that allowing the currency to fall precipitously - when Turks cast their votes in crucial presidential and general elections on June 24 - may yield an unpredictable outcome,” Rabobank’s Piotr Matys wrote in a note to clients.
Meanwhile South Africa’s rand and Russia’s rouble weakened 0.5 percent in a third day of losses, India’s rupee hit a 15-month low while Indonesia’s rupiah slipped to a 2-1/2 year low.
The sell-off also kept emerging debt markets under pressure, with the average yield spread on the EMBIG Diversified index - the premium over U.S. Treasuries that investors demand to hold emerging debt – hovering close to the 17-month high hit on Tuesday.
While hard-currency debt looked fragile across most regions, Lebanon’s issues suffered some of the biggest declines, with some issues dropping nearly 2 cents. Lebanese markets had already been under pressure after Sunday’s election result underscored Tehran’s growing regional clout, with investors now fretting over what Trump’s decision on the nuclear deal could mean for the country’s fragile political situation.
For GRAPHIC on emerging market FX performance 2018, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2018, see tmsnrt.rs/2dZbdP5
For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see)
Reporting and graphic by Karin Strohecker; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets/emerging-markets-deepening-emerging-fx-rout-forces-argentina-turkey-into-action-idUSL8N1SG268 |
0 COMMENTS Oil prices closed lower on Friday, after wavering between gains and losses in anticipation of renewed U.S. economic sanctions on Iran.
Light, sweet crude for June delivery settled down 21 cents, or 0.3%, at $71.28 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, declined 79 cents, or 1%, to $78.51 a barrel.
President Donald Trump last week pulled the U.S. out of a 2015 international agreement to curb Iran’s nuclear program, setting the stage to reinstate sanctions on the Islamic Republic, a member of the Organization of the Petroleum Exporting Countries.
Even though the European Union has decided to stick to the accord , energy companies in the region have already started to pull back from Iran. On Wednesday, French oil giant Total SA said it would withdraw from an agreement to help develop a gas field off Iran if it wasn’t granted a waiver by the U.S. Total had signed a $1 billion deal to develop Iran’s South Pars field.
The decision was a concrete sign that U.S. sanctions could hinder Iran’s oil industry and further reduce global supply. Iran currently exports around 2.4 million barrels a day of crude. Analysts estimated that anywhere between 400,000 to a 1 million barrels could be at risk once sanctions are fully reinstated in six months.
An Iranian oil facility. Iran currently exports around 2.4 million barrels a day of crude. Photo: atta kenare/Agence France-Presse/Getty Images The move by Total “confirmed that European companies with business and banking activities in the U.S. cannot afford to go up against the U.S. Iran sanctions unless they get assurances against possible secondary sanctions for their U.S. activities,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets.
Concerns over Iranian supply come amid an increasingly tight oil market. The International Energy Agency on Wednesday said commercial petroleum stocks in Organization for Economic Cooperation and Development countries fell to the lowest level in three years , and below a closely watched five-year average metric for the first time since 2014.
In its monthly oil-market report, the IEA suggested the drawdown in stocks was evidence that OPEC’s coordinated efforts to cut output have succeeded in clearing up a global supply glut that had weighed on the market since late 2014.
OPEC and 10 producers outside the cartel, including Russia, have been holding back crude production by around 1.8 million barrels a day since the start of last year. The agreement, which was extended in November, is set to expire at the end of 2018.
On Thursday, Saudi Arabia—the de facto head of OPEC and the world’s largest crude exporter— said it was in talks with other OPEC members and Russia over “recent market volatility,” amid concerns prices are rising too high.
Oil market observers will also be looking ahead to elections this weekend in Venezuela, where continuing supply outages have already helped bolster prices in recent months. “Incumbent President Nicolás Maduro is a shoo-in to win and this might provoke the wrath of Washington which is actively mulling over broad oil sanctions on Venezuela,” said Stephen Brennock, analyst at brokerage PVM Oil Associates Ltd.
“Against this backdrop,” he added, “the odds are on further price upside with calls for $100 oil growing by the day.”
Gasoline futures fell 0.4% to $2.2333 a gallon and diesel futures fell 0.7% to $2.2655 a gallon.
—Stephanie Yang contributed to this article.
Write to Christopher Alessi at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/oil-gains-as-market-braces-for-iran-sanctions-1526638465 |
MILAN (Reuters) - The far-right League gave Italians a chance to bless the programme it has drawn up with the 5-Star Movement in an informal ballot as the two groups try to decide on a candidate to lead their planned coalition government.
FILE PHOTO: League party leader Matteo Salvini speaks to the media during the second day of consultations with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo The government “contract” between the League and the anti-establishment 5-Star, the two parties that won the most votes in the March 4 national election, was published on Friday after 11 weeks of political stalemate in the euro zone’s third-largest economy.
The document calls for billions of euros in tax cuts, increased welfare payments for the poor, and the scrapping of a unpopular pension reform.
It is seen by the two parties as the basis for governing for the full five-year legislative term but got a cool reception from the market and politicians elsewhere in Europe.
Unlike an online vote on Friday by supporters of 5-Star, the League set up 1,000 stands across the country over the weekend, with paper ballots listing 10 of the contract’s main points.
“Citizens appreciate when politicians give them a possibility to express their opinion, especially when people have lost their patience and want results,” said Gianluca Boari, a town councillor and volunteer at one of the stands in Milan.
The ballot is however seen as symbolic and unlikely to upset the delicate political balance between parties that had been seen as unlikely allies.
MIXED VIEWS The decision by the two maverick groups to join forces has upset some of their voters but others say they see this as the only solution for the country.
“I don’t like it at all, (League leader Matteo) Salvini should have said ‘No’. What is this? It’s a terrible compromise for the League,” Veneranda Lorenti, a League supporter, said.
More than 90 percent of almost 45,000 members of 5-Star voted in favour of the programme on Friday.
But the plans for the financial sector rattled investors as industry leaders said they could stall a clean-up of bank bad debt and derail a tentative recovery.
“I agree with the idea of an anti-establishment government, they should press ahead with stronger policies in the interest of Italy and (against) the European bureaucracies and the financial oligarchies,” Massimo Wailbacher said as he queued up to vote at one of the stands in Milan.
Salvini and 5-Star leader Luigi Di Maio said the weekend would be decisive to finalise talks over a candidate for prime minister and to outline the ministers of a future government.
Both have agreed that neither of them would run as candidate for prime minister. Salvini said the person would be “a professional with indisputable experience”, who had helped draw up the programme.
“The premier will be more shifted towards the 5-Star, but not their representative,” deputy secretary of the League Lorenzo Fontana said, explaining this was due to the fact that the Movement had won more votes than the League at elections.
The two party leaders are due on Monday to meet President Sergio Mattarella, who must approve the programme and has a final say on their nomination for prime minister.
Reporting by Giulia Segreti; Editing by Keith Weir
| ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics-ballot/league-calls-on-italians-to-back-coalition-deal-with-5-star-idINKCN1IL07H |
LEXINGTON, Mass., May 24, 2018 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development and commercialization of innovative and effective therapeutics for the treatment of cancer, today announced that Robert Martell, M.D., Ph.D., has been appointed Head of Research and Development. In this newly created role, Dr. Martell, a practicing oncologist and experienced drug developer, will directly manage the day-to-day operations of the Curis clinical development and research efforts. Dr. Martell is a member of the Board of Directors of Curis, and will resign from his board duties simultaneous with his start date on June 1st.
"Dr. Martell's expertise and extensive experience as a drug developer in the biotech and pharma industry, and his passion as a treating oncologist is invaluable to our mission of developing our novel drug candidates for treating patients with cancer. His contributions to Curis as a board member over the last several years have convinced us that his expertise will now be instrumental as we have committed to the pivotal development of fimepinostat for patients with DLBCL, as well as advancing all our drug candidates through their respective trials," commented Ali Fattaey, Ph.D., President and Chief Executive Officer of Curis.
Over the course of his career in the industry, Dr. Martell has contributed to the development and approval of multiple oncology therapeutics. These include the registration strategy and development of the PARP inhibitor niraparib (Zejula), development and NDA filing for rolapitant (Varubi), as well as evaluation of the immuno-oncology drug candidates while he served as the CMO of Tesaro; development of novel HDAC and tyrosine kinase inhibitors when he served as the CMO of MethylGene (Mirati); working on the BLA registration filing team for the EGFR inhibitor Erbitux, and development of Sprycel and Ixempra cancer drugs at Bristol Myers Squibb; and the early development of Nexavar, and selective IL-2 receptor agonists as cancer immunotherapy during his work at Bayer Pharmaceuticals. Dr. Martell is an associate professor, hematology and oncology at Tufts University School of Medicine, and has held academic positions as assistant clinical professor at Yale University School of Medicine and Assistant professor at Duke University Medical Center.
"I am delighted with the drug opportunities that Curis has created and pleased to lead the research and development efforts, and continue the innovative and lifesaving work the company is pursuing," added Robert Martell, M.D., Ph.D. "The company's most advanced drug candidate, fimepinostat has shown significant and durable clinical benefit for a population of patients with DLBCL that have little to no available treatment options. I look forward to working closely with the team and providing hands on and strategic insight and guidance as we move fimepinostat on a registration path, and our drug candidates through their development."
The company also announced the retirement of Dr. David Tuck, Chief Medical Officer, who will be leaving Curis in August to return to academic clinical research. "We want to thank Dr. Tuck for his valuable contribution to transforming Curis into a genuine clinical development organization with bringing multiple drug candidates into the clinic, including the first oral, small molecule inhibitor of immune checkpoints, CA-170, and the IRAK4 kinase inhibitor, CA-4948, both of which are continuing in their respective clinical trials. We wish David the best in his continued pursuit of academic excellence, and look to continue working with him as an advisor to Curis" said Ali Fattaey.
About Curis, Inc.
Curis is a biotechnology company focused on the development and commercialization of innovative and effective drug candidates for the treatment of human cancers, including fimepinostat (CUDC-907), which is being investigated in clinical studies in patients with lymphomas and solid tumors. Curis is also engaged in a collaboration with Aurigene in the areas of immuno-oncology and precision oncology. As part of this collaboration, Curis has exclusive licenses to oral small molecule dual antagonists of PD1 and VISTA, including PDL1/VISTA antagonist CA-170, and oral small molecule dual antagonists of PD1 and TIM3, including PDL1/TIM3 antagonist CA-327, as well as to molecules designed to inhibit the IRAK4 kinase, including CA-4948. CA-170 is currently undergoing testing in a Phase 1 trial in patients with advanced solid tumors and lymphomas, and in a Phase 2 trial in India conducted by Aurigene. CA-4948 is currently undergoing testing in a Phase 1 trial in patients with non-Hodgkin lymphoma. Curis is also party to a collaboration with Genentech, a member of the Roche Group, under which Genentech and Roche are commercializing Erivedge® for the treatment of advanced basal cell carcinoma. For more information, visit Curis's website at www.curis.com .
View original content: http://www.prnewswire.com/news-releases/curis-expands-senior-management-expertise-with-appointment-of-robert-martell-md-phd-as-head-of-research-and-development-300654025.html
SOURCE Curis, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-curis-expands-senior-management-expertise-with-appointment-of-robert-martell-m-d-ph-d-as-head-of-research-and-development.html |
Prospects for US-North Korea summit are waning 8 Hours Ago John Woods of Credit Suisse says it'll be a disappointment if the scheduled meeting between the U.S. and North Korea doesn't happen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/prospects-for-us-north-korea-summit-are-waning.html |
NEW YORK, May 3, 2018 /PRNewswire/ -- WallStEquities.com strives to bring the best free research to the investment community. Today we are offering reports on ETN, IR, ITT, and MCRN which can be accessed for free by signing up to www.wallstequities.com/registration . WallStEquities.com has initiated research coverage on Eaton Corp. PLC (NYSE: ETN), Ingersoll-Rand PLC (NYSE: IR), ITT Inc. (NYSE: ITT), and Milacron Holdings Corp. (NYSE: MCRN). Companies in the Diversified Machinery category are primarily focused on manufacturing and selling industrial machinery products to other businesses. This group's dividend yield is below average, similar to most industries in the Industrial Goods sector. All you have to do is sign up today for this free limited time offer by clicking the link below.
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Eaton
Dublin, Ireland-based Eaton Corp. PLC's shares declined 1.41%, closing Wednesday's trading session at $72.82. The stock recorded a trading volume of 4.53 million shares, which was above its three months average volume of 3.13 million shares. The Company's shares are trading 6.88% below their 200-day moving average. Additionally, shares of Eaton, which operates as a power management company worldwide, have a Relative Strength Index (RSI) of 31.02.
On April 10 th , 2018, research firm Goldman upgraded the Company's stock rating from 'Neutral' to 'Buy'.
On April 24 th , 2018, Eaton's Board of Directors declared a quarterly dividend of $0.66 per ordinary share. The dividend is payable on May 18 th , 2018, to shareholders of record at the close of business on May 04 th , 2018. Get the full research report on ETN for free by clicking below at:
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Ingersoll-Rand
On Wednesday, shares in Swords, Ireland headquartered Ingersoll-Rand PLC recorded a trading volume of 2.30 million shares, which was above their three months average volume of 1.93 million shares. The stock declined slightly by 0.83%, ending the day at $85.22. The Company's shares have advanced 0.88% in the past month. The stock is trading below its 50-day moving average by 1.30%. Furthermore, shares of Ingersoll-Rand, which designs, manufactures, sells, and services industrial and commercial products, have an RSI of 51.28.
On April 25 th , 2018, Ingersoll-Rand reported its Q1 2018 results. Bookings for the quarter were $3,909 million, net revenues were $3,385 million, and diluted earnings per share from continuing operations were $0.51. Cash flow from continuing operating activities for Q1 2018 was ($46) million, consistent with the Company's expectations and normal business seasonality. IR's complimentary research coverage is a few simple steps away at:
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ITT Inc.
White Plains, New York headquartered ITT Inc.'s stock finished the day 0.14% higher at $49.06. A total volume of 835,439 shares was traded, which was above their three months average volume of 605,210 shares. The Company's shares have advanced 0.62% in the last month and 16.81% over the past year. The stock is trading above its 200-day moving average by 1.01%. Additionally, shares of ITT Inc., which manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide, have an RSI of 42.69.
On April 20 th , 2018, ITT Inc. announced that it will release its Q1 2018 financial results on May 04 th , 2018, at 6:45 a.m. ET. Senior management will review the Company's financial and operating results, comment on current conditions, and answer questions during an investor briefing at 9:00 a.m. ET that same day. A real-time audio webcast of the presentation can be accessed on the Company's investors website. Register for your free research report on ITT at:
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Milacron Holdings
Shares in Cincinnati, Ohio headquartered Milacron Holdings Corp. ended yesterday's session 1.43% lower at $17.89. The stock recorded a trading volume of 746,531 shares, which was above its three months average volume of 518,400 shares. The Company's shares have advanced 2.46% over the past year. The stock is trading 2.33% below its 200-day moving average. Moreover, shares of Milacron, which manufactures, distributes, and services engineered and customized systems within the plastic technology and processing industry in the US and internationally, have an RSI of 28.18.
On April 26 th , 2018, Milacron announced its financial results for Q1 ended March 31 st , 2018. Sales for Q1 2018 were $310.4 million, operating earnings were $23.1 million, and adjusted EBITDA was $55.4 million. Net earnings for the quarter totaled $5.9 million, and adjusted net income totaled $28.4 million. Wall St. Equities' downloadable research report on MCRN available at:
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View original content: http://www.prnewswire.com/news-releases/this-mornings-technical-outlook-on-machinery-stocks----eaton-ingersoll-rand-itt-inc-and-milacron-300641945.html
SOURCE Wall St. Equities | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-this-mornings-technical-outlook-on-machinery-stocks--eaton-ingersoll-rand-itt-inc-and-milacron.html |
CHINO, Calif., May 18, 2018 (GLOBE NEWSWIRE) -- Chino Commercial Bancorp (OTC:CCBC) announced today that the Board of Directors has approved a 20% stock dividend. The dividend is issuable on or about June 29, 2018 to shareholders of record as of June 15, 2018. The dividend will increase the number of outstanding shares of the Company by approximately 309,884 bringing the total shares outstanding to approximately 1,859,304. This will be the Company’s fourth stock dividend since inception in 2000.
Commenting on the corporate action, Dann H. Bowman, President and CEO, stated, "The Board of Directors is very pleased with the Bank's financial performance, and has approved this stock dividend in recognition of our many loyal and dedicated shareholders."
Chino Commercial Bancorp is the parent company of Chino Commercial Bank, which operates three full service bank branches in Chino, Ontario and Rancho Cucamonga.
Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and California economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology and gain efficiencies there from, changes in interest rates, loan portfolio performance, and other factors.
Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, Ca. 91710, (909) 393-8880.
Source:Chino Commercial Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-chino-commercial-bancorp-announces-20-percent-stock-dividend.html |
May 25, 2018 / 5:54 PM / Updated 31 minutes ago UPDATE 1-Subtropical storm Alberto's landfall expected early next week Reuters Staff 2 Min Read
(Adds Chevron offshore operations normal)
HOUSTON, May 25 (Reuters) - U.S. Gulf of Mexico producers and refiners are monitoring subtropical storm Alberto, which is expected to make landfall between east Louisiana and the Florida panhandle early next week, the companies said on Friday. The National Weather Service on Friday predicted the storm would bring heavy rain to the central Gulf Coast region and the southeastern United States later this weekend and continue into early next week.
The Louisiana Offshore Oil Port (LOOP), located about 20 miles south of the Louisiana coast in the Gulf, was operating normally, according to the company’s website. The LOOP is the only U.S. port that can offload the largest crude oil tankers.
BP Plc spokesman Jason Ryan said Alberto is not expected to affect the company’s operations in the Gulf of Mexico.
Chevron Corp said it was monitoring the storm’s forecast, but offshore operations and at its 340,000 barrel-per-day (bpd) Pascagoula, Mississippi, refinery were continuing as planned on Friday.
Phillips 66’s 247,000 bpd Alliance, Louisiana, refinery was also monitoring the storm on Friday, the company said.
The Gulf of Mexico is home to 17 percent of U.S. crude output and 5 percent of dry natural gas output daily, according to the U.S. Energy Information Administration. Both figures have decreased as onshore oil and gas production ramped up in big shale plays.
More than 45 percent of the nation’s refining capacity is located along the U.S. Gulf Coast, which also is home to 51 percent of total U.S. natural gas processing capability. (Reporting by Erwin Seba Editing by Phil Berlowitz) | ashraq/financial-news-articles | https://www.reuters.com/article/storm-alberto-gulf-energy/update-1-subtropical-storm-albertos-landfall-expected-early-next-week-idUSL2N1SW1FN |
BEIJING, May 17 (Reuters) - China’s Foreign Ministry said on Thursday that no country, organisation, company or individual can carry out oil and gas exploration or exploitation in Chinese waters without permission from Beijing.
Ministry spokesman Lu Kang made the comment at a regular news briefing when asked about recent drilling by Rosneft Vietnam BV, a unit of Russian state oil firm Rosneft, in an area of the South China Sea that is claimed by China.
“We urge relevant parties to earnestly respect China’s sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region’s peace and stability,” Lu said.
Reporting by Christian Shepherd; Writing by Michael Martina Edited by Martin Howell
| ashraq/financial-news-articles | https://www.reuters.com/article/rosneft-vietnam-southchinasea-china/china-says-no-one-can-carry-out-oil-gas-activities-in-chinese-waters-without-beijings-permission-idUSS6N1S201L |
April 30 (Reuters) - Old Mutual PLC:
* BUSINESSES CONTINUE TO TRADE IN LINE WITH ITS EXPECTATIONS AS OUTLINED IN ITS FULL YEAR RESULTS PUBLISHED ON 15 MARCH 2018
* OLD MUTUAL LIMITED GROUP’S COINT OPERATIONS STARTED YEAR ON POSITIVE NOTE AND RESULTS FROM OPERATIONS ARE TRADING IN LINE WITH MANAGEMENT EXPECTATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-old-mutual-says-businesses-continu/brief-old-mutual-says-businesses-continue-to-trade-in-line-with-expectations-idUSFWN1S701Y |
May 28, 2018 / 11:17 PM / Updated 10 hours ago Mali president confirms he will run for re-election Reuters Staff 2 Min Read
BAMAKO (Reuters) - Mali’s President Ibrahim Boubacar Keita announced on state TV on Monday that he would run for re-election in a poll scheduled for the end of July. Mali's President Ibrahim Boubacar Keita is seen on arrival for the ECOWAS meeting in Abuja, Nigeria December 16, 2017. REUTERS/Afolabi Sotunde
Keita, 73, had been widely expected to run for a second term, but had not confirmed his intention. He faces growing political opposition in the capital Bamako, especially among a disaffected youth, and a raging Islamist insurgency and tit-for-tat ethnic killing in the north.
“I present myself as a candidate in the presidential election of July 29,” Keita said on state TV. “I ask you to trust in me again.”
A dozen other candidates have announced their candidacy, the strongest of which is seen as opposition leader Soumaila Cisse, a former finance minister.
Rising violence across Mali has cast doubt over the feasibility of elections in some parts, especially the north, where Islamist groups have exploited chaos and lawlessness to use the desert region as a springboard for attacks.
Dozens of ethnic Tuareg and Fulani civilians have also been killed in intercommunal violence in the north, stoked by the Islamists, while insurgents have killed scores of U.N. peacekeepers and government soldiers.
Growth has hovered around 5 percent, owing to strong cotton and gold output, but population growth at over 3 percent has eaten into those gains. Corruption remains endemic, and Mali ranks 175 on the U.N. Human Development Index, only 12 up from the bottom. Reporting by Tiemoko Diallo; Writing by Tim Cocks | ashraq/financial-news-articles | https://www.reuters.com/article/us-mali-election/mali-president-confirms-he-will-run-for-re-election-idUSKCN1IT25O |
WASHINGTON—Incoming U.S. Secretary of State Mike Pompeo promised to restore the State Department’s “swagger” in his first address to employees on Tuesday after a whirlwind tour of Israel, Saudi Arabia and Jordan over the weekend.
Mr. Pompeo was greeted in the State Department’s packed lobby with lengthy applause and cries of encouragement on his first day of work in the building.
State... | ashraq/financial-news-articles | https://www.wsj.com/articles/pompeo-vows-swagger-will-return-to-state-departments-work-1525204124 |
(Reuters) - U.S. President Donald Trump’s administration is weighing a plan that would impose new tariffs on imported vehicles on national security grounds, the Wall Street Journal reported on Wednesday.
U.S. President Donald Trump waves as he boards Air Force One to travel to New York from Joint Base Andrews in Maryland, U.S., May 23, 2018. REUTERS/Kevin Lamarque The administration is considering starting a probe of imported cars under a legal provision known as Section 232, possibly applying tariffs at the end, the Journal reported, citing industry officials briefed on broad outlines of the plan.
The Trump administration is currently considering tariffs of up to 25 percent, the Journal said.
The plan remains in its early stages, and is likely to face significant opposition from a number of interest groups, from foreign trading partners to domestic dealers of imported cars, the newspaper added.
Trump has already imposed hefty import tariffs on steel and aluminum under Section 232 of the 1962 U.S. Trade Expansion Act, which allows safeguards based on “national security.”
Reporting by Ismail Shakil in Bengaluru; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-autos/trump-administration-weighs-new-tariffs-on-imported-vehicles-wsj-idUSKCN1IO393 |
~ Strong 1Q18 Growth in Sales, Profit, and Cash Flow ~
~ Announces Planned Divestiture of Advanced Surgical and Orthopedics Product Lines for $600 million ~
~ Increases 2018 Outlook for Sales, Profit, and Cash Flow ~
FRISCO, Texas, May 03, 2018 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE:ITGR), a leading medical device outsource manufacturer, today announced results for the three months ended March 30, 2018.
First Quarter 2018 Highlights
Sales of $382 million, an increase of 10.5% reported, 8.8% organic versus prior year. GAAP Net Income increased $12 million to $8 million, Non-GAAP increased $7 million to $20 million. Adjusted EBITDA increased 7% to $69 million. GAAP Diluted EPS increased $0.39 to $0.25 per share, Non-GAAP increased $0.20 to $0.61 per share. Unfavorable $0.03 from foreign currency losses in GAAP & Non-GAAP EPS. Paid down $50 million of debt as Cash Flow from Operating Activities grew 19% to $46 million. Increasing 2018 Sales outlook by $20 million, Adjusted EBITDA by $5 million and Adjusted EPS by $0.05 per share.
Announces Planned Divestiture of Advanced Surgical and Orthopedics Product Lines for $600 million
Signed Agreement on May 3, 2018 to sell AS&O Product Lines to MedPlast, LLC for $600 million. MedPlast, LLC to receive ~$400 million in sales (2017 basis); Integer sales reduced by ~$350 million (2017 basis) after entering into long-term supply agreement with MedPlast, LLC. Expect to close in 3Q18. Combination of MedPlast, LLC and Integer’s AS&O product lines creates a market leader in Advanced Surgical and Orthopedics that will be one of the largest MDO’s serving this market. Divestiture creates a higher margin and more profitable Integer after use of proceeds for debt repayment. The significant deleveraging creates financial flexibility to invest more aggressively to drive growth in Integer’s market leadership positions in Cardio & Vascular and Cardiac & Neuromodulation.
Executing Operational Strategy for Accelerated Growth
Developing and implementing multi-year roadmap for Six Strategic Imperatives. Defining “Excellence” for each imperative and aligning resources and compensation to achievement.
“Integer delivered another quarter of high single digit sales growth with even stronger net income and cash flow growth, which enabled significant debt repayment during the quarter,” said Joseph Dziedzic, Integer’s president and chief executive officer. “Our current growth trajectory supports our increased sales, profit and cash flow outlook for 2018.”
“We also announced today the planned sale of our Advanced Surgical and Orthopedics product lines to MedPlast, LLC for $600 million,” continued Mr. Dziedzic. “During our strategic review last year, we identified the opportunity to unlock significant value for Integer shareholders through the divestiture of our AS&O product line to a market leader like MedPlast, LLC. The synergies from this combination include increased innovation, manufacturing capability, and scale, which is reflected in the sale price.”
“After completing the sale and paying down debt with the proceeds, we expect Integer to be a higher margin business with increased net earnings, higher returns on invested capital, debt leverage below four times, and cash flows similar to those prior to the divestiture,” concluded Mr. Dziedzic. “Looking forward, Integer has clear market leadership positions in our remaining product lines, with differentiated technology and increased financial flexibility to invest more aggressively to grow. We are now better positioned to deliver on our objectives of sales growth above the market, profit growth two times sales growth, and to earn a valuation premium.”
2018 Outlook (a)
(dollars in millions, except per share amounts)
GAAP Non-GAAP (b)(c) As Reported Growth Adjusted Growth Sales $1,510 to $1,550 3% to 6% $1,510 to $1,550 3% to 6% Net Income $50 to $60 (25%) to (10%) $103 to $113 14% to 25% EBITDA N/A N/A $310 to $320 9% to 12% Earnings per Diluted Share $1.55 to $1.85 (26%) to (11%) $3.20 to $3.50 14% to 25%
(a) Integer’s 2018 Outlook does not reflect the potential impact of the planned divestiture of the Advanced Surgical and Orthopedics product lines that was announced on May 3, 2018. (b) Except as described below, further reconciliations by line item to the closest corresponding GAAP financial measure for Adjusted Net Income, Adjusted Earnings per Diluted Share and Adjusted EBITDA, included in our “2018 Outlook” above, are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and visibility of the charges excluded from this non-GAAP financial measure. (c) Adjusted Net Income and EPS for 2018 is expected to consist of GAAP Net Income and EPS, excluding items such as intangible amortization, IP-related litigation costs, consolidation and realignment costs, asset disposition and write-down charges, and loss on extinguishment of debt totaling approximately $63 million. The after-tax impact of these items is estimated to be approximately $50 million, or approximately $1.54 per diluted share. Additionally, Adjusted Net Income and EPS is expected to exclude the estimated impact relating to our disallowed deduction of the Global Intangible Low-Taxed Income (“GILTI”) tax, as mandated by the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”). This disallowed deduction of the GILTI tax (approximately 50% of the total GILTI tax) is due to the Company making use of its U.S. net operating losses (“NOLs”), and will be eliminated once the Company’s U.S. NOLs are fully utilized, which is expected to be in approximately three to five years. This adjustment makes our Adjusted Diluted EPS more comparable with other global companies that are not subject to this disallowed GILTI tax deduction and more comparable to the Company’s results following the full utilization of its U.S. NOLs. Adjusted EBITDA is expected to consist of Adjusted Net Income, excluding items such as depreciation, interest, stock-based compensation and taxes totaling approximately $207 million. Summary of Financial and Product Line Results
(dollars in thousands, except per share data)
Three Months Ended GAAP March 30,
2018 March 31,
2017 Change Organic
Growth (a) Medical Sales Cardio & Vascular $ 138,348 $ 125,108 10.6 % 9.4 % Cardiac & Neuromodulation 108,910 103,813 4.9 % 4.9 % Advanced Surgical, Orthopedics & Portable Medical 121,775 105,146 15.8 % 11.5 % Total Medical Sales 369,033 334,067 10.5 % 8.7 % Non-Medical Sales 12,712 11,346 12.0 % 12.0 % Total Sales $ 381,745 $ 345,413 10.5 % 8.8 % Net income $ 8,118 $ (4,339 ) NM Earnings (Loss) per Diluted Share $ 0.25 $ (0.14 ) NM
(a) Organic Growth for sales is a Non-GAAP measure, which excludes the impact of foreign currency exchange. Refer to Table C at the end of this release for a reconciliation of these amounts. (NM) Calculated change not meaningful.
Three Months Ended Non-GAAP (a) March 30,
2018 March 31,
2017 QTD
Change Organic
Growth (b) Adjusted EBITDA $ 68,834 $ 64,256 7.1 % 6.8 % Adjusted Net Income $ 19,716 $ 12,913 52.7 % 48.2 % Adjusted Diluted EPS $ 0.61 $ 0.41 48.8 % 45.5 %
(a) Refer to Tables A and B at the end of this release for reconciliations of adjusted amounts to the closest corresponding GAAP financial measures. (b) Organic Growth for Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are Non-GAAP measures which exclude the foreign currency exchange impact reported in other loss, net and are primarily non-cash. Refer to Table D at the end of this release for a reconciliation of these amounts. Discussion of First Quarter Financial Results
Medical segment sales grew on a reported and organic basis driven by strong demand for Integer-owned and contract manufactured products in the Cardio & Vascular product line and strength in the Advanced Surgical, Orthopedics and Portable Medical product line, primarily driven by continued organic growth in spinal implants, ramping of new products and support of a customer inventory build program. Strong Neuromodulation demand and the resolution of a prior year supply constraint drove solid growth in the Cardiac & Neuromodulation product line. Non-Medical segment sales grew on a reported and organic basis as a result of new business wins. GAAP profitability metrics improved year-over-year primarily due to higher sales, the completion of spending on integration activities, lower interest expense and a net gain on investments, partially offset by higher incentive compensation costs. GAAP and Non-GAAP profitability metrics reflect solid sales growth across all product lines, partially offset by higher incentive compensation costs. Net cash from operating activities improved year-over-year primarily due to improved operating performance, reduced spend on other operating expenses, and improved use of cash, which enabled $50 million of debt pay down during the quarter, versus $29 million in 2017.
Conference Call Information
The Company will host a conference call on Thursday, May 3, 2018, at 5:00 p.m. ET to discuss these results. The scheduled conference call will be webcast live and is accessible through our website at investor.integer.net or by dialing (866) 393-4306 (U.S.) or (734) 385-2616 (outside U.S.) and the conference ID is 3567829. The call will be archived on the Company’s website. A slide presentation containing supplemental information about the Company’s results will be posted to our website at investor.integer.net prior to the conference call and will be referenced during the conference call.
About Integer™
Integer Holdings Corporation (NYSE:ITGR) is one of the largest medical device outsource (MDO) manufacturers in the world serving the cardiac, neuromodulation, orthopedics, vascular, advanced surgical and portable medical markets. The Company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in energy, military, and environmental markets. The Company's brands include Greatbatch TM Medical, Lake Region Medical TM and Electrochem TM . Additional information is available at www.integer.net.
Contact Information
Amy Wakeham
VP, Investor Relations
(214) 618-4978
[email protected]
Notes Regarding Non-GAAP Financial Information
In addition to our results reported in accordance with generally accepted accounting principles (“GAAP”), we provide adjusted net income, adjusted earnings per diluted share, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA and organic growth rates. Adjusted net income and adjusted earnings per diluted share consist of GAAP amounts adjusted for the following to the extent occurring during the period: (i) acquisition and integration related charges and expenses, (ii) amortization of intangible assets including inventory step-up amortization, (iii) facility consolidation, optimization, manufacturing transfer and system integration charges, (iv) asset write-down and disposition charges, (v) charges in connection with corporate realignments or a reduction in force, (vi) certain litigation expenses, charges and gains, (vii) unusual or infrequently occurring items, (viii) gain (loss) on cost and equity method investments, (ix) extinguishment of debt charges, (x) the income tax (benefit) related to these adjustments and (xi) certain tax items that are outside the normal provision for the period. Adjusted earnings per diluted share are calculated by dividing adjusted net income by diluted weighted average shares outstanding. Adjusted EBITDA consists of GAAP net income (loss) plus (i) the same adjustments as listed above except for items (x) and (xi), (ii) GAAP stock-based compensation, interest expense, and depreciation, (iii) GAAP provision (benefit) for income taxes and (iv) cash gains received from cost and equity method investments during the period. To calculate organic sales growth rates, we convert current period sales from local currency to U.S. dollars using the previous period’s foreign currency exchange rates and exclude the amount of sales acquired/divested during the period from the current/previous period amounts, respectively. Organic growth rates for Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS exclude the impact of foreign currency exchange gains and losses included in other (income) loss, net. We believe that the presentation of adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, and organic growth rates provides important supplemental information to management and investors seeking to understand the financial and business trends relating to our financial condition and results of operations.
Forward-Looking Statements
Some of the statements contained in this press release and other written and oral statements made from time to time by us and our representatives are not statements of historical or current fact. As such, they are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations, and these statements are subject to known and unknown risks, uncertainties and assumptions. Forward-looking statements include statements relating to:
future sales, expenses, and profitability;
future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; our ability to identify trends within our industries and to offer products and services that meet the changing needs of those markets; our ability to remain in compliance with our debt covenants; and projected capital expenditures.
You can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or “variations” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary factors and to others contained throughout this release.
Although it is not possible to create a comprehensive list of all factors that may cause actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors include the following: our high level of indebtedness, our inability to pay principal and interest on this high level of outstanding indebtedness or to remain in compliance with financial and other covenants under our senior secured credit facilities, and the risk that this high level of indebtedness limits our ability to invest in our business and overall financial flexibility; our dependence upon a limited number of customers; customer ordering patterns; product obsolescence; our inability to market current or future products; pricing pressure from customers; our ability to timely and successfully implement cost reduction and plant consolidation initiatives; our reliance on third-party suppliers for raw materials, products and subcomponents; fluctuating operating results; our inability to maintain high quality standards for our products; challenges to our intellectual property rights; product liability claims; product field actions or recalls; our inability to successfully consummate and integrate acquisitions and to realize synergies and benefits from these acquisitions and to operate these acquired businesses in accordance with expectations; our unsuccessful expansion into new markets; our failure to develop new products including system and device products; the timing, progress and ultimate success of pending regulatory actions and approvals; our inability to obtain licenses to key technology; regulatory changes, including health care reform, or consolidation in the healthcare industry; global economic factors including foreign currency exchange rates and interest rates; the resolution of various legal actions brought against the Company; enactment related and ongoing impacts related to the Tax Reform Act, including the GILTI tax; and other that arise from time to time and are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC. In addition, the forward-looking statements in this release regarding the planned divestiture of our Advanced Surgical and Orthopedic product lines are subject to factors that could cause actual results to differ from such statements, including, without limitation, the need to satisfy closing conditions to such divestiture, the risk that such divestiture is delayed and the risk that the operation of the works council consultative process involving our Chaumont, France facility results in our inability to dispose of that facility in the divestiture on a timely basis or at all. Except as may be required by law, we assume no obligation to update forward-looking statements in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
Condensed Consolidated Statements of Operations - Unaudited (in thousands except per share data) Three Months Ended March 30,
2018 March 31,
2017 Sales $ 381,745 $ 345,413 Cost of sales 285,975 254,187 Gross profit 95,770 91,226 Operating expenses: Selling, general and administrative expenses (SG&A) 41,238 39,499 Research, development and engineering costs 14,538 13,411 Other operating expenses (OOE) 5,277 11,771 Total operating expenses 61,053 64,681 Operating income 34,717 26,545 Interest expense 26,445 28,893 (Gain) loss on cost and equity method investments, net (4,970 ) 398 Other loss, net 1,033 1,449 Income (loss) before income taxes 12,209 (4,195 ) Provision for income taxes 4,091 144 Net income (loss) $ 8,118 $ (4,339 ) Earnings (loss) per share: Basic $ 0.25 $ (0.14 ) Diluted $ 0.25 $ (0.14 ) Weighted average shares outstanding: Basic 31,902 31,016 Diluted 32,423 31,016
Condensed Consolidated Balance Sheets - Unaudited (in thousands) March 30,
2018 December 29,
2017 ASSETS Current assets: Cash and cash equivalents $ 29,488 $ 44,096 Accounts receivable, net 242,218 242,456 Inventories 239,490 227,534 Refundable income taxes 494 37 Prepaid expenses and other current assets 17,071 17,786 Total current assets 528,761 531,909 Property, plant and equipment, net 367,664 370,375 Goodwill 995,200 990,238 Other intangible assets, net 914,398 920,393 Deferred income taxes 4,388 4,152 Other assets 36,647 31,278 Total assets $ 2,847,058 $ 2,848,345 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 32,813 $ 30,469 Accounts payable 104,372 83,517 Income taxes payable 12,549 13,477 Accrued expenses 74,992 81,540 224,726 209,003 Long-term debt 1,528,944 1,578,696 Deferred income taxes 150,578 145,364 Other long-term liabilities 22,421 21,901 Total liabilities 1,926,669 1,954,964 Stockholders’ equity: Common stock 32 32 Additional paid-in capital 673,106 669,756 Treasury stock (5,964 ) (4,654 ) Retained earnings 184,186 176,068 Accumulated other comprehensive income 69,029 52,179 Total stockholders’ equity 920,389 893,381 Total liabilities and stockholders’ equity $ 2,847,058 $ 2,848,345
Condensed Consolidated Statements of Cash Flows - Unaudited (in thousands) Three Months Ended March 30,
2018 March 31,
2017 Cash flows from operating activities: Net income (loss) $ 8,118 $ (4,339 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 26,334 24,606 Debt related charges included in interest expense 2,871 3,437 Stock-based compensation 3,222 4,669 Non-cash (gain) loss on cost and equity method investments (4,970 ) 398 Other non-cash losses 123 1,101 Deferred income taxes 3,181 (1,753 ) Changes in operating assets and liabilities: Accounts receivable 1,008 (8,700 ) Inventories (11,442 ) (5,956 ) Prepaid expenses and other assets 2,810 1,853 Accounts payable 22,466 13,146 Accrued expenses (6,031 ) 4,401 Income taxes payable (1,568 ) 5,762 Net cash provided by operating activities 46,122 38,625 Cash flows from investing activities: Acquisition of property, plant and equipment (10,959 ) (12,787 ) Proceeds from sale of property, plant and equipment 898 459 Purchase of cost and equity method investments — (260 ) Net cash used in investing activities (10,061 ) (12,588 ) Cash flows from financing activities: Principal payments of long-term debt (50,032 ) (79,151 ) Proceeds from issuance of long-term debt — 50,000 Proceeds from the exercise of stock options 1,006 7,449 Payment of debt issuance costs — (1,789 ) Withholding tax paid related to stock-based compensation
(2,188 ) — Net cash used in financing activities (51,214 ) (23,491 ) Effect of foreign currency exchange rates on cash and cash equivalents 545 219 Net increase (decrease) in cash and cash equivalents (14,608 ) 2,765 Cash and cash equivalents, beginning of period 44,096 52,116 Cash and cash equivalents, end of period $ 29,488 $ 54,881 Non-GAAP Reconciliations
Table A: Net Income (Loss) and Diluted EPS Reconciliation
(in thousands except per share amounts)
Three Months Ended March 30, 2018 March 31, 2017 Pre-Tax Net
Income Per
Diluted
Share Pre-Tax Net
Income
(Loss) Per
Diluted
Share As reported (GAAP) $ 12,209 $ 8,118 $ 0.25 $ (4,195 ) $ (4,339 ) $ (0.14 ) Adjustments: Amortization of intangibles (a) 11,713 9,304 0.29 10,978 7,746 0.24 IP related litigation (SG&A) (a)(b) 321 254 0.01 377 245 0.01 Strategic reorganization and alignment (OOE) (a)(c) 3,492 2,779 0.09 — — — Manufacturing alignment to support growth (OOE) (a)(d) 513 369 0.01 — — — Consolidation and optimization expenses (OOE) (a)(e) 605 473 0.01 2,395 1,899 0.06 Acquisition and integration expenses (OOE) (a)(f) — — — 4,820 3,133 0.10 Asset dispositions, severance and other (OOE) (a)(g) 667 489 0.02 4,556 2,957 0.09 (Gain) loss on cost and equity method investments, net (a) (4,970 ) (3,926 ) (0.12 ) 398 259 0.01 Loss on extinguishment of debt (a)(h) 1,057 835 0.03 1,559 1,013 0.03 Tax adjustments (i) — 1,021 0.03 — — — Adjusted (Non-GAAP) $ 25,607 $ 19,716 $ 0.61 $ 20,888 $ 12,913 $ 0.41 Diluted weighted average shares for adjusted EPS (j) 32,423 31,685
(a) The difference between pre-tax and net income (loss) amounts is the estimated tax impact related to the respective adjustment. Net income amounts are computed using a 21% U.S. tax rate (35% U.S. tax rate for 2017 periods), and the statutory tax rates in Mexico, Germany, France, Netherlands, Uruguay, Ireland and Switzerland, as adjusted for the existence of NOLs. Amortization of intangibles and OOE expense have also been adjusted to reflect the estimated impact relating to our disallowed deduction of the GILTI tax, as described in note (i) below. Expenses that are not deductible for tax purposes (i.e. permanent tax differences) are added back at 100%. (b) In 2013, we filed suit against AVX Corporation alleging they were infringing our intellectual property. Given the complexity and significant costs incurred pursuing this litigation, we are excluding these litigation expenses from adjusted amounts. This matter proceeded to trial during 2016 and again in the third quarter of 2017 that resulted in a jury awarding damages in the amount of $37.5 million. In March 2018, the court vacated that damage award and ordered a new trial on damages, which is scheduled for January 2019. To date, no gains have been recognized in connection with this litigation. (c) As a result of the strategic review of our customers, competitors and markets we undertook during the fourth quarter of 2017, we began to take steps to better align our resources in order to invest to grow, protect, preserve and to enhance the profitability of our portfolio of products. This will include focusing our investment in RD&E and manufacturing, improving our business processes and redirecting investments away from projects where the market does not justify the investment. As a result, during 2018 we incurred charges related to this strategy, which primarily consisted of severance and fees for professional services. (d) In 2017, we initiated several initiatives designed to reduce costs, improve operating efficiencies and increase manufacturing capacity to accommodate growth. The plan involves the relocation of certain manufacturing operations and expansion of certain of our facilities. (e) During 2018 and 2017, we incurred costs primarily related to the closure of our Clarence, NY facility and the transfer of our Beaverton, OR portable medical and Plymouth, MN vascular manufacturing operations to Tijuana, Mexico. (f) Reflects acquisition and integration costs related to the acquisition of Lake Region Medical, which occurred in October 2015. (g) Amounts for 2017 primarily include expenses related to our CEO and CFO transitions. (h) Represents debt extinguishment charges in connection with pre-payments made on our Term B Loan Facility which are included in interest expense. (i) Tax adjustments primarily includes the estimated impact relating to our disallowed deduction of the GILTI tax, as mandated by the Tax Reform Act. This disallowed deduction of the GILTI tax (approximately 50% of the total GILTI tax) is due to the Company making use of its U.S. NOLs, and will be eliminated once the Company’s U.S. NOLs are fully utilized, which is expected to be in approximately three to five years. This adjustment makes our Adjusted Diluted EPS more comparable with other global companies that are not subject to this disallowed GILTI tax deduction and more comparable to the Company’s results following the full utilization of its U.S. NOLs. (j) The diluted weighted average shares for adjusted EPS for the three month period ended March 31, 2017 includes 669,000 of potentially dilutive shares not included in the computation of diluted weighted average common shares for GAAP diluted EPS purposes because their effect would have been anti-dilutive in that period. Table B: EBITDA and Adjusted EBITDA Reconciliation
(in thousands)
Three Months Ended March 30,
2018 March 31,
2017 Net Income (loss) (GAAP) $ 8,118 $ (4,339 ) Interest expense 26,445 28,893 Provision for income taxes 4,091 144 Depreciation 14,621 13,628 Amortization 11,713 10,978 EBITDA 64,988 49,304 IP related litigation 321 377 Stock-based compensation (excluding OOE) 3,218 2,406 Strategic reorganization and alignment 3,492 — Manufacturing alignment to support growth 513 — Consolidation and optimization expenses 605 2,395 Acquisition and integration expenses — 4,820 Asset dispositions, severance and other 667 4,556 Non-cash (gain) loss on cost and equity method investments (4,970 ) 398 Adjusted EBITDA (Non-GAAP) $ 68,834 $ 64,256 Table C: Organic Sales Growth Rate Reconciliation (% Change)
GAAP
Reported
Growth Impact of
Foreign
Currency (a) Non-GAAP
Organic
Growth QTD Change (1Q 2018 vs. 1Q 2017) Medical Sales Cardio & Vascular 10.6 % (1.2 )% 9.4 % Cardiac & Neuromodulation 4.9 % — 4.9 % Advanced Surgical, Orthopedics & Portable Medical 15.8 % (4.3 )% 11.5 % Total Medical Sales 10.5 % (1.8 )% 8.7 % Non-Medical Sales 12.0 % — 12.0 % Total Sales 10.5 % (1.7 )% 8.8 %
(a) First quarter 2018 Cardio & Vascular and Advanced Surgical, Orthopedics & Portable Medical product line sales were positively impacted by $1.5 million and $4.5 million, respectively, due to foreign currency exchange rate fluctuations. Table D: Non-GAAP Organic Growth Rate Reconciliation (% Change)
GAAP
Reported
Growth Impact of
Non-GAAP
Adjustment (a) Impact of
Foreign
Currency (b) Non-GAAP
Organic
Growth QTD Change (1Q 2018 vs. 1Q 2017) EBITDA 31.8% (24.7)% (0.3)% 6.8% Net Income NM 52.7% (4.5)% 48.2% Diluted EPS NM 48.8% (3.3)% 45.5%
(a) Represents the impact to our growth rate from our Non-GAAP adjustments. See Tables A and B for further detail on these items.
(b) Represents the impact to our growth rate due to changes in foreign currency exchange rates realized in income and reported in other loss, net in the consolidated statement of operations. (NM) Calculated change not meaningful.
Table E: Supplemental Financial Items Affecting Cash Flow
(dollars in millions)
2018
Outlook 2017
Actual Capital Expenditures $50 - $55 $47 Depreciation and Amortization $106 - $108 $103 Stock-Based Compensation $10 - $12 $15 Other Operating Expense $10 - $15 $37 Adjusted Effective Tax Rate 21% - 24% 20% Cash Tax Payments $13 - $15 $9
Source:Integer Holdings Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-integer-holdings-corporation-reports-first-quarter-2018-results.html |
SINGAPORE (Reuters) - The dollar edged higher against the yen on Friday and set a fresh four-month high, buoyed by a further rise in U.S. Treasury yields that suggests a more upbeat outlook for the world’s largest economy and possibly more rate hikes.
FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo U.S. benchmark 10-year yields US10YT=RR hit a high of 3.128 percent in early Asian trade on Friday, the highest in nearly seven years.
The U.S. 10-year bond yield has climbed about 15 basis points this week, putting it on track for its biggest weekly rise in more than three months.
The rising yields reflect continued optimism about the U.S. economy and expectations of growing price pressures, reinforcing expectations that the Federal Reserve would raise borrowing rates at least two more times this year and lifting the greenback.
“Moves in U.S. yields remain the focus. If they rise further the dollar could strengthen on the back of that and pull the dollar higher against the yen,” said Shinichiro Kadota, senior strategist at Barclays in Tokyo.
The dollar touched a high of 111.005 yen JPY= , its strongest level since Jan. 23, and last changed hands at 110.92 yen, up 0.1 percent on the day.
The dollar’s index against a basket of six major currencies stood at 93.467 .DXY, trading within sight of a five-month high of 93.632 set earlier this week.
The euro inched up 0.1 percent to $1.1806 EUR= . On Wednesday it had set a five-month low of $1.1763 as it came under pressure on concerns about the demands of populist parties likely to form Italy's next government.
Italian markets had been jolted on Wednesday by a draft coalition document showing plans to ask the European Central Bank to forgive 250 billion euros in debt, and create procedures to allow countries to exit the euro.
But broader Italian markets held up better on Thursday as investors played down the broader impact on euro zone political stability and questioned whether the Italian parties would really follow through on such plans.
On Thursday, the far-right League and 5-Star Movement agreed the basis for a governing accord that would slash taxes and ramp up welfare spending.
A 5-Star source said the program contained no reference to a possible exit from the euro.
The euro has slumped six cents from more than $1.24 in about a month, after a huge dollar rally. Investors are betting U.S. interest rates will need to rise further, while other central banks are postponing monetary tightening. That has forced investors who took big positions against the dollar anticipating a fall in 2018 to unwind and cover their positions, pushing the greenback even higher.
The dollar will probably stay on solid footing against the yen and the euro in the near term, with U.S. economic data looking more upbeat compared to the recent indicators out of the euro zone and Japan, said Tan Teck Leng, forex analyst for UBS Wealth Management in Singapore.
In order for the dollar’s rally to lose momentum and start reversing, there needs to be an improvement in euro zone and Japanese economic data, Tan said.
“We need the data in Europe, in Japan to recover, because in the year to date, data disappointment was happening in Europe and Japan but in the U.S. it was a different picture so there was the divergence,” Tan said.
Most emerging market currencies continued to wilt against the surging dollar.
The Indonesian rupiah IDR= weakened half a percent to 14,115, its lowest in more than 2-1/2 years and shrugging off a rate rise by the central bank late on Thursday.
Reporting by Masayuki Kitano; Editing by Eric Meijer and Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-forex/dollar-sets-four-month-high-vs-yen-buoyed-by-rising-u-s-yields-idUSKCN1IJ052 |
Facebook forms a new blockchain group, headed by Coinbase board member By 1
Stephen Lam | Reuters
David Marcus, vice president of Messaging Products at Facebook, speaks on stage during the annual Facebook F8 developers conference in San Jose, California, April 18, 2017.
David Marcus, Facebook ‘s head of Messenger, is going to head up a new group focused on the blockchain technology that underlies bitcoin .
“I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” Marcus said in a post Tuesday afternoon on the social media site. Marcus joined the board of Coinbase , the leading U.S. marketplace for buying and selling cryptocurrencies, in December.
The news came as Facebook implemented its biggest executive shakeup in 15 years, Recode reported Tuesday. The company confirmed the report.
Facebook CEO Mark Zuckerberg said in early January that the company will begin looking into cryptocurrencies and “how to best use them in our services.”
Blockchain technology quickly creates a permanent, secure record of transactions between two parties and eliminates the need for a third-party intermediary, such as a bank. Bitcoin is the first application of the technology. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/facebook-forms-a-new-blockchain-group-headed-by-coinbase-board-member.html/ |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11252457003671273998304584238700570970302 |
May 8 (Reuters) - Model N Inc:
* MODEL N INC - ON MAY 4, 2018, CO AND CERTAIN OF ITS SUBSIDIARIES ENTERED INTO A CREDIT AGREEMENT - SEC FILING
* MODEL N INC - PURSUANT TO AGREEMENT LENDERS EXTENDED A TERM LOAN TO COMPANY IN AN AGGREGATE PRINCIPAL AMOUNT OF $50 MILLION
* MODEL N INC - LENDERS AGREED TO ESTABLISH AN ADDITIONAL REVOLVING LINE OF CREDIT UP TO AN AGGREGATE PRINCIPAL AMOUNT OF $5 MILLION Source text: ( bit.ly/2wxCMLp ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-model-n-inc-and-certain-of-its-sub/brief-model-n-inc-and-certain-of-its-subsidiaries-enters-into-a-credit-agreement-idUSFWN1SF1AW |
* US-China still ‘very far apart’ on trade-U.S. ambassador
* Mexico does not sees NAFTA deal coming this week
* April retail sales up 0.3 pct, vs. 0.8 pct rise in March
* Home Depot drops as sales misses estimate, drags Lowe’s
* Futures down: Dow 0.59 pct, S&P 0.53 pct, Nasdaq 0.83 pct
By Medha Singh
May 15 (Reuters) - U.S. stock index futures dropped on Tuesday as investors were worried about a lack of progress in U.S.-China trade talks and assessed U.S. retail sales data that showed moderate gains last month.
The United States and China are still “very far apart” on resolving trade frictions, U.S. Ambassador to China Terry Branstad said, as a second round of high-level talks were set to begin in Washington.
Adding to the trade woes, Mexico’s economy minister Ildefonso Guajardo said he does not expect to meet a deadline this Thursday to reach a new North American Free Trade Agreement that could be presented to the U.S. Congress.
U.S. retail sales increased a moderate 0.3 percent in April, compared with an upwardly revised 0.8 percent surge in March, as rising gasoline prices weighed on discretionary spending, the Commerce Department said.
However, the rise in core retail sales, which excluded automobiles, gasoline, building materials and food services, showed consumer spending appeared on track to accelerate after slowing sharply in the first quarter.
Following the data, benchmark U.S. Treasury yields hit 3.037 percent, a key breakout level, before gaining further to 3.043 percent, their highest since July 2011.
“It’s a combination of less good news from China trade situation, a bit of a seasonal miss on Home Depot and tick up in the yield on 10-year that conspires to be the story ... and unraveled some of that positive feeling we had yesterday,” said Art Hogan, chief market strategist at B. Riley FBR in Boston.
“The (retail sales) data is impressive, the yield on the 10-year is reflective of that, and that we get further noise on 3 percent and that becomes an issue.”
Shares of Home Depot Inc slipped 2.5 percent in premarket trading after the No.1 U.S. home improvement chain missed Wall Street forecasts for sales at established stores as an unusually long winter hit demand for typical spring products.
Smaller rival Lowe’s was down 1.7 percent.
At 9:09 a.m. ET, Dow e-minis were down 147 points, or 0.59 percent. S&P 500 e-minis were down 14.5 points, or 0.53 percent and Nasdaq 100 e-minis were down 58 points, or 0.83 percent.
Even oil prices, which have helped boost the stock market in recent days, touching a 3-1/2-year high, did not offer succor on the day.
Among stocks, Agilent Technologies dropped 7.0 percent after posting a disappointing quarterly forecast late on Monday.
Ford dipped 0.9 percent after Piper Jaffray cut its rating to “neutral” on the automaker’s shares.
Symantec rose 3.0 percent after the anti-virus maker’s bullish 2020 forecast eased concerns over the impact of an internal accounting probe. (Reporting by Medha Singh in Bengaluru Editing by Saumyadeb Chakrabarty)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-drops-on-trade-woes-moderate-retail-sales-data-idUSL3N1SM5OB |
MOSCOW (Reuters) - Armenia’s acting finance minister Vardan Aramyan said on Thursday he had quit his post before the formation of a new government under newly elected Prime Minister Nikol Pashinyan, Russia’s RIA news agency reported.
Aramyan served as finance minister in the previous government led by former president Serzh Sarksyan, who stood down on April 23 following weeks of mass protests against corruption and cronyism in the ex-Soviet republic.
Opposition leader Pashinyan had led those protests. He was elected prime minister by the Armenian parliament earlier this week.
Reporting by Gabrielle Tétrault-Farber, writing by Denis Pinchuk
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-minister/armenias-acting-finance-minister-quits-post-ria-news-agency-idUSKBN1IB22E |
May 3 (Reuters) - Bolsas y Mercados Espanoles SHMSF SA:
* VOLUMES TRADED IN APRIL AT 65.6 BILLION EUROS * VOLUMES TRADED IN APRIL DOWN 5.8 PERCENT YOY Source text for Eikon:
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-volumes-traded-on-spains-bme-in-ap/brief-volumes-traded-on-spains-bme-in-april-at-65-6-bln-euros-idUSFWN1SA0XD |
May 10 (Reuters) - Wheaton Precious Metals Corp:
* WHEATON PRECIOUS METALS ANNOUNCES FIRST QUARTER RESULTS FOR 2018 AND DECLARES SECOND QUARTERLY DIVIDEND OF 2018
* QTRLY EARNINGS PER SHARE $0.15 * REVENUE WAS $199.2 MILLION IN Q1 OF 2018 VERSUS $197.9 MILLION
* WHEATON PRECIOUS METALS- WHEATON’S ESTIMATED ATTRIBUTABLE SILVER AND GOLD PRODUCTION IN 2018 FORECAST TO BE ABOUT 22.5 MILLION SILVER OUNCES, 355,000 GOLD OUNCES
* WHEATON PRECIOUS METALS- ESTIMATED AVERAGE ANNUAL ATTRIBUTABLE SILVER AND GOLD PRODUCTION OVER NEXT 5 YEARS ANTICIPATED TO BE ABOUT 25 MILLION SILVER OUNCES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wheaton-precious-metals-qtrly-earn/brief-wheaton-precious-metals-qtrly-earnings-per-share-0-15-idUSASC0A1PF |
May 2 (Reuters) - PUBLIC DISCLOSURE PLATFORM (KAP):
* SHAREHOLDER MEHMET ALI YILMAZ INCREASES ITS SHARES IN TEK-ART INSAAT TO 31.29 PERCENT FROM 16.59 PERCENT -KAP Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shareholder-increases-its-shares-i/brief-shareholder-increases-its-shares-in-tek-art-insaat-to-31-29-pct-from-16-59-pct-kap-idUSFWN1S90XM |
YAJI MOUNTAIN, China (Reuters) - On Yaji Mountain in southern China, they are checking in the sows a thousand head per floor in high-rise “hog hotels”.
A worker waits for an elevator to transport young pigs out of Guangxi Yangxiang's high-rise pig farm, at Yaji Mountain Forest Park in Guangxi province, China, March 21, 2018. Picture taken March 21, 2018. REUTERS/Dominique Patton Privately owned agricultural company Guangxi Yangxiang Co Ltd is running two seven-floor sow breeding operations, and is putting up four more, including one with as many as 13 floors that will be the world’s tallest building of its kind.
Hog farms of two or three floors have been tried in Europe. Some are still operating, others have been abandoned, but few new ones have been built in recent years, because of management difficulties and public resistance to large, intensive farms.
Now, as China pushes ahead with industrialisation of the world’s largest hog herd, part of a 30-year effort to modernise its farm sector and create wealth in rural areas, companies are experimenting with high-rise housing for pigs despite the costs. The “hotels” show how far some breeders are willing to go as China overhauls its farming model.
“There are big advantages to a high-rise building,” said Xu Jiajing, manager of Yangxiang’s mountain-top farm.
“It saves energy and resources. The land area is not that much but you can raise a lot of pigs.”
Companies like Yangxiang are pumping more money into the buildings - about 30 percent more than on single-storey modern farms - even as hog prices in China hold at an eight-year low.
For some, the investments are too risky. Besides low prices that have smaller operations culling sows or re-thinking expansion plans, there is worry about diseases spreading through such intensive operations.
But success for high-rise pig farms in China could have implications across densely populated, land-scarce Asia, as well as for equipment suppliers.
“We see an increasing demand for two- or three-level buildings,” said Peter van Issum, managing director of Microfan, a Dutch supplier that designed Yangxiang’s ventilation system.
Microfan also supplied a three-storey breeding operation, Daedeok JongDon GGP Farm, in South Korea.
“The higher ones are still an exception, but the future might change rapidly,” van Issum said.
HIGH-RISE HOGS
Yaji Mountain seems an unlikely location for a huge breeding farm. Up a narrow road, away from villages, massive concrete pig buildings overlook a valley of dense forest that Yangxiang plans to develop as a tourist attraction.
The site, however, is relatively close to Guigang, a city with a river port and waterway connections to the Pearl River Delta, one of the world’s most densely populated regions.
While Beijing is encouraging more livestock production in China’s grain basket in the northeast, many worry that farms there will struggle to get fresh pork safely to big cities thousands of miles away.
That has helped push some farm investments to southern provinces like Guangxi and Fujian, where land is hilly but much closer to many of China’s biggest cities.
Yangxiang will house 30,000 sows on its 11-hectare site by year-end, producing as many as 840,000 piglets annually. That will likely make it the biggest, most-intensive breeding farm globally. A more typical large breeding farm in northern China would have 8,000 sows on around 13 hectares.
Guangxi Yangxiang's high-rise pig farm buildings are seen at Yaji Mountain Forest Park in Guangxi province, China March 19, 2018. Picture taken March 19, 2018. REUTERS/Thomas Suen In Fujian province, Shenzhen Jinxinnong Technology Co Ltd also plans to invest 150 million yuan (17.76 million pounds) in two five-storey sow farms in Nanping. Two other companies are building high-rise hog farms in Fujian as well, according to an equipment firm involved in the projects.
Thai livestock-to-retail conglomerate CP Foods is also building four six-storey pig units with local firm Zhejiang Huatong Meat Products Co in Yiwu, a Chinese city near the large populations around Shanghai.
HIGH-TECH COMPLEXITY
Yangxiang spent 16,000 yuan per sow on its new farm, about 500 million yuan total, not including the cost of the pigs.
Building upwards means higher costs and greater complexity, such as for piping feed into buildings, said Xue Shiwei, vice chief operations officer at Pipestone Livestock Technology Consultancy, a Chinese unit of a U.S. farm management company.
“It would save on land but increase the complexity of the structure, and costs for concrete or steel would be higher,” he said.
Health concerns also raise costs, because the risk of rampant disease - an ever-present problem in China’s livestock sector - is higher with more animals under one roof.
Even two-storey farms in Europe have sparked worries that pigs will receive less care, said Irene Camerlink, an animal welfare expert at the University of Veterinary Medicine in Vienna who has worked with Chinese farms.
Any outbreak of disease could lead to extensive culling, she said.
Farm manager Xu said Yangxiang reduces the risk of disease by managing each floor separately, with staff working on the same floor every day. New sows are introduced to a building on the top floor, and are then moved by elevator to an assigned level, where they remain.
The ventilation system is designed to prevent air from circulating between floors or to other buildings. Air enters through ground channels and passes through ventilation ducts on each level. The ducts are connected to a central exhaust on the roof, with powerful extraction fans pulling the air through filters and pushing it out of 15-metre high chimneys.
A waste treatment plant is still under construction on Yaji Mountain to handle the site’s manure. After treatment, the liquid will be sprayed on the surrounding forest, and solids sold to nearby farms as organic fertiliser.
The project’s additional equipment - much of it imported - to reduce disease, environmental impact and labour costs, significantly increased Yangxiang’s spending, the company said.
But after testing other models, Yangxiang concluded the multi-storey building was best. Others are less convinced.
“We need time to see if this model is do-able,” said Xue of the farm management firm, adding that he would not encourage clients to opt for “hog hotels”.
“There will be many new, competing ideas (about how to raise pigs in China),” Xue said, including high-rise farms.
Slideshow (7 Images) Eventually, “a suitable model will emerge.”
Reporting by Dominique Patton; Editing by Tom Hogue
| ashraq/financial-news-articles | https://in.reuters.com/article/uk-china-pigs-hotels-insight/chinas-multi-storey-hog-hotels-elevate-industrial-farms-to-new-levels-idINKBN1IB36H |
NEW YORK (Reuters Breakingviews) - Silicon Valley is driven by economic power, and the ability to transmute hard science into fortunes. But its real fuel is stories, and the quintessential American desire to believe. Apple founder Steve Jobs showed that quixotic sounding ideas sometimes become reality thanks to capital, effort and acquired knowledge. Theranos founder Elizabeth Holmes, meanwhile, showed sometimes they don’t.
Elizabeth Holmes, CEO of Theranos, attends a panel discussion during the Clinton Global Initiative's annual meeting in New York, September 29, 2015. REUTERS/Brendan McDermid/File Photo “Bad Blood” is the flipside of the Silicon Valley success story, telling how need, greed, ignorance and hubris constructed a true reality-distortion field around a company with a good, but flawed, idea. The power of a seductive fairy tale to outpunch scientific skepticism temporarily gave the health-diagnostics firm a $9 billion value. Theranos was “vaporware” – a company marketing a technology that doesn’t yet exist. Eventually it collapsed – a process hastened by author John Carreyrou, an investigative journalist at the Wall Street Journal.
Holmes’ story started like that of the prototypical Silicon Valley mogul. Interested in computers and biology, she dropped out of Stanford after a few semesters. She ostensibly wanted to improve people’s lives – first through a patch that would diagnose and deliver medicine to patients, and when that proved technologically naive, through a system that would be able to quickly, cheaply and accurately diagnose hundreds of conditions using just a small sample of blood. Holmes had a good foundation myth: she was scared of needles. Unfortunately, the technology didn’t work.
Undeterred, Holmes decided to take Steve Jobs’ claim that “good artists copy; great artists steal” and ran with it. She began only wearing black turtlenecks, in imitation of the late Apple boss. She talked of how she wanted to change the world like her hero, used the same expensive ad agency as the iPhone maker, and even drove a car without license plates, as Jobs had done.
Being someone else isn’t easy. Carreyrou tells the anecdote of a Theranos employee catching Holmes slipping from her distinctive baritone into a much higher, and more natural sounding pitch – a sign of how calculated her image was. Given the sexism in technology and many company boardrooms, that’s perhaps understandable. Holmes denied suggestions that she was having a relationship with second-in-command Sunny Balwani.
What’s clear is that the Theranos founder had a powerful ability to draw aging, powerful men into her orbit. The company’s board included two former senators, a retired admiral, a Marine general, a lawyer who had argued before the Supreme Court, and former Secretaries of State Henry Kissinger and George Shultz. Her board contained more people aged over 90 than it did people with relevant medical knowledge.
Carreyrou is at his best illustrating the compromises made by these men, especially Shultz and super-litigator David Boies, also a board member, once drawn into Holmes’ orbit. Shultz’s grandson Tyler Shultz, who worked at the company, tried to warn the former secretary of state that the machines didn’t work, and that Theranos was a house of cards. Tyler’s whistleblowing caused a deep rift with his grandfather. Boies led an aggressive legal effort to silence both Tyler and Carreyrou, even when it should have been clear that the company’s faulty tests endangered patients’ lives.
The constant gaps between what Holmes promised and reality make up much of the book, but the point is made quite heavily. While the sheer number of people who grew disillusioned with the company, and Holmes, helps make the author’s case airtight, it can be a bit of a slog to read through. Carreyrou’s contentious relationship with the company and Holmes limits him to offering insight mainly via second-hand observations.
One factor in the company’s downfall was that the more biology-savvy people were, the bigger the chasm Holmes’ stories had to bridge. It’s notable, for example, that venture-capital firms specializing in biotech avoided Theranos. Her age was an obvious red flag to those in the field, having founded the company when she was just 19. The median biotech chief executive is 54 years old at the time a company goes public, according to data-crunching by venture capitalist Bruce Booth.
While plenty of software companies are founded by nerds who teach themselves programming at a young age, that’s nearly impossible in the life sciences. Information technology is designed by people, using known concepts, and incremental design. It’s far harder to understand cells and make them do what you want. Biology is complex, messy, and full of poorly understood – or unknown – mechanisms. Holmes’ lack of a degree or peer-reviewed data made those in the field deeply suspicious. And her penchant for firing disillusioned employees created a rich bed of sources for the author.
Regulation proved the final problem. Healthcare companies must abide by rules because people’s lives are at stake. Holmes tried to slip through the cracks, but various whistleblowers and Carreyrou’s investigative articles drew government attention. Colorful stories could bring in capital, but they couldn’t cover up the fact Theranos’ technology didn’t work when put to the test. The company was forced to void test results, Holmes was banned from running a lab, and the U.S. markets regulator has charged her with running a “massive fraud.” Even in Silicon Valley, fanciful narratives have limits.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-review-theranos-breakingviews/breakingviews-review-silicon-valley-gets-a-reality-transfusion-idUSKCN1IJ23M |
Political storm threatens Italian bank recovery 9:13am EDT - 01:56
Italy's political crisis is rippling across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as U.S. Treasuries. Kate King reports ▲ Hide Transcript ▶ View Transcript
Italy's political crisis is rippling across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as U.S. Treasuries. Kate King reports Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H0dcyt | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/political-storm-threatens-italian-bank-r?videoId=431677989 |
Treasury Secretary Steven Mnuchin said Tuesday that U.S. tariffs on Chinese steel and aluminum imports will stay in place even as the Trump administration suspends separate proposed tariffs on Chinese goods .
The framework of a deal that emerged from trade talks in Washington last week only involves holding off on up to $150 billion in potential tariffs on technology and other products, Mnuchin told a Senate panel.
"As it relates to China, the steel and aluminium tariffs will remain enforced," he said. "Those were not part of our discussions. We were merely focused on the proposed $150 billion."
"Those are not being touched," he added.
show chapters Never was a trade war, it was a trade dispute with China: Sec. Mnuchin 2:30 PM ET Mon, 21 May 2018 | 02:03 Mnuchin emerged from the talks saying Washington and Beijing had put a potential trade war "on hold," although top Trump administration officials have given few concrete details about a final trade pact. The world's two largest economies are holding talks as they try to avoid a potentially damaging escalation in tariffs.
President Donald Trump has long pledged to crack down on alleged trade abuses by foreign countries, and he has consistently placed China at the top of his target list. But the administration appears to be separating steel and aluminum tariffs from other measures specific to China. Trump has specifically targeted alleged intellectual property theft by Chinese companies and China's massive trade surplus with the U.S.
Earlier this year, the president imposed tariffs of 25 percent on steel imports and 10 percent on aluminum imports. The U.S. has temporarily exempted Canada, Mexico and the European Union as it tries to reach separate terms with those entities.
WATCH: Mnuchin says we've made meaningful progress on China trade talks show chapters Secretary Mnuchin: We've made meaningful progress on China trade talks 8:45 AM ET Mon, 21 May 2018 | 17:31 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/steven-mnuchin-says-china-steel-and-aluminum-tariffs-will-remain.html |
Market not selling on protectionism, but it's keeping everyone cautious: Pro 12 Hours Ago Richard Kelly, head of global strategy at TD Securities, speaks about how trade protectionism could be impacting markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/market-not-selling-on-protectionism-but-its-keeping-everyone-cautious-pro.html |
Comcast is not taking the Disney-21st Century Fox merger lying down.
On Monday, Reuters reported that Comcast (cmcsa) is getting its ducks in a row to scupper the deal, one way or another. Disney’s $52 billion all-stock buy out of Fox’s film, television, and international businesses was announced in December 2017 — one month after Comcast made a higher all-stock offer to buy the same assets. Disney (dis) and Fox alluded to regulatory complexities associated with a potential Comcast buy-out in explaining why Disney’s lower offer was accepted.
For both Comcast and Disney, acquiring the Fox (fox) assets would be a huge boon to the scale, reach, and branding of their business, equipping either company to better compete with increasingly consolidated rivals. The Fox deal includes access to markets in Europe and Asia that both Disney and Comcast covet, not to mention blockbuster franchises including X-Men , Avatar , Fantastic Four , Deadpool , and The Simpsons . Crucially, Fox’s 30% stake in Hulu is part of the deal. Comcast and Disney both also own 30% of the Netflix-competitor streaming service, so the buy-out would give either one a controlling interest.
Here’s how Comcast could still eke out a win.
1. Comcast could make a counter offer Three people familiar with the matter told Reuters that Comcast was in conversations with investment banks to assemble as much as $60 billion in cash to make a counter-offer for all the Fox assets Disney is in the process of buying. Comcast used Disney and Fox’s regulatory filings to hone its offer after its initial bid was rejected, so this one is sure to pack a punch if it comes to fruition.
But whether Comcast will make this offer is dependent on the outcome of the AT&T-Time Warner antitrust trial. If that merger is allowed to go ahead, it will be a sign that Comcast is less likely to face regulatory barriers to buying Fox.
2. Comcast could buy Sky Sky is a European pay TV operator. Fox’s 39% stake in the company is one of the reasons the buy-out is so attractive to both Disney and Comcast. But Comcast already has a bid in to buy the entirety of Sky, which would effectively spoil the pot for Disney. Comcast’s $31 billion bid is currently being considered by EU regulators. On June 14 they’ll decide whether to approve it or send it to the courts, for a potentially months-long process.
3. Comcast could play hardball with Hulu If all else fails, Comcast could make it difficult for Disney to acquire Fox’s 30% stake in Hulu. This would be a risky move though, as Disney has already toyed with the idea of starting a rival streaming service, which could take viewers away from the Comcast property. | ashraq/financial-news-articles | http://fortune.com/2018/05/08/comcast-fox-disney-buy-out/ |
May 3 (Reuters) - EOG Resources Inc:
* EOG RESOURCES ANNOUNCES FIRST QUARTER 2018 RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.19
* Q1 EARNINGS PER SHARE $1.10 * Q1 EARNINGS PER SHARE VIEW $1.01 — THOMSON REUTERS I/B/E/S
* ON TRACK TO REDUCE WELL COSTS 5 PERCENT IN 2018 * REITERATES FULL-YEAR 2018 OIL PRODUCTION GROWTH TARGET OF 16-20 PERCENT
* TARGETS $3 BILLION DEBT REDUCTION AND HIGHER DIVIDEND GROWTH RATE
* EOG RESOURCES - MAINTAINED FORECAST FOR 2018 CAPITAL EXPENDITURES OF $5.4 TO $5.8 BILLION, EX. ACQUISITIONS AND NON-CASH TRANSACTIONS
* QTRLY OPERATING REVENUES AND OTHER $3,681.2 MILLION VERSUS $2,610.6 MILLION
* Q1 REVENUE VIEW $3.45 BILLION — THOMSON REUTERS I/B/E/S * INCREASED Q1 2018 CRUDE OIL PRODUCTION BY 15 PERCENT COMPARED TO Q1 2017 Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-eog-resources-reports-q1-eps-of-11/brief-eog-resources-reports-q1-eps-of-1-10-idUSASC09ZRF |
NEW YORK, May 30, 2018 /PRNewswire/ -- Capital Dynamics, an independent global asset manager, today announced the appointments of Matthew Bandini, Jonathan Barokas and Bryan Chen to its Private Credit team, effective immediately. These new hires reflect the firm's rapid expansion in this space. The team is led by the co-heads of Capital Dynamics' Private Credit business, Thomas Hall and Jens Ernberg.
"Matthew, Jonathan and Bryan bring significant experience in sourcing and underwriting loans to lower middle market companies," said Jens Ernberg, managing director and co-head of Capital Dynamics' Private Credit business. "Their additions strengthen our deep bench of experienced investment professionals, positions us to successfully execute on our strategy and to significantly grow our private credit business."
"Jens and I are pleased to welcome these additions to the team," added Thomas Hall, managing director and co-head of the Capital Dynamics Private Credit business. "Each brings a strong pedigree from established players in the private credit markets. Their joining is a testament to the strength of the Capital Dynamics brand in the private markets community and is a reflection of the large opportunity set that we enjoy by being part of a global asset management platform."
Mr. Bandini, joining as a senior director, brings more than 15 years of corporate finance and middle market lending experience. Previously, Mr. Bandini was a managing director at Fifth Street Asset Management, where he led the origination, underwriting and portfolio management of more than USD 2 billion private equity-backed loan originations. Prior to that, Mr. Bandini worked in the Financial Sponsors coverage groups at GE Antares, Merrill Lynch and CIT, where he underwrote a variety of leveraged buyout and recapitalization transactions across all industries and capital structures.
Mr. Barokas, joining as a senior associate, brings seven years of leveraged finance experience to the team. Most recently, Mr. Barokas worked in the Credit Group of Ares Management, where he was responsible for the evaluation of private credit investments. At Ares, Mr. Barokas worked across all major investment functions, including origination, transaction execution and portfolio management. Mr. Barokas started his career in the Financial Sponsors Group at Wells Fargo Securities where he completed investment banking transactions for private equity clients and their respective portfolio companies.
Mr. Chen, joining as a senior associate, brings nearly eight years of private markets and investment banking experience. Most recently, Mr. Chen worked at 3i, a leading middle market private equity firm, where he focused on investment sourcing and initial diligence processes. Prior to that, Mr. Chen worked in investment banking on the mergers and acquisitions team at Lazard Freres. Previously, Mr. Chen was an analyst for two multi-strategy credit funds at Halcyon Asset Management and he began his career at GE Capital.
About Capital Dynamics
Capital Dynamics is an independent global asset management firm focusing on private assets including private equity, private credit, clean energy infrastructure and energy infrastructure credit. Capital Dynamics offers a wide range of products including primary funds of funds, secondaries, direct investments, co-investments, customized separate accounts as well as structured private equity solutions. The firm has more than USD 15 billion in assets under management and advisement.
The firm was founded in 1999 and is headquartered in Zug, Switzerland. However, our history dates back to 1988 when the predecessor of Capital Dynamics commenced operations in Birmingham, UK (Westport Private Equity).
Over the past eight years, Capital Dynamics has expanded beyond private equity offerings. The firm established a clean energy infrastructure platform in 2010 for direct investments in real assets within the renewable energy sector. In 2017, a private credit business was launched that leverages the firm's extensive general partner relationship network to originate and invest in private credit transactions for middle-market companies owned by private equity sponsors. In 2018, the company expanded its energy infrastructure business to include energy infrastructure credit.
The investment management teams' Managing Directors and Directors average over 20 years of investing experience. We believe our experience and culture of innovation give us superior insight and help us deliver returns for our clients. We invest locally while operating globally from our New York, London, Zug, Tokyo, Hong Kong, San Francisco, Munich, Birmingham and Seoul offices.
For enquiries, contact:
Nicholas Rust
Prosek Partners
[email protected]
T: +1 646 502 4520
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Capital Dynamics comprises Capital Dynamics Holding AG and its affiliates. Capital Dynamics, Inc. is a registered investment advisor with the US Securities and Exchange Commission ("SEC"). Capital Dynamics Broker Dealer LLC. is a registered broker dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority. Capital Dynamics Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. For residents of the UK, this information is only directed at persons who have professional experience in matters relating to investments or who are high net worth persons, as those terms are defined in the Financial Services and Markets Act 2000. This press release is not an offer of securities for sale. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information herein should not be considered investment advice and is not intended to substitute for the exercise of professional judgment.
View original content: http://www.prnewswire.com/news-releases/capital-dynamics-adds-three-new-investment-professionals-to-private-credit-team-300656377.html
SOURCE Capital Dynamics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-capital-dynamics-adds-three-new-investment-professionals-to-private-credit-team.html |
May 3, 2018 / 3:09 PM / Updated 13 minutes ago BRIEF-Pioneer Natural Resources Says May Boost 2018 Capital Budget Reuters Staff 1 Min Read
May 3 (Reuters) - Pioneer Natural Resources Co:
* CHIEF EXECUTIVE TIM DOVE SAYS FIRM IN ‘EXCELLENT SHAPE’ WITH ADEQUATE TAKEAWAY CAPACITY FROM PERMIAN FOR OIL, GAS
* CEO: ‘WE HAVE EXTENSIVE FIRM TRANSPORT AGREEMENTS FOR OIL AND GAS’
* CEO SAYS CONSIDERING ADDING MORE PERMIAN DRILLING RIGS LATER IN 2018
* CEO SAYS SEEING SOME PERMIAN OILFIELD SERVICE COST INFLATION * CEO SAYS LIKELY TO INCREASE 2018 CAPITAL BUDGET
* HAD PREVIOUSLY FORECAST 2018 CAPITAL BUDGET OF $2.9 BILLION
* CEO SAYS STILL PLANS TO SPEND WITHIN 2018 CASH FLOW, ESTIMATED AT ROUGHLY $3.2 BILLION Source text for Eikon: Further company coverage: (Reporting By Ernest Scheyder) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pioneer-natural-resources-says-may/brief-pioneer-natural-resources-says-may-boost-2018-capital-budget-idUSL1N1SA0Y8 |
May 3 (Reuters) - RECM & Calibre Ltd:
* RECM & CALIBRE LTD - EXPECTS FY NET ASSET VALUE (“NAV”) PER SHARE TO BE BETWEEN 2 750 AND 2850 CENTS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-recm-calibre-expects-fy-nav-per-sh/brief-recm-calibre-expects-fy-nav-per-share-to-be-between-2750-and-2850-cents-idUSFWN1SA16F |
COPENHAGEN, May 23 (Reuters) - Denmark's consumer confidence index rose to 9.3 points in May, it's highest level since last July, from 7.1 points in April, the statistics office said on Wednesday. May 2018 Poll Apr 2018 FY 2017 Consumer confidence 9.3 7.1 7.1 6.9 The monthly survey asks a cross section of Denmark's population its views on current personal and national economic trends, along with consumer intentions for the coming months. The respondents answer on a scale between plus 100 and minus 100 with 100 being "much better", 50 being "slightly better", 0 being "unchanged", minus 50 being "slightly worse" and minus 100 being "much worse". For further details in Danish, Thomson Reuters Eikon users can click on www.dst.dk (Reporting by Copenhagen newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/denmark-consumersentiment/danish-consumer-confidence-rises-to-9-3-points-in-may-idUSEONI5G0S5 |
SAO PAULO, April 30 (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) concluded on Monday the sale of petrochemical assets for $435 million to Mexican petrochemicals company Alpek, it said in a statement.
Petrobras said it sold its stakes in Companhia Petroquímica de Pernambuco and Companhia Integrada Têxtil de Pernambuco in line with a previously announced decision to divest itself from certain businesses and exit petrochemical operations. (Reporting by Ana Mano Editing by Daniel Flynn)
| ashraq/financial-news-articles | https://www.reuters.com/article/petrobras-divestiture/brazils-petrobras-concludes-435-mln-petrochemical-asset-sale-idUSE6N1P601K |
May 7 (Reuters) - Telkom SA SOC Ltd:
* PLANS TO NOMINATE APPOINTMENT OF PWC AND SIZWENTSALUBAGOBODO (SNG) AS TELKOM’S NEW JOINT EXTERNAL AUDITORS FOR FY ENDING MARCH 31 2019
* TERMINATED APPOINTMENT OF NKONKI INC AS JOINT AUDITORS OF CO FOLLOWING FIRM’S FILING FOR VOLUNTARY LIQUIDATION WITH MASTER OF HIGH COURT
* EY WILL BE SOLE AUDITOR SIGNING OFF TELKOM’S ANNUAL FINANCIAL STATEMENTS FOR YEAR ENDED 31ST MARCH 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-telkom-sa-to-nominate-pwc-sizwents/brief-telkom-sa-to-nominate-pwc-sizwentsalubagobodo-as-new-joint-external-auditors-idUSFWN1SE0BB |
A doctor in Slovenia has reported on a case with a lesson you might want to remember. If you wind up with a brain implant at some point down the road—including the kind that might someday allow you to control computers with your mind —be sure you don’t try and charge it during a thunderstorm.
According to the report , published earlier this month and spotted by Ars Technica , a 66-year-old patient with a brain implant was in her apartment when it was struck by lightning. The strike was strong enough to “burn and destroy” electrical appliances in the apartment, including a television and air conditioner.
Get Data Sheet , Fortune’s technology newsletter.
It was also strong enough to trigger a failsafe that shut off the woman’s brain implant, even though it wasn’t connected to the home’s wiring. The patient was being treated for involuntary neck spasms using a procedure called Deep Brain Stimulation, or DBS. It’s a well-established therapy that has been used for Parkinson’s disease for more than two decades, and was approved to treat severe obsessive-compulsive disorder in 2009 . DBS treatment relies on an implant called a neurostimulator, in this case a unit from Medtronic , that sends electrical impulses to electrodes implanted in the brain.
The patient didn’t notice anything was wrong until an hour after the storm, when her spasms returned. She was able to get her implant reactivated and her tremors back under control quickly, and no damage to the implant was found.
But that outcome, according to the reporting doctor, could have been much worse if the implant had been plugged in to recharge during the lightning strike. Though the report doesn’t speculate on just how badly the patient could have been harmed, it does refer to “serious brain injury” in cases where patients with implants were exposed to strong electromagnetic fields. Electrical implants can be shut off or damaged when they get too close to generators, arc welders, or even medical equipment like MRI machines.
A medical neurostimulator isn’t precisely analogous to the kind of brain implants that entrepreneurs including Elon Musk want to develop. In fact, simple brain-computer interfaces have already been shown to work without any implant at all . But more sensitive versions of the technology probably will involve implants , so if you ever decide to literally hack your brain, be careful when you plug it in. | ashraq/financial-news-articles | http://fortune.com/2018/05/06/brain-implants-lighting-danger/ |
STOCKHOLM, May 8 (Reuters) - Fast-growing Swedish fintech firm iZettle said on Tuesday it planned to list on the Nasdaq Stockholm stock exchange, with the initial public offering to take place this year.
The company said it planned to list during 2018, “depending on market conditions”, and that the listing application had been approved by the stock exchange.
The firm said it planned to raise around 2 billion crowns ($226.17 million) in connection with the initial public offering.
$1 = 8.8428 Swedish crowns Reporting by Johannes Hellstrom, editing by Helena Soderpalm
| ashraq/financial-news-articles | https://www.reuters.com/article/izettle-ipo/swedens-izettle-to-list-on-nasdaq-stockholm-idUSFWN1SF00U |
May 16, 2018 / 4:44 PM / Updated 38 minutes ago Senate approves bill in bid to retain U.S. net neutrality David Shepardson 4 Min Read
WASHINGTON (Reuters) - The U.S. Senate voted 52 to 47 on Wednesday to reverse the Federal Communications Commission decision in December to repeal landmark 2015 net neutrality rules, but it still faces an uphill battle. FILE PHOTO: The Federal Communications Commission (FCC) logo is seen before the FCC Net Neutrality hearing in Washington, U.S., February 26, 2015. REUTERS/Yuri Gripas/File Photo
The margin was larger than expected with three Republicans voting with 47 Democrats and two independents to reverse the Trump administration action.
Many politicians are convinced the issue will help motivate younger people to vote in the 2018 congressional elections and numerous polls show overwhelming public support.
It is not clear if the U.S. House of Representatives will vote at all on the measure, while the White House has said it opposed repealing the December FCC order.
“Let’s treat the internet like the public good that it is. We don’t let water companies or phone companies discriminate against customers; we don’t restrict access to interstate highways, saying you can ride on the highway, and you can’t,” Senate Democratic Leader Chuck Schumer said. “We shouldn’t do that with the internet either.” FILE PHOTO: Supporters of Net Neutrality protest the FCC's recent decision to repeal the program in Los Angeles, California, November 28, 2017. REUTERS/ Kyle Grillot/File Photo
The FCC in December repealed rules set under Democratic President Barack Obama that barred internet service providers from blocking or slowing access to content or charging consumers more for certain content.
The 2015 rules were intended to ensure a free and open internet, give consumers equal access to Web content and bar broadband service providers from favoring their own material or others’.
The new rules require internet providers to tell consumers whether they will block or slow content or offer paid “fast lanes.”
Republicans say they back open internet principles and want Democrats to negotiate to enshrine net neutrality rules in law.
Senator John Thune, who chairs the Commerce Committee, said “the fact of the matter is nothing is going to change” after the new rules take effect - and will not prod people to vote. “I don’t know how that animates people to vote if their Netflix is working,” he told Reuters.
The vote was a rare win for Democrats in the Republican-controlled Senate and a rebuke to regulators that approved a sweeping repeal of the Obama rules.
Last week, the FCC said the net neutrality rules would expire on June 11 and that the new regulations approved in December, handing providers broad new power over how consumers can access the internet, would take effect.
The revised rules were a win for internet service providers, whose practices faced significant government oversight and FCC investigations under the 2015 order. But the new rules are opposed by internet firms like Facebook Inc ( FB.O ) and Alphabet Inc ( GOOGL.O ).
Comcast Corp ( CMCSA.O ), Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ) have pledged to not block or discriminate against legal content after the net neutrality rules expire. A group of 22 states have sued the FCC over the repeal.
AT&T said Wednesday it backs an open internet and “actual bipartisan legislation that applies to all internet companies and guarantees neutrality, transparency, openness, non-discrimination and privacy protections for all internet users.”
The FCC decided in 2015 to reclassify internet service providers as common carriers under a 1996 law. But unlike how utilities are treated, the FCC decided not to impose rate regulations or require broadband providers to file notice of pricing plans. Reporting by David Shepardson; editing by Jonathan Oatis and James Dalgleish | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-internet/u-s-net-neutrality-bill-gets-enough-senate-votes-to-advance-idUSKCN1IH2DS |
EditorsNote: adds “visiting” in lede
Chad Bettis tossed seven scoreless innings Saturday night, and Nolan Arenado’s first-inning homer provided all the offense the visiting Colorado Rockies would need in a 2-0 win over the slumping New York Mets at Citi Field.
The Rockies have won four straight. The Mets have lost five in a row and have been outscored 31-9 in the process. They have also lost 13 of their past 19.
Bettis (4-1) allowed six hits and one walk while striking out two in the latest strong start by a Colorado starter. The outing by Bettis was the seventh straight quality start for the Rockies, whose rotation has a 1.62 ERA in the past 10 games.
The Mets threatened just twice against Bettis. With two outs in the fourth, Jay Bruce doubled and Todd Frazier walked before Adrian Gonzalez grounded out.
In the sixth, Asdrubal Cabrera singled with one out and advanced to second when Bruce’s liner to first base caromed off the glove of Ian Desmond for a single. Frazier then lined into a double play.
Adam Ottavino worked around a leadoff walk in the eighth, and Wade Davis earned his National League-leading 13th save with a perfect ninth inning.
Arenado’s homer landed on the Mets Home Run Apple well beyond the center field fence.
The Rockies added an insurance run in the ninth.
With two outs, Chris Iannetta was hit by a pitch, went to second on a single by Noel Cuevas, took third on an intentional walk to Carlos Gonzalez and scored on David Dahl’s pinch-hit single.
Steven Matz (1-3) took the hard-luck loss after allowing one run on three hits and one walk while striking out five in six innings. It was the longest start for Matz since last July 3. He went 1-8 with an 8.12 ERA in his subsequent 13 starts.
Bruce and Cabrera had two hits apiece for the Mets.
Prior to the game, the Mets officially designated for assignment former ace Matt Harvey, whose impending exit was announced by general manager Sandy Alderson on Friday afternoon. The Mets recalled pitcher Hansel Robles from Triple-A Las Vegas.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-nym-col-recap/bettis-rockies-shut-out-mets-idUSMTZEE56AAJNI2 |
TAMPA, Fla., May 1, 2018 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) ("WellCare") today reported results for the quarter ended March 31, 2018. As determined under generally accepted accounting principles (GAAP), net income for 2018 was $101.7 million, or $2.25 per diluted share. Adjusted net income for 2018 was $111.8 million, or $2.47 per diluted share.
"We entered 2018 with strong momentum, and our 2018 first quarter results reflect continued strong execution," said Ken Burdick, WellCare's chief executive officer. "All lines of business produced strong earnings results during the quarter. In addition, we are pleased that we were selected to continue serving Medicaid members in Florida, Arizona and Hawaii. As a result of our first quarter performance, we are revising our full-year 2018 adjusted earnings per diluted share guidance to a range of $10.00 to $10.30."
Key Metrics
1Q18
1Q17
Earnings per diluted share (EPS) (GAAP)
$2.25
$1.50
Adjusted EPS (1)
$2.47
$1.61
Net income margin (GAAP)
2.2%
1.7%
Adjusted net income margin (1)
2.5%
1.8%
Total Premium Revenue (GAAP) ($ millions)
$4,626.3
$3,947.0
Adjusted Premium Revenue (1) ($ millions)
$4,529.5
$3,917.1
Segment Premium Revenue ($ millions):
Medicaid Health Plans (GAAP)
$2,809.9
$2,584.2
Adjusted Medicaid Health Plans (1)
$2,713.1
$2,554.3
Medicare Health Plans
$1,556.5
$1,094.7
Medicare Prescription Drug Plans (PDP)
$259.9
$268.1
Segment Medical Benefits Ratios (MBR):
Medicaid Health Plans (GAAP)
86.3%
89.4%
Adjusted Medicaid Health Plans (1)
89.4%
90.5%
Medicare Health Plans
84.0%
83.0%
Medicare Prescription Drug Plans (PDP)
88.7%
96.9%
Selling, General and Administrative (SG&A) Ratio (GAAP)
7.7%
7.7%
Adjusted SG&A Ratio (1)
7.8%
7.6%
(1)
Refer to the Basis of Presentation for a discussion of these adjusted (non-GAAP) financial measures
Key Highlights
GAAP and adjusted total premium revenue of $4.6 billion and $4.5 billion for 2018 increased 17.2 percent and 15.6 percent, respectively, compared with 2017. GAAP and adjusted Medicaid Health Plans premium revenue of $2.8 billion and $2.7 billion for 2018 increased 8.7 percent and 6.2 percent, respectively, compared with 2017. Medicare Health Plans premium revenue of $1.6 billion for 2018 increased 42.2 percent compared with 2017. GAAP and adjusted Medicaid Health Plans MBR for 2018 decreased 310 basis points and 110 basis points, respectively, compared with 2017. GAAP and adjusted net income margin for 2018 increased approximately 50 basis points to 2.2 percent and approximately 70 basis points to 2.5 percent, respectively, compared with 2017. On April 24, 2018, WellCare of Florida, Inc., a subsidiary of WellCare and known as Staywell Health Plan, received a Notice of Agency Decision from the Florida Agency for Health Care Administration that it intends to award Staywell a new five-year contract to provide managed care services to Medicaid-eligible beneficiaries, including Managed Medical Assistance and Long-Term Care in 10 of 11 regions and Serious Mental Illness Specialty Plan services statewide. The new Statewide Medicaid Managed Care program is expected to begin no earlier than October 1, 2018. As previously announced on March 13, 2018, Care1st Arizona, a subsidiary of WellCare, was selected to enter a contract with the state of Arizona's Medicaid program, the Arizona Health Care Cost Containment System (AHCCCS) to coordinate the provision of physical and behavioral services in the Central and North geographic service areas (GSAs). Services under the new contract are expected to begin on October 1, 2018. As of March 31, 2018, unregulated cash and investments were approximately $561.3 million.
2018 Financial Outlook
WellCare is increasing its full-year adjusted EPS guidance to a range of $10.00 to $10.30 from its previous guidance range of $9.55 to $9.85 per diluted share. Refer to the Appendix included in this news release for specific 2018 guidance metrics, related footnotes and basis of presentation.
Consolidated Operations Results
GAAP net income for 2018 was $101.7 million, or $2.25 per diluted share, compared with GAAP net income of $67.3 million, or $1.50 per diluted share, for 2017. Adjusted net income for 2018 was $111.8 million, or $2.47 per diluted share, compared with adjusted net income of $72.0 million, or $1.61 per diluted share, for 2017. The year-over-year increases in GAAP and adjusted net income are primarily the result of improved Medicaid Health Plans and Medicare PDP segment MBRs as well as the acquisition in 2017 of Universal American Corp. ("Universal American"). The year-over-year increases are also due to the effect of the lower federal effective tax rate, which was a result of the Tax Cuts and Jobs Act of 2017, effective January 1, 2018. The increases were partially offset by the return of the ACA Health Insurer Fee (HIF), which is nondeductible for tax purposes.
GAAP net income margin for 2018 was 2.2 percent compared with 1.7 percent for 2017. Adjusted net income margin for 2018 was 2.5 percent compared with 1.8 percent for 2017.
GAAP and adjusted total premium revenue of $4.6 billion and $4.5 billion for 2018 increased 17.2 percent and 15.6 percent, respectively, compared with 2017. The year-over-year increases in GAAP and adjusted total premium revenue were primarily the result of net organic growth and the company's acquisition of Universal American.
GAAP SG&A expense was $355.9 million for 2018 compared with $302.4 million for 2017. Adjusted SG&A expense was $353.1 million for 2018 compared with $298.2 million for 2017. The year-over-year increases in GAAP and adjusted SG&A expense were primarily the result of the company's growth. The GAAP SG&A expense ratio of 7.7 percent in 2018 was flat compared with 2017. The adjusted SG&A expense ratio was 7.8 percent in 2018 compared with 7.6 percent in 2017.
Medicaid Health Plans Segment Results
Medicaid Health Plans membership was 2.7 million as of March 31, 2018, and increased by more than 82,000 members, or 3.1 percent, compared with March 31, 2017. The increase in membership was primarily driven by the addition of new members as a result of the 2017 statewide expansion of the Missouri Medicaid program and the 2017 acquisition of certain assets of Phoenix Health Plans. This increase was partially offset by membership declines in Georgia due to the addition of a fourth managed care organization, effective July 1, 2017. Sequentially, Medicaid membership at March 31, 2018 decreased slightly from December 31, 2017.
GAAP and adjusted Medicaid Health Plans premium revenue was $2.8 billion and $2.7 billion, respectively, for 2018, an increase of 8.7 percent and 6.2 percent, respectively, compared with 2017. The increases in GAAP and adjusted premium revenue were primarily the result of the membership drivers discussed above. In addition, the reinstatement of the ACA HIF in 2018 and associated Medicaid ACA HIF reimbursement also contributed to the year-over-year increase in GAAP Medicaid premium revenue.
The GAAP Medicaid Health Plans MBR was 86.3 percent for 2018 compared with 89.4 percent for 2017. The adjusted Medicaid Health Plans MBR was 89.4 percent for 2018 compared with 90.5 percent for 2017. The decreases in GAAP and adjusted Medicaid Health Plans MBR were primarily the result of continued operational execution. In addition, the reinstatement of the Medicaid ACA HIF reimbursement in 2018 also contributed to the year-over-year decrease in the GAAP Medicaid Health Plan MBR.
Medicare Health Plans Segment Results
Medicare Health Plans membership was 506,000 members as of March 31, 2018 and increased by 150,000 members, or 42.1 percent, compared with March 31, 2017. The increase was a result of the company's 2017 acquisition of Universal American and organic growth.
Medicare Health Plans premium revenue of $1.6 billion for 2018 increased 42.2 percent compared with 2017. The increase was primarily due to the company's 2017 acquisition of Universal American as well as year-over-year organic membership growth.
The Medicare Health Plans MBR for 2018 was 84.0 percent compared with 83.0 percent for 2017. The year-over-year increase was primarily due to the acquisition of Universal American and the company's 2018 bid strategy.
Medicare Prescription Drug Plans (PDP) Segment Results
Medicare PDP membership was approximately 1.1 million as of March 31, 2018, and decreased by approximately 26,000 members, or 2.4 percent, compared with March 31, 2017. The decrease was primarily a result of the company's 2018 bid positioning.
Medicare PDP premium revenue of $259.9 million for 2018 decreased by 3.1 percent compared with 2017. The decrease was primarily due to the company's 2018 bid positioning.
The Medicare PDP segment MBR for 2017 was 88.7 percent compared with 96.9 percent for 2017. The year-over-year decrease was primarily the result of continued operational execution and the company's 2018 bid strategy.
Operating Cash Flow and Financial Condition
Net cash generated by operating activities was $445.7 million for the three months ended March 31, 2018, compared with net cash generated by operating activities of $361.9 million for the three months ended March 31, 2017.
As of March 31, 2018, unregulated cash and investments were approximately $561.3 million compared with $1.9 billion as of March 31, 2017. Sequentially, unregulated cash and investment decreased $55.7 million from $617.0 million as of December 31, 2017.
Days in claims payable (DCP) was 50.2 days as of March 31, 2018 compared with 46.2 days as of March 31, 2017 and 51.9 days as of December 31, 2017.
Conference Call and Webcast
A discussion of WellCare's first quarter 2018 results will be available via a conference call and live webcast today at 8:30 a.m. EDT.
The conference call will be webcast live from the company's website and will be available at the following link: https://services.choruscall.com/links/wcg180501.html . The webcast should be accessed a few minutes prior to the conference call start time. A replay of the webcast will be available for one year following the conclusion of the live broadcast and will be accessible on the company's website at http://ir.wellcare.com/Event .
The conference call can also be accessed by pre-registering using the following link: http://dpregister.com/10118518 . Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the call. Participants may pre-register now, or at any time prior to the call, and will receive simple instructions via email.
For those parties who do not have internet access or are unable to pre-register, the conference call may be accessed by calling:
Domestic participant dial-in number (toll-free): 1-844-492-3724
International participant dial-in number: 1-412-542-4185
A telephonic replay will be available until midnight EDT on Tuesday, May 8, 2018. This replay may be accessed by dialing either of the numbers below and entering the replay access code 10118518:
Domestic replay (toll-free) number: 1-877-344-7529
International replay number: 1-412-317-0088
About WellCare Health Plans, Inc.
Headquartered in Tampa, Fla., WellCare Health Plans, Inc. (NYSE: WCG) focuses exclusively on providing government-sponsored managed care services, primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, to families, children, seniors and individuals with complex medical needs. The company served approximately 4.3 million members nationwide as of March 31, 2018. For more information about WellCare, please visit the company's website at www.wellcare.com .
Basis of Presentation
Discontinued Operations
In 2016, Universal American, a subsidiary of WellCare, completed the sale of its life insurance business while retaining ownership of the life insurance subsidiary. Universal American entered into a 100% quota-share reinsurance treaty with the buyer, which, among other treaties, resulted in the reinsurance of all of the life insurance policies underwritten by the retained subsidiary. Accordingly, the discontinued business did not materially affect WellCare's results of operations for the three months ended March 31, 2018 and 2017, respectively. For additional information, refer to Note 19–Discontinued Operations within the Consolidated Financial Statements included in the company's Annual Report on Form 10-K for the period ended December 31, 2017.
Non-GAAP Financial Measures
In addition to results determined under GAAP, WellCare provides certain non-GAAP financial measures that management believes are useful in assessing the company's performance. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company has provided a reconciliation of the historical non-GAAP financial measures with the most directly comparable financial measure calculated in accordance with GAAP.
Earnings per share, net income and, as noted below, other specific operating and financial measures have been adjusted for the effect of certain expenses, and as appropriate, the related tax effect, related to previously disclosed government investigations and related litigation and resolution costs ("investigation costs"); amortization expense associated with acquisitions ("acquisition-related amortization expenses"); and certain one-time transaction and integration costs related to the acquisition of Universal American ("transaction and integration costs").
Although the excluded items may recur, WellCare believes that by providing non-GAAP measures exclusive of these items, it facilitates period-over-period comparisons and provides additional clarity about events and trends affecting its core operating performance, as well as providing comparability to competitor results. The investigation costs are related to a discrete incident which management does not expect to reoccur. WellCare has adjusted for acquisition-related amortization expenses as these transactions do not directly relate to the servicing of products for our customers and are not directly related to the core performance of its business operations. The transaction and integrations costs are related to a specific 2017 event, which does not reflect the underlying ongoing performance of the business.
In addition, because reimbursements for Medicaid premium tax and the ACA HIF are both included in the premium rates or reimbursement established in certain Medicaid contracts and also recognized separately as a component of expense, the company excludes these reimbursements from premium revenue when calculating key ratios as the company believes that these components are not indicative of operating performance.
The company is not able to project at the time of this news release the amount of expenses associated with investigation costs, transaction and integration costs and, therefore, cannot reconcile projected non-GAAP measures affected by these items to projected GAAP measures.
Following is a description of the adjustments made to GAAP measures used to calculate the non-GAAP measures used in this news release.
Adjusted premium revenue (non-GAAP) = Total premium revenue (GAAP) less Medicaid premium taxes revenue and Medicaid reimbursements of the ACA HIF. The company's adjusted Medicaid Health Plans segment premium revenue uses this non-GAAP definition of adjusted premium revenue.
MBR (GAAP) = medical benefits expense divided by total premium revenue (GAAP).
Adjusted MBR (non-GAAP) = medical benefits expense divided by adjusted premium revenue. The company's adjusted Medicaid Health Plans segment MBR uses this non-GAAP definition of adjusted MBR.
SG&A expense ratio (GAAP) = SG&A expense (GAAP) divided by total premium revenue (GAAP).
Adjusted SG&A expense (non-GAAP) = SG&A expense (GAAP) less investigation costs and transaction and integration costs.
Adjusted SG&A ratio (non-GAAP) = adjusted SG&A expense divided by adjusted premium revenue.
Adjusted depreciation & amortization (non-GAAP) = depreciation & amortization expense (GAAP) less acquisition-related amortization expenses.
Adjusted income before taxes (non-GAAP) = income before income taxes (GAAP) less investigation costs, acquisition-related amortization expenses, and transaction and integration costs.
Adjusted income tax expense (non-GAAP) = income tax associated with the applicable adjusted income before taxes, based on the applicable effective income tax rate.
Adjusted effective income tax rate (non-GAAP) = adjusted income tax expense divided by adjusted income before taxes.
Adjusted net income (non-GAAP) = adjusted income before taxes less adjusted income tax expense.
Net income margin (GAAP) = net income (GAAP) divided by total premium revenue (GAAP).
Adjusted net income margin (non-GAAP) = adjusted net income divided by adjusted premium revenue.
Adjusted earnings per diluted share (non-GAAP) = Adjusted net income divided by weighted average common shares outstanding on a fully diluted basis.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "will," "anticipates," "intends," "plans," "believes," "estimates," are . For example, statements regarding the company's financial outlook and the terms of the new Medicaid programs, contain . Forward-looking statements involve known and unknown risks and uncertainties that may cause WellCare's actual future results to those projected or contemplated in the . These risks and uncertainties include, but are not limited to, WellCare's progress on top priorities such as integrating care management, advocating for our members, building advanced relationships with providers and government partners, ensuring a competitive cost position, and delivering prudent, profitable growth, WellCare's ability to effectively estimate and manage growth, WellCare's ability to effectively execute and integrate acquisitions, potential reductions in Medicaid and Medicare revenue, WellCare's ability to estimate and manage medical benefits expense effectively, including through its vendors, its ability to negotiate actuarially sound rates, especially in new programs with limited experience, WellCare's ability to improve healthcare quality and access, the appropriation and payment by state governments of Medicaid premiums receivable, the outcome of any protests and litigation related to Medicaid awards, the approval of Medicaid contracts by CMS, any changes to the programs or contracts, WellCare's ability to address operational challenges related to new business, and WellCare's ability to meet the requirements of readiness reviews. Given the risks and uncertainties inherent in , any of WellCare's could be incorrect and investors are cautioned not to place undue reliance on any of our .
Additional information concerning these and other important risks and uncertainties can be found in the company's filings with the U.S. Securities and Exchange Commission, included under the captions "Forward-Looking Statements" and "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2017, which contain discussions of WellCare's business and the various factors that may affect it. Subsequent events and developments may cause actual results to differ, perhaps materially, from WellCare's . WellCare's speak only as of the date on which the statements are made. WellCare undertakes no duty, and expressly disclaims any obligation, to update these to reflect any future events, developments or otherwise.
2018 Financial Outlook
WellCare is increasing its full-year 2018 adjusted EPS guidance to a range of $10.00 to $10.30 from its previous guidance range of $9.55 to $9.85.
Guidance Metric
2018 Guidance
as of May 1, 2018
2018 Guidance
as of February 6, 2018
Segment premium revenue:
GAAP Medicaid Health Plans
$11.3B to $11.6B
$11.3B to $11.6B
Adjusted Medicaid Health Plans (1)
$10.9B to $11.2B
$10.9B to $11.2B
Medicare Health Plans
$6.15B to $6.3B
$6.15B to $6.3B
Medicare PDP
$875M to $925M
$875M to $925M
Total GAAP premium revenue
$18.3B to $18.8B
$18.3B to $18.8B
Total adjusted premium revenue (1)
$17.925B to $18.425B
$17.925B to $18.425B
Medicaid ACA industry fee reimbursement
$250M to $260M
$250M to $260M
Investment & other income*
$72M to $78M
$63M to $73M
Segment MBR:
GAAP Medicaid Health Plans
85.5% to 86.0%
85.5% to 86.2%
Adjusted Medicaid Health Plans (1)
88.4% to 89.0%
88.4% to 89.2%
Medicare Health Plans
84.6% to 85.4%
84.6% to 85.6%
Medicare PDP
79.5% to 81.0%
80.0% to 82.0%
Adjusted SG&A ratio (2)(6)
8.1% to 8.3%
8.1% to 8.3%
ACA industry fee expense
$319M to $329M
$319M to $329M
GAAP depreciation and amortization (D&A) expense
$136M to $144M
$136M to $144M
Adjusted D&A expense (3)
$94M to $102M
$94M to $102M
Interest expense
$69M to $72M
$69M to $72M
Adjusted effective income tax rate (4)(6)
34.5% to 36.0%
34.5% to 36.0%
Adjusted EPS (5)(6)
$10.00 to $10.30
$9.55 to $9.85
*
Investment & other income primarily includes investment income, specialty pharmacy business sold to nonmembers and equity in earnings (losses) in unconsolidated subsidiaries. The company presents equity in earnings (losses) in unconsolidated subsidiaries as a separate line item in its statement of comprehensive income as required under GAAP.
(1)
Excludes an estimated $125.0 million to $130.0 million in Medicaid premium taxes and $250.0 million to $260.0 million in Medicaid reimbursements of the ACA HIF.
(2)
Excludes estimated Medicaid premium taxes; Medicaid reimbursements of the ACA HIF; investigation costs; and transaction and integration costs.
(3)
Excludes an estimated $40.0 million to $45.0 million in acquisition-related amortization expenses.
(4)
Excludes the estimated income tax effect associated with the investigation costs, acquisition-related amortization expenses, and transaction and integration costs.
(5)
The company estimates adjusted earnings per diluted share guidance by adjusting net income for the estimated net-of-tax effect of investigation costs, acquisition-related amortization expense, and transaction and integration costs.
(6)
WellCare is not able to estimate amounts associated with investigation costs and acquisition-related transaction and integration costs expected to be incurred in 2018 and, therefore, cannot reconcile these metrics to total projected GAAP metrics.
WELLCARE HEALTH PLANS, INC.
MEMBERSHIP INFORMATION
(Unaudited)
Change from
December 31, 2017
March 31, 2017
March 31,
2018
December 31,
2017
March 31,
2017
Change
%
Change
Change
%
Change
Medicaid Health Plans
Membership by State:
Florida
744,000
751,000
776,000
(7,000)
(0.9)
%
(32,000)
(4.1)
%
Georgia
515,000
513,000
579,000
2,000
0.4
%
(64,000)
(11.1)
%
Kentucky
459,000
448,000
446,000
11,000
2.5
%
13,000
2.9
%
Missouri
281,000
286,000
123,000
(5,000)
(1.7)
%
158,000
128.5
%
Arizona
147,000
153,000
116,000
(6,000)
(3.9)
%
31,000
26.7
%
New York
149,000
146,000
141,000
3,000
2.1
%
8,000
5.7
%
Other states
410,000
426,000
442,000
(16,000)
(3.8)
%
(32,000)
(7.2)
%
Total Medicaid Health Plans Membership (1)
2,705,000
2,723,000
2,623,000
(18,000)
(0.7)
%
82,000
3.1
%
Medicaid Health Plans
Membership by Program:
TANF
2,254,000
2,278,000
2,176,000
(24,000)
(1.1)
%
78,000
3.6
%
SSI, ABD, Duals and LTC
301,000
301,000
297,000
—
—
%
4,000
1.3
%
CHIP and other
150,000
144,000
150,000
6,000
4.2
%
—
—
%
Total Medicaid Health Plans Membership (1)
2,705,000
2,723,000
2,623,000
(18,000)
(0.7)
%
82,000
3.1
%
Medicare Health Plans:
Medicare Advantage by State:
Texas
104,000
105,000
34,000
(1,000)
(1.0)
%
70,000
205.9
%
Florida
97,000
101,000
99,000
(4,000)
(4.0)
%
(2,000)
(2.0)
%
New York
88,000
89,000
44,000
(1,000)
(1.1)
%
44,000
100.0
%
Georgia
49,000
47,000
44,000
2,000
4.3
%
5,000
11.4
%
Other states
168,000
154,000
135,000
14,000
9.1
%
33,000
24.4
%
Total Medicare Health Plans (1)
506,000
496,000
356,000
10,000
2.0
%
150,000
42.1
%
Medicare Prescription Drug Plans
1,073,000
1,152,000
1,099,000
(79,000)
(6.9)
%
(26,000)
(2.4)
%
Total Membership
4,284,000
4,371,000
4,078,000
(87,000)
(2.0)
%
206,000
5.1
%
(1) Medicaid Health Plans and Medicare Health Plans membership includes members who are dually-eligible and participate in both our Medicaid and Medicare programs. The dually-eligible membership was 51,000 and 52,000 at March 31, 2018 and December 31, 2017, respectively, and 47,000 at March 31, 2017.
WellCare Health Plans, Inc.
Selected Data From Consolidated Statements of Comprehensive Income
(Unaudited; dollars in millions except share and per share data)
For the Three Months Ended
March 31,
2018
2017
Revenues:
Premium
$
4,529.5
$
3,917.1
Medicaid premium taxes
32.1
29.9
ACA industry fee reimbursement
64.7
—
Total premium
4,626.3
3,947.0
Investment and other income
19.9
7.2
Total revenues
4,646.2
3,954.2
Expenses:
Medical benefits
3,962.0
3,478.6
Selling, general and administrative
355.9
302.4
ACA industry fee
81.5
—
Medicaid premium taxes
32.1
29.9
Depreciation and amortization
36.4
23.9
Interest
17.1
16.2
Total expenses
4,485.0
3,851.0
Income before income taxes and equity in losses of unconsolidated subsidiaries
161.2
103.2
Equity in losses of unconsolidated subsidiaries
(2.7)
—
Income before income taxes
158.5
103.2
Income tax expense
56.8
35.9
Net income
$
101.7
$
67.3
Earnings per common share:
Basic
$
2.28
$
1.52
Diluted
$
2.25
$
1.50
Weighted average common shares outstanding:
Basic
44,605,892
44,365,987
Diluted
45,196,127
44,826,663
WellCare Health Plans, Inc.
Consolidated Balance Sheets
(Unaudited; dollars in millions except share data)
March 31, 2018
December 31, 2017
Assets
Current Assets:
Cash and cash equivalents
$
4,824.1
$
4,198.6
Short-term investments
708.6
469.5
Premiums receivable, net
638.9
453.4
Pharmacy rebates receivable, net
380.6
335.0
Receivables from government partners
81.2
44.2
Funds receivable for the benefit of members
28.8
27.5
Deferred ACA industry fee
244.6
—
Prepaid expenses and other current assets, net
270.4
291.0
Total current assets
7,177.2
5,819.2
Property, equipment and capitalized software, net
317.1
319.5
Goodwill
661.8
660.7
Other intangible assets, net
357.3
367.9
Long-term investments
725.8
766.2
Restricted cash, cash equivalents and investments
213.3
211.0
Other assets
4.4
4.9
Assets of discontinued operations (a)
214.5
215.2
Total Assets
$
9,671.4
$
8,364.6
Liabilities and Stockholders' Equity
Current Liabilities:
Medical benefits payable
$
2,210.3
$
2,146.3
Unearned premiums
592.9
65.9
ACA industry fee liability
326.1
—
Accounts payable and accrued expenses
550.1
788.1
Funds payable for the benefit of members
1,612.2
1,075.9
Other payables to government partners
388.2
367.0
Total current liabilities
5,679.8
4,443.2
Deferred income tax liability
71.5
93.4
Long-term debt
1,183.0
1,182.4
Other liabilities
20.2
13.7
Liabilities of discontinued operations (a)
214.5
215.2
Total liabilities
7,169.0
5,947.9
Commitments and contingencies
—
—
Stockholders' Equity:
Preferred stock, $0.01 par value (20,000,000 authorized, no shares issued or outstanding)
—
—
Common stock, $0.01 par value (100,000,000 authorized, 44,753,235 and 44,522,988 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively)
0.4
0.4
Paid-in capital
583.4
591.5
Retained earnings
1,929.2
1,827.5
Accumulated other comprehensive loss
(10.6)
(2.7)
Total Stockholders' Equity
2,502.4
2,416.7
Total Liabilities and Stockholders' Equity
$
9,671.4
$
8,364.6
(a) Refer to the basis of presentation for a discussion of discontinued operations.
WellCare Health Plans, Inc.
Consolidated Statements of Cash Flows
(Unaudited; dollars in millions)
For the Three Months Ended
March 31,
2018
2017
Cash flows from operating activities:
Net income
$
101.7
$
67.3
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization
36.4
23.9
Stock-based compensation expense
12.1
9.6
Deferred taxes, net
(19.5)
(25.8)
Other, net
5.1
4.3
Changes in operating accounts, net of effects from acquisitions:
Premiums receivable, net
(187.9)
(120.8)
Pharmacy rebates receivable, net
(45.6)
5.6
Medical benefits payable
64.0
97.7
Unearned premiums
527.0
431.8
Other payables to government partners
(15.8)
(12.0)
Accrued liabilities and other, net
(31.8)
(119.7)
Net cash provided by operating activities
445.7
361.9
Cash flow from investing activities:
Purchases of investments
(387.9)
(434.8)
Proceeds from sales and maturities of investments
171.5
29.3
Additions to property, equipment and capitalized software, net
(24.2)
(23.8)
Net cash used in investing activities
(240.6)
(429.3)
Cash flows from financing activities:
Proceeds from issuance of debt, net of financing costs paid
—
1,182.2
Payments on debt
—
(100.0)
Repurchase and retirement of shares to satisfy employee tax withholding requirements
(20.2)
(13.4)
Funds received for the benefit of members, net
416.2
567.4
Other, net
21.4
(18.2)
Net cash provided by financing activities
417.4
1,618.0
Increase in cash, cash equivalents and restricted cash and cash equivalents
622.5
1,550.6
Balance at beginning of period
4,263.0
4,121.3
Balance at end of period
$
4,885.5
$
5,671.9
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for taxes
$
2.0
$
63.9
Cash paid for interest
$
32.1
$
1.3
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS:
Non-cash additions to property, equipment, and capitalized software
$
3.0
$
3.3
WELLCARE HEALTH PLANS, INC.
SUPPLEMENTAL INFORMATION
SELECTED SEGMENT INFORMATION
(Unaudited; dollars in millions)
For the Three Months Ended
March 31,
2018
2017
Medicaid Health Plans Segment:
Premium Revenue (GAAP)
$
2,809.9
$
2,584.2
Medicaid premium taxes
(32.1)
(29.9)
ACA industry fee reimbursement
(64.7)
—
Adjusted premium revenue (a)
2,713.1
2,554.3
Medical benefits expense
2,424.4
2,310.6
Medical benefits ratio (GAAP)
86.3
%
89.4
%
Adjusted medical benefits ratio (a)
89.4
%
90.5
%
Medicare Health Plans Segment (GAAP):
Premium revenue
$
1,556.5
$
1,094.7
Medical benefits expense
1,307.1
908.2
Medical benefits ratio
84.0
%
83.0
%
Prescription Drug Plans Segment (GAAP):
Premium revenue
$
259.9
$
268.1
Medical benefits expense
230.5
259.8
Medical benefits ratio
88.7
%
96.9
%
Total Company:
Premium Revenue (GAAP)
$
4,626.3
$
3,947.0
Medicaid premium taxes
(32.1)
(29.9)
ACA industry fee reimbursement
(64.7)
—
Adjusted premium revenue (a)
4,529.5
3,917.1
Medical benefits expense
3,962.0
3,478.6
Medical benefits ratio (GAAP)
85.6
%
88.1
%
Adjusted medical benefits ratio (a)
87.5
%
88.8
%
(a) Refer to the basis of presentation for a discussion of non-GAAP financial measures.
WELLCARE HEALTH PLANS, INC.
SUPPLEMENTAL INFORMATION (Continued)
Reconciliation of Selling, General and Administrative Expense Ratios
(Unaudited; dollars in millions)
The Company reports its selling, general and administrative ("SG&A") expense ratio on an adjusted or non-GAAP basis modified to exclude the revenue effect of Medicaid premium taxes and ACA industry fee reimbursement from premiums. The Adjusted SG&A expense ratio also excludes the effect of investigation costs and Universal American-related transaction and integration costs.
For the Three Months Ended
March 31,
2018
2017
Company premium revenue:
As determined under GAAP
$
4,626.3
$
3,947.0
Medicaid premium taxes
(32.1)
(29.9)
ACA industry fee reimbursement
(64.7)
—
Adjusted premium revenue (a)
$
4,529.5
$
3,917.1
SG&A Expense:
As determined under GAAP
$
355.9
$
302.4
Adjustments:
Investigation costs
(0.1)
(3.1)
Transaction and integration costs
(2.7)
(1.1)
Adjusted SG&A Expense (a)
$
353.1
$
298.2
SG&A expense ratio:
As determined under GAAP
7.7
%
7.7
%
Effect of Medicaid premium taxes
0.1
%
0.1
%
Effect of ACA industry fee reimbursement
0.1
%
—
%
Effect of SG&A expense adjustments above (a)
(0.1)
%
(0.2)
%
Adjusted SG&A expense ratio (a)
7.8
%
7.6
%
(a) Refer to the basis of presentation for a discussion of non-GAAP financial measures.
WELLCARE HEALTH PLANS, INC.
SUPPLEMENTAL INFORMATION (Continued)
Reconciliation of Certain GAAP Financial Information
(Unaudited; dollars in millions, except per share data)
The Company reports adjusted operating results on a non-GAAP basis to exclude certain expenses and other items that management believes are not indicative of longer-term business trends and operations. The following table presents applicable financial information, as determined under GAAP, reconciled to the adjusted financial information for the same periods. Refer to the basis of presentation for a discussion of non-GAAP financial measures.
For the Three Months Ended
March 31, 2018
For the Three Months Ended
March 31, 2017
GAAP
Adjustments
Adjusted
(Non-GAAP)
GAAP
Adjustments
Adjusted
(Non-GAAP)
Selling, general, and administrative expense
$
355.9
$
(2.8)
(a)
$
353.1
$
302.4
$
(4.2)
(a)
$
298.2
Depreciation and amortization
$
36.4
$
(10.5)
$
25.9
$
23.9
$
(3.2)
$
20.7
Income tax expense
$
56.8
$
3.2
(b)
$
60.0
$
35.9
$
2.7
(b)
$
38.6
Effective tax rate
35.8
%
(0.9)
%
(b)
34.9
%
34.8
%
0.1
%
(b)
34.9
%
Net income
$
101.7
$
10.1
$
111.8
$
67.3
$
4.7
$
72.0
Net income margin
2.2
%
0.3
%
2.5
%
1.7
%
0.1
%
1.8
%
Earnings per share:
Basic
$
2.28
$
0.23
$
2.51
$
1.52
$
0.10
$
1.62
Diluted
$
2.25
$
0.22
$
2.47
$
1.50
$
0.11
$
1.61
(a) Comprised of investigation costs and Universal American-related transaction and integration costs, as disclosed in the "Reconciliation of Selling, General and Administrative Expense Ratios" table.
(b) Based on the effective income tax rates applicable to adjusted (non-GAAP) results, the company estimated the effect on income tax expense and the effective tax rate associated with the non-GAAP adjustments. Refer to the basis of presentation for a discussion of non-GAAP financial measures.
View original content with multimedia: http://www.prnewswire.com/news-releases/wellcare-reports-first-quarter-2018-results-300639540.html
SOURCE WellCare Health Plans, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-wellcare-reports-first-quarter-2018-results.html |
South Korea on Saturday expressed cautious relief about the revived talks for a summit between President Donald Trump and North Korean leader Kim Jong Un following a whirlwind 24 hours that saw Trump canceling the highly-anticipated meeting before saying it's potentially back on.
The statement by Seoul's presidential office came hours after Trump welcomed North Korea's conciliatory response to his Thursday letter withdrawing from the summit with Kim and said that the meeting might be getting back on track. Trump later on Saturday tweeted that the summit, if it does happen, will likely take place on June 12 in Singapore as originally planned.
"We see it as fortunate that the embers of dialogue between North Korea and the United States weren't fully extinguished and are coming alive again," Seoul's presidential spokesman Kim Eui-kyeom said in a statement. "We are carefully watching the developments."
South Korea, which brokered the talks between Washington and Pyongyang, was caught off guard by Trump's abrupt cancellation of the summit citing hostility in recent North Korean comments. South Korean President Moon Jae-said Trump's decision left him "perplexed" and was "very regrettable." He urged Washington and Pyongyang to resolve their differences through "more direct and closer dialogue between their leaders."
Moon and Kim held a historic summit in April where they announced vague aspirations for a nuclear-free peninsula and permanent peace, which Seoul has tried to sell as a meaningful breakthrough to set up the summit with Trump.
Trump's back-and-forth over his summit plans with Kim has exposed the fragility of Seoul as an intermediary. It fanned fears in South Korea that the country may lose its voice between a rival intent on driving a wedge between Washington and Seoul and an American president who thinks less of the traditional alliance with Seoul than his predecessors.
Early this month, North Korea canceled a high-level meeting with Seoul over South Korea's participation in regular military exercises with the United States and insisted that it will not return to talks unless its grievances are resolved.
Trump's decision to pull out of the summit with Kim came just days after he hosted Moon in a White House meeting where he openly cast doubts on the Singapore meeting but offered no support for continued inter-Korean progress, essentially ignoring the North's recent attempts to coerce the South.
In his letter to Kim, Trump objected specifically to a statement from senior North Korean diplomat Choe Son Hui. She referred to Vice President Mike Pence as a "political dummy" for his earlier comments on North Korea and said it was up to the Americans whether they would "meet us at a meeting room or encounter us at nuclear-to-nuclear showdown."
North Korea issued an unusually restrained and diplomatic response to Trump, saying it's still willing to sit for talks with the United States "at any time, (in) any format."
"The first meeting would not solve all, but solving even one at a time in a phased way would make the relations get better rather than making them get worse," North Korean Vice Foreign Minister Kim Kye Gwan said in a statement carried by Pyongyang's official Korean Central News Agency, which mainly targets external audience.
Notably, the statement did not appear in Saturday's edition of Rodong Sinmun, the official mouthpiece of the North's ruling party that's widely read by North Koreans.
The newspaper instead focused on Kim Jong Un's visit to the coastal town of Wonsan to inspect the construction of a beachfront tourist complex. Kim ordered the complex to be finished by April 15 next year to mark the birthday of his late grandfather and North Korea founder Kim Il Sung. Kim Jong Un's comments published by the newspaper did not include any mention of his potential meeting with Trump.
Analysts say Kim's diplomatic outreach in recent months after a flurry of nuclear and missile tests in 2017 indicates he is eager for sanctions relief to build his economy and the international legitimacy the summit with Trump would provide. But there's also skepticism whether Kim will ever agree to fully relinquish his nuclear arsenal, which he likely sees as his only guarantee of survival.
Comments in North Korea's state media indicate Kim sees any meeting with Trump as an arms control negotiation between nuclear states, rather than a process to surrender his nukes. The North has said it will refuse to participate in talks where it would be unilaterally pressured to give up its nukes. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/26/south-korea-relieved-about-trump-kim-summit-revival-efforts.html |
Trump decries "horrific attack" at TX high school 1:19pm EDT - 01:36
President Trump told an audience at the White House Friday, that ''we grieve for the terrible loss of life,'' following a deadly shooting at Santa Fe High School. Rough Cut (no reporter narration).
President Trump told an audience at the White House Friday, that "we grieve for the terrible loss of life," following a deadly shooting at Santa Fe High School. Rough Cut (no reporter narration). //reut.rs/2KzKnuO | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/trump-decries-horrific-attack-at-tx-high?videoId=428138512 |
Ayima Group AB (publ):
* AYIMA SAN FRANCISCO OFFICE WINS NEW CLIENT * VALUE OF CONTRACT WILL BE A MINIMUM OF APPROXIMATELY 1.2 MSEK IN FIRST YEAR
* NEW ENGAGEMENT WILL COMMENCE DURING MAY 2018 AND BEGIN TO BE REFLECTED IN Q2, 2018 RESULTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ayima-san-francisco-office-wins-ne/brief-ayima-san-francisco-office-wins-new-client-idUSFWN1S90AE |
VANCOUVER, May 11, 2018 /PRNewswire/ - Pure Multi-Family REIT LP ("Pure Multi-Family") (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) announced today the leading independent proxy advisory firms, which provide voting recommendations to institutional shareholders, have advised their subscribers to vote " FOR " all current directors and the amendments to the Restricted Unit Plan.
In their reports, Institutional Shareholder Services, Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"), have recommended that unitholders ("Unitholders") of Pure Multi-Family vote " FOR " all seven members of Pure Multi-Family's current Board of Directors and the adoption of the proposed amendments to the Restricted Unit Plan at Pure Multi-Family's upcoming annual and special meeting (the "Meeting") of Unitholders currently scheduled for May 24, 2018.
CURRENT BOARD OF DIRECTORS
ISS and Glass Lewis have recommended that Unitholders vote " FOR " all seven members of Pure Multi-Family's current Board of Directors.
PROPOSED RESTRICTED UNIT PLAN
In making its recommendation that Unitholders vote in favour of the adoption of the proposed amendments to the Restricted Unit Plan, Glass Lewis advised (1) :
"On balance, we believe that this plan will serve to strengthen the alignment of executive and shareholder interests. Accordingly, we recommend that shareholders vote FOR this proposal."
ISS stated the following regarding its recommendation that Unitholders vote in favour of the adoption of the proposed amendments to the Restricted Unit Plan (1) .
"Vote FOR this full-value award plan as the total potential dilution (5 percent) and average burn rate (0 percent) under all equity-based incentive plans are acceptable for a Venture-listed issuer."
Robert King, Pure Multi-Family's Chair commented: "The support of ISS and Glass Lewis is an important endorsement of management's recommendation that our Unitholders vote to approve Pure Multi-Family's current Board of Directors and the proposed amendments to the Restricted Unit Plan.
"As previously announced on April 5, 2018, Pure Multi-Family's special committee of independent directors, as part of its review of strategic options, has initiated a formal process to explore strategic options, including the potential sale of Pure Multi-Family. Further, on April 24, 2018, as part of the comprehensive sale process, Pure Multi-Family announced that it had entered into confidentiality agreements with multiple interested parties.
"As a board, we follow a high standard of corporate governance and we fully understand our obligations to maximize value for all Unitholders. Any change to our current board members at this time is counterproductive to maximizing value for our Unitholders, and will negatively impact timing for, and may derail, the process.
"The Board of Directors of Pure Multi-Family unanimously recommends that Unitholders vote in favour of all of the proposals at the Meeting. I would also like to take this opportunity to thank you in advance for your support."
For more details, Unitholders are encouraged to read Pure Multi-Family's management information circular dated April 9, 2018, available on SEDAR at sedar.com and at puremultifamily.com under the Investor Information tab.
The proxy voting deadline is Tuesday, May 22, 2018 at 11:00 a.m. (Vancouver Time).
Unitholders who have questions may contact Laurel Hill Advisory Group, Pure Multi-Family's proxy solicitation agent, at:
North America Toll Free: 1-877-452-7184
Email: [email protected]
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi-Family is available at sedar.com and at puremultifamily.com .
Forward-Looking Information:
Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information referred to in this news release includes, but is not limited to, a statement that the Meeting is currently scheduled for May 24, 2018; and any change to the current board of directors at the Meeting will negatively impact timing for, and may derail, the sale process.
The forward-looking information contained in this news release are based on certain key expectations and assumptions made by Pure Multi-Family, including: the existence of highly credible parties willing and capable of participating in the sale process; and reasonably stable economies in the markets in which Pure Multi-Family operates.
Although Pure Multi-Family believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because Pure Multi-Family can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, without limitation, the risk that the strategic review process may not result in a transaction and those factors that can be found under "Risk Factors" in Pure Multi-Family's Annual Information Form dated March 21, 2018 and under "Risks and Uncertainties" in Pure Multi-Family's Management's Discussion and Analysis dated March 7, 2018, both of which are available on SEDAR at sedar.com .
The forward-looking information contained in this news release represent Pure Multi-Family's expectations as of the date hereof, and are subject to change after such date. Pure Multi-Family disclaims any intention or obligation to update or revise any forward-looking information except as required by law.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
(1) Permission to use quotations neither sought nor obtained.
View original content: http://www.prnewswire.com/news-releases/pure-multi-family-reit-lp-announces-iss-and-glass-lewis-recommend-unitholders-vote-for-the-current-board-of-directors-and-for-the-adoption-of-the-proposed-amendments-to-the-restricted-unit-plan-300647278.html
SOURCE Pure Multi-Family REIT LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-pure-multi-family-reit-lp-announces-iss-and-glass-lewis-recommend-unitholders-vote-for-the-current-board-of-directors-and-for.html |
May 3, 2018 / 8:19 AM / Updated 36 minutes ago RPT-Norway central bank keeps key rate at 0.50 pct, outlook unchanged Reuters Staff 1 Min Read
(Repeats story without change to attach to additional alerts)
OSLO, May 3 (Reuters) - Norway’s central bank kept its key policy interest rate unchanged at a record low 0.50 percent on Thursday, as expected by all 15 economists polled by Reuters.
The outlook and the balance of risks for the Norwegian economy do not appear to have changed substantially since the March rate meeting, the board of Norges Bank said in a unanimous decision.
The bank in its March policy report called for a rate rise “after the summer”, which most economists polled by Reuters took to mean a hike was pencilled in for September. (Reporting by Oslo newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/norway-rates/rpt-norway-central-bank-keeps-key-rate-at-0-50-pct-outlook-unchanged-idUSO9N1CA03F |
Michael Rapino, chief executive of Live Nation Entertainment Inc., earned more than $70 million last year, making him one of the highest-compensated executives in the U.S.—even though the concert company he runs isn’t big enough to rank in the S&P 500.
The outsize pay package came amid a boom in the live-events business that Live Nation dominates. The company is the world’s largest concert promoter and the parent of Ticketmaster, hawking tickets to Taylor Swift’s Reputation tour and exporting the U.K.’s Creamfields festival... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/ceo-of-concert-firm-live-nation-got-paid-like-a-rock-star-in-2017-1525878000 |
Samsung must pay a total of $539 million to Apple for copying patented iPhone features, a jury decided Thursday.
The verdict brings the years-long legal battle between the companies one step closer to ending. The rivals have been in court since 2011, when Apple sued Samsung, claiming the company had replicated its products.
Samsung was found liable in the initial verdict in 2012, but the companies disagreed over how much should be paid. Samsung eventually agreed to pay Apple $399 million, according to Bloomberg , but the Supreme Court ordered a lower court to re-examine that amount.
In the latest retrial, the jury had been deliberating since last week. If the current decision is upheld, Samsung will need to make an additional $140 million payment to Apple to complete the $539 million.
Apple said Thursday it was glad the members of the jury “agree that Samsung should pay for copying our products,” according to Reuters .
Samsung did not say whether it would appeal the verdict.
“Today’s decision flies in the face of a unanimous Supreme Court ruling in favor of Samsung on the scope of design patent damages,” Samsung said in a statement, according to Reuters. “We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.” | ashraq/financial-news-articles | http://fortune.com/2018/05/24/apple-samsung-jury-539-million/ |
Just how firm are expiration dates on bottles of allergy or pain pills? Probably not as crucial as the "Best By" date on milk cartons.
Medicines are expensive, and amid occasional shortages, some people are tempted to use expired pills.
After all, a pill good till May 31 can't be useless on June 1. The expiration date, typically just one or two years after manufacture, simply shows how long the maker tested the drug's stability by exposing it to extreme temperatures, humidity and light. Drugmakers propose the expiration period when they seek approval from regulators to sell it.
The U.S. Food and Drug Administration advises against using expired drugs, warning they may not work as intended or may be harmful, especially for people with serious ailments.
Yet many people, including doctors, use medicines well after expiration.
"I think everybody does," said Dr. Jennifer Lowry, a toxicology expert at Children's Mercy Hospital in Kansas City, Missouri.
Still, most expired medications get tossed.
"We probably are throwing away $60 to $70 billion a year," estimates Ajaz Hussain, president of the National Institute for Pharmaceutical Technology and Education. Hussain, a former FDA official, said he doesn't hesitate to take expired pills.
Multiple medical groups have urged the FDA to lengthen expiration dates, but the federal agency said it's not sure it has authority to do so. The FDA does provide recommendations for drugmakers to do that voluntarily, but the companies have little financial incentive to do so.
During acute shortages of some medicines, the FDA lets drugmakers extend dates if they have data indicating they're still good. That's happened with this year's shortage of saline solution for hospitals, for a seizure drug last year and during a 2013 shortage of Tamiflu.
Numerous studies on expired, properly stored drugs, mostly pills, have found them fully potent or close, some many years after that date. In one case, unopened bottles of painkillers, antihistamines and other drugs from the 1960s were still very potent when tested a half-century later.
The FDA and Department of Defense jointly run a program that periodically tests batches of antibiotics and other drugs in the national stockpile for potential disease epidemics and chemical attacks. That's repeatedly resulted in yearslong extensions, saving billions of dollars.
Experts tell The Associated Press they know of no cases of patients harmed by taking expired medicines. The exceptions are aspirin and the antibiotic tetracycline, which can deteriorate soon after expiration dates.
But it's hard for consumers to know what's safe and what's risky.
"A year out, I think you're perfectly OK to use the medications," said Dr. Ali Raja, an emergency medicine doctor at Boston's Massachusetts General Hospital.
But experts say don't use expired liquid medicines, insulin and other injected drugs that must be refrigerated. They can break down faster than pills, especially if they aren't kept cold.
Ditto for drugs not properly stored. Medicines kept in areas with high humidity or fluctuating temperatures — like a bathroom cabinet — or left in direct light degrade faster and can lose potency.
Instead, keep them in a cool, dark place, advises Michael Gaino of the American Society of Health-System Pharmacists.
Also, don't put different pills in one bottle, as the chemicals could interact. And don't use discolored, powdered or smelly pills, cloudy liquids or dried creams.
What about EpiPens, the pricey emergency injectors people with severe allergies carry as a precaution? Their shelf life is about a year and a half. But multiple studies have shown their potency declines slowly unless they're exposed to heat or light.
"We know expired EpiPens can work," said Lowry. In a pinch, people should use them and then head to an emergency room, she said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/pill-expiration-dates-can-have-wiggle-room-if-stored-right.html |
STOCKHOLM, May 9, 2018 /PRNewswire/ -- RaySearch Laboratories AB (publ)
"During the first quarter 2018, net sales decreased 8 percent to SEK 116 M (127) and operating margin declined to 12 percent (26), primarily due to changes in accounting policies. With unchanged accounting policies, net sales would have been the same as the corresponding quarter of 2017, i.e., SEK 127 M, and the operating margin 19 percent. Cash flow before financing activities improved to SEK 13 M (8). We are secure in our long-term strategy and our expansion is continuing," says Johan Löf, CEO of RaySearch.
THREE MONTHS (JANUARY-MARCH 2018)
Net sales SEK 116.3 M (126.8), of which revenues from RayStation/RayCare SEK 104.2 M (112.3) Profit after tax SEK 11.8 M (26.3), and earnings per share before/after dilution SEK 0.34 (0.77) Operating profit SEK 14.1 M (33.5) Cash flow for the period SEK 12.3 M (neg: 3.0) Order intake excl. service agreements SEK 106.6 M (104.9), of which RayStation/RayCare SEK 97.4 M (93.8) At the end of the period, the order backlog excl. service agreements for RayStation/RayCare was SEK 58.5 M (58.1)
CHANGES TO ACCOUNTING POLICIES
IFRS 15 Revenue from Contracts with Customers applies as of January 1, 2018, which has reduced the company's license revenue from RayStation by 12.5 percent during the first quarter 2018 compared with previous accounting policy (IAS 18), see Notes 1-2. The changed accounting policies also have a negative impact on net sales and earnings in the last 12-months period.
SIGNIFICANT EVENTS DURING THE FIRST QUARTER
RayStation was selected by several leading cancer centers, including Georgia Proton Treatment Center and Mission Hospital – SECU Cancer Center in the US, CHU de Québec-Université Laval in Canada, and Universitätsmedizin Rostock and Klinikum rechts der Isar der TU München in Germany. RaySearch entered into a strategic partnership with MD Anderson with intention of improving radiation therapy. In March 2018, 200,000 Class A shares were converted to Class B at the request of a shareholder.
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
RayStation has been selected as the treatment planning system for the two proton and carbon ion therapy centers, Heidelberg Ion Beam Therapy Center (HIT) and Marburg Ion Beam Therapy Center (MIT), in Germany. RaySearch has entered into a long-term collaborative agreement for RayCare with Heidelberg University Hospital in Germany.
The information contained in the interim report is such that RaySearch Laboratories AB (publ) is obliged to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication on May 9, 2018 at 7:45 a.m. CET.
FOR FURTHER INFORMATION, PLEASE CONTACT :
Johan Löf, President and CEO
Tel: +46-8-510-530-00
E-mail: [email protected]
Peter Thysell, CFO
Tel: +46-70-661-05-59
E-mail: [email protected]
ABOUT RAYSEARCH
RaySearch Laboratories AB (publ) is a medical technology company that develops advanced software solutions for improved radiation therapy of cancer. The company develops and markets the RayStation treatment planning system to clinics all over the world and distributes the products through licensing agreements with leading medical technology companies. The company is also developing the next-generation oncology information system, RayCare, which was launched in December 2017 and comprises a new product area for RaySearch. RaySearch's software is currently used by over 2,600 clinics in more than 65 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed on Nasdaq Stockholm since 2003.
More information about RaySearch is available at www.raysearchlabs.com .
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/raysearch-laboratories/r/interim-report-january-1---march-31--2018,c2516890
The following files are available for download:
http://mb.cision.com/Main/1102/2516890/838304.pdf
The full report (PDF)
View original content: http://www.prnewswire.com/news-releases/interim-report-january-1--march-31-2018-300645192.html
SOURCE RaySearch Laboratories | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-interim-report-january-1--march-31-2018.html |
Frank Rich on how 'Succession' models real media families 2 Hours Ago Frank Rich, NY Magazine writer-at-large and "Succession" and "Veep" executive producer, discusses his new show that bears striking similarities to the media merger drama for Twenty-First Century Fox assets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/frank-rich-on-how-succession-models-real-media-families.html |
The impact of China's tariffs on the polymer industry 4 Hours Ago The flows of scrap plastics into China have "significantly diminished" and this has caused some producers to switch to using fresh material instead, says Markus Steilemann of Covestro. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/the-impact-of-chinas-tariffs-on-the-polymer-industry.html |
SILVER SPRING, Md., May 30, 2018 /PRNewswire-USNewswire/ -- The U.S. Food and Drug Administration today approved the first stand-alone prosthetic iris in the United States, a surgically implanted device to treat adults and children whose iris (the colored part of the eye around the pupil) is completely missing or damaged due to a congenital condition called aniridia or other damage to the eye.
"Patients with iris defects may experience severe vision problems, as well as dissatisfaction with the appearance of their eye," said Malvina Eydelman, M.D., director of the Division of Ophthalmic, and Ear, Nose and Throat Devices at the FDA's Center for Devices and Radiological Health. "Today's approval of the first artificial iris provides a novel method to treat iris defects that reduces sensitivity to bright light and glare. It also improves the cosmetic appearance of the eye in patients with aniridia."
Congenital aniridia is a rare genetic disorder in which the iris is completely or partially absent. It affects approximately 1 in 50,000 to 100,000 people in the U.S. The iris controls the amount of light entering the eye, and those with aniridia have sensitivity to light and other severe vision problems. In addition to congenital aniridia, the CustomFlex Artificial Iris is indicated to treat iris defects due to other reasons or conditions, such as albinism, traumatic injury or surgical removal due to melanoma.
The CustomFlex Artificial Iris is made of thin, foldable medical-grade silicone and is custom-sized and colored for each individual patient. A surgeon makes a small incision, inserts the device under the incision, unfolds it and smooths out the edges using surgical instruments. The prosthetic iris is held in place by the anatomical structures of the eye or, if needed, by sutures.
The safety and effectiveness of the CustomFlex Artificial Iris was demonstrated primarily in a non-randomized clinical trial of 389 adult and pediatric patients with aniridia or other iris defects. The study measured patients' self-reported decrease in severe sensitivity to light and glare post-procedure, health-related quality of life, and satisfaction with the cosmetic improvement or appearance of the prosthesis. More than 70 percent of patients reported significant decreases in light sensitivity and glare as well as an improvement in health-related quality of life following the procedure. In addition, 94 percent of patients were satisfied with the artificial iris' appearance.
The study found low rates of adverse events associated with the device or the surgical procedure. In the study, complications associated with the use of the CustomFlex Artificial Iris device included: device movement or dislocation, strands of device fiber in the eye, increased intraocular pressure, inflammation of the iris (iritis), adhesion of the iris to the cornea or lens (synechiae) and the need for secondary surgery to reposition, remove or replace the device. Complications associated with the surgical procedure included: increased intraocular pressure, blood leakage in the eye, swelling of the center of the retina (cystoid macular edema), secondary surgery, corneal swelling, iritis, and retinal detachment.
The CustomFlex Artificial Iris is contraindicated, or should not be used, in eyes with any of the following conditions: uncontrolled or severe chronic inflammation (uveitis), abnormally small eye size (microphthalmus), untreated retinal detachment, untreated chronic glaucoma, cataract caused by rubella virus, abnormal blood vessels on the iris (rubeosis), certain kinds of damaged blood vessels in the retina, and intraocular infections. It is also contraindicated for patients who are pregnant.
The CustomFlex Artificial Iris was approved through a premarket approval application (PMA), which is the most stringent type of device marketing application and generally required for high-risk devices. A PMA approval is primarily based on a determination by the FDA that the PMA contains sufficient valid scientific evidence that provides reasonable assurance that the device is safe and effective for its intended uses.
CustomFlex Artificial Iris was granted Breakthrough Device designation , meaning the FDA provided intensive interaction and guidance to the company on efficient device development, to expedite evidence generation and the agency's review of the device. To qualify for such designation, a device must provide for more effective treatment or diagnosis of a life-threatening or irreversibly debilitating disease or condition, and meet one of the following criteria: the device must represent a breakthrough technology; there must be no approved or cleared alternatives; the device must offer significant advantages over existing approved or cleared alternatives; or the availability of the device is in the best interest of patients.
The FDA granted approval of the CustomFlex Artificial Iris to HumanOptics AG.
For more information:
FDA: Medical devices
FDA: Premarket approval (PMA)
NIH: Aniridia
The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation's food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products.
Media Inquiries: Angela Stark, 301-796-0397, [email protected]
Consumer Inquiries: 888-INFO-FDA
View original content with multimedia: http://www.prnewswire.com/news-releases/fda-approves-first-artificial-iris-300656831.html
SOURCE U.S. Food and Drug Administration | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-fda-approves-first-artificial-iris.html |
KANSAS CITY, Mo.--(BUSINESS WIRE)-- EPR Properties (NYSE:EPR) today announced that its Board of Trustees has declared its monthly cash dividend to common shareholders. The dividend of $0.36 per common share is payable June 15, 2018 to shareholders of record on May 31, 2018. This dividend represents an annualized dividend of $4.32 per common share, an increase of approximately 6% over prior year and the Company’s eighth consecutive year with a significant annual dividend increase.
About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $6.8 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006365/en/
EPR Properties
Brian Moriarty, 1-888-EPR-REIT
Vice President - Corporate Communications
[email protected]
Source: EPR Properties | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-epr-properties-declares-monthly-dividend-for-common-shareholders.html |
MINNEAPOLIS, May 10, 2018 /PRNewswire/ -- The ResCap Liquidating Trust (the "Trust") announced its unaudited Condensed Consolidated Financial Statements, as of and for the period ended March 31, 2018, along with its quarterly Beneficiary Letter and tax letter have been posted to the Trust's website, rescapliquidatingtrust.com .
In addition, the 2017 Trust Beneficiary Tax Worksheets for State Income Tax have been posted to the Trust's website.
View original content: http://www.prnewswire.com/news-releases/rescap-liquidating-trust-announces-posting-of-q1-2018-financial-statements-and-2017-state-trust-tax-worksheets-300646820.html
SOURCE ResCap Liquidating Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-rescap-liquidating-trust-announces-posting-of-q1-2018-financial-statements-and-2017-state-trust-tax-worksheets.html |
April 30, 2018 / 10:11 AM / 3 days ago BRIEF-Biosearch Q1 EBITDA At 1.3 Mln Euros Reuters Staff
April 30 (Reuters) - Biosearch SA: * Q1 PROFIT BEFORE TAX 880,000 EUROS | ashraq/financial-news-articles | https://uk.reuters.com/article/brief-biosearch-q1-ebitda-at-13-mln-euro/brief-biosearch-q1-ebitda-at-1-3-mln-euros-idUKL8N1S730V |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Semma Therapeutics, Inc., a biotechnology company pioneering the curative use of stem cells in regenerative medicine, today announced the appointment of Bastiano Sanna, Ph.D., as Chief Executive Officer and President. Dr. Sanna will succeed Elizabeth Stoner, M.D., who has been serving as the Interim CEO and will remain as an advisor to the Company.
“Bastiano has the perfect set of skills and experiences to lead Semma through our next phase of growth as a company after a very successful Series B financing,” said Mark Fishman, M.D., Chairman of Semma’s Board of Directors. “Few leaders have such a strong cell therapy background combined with his level of strategic and business experience.”
Dr. Sanna joins Semma from Magenta Therapeutics, where he served as Chief Operating Officer and was responsible for operations, finance, clinical development and program management. Prior to Magenta, Dr. Sanna served in the leadership team of Novartis’ Cell and Gene Therapy Unit as the Global Program Head of Stem Cell Transplant and early programs, where he oversaw clinical, regulatory, CMC and commercial aspects of programs in bone marrow transplant and CAR-T cell therapies. In an earlier role, he served as Global Head of Strategic Planning and Portfolio Management at the Novartis Institutes for BioMedical Research, where he was responsible for global portfolio management of all Novartis’ research programs from discovery through Phase II across all disease areas.
“It’s been a thrill to get to know Bastiano and see his passion for the potential for using cells as medicines,” said Doug Melton, Ph.D., Founder of Semma. “He is the ideal leader for Semma as we look to bring to the clinic our lead program of an encapsulated cell therapy product for the treatment of type 1 diabetes, and plan an expansion into new exciting areas of medicine.”
“Semma is a leader in regenerative medicine, and I couldn’t be more excited to lead this incredible team,” said Dr. Sanna. “By combining our deep understanding of stem cell biology with our cutting-edge device technology, we have the opportunity to expand the curative power of cell therapy to a range of clinical indications where cell replacement is necessary, and to improve the lives of millions of patients.”
About Semma Therapeutics
Semma Therapeutics is pioneering the new treatment paradigm of using cells as medicine. Semma’s new class of regenerative medicine therapies couples its breakthrough stem cell technologies with proprietary delivery systems designed to protect cells from the immune system. Ongoing research at Semma Therapeutics is focused on combining these highly-differentiated active cells with a state-of-the-art device to provide a functional cure for patients with diabetes. Semma Therapeutics is working to bring new therapeutic options to the clinic and improve the lives of patients. The company is headquartered in Cambridge, MA, with operations in Providence, RI. For more information, visit www.semma-tx.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005143/en/
W2O Group
Elliot Fox, 212-257-6724
[email protected]
Source: Semma Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-semma-therapeutics-appoints-bastiano-sanna-ph-d-as-chief-executive-officer-and-president.html |
Cramer: Elon Musk would do a debt deal if Tesla needs capital 7 Hours Ago The "Squawk on the Street" news team discusses Elon Musk's disclosure that he purchased 33,000 more shares of Tesla. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/cramer-elon-musk-would-do-a-debt-deal-if-tesla-needs-capital.html |
May 13, 2018 / 6:03 AM / Updated 4 hours ago Paris knife attacker was French citizen born in Chechnya Emmanuel Jarry , Ingrid Melander 4 Min Read
PARIS (Reuters) - Police on Sunday scoured the background of a Chechnya-born Frenchman who killed a man in a knife attack in Paris, questioning the parents and a friend of the 21-year old, who had been flagged previously as a potential security risk.
Late on Saturday, the assailant shouted “Allahu akbar” (God is greatest) as he began his stabbing rampage. He fatally knifed a 29-year-old man and wounded four others, among them a Chinese and a Luxembourg citizen, before police shot him dead.
A judicial source named the attacker as Khamzat A, without giving his full name, which BFM TV and other French media said was Azimov.
The attack took place in the bustling Opera district, known for its many restaurants, cafes and the Palais Garnier opera.
It was the latest in a succession of attacks in France since January 2015 in which more than 240 people have died.
The attacker had since 2016 been on a counter-terrorism watchlist of suspected radicals who may be a threat to national security, government spokesman Benjamin Griveaux said.
The stabbing exposed once again the difficulty European intelligence services face keeping track of suspected extremists and countering the threat posed by homegrown militants and foreign jihadists.
France has participated in a U.S.-led coalition battling Islamic State in Iraq and Syria, and it also intervened in Mali to push back an Islamist rebellion in the West African state. Related Coverage Friend of Paris knife attacker held for questioning in Strasbourg - source
Its military interventions overseas have exposed it to attack by Islamist militants at home.
The assailant became French when his mother obtained citizenship in 2010, Griveaux said in a joint interview with broadcasters LCI and RTL and newspaper Le Figaro.
He rejected criticism from opponents of President Emmanuel Macron that the government was not doing enough to stem such attacks, saying: “Zero risk does not exist.”
Islamic State claimed responsibility for the attack, but provided no proof. Griveaux said the claim had not yet been fully authenticated.
Judicial sources said the assailant’s parents as well as a friend of his were being held for questioning. The friend, arrested in the eastern French city of Strasbourg, was born in 1997, a source said.
BFM TV said the attacker had long lived in Strasbourg before moving to Paris last year. French police secure a street after a man killed a passer-by in a knife attack in the heart of Paris and injured four others before being shot dead by police, according to French authorities in Paris, France, May 12, 2018. REUTERS/Lucien Libert “WE HID UNDER THE TABLE”
Macron said France would “not yield an inch to the enemies of freedom,” and praised police for “neutralising the terrorist”.
Police union representative Rocco Contento told Reuters the attacker had rushed at police on Saturday evening, shouting “I will kill you, I will kill you!” after stabbing bystanders.
He was then shot by the officers.
“It was scary,” said Emma Klibbe, a 32-year old Australian who was waiting to get into a nearby restaurant and saw a man walk by who was injured in the attack.
“We heard someone shout and then a woman screamed ‘run inside!’ We ran inside and hid under the table,” said Klibbe, who teaches English in Paris.
The four people wounded were out of danger, Interior Minister Gerard Collomb told reporters.
A picture seen by Reuters showed a bare-chested and bearded young man dressed in black sweatpants lying on the ground and being helped by emergency services. A source said he was the attacker. Slideshow (6 Images)
“We heard gun fire, two gun shots,” said waitress Sarah Gousse. “The street was just filled with police and firemen and they tried to revive him (the attacker).”
In October, in an incident similar to Saturday’s, a man stabbed two young women to death in the port city of Marseille before he was shot dead by soldiers.
The deadliest of the attacks that have hit France over the past three years occurred in Paris in November 2015, when 130 people were killed. Additonal reporting by Sophie Louet, Lucien Libert, John Irish, Michael Martina, Foo Yun Chee; Writing by Ingrid Melander; editing by Richard Lough and Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-security/paris-knife-attacker-was-russian-born-in-1997-in-chechnya-source-idUKKCN1IE06X |
* NATS takes stake in tracking technology business Aireon
* In talks with airlines about deployment
* Could help to manage traffic growth, save fuel (Adds comment from NATS CEO on talks with airlines)
DUBLIN, May 17 (Reuters) - UK air traffic manager NATS plans to trial real-time tracking technology over the busy North Atlantic to give more flexibility on routes and to handle increasingly congested airspace, it said after taking a stake in tracking technology company Aireon.
The Aireon space-based system for real-time tracking of aircraft fills a gap in the industry highlighted by the disappearance of Malaysia Airlines flight MH370, which went missing on its way from Kuala Lumpur to Beijing in March 2014 and which still hasn’t been found.
Instead of sending tracking signals to ground stations - which means that aircraft locations can be lost over oceans or remote areas - Aireon’s system will beam them to satellites providing global coverage. It uses existing data from planes so does not require any modifications to aircraft.
NATS has taken a 10 percent stake in Aireon for $69 million, it said on Wednesday, and plans to trial the technology from 2019.
“We’re currently consulting with our airline customers about how best to deploy this technology,” NATS Chief Executive Martin Rolfe said.
Over the North Atlantic, planes currently follow strict flight corridors and separation limits to ensure they remain at a safe distance from each other in an area where aircraft can’t currently be tracked in real time.
NATS said that real-time tracking technology would allow them to handle growing flight volumes and offer airlines fuel-saving routes. Fuel is one of the biggest costs for airlines.
It could also mean separation distances between plans could be reduced to 15 nautical miles from 40 currently, which would free up airspace.
“The North Atlantic is the busiest area of oceanic airspace in the world and the gateway to Europe, but its routes have now reached their limit of capacity with existing technology,” Rolfe said.
“We are delighted to now have a way to safely fulfil the ever-growing demand from our customers.”
NATS handled 2.6 million flights in 2017, covering the UK and eastern North Atlantic from centres in Britain. Of that, 500,000 flights were through North Atlantic airspace and NATS cited estimates that the figure could rise to 800,000 by 2030.
“Being able to control this volume of flights as well as offer airlines the routes they want at a speed that suits them would generate a net saving of more than $300 in fuel and 2 tonnes of CO2 per flight,” NATS said.
Reporting by Victoria Bryan Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/airlines-tracking-britain/update-1-uks-nats-to-trial-new-plane-tracking-tech-for-busy-north-atlantic-idUSL5N1SO2VM |
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