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May 22 (Reuters) - Varian Medical Systems Inc:
* VARIAN NOTIFIES SIRTEX IT WILL NOT SUBMIT A COUNTERPROPOSAL TO COMPETING BID
* CO IS COMMITTED TO TERMS OF VARIAN SCHEME AT PURCHASE PRICE OFFERED BY VARIAN OF A$28 PER SHARE
* UNDER TERMS OF SCHEME OF ARRANGEMENT VARIAN HAS RIGHT TO SUBMIT A COUNTERPROPOSAL TO CDH PROPOSAL
* VARIAN MEDICAL- VARIAN HAS FORMALLY NOTIFIED SIRTEX THAT IT WILL NOT BE SUBMITTING A COUNTERPROPOSAL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-varian-notifies-sirtex-it-will-not/brief-varian-notifies-sirtex-it-will-not-submit-a-counterproposal-to-competing-bid-idUSFWN1ST052 |
April 30 (Reuters) - Performance Technologies IT Solutions SA:
* SAYS FY 2017 TURNOVER EUR 17.4 MILLION VERSUS EUR 15.8 MILLION YEAR AGO
* SAYS FY 2017 NET PROFIT EUR 461,303 VERSUS EUR 90,322 YEAR AGO
* SAYS FY 2017 EBITDA EUR 1.6 MILLION VERSUS EUR 1.3 MILLION YEAR AGO Source text : bit.ly/2I3f0v3 Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-performance-technologies-it-soluti/brief-performance-technologies-it-solutions-fy-2017-net-profit-at-eur-461303-idUSFWN1S711N |
May 15 (Reuters) - Tix Corp:
* Q1 LOSS PER SHARE $0.04 * Q1 REVENUE $3.061 MILLION VERSUS $4.324 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tix-corp-reports-q1-loss-per-share/brief-tix-corp-reports-q1-loss-per-share-of-0-04-idUSASC0A2B6 |
By Sy Mukherjee May 8, 2018 Good afternoon, readers! This is Sy.
Embattled drug maker Valeant finally got a bit of good news as the Food and Drug Administration (FDA) approved its bowel cleanser product PLENVU, manufactured by subsidiary Salix. Valeant stock spiked as much as 15% in early Tuesday trading following the FDA approval and an earnings report that raised estimates of its full-year 2018 revenues by $50 million.
One of the reasons for the revenue forecast raise is the strength of Valeant’s Bausch and Lomb arm, which focuses on eye health products—and is the inspiration for a company name change announced by CEO Joseph Papa on Tuesday. Beginning in July, Valeant will be renamed Bausch Health Companies and change its stock ticker to “BHC.”
“It became clear that Bausch Health Companies best represents the company we are today,” said Papa in a statement.
The move, though symbolic, is likely a part of Papa’s efforts to rehabilitate Valeant’s scandal-plagued image as he also attempts to steer the company back to profitability (and tackle the gigantic debt burden undertaken by the drug maker).
It may take a while for investors to return to the flock long-term, though. Valeant stock is still down more than 30% over the past two years.
Read on for the day’s news.
Sy Mukherjee @the_sy_guy [email protected] DIGITAL HEALTH
Digital health care gig economy firm Nomad expands into full-time roles. Nomad Health’s digital platform links up doctors and nurses looking for freelance work with hospitals that need to recruit more people in certain specialities. On Tuesday, the company announced that it’s expanding its services to include full-time prospective employees after raising $12 million in a Series B funding round earlier this year.
Advertisement INDICATIONS
Takeda finally lands its Shire deal. Japanese pharma giant Takeda has finally reached a deal to snatch up Dublin, Ireland-based Shire following a months-long back and forth. The final agreement is valued at $62 billion and will give Takeda, which has been looking to expand its global footprint, access to a rare disease drug specialist that also markets popular medications like the best-selling ADHD treatment Vyvanse. ( Fortune )
THE BIG PICTURE
How Walmart’s opioid decision could affect the addiction epidemic. My colleague Natasha Bach has a great explainer on Walmart’s big decision to limit opioid prescriptions delivered through its stores. Walmart “will begin limiting supplies of acute opioid prescriptions to no more than seven days, with up to a 50 morphine milligram equivalent maximum per day,” Natasha writes. “The change will come into effect within the next 60 days, and will apply to all Walmart and Sam’s Club pharmacies in the U.S. and Puerto Rico.” ( Fortune )
Michigan’s Medicaid work requirements plan may be discriminatory. Nicholas Bagley and Eli Savit analyze Michigan’s controversial proposed plan to force low-income Medicaid recipients to get jobs in exchange for their health benefits for the New York Times . As the duo explains, the current iteration of the work requirements may violate nondiscrimination statutes since it would likely place a higher burden on counties with more African American residents than it would on white, rural regions. ( New York Times )
Advertisement REQUIRED READING
How Smartphones and Social Media Can Steal Childhood , by Bloomberg
Why NYSE’s Parent Company Is Building a Bitcoin Exchange , by Polina Marinova
Comcast Is Still Trying to Bust Up the Fox-Disney Marriage. Here’s How They Could Do It , by Hallie Detrick
The 13 Best Warren Buffett Quote: s from the Berkshire Hathaway Meeting , by Jen Wieczner
Produced by Sy Mukherjee @the_sy_guy [email protected] Find past coverage. Sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/08/brainstorm-health-daily-05-08-18/ |
TEL AVIV, Israel, May 9, 2018 /PRNewswire/ --Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical company focused on the development of the liver targeted SCD1 modulator Aramchol™, a once-daily, oral therapy for the treatment of nonalcoholic steatohepatitis, or NASH, today provides updated information reaffirming the schedule of the release of the ARREST study top line results and reports financial results for the three months ended March 31, 2018. The Company will host a conference call and webcast at 08:30 a.m. ET today.
Business Update
ARREST Phase IIb NASH study:
Phase IIb top line results for Aramchol™ in 247 NASH patients are expected, as planned during June 2018. All patients completed treatment during the last week of February and the follow-up period is scheduled to end this month. Preparations for a pre-phase III meeting with U.S. Food and Drug Administration (FDA) during the fourth quarter of 2018 are ongoing. In April 2018, the Company sold to Biotechnology Value Fund, L.P. 1,000,000 ordinary shares and warrants to purchase 1,000,000 ordinary shares, for a purchase price of $6.00 per share and related warrant. The warrants have an exercise price of $15.00 per share and will expire one year from the date of issuance. The proceeds of this financing are intended to be used for working capital needs, clinical development, business development activities and the advancement of the Company's ongoing pipeline activities. The Company is conducting pre-clinical studies of Aramchol™ in combination with advanced clinical stage representative anti-inflammatory and anti-apoptotic compounds for the treatment of NASH. The Company intends to submit data related to these combinations for presentation at The Liver Meeting®, to take place on November 9-13, 2018 in San Francisco.
Financial Summary - First Quarter 2018 vs. First Quarter 2017:
Cash and cash equivalents and marketable securities totaled $15.5 million as of March 31, 2018, compared to $19.0 million at December 31, 2017. As mentioned above, subsequent to the balance sheet date, the Company raised gross proceeds of $6.0 million in a registered direct offering. Galmed believes that its current cash balance will be sufficient to maintain its current operations through the first half of 2020. Net loss of $2.5 million, or $0.17 per share, for the three months ended March 31, 2018, compared to a net loss of $3.2 million, or $0.26 per share, for the three months ended March 31, 2018. This period's net loss included $0.3 million of non-cash, stock-based compensation expense, versus $0.4 million of non-cash stock-based compensation expense incurred during the corresponding period in 2017. The Company recognized $0.3 million of revenue for the three months ended March 31, 2018, the same amount as in the corresponding quarter in 2017. The revenue relates to the amortization of the up-front payments under the license agreement with Samil Pharm. Research and development ("R&D") expenses amounted to approximately $1.9 million for the three months ended March 31, 2018, compared to approximately $2.7 million for the three months ended March 31, 2017. The decrease resulted primarily from a decrease in expenses in connection with the ARREST study. General and administrative expenses amounted to approximately $0.9 million for the three months ended March 31, 2018, compared to approximately $0.8 million for the three months ended March 31, 2017. The slight increase in general and administrative expenses for the three months ended March 31, 2018 resulted primarily from an increase in professional fees. Financial expenses amounted to $0.05 million for the three months ended March 31, 2018, compared to financial income of $0.1 million for the three months ended March 31, 2017. The decrease resulted primarily from changes in the foreign currency exchange rate.
Conference Call & Webcast:
Wednesday, May 9 th @ 8:30am Eastern Time
Within the US:
800-239-9838
Outside the US:
323-794-2551
From Israel:
1809-212-883
Conference ID:
4575906
Webcast:
http://public.viavid.com/index.php?id=129551
Replays, available through May 23, 2017
Toll-Free:
844-512-2921
Toll/International:
412-317-6671
Replay PIN:
4575906
About Aramchol and Non-alcoholic Steatohepatitis (NASH)
Aramchol (arachidyl amido cholanoic acid) is a novel fatty acid bile acid conjugate, inducing beneficial modulation of intra-hepatic lipid metabolism. Aramchol's ability to modulate hepatic lipid metabolism was discovered and validated in animal models, demonstrating downregulation of the three key pathologies of NASH: steatosis, inflammation and fibrosis. The effect of Aramchol on fibrosis is mediated by downregulation of steatosis and directly on human collagen producing cells. Aramchol has been granted Fast Track designation status by the FDA for the treatment of NASH.
NASH is an emerging world crisis impacting an estimated 3% to 5% of the U.S. population and an estimated 2% to 4% globally. It is the fastest growing cause of liver cancer and liver transplant in the U.S. due to the rise in obesity. NASH is the progressive form of non-alcoholic fatty liver disease that can lead to cardiovascular disease, cirrhosis and liver-related mortality.
About Galmed Pharmaceuticals Ltd.
Galmed is a clinical-stage biopharmaceutical company focused on the development of Aramchol, a first in class, novel, once-daily, oral therapy for the treatment of NASH for variable populations. Galmed is currently conducting the ARREST Study, a multicenter, randomized, double blind, placebo-controlled Phase IIb clinical study designed to evaluate the efficacy and safety of Aramchol in subjects with NASH, who are overweight or obese, and who are pre-diabetic or type-II-diabetic. More information about the ARREST Study may be found on ClinicalTrials.gov identifier: NCT02279524.
GALMED PHARMACEUTICALS LTD.
Consolidated Balance Sheets
U.S. Dollars in thousands, except share data and per share data
As of
March 31,
2018
As of
December 31,
2017
Unaudited
Audited
Assets
Current assets
Cash and cash equivalents
$
2,631
$
13,021
Marketable securities
12,871
5,976
Other accounts receivable
365
155
Total current assets
15,867
19,152
Property and equipment, net
433
491
Total assets
$
16,300
$
19,643
Liabilities and stockholders' equity
Current liabilities
Trade payables
$
2,196
$
2,276
Other accounts payable
232
1,034
Short-term portion of deferred revenue
270
538
Total current liabilities
2,698
3,848
Stockholders' equity:
Ordinary shares par value NIS 0.01 per share; Authorized 50,000,000; Issued and outstanding: 14,472,414 shares as of March 31, 2018; 14,435,161 shares as of December 31, 2017
40
40
Additional paid-in capital
92,723
92,381
Accumulated other comprehensive loss
(36)
(7)
Accumulated deficit
(79,125)
(76,619)
Total stockholders' equity
13,602
15,795
Total liabilities and stockholders' equity
$
16,300
$
19,643
GALMED PHARMACEUTICALS LTD.
Consolidated Statements of Operations (Unaudited)
U.S. Dollars in thousands, except share data and per share data
Three months ended
March 31,
2018
2017
Revenue
$
268
$
268
Research and development expenses
1,944
2,743
General and administrative expenses
883
789
Total operating expenses
2,559
3,264
Financial income, net
(53)
(102)
Net loss
$
2,506
$
3,162
Basic and diluted net loss per share from continuing operation
$
0.17
$
0.26
Weighted-average number of shares outstanding used in computing basic and diluted net loss per share
14,467,627
12,164,983
GALMED PHARMACEUTICALS LTD.
Consolidated Statements of Cash Flows (Unaudited)
U.S. Dollars in thousands
Three months ended
March 31,
2018
2017
Cash flow from operating activities
Net loss
$
(2,506)
$
(3,162)
Adjustments required to reconcile net loss to net cash used in operating activities
Depreciation and amortization
59
60
Stock-based compensation expense
330
361
Amortization of discount/premium on marketable securities
9
(140)
Loss from Realization of marketable securities
3
78
Changes in operating assets and liabilities:
Increase in other accounts receivable
(210)
(52)
Decrease in trade payables
(80)
(584)
Decrease in other accounts payable
(802)
(167)
Decrease in deferred revenue
(268)
(268)
Net cash used in operating activities
(3,465)
(3,874)
Cash flow from investing activities
Purchase of property and equipment
(1)
(7)
Investment in available for sale securities
(8,185)
-
Consideration from sale of available for sale securities
1,249
2,444
Net cash provided in (used in) investing activities
(6,937)
2,437
Cash flow from financing activities
Proceeds from exercise of options
12
-
Net cash used in financing activities
12
-
Decrease in cash and cash equivalents
(10,390)
(1,437)
Cash and cash equivalents at the beginning of the period
13,021
3,097
Cash and cash equivalents at the end of the period
$
2,631
$
1,660
Supplemental disclosure of cash flow information:
Cash received from interest
$
46
88
Forward-Looking Statements:
This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to Galmed's objectives, plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that Galmed intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause Galmed's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the timing and cost of Galmed's ongoing Phase IIb ARREST Study, and planned Phase III trials for Aramchol, or whether Phase III trials will be conducted at all; completion and receiving favorable results of these Phase IIb ARREST Study and Phase III trials for Aramchol; regulatory action with respect to Aramchol by the FDA or the EMA; the commercial launch and future sales of Aramchol or any other future products or product candidates; Galmed's ability to comply with all applicable post-market regulatory requirements for Aramchol in the countries in which it seeks to market the product; Galmed's ability to achieve favorable pricing for Aramchol; Galmed's expectations regarding the commercial market for NASH in patients who are overweight or obese and have pre diabetes or type II diabetes mellitus; third-party payor reimbursement for Aramchol; Galmed's estimates regarding anticipated capital requirements and Galmed's needs for additional financing; market adoption of Aramchol by physicians and patients; the timing, cost or other aspects of the commercial launch of Aramchol; the development and approval of the use of Aramchol for additional indications or in combination therapy; and Galmed's expectations regarding licensing, acquisitions and strategic operations. More detailed information about the risks and uncertainties affecting Galmed is contained under the heading "Risk Factors" included in Galmed's most recent Annual Report on Form 20-F filed with the SEC on March 13, 2018, and in other filings that Galmed has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect Galmed's current views with respect to future events, and Galmed does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
View original content: http://www.prnewswire.com/news-releases/galmed-pharmaceuticals-provides-business-update-and-reports-first-quarter-2018-financial-results-300645266.html
SOURCE Galmed Pharmaceuticals Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-galmed-pharmaceuticals-provides-business-update-and-reports-first-quarter-2018-financial-results.html |
By Chris Morris 11:20 AM EDT
Survivor is a ratings thoroughbred for CBS , having been a reliable ratings grabber for 18 years. And while it’s well known that the winner takes home a $1 million check, it has been less clear what other players make, if anything.
Now, a former contestant is giving out a few numbers about the reality show and they’re bigger than you might imagine.
Jon Dalton is better known to Survivor fans as Jonny Fairplay, who notoriously fooled viewers and his fellow contestants into thinking his grandmother had died during the show’s “visit from loved ones” episode. In a conversation with TMZ , he talked about compensation.
Dalton says the first person voted off the show, who is there just three days, walks away with $3,500. Jury members, who vote on the ultimate fate of the final three, pocket $40,000. The two runners up earn a hefty $110,000 and the winner takes home $1,010,000.
The discussion came amidst a mini-tempest about an upcoming Survivor season, where two future contestants posted an Instagram picture of themselves together, raising questions about whether they violated the show’s strict NDA. (Alliances and romances on the show are often dramatic high points. By posting the picture, Alex Merlino and Kara Kay, who will appear on the show’s 37th season, hinted they were a couple in some form. They reportedly could face fines of up to $5 million .)
Survivor , of course, isn’t the only show that pays contestants. Stars of The Bachelor and The Bachelorette are paid $100,000 , according to some reports, with some making much more. And the top 24 American Idol hopefuls collect a performance fee of $1,571 plus meals for two-hour Idol shows, They make $1,303 for one-hour shows and $910 for half-hour results shows, after they join the American Federation of Television and Radio Artists. The 12 who go on tour after the show earn an extra $150,000.
Reality stars make far less than established TV figures (such as Judge Judy, who earns $47 million per year ), but often parlay that screen time to other projects ( including White House positions ) or speaking engagements. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/16/survivor-contestants-salary-nda-violation/ |
May 4 (Reuters) - Global Lighting Technologies Inc
* Says it will use undistributed profit to pay cash dividend of T$1 per share to shareholders for 2017
* Says it will pay cash dividend of T$130.9 million in total
Source text in Chinese: goo.gl/Z4Rqdy
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-lighting-technologies-to-pa/brief-global-lighting-technologies-to-pay-cash-dividend-of-t1-per-share-idUSL3N1SB38A |
May 8, 2018 / 4:38 PM / Updated 35 minutes ago Daredevil pilots head for sandy beach in Belgium Reuters Staff 2 Min Read
WEVELGEM, Belgium (Reuters) - Daredevil pilots will head for the Belgian coast in June to take part in the first ever short take-off and landing (STOL) aeroplane competition on sand. An OV-10 Bronco aircraft, decorated with World War One commemoration motifs, prepares to take off at Flanders international airport, ahead of the world's first Short Take Off & Landing competition on sand, in Wevelgem, Belgium May 8, 2018. REUTERS/Francois Lenoir
Competitors will try to take off and land their vintage aircraft at a beach near the Belgian resort town of Knokke-Heist in the shortest possible distance. The two distances are added up to determine the winner.
“Aeroplanes landing on beaches has been done and STOL competitions have existed almost since the aeroplane has existed itself, all we are doing is put the two together,” said Sam Rutherford, the organiser of the event.
While passenger jets usually need more than a mile of runway to land, some of the lighter planes in STOL competitions have done so in less than 20 feet (six metres). A hostess of the Bronco demo team boards an OV-10 Bronco aircraft, decorated with World War One commemoration motifs, at Flanders international airport, ahead of the world's first Short Take Off & Landing competition on sand, in Wevelgem, Belgium May 8, 2018. REUTERS/Francois Lenoir
Pilots taking part in the event in Belgium said they were curious to find out what impact the sand would have on the competition.
“If you’re landing and the wheels get stuck in the sand you may flip the aircraft on its nose,” said pilot Harold Denolf.
The event will take place over several days from June 14. Reporting by Robert-Jan Bartunek; editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-belgium-airplanes/daredevil-pilots-head-for-sandy-beach-in-belgium-idUKKBN1I92DE |
May 23, 2018 / 2:12 AM / Updated 2 hours ago Israeli air strikes target boat moored in Gaza - residents Reuters Staff 2 Min Read
GAZA (Reuters) - Israeli aircraft destroyed a boat moored in Gaza city early on Wednesday morning, local residents said. There were no reports of casualties.
The Israeli military said aircraft had struck “military targets belonging to the Hamas terror organisation’s naval force” and “underground terror infrastructure” belonging to Hamas in the northern Gaza Strip.
The military said the air strikes were carried out in response to an incident on Tuesday when a group of men from Gaza broke through the border fence into Israel and set fire to an army post. An Israeli tank then targeted a Hamas observation post. No casualties were reported.
Gaza residents said the vessel that was hit by missiles was set ablaze. They said it was due to sail to meet a flotilla of boats hoping to reach Gaza. Israel maintains a naval blockade of the Gaza Strip and has in the past stopped other boats from reaching it shores.
Violence along the Israel-Gaza border reached a peak on May 14 when Gaza medical sources said at least 60 Palestinian protesters were killed by Israeli gunfire. It has subsided but there are sporadic flare-ups.
Since the border protests began on March 30, 110 Palestinians have been killed, Gaza medical officials said.
Gaza has been controlled since 2007 by the Islamist group Hamas. Israel and Egypt, citing security concerns, maintain a de facto blockade on Gaza, which has reduced its economy to a state of collapse.
Two million Palestinians live in the narrow strip, most descendants of refugees who fled or were driven out of homes during fighting between Jewish and Arab forces at the time Israel was founded. Reporting by Nidal al-Mughrabi; Writing by Ori Lewis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-violence/israeli-air-strikes-target-boat-moored-in-gaza-residents-idUKKCN1IO074 |
Josh Brolin: "Deadpool 2" is quite an anomaly Tuesday, May 15, 2018 - 01:24
The cast says the sequel of the hit R-rated action comedy is both loving and adventurous. Rough Cut (no reporter narration)
The cast says the sequel of the hit R-rated action comedy is both loving and adventurous. Rough Cut (no reporter narration) //reut.rs/2L36hHZ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/josh-brolin-deadpool-2-is-quite-an-anoma?videoId=427227699 |
Amid concerns that President Donald Trump's decision on the Iran nuclear deal could escalate geopolitical tensions in the Middle East, an investment firm executive said the region, in fact, is "very stable" for doing business.
Trump on Tuesday announced he will pull the U.S. out of the 2015 Iran nuclear deal and reinstate sanctions on the country. Experts warned that Trump's decision could further strain Washington's relationship with a number of allies and increase risks in the Middle East .
But Hazem Ben-Gacem, head of corporate investment for Europe at Bahrain-based Investcorp, on Wednesday shrugged off concerns that the development could dampen prospects in the Middle East.
"If you look through history, whether it's 100, 200, 500 years, this region has had its own share of positive and challenging news. However, that has never stopped the region from growing and developing," Ben-Gacem told CNBC's Hadley Gamble at the Gateway Gulf Investor Forum in Bahrain .
"And that's what we find quite exciting: It is a very stable region to do business in and that's something very important as an investor," he added.
He noted that over the last two decades, the company has been able to "buy, manage and exit" its investments in the Middle East, which is "what any investor would like to see." Investcorp has more than $22.2 billion in assets under management and the company has been a major investor in the region, especially in Saudi Arabia .
But that's not to say the region's geopolitical developments have no impact on the company's investment decisions, Ben-Gacem clarified.
"Any major news which is reported, we really take a look at it from a global perspective: It will have as much of an impact on our businesses in Europe as it would with North America and as it would with Saudi," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/investcorps-hazem-ben-gacem-middle-east-is-a-very-stable-region-despite-iran-tensions.html |
SYDNEY, Australia — Amazon ’s decision to deny Australians access to its main website has set off a backlash in the country, with customers complaining they may face big price increases and a loss of access to sorely needed products.
The e-commerce giant made the move, which it announced on Thursday, in response to changes to Australian tax law that will require online retailers to charge a 10 percent goods and services tax on products sold and shipped from overseas. That tax currently only applies to items bought overseas costing more than $1,000.
In an email to customers, Amazon said Australians would be redirected to the amazon.com.au site starting July 1 to ensure that the tax was applied.
Rebecca Wong, a visually impaired Sydney resident, said she feared she wouldn’t be able to afford the talking MP3 player that helps her choose and listen to music.
“The companies which produce these sorts of goods often don’t ship directly to Australia, or shipping is prohibitively expensive,” she said. Amazon’s international site, she added, “has the infrastructure to be able to ship them at affordable prices.”
Amazon has tried to convince customers that the change won’t inhibit their ability to shop. They told customers that the Australian site had more than 60 million products, and tried to soften the blow by offering a $20 gift voucher to amazon.com.au .
But customers were quick to point out that this was a far cry from the hundreds of millions of products they could browse on Amazon’s main site.
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'I don't feel superhuman. I feel like a mom who has a career.'
Emma Shaw, a musical theater performer, said she was likely to have a hard time finding hard-copy albums for Off Broadway shows like “Spamilton” on the Australian site.
Some have accused the Australian government of using the tax to cut down on imports. But Dr. Jim Minifie, an economist with the Grattan Institute, an Australian research organization, said the government was merely trying to make sure overseas-based online retailers didn’t gain an unfair competitive advantage.
“This isn’t an anti-trade move by the Australian government,” he said. Countries around the world were “simply facing the same challenges about how to raise this form of revenue in a global economy.”
“It’s been argued that this is like an import tariff, but for years in Australia we’ve had something of a reverse: Local retailers paying a tax that foreign retailers haven’t,” he added.
That view was echoed by Mark Rubbo, the managing director of Readings, a Melbourne bookshop chain.
“I’ve been pushing for this for years,” he said, adding: “Retailers like Amazon and their subsidiary the Book Depository have been able to avoid collecting G.S.T. from Australian customers whereas we are legally bound to collect, so immediately we are at a disadvantage.”
Ms. Wong, the visually impaired Amazon customer, said the company’s main site offered products she just couldn’t get from Australian retailers, including many designed to help visually impaired people like her.
In a statement about the change, Amazon said it regretted “any inconvenience this may cause customers.” It also said that in addition to the 60 million items available on the Australian site, “the global store will allow Australian customers to shop on amazon.com .au for over four million items that were previously only accessible from amazon.com .”
Dr. Minifie, the economist, said that Amazon would probably continue to build a healthy customer base in Australia despite the change.
“Amazon’s huge scale leaves them in a far better position” than other overseas-based retailers, he said. “A lot of smaller online retailers overseas are going to find the new tax an additional layer of complexity.”
“The trade-off here is that the government can make the playing field totally neutral as to whether you are buying overseas or locally, though at some cost to the consumer,” he added. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/australian-shoppers-are-furious-with-amazon.html |
EditorsNote: update 2: adds Quote: s from Trotz, Oshie, Sullivan and Crosby
Jakub Vrana scored the tiebreaking goal with 4:38 left, and the Washington Capitals rallied for four third-period goals and defeated the visiting Pittsburgh Penguins 6-3 in Game 5 of the Eastern Conference semifinals Saturday night.
The Capitals grabbed a 3-2 series lead and would clinch the best-of-seven set with a win in Pittsburgh on Monday night. Game 7, if necessary, would be played Wednesday in Washington.
“We’re going to Pittsburgh with one goal in mind,” Washington coach Barry Trotz said. “It’s very simple.”
The Capitals have not been to the conference finals in 20 years.
“I don’t know if I could tell you exactly what it would mean,” Capitals forward T.J. Oshie said, according to the Washington Post. “None of us have ever been there.”
The tiebreaking goal came after Alex Ovechkin raced up the right wing and centered the puck to Vrana, who easily put it into a vacated net. That gave Washington a 4-3 lead.
Goalie Braden Holtby (36 saves) started everything with a key save at the other end, beginning the rush that ended with the Vrana goal.
Vrana also posted two assists. Oshie and Lars Eller added empty-net goals later for the 6-3 final.
Evgeny Kuznetsov had a goal and two assists for Washington, which got a goal and an assist from both Eller and Oshie. John Carlson and Brett Connelly collected the Capitals’ other goals.
Pittsburgh took an early 1-0 lead when Jamie Oleksiak scored on a long slap shot just 2:23 into the game.
Washington then took the lead with two goals just 33 seconds apart late in the period.
Carlson ripped a shot past Matt Murray from the high slot on the power play with 1:38 left.
Connolly put the Capitals in front 2-1 when he scored on a shot from the edge of the left circle that was deflected and bounced through Murray’s pads with 1:05 remaining.
However, the Penguins then dominated play in the second period and scored two extra-man goals to go up 3-2.
Sidney Crosby got the first one, deflecting a Phil Kessel shot in at 4:43, and then Patric Hornqvist shoved in an extra-man goal from Holtby’s left side. That came at 7:45 and put the Penguins ahead in a period where they outshot Washington 18-5.
The third period started better for the Caps as Kuznetsov scored on a breakaway to tie the game just 52 seconds after the second intermission. Vrana got his second assist of the game on the play, springing Kuznetsov with a long pass.
The Capitals then took over, moving to the verge of a series win over their traditional playoff nemesis.
“It might have been our best game of the series, and we didn’t come out with the result we were looking for,” Penguins coach Mike Sullivan said. “I know our group is capable. Our players know that as well.”
Crosby added, “It’s tough. We did a lot of good things. We felt like we could’ve won. That’s playoff hockey.
“You see with the winning goal. We get a great chance, and it goes back the other way. That’s how close it is. We just have to build off of this one, but we did a lot of good things.”
Forward Nicklas Backstrom played only briefly in the third period, with the Capitals reporting he has an upper-body injury.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-wsh-pit-recap/caps-rally-past-penguins-for-3-2-series-edge-idUSMTZEE56ABV7JT |
May 16, 2018 / 12:12 AM / Updated 17 hours ago New 'Solo' charms critics after 'Star Wars' filmmaking drama Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - Movie critics welcomed a new Han Solo into the “Star Wars” galaxy, giving generally positive marks to Walt Disney Co’s origin story for one of the sci-fi franchise’s most popular characters.
“Solo: A Star Wars Story” received a 71 percent positive score on film website Rotten Tomatoes on Tuesday, the day the first reviews were released. The movie starts rolling out in international theaters on May 23.
The film endured a rocky path to the screen. Original co-directors Phil Lord and Chris Miller were fired midway through production, and Disney asked Oscar-winning “A Beautiful Mind” director Ron Howard to come in to oversee extensive reshoots.
Critics who liked the movie said Howard had succeeded in making a fun film that should satisfy the franchise’s fervent fans.
“While ‘Solo’ hasn’t completely overcome the long odds, those harboring a love of the franchise should come away, ultimately, with a good feeling about this,” wrote Brian Lowry of CNN.com.
Alden Ehrenreich, 28, stepped into the role of Solo, made famous by Harrison Ford in the original “Star Wars” trilogy that began in 1977. Ehrenreich plays a younger Solo at the start of his pilot training when he becomes involved in a dangerous mission. Director of the movie Ron Howard poses for a portrait while promoting the movie "Solo: A Star Wars Story" in Pasadena, California, U.S., May 12, 2018. REUTERS/Mario Anzuoni
Ehrenreich won praise from many critics for making the role his own without imitating Ford.
“Things do feel shaky at first, but there’s spunk to Ehrenreich’s delivery and, once he settles in, a twinkle in his eye,” said Bob Mondello of National Public Radio.
Brian Truitt of USA Today said Ehrenreich “does the character justice, mainly because he’s a different Han than previously seen.”
“This guy’s all wide-eyed gumption and smirking confidence - not the cynic who gets a crash course in the Force later in life,” Truitt said. Slideshow (10 Images)
Other critics felt Ehrenreich did not meet the high expectations for the part.
“In a role that demands greatness, he is, in a word, okay,” wrote Nick Schager of The Daily Beast, adding that the movie “sacrifices Han Solo’s swagger for a bland origin story.” Reporting by Lisa Richwine; Editing by Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/us-film-starwars-solo/new-solo-charms-critics-after-star-wars-filmmaking-drama-idUKKCN1IH00M |
SAN FRANCISCO--(BUSINESS WIRE)-- SharesPost, Inc. , a leading liquidity provider to the Private Technology Growth asset class, today announced that Pantheon and Goldman Sachs veteran, Maureen Downey, has joined SharesPost as Managing Director, Portfolio Management and New Product Development. Also joining the portfolio management team is Jonas Grankvist, Vice President, who has been with SharesPost since 2012.
Downey has extensive experience in private equity primary and secondary transactions, M&A, and financial product development. She will join SharesPost’s Portfolio Management Team, helping to evaluate and execute investments on behalf of SharesPost’s fund clients, including the SharesPost 100 Fund, a closed-end interval fund that helps provide investors with access to the Private Technology Growth asset class.
Leveraging the SharesPost platform’s deal flow, investment analysis and trade execution capabilities, Downey will be responsible for creating new investment products for the firm’s clients.
“Maureen’s expertise in private equity will help SharesPost accelerate the development of new products designed for our institutional investors, financial advisors and individual investors,” said Carol Foster, President of SharesPost’s Registered Investment Advisor. Greg Brogger, founder and CEO of SharesPost said, “Maureen is an innovative, strategic executive and a terrific addition to our growing portfolio management team.”
Before SharesPost, Downey worked for Pantheon Ventures, where she was an Investment Committee member and played a key role in new business development in emerging markets including financial products, client and partnership development. Before that, she was a Vice President in Investment Banking for Goldman Sachs, where she worked on private equity transactions, cross-border and domestic M&A and other capital markets functions in the US and Europe. She started her career at Merrill Lynch in the Fixed Income Division. Downey holds a Bachelor of Arts degree from Claremont McKenna College and an MBA in Finance and Entrepreneurial Management from The Wharton Graduate School of Business.
Also joining the Portfolio Management team is SharesPost Vice President Jonas Grankvist, who has been with the firm since 2012. Grankvist has significant experience in venture-backed investing for SharesPost and working on M&A and private equity transactions as an investment banker for Berman Capital. A mentor for the Thiel Foundation’s 20 Under 20 Fellowship, Grankvist holds FINRA Series 7 and 63 licenses. He earned a law degree from Uppsala University and MBA from Golden Gate University.
About SharesPost, Inc.
SharesPost is a FINRA-registered broker-dealer and SEC registered Alternative Trading System as well as a Registered Investment Advisor. SharesPost helped launch the private tech growth market in 2009 and has built one of the leading platforms for secondary transactions and digital securities. SharesPost provides the private tech asset class with a suite of trading and lending solutions to facilitate shareholder and option holder liquidity. With more than $4 billion in secondary market transactions in the shares of more than 200 leading technology companies, SharesPost provides the trading, research and online tools to transact in the private market with confidence. For information, visit sharespost.com .
About the SharesPost 100 Fund
The SharesPost 100 Fund was launched in March 2014 to provide all investors access to a portfolio of late-stage, private growth companies, an asset class that has traditionally been only available to institutional investors and the very wealthy. The Fund has no accreditation requirements and is available for a $2500 minimum investment. Through the company’s growing list of advisors, retail investors can now invest in a ’40 Act registered fund, which targets investments exclusively in late-stage private growth companies.
Important Disclosure
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the Fund, please download here . Read the prospectus carefully before investing.
Past performance does not guarantee future results.
Investment in the SharesPost 100 Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. The Fund has no history of public trading and investors should not expect to sell shares other than through the Fund's repurchase policy regardless of how the Fund performs. The Fund does not intend to list its shares on any exchange and does not expect a secondary market to develop.
All investing involves risk including the possible loss of principal. Shares in the Fund are highly illiquid, and you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund’s investments will be valued by the Investment Adviser pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees. While the Fund and the Investment Adviser will use good faith efforts to determine the fair value of the Fund’s securities, value will be based on the parameters set forth by the Prospectus. As a consequence, the value of the securities, and therefore the Fund’s NAV, may vary. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your investments when you wish to do so. There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. If the Fund does not have at least 500 Members for an entire taxable year, you could receive an adverse tax treatment. The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so, and may also result in an increase in the Fund’s expense ratio. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund, its investment strategy and your investment in the Fund, and other additional details.
Certain potential conflicts of interest involving the Fund’s Investment Adviser and its affiliates could impact the Fund’s investment returns and limit the flexibility of the implementation of its investment policies. New investment opportunities that meet the Fund’s investment objectives might not be offered, or otherwise made available to the Fund, due to affiliations between entities related to the Fund. Prospective investors should review the conflicts of interest described in the section entitled “Conflicts of Interest” in the Prospectus prior to making an investment in the Fund.
The SharesPost 100 Fund is distributed by Foreside Fund Services, LLC .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005383/en/
Blue Marlin Partners
Greg Berardi, 415-239-7826
[email protected]
Source: SharesPost, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-sharespost-grows-portfolio-management-team.html |
May 2 (Reuters) - Zhejiang Hangmin Co Ltd:
* SAYS IT PLANS TO BUY JEWELLERY RETAILER FOR 1.07 BILLION YUAN ($168.32 million) VIA SHARE ISSUE Source text in Chinese: bit.ly/2KqlLp3 Further company coverage: ($1 = 6.3571 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhejiang-hangmin-to-buy-jewellery/brief-zhejiang-hangmin-to-buy-jewellery-retailer-for-1-07-billion-yuan-via-share-issue-idUSH9N1S402N |
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- WOW! Internet, Cable & Phone (“WOW!” or the “Company”) (NYSE: WOW), a leading fully integrated provider of residential and commercial high-speed data, video and telephony services to customers in the United States, announced today that it will hold a conference call on Friday, May 11, 2018, at 9:00 a.m. ET to discuss operating and financial results for the first quarter ended March 31, 2018. A press release announcing these results will be issued before the market opens on Friday, May 11, 2018.
The conference call will be broadcast live on the Company’s investor relations website at ir.wowway.com . Those parties interested in participating via telephone should dial (877) 541-5069 with the conference ID number 8770819.
A replay of the call will be available starting at 11:45 a.m. ET on Friday, May 11, 2018, on the investor relations website or by telephone. To access the telephone replay, which will be available until Monday, June 11, 2018, at midnight ET, please dial (855) 859-2056 and enter conference ID number 8770819.
About WOW!
WOW! is one of the nation's leading providers of high-speed internet, cable TV and phone serving communities in the U.S. Our vision is connecting people to their world through the WOW! experience: reliable, easy, and pleasantly surprising, every time. For more information, please visit www.wowway.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006086/en/
WOW! Internet, Cable & Phone
Lucas Binder, 303-927-4951
VP Corporate Development and Investor Relations
[email protected]
Source: WideOpenWest Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-wow-internet-cable-phone-to-host-first-quarter-2018-results-conference-call.html |
European markets closed lower on Thursday afternoon after President Donald Trump said he had canceled a Singapore summit with North Korean leader Kim Jong Un.
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The pan-European Stoxx 600 closed more than 0.5 percent lower after trading flat for much of the session.
Trump said he had written a letter to North Korean leader Kim Jong Un saying that their planned summit next month was canceled. The meeting, which would have marked the first face-to-face encounter between a sitting U.S. president and a North Korean leader, was set for June 12 in the southeastern Asian island city state.
Europe's autos stocks led the losses, down more than 1.8 percent following an announcement from the U.S. that it plans to investigate whether an "abuse of trade tactics" in cars could harm the world's largest economy. The surprise move appeared to exacerbate fears of fresh global charges. Porsche , Daimler and BMW were 3.02, 2.77 and 1.69 percent lower respectively.
Food & Beverages stocks were the top performers Thursday, up 0.83 percent.
Looking at individual stocks, Electrocomponents soared to the top of index as it reported a 32 percent rise in full-year pre-tax profits on Thursday. The London-listed stock also announced it had reached an agreement to acquire outsourcing firm IESA for around £88 million ($117.5 million). Shares of Electrocomponents were over 16 percent higher.
Swiss food company Aryzta slumped to the bottom of the European benchmark amid earnings news. The firm reported a 17 percent drop in third-quarter revenues on Thursday and slashed its earnings outlook for the second time this fiscal year. Its shares were more than 26 percent lower.
Meanwhile, adding to souring investor sentiment, Trump said Wednesday that an ongoing trade dispute between Washington and Beijing would need " a different structure ." In response, China's Commerce Ministry said Thursday it had not promised to slash its trade surplus with the U.S. by a specific figure.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/european-markets-renewed-concerns-over-us-sino-trade-talks.html |
May 2, 2018 / 11:05 PM / Updated 6 hours ago May facing local election losses, Brexit unity at stake William James 5 Min Read
LONDON (Reuters) - Voters in England cast their ballots on Thursday in local government elections expected to show rising support for Prime Minister Theresa May’s opponents in London and add to questions about her ability to follow through on her Brexit plan. Britain's Prime Minister Theresa May and her husband Philip arrive to vote in local government elections in London, May 3, 2018. REUTERS/Hannah McKay
The election results, due to start being declared in the early hours of Friday morning, will be viewed as a gauge of public support for May as she faces a possible revolt over her strategy for leaving the European Union.
A poor set of results is unlikely to spark internal calls for her resignation, but could weaken her authority over a Conservative party deeply divided about the right approach to Brexit ahead of several key parliamentary tests of unity on future customs arrangements with the EU.
“Winning elections keeps people together, losing causes dissent,” said Rob Wilson, a former Conservative lawmaker, writing for a grassroots party website ConservativeHome.
Thursday’s vote will decide more than 4,400 council seats, determining the makeup of 150 local government authorities who are responsible for the day-to-day provision of public services. They do not affect seats in parliament, where May has only a slim working majority thanks to a deal with a smaller party.
The headline-grabbing results in the capital, where over 40 percent of the seats are being contested, are forecast to see a swing towards the opposition Labour Party, reinvigorated under socialist Jeremy Corbyn and fighting a campaign focussed on the effects of eight years of Conservative-led spending cuts. Related Coverage
A Survation poll on Wednesday in London showed Labour 20 percentage points ahead of the Conservatives.
Both May and Corbyn were pictured casting their ballots early on Thursday morning.
In final online campaign videos, May said her party was delivering local services whilst keeping taxes low. Corbyn’s said the government had failed schools and hospitals, and had not tackled a housing crisis.
May’s party could lose control of some of the eight London boroughs it currently runs out of 32 in total. This would reflect both weariness over cutbacks that affect citizens’ daily lives and broader issues like Brexit and the treatment of migrants. A woman waves as she sets up a polling station as voting begins in local government elections in London, Britain, May 3, 2018. REUTERS/Hannah McKay
Holding Conservative strongholds in London’s Westminster and Wandsworth boroughs is seen as the dividing line between a bad day and a terrible day for May. Expectations are low enough that May could lose seats elsewhere, but still emerge with credit.
Results in the London borough of Barnet, which has no overall political control, could provide a boost for May if criticism over anti-Semitism in Labour affects the votes of its large Jewish population and prevents Corbyn’s party from taking control there for the first time.
“I think some of the predictions about the outcome (have been) a bit wild, but we will be campaigning across the country, as we have been, to return more Labour councillors and have more Labour councils to protect people from the impact of Tory (Conservative) austerity,” a Labour spokesman said. OUTSIDE LONDON
The outcome outside the capital is likely to be less clear-cut.
May was punished right across the country in a general election last summer, losing her parliamentary majority after a campaign that alienated core voters with unpopular social policy and saw her style criticised as robotic and impersonal. Slideshow (8 Images)
But in recent weeks May’s ratings have been boosted by her handling of national and international crises such as her decision to take military action in Syria and a row with Moscow over the poisoning of a former Russian spy in southern England.
Corbyn by contrast has been criticised by opponents and some in his own party for misjudging the public mood in his responses.
“The last few weeks have reminded some in the Labour heartlands why they don’t like Jeremy Corbyn,” said Robert Hayward a former Conservative lawmaker who now sits in parliament’s upper house and specialises in polling analysis.
One bellwether result will come in Trafford in the northern city of Manchester. While Labour dominate politics in the wider region, the Conservatives have held control of Trafford council since 2004, making it a key target for Labour and one May’s party would desperately not want to lose.
Results in other parts of the country where Brexit has been a dominating factor in recent years will also be closely watched.
Of most interest will be how the votes previously hoovered up by the anti-EU UK Independence Party, which has collapsed in popularity since the Brexit vote, are redistributed among the main two parties.
A swing to the Conservatives in pro-Brexit areas like Peterborough and the industrial regions across central England will be taken as a much-needed endorsement of May’s EU exit strategy. Additional reporting by Elizabeth Piper; Editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-politics-election/may-faces-local-election-losses-as-key-brexit-tests-near-idUKKBN1I334O |
LEESBURG, Va., May 30, 2018 (GLOBE NEWSWIRE) -- K2M Group Holdings, Inc. (NASDAQ:KTWO) (the "Company" or "K2M"), a global leader of complex spine and minimally invasive solutions focused on achieving three-dimensional Total Body Balance ™ , today announced U.S. Food and Drug Administration (FDA) 510(k) clearance for BACS ® Patient-Specific devices. With the BACS Surgical Planner , surgeons can create pre-contoured rods, rails, and templates that match the surgeon’s preoperative plan. This is K2M’s fifth module within the BACS platform, and its first clearance for patient-specific devices.
“Templated, pre-contoured rods have made a big difference to my practice,” said Carmen Petraglia, MD, spine surgeon at South Hills Orthopaedic Surgery Associates in Pittsburgh. “Pre-contoured rods take out a huge question factor in terms of time. With pre-contoured rods, you save time by not having to contour your rods during surgery.”
K2M manufactures BACS Patient-Specific Rods and Rails using a machine rolling method, replacing the manual three-point bending method that often reduces rod fatigue strength. By incorporating data from BACS Surgical Planner, rods and rails can be manufactured with complex multi-contoured designs. BACS Patient-Specific Rods and Rails can be used with the MESA ® , EVEREST ® , and DENALI ® Spinal Systems.
“Personalized solutions for treating spinal deformity is a positive development for patients who may benefit from having surgery tailored to their unique needs,” said K2M Chairman, President, and CEO Eric Major. “K2M is excited to realize this vision, as evidenced by our first regulatory clearance for BACS Patient-Specific devices. When coupled with our BACS Surgical Planner, K2M is well-positioned to become an industry leader in creating patient-specific devices, with an ultimate goal of facilitating 3D spinal balance and improved quality of life.”
K2M’s BACS Surgical Planner provides surgeons with a comprehensive tool to preoperatively measure and record a patient’s skeletal parameters to obtain baseline measurements that aid in the creation of BACS Patient-Specific Rods. BACS Surgical Planner is part of K2M’s Balance ACS ® (or BACS) platform, which provides solutions focused on achieving balance of the spine by addressing each anatomical vertebral segment with a 360-degree approach in the axial, coronal, and sagittal planes, emphasizing Total Body Balance as an important component of surgical success.
For more information about K2M’s complete product portfolio, visit www.K2M.com . For more information on Balance ACS, visit www.BACS.com .
About K2M
K2M Group Holdings, Inc. is a global leader of complex spine and minimally invasive solutions focused on achieving three-dimensional Total Body Balance. Since its inception, K2M has designed, developed, and commercialized innovative complex spine and minimally invasive spine technologies and techniques used by spine surgeons to treat some of the most complicated spinal pathologies. K2M has leveraged these core competencies into Balance ACS , a platform of products, services, and research to help surgeons achieve three-dimensional spinal balance across the axial, coronal, and sagittal planes, with the goal of supporting the full continuum of care to facilitate quality patient outcomes. The Balance ACS platform, in combination with the Company’s technologies, techniques and leadership in the 3D-printing of spinal devices, enable K2M to compete favorably in the global spinal surgery market. For more information, visit www.K2M.com and connect with us on Facebook , Twitter , Instagram , LinkedIn and YouTube .
Forward-Looking Statements
This press release contains forward-looking statements that reflect current views with respect to, among other things, operations and financial performance. Forward-looking statements include all statements that are not historical facts such as our statements about our expected financial results and guidance and our expectations for future business prospects. In some cases, you can identify these forward-looking statements by the use of words such as, “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.
Such forward-looking statements are subject to various risks and uncertainties including, among other things: our ability to achieve or sustain profitability in the future; our ability to demonstrate to spine surgeons and hospital customers the merits of our products and to retain their use of our products; pricing pressures and our ability to compete effectively generally; collaboration and consolidation in hospital purchasing; inadequate coverage and reimbursement for our products from third-party payers; lack of long-term clinical data supporting the safety and efficacy of our products; dependence on a limited number of third-party suppliers; our ability to maintain and expand our network of direct sales employees, independent sales agencies and international distributors and their level of sales or distribution activity with respect to our products; proliferation of physician-owned distributorships in the industry; decline in the sale of certain key products; loss of key personnel; our ability to enhance our product offerings through research and development; our ability to maintain adequate working relationships with healthcare professionals; our ability to manage expected growth; our ability to successfully acquire or invest in new or complementary businesses, products or technologies; our ability to educate surgeons on the safe and appropriate use of our products; costs associated with high levels of inventory; impairment of our goodwill and intangible assets; disruptions to our corporate headquarters and operations facilities or critical information technology systems or those of our suppliers, distributors or surgeon users; our ability to ship a sufficient number of our products to meet demand; our ability to strengthen our brand; fluctuations in insurance cost and availability; our ability to remediate the material weaknesses in our IT general controls; our ability to comply with extensive governmental regulation within the United States and foreign jurisdictions; our ability to maintain or obtain regulatory approvals and clearances within the United States and foreign jurisdictions; voluntary corrective actions by us or our distribution or other business partners or agency enforcement actions; recalls or serious safety issues with our products; enforcement actions by regulatory agencies for improper marketing or promotion; misuse or off-label use of our products; delays or failures in clinical trials and results of clinical trials; legal restrictions on our procurement, use, processing, manufacturing or distribution of allograft bone tissue; negative publicity concerning methods of tissue recovery and screening of donor tissue; costs and liabilities relating to environmental laws and regulations; our failure or the failure of our agents to comply with fraud and abuse laws; U.S. legislative or Food and Drug Administration regulatory reforms; adverse effects associated with the exit of the United Kingdom from the European Union; adverse effects of medical device tax provisions; potential tax changes in jurisdictions in which we conduct business; our ability to generate significant sales; potential fluctuations in sales volumes and our results of operations over the course of a fiscal year; uncertainty in future capital needs and availability of capital to meet our needs; our level of indebtedness and the availability of borrowings under our credit facility; restrictive covenants and the impact of other provisions in the indenture governing our convertible senior notes and our credit facility; worldwide economic instability; our ability to protect our intellectual property rights; patent litigation and product liability lawsuits; damages relating to trade secrets or non-competition or non-solicitation agreements; risks associated with operating internationally; fluctuations in foreign currency exchange rates; our ability to comply with the Foreign Corrupt Practices Act and similar laws; increased costs and additional regulations and requirements as a result of being a public company; our ability to implement and maintain effective internal control over financial reporting; potential volatility in our stock price; our lack of current plans to pay cash dividends; potential dilution by the future issuances of additional common stock in connection with our incentive plans, acquisitions or otherwise; anti-takeover provisions in our organizational documents and our ability to issue preferred stock without shareholder approval; potential limits on our ability to use our net operating loss carryforwards; and other risks and uncertainties, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov . Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and our filings with the SEC.
We operate in a very competitive and challenging environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Unless specifically stated otherwise, our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may make.
Media Contact:
Zeno Group on behalf of K2M Group Holdings, Inc.
Christian Emering, 212-299-8985
[email protected]
Investor Contact:
Westwicke Partners on behalf of K2M Group Holdings, Inc.
Mike Piccinino, CFA, 443-213-0500
[email protected]
Source:K2M Group Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-k2m-receives-fda-clearance-for-bacsa-patient-specific-module.html |
May 30, 2018 / 4:39 PM / Updated 7 minutes ago Zverev survives test of nerve in Paris Julien Pretot 3 Min Read
PARIS (Reuters) - Alexander Zverev eventually controlled his nerves to reach the French Open third round with a 2-6 7-5 4-6 6-1 6-2 win over Serbian Dusan Lajovic on Wednesday as he bids to improve on a below-par Grand Slam record. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Germany's Alexander Zverev in action during his second round match against Serbia's Dusan Lajovic REUTERS/Charles Platiau
The second-seeded German smashed a racket in frustration before finding his groove and setting up a meeting with 26th- seeded Bosnian Damir Dzumhur.
Zverev has yet to reach the last eight at a Grand Slam but his huge talent told in the end against the world number 60.
Asked about the gap between his ATP tour and his Grand Slam performances, Zverev said: “Everybody tries to make a bigger story out of it than it is. I have had great success on the ATP Tour, won three Masters, made two other finals this year. Related Coverage
“I’m not worried. I know if I’m doing the right things
and if I do the right work I’ll win those long matches, Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Germany's Alexander Zverev in action during his second round match against Serbia's Dusan Lajovic REUTERS/Charles Platiau
and the success will come itself. This is not something I think of on a daily basis.”
After all, 20-times Grand Slam champion Roger Federer was also a relatively late bloomer.
“He (Federer) told me a story about how he never made it past quarters until he was, what, 23 years old or something like that,” said Zverev.
“I still have a little bit of time. Hearing that from the greatest player of all time is comforting, because you always think, Oh, if I’m not going to win this one, I’m never going to win one.” Slideshow (3 Images)
The 21-year-old Zverev had to cope with the frustration of an error-riddled start of the match.
He dropped serve twice in the opening set as Lajovic kept his cool and held serve to take the lead on Court One.
Lajovic toyed with the German, who lost his temper when he was broken in the third game of the second set and crushed his racket in frustration.
Horrible unforced errors and ill-timed rushes to the net followed as Zverev struggled for control but he broke back for 3-3 and regained his composure to convert his first set point on Lajovic’s serve to level the match.
There were more jitters, though, as he trailed 2-1 in the third when he dropped serve on a double fault. Lajovic went on to bag the set and Zverev had his back to the wall.
But the German, who leads the ATP Race, was fully focussed as he raced through the fourth set by sticking closer to the baseline and he ended the match with an unreturnable serve. Reporting by Julien Pretot; Editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-zverev/zverev-survives-test-of-nerve-in-paris-idUKKCN1IV29B |
ADDISON, Texas--(BUSINESS WIRE)-- Daseke Inc. (NASDAQ: DSKE), the largest flatbed and specialized trucking company in North America, today announced the formation of Daseke Fleet Services.
The new department will support Daseke’s growing scale by leveraging areas such as purchasing, equipment optimization, and maintenance. Daseke now has a revenue run rate in excess of $1 billion annually and has a fleet of more than 5,200 trucks and 11,000 flatbed and specialized trailers.
Effective May 14, Daseke Fleet Services will focus on supporting the Daseke family of operating companies through lifecycle management of revenue equipment—including maximization of national purchasing power, enhanced maintenance programs, strategic disposition of assets, and high-level warranty management. The fleet services team members will bring to Daseke their years of industry experience and knowledge to secure stronger economics involving tractors, trailers, fuel, tires, parts, and service.
Daseke’s strategy of building the premier flatbed and specialized logistics company attracted three veteran executives with large truckload carrier experience to join the Daseke family: Brett Thompson , vice president of purchasing; Erek Starnes , vice president of equipment operations; and Gloria Pliler , director of purchasing. Daseke Fleet Services will be based in Phoenix and will report directly to Daseke president Scott Wheeler. The three new executives each have more than 30 years of trucking industry experience and will be joined by existing Daseke director of procurement Ken Snyder .
“The creation of Daseke Fleet Services is a significant milestone for Daseke, as we have reached a scale where we can improve our cost efficiencies in ways that support both our operating companies and our overall organic growth,” Wheeler said. “We’re especially pleased that three of the trucking industry’s top equipment and maintenance executives from one of the industry’s leading trucking companies have joined us to make Daseke Fleet Services a reality – another indication that our philosophy of investing in people is working.”
About Daseke, Inc.
Daseke is a leading consolidator and the largest owner of flatbed and specialized transportation solutions in North America. Daseke offers comprehensive, best-in-class services to some of the world’s most respected industrial shippers through its experienced people, its approximately 5,200 trucks and 11,000 flatbed and specialized trailers, and a million-plus square feet of industrial warehousing space. For more information, please visit www.daseke.com .
Source: Daseke Inc.
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Source: Daseke Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-daseke-launches-daseke-fleet-services-to-improve-purchasing-and-equipment-efficiency-adds-three-trucking-executives.html |
May 29, 2018 / 6:16 AM / Updated 9 minutes ago Taiwan welcomes Haiti president as China chips away at allies Jess Macy Yu 3 Min Read
TAIPEI (Reuters) - Taiwan President Tsai Ing-wen welcomed the leader of the Caribbean nation of Haiti with a military salute on Tuesday on his first official trip to Taipei, as China ramps up the pressure to lure away Taiwan’s friends. Taiwan's President Tsai Ing-wen and Haiti's President Jovenel Moise review the honour guard at a welcoming ceremony, in Taipei, Taiwan May 29, 2017. REUTERS/Tyrone Siu
Taiwan has lost two diplomatic allies in the past month, most recently the West African state of Burkina Faso, which re-established ties with Beijing on Saturday.
China claims Taiwan as its own and considers the democratic island to be a wayward province, with no right to state-to-state relations.
Taiwan is China’s most sensitive territorial issue and a potential military flashpoint.
Haiti President Jovenel Moise, along with a 30-member delegation, is visiting amid concern that his country could be among the next to jump ship and establish ties with China. Taiwan's President Tsai Ing-wen and Haiti's President Jovenel Moise review the honour guard at a welcoming ceremony, in Taipei, Taiwan May 29, 2017. REUTERS/Tyrone Siu
Earlier in May, the Dominican Republic, which shares the island of Hispaniola with Haiti, severed ties with Taiwan by formally recognising China.
“We appreciate Haiti’s long-term support of Taiwan and our international participation in many areas,” Tsai said at a welcoming ceremony outside the presidential office.
“We look forward to both sides continuing and deepening the mutual help and cooperative partnership, as the two countries’ friendship remains secure forever,” she said. Slideshow (2 Images)
“Even though Taiwan and Haiti are separated by large geographic distance, both share democratic and freedom values,” Tsai said. “In many areas, both sides have seen the results of the long-term and deep partnership.”
Taiwan and Haiti have been allies since 1956.
China has launched a campaign over the last two years to lure away Taiwan’s remaining diplomatic allies, as it seeks to pressure Tsai, who it fears wants to push for the island’s formal independence.
Tsai says she wants to maintain the status quo but will not be bullied by China and will defend Taiwan and its democracy.
Moise said his country was grateful for Taiwan’s willingness to help with its development, and that it was looking forward to relations expanding into a new phase.
Haiti is looking to promote employment and economic growth, with a focus on strengthening private investment, agriculture modernisation, as well as infrastructure, he said.
“All these plans are currently facing very difficult challenges,” Moise said. “We are looking forward to a mutual win.”
Taiwan has official relations with just 18 countries, many of them poor nations in Central America and the Pacific such as Belize and Nauru. Reporting by Jess Macy Yu; Editing by Ben Blanchard, Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-taiwan-haiti/taiwan-welcomes-haiti-president-as-china-chips-away-at-allies-idUKKCN1IU0HW |
REDWOOD CITY, Calif. (AP) _ Nevro Corp. (NVRO) on Monday reported a loss of $17.7 million in its first quarter.
On a per-share basis, the Redwood City, California-based company said it had a loss of 59 cents.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 34 cents per share.
The maker of an electrical implant that treats leg and back pain posted revenue of $87.6 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $88.6 million.
Nevro expects full-year revenue in the range of $400 million to $410 million.
Nevro shares have increased 33 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $92.03, a climb of slightly more than 1 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on NVRO at https://www.zacks.com/ap/NVRO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-nevro-1q-earnings-snapshot.html |
May 7 (Reuters) - Attis Industries Inc:
* INTRACOASTAL CAPITAL, LLC REPORTS 9.99 PERCENT PASSIVE STAKE IN ATTIS INDUSTRIES INC AS OF APRIL 10 - SEC FILING Source text: ( bit.ly/2Iga723 )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-intracoastal-capital-reports-999-p/brief-intracoastal-capital-reports-9-99-pct-passive-stake-in-attis-industries-inc-idUSFWN1SE0ZW |
Thousands turn out in Hollywood for boy band NSYNC 6:05am BST - 01:26
Years after going on a hiatus, boyband NSYNC reunite to be awarded a star on Hollywood's Walk of Fame. Rough Cut - no reporter narration.
Years after going on a hiatus, boyband NSYNC reunite to be awarded a star on Hollywood's Walk of Fame. Rough Cut - no reporter narration. //reut.rs/2FuTrhy | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/thousands-turn-out-in-hollywood-for-boy?videoId=422764130 |
May 25, 2018 / 5:39 PM / Updated 31 minutes ago Tennis - Cibulkova comes from behind to reach Strasbourg final Reuters Staff 2 Min Read
(Reuters) - Slovakia’s Dominika Cibulkova battled back from a set and a break down to beat Romanian Mihaela Buzarnescu 2-6 7-6(5) 6-1 and secure her place in the Strasbourg International final on Friday.
The fifth seed will face Anastasia Pavlyuchenkova for the title, after the Russian’s opponent, top seed Ashleigh Barty, retired due to injury in the other semi-final.
Buzarnescu had the upper hand initially as the two went toe-to-toe from the baseline, and the Romanian fourth seed controlled the opening points with ease, moving her opponent around the court and using the drop shot to devastating effect.
In contrast, Cibulkova struggled with her serve, winning 29 percent of her first serve points in the opening set. Her woes continued into the second, and she soon found herself battling to stay in the match at 5-3 down.
Few would have foreseen the turnaround that was to follow.
Cibulkova’s serve finally surfaced and she held to draw within a game of her opponent, while Buzarnescu’s composure deserted her as she made a series of errors that allowed the Slovak to break and draw level at 5-5.
The set went to a tiebreak and Cibulkova scrapped ferociously to force the deciding set, before coasting to victory in clinical style, winning 71 percent of her first serves and making only three unforced errors in the final set.
Third seed Pavlyuchenkova progressed after Barty retired while trailing the Russian 6-4 1-0. Reporting by Simon Jennings in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-strasbourg/tennis-cibulkova-comes-from-behind-to-reach-strasbourg-final-idUKKCN1IQ2NW |
May 9 (Reuters) - Ebix Inc:
* EBIX Q1 REVENUES ROSE 36.8% TO RECORD $108.2M, OPERATING INCOME ROSE 31.9% TO $33.9M, EPS UNCHANGED AT $0.83
* Q1 REVENUE $108.2 MILLION VERSUS $79.1 MILLION * FACED HEAD WINDS IN Q1 2018 THAT IMPACTED SEQUENTIAL REVENUE COMPARISON WITH Q4 2017 BY $5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ebix-reports-q1-revenue-of-1082-ml/brief-ebix-reports-q1-revenue-of-108-2-mln-versus-79-1-mln-idUSASC0A0XM |
May 22, 2018 / 6:40 AM / Updated 42 minutes ago Ofgem to probe National Grid UK demand forecasting Reuters Staff 1 Min Read
(Reuters) - Britain’s gas and electricity markets regulator Ofgem has launched an investigation into National Grid Plc’s ( NG.L ) UK transmission business, looking at its obligations to produce and publish appropriate forecasts of demand.
The investigation will examine whether the business has breached rules relating to its duty to operate the system in an economic and efficient manner, the regulator said in a statement.
“This includes but is not limited to producing and publishing appropriate forecasts of demand,” Ofgem added. Reporting By Justin George Varghese in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-national-grid-probe-ofgem/ofgem-to-probe-national-grid-uk-demand-forecasting-idUKKCN1IN0NF |
Uber disabled emergency brakes in self-driving crash: NTSB Thursday, May 24, 2018 - 01:11
The National Transportation Safety Board says Uber disabled an emergency braking system in a self-driving vehicle that killed a woman in Arizona in March.
The National Transportation Safety Board says Uber disabled an emergency braking system in a self-driving vehicle that killed a woman in Arizona in March. //reut.rs/2IGZyWC | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/uber-disabled-emergency-brakes-in-self-d?videoId=429974631 |
May 18 (Reuters) - EMPERIA HOLDING SA:
* SAYS MAXIMA GRUPE REACHED 100% IN COMPANY AFTER MANDATORY SQUEEZE-OUT
* COMPANY’S SHAREHOLDERS TO VOTE ON JUNE 13 ON REMATERIALISATION OF SHARES AND WITHDRAWING THEM FROM TRADING ON WARSAW STOCK EXCHANGE
Source texts for Eikon:,
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SP1XD |
BUENOS AIRES (Reuters) - Thousands of Argentines on Friday protested the government’s bid to secure a credit line from the International Monetary Fund, which they blame for hardship during a past financial crisis.
Demonstrators march towards the obelisk during a protest against the government's negotiations with the International Monetary Fund (IMF) over economic measures taken by Argentine President Mauricio Macri's government in Buenos Aires, Argentina, May 25, 2018. REUTERS/Agustin Marcarian Opposition parties, unions, human rights organizations and artists took part in the march near the capital Buenos Aires’ emblematic obelisk, under the banner “the country is in danger.”
The protest is the latest of several organized since President Mauricio Macri announced on May 8 that he had started financing negotiations with the IMF after weeks of market volatility.
The unexpected move surprised investors and stoked Argentines’ fears of a repeat of the nation’s devastating 2001-2002 economic collapse.
Many Argentines blame IMF-imposed austerity measures for worsening the crisis, which impoverished millions and turned Argentina into a global pariah after the government defaulted on a record $100 billion in debt.
Slideshow (7 Images) Reporting By Nicolas Misculin, Writing By Mitra Taj; Editing by Susan Thomas
| ashraq/financial-news-articles | https://in.reuters.com/article/argentina-protest/thousands-protest-argentinas-negotiations-with-imf-idINKCN1IQ2ZX |
May 27, 2018 / 3:45 PM / Updated 2 hours ago Golf: Molinari wins PGA Championship as McIlroy fades Reuters Staff 2 Min Read
LONDON (Reuters) - Italian Franceso Molinari won the PGA Championship title at Wentworth on Sunday as Rory McIlroy faded in the final round to miss out on the chance of victory in the European Tour’s flagship tournament for the second time.
The pair started the day level on 13 under par and while Molinari carded a flawless 68 to finish at 17 under, McIlroy’s 70 left him two shots adrift in second place despite birdies at the last two holes.
“It is disappointing,” said Northern Ireland’s McIlroy who won the Wentworth tournament in 2014. “He (Molinari) was like a robot, he doesn’t hit it off line. I would have needed a great round to beat him.
“Today I played similar to Saturday, I could not get going and gave Molinari a lead early on. It was a little too late for me in the end.”
McIlroy, four-times major champion, wasted a birdie opportunity on the second hole and Molinari birdied the third and fourth to move two clear.
McIlroy dropped shots at the ninth and 10th holes to leave Molinari three ahead and he never looked like losing his lead until the 18th.
He was close to finding water as McIlroy set up an eagle opportunity, but the Italian’s ball came to a rest on the fringe and the world number 32 safely made par to claim the title after finishing runner-up last year.
Molinari, 35, continued his fine record at Wentworth, having finished in the top 10 in five of the last six years, and boosted his chances of earning a place in Europe’s Ryder Cup team after being on the winning side in 2010 and 2012.
“If I could pick one tournament to win in my career it would be this one,” Molinari said.
“The Ryder Cup is very special. It hurts to watch it on TV. You really want to be there. I’ve been lucky to be on two winning teams and I hope to be able to win a third time.”
Denmark’s Lucas Bjerregaard, who birdied five of the back nine, and defending champion Alex Noren of Sweden finished in a tie for third on 14 under par. Reporting by Peter Hall, editing by Ed Osmond | ashraq/financial-news-articles | https://in.reuters.com/article/golf-european/golf-molinari-wins-pga-championship-as-mcilroy-fades-idINKCN1IS0K4 |
May 29, 2018 / 6:02 PM / Updated 12 minutes ago ABC cancels TV's 'Roseanne' hours after star's racist 'ape' tweet Lisa Richwine , Eric Kelsey 4 Min Read
LOS ANGELES (Reuters) - Walt Disney Co’s ABC network on Tuesday canceled the popular U.S. television comedy “Roseanne” after star Roseanne Barr sparked outrage by comparing a black former Obama administration official to an ape in remarks on Twitter.
The show, a revival of the 1990s hit “Roseanne,” was ABC’s most widely watched show for the TV season that ended last week. President Donald Trump has cited its huge viewership as evidence his supporters, who include Barr, want shows that speak to their concerns.
“Roseanne’s Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show,” ABC Entertainment President Channing Dungey said in a statement.
Disney Chief Executive Bob Iger added on Twitter: “There was only one thing to do here, and that was the right thing.”
In a since deleted comment on Twitter, Barr compared former Obama adviser Valerie Jarrett, 61, to an ape. She wrote that if the Islamist political movement “muslim brotherhood & planet of the apes had a baby = vj.”
Barr, 65, apologized “for making a bad joke” about Jarrett, who is black and was born in Iran to American parents.
Jarrett, through spokesman Jordan Finkelstein, declined to comment.
Hollywood talent agency ICM said in a statement on Tuesday it will no longer represent Barr. BIGGEST HIT
“Roseanne” was ABC’s biggest hit of the 2017-2018 season. The show drew an average of 18.7 million viewers, second only to CBS sitcom “The Big Bang Theory,” according to Nielsen data through May 20.
ABC aired 10 episodes of “Roseanne” from March until May. In late March, the network announced it had renewed the show for another season.
The original “Roseanne” ran from 1988 to 1997. It featured a blue-collar family, the Conners, with overweight parents struggling to get by and was praised for its realistic portrayal of working-class life.
Disney shares, which had fallen on a disappointing debut for the latest “Star Wars” movie, were down 2.5 percent at $99.59 in afternoon trading on the New York Stock Exchange. Markets were down sharply overall on concerns about political instability in Italy.
Earlier this month, the Roseanne reboot was the toast of ABC’s “upfront” event, where major advertisers and media gather to buy ads and preview the next season’s programming.
In the presentation at Lincoln Center in New York, President of Disney/ABC Television Group Ben Sherwood said it was the first time his network could boast of having the No. 1 TV show in 24 years, according to several media reports. He claimed one in 10 Americans had seen “Roseanne.” CAST COMMENT
Reaction to Barr’s comments by the show’s supporting cast added to the pressure on ABC.
Sara Gilbert, who plays daughter Darlene on the series and served as a producer, said on Twitter that Barr’s comments were “abhorrent and do not reflect the beliefs of our cast and crew or anyone associated with our show.”
Emma Kenney, who plays Gilbert’s on-screen daughter Harris, said soon after ABC canceled the show that she had been planning to leave the series because of Barr’s words.
“As I called my manager to quit working on Roseanne, I found out the show got canceled,” Kenney wrote on Twitter. “Bullies do not win. Ever.”
Emmy-winning comedian and “Roseanne” consulting producer Wanda Sykes was the first prominent figure associated with the show to cut ranks, saying on Twitter she was quitting, hours after Barr’s comments.
Tuesday’s furor echoed a 2013 incident in which Barr, in a subsequently deleted tweet, said black former Obama administration national security adviser Susan Rice “is a man with big swinging ape balls.” FILE PHOTO: Actress Roseanne Barr waves on her arrival to the 75th Golden Globe Awards in Beverly Hills, California, U.S., January 7, 2018. REUTERS/Mario Anzuoni/File Photo Reporting by Lisa Richwine and Eric Kelsey; Editing by Bill Tarrant and Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-television-roseanne/abc-cancels-roseanne-after-star-tweets-racial-slur-idUSKCN1IU2E0 |
NOVI, Mich., May 14, 2018 /PRNewswire/ -- To enhance its automotive product offering and capabilities, Cooper Standard (NYSE: CPS) has acquired 80.1 percent of LS Mtron's automotive parts business. Through the acquisition, Cooper Standard not only expands its core product offerings, but gains a strategic partnership with LS Mtron, a leading Korean automotive and industrial manufacturer, creating the opportunity to cooperate across multiple industries by leveraging the material science capabilities of both companies.
"Our acquisition of LS Mtron's automotive parts business is another important step in our strategy as it expands our core product offerings, as well as our strategic footprint in Korea, China and Brazil," said Jeffrey Edwards, chairman and CEO of Cooper Standard. "We look forward to working closely with LS Mtron to more fully service our global customers."
Through the acquisition, Cooper Standard adds both jounce brake lines and charge air cooling technology to its automotive fluid transfer, and fuel and brake delivery systems product lines. This transaction also further strengthens the Company's global market position in both businesses.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems. Cooper Standard employs approximately 32,000 people globally and operates in 20 countries around the world. For more information, please visit www.cooperstandard.com .
CPS_G
Contact: Sharon S. Wenzl
Cooper Standard
(248) 596-6211
[email protected]
View original content: http://www.prnewswire.com/news-releases/cooper-standard-expands-product-offerings-with-ls-mtron-acquisition-300647206.html
SOURCE Cooper Standard | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-cooper-standard-expands-product-offerings-with-ls-mtron-acquisition.html |
WASHINGTON (Reuters) - U.S. inflation expectations edged up in April, according to a Federal Reserve Bank of New York survey published on Monday.
The survey of consumer expectations, which the Fed considers along with other data on U.S. price pressures, showed median one-year ahead expectations increased to 2.98 percent, from 2.75 percent in March. The three-year measure also rose to 2.97 percent, from 2.91 percent previously.
Both gauges have largely been on an upward trend this year after years in which they slipped since the survey began in 2013.
The rise in consumer expectations comes as the U.S. central bank continues its tightening cycle that began in late 2015, with past worries over weak inflation receding.
The Fed’s preferred measure of inflation is now effectively at the central bank’s 2 percent target rate after undershooting that goal for almost six years. Price gains increased to 1.9 percent in the 12 months through March.
The Fed unanimously decided to raise interest rates at its policy meeting in March. It forecasts another two rate rises for this year, although an increasing number of policymakers see three as a possibility.
The New York Fed survey is done by a third party that taps a rotating panel of about 1,300 heads of household.
Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-inflation-survey/u-s-inflation-expectations-rise-ny-fed-idUSKCN1IF23B |
May 2 (Reuters) - Woolworths Group Ltd:
* Q3 TOTAL SALES FROM CONTINUING OPERATIONS $14,244 MILLION VERSUS $13,660 MILLION A YEAR AGO
* Q3 AUSTRALIAN FOOD SALES $ 9,571 MILLION VERSUS $9,144 MILLION A YEAR AGO
* Q3 AUSTRALIAN FOOD COMPARABLE SALES GROWTH OF 4.0% (EASTER-ADJUSTED)
* Q3 AUSTRALIAN FOOD COMPARABLE SALES INCREASED BY 4.4% * FRUIT AND VEGETABLES DEFLATION IS EXPECTED TO REMAIN HIGH IN Q4 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-woolworths-group-says-q3-total-sal/brief-woolworths-group-says-q3-total-sales-from-cont-ops-14244-mln-idUSFWN1S80OI |
WASHINGTON, May 31 (Reuters) - Trump administration tariffs on steel and aluminum from Canada, Mexico and Europe are “hitting the wrong target” and officials will need to provide answers to Congress about the damage to local businesses, a top Republican lawmaker said on Thursday.
“When it comes to unfairly traded steel and aluminum, Mexico, Canada and Europe are not the problem - China is,” said Representative Kevin Brady, the chairman of the U.S. House Ways and Means Committee. “These tariffs are hitting the wrong target.”
Brady urged the administration in a statement to exempt the imports from “these important national security partners” and added that administration officials “will need to come to Capitol hill to provide answers about the indiscriminate harm these tariffs are causing our local businesses.”
Reporting by David Alexander; Editing by Lisa Lambert
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-brady/trump-tariffs-hitting-wrong-target-leading-u-s-house-republican-idUSL2N1T21A6 |
David Moatazedi has Proven and Extensive Track Record of Building Fast Growing Aesthetics Market
Led Entire U.S. Aesthetics Portfolio Including Botox ® Cosmetic
IRVINE, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS) (“Evolus” or the “Company”), a lifestyle aesthetics company, announced that its board of directors has named David Moatazedi as President and Chief Executive Officer. Mr. Moatazedi joins Evolus from Allergan where he most recently served as Senior Vice President of U.S. Medical Aesthetics, leading the entire aesthetic portfolio of brands including Botox® Cosmetic, JUVEDERM® Collection, CoolSculpting®, KYBELLA®, SkinMedica®, Latisse®, Natrelle® and Alloderm®. David joins Evolus as of May 6, 2018 and will succeed Murthy Simhambhatla, who has decided to pursue other options.
Mr. Moatazedi has nearly twenty years of commercial and executive experience building multiple market leading brands. David also led several acquisitions for Allergan, including LifeCell™ for $2.9B and ZELTIQ® Aesthetics for $2.5B.
Vikram Malik, Chairman of Evolus, stated, “David’s joining Evolus presents a major milestone for the Company as we move toward the commercialization of our first aesthetic product candidate, DWP-450 (PrabotulinumtoxinA), pending regulatory approval. David, at forty years of age, is an inspiring executive, having led one of the largest and fastest growing franchises within Allergan. We believe his joining further validates the promise of DWP-450 and our ability to compete in the fast-growing aesthetic market. We welcome David’s vision and passion.”
David Moatazedi, President and Chief Executive Officer of Evolus, said, “The aesthetics market is rapidly evolving, and I believe Evolus is optimally positioned to become the most dynamic and customer centric company solely dedicated to aesthetics. The team at Evolus has done a fantastic job in bringing forward what I believe will be the most exciting new product in aesthetics. I look forward to working with this talented group of professionals and completing the build out of a best in class leadership team.”
Mr. Malik continued, “The Board and I would like to thank Murthy for his leadership and for having successfully taken our company public. Murthy has been engaged in and supportive of this transition. We know that Murthy will have success in his next endeavor and we wish him all the best.”
Prior to Mr. Moatazedi’s thirteen years at Allergan he spent six years at Novartis Pharmaceuticals. He holds an MBA from Pepperdine University and a BA in Chemistry from California State University, Long Beach.
About PrabotulinumtoxinA
PrabotulinumtoxinA is a 900 kDa purified botulinum toxin type A complex. The product candidate's Biologics License Application (BLA) is currently under review by the U.S. Food and Drug Administration (FDA). The product candidate's Marketing Authorization Application (MAA) is currently also under review by the European Medicines Agency (EMA). The FDA application is for the temporary improvement in the appearance of moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity in adults. The EMA application is for temporary improvement in the appearance of moderate to severe vertical lines between the eyebrows seen at maximum frown (glabellar lines), when the severity has an important psychological impact in adult patients.
About Evolus, Inc.
Evolus is a lifestyle aesthetics company dedicated to bringing advanced aesthetic procedures and treatments to physicians and consumers. Evolus focuses on the self-pay aesthetic market and its lead product candidate DWP-450 (prabotulinumtoxinA), an injectable 900 kDa purified botulinum toxin type A complex.
Evolus Contacts:
Investor Contact:
Brian Johnston, The Ruth Group
Tel: +1 646-536-7028
Email: [email protected]
Media:
Kirsten Thomas, The Ruth Group
Tel: +1-508-280-6592
Email: [email protected]
Source: Evolus | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-evolus-appoints-allergan-aesthetics-head-as-president-and-chief-executive-officer.html |
* Tensions rise after U.S. quits nuclear pact with Iran
* Trump’s only goal is regime change in Iran -senior cleric
* (Changes slug, adds protests, Quote: s)
By Parisa Hafezi
ANKARA, May 11 (Reuters) - A member of Iran’s clerical elite said on Friday Europeans could not be trusted after President Hassan Rouhani said Tehran would remain in a 2015 nuclear deal with world powers even after the United States pulled out.
U.S. President Donald Trump declared on Tuesday that Washington was leaving the deal under which Iran curbed its nuclear programme, saying it was one-sided and he would reimpose sanctions on Iran that were lifted as part of the accord.
“America cannot do a damn thing. They have always been after the toppling of Iran’s regime and this exit is in line with that aim,” Ayatollah Ahmad Khatami said in a televised address to worshippers at Tehran University.
State TV aired footage of demonstrators shouting slogans against the United States and Israel at rallies in Tehran and other cities and towns nationwide after Friday prayers.
They chanted, “Mr. Trump you cannot do a damn thing,” and, “We fight. We die. We don’t surrender,” in streets festooned with anti-U.S. and anti-Israeli banners and posters.
Both hardline conservatives and relative moderates in the Islamic Republic’s leadership condemned Trump’s hawkish approach to Iran with frustration growing among ordinary Iranians at the prospect of economic hardships as the result of new sanctions.
“These European signatories (to the deal) also cannot be trusted ... Iran’s enemies cannot be trusted,” Khatami said, as hardline protesters urged the government not to “repeat the same mistake” by re-entering negotiations.
“BRING DOWN ISRAEL IN RUINS” Germany, France and Britain have reaffirmed their commitment to the deal but, in a bid to bring Washington back into it, want talks to be held with Rouhani’s government in a broader format covering Iran’s ballistic missile programme and its role in Middle Eastern conflicts, including in Syria and Yemen.
Rouhani and his ministers have sought to reassure Iranians that their oil-reliant economy can withstand a return to pressures sure to follow Trump’s rejection of the deal clinched under his predecessor Barack Obama after years of negotiations.
Iran’s economy has continued to struggle despite the easing of sanctions from early 2016. In late December, Iranians staged nationwide demonstrations over poor living standards, calling on Rouhani as well as Shi’ite clerical leaders to step down.
The pragmatist Rouhani championed the nuclear deal as the way to end Iran’s international isolation so if it falls apart he could face a career-threatening backlash. It could leave Iran’s hardliners, including the elite Revolutionary Guards, unchallenged at home and enable greater Iranian assertiveness abroad that inflame tensions in the Middle East.
Hardliners are placing their faith in Supreme Leader Ayatollah Ali Khamenei who, in Iran’s hybrid clerical-republican power structure, has the final say on major matters of state. Khamenei endorsed the 2015 deal only grudgingly.
“Our enemies cannot harm us if we listen to our leader Khamenei,” Khatami said to chants of “Death to America,” and “Death to Israel”.
Trump said on Tuesday that the accord, Obama’s signature foreign policy achievement, failed to address Iran’s ballistic missile testing, its nuclear activities beyond 2025 and its involvement in conflicts in the Middle East.
Iran says it is developing missiles solely for defence. But Khatami warned its arch-enemy Israel, which bombarded Iranian military targets in Syria earlier this week after Iranian forces fired rockets into the Israeli-occupied Golan Heights.
“We will expand our missile capabilities despite Western pressure ... to let Israel know that if it acts foolishly, Tel Aviv and Haifa will brought down in ruins and totally destroyed,” he said. (Writing by Parisa Hafezi Editing by Mark Heinrich)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-protests/update-1-cleric-says-iran-should-not-trust-eu-warns-israel-tv-idUSL8N1SI2PB |
Trade war threats cast long shadow in China 51
Chinese businesses across the country have been telling Reuters they are feeling the threat of a trade war between the U.S. and China. As Sareena Darayam reports some are already feeling tangible impacts, shifting sales elsewhere or scrapping factory expansion plans.
Chinese businesses across the country have been telling Reuters they are feeling the threat of a trade war between the U.S. and China. As Sareena Darayam reports some are already feeling tangible impacts, shifting sales elsewhere or scrapping factory expansion plans. //reut.rs/2rsOBfQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/08/trade-war-threats-cast-long-shadow-in-ch?videoId=424935981 |
May 25, 2018 / 10:48 AM / Updated an hour ago Exclusive: Blacklisted fan bypasses Russia's World Cup security system Gabrielle Tétrault-Farber , Maxim Rodionov 6 Min Read
MOSCOW (Reuters) - A soccer fan blacklisted by Russian authorities for bad behavior was granted a document allowing him to attend World Cup matches, while several other fans have skirted a stadium ban, Reuters has found.
Russia has vowed to crack down on crowd unrest ahead of the World Cup, to be held from June 14 to July 15, and to weed out troublemakers by screening fans.
However, documents seen by Reuters show that Pavel Cherkas, a 32-year-old fan who was blacklisted last year for being drunk at a match, applied for and received a World Cup fan ID after the ban had taken effect.
Cherkas, who has attended matches despite being banned by the Interior Ministry, showed Reuters his World Cup fan ID, a document that is mandatory to attend matches and proves he has been approved by Russian authorities.
After Reuters asked the Ministry of Communications and Mass Media, which oversees the fan ID program, how a blacklisted fan was cleared to attend the World Cup, Cherkas was informed his ID had been revoked, without explanation.
The ministry said a fan ID can be canceled to ensure security or public order, or if it receives information about violations by spectators at events in or outside Russia.
Russia has pledged to curb stadium violence at the World Cup, hoping to expunge memories of brawls between Russian and English fans in Marseille during the 2016 European championship.
Fans say authorities have cracked down on hooligans in recent years and violence is less prevalent. But Russia still wants to show it is taking action and has launched a fan blacklist, which contains more than 400 names, although few violent cases.
However, Reuters has found that the authorities have not been systematically enforcing the list.
“I’m not saying the government is wrong in banning fans,” said Cherkas, smoking at a picnic table in central Moscow.
“But if they do, they should do so effectively.”
Reuters did not find other cases of blacklisted fans obtaining World Cup fan IDs and could not establish how widespread the problem was. Another blacklisted fan said his ID application had been rejected.
The dates on Cherkas’ ban were amended this month in what the interior ministry told him was a mix-up with another fan. His ban, which was to expire during the World Cup, is now listed as lasting until May 21. It remains unclear whether he will be granted another fan ID to attend two World Cup matches taking place on dates covered by his initial ban.
Nine blacklisted fans, including Cherkas, said they had regularly skirted the ban. Reuters reporters saw one of them at a match last month, while others provided photographic evidence of themselves attending sporting events while banned.
FIFA and the World Cup local organizing committee referred questions about how a blacklisted person could obtain a fan ID to the communications ministry, which said the document was issued at the discretion of federal security authorities. Soccer fan Pavel Cherkas, who was blacklisted by Russian authorities for bad behaviour at a stadium, stands near a football ground while wearing his 2018 World Cup fan ID, which was granted to Cherkas and later revoked, during an interview outside Moscow, Russia May 20, 2018. Picture taken May 20, 2018. REUTERS/Maxim Shemetov STADIUM OUTING
Two Reuters reporters witnessed a blacklisted fan enter Moscow’s Spartak Stadium, a World Cup venue, for a Russian Cup match last month. With a ticket bearing his name in hand, the fan, a man in his mid-20s wearing red Air Jordan running shoes and a black beanie, made his way into the venue unobstructed.
The reporters remained with the fan, banned from attending sporting events last year for having lit a flare at a Russian Premier League match, throughout the match and left the stadium at the same time. He was not approached by stadium or security officials, nor was the name on his ticket checked.
At the stadium, he flipped through pictures on his iPhone of sporting events he had attended while banned, including Russian Premier League matches, an international soccer friendly, and a match at the 2017 Confederations Cup.
Reuters was able to contact 117 people on the blacklist, which contained 423 names as of March 20. Thirty-two agreed to speak, all but one under condition of anonymity.
Although the authorities have not been rigorously enforcing the list, they have taken some steps against hooliganism.
Police visit some fans known to authorities even though they are not officially banned. Some have been asked to promise not to disrupt the World Cup.
“I pledge not to organize or take part in fights, illegal actions and mass riots at sports facilities or on the territory of the Moscow region,” a form handed by police to one fan read.
But the blacklisted fans are not Russia’s most violent.
More than a third were included for lighting flares, smoke bombs or firecrackers or attempting to do so. Another 20 percent were banned for public drunkenness. One was blacklisted for kicking another fan.
Graphic on Russian soccer bans: tmsnrt.rs/2s3yt5u LEGAL LAXITY
Loopholes in the blacklist law make it hard to enforce.
Although meant to keep problematic fans out of stadiums, the law does not outline the events where identification is mandatory or where ticket holders must be checked against the blacklist. In any case, few events require identification.
“Many people were preventively included on the blacklist ahead of the World Cup for one reason or another. The authorities probably fear provocations,” said one fan, banned for tossing a flare at a Moscow stadium. Slideshow (4 Images)
“At the police station, we were told there was an order to come up with a percentage of blacklisted fans.”
The Interior Ministry did not respond when asked whether it had ordered a certain number of fans to be banned or whether it knew that some blacklisted fans regularly attended matches. Reporting by Gabrielle Tétrault-Farber and Maxim Rodionov; Writing by Gabrielle Tétrault-Farber; Editing by Giles Elgood | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-blacklist-exclusive/exclusive-blacklisted-fan-bypasses-russias-world-cup-security-system-idUSKCN1IQ1C7 |
April 30 (Reuters) - Panasonic Corp:
* PANASONIC ANNOUNCES AGREEMENT WITH THE U.S. DEPARTMENT OF JUSTICE AND U.S. SECURITIES AND EXCHANGE COMMISSION REGARDING THE AVIONICS BUSINESS OF ITS U.S. SUBSIDIARY
* PANASONIC - PAYMENTS TO U.S. GOVERNMENT NOT EXPECTED TO HAVE A MATERIAL IMPACT ON CO’S RESULTS FORECASTS FOR FISCAL YEAR THAT ENDED MARCH 31, 2018
* PANASONIC - PANASONIC AVIONICS AGREED TO ENGAGE AN INDEPENDENT COMPLIANCE MONITOR FOR A PERIOD OF 2 YRS, AFTER WHICH IT WILL SELF-REPORT FOR 1 YEAR Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-panasonic-announces-agreement-with/brief-panasonic-announces-agreement-with-u-s-doj-and-sec-regarding-avionics-business-of-its-u-s-unit-idUSFWN1S719E |
Before you consider giving up your U.S. citizenship or green card, make sure you plan for the expatriation tax, more commonly known as the exit tax. If you are a green card holder planning on going back to your home country, a dual citizen who doesn't want to be subject to worldwide taxation (taxation in more than one country), or a U.S. citizen planning on retiring in a foreign country, you may be subject to the expatriation tax.
Klaus Vedfelt | Getty Images US citizen or long-term resident? The expatriation tax rule applies only to U.S. citizens or long-term residents. If you are neither of the two, you don't have to worry about the exit tax. A long-term resident is defined as a lawful permanent resident during at least eight of the 15 years before the expatriation year. For example, if you got a green card on December 31, 2010, and plan to expatriate in 2018, you will be treated as a long-term resident under the expatriation tax law.
As a green card holder, you do not need to count the years you make a valid treaty election to be treated as a nonresident alien for the entire calendar year. It is always worth checking whether you could make a treaty election to avoid being treated as a long-term resident.
Am I a covered expatriate? If you are either a U.S. citizen or a long-term resident, you expatriated on or after June 17, 2008, and any of the three stipulations below apply to you, you are a "covered expatriate" and will be subject to the exit tax.
1. The tax liability test. Your average annual net income tax for the five years ending before the date of expatriation or termination of residency is more than a specified amount adjusted for inflation ($165,000 for 2018).
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This is an income-tax test, not an income test, which means you can use deductions, exemptions, credits and even the foreign-earned income exclusion to lower your income-tax liability and your chances for having to pay the expatriation tax. If your tax status is married filing jointly, you have to use the total tax liability amount on your joint tax return, even if only one of you is expatriating. It might be better to use the married filing separately status before you plan to expatriate to reduce your five-year income-tax average.
2. The net worth test. Your net worth is $2 million or more on the date of your expatriation or termination of residency.
You can take advantage of the annual gift exclusion amount ($15,000 for 2018) and the applicable exclusion amount ($11,200,000 for 2018) to transfer your assets to anyone, including a specifically designed trust, at least one calendar year before the year you expatriate. Or you could give your assets to your spouse — if he or she is a U.S. citizen — free of gift taxes, due to the unlimited marital deduction. There are certain limitations on gifting assets to a non-citizen spouse. Sometimes it makes sense to lower your net worth by selling some assets and paying taxes before you expatriate.
3. The certification test. You fail to certify on Form 8854 that you have complied with all U.S. federal tax obligations for the five years preceding the date of your expatriation or termination of residency. Before you check the box on Form 8854, I recommend you fix everything, including all the foreign assets reporting requirements.
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By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy . If you are qualified for one of the two exceptions below and also satisfy the certification test mentioned above, you are not a covered expatriate, and you are not subject to the exit tax.
You are a U.S. citizen and a citizen of another country at birth. You remain as a citizen of and are taxed as a resident of that other country and have been a resident of the United States for no more than 10 of the last 15 tax years. You are under age 18½ on the date you expatriate and have been a U.S. resident for no more than 10 years. How property is taxed In general, all property (regardless of country) of a covered expatriate will be taxed as if it had been sold for fair market value on the day before the expatriation date. This is also often referred to mark to market or deemed sale. Certain gifts and assets you transferred up to three years before expatriation may also be subject to the deemed disposition tax.
The capital gains amount that would otherwise be included in gross income because of the deemed sale rule is reduced (but not to below zero) by $713,000 for 2018 (indexed for inflation). These three types of assets are exempt from the deemed sales rule, and are subject to their own special tax treatment:
1. Deferred compensation. Eligible deferred compensation items, including 401(k) plans, will only be taxed upon distribution and are generally subject to a 30 percent withholding tax. Ineligible deferred compensation items will be taxed as a deemed present value lump sum distribution.
"If you think you may be subject to the exit tax in the future, the best strategy is to avoid being treated as a covered expatriate or a long-term resident in the first place." 2. Tax-deferred accounts. This type of asset, including but not limited to traditional and Roth individual retirement accounts, will be taxed as a deemed lump sum distribution on the day before expatriation. The only special treatment here is you don't have to pay any early distribution penalties.
3. Interest in a non-grantor trust. This category will be treated similarly to eligible deferred compensation items mentioned above. In general, 30 percent in taxes will be withheld automatically when distributions are paid out.
You can make an irrevocable election to defer the deemed disposition tax on certain assets until it is actually sold, providing you meet all the requirements from the instructions for Form 8854. Or you can consider rolling your IRAs back to your employer's retirement plan at work, such as a 401(k), to avoid the deemed sale rule.
If you think you may be subject to the exit tax in the future, the best strategy is to avoid being treated as a covered expatriate or a long-term resident in the first place. The exit tax is only one of the many factors you need to consider before you decide whether or not to give up your U.S. citizenship or green card.
(Editor's Note: This column originally appeared on Investopedia.com. )
— By Jiyao Xu, co-founder and president, X and Y Advisors | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/retiring-abroad-turning-in-your-passport-can-be-taxing.html |
May 31, 2018 / 6:38 PM / Updated 8 minutes ago Steel, aluminum tariffs seen hurting U.S. economy - Moody's Reuters Staff 1 Min Read
NEW YORK, May 31 (Reuters) - The United States imposing steel and aluminum tariffs on the European Union, Canada and Mexico may boost some domestic metal products, but it will likely hurt the U.S. economy, Moody’s Investors Service said on Thursday.
“They would increase input costs for a range of manufacturers, potentially feed into overall price levels and may invite retaliatory measures that hurt certain U.S. exporters,” Moody’s Managing Director Atsi Sheth said in a statement. (Reporting by Richard Leong; Editing by Lisa Shumaker) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-moodys/steel-aluminum-tariffs-seen-hurting-u-s-economy-moodys-idUSL2N1T21MW |
(Repeats for additional clients with no changes to text)
By Eliana Raszewski
BUENOS AIRES, May 24 (Reuters) - Maria Florencia Humano opened a clothing store in 2016, convinced that Argentina’s long history of economic crises had ended under pro-business President Mauricio Macri.
She will shutter it later this month, unable to make rent or loan payments. Soaring interest rates and a plunging currency have upended her dream and returned Argentina to a familiar place: asking the International Monetary Fund for a lifeline.
Humano’s decision comes just weeks after a somber Macri announced in a televised May 8 speech that Argentina would start talks with the IMF. He is seeking a credit line worth at least $19.7 billion to fund the government through the end of his first term in late 2019.
The unexpected move surprised investors and stoked Argentines’ fears of a repeat of the nation’s devastating 2001-2002 economic collapse. Many here blame IMF-imposed austerity measures for worsening that crisis, which impoverished millions and turned Argentina into a global pariah after the government defaulted on a record $100 billion in debt.
Word of a potential bailout sent thousands of angry Argentines into the streets this month, some with signs declaring “enough of the IMF.”
As recently as a few months ago, analysts were hailing Argentina as an emerging-market success story. Now some are predicting recession. Macri’s popularity has plummeted. Supporters such as business owner Humano say they feel swindled.
“I voted for him. I made a bet and believed in him,” said Humano, 46, who recently moved in with her sister to save money. “Now I don’t believe anyone.”
SHOW OF SWAGGER It was not supposed to be this way. Macri, a business tycoon, rose to power in 2015 vowing to end capital controls and reincorporate Argentina into the global economy.
He settled with the nation’s remaining creditors and vowed to unwind big-spending policies of his populist predecessor, Cristina Fernandez. The economy grew and unemployment fell. In a show of swagger, Argentina last year issued $2.75 billion of dollar-denominated bonds with a 100-year maturity; investors snapped them up.
Macri’s free-market credentials earned him a 2017 invitation to the White House to meet U.S. President Donald Trump, who just last week on Twitter hailed the Argentine leader’s “vision for transforming his country’s economy.”
But economists say Macri badly damaged his credibility in December when his administration weakened tough inflation targets. The central bank followed with a January rate cut to goose growth, even as consumer prices kept galloping.
Rising U.S. interest rates did not help. Argentina is saddled with more than $320 billion in external debt, equivalent to 57.1 percent of GDP, much of it denominated in dollars. Jittery investors hit the exits. The peso swooned. The central bank sold $10 billion in reserves trying to prop up the peso, forcing Macri to seek assistance from the IMF.
Marcos Pena, Macri’s cabinet chief, said this week that changing the inflation targets “may have damaged the perception of an autonomous central bank.”
Macri, meanwhile, has defended his quick outreach to the IMF as a way to head off a crisis like those of the past. Market response has generally been positive. After shedding a quarter of its value this year, the peso has stabilized at around 25 per dollar.
Still, the fallout is hitting Argentina’s economy hard. The central bank has hiked its benchmark rate to 40 percent, the highest in the world. Even so, inflation is still running at an annual rate of around 25 percent.
Businesses are already hunkering down. French Supermarket chain Carrefour, which employs 19,000 people in Argentina, said last month it will lay off an unspecified number of workers as part of a “crisis prevention plan.”
Small businesses, too, are preparing for the worst, said Eduardo Fernandez, head of APYME, which represents about 10,000 small firms nationwide. The group says Argentina’s return to the IMF represents a failure of Macri’s economic policies, which are now clobbering mom-and-pop operators.
“With this rate increase we can’t request credit, we are in a very difficult situation,” Fernandez said.
A few consultancies, including London-based Capital Economics, predict high interest rates will tip Argentina into a recession this year.
DOLLARS IN MATTRESSES That remains to be seen. Still, economic cracks are showing. Retail sales contracted 3 percent in April as Argentine consumers curbed spending due to the shaky peso. Consumer confidence fell 8.5 percent in April from March and 13.5 percent from a year ago to its lowest level in four years, according to an index from Torcuato Di Tella University in Buenos Aires.
Some nervous Argentines have returned to an old habit of hiding greenbacks under their mattresses. Dollar deposits in Argentine banks fell 2 percent between April 27 and May 14, according to Reuters data.
Dollar-denominated accounts are a popular hedge against inflation in Argentina. But the government froze these instruments during the 2001-2002 crisis, forcing millions of savers to accept devalued pesos instead. Some are not taking any chances this time around.
Fabian Castillo, owner of a Buenos Aires shoe factory, is holding out hope the peso will recover some value. Still, he is struggling mightily with soaring prices for rent, utilities, labor, leather and glue. Meanwhile, cautious consumers are paring extras from their budgets, including his wares.
“Anyone selling perfume, clothes or shoes is having a hard time getting to the end of the month,” Castillo said.
Reporting by Eliana Raszewski; Additional reporting by Rodrigo Campos and Luc Cohen; Writing by Caroline Stauffer Editing by Marla Dickerson
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-economy/rpt-argentines-brace-for-crisis-as-nation-again-seeks-imf-help-idUSL2N1SU2I5 |
-- Completed dosing in the Phase 1 trial for AB928 in healthy volunteers
-- Regulatory submissions underway to initiate combination trials for AB928 in patients
HAYWARD, Calif.--(BUSINESS WIRE)-- Arcus Biosciences, Inc. (NYSE:RCUS), a clinical-stage biopharmaceutical company focused on creating innovative cancer immunotherapies, today announced financial results and recent corporate updates for the first quarter .
“The first quarter of 2018 was another exciting period for the Company, as our immuno-oncology pipeline continues to advance,” said Terry Rosen, Ph.D., Chief Executive Officer at Arcus. “We have submitted regulatory filings to initiate our first combination trials of AB928, our internally discovered dual adenosine receptor antagonist, with other anti-cancer agents, including our anti-PD-1 antibody, AB122, and expect to initiate dosing in patients in mid-2018. We are also on track to submit regulatory filings for our next two product candidates, AB154 and AB680 in the third quarter, and to end the year with four product candidates in clinical development.”
Pipeline Updates and Upcoming Milestones
AB928 (dual A 2 R receptor antagonist)
Initiated the submission of regulatory filings for three Phase 1/1b trials to evaluate AB928 in combination with AB122 or chemotherapy. Each trial will evaluate AB928 in combination with AB122 and/or chemotherapy in selected tumor types and will be conducted in both Australia and the U.S. The trial protocols were designed to allow for the addition of other AB928 combinations over time, including triple combinations. There will be a dose-escalation portion which will be followed by dose-expansion cohorts once the recommended dose of AB928 for each combination has been selected. In both the dose-escalation portion and expansion cohorts, the Company will conduct significant biomarker analysis, designed to inform patient selection in future trials. Data from the dose-escalation portion of these trials will be presented in the first half of 2019. The three trials will evaluate AB928 combinations in the following tumor types:
-- Gastrointestinal malignancies (initially colorectal and gastroesophageal cancers)
-- Breast and gynecological (initially ovarian) malignancies
-- Non-small cell lung cancer and renal cell carcinoma Completed dosing in the ongoing Phase 1 double-blinded, placebo-controlled trial in healthy volunteers in April. Final results from this trial, including pharmacodynamic data for the 200 mg QD dosing cohort, is expected to be released in mid-2018. Presented initial data from the Phase 1 trial in a poster presentation at the AACR Annual Meeting in April. Data showed AB928 is safe and well tolerated at all doses evaluated (up to 200 mg QD) and achieves near complete inhibition of adenosine 2a receptor (A 2a R) activation. Presented preclinical data in a poster presentation at the AACR Annual Meeting in April. Data demonstrated that AB928 in combination with doxorubicin or oxaliplatin results in greater immune activation and tumor control than that of chemotherapy alone in two different tumor models.
AB122 (anti-PD-1 antibody)
Initiated dosing of a third cohort in the ongoing Phase 1 dose-escalation trial in cancer patients in Australia. The Company plans to present safety, pharmacokinetic, receptor occupancy and clinical activity data from this trial in the second half of 2018. Presented preclinical data in a poster presentation at the AACR Annual Meeting in April. Data demonstrated that AB122 is similar to nivolumab in terms of binding affinity, selectivity and anti-tumor activity in an animal model.
AB154 (anti-TIGIT antibody)
Continued to advance CMC activities and GLP toxicology studies. These studies are being conducted in preparation for the first regulatory submission for AB154 expected in mid-2018.
AB680 (small molecule CD73 inhibitor)
Presented preclinical discovery and characterization data in a poster presentation at the AACR Annual Meeting in April. Data demonstrated that AB680 significantly enhanced the activity of anti-PD-1 and anti-TIGIT antibodies (AB122 and AB154, respectively) in immune function assays demonstrating the potential of triple combination therapy. This drug has a predicted half-life in humans of several days, which should allow for a dosing regimen of every two or three weeks. Preparing to submit the first regulatory filing to initiate a Phase 1 trial to evaluate AB680 in healthy volunteers. This trial, which is expected to start in the third quarter of 2018, is designed to evaluate the safety, pharmacokinetic and pharmacodynamic profile of AB680 in healthy volunteers. Clinical testing of AB680 in cancer patients is expected to begin in the first half of 2019.
Corporate Updates
The Company completed an initial public offering in March, raising approximately $124.7 million in net proceeds after deducting underwriter discounts and other offering-related costs through the sale of 9,200,000 shares of common stock at a public offering price of $15.00 per share. Proceeds from this offering are currently expected to fund the company into at least 2020.
First Quarter Financial Results:
At March 31, 2018, cash, cash equivalents and investments were $290.8 million, compared to $175.7 million at December 31, 2017. The increase was primarily due to the receipt of $124.7 million in net proceeds from the Company’s initial public offering, which was completed in March. Collaboration and license revenue for the first quarter was $1.3 million, compared to no revenue for the same period in 2017. The increase in revenue was entirely due to revenue recognized from the Option and License Agreement the Company entered into with Taiho Pharmaceutical Co., Ltd. in September 2017. Research and development expenses for the first quarter were $11.7 million, compared to $5.8 million for the same period in 2017. The increase of $5.9 million was primarily due to an increase in manufacturing and clinical costs to support our ongoing AB928 and AB122 clinical trials and an increase in R&D headcount to support the Company’s other programs. General and administrative expenses for the first quarter were $2.9 million, compared to $1.5 million for the same period in 2017. The increase of $1.4 million was primarily due to higher legal and accounting fees and additional staff in key areas required to support a public company infrastructure, as well as increased facilities and office expenses related to our expanded facility in Hayward. Net loss for the first quarter was $13.0 million, compared to $7.2 million for the same period in 2017. The increase in net loss was primarily attributable to the increase in operating expenses noted above.
About Arcus Biosciences
Arcus Biosciences is a clinical-stage biopharmaceutical company focused on creating innovative cancer immunotherapies. Arcus has several programs targeting important immuno-oncology pathways, including a dual adenosine receptor antagonist and an anti-PD-1 antibody, both of which are in Phase 1 trials, as well as a small molecule inhibitor of CD73 and an anti-TIGIT antibody, which are in IND-enabling studies. Arcus has extensive in-house expertise in medicinal chemistry, immunology, biochemistry, pharmacology, and structural biology. For more information about Arcus Biosciences, please visit www.arcusbio.com .
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts contained herein, including, but not limited to, Arcus’s clinical development plans, are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause Arcus’s actual results, performance or achievements to differ significantly from those expressed or implied. Factors that could cause or contribute to such differences include, but are not limited to, the inherent uncertainty associated with pharmaceutical product development and clinical trials; the applicability of the results described herein to Arcus’s clinical development plans and subsequent clinical trials; risks associated with preliminary data; and delays in our clinical trials due to difficulties or delays in the regulatory process, enrolling subjects or manufacturing or supplying product for such clinical trials. Risks and uncertainties facing Arcus are described more fully in Arcus’s quarterly report on Form 10-Q for the quarter filed on May 9, 2018 with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Arcus disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release.
ARCUS BIOSCIENCES, INC. Condensed Consolidated Statement of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (unaudited) Three Months Ended March 31 2018 2017 Collaboration and license revenue $ 1,250 $ — Operation expenses: Research and development 11,652 5,804 General and administrative 2,929 1,496 Total operating expenses 14,581 7,300 Loss from operations (13,331 ) (7,300 ) Interest and other income, net 377 100 Net loss (12,954 ) (7,200 ) Other comprehensive loss (55 ) (8 ) Comprehensive loss $ (13,009 ) $ (7,208 ) Net loss per share, basic and diluted $ (1.37 ) $ (4.96 ) Weighted-average number of shares used to compute basic and diluted net
loss per share 9,488,352 1,452,215 ARCUS BIOSCIENCES, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (unaudited) March 31, December 31, 2018 2017 (1)
ASSETS Current assets: Cash and cash equivalents $ 198,116 $ 98,426 Short-term investments 82,064 77,277 Prepaid expenses and other current assets 1,834 1,141 Amounts owed by a related party 54 25 282,068 176,869 Long-term investments 10,595 - Property, plant and equipment-net 11,813 11,230 Equity investment in related party 515 682 Restricted cash 203 203 Other long-term assets 205 1,502 Total assets $ 305,399 $ 190,486 LIABILITIES Current liabilities Accounts payable $ 3,920 $ 3,820 Accrued liabilities 3,610 3,137 Deferred revenue, current 5,000 5,000 Other current liabilities 1,732 769 14,262 12,726 Deferred revenue, noncurrent 17,337 18,587 Deferred rent 4,655 4,740 Other long-term liabilities 2,554 565 Total liabilities 38,808 36,618 Convertible preferred stock — 226,196 Stockholders’ equity (deficit): Common stock 4 - Additional paid-in capital 352,872 948 Accumulated deficit (86,188 ) (73,234 ) Accumulated other comprehensive loss (97 ) (42 ) Total stockholders’ equity (deficit) 266,591 (72,328 ) Total liabilities, convertible preferred stock
and stockholders’ equity (deficit) $ 305,399 $ 190,486 (1) Derived from the audited financial statements for the year ended December 31, 2017, included in the Company's Prospectus filed with the Stock Exchange Commission, dated March 14, 2018.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006319/en/
Arcus Biosciences
Jennifer Jarrett, 510-694-6261
[email protected]
or
Nicole Arndt, 510-284-4728
[email protected]
Source: Arcus Biosciences | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-arcus-biosciences-announces-first-quarter-2018-financial-results-and-recent-corporate-updates.html |
May 13, 2018 / 9:05 PM / Updated 4 minutes ago Salma Hayek calls for male stars to get pay cut Reuters Staff 1 Min Read
CANNES, France (Reuters) - Mexican-American actress Salma Hayek, a vocal campaigner against sexual harassment in the movie industry, said on Sunday male stars should get less pay as way to even things up with chronically underpaid women.
A day after joining dozens of other female movie makers, including Jane Fonda and Cate Blanchett, at a demonstration at the Cannes Film Festival in support of the struggle for women’s rights, Hayek told a conference:
“The actors have to say: ‘OK, time’s up. I had a good run but now it’s also time to be generous with the actresses in the films.’
“We all have to be part of the adjustment. That’s one idea. I’m going to be hated for it. I hope I can get a job after this!”
The issue of equality has been a running theme throughout the film festival which is the first to take place since sexual harassment allegations against some major Hollywood players surfaced last year.
The Cannes Film Festival runs from May 8 to May 19. 71st Cannes Film Festival - Photocall Kering Women in Motion - Cannes, France May 13, 2018. Salma Hayek poses. REUTERS/Regis Duvignau Reporting by Hanna Rantala; Writing by Robin Pomeroy. Editing by Jane Merriman | ashraq/financial-news-articles | https://in.reuters.com/article/us-filmfestival-cannes-metoo-hayek/salma-hayek-calls-for-male-to-stars-to-get-pay-cut-idINKCN1IE11L |
Breakingviews TV: Pet ceremony 6:18pm BST - 02:49
Antony Currie and Rob Cyran explain how animal-health company Zoetis is hoping the growing trend of people treating their dogs, cats, snakes and gerbils more like humans will help it get decent returns from an expensive $2 bln deal for Abraxis.
Antony Currie and Rob Cyran explain how animal-health company Zoetis is hoping the growing trend of people treating their dogs, cats, snakes and gerbils more like humans will help it get decent returns from an expensive $2 bln deal for Abraxis. //reut.rs/2L4mpsI | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/breakingviews-tv-pet-ceremony?videoId=427474661 |
Michigan State to pay $500 million to Nassar victims Wednesday, May 16, 2018 - 00:56
Hundreds of women sexually abused by disgraced gymnastics doctor Larry Nassar have tentatively agreed to a $500 million settlement with Michigan State University, Nassar’s former employer, attorneys for both sides said on Wednesday.
Hundreds of women sexually abused by disgraced gymnastics doctor Larry Nassar have tentatively agreed to a $500 million settlement with Michigan State University, Nassar’s former employer, attorneys for both sides said on Wednesday. //reut.rs/2L7RoEk | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/michigan-state-to-pay-500-million-to-nas?videoId=427495899 |
Total Revenues Increased by 13.9%
Net Income Increased by 50.1%
Net Income Increased by 24.7% When Adjusted for the New Tax Law
Adjusted EBITDA Increased by 22.3%
CALABASAS, Calif.--(BUSINESS WIRE)-- Marcus & Millichap, Inc. (the “Company”, “Marcus & Millichap”, “MMI”) (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, today reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights
Total revenues increased by 13.9% to $174.5 million compared to a 6.7% decline in the first quarter of 2017. Net income increased by 50.1%. Net income when adjusted for the new tax law increased by 24.7%. Adjusted EBITDA increased by 22.3%. Private Client Market segment brokerage commissions and transactions increased by 6.3% and 4.2%, respectively. Transaction growth indicates further market share gains in a flat to moderately positive market sales based on preliminary reports. Middle Market and Larger Transaction Market segments combined brokerage commissions and transactions increased by 44.3% and 36.5%, respectively.
Hessam Nadji, President and CEO stated, “We are pleased that our expanded client out-reach, increased business development activities and investments in the Marcus & Millichap platform generated strong first quarter results.” Mr. Nadji continued, “Over the past year, our team demonstrated agility and expertise in helping clients navigate heightened market volatility, culminating in revenue growth of nearly 14% in the first quarter. Our brokerage revenue showed healthy growth in all market segments, including a 6.3% increase in private client revenue. We believe we took additional share in the first quarter, since market sales were flat to modestly higher due to higher interest rates and persistent bid/ask spread.” Mr. Nadji added, “Looking forward, clarity on various aspects of the new tax law should gradually manifest in transactions as investors view the new tax law as favorable toward commercial real estate. This, coupled with steady job growth and still-healthy fundamentals, should counter higher interest rates. Marcus & Millichap is well positioned to deliver best in class service to our clients, grow share and revenues; albeit at a more tempered pace given the sequential improvements we achieved last year starting in the second quarter. Our balance sheet provides strength in the event of an unexpected market disruption and flexibility for strategic acquisitions as we continue to create long-term shareholder value.”
First Quarter 2018 Results Compared to First Quarter 2017
Total revenues for the first quarter of 2018 were $174.5 million compared to $153.2 million for the same period in the prior year, increasing by $21.3 million, or 13.9%. The increase in total revenues was primarily driven by the increase in real estate brokerage commissions, which increased by 16.0% to $162.5 million. This increase in brokerage commissions was primarily due to an increase in sales volume and number of transactions. This increase was partially offset by a decrease in average commission rates due to a higher proportion of transactions from the Larger Transaction Market segment, which generate lower commission rates. The increase in brokerage commissions were partially offset by a slight decrease in financing fees and other revenues.
Total operating expenses for the first quarter of 2018 increased by 12.6% to $151.1 million compared to $134.2 million for the same period in the prior year. The increase was primarily driven by a 13.4% increase in cost of services, which are primarily variable commissions paid to the Company’s investment sales professionals and compensation-related costs in connection with our financing activities. Cost of services as a percent of total revenues decreased by 30 basis points to 58.2% compared to the same period in the prior year.
Selling, general and administrative expenses for the first quarter of 2018 increased by 11.2% to $48.1 million compared to the same period in the prior year primarily due to higher costs associated with (i) sales operations support and promotional marketing expenses; (ii) compensation related costs, including salaries and related benefits and management performance compensation; (iii) stock-based compensation expense and (iv) expansion of existing offices.
Net income for the first quarter of 2018 was $18.0 million, or $0.46 per common share (basic and diluted), compared to net income of $12.0 million, or $0.31 per common share (basic and diluted) for the same period in the prior year. Adjusted EBITDA for the first quarter of 2018 increased by 22.3% to $27.4 million, compared to adjusted EBITDA of $22.4 million for the same period in the prior year. As of March 31, 2018, the Company had 1,769 investment sales and financing professionals.
Business Outlook
We believe that the Company is positioned to continue to gain market share by leveraging a number of factors, including our leading national brand predominantly within our Private Client Market segment and specialty groups, experienced management team, infrastructure investments and proprietary technology. The size and fragmentation of the Private Client Market segment, in particular, continues to offer long-term growth opportunities with the top ten brokerage firms making up only 25.2% market share. This market segment consistently accounts for over 80% of commercial property sales transactions and over 60% of the commission pool. The Company’s growth plan also includes further expansion into various specialty property types such as hospitality, self-storage, seniors housing and the Larger Transaction Market segment, as well as expansion of its financing division, Marcus & Millichap Capital Corporation.
Key factors likely to influence the Company’s business in 2018 include:
Volatility in market sales and investor sentiment driven by: Slowdown in market sales in the short- to mid-term in view of a maturing cycle, rising interest rates, bid-ask spread gap between buyers and sellers and economic trends. Possible boost to investor sentiment and sales activity based on Tax Cuts and Jobs Act, regulatory easing and proposed economic initiatives which are expected to increase real estate demand. Experienced agents’ larger share of revenue production in a more challenging market environment resulting in a higher average commission payout. Volatility in the Company’s Middle and Larger Transaction Market segments. The potential for merger and acquisition activity and subsequent integration.
In addition, the reduction of MMI’s effective corporate tax rate to the 25.5%-26.5% range from nearly 40% in prior years as a result of the enactment of the Tax Cuts and Jobs Act may also affect the Company’s business in 2018. These factors, in addition to the business’s typical transaction closing date variability, highlight the importance of viewing the Company’s business through a long-term, at least annual, perspective.
Conference Call Details
Marcus & Millichap will host a conference call today to discuss the results at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time. To participate in the conference call, callers from the United States and Canada should dial (877) 407-9208 ten minutes prior to the scheduled call time. International callers should dial (201) 493-6784. For those unable to participate during the live broadcast, a telephonic replay of the call will also be available from 5:00 p.m. Pacific Time/8:00 p.m. Eastern Time on Tuesday, May 8, 2018, through 8:59 p.m. Pacific Time/11:59 p.m. Eastern Time on Tuesday, May 22, 2018, by dialing (844) 512-2921 in the United States and Canada or (412) 317-6671 internationally and entering passcode 13678069.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of March 31, 2018, the Company had 1,769 investment sales and financial professionals in 78 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 2,085 transactions for the three months ended March 31, 2018, with a sales volume of approximately $9.8 billion. For additional information, please visit www.MarcusMillichap.com .
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements, including the Company’s business outlook for 2018 and beyond and expectations for market share growth. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:
market trends in the commercial real estate market or the general economy; our ability to attract and retain qualified managers and investment sales and financing professionals; the effects of increased competition on our business; our ability to successfully enter new markets or increase our market share; our ability to successfully expand our services and businesses and to manage any such expansions; our ability to retain existing clients and develop new clients; our ability to keep pace with changes in technology; any business interruption or technology failure and any related impact on our reputation; changes in interest rates, tax laws, including interpretations of and amendments to the recently enacted Tax Cuts and Jobs Act, employment laws or other government regulation affecting our business; and other risk factors included under “Risk Factors” in our most recent Annual Report on Form 10-K.
In addition, in this release, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “predict,” “potential,” “should” and similar expressions, as they relate to our company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET
AND COMPREHENSIVE INCOME
(dollar and share amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenues: Real estate brokerage commissions $ 162,525 $ 140,137 Financing fees 9,724 10,054 Other revenues 2,292 3,021 Total revenues 174,541 153,212 Operating expenses: Cost of services 101,649 89,647 Selling, general, and administrative expense 48,053 43,220 Depreciation and amortization expense 1,375 1,297 Total operating expenses 151,077 134,164 Operating income 23,464 19,048 Other income (expense), net 1,209 836 Interest expense (360 ) (382 ) Income before provision for income taxes 24,313 19,502 Provision for income taxes 6,302 7,502 Net income 18,011 12,000 Other comprehensive (loss) income: Unrealized (losses) gains on marketable securities, net of tax of $(164) and $65 for the three months ended March 31, 2018 and 2017, respectively (492 ) 47 Foreign currency translation gain (loss), net of tax of $0 for each of the three months ended March 31, 2018 and 2017 39 (2 ) Total other comprehensive (loss) income (453 ) 45 Comprehensive income $ 17,558 $ 12,045 Earnings per share: Basic $ 0.46 $ 0.31 Diluted $ 0.46 $ 0.31 Weighted average common shares outstanding: Basic 39,095 38,948 Diluted 39,250 39,108 MARCUS & MILLICHAP, INC.
KEY OPERATING METRICS SUMMARY
(Unaudited)
Total sales volume was $9.8 billion for the three months ended March 31, 2018, encompassing 2,085 transactions consisting of $7.9 billion for real estate brokerage (1,585 transactions), $1.0 billion for financing (324 transactions) and $0.9 billion in other transactions, including consulting and advisory services (176 transactions). As of March 31, 2018, the Company had 1,678 investment sales professionals and 91 financing professionals. Key metrics for real estate brokerage and financing are as follows:
Three Months Ended
March 31, Real Estate Brokerage 2018 2017 Average Number of Investment Sales Professionals 1,670 1,629 Average Number of Transactions per Investment Sales Professional 0.95 0.91 Average Commission per Transaction $ 102,539 $ 94,115 Average Commission Rate 2.05 % 2.16 % Average Transaction Size (in thousands) $ 4,994 $ 4,359 Total Number of Transactions 1,585 1,489 Total Sales Volume (in millions) $ 7,915 $ 6,490 Three Months Ended
March 31, Financing (1) 2018 2017 Average Number of Financing Professionals 91 100 Average Number of Transactions per Financing Professional 3.56 3.91 Average Fee per Transaction $ 29,040 $ 25,714 Average Fee Rate 0.93 % 0.86 % Average Transaction Size (in thousands) $ 3,111 $ 2,990 Total Number of Transactions 324 391 Total Sales Volume (in millions) $ 1,008 $ 1,169 (1) Operating metrics calculated excluding certain financing fees not directly associated to transactions.
The following table sets forth the number of transactions, sales volume and revenues by commercial real estate market segment for real estate brokerage:
Three Months Ended March 31, 2018 2017 Change Real Estate Brokerage Number Volume Revenues Number Volume Revenues Number Volume Revenues (in millions) (in thousands) (in millions) (in thousands) (in millions) (in thousands) <$1 million 245 $ 162 $ 6,868 242 $ 142 $ 5,994 3 $ 20 $ 874 Private Client Market ($1 - $10 million) 1,168 3,559 106,012 1,121 3,398 99,750 47 161 6,262 Middle Market (≥$10 - $20 million) 113 1,605 27,271 88 1,202 19,154 25 403 8,117 Larger Transaction Market (≥$20 million) 59 2,589 22,374 38 1,748 15,239 21 841 7,135 1,585 $ 7,915 $ 162,525 1,489 $ 6,490 $ 140,137 96 $ 1,425 $ 22,388 MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands, except per share amounts)
March 31,
2018
(Unaudited)
December 31,
2017
Assets Current assets: Cash and cash equivalents $ 199,370 $ 220,786 Commissions receivable 2,851 9,586 Prepaid expenses 7,432 9,661 Income tax receivable — 1,308 Marketable securities, available-for-sale 94,826 73,560 Other assets, net 4,624 5,529 Total current assets 309,103 320,430 Prepaid rent 15,193 15,392 Property and equipment, net 17,097 17,153 Marketable securities, available-for-sale 35,573 52,099 Assets held in rabbi trust 8,756 8,787 Deferred tax assets, net 21,054 22,640 Other assets 26,191 23,163 Total assets $ 432,967 $ 459,664 Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued expenses $ 6,482 $ 9,202 Notes payable to former stockholders 1,035 1,035 Deferred compensation and commissions 26,913 49,180 Income tax payable 3,131 — Accrued bonuses and other employee related expenses 10,741 23,842 Total current liabilities 48,302 83,259 Deferred compensation and commissions 38,969 49,361 Notes payable to former stockholders 7,651 7,651 Deferred rent and other liabilities 4,636 4,505 Total liabilities 99,558 144,776 Commitments and contingencies
— — Stockholders’ equity: Preferred stock, $0.0001 par value: Authorized shares – 25,000,000; issued and outstanding shares – none at March 31, 2018 and December 31, 2017, respectively —
—
Common stock, $0.0001 par value: Authorized shares – 150,000,000; issued and outstanding shares – 38,578,834 and 38,374,011 at March 31, 2018 and December 31, 2017, respectively
4 4 Additional paid-in capital 90,840 89,877 Stock notes receivable from employees (4 ) (4 ) Retained earnings 242,095 224,071 Accumulated other comprehensive income 474 940 Total stockholders’ equity 333,409 314,888 Total liabilities and stockholders’ equity $ 432,967 $ 459,664 MARCUS & MILLICHAP, INC.
OTHER INFORMATION
(Unaudited)
Adjusted EBITDA Reconciliation
Adjusted EBITDA, which the Company defines as net income before (i) interest income and other, including net realized (losses) gains on marketable securities, available-for-sale and cash and cash equivalents, (ii) interest expense, (iii) provision for income taxes, (iv) depreciation and amortization and (v) stock-based compensation. The Company uses Adjusted EBITDA in its business operations to evaluate the performance of its business, develop budgets and measure its performance against those budgets, among other things. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate its overall operating performance. However, Adjusted EBITDA has material limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under U.S. generally accepted accounting principles (“U.S. GAAP”). The Company finds Adjusted EBITDA as a useful tool to assist in evaluating performance because Adjusted EBITDA eliminates items related to capital structure and taxes and non-cash stock-based compensation charges. In light of the foregoing limitations, the Company does not rely solely on Adjusted EBITDA as a performance measure and also considers its U.S. GAAP results. Adjusted EBITDA is not a measurement of the Company’s financial performance under U.S. GAAP and should not be considered as an alternative to net income, operating income or any other measures derived in accordance with U.S. GAAP. Because Adjusted EBITDA is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.
A reconciliation of the most directly comparable U.S. GAAP financial measure, net income, to Adjusted EBITDA is as follows (in thousands):
Three Months Ended March 31, 2018 2017 Net income $ 18,011 $ 12,000 Adjustments: Interest income and other (1) (1,228 ) (625 ) Interest expense 360 382 Provision for income taxes (2) 6,302 7,502 Depreciation and amortization expense 1,375 1,297 Stock-based compensation 2,613 1,866 Adjusted EBITDA (3) $ 27,433 $ 22,422 (1)
Other for the three months ended March 31, 2018 and 2017 includes net realized gains (losses) on marketable securities, available-for-sale and cash and cash equivalents. (2)
Provision for income taxes for the three months ended March 31, 2018 was calculated using a revised 21% U.S. federal corporate tax rate due to the enactment of the Tax Cuts and Jobs Act, which reduced the U.S. federal corporate tax rate from 35% to 21%. (3)
The increase in Adjusted EBITDA for the three months ended March 31, 2018 compared to the same period in the prior year is primarily due to higher total revenues and a lower proportion of operating expenses compared to revenues. Tax Adjusted Net Income Reconciliation
Due to the enactment of the Tax Cuts and Jobs Act, the U.S. federal statutory corporate tax rate was reduced from 35% to 21% starting in 2018. For the three months ended March 31, 2017, the Company calculated tax adjusted net income using the effective income tax rate for the three months ended March 31, 2018 of 25.92%. The adjustment was made to illustrate what the growth rate would have been had the effective income tax rate been the same in both periods. A reconciliation of the most directly comparable U.S. GAAP financial measure, net income, to tax adjusted net income for the three months ended March 31, 2017 is as follows (in thousands):
Three Months Ended March 31,
Change
2018 2017 Percentage Income before provision for income taxes $ 24,313 $ 19,502 24.7 % Provision for income taxes (6,302 ) (7,502 ) (16.0 ) Net income $ 18,011 $ 12,000 50.1 % Income before provision for income taxes $ 24,313 $ 19,502 24.7 % Provision for income taxes (1) (6,302 ) (5,055 ) (24.7 ) Tax adjusted net income (1) $ 18,011 $ 14,447 24.7 % (1)
Provision for income taxes for the three months ended March 31, 2017 was calculated using the effective income tax rate of 25.92% for the three months ended March 31, 2018. Glossary of Terms
Private Client Market segment: transactions with values from $1 million to up to but less than $10 million Middle Market segment: transactions with values from $10 million to up to but less than $20 million Larger Transaction Market segment (previously Institutional Market segment): transactions with values $20 million and above
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006525/en/
Investor Relations:
ICR, Inc.
Evelyn Infurna, 203-682-8265
[email protected]
Source: Marcus & Millichap, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-marcus-millichap-inc-reports-results-for-first-quarter-2018.html |
FRANKFURT, May 9 (Reuters) - Vodafone’s $21.8 billion deal to buy Liberty Global’s operations in continental Europe would distort competition in Germany, the CEO of Deutsche Telekom said on Wednesday.
The acquisition would create “a giant preening with its convergent technology”, Tim Hoettges said, reiterating his earlier opposition to a deal that he said would recreate a dominant cable TV operator.
Hoettges also said that, in light of the transaction, he would seek clarification on whether Deutsche Telekom should remain subject to market regulation in Germany that requires it to open its own network to third party players and imposes price controls.
“I personally will fight for fair competition for our customers, to ensure that we do not face a disadvantage,” he said on a results conference call, in answer to a question on the Vodafone-Liberty merger. (Reporting by Douglas Busvine Editing by Arno Schuetze)
| ashraq/financial-news-articles | https://www.reuters.com/article/liberty-global-ma-vodafone-deutsche-tele/deutsche-telekom-vodafone-liberty-deal-would-distort-competition-idUSL8N1SG2QD |
TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Canadian Banc Corp. TSX Symbol / Symbole TSX : BK (all issues) Reason / Motif : Pending News / Nouvelle en attente Halt Time (ET) / Heure de la suspension (HE) 3:06 PM ET / 15 h 06 (HE) IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. 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 décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des courtiers en placement et l’ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--bk-all-issues.html |
(Adds details, background)
May 30 (Reuters) - Arca Capital, a top shareholder in AmTrust Financial, on Wednesday joined activist investor Carl Icahn in opposing the U.S. insurer’s deal to be taken private.
The Czech-based investment company, which holds a 2.4 percent stake in AmTrust, urged shareholders to vote against the deal, citing “absurdly low valuation” of $13.50 per share.
Arca said the privatization is coming at a “turnaround” time for the company, and if approved, “would allow the (founding) Zyskind/Karfunkel family to exclude minority shareholders from realizing future gains.”
The company also cited a report from proxy adviser Institutional Shareholder Services (ISS), published on May 25, which said the valuations implied by the merger are below where the insurer’s peers currently trade.
AmTrust did not immediately respond to a request for comment.
On March 1, AmTrust said it would be acquired in a $2.7 billion deal by a group of shareholders including its founding family, chief executive officer and private equity funds.
Icahn earlier this month disclosed a 9.4 percent stake in the company and filed a lawsuit against AmTrust and the family that controls the company, accusing them of trying to take the insurer private at the wrong time and at the wrong price.
Arca Capital on Wednesday also demanded that AmTrust Chief Executive Officer Barry Zyskind and George and Leah Karfunkel of the controlling family publicly defend the privatization plan. reut.rs/2skqbq9
Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/amtrust-fin-serv-stake-arca-capital/update-1-arca-capital-urges-amtrust-shareholders-to-vote-against-go-private-plan-idUSL3N1T14IW |
May 14, 2018 / 10:02 AM / Updated 12 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 2 Min Read
May 14 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:
** Canadian investment firm Brookfield Asset Management made a $3.3 billion approach for Australian hospital group Healthscope, trumping a local buyout proposal and sending shares of the target up to a two-year high.
** China has resumed its review of U.S. chipmaker Qualcomm Inc’s proposed $44 billion takeover of NXP Semiconductors NV, Bloomberg reported, citing unidentified sources.
** French group AccorHotels has agreed to buy the management company behind Chile’s Atton Hoteles for around $105 million, in a deal which AccorHotels said would boost its earnings and strengthen its position in Latin America
** Xerox Corp has scrapped a planned $6.1 billion deal with Fujifilm Holdings Corp in a settlement with activist investors Carl Icahn and Darwin Deason that also hands control of the U.S. photocopier giant to new management.
** China’s state-owned utility China Three Gorges on Friday launched a bid to take control of Portugal’s biggest company EDP, offering a premium of just below 5 percent on the power firm’s closing stock price.
** British serviced office provider IWG has attracted takeover approaches from three rival suitors, potentially plunging the $3.1 billion company into a bidding war. (Compiled by John Benny in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SL43L |
WSJ's Financial Inclusion Challenge Winner: Hope Credit Union The Jackson, Miss., Credit Union Is Recognized for Spurring Economic Development in the American South By Clara Ritger and Emily B. Hager May 11, 2018 9:30 am The Wall Street Journal's first Financial Inclusion Challenge in the U.S. concluded with three finalists facing a panel of judges to answer questions about the impact and sustainability of their work. Hope Credit Union, based in Jackson, Miss., received the evening's top honors for its efforts to provide banking services in underserved regions of the American South. Video/Photo: Clara Ritger for The Wall Street Journal Financial Inclusion in America Nearly one-fourth of U.S. adults can't pay their monthly bills, and have little or no access to a bank. Many more have no retirement savings. This video series highlights Americans' economic struggles and efforts to provide them with greater financial security. Up Next in Financial Inclusion in America Ep.1 Financial Instability, Debt and the American Dream Ep.2 A Portrait of Poverty in America: Job Insecurity and Payday Lending Ep.3 Student Debt in America and the Hope of Affordable Education Ep.4 Health Care in America: Insurance Gaps and Medical Deserts Ep.5 Small Businesses in America: Costly Credit and Growth Challenges Ep.6 America's Changing Workforce: Independent and Gig Workers Ep.7 Weathering the Storm: Struggles Continue After Hurricane Harvey Ep.8 Saving for Retirement: How Auto-IRA Plans May Secure the Future Ep.9 Hope: A Credit Union on a Mission in the Mississippi Delta Ep.10 Propel: An App That Makes Checking Food-Stamp Balances Easier Ep.11 | ashraq/financial-news-articles | http://www.wsj.com/video/series/financial-inclusion-in-america/wsj-financial-inclusion-challenge-winner-hope-credit-union/C5B32090-1B5C-4B40-8110-124F2A4FF502?mod=rss |
May 3 (Reuters) - Rosdorbank:
* FY 2017 NET PROFIT RUB 284.4 MILLION VERSUS RUB 124.2 MILLION YEAR AGO
* FY 2017 NET INTEREST INCOME RUB 911.6 MILLION VERSUS RUB 807.6 MILLION YEAR AGO
* FY 2017 PROVISION FOR LOAN IMPAIRMENTS RUB 5.3 MILLION VERSUS RUB 136.5 MILLION YEAR AGO Source text: bit.ly/2FBHdUA (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-rosdorbank-fy-2017-net-profit-up-a/brief-rosdorbank-fy-2017-net-profit-up-at-rub-284-4-million-idUSFWN1SA0SC |
1.18 +0.00 ( +0.04% ) Pure Storage CEO says companies need to keep data 'hot' to work with AI, which will drive business Chloe Aiello Reblog Artificial intelligence is all about big data. Pure Storage CEO Charles Giancarlo says older, tiered storage systems that rank data by age aren't nimble enough to grant researchers quick access to the data they will need. As interest in the cloud grows, companies like Amazon, Google and Microsoft fuel Pure Storage's business. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/pure-storage-ceo-ai-interest-driving-business.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
WAYNE, N.J., May 22, 2018 /PRNewswire/ -- Valley National Bancorp (NYSE: VLY) ("Valley"), the holding company for Valley National Bank, announced today its regular quarterly preferred and common dividends. The declared quarterly dividends are as follows:
A cash dividend of $0.390625 per share to be paid July 2, 2018 to shareholders of record on June 15, 2018 on its 6.25% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series A; A cash dividend of $0.34375 per share to be paid July 2, 2018 to shareholders of record on June 15, 2018 on its 5.50% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series B; and A cash dividend of $0.11 per share will be paid July 3, 2018 to shareholders of record on June 15, 2018 on its common stock.
The common stock cash dividend amount per share was unchanged as compared to the previous quarterly dividend. The common cash dividend should not be used as an indicator of future dividends to Valley's common stockholders.
About Valley
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with approximately $29.5 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, Florida and Alabama. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service. For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call our Customer Service Center at 800-522-4100.
Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as "should," "expect," "believe," "view," "will," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties and Valley's actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to those risk factors disclosed in Valley's Annual Report on Form 10-K for the year ended December 31, 2017.
1455 Valley Road, Wayne, NJ 07470 phone: 973-305-3380
fax: 973-696-2044 www.valleynationalbank.com
View original content: http://www.prnewswire.com/news-releases/valley-national-bancorp-declares-its-regular-quarterly-preferred-and-common-stock-dividends-300653094.html
SOURCE Valley National Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-valley-national-bancorp-declares-its-regular-quarterly-preferred-and-common-stock-dividends.html |
May 21, 2018 / 4:45 PM / Updated 4 hours ago Amazon eyes Latam expansion, opens Argentina office Reuters Staff 2 Min Read
BUENOS AIRES (Reuters) - Amazon.com Inc aims to expand cloud computing operations in Latin America, a company executive said on Monday, after its Amazon Web Services unit opened an office in Buenos Aires on April 8. FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
That added to Amazon offices in Brazil, Chile, Colombia and Mexico, Teresa Carlson, company vice president, worldwide public sector, said at a conference.
Amazon Web Services handles data and computing for large enterprises in the cloud. The team in Argentina works to promote the use and innovation of cloud-based technologies, its website says.
“We have to be partners of Latin America. There’s lots of opportunities, amazing talent,” Carlson said.
“We also have a cloud region in Brazil and will be expanding to more countries for sure in Latin America.”
Argentina’s President Mauricio Macri met with Amazon’s Elaine Feeney, vice president for infrastructure global expansion for Amazon Web Services, late last year and discussed installing a data center in Argentina, according to the Argentine government.
The Argentina office appears to have opened with little fanfare. In February, AWS executives who work on energy supply for data centers met with Argentina’s Energy Minister Juan Jose Aranguren in a sign Argentina’s move to develop renewable energy may be attractive to Amazon.
An energy ministry spokesman said they discussed energy supply, the evolution of energy prices and the impact of renewables on the national grid. Reporting by Eliana Raszewski; Additional reporting by Luc Cohen; Writing by Caroline Stauffer; Editing by Bill Berkrot and Richard Chang | ashraq/financial-news-articles | https://in.reuters.com/article/us-amazon-com-argentina/amazon-eyes-latam-expansion-opens-argentina-office-idINKCN1IM1VZ |
May 26, 2018 / 12:27 PM / Updated a day ago Cricket-Pakistan eye famous win as England falter Ed Osmond 2 Min Read
LONDON, May 26 (Reuters) - England stumbled limply to 37 for two at lunch on the third day of the first test at Lord’s on Saturday to leave Pakistan scenting a famous victory.
The touring side, 179 runs ahead on first innings, struck twice to dismiss openers Alastair Cook and Mark Stoneman and leave England facing their first defeat in a May test at the home of cricket.
Cook, who top-scored with 70 on Thursday, was trapped lbw by Mohammad Abbas for one and Stoneman, under severe pressure for his place, made a scratchy nine before he was bowled by leg-spinner Shadab Khan with a ball that kept low.
England captain Joe Root survived to reach a painstaking 22 not out at the interval with Dawid Malan on nought.
They and the England middle order will need to bat well in warm sunshine to take the match into a fourth day and avoid going 1-0 down in the two-match series.
Pakistan earlier added 13 runs to their overnight score to finish on 363, Mohammad Amir ending on 24 not out after Abbas was caught by wicketkeeper Jonny Bairstow off Mark Wood for five.
Babar Azam retired hurt on Friday and will play no further part in the series after sustaining a fractured wrist. (Editing by Toby Davis) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-test-eng-pak/cricket-pakistan-eye-famous-win-as-england-falter-idINL3N1SX04N |
VANCOUVER, British Columbia, Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") announces signing of a Memorandum of Understanding with Quality Resources, LLC ("QR") to acquire commercial extraction technology for cannabis products for the California market.
QR has developed commercial scalability in the areas of extraction and distillation for cannabis oil. CSPA Group Inc., together with LDS Scientific Inc. and LDS Agrotech Inc., intends to use QR's technology to expand its market capabilities to include customer-specific contract extraction and distillation. In addition to the extraction and distillation technology, QR is developing a pesticide removal technology to achieve clean cannabis oil from previously contaminated cannabis raw plant and processed materials.
The addition of the QR technologies is intended to develop new revenue streams that will be capable of supporting the supply chain demands of CSPA Group's products as well as many other manufacturers, and dramatically reduce cost of raw material for all of the CSPA Group's product lines.
Brad Eckenweiler, CEO of LDS, stated, "The addition of the QR technologies will allow CSPA Group to offer extraction and distillation to the entire California cannabis industry at a price point that should cause most manufacturers in California to rethink the cost and the challenges of self-operated extraction and distillation." The Company intends to create the highest purity lab tested white label product at every level of extraction and distillation, along with guaranteed on-time deliveries, and dependable service.
About Lifestyle Delivery Systems Inc.
Lifestyle Delivery Systems Inc. is a licensed, state-compliant vertically integrated cannabis-related company. From our isogenic pollination nursery to our cutting edge, state-of-the-art production facility located in Southern California, LDS has become one of the most diverse, innovative and scientifically based cannabis companies throughout North America. The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to smoking but also a new way to accurately meter the dosage and assure the purity of the product. From start to finish, the production process tests for quality and composition of all the ingredients used in each and every strip, resulting in a delivery system that is safe, consistent and effective.
On behalf of the board of directors of Lifestyle Delivery Systems Inc.
Brad Eckenweiler
CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
[email protected]
1-866-347-5058
Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.
View original content with multimedia: http://www.prnewswire.com/news-releases/lifestyle-delivery-systems-inc-announces-the-signing-of-an-mou-with-quality-resources-to-acquire-commercial-extraction-technology-300641867.html
SOURCE Lifestyle Delivery Systems Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-lifestyle-delivery-systems-inc-announces-the-signing-of-an-mou-with-quality-resources-to-acquire-commercial-extraction.html |
President Donald Trump on Monday defended Gina Haspel , his nominee to head the Central Intelligence Agency , dismissing debate over her involvement in a harsh interrogation program and arguing Democrats want her out because she "is too tough on terror."
Trump said on Twitter that Haspel has "come under fire because she was too tough on Terrorists." He added that "in these very dangerous times, we have the most qualified person, a woman, who Democrats want OUT because she is too tough on terror. Win Gina!"
Haspel offered to withdraw her nomination, two senior administration officials said Sunday, amid concerns that a debate over a harsh interrogation program would tarnish her reputation and that of the CIA.
White House aides on Friday sought out additional details about Haspel's involvement in the CIA's now-defunct program of detaining and brutally interrogating terror suspects after 9/11 as they prepared her for Wednesday's confirmation hearing. This is when she offered to withdraw, the officials said.
They said Haspel, who is the acting director of the CIA, was reassured that her nomination was still on track and will not withdraw. The officials spoke on the condition of anonymity to discuss internal deliberations. The news was first reported Sunday by The Washington Post.
Haspel, who would be the first woman to lead the CIA, is the first career operations officer to be nominated to lead the agency in decades. She served almost entirely undercover and much of her record is classified. Democrats say she should be disqualified because she was the chief of base at a covert detention site in Thailand where two terrorism suspects were subjected to waterboarding, a technique that simulates drowning.
She has told lawmakers in recent weeks that she would stand firm against any effort to restart the brutal detention and interrogation program, administration officials told The Associated Press on Friday. She is expected to reiterate that publicly this week.
Haspel, one official said, was wary of suffering the same fate as failed veterans affairs nominee Ronny Jackson and of dredging up the CIA's troubled past. She took over last month as the acting CIA director after the previous director, Mike Pompeo , was sworn in as secretary of state.
After Haspel's offer to withdraw, White House aides worked to reassure her that she had the president's support.
As with other nominations, this one hit a roadblock but is back on track, said a third administration official familiar with the effort to get her confirmed.
Haspel's conversations with senators continue ahead of Wednesday's confirmation hearing at the Senate Intelligence Committee and a later full vote in the Senate.
In addition, the CIA has sent materials to the Senate, some classified, that the lawmakers can read to better understand not only her work in the Counterterrorism Center, which oversaw the harsh interrogation program, but also other aspects of her 33-year career, including more than 30 years undercover.
She has received robust backing from former intelligence, diplomatic, military and national security officials, who praise her extensive intelligence career.
On the opposing side are groups such as the American Civil Liberties Union , which says she should have stood up against the interrogation practices then.
Raj Shah, a White House spokesman, on Sunday called Haspel a highly qualified nominee. "Her nomination will not be derailed by partisan critics who side with the ACLU over the CIA on how to keep the American people safe," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/trump-defends-cia-pick-gina-haspel-as-tough-on-terror.html |
BUDAPEST, May 3 (Reuters) - Hungary responded angrily on Thursday to a proposal from the European Commission that would cut development funds to countries deemed to have undermined the rule of law, saying it would not yield to “blackmail”.
“There are treaties in force in the European Union that clearly specify the rights and obligations of EU member states,” Foreign Minister Peter Szijjarto told a news conference.
“We do not agree with any proposal that would provide the potential for blackmail of anyone with regard to the payment of EU funds that are due to be given to countries based on the treaties,” he said.
The Commission has accused Prime Minister Viktor Orban’s right-wing government of undermining the independence of Hungary’s courts and curbing media freedom. (Reporting by Gergely Szakacs Editing by Gareth Jones)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/eu-budget-hungary/hungary-rejects-blackmail-over-eu-funds-minister-idUSL8N1SA29E |
BEIJING, May 14 (Reuters) - China has resumed its review of U.S. chipmaker Qualcomm Inc’s proposed $44 billion takeover of NXP Semiconductors NV, Bloomberg reported on Monday, citing unidentified sources.
China’s commerce ministry has been asked to speed up the review of the deal and Qualcomm’s proposed remedies to protect local companies, Bloomberg reported, adding local firms have voiced worries the deal would extend Qualcomm’s patent licensing business into areas such as mobile payments and autonomous driving.
It did not say who has asked the ministry to speed up the review, or what Qualcomm has proposed.
Qualcomm refiled its application for the deal in April, giving regulators more time to decide. The commerce ministry later that month said Qualcomm needs to do more to complete the takeover because the U.S. company’s initial set of remedies to resolve competition issues were insufficient.
Approval of the deal is not definite and still could be delayed, Bloomberg said, citing the sources.
Reporting by Beijing Monitoring Desk
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/china-qualcomm-antitrust-nxp-semicondtrs/china-resumes-qualcomm-nxp-deal-review-bloomberg-idUSS6N1S2009 |
May 21, 2018 / 3:26 PM / Updated 19 minutes ago Burundi approves new constitution extending presidential term limit Reuters Staff 1 Min Read
BURUNDI (Reuters) - Seventy-three percent of voters in Burundi approved a new constitution, the country’s electoral commission said on Monday, ushering in changes that could let the president stay in power to 2034.
Last week’s referendum asked voters to say “yes” or “no” to amendments extending the presidential term from five to seven years and allowing President Pierre Nkurunziza to seek two more terms beginning in 2020. Writing by Maggie Fick; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-burundi-politics/burundi-approves-new-constitution-extending-presidential-term-limit-idUSKCN1IM1QG |
YEKATERINBURG/MOSCOW (Reuters) - Yevgeny Roizman, a rare critic of the Kremlin in a senior regional job in Russia, said on Tuesday he was resigning as mayor of Yekaterinburg after authorities moved to scrap mayoral elections in the soccer World Cup host city.
FILE PHOTO: Mayor of Yekaterinburg Yevgeny Roizman attends opening ceremony of the City Day celebrations in Yekaterinburg, Russia, August 19, 2017. REUTERS/Maxim Shemetov Lawmakers voted last month to abolish direct mayoral elections in the city 1,500 km (900 miles) east of Moscow, proposing instead that mayors be chosen by local lawmakers from a shortlist drawn up by a special commission.
“I don’t want be part of this and I am resigning,” Roizman told lawmakers in the local legislature.
Roizman, a charismatic opposition politician who narrowly beat a Kremlin-backed candidate in the mayoral race in 2013, had been due as chairman of the legislature to put the scrapping of elections to lawmakers for a final vote on Tuesday.
Instead, he told lawmakers he refused to “legitimize someone else’s decision” and pronounced the session closed, video of his speech shared online showed.
Roizman has been a vocal critic of President Vladimir Putin and the pro-Kremlin governor of the Sverdlovsk region, in which Yekaterinburg lies.
As mayor, Roizman has regularly attended demonstrations organized by opposition leader Alexei Navalny who was barred from running in a March presidential election, when Putin won a fresh six-year term.
Leonid Volkov, an opposition politician from Yekaterinburg, said Roizman’s resignation had obstructed the passage of the election legislation, but that it was unlikely to stop direct elections being scrapped eventually.
“This political act and civic deed will, however, remain in history,” Volkov wrote on social media.
The idea of scrapping direct elections was proposed by Sverdlovsk region governor Yevgeny Kuivashev. His allies had argued that doing away with elections would save money and streamline decision-making.
Last month just under 2,000 people demonstrated against the proposal, demanding direct elections be kept and that the governor resign.
Yekaterinburg, a city of 1.4 million in the industrial belt of the Ural Mountains, is hosting Egypt and Uruguay in their first round matches at the soccer World Cup next month.
Roizman was one of a handful of Kremlin critics who won mayoral posts following a series of big opposition demonstrations as Putin campaigned for office in 2012.
Another of these opposition politicians was Yevgeny Urlashov, who became mayor of Yaroslavl in 2012. He was arrested in 2013 and jailed for 12-1/2 years for corruption. Urlashov said he had been framed.
Writing by Tom Balmforth; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-politics-mayor-resignation/rebel-russian-mayor-resigns-over-move-to-scrap-elections-idUSKCN1IN1ZY |
May 23, 2018 / 3:08 AM / Updated 14 hours ago South Korea's Chung out of French Open with ankle problem Reuters Staff 1 Min Read
(Reuters) - Australian Open semi-finalist Chung Hyeon has pulled out of the French Open with a persistent ankle injury, the rising South Korean said on Wednesday. Tennis - ATP World Tour - The BMW Open Semifinals - MTTC Iphitos, Munich, Germany - May 5, 2018 South Korea's Chung Hyeon in action during his semi final match against Germany's Alexander Zverev REUTERS/Michael Dalder
Tipped as one of the few contenders capable of beating Rafa Nadal at Roland Garros this year, Chung said in a tweet that he had also withdrawn from this week’s Lyon Open.
“Unfortunately I had to withdraw from Lyon yesterday and now Roland Garros,” the 21-year-old said.
“I have been struggling with an ankle injury during the entire clay season. An MRI scan has revealed that I have build up of fluid in the ankle joint which might require a small procedure and then and extended period of rest.” Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-chung-injury/south-koreas-chung-out-of-french-open-with-ankle-problem-idUKKCN1IO0AM |
May 25, 2018 / 6:04 PM / Updated 2 hours ago VA health systems vary widely in heart disease death rates Lisa Rapaport 5 Min Read
(Reuters Health) - Heart disease death rates vary substantially at Veterans Affairs hospitals nationwide, and a new study suggests that this holds true not just for hospitalized patients but also for outpatients.
Previous research has long documented differences in death rates at hospitals across the U.S., not just at VA facilities, often focusing on deaths among hospitalized patients or within a month after discharge. The current study, however, offers fresh insight by looking at combined mortality rates for inpatient and outpatient care.
Researchers studied 930,079 veterans with heart disease and 348,015 with congestive heart failure who received care at 138 VA health systems nationwide from 2010 to 2014.
At the various locations, annual death rates for heart disease ranged from a low of 5.5 percent to a high of 9.4 percent, while mortality rates for congestive heart failure ranged from 11.1 percent to 18.9 percent, researchers calculated.
“The quality of care for chronic heart disease may differ across hospitals, thus some hospitals may be better at providing continuity care to patients with chronic heart disease,” said lead study author Dr. Peter Groeneveld of the Corporal Michael J. Crescenz VA Medical Center in Philadelphia and the Perelman School of Medicine at the University of Pennsylvania.
“There are also numerous evidence-based therapies that have been shown to reduce heart failure mortality, but the use of these therapies varies widely,” Groeneveld said by email.
The study wasn’t designed to prove how care provided at specific hospitals and clinics might directly contribute to mortality rates.
However, the variation in mortality rates at VA hospitals likely mirrors what’s would be seen at other hospitals and health systems, Groeneveld added. And some differences in patient populations that weren’t possible to measure in the study- like disease severity, frailty, dementia or socioeconomic status - might have influenced death rates, he said.
Millions of Americans have what’s known as ischemic heart disease, one of the two conditions examined in the study. It is caused by narrowed arteries that restrict blood flow to the heart and can ultimately lead to a heart attack.
Congestive heart failure is also common. It happens when the heart muscle weakens and doesn’t pump blood as well as it should, and can be caused by narrowed arteries as well as by high blood pressure.
Patients with heart disease and congestive heart failure usually need regular clinic visits to monitor their blood pressure and assess other factors related to heart disease like cholesterol, weight, and smoking and drinking habits. Regular outpatient care can help improve patients’ quality of life and minimize their risk of hospitalization or death.
More than four in five patients in the study had high blood pressure, researchers report in JAMA Cardiology.
About half of them had diabetes, which can damage blood vessels and contribute to worse symptoms for people with heart disease or heart failure.
These patients with multiple chronic health problems have a high risk of serious complications and death. It’s not clear from the study results how much hospitals and clinics can control mortality rates, said, Dr. Paul Heidenreich of the VA Palo Alto Health Care System and Stanford University School of Medicine in California.
“Some of the difference in mortality may be due to differences in patients for which we can’t control (because we don’t have data systems to track them) and some may be due to differences in quality of care,” Heidenreich, author of an accompanying editorial, said by email.
“The study adds to this knowledge by showing that this variation in mortality is present for outpatients as well and extends well beyond 30 days (after patients leave the hospital),” Heidenreich added. “If the variation is due to differences in care, then knowing these differences will matter to patients and be important for the health care system to address.”
SOURCE: bit.ly/2IRekG8 and bit.ly/2xms6j9 JAMA Cardiology, online May 16, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-cardiac-us-veterans/va-health-systems-vary-widely-in-heart-disease-death-rates-idUKKCN1IQ2Q1 |
WASHINGTON—The booming business of online dating faces new risks from a law designed to prevent sex trafficking and prostitution.
The law, which holds digital platforms responsible for encouraging such illicit behavior, is creating uncertainty about liability across social media. At least six sites known to be regularly used by prostitutes have shut down in the U.S. since the law went into effect, and some worry that could drive the pay-for-sex market to legitimate dating platforms.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/new-law-targets-sex-trafficking-it-could-also-hit-online-dating-1527672600 |
Strong Performance Powered by 41% Online Ecosystem Revenue Growth and Share Gains in TurboTax
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU) announced financial results for the third quarter of fiscal 2018, which ended April 30.
“We achieved very strong results this quarter, with overall revenue growth of 15 percent, and double-digit growth in both the Consumer Group and the Small Business and Self-Employed Group," said Brad Smith, Intuit’s chairman and chief executive officer. "We are pleased with our momentum across the Online Ecosystem and we are encouraged by our strong performance through the tax season, including the successful debut of TurboTax Live, which we'll continue to scale next season."
Financial Highlights
For the third quarter, Intuit:
Grew revenue to $2.925 billion, up 15 percent. Increased Consumer Group revenue 15 percent in the quarter and 14 percent year-to-date, exceeding the annual guidance of 7 to 9 percent provided at the beginning of the fiscal year. Grew TurboTax units 4 percent this season, including 6 percent growth from TurboTax Online. Increased total Small Business and Self-Employed Group revenue 16 percent. Finished the quarter with over 3.2 million QuickBooks Online subscribers, up 45 percent. Grew to 683,000 Self-Employed subscribers within QuickBooks Online, up from 360,000 one year ago. Raised its full-year revenue guidance to $5.915 billion to $5.935 billion, growth of 14 to 15 percent.
Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.
Snapshot of Third-quarter Results
GAAP Non-GAAP Q3 Q3 Q3 Q3 FY18 FY17 Change FY18 FY17 Change Revenue $2,925 $2,541 15% $2,925 $2,541 15% Operating Income $1,615 $1,444 12% $1,714 $1,519 13% Earnings Per Share $4.59 $3.70 24% $4.82 $3.90 24% Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). Earnings per share for the fiscal 2018 periods reflects the impact of the Tax Cuts and Jobs Act.
Business Segment Results
Small Business & Self-Employed Group
Online Ecosystem revenue grew 41 percent. U.S. subscribers grew 40 percent to approximately 2.5 million, and international subscribers increased 66 percent to about 720,000. TurboTax was a significant channel for QuickBooks Self-Employed. Approximately 330,000 of the QuickBooks Self-Employed subscribers are from the TurboTax Self-Employed offering.
Consumer and Strategic Partner Groups
Consumer Group revenue is up by 15 percent. Delivered an innovative experience with TurboTax Live, a video-based assisted tax preparation experience. TurboTax Live performed well in its first full season, utilizing a platform leveraging nearly 2,000 public accountants, enrolled agents and tax attorneys to serve customers. Nearly 5 million TurboTax customers registered for Turbo this year providing customers with a full view of their overall financial health by combining a credit score, verified income data and a debt-to-income ratio to show customers where they truly stand beyond the tax season. In the Strategic Partner Group, professional tax revenue was in-line with expectations for the quarter, with revenue up 4 percent year-to-date.
Capital Allocation Summary
In the third quarter the company:
Repurchased $19 million of shares, with $1.2 billion remaining on the authorization. Received board approval for a $0.39 per share dividend for the fiscal fourth quarter, payable on July 18, 2018.
Forward-looking Guidance
Intuit announced guidance for the fourth quarter of fiscal year 2018, which ends July 31. The company expects:
Revenue of $940 million to $960 million, growth of 12 to 14 percent. GAAP operating loss of $20 million to $30 million. Non-GAAP operating income of $75 million to $85 million. GAAP diluted earnings per share of $0.04 to $0.06. Non-GAAP diluted earnings per share of $0.22 to $0.24.
Intuit raised guidance for full fiscal year 2018. The company now expects:
Revenue of $5.915 billion to $5.935 billion, growth of 14 to 15 percent. GAAP operating income of $1.545 billion to $1.555 billion, growth of 11 percent. Non-GAAP operating income of $1.950 billion to $1.960 billion, growth of 12 to 13 percent. GAAP diluted earnings per share of $4.50 to $4.52, growth of 21 to 22 percent. Non-GAAP diluted earnings per share of $5.51 to $5.53, growth of 25 percent. QuickBooks Online subscribers of 3.350 million to 3.375 million.
This guidance is based on a full year GAAP tax rate of 24 percent and a non-GAAP tax rate of 26.3 percent.
"We’re raising our guidance for fiscal year 2018 on the strength of our performance across the businesses this quarter," said Michelle Clatterbuck, Intuit's chief financial officer. "These results demonstrate that our One Intuit strategy is also gaining traction, and we expect it to continue to gain momentum through the rest of this fiscal year and beyond."
Consumer Group Management Succession Plan
Dan Wernikoff, general manager of the Consumer Group, will step down from the role at the end of Intuit’s fiscal 2018. Greg Johnson, senior vice president of marketing, will succeed Wernikoff as general manager of the Consumer Group.
“I couldn’t be more confident in the state of the business and in Greg’s ability to lead us into the next chapter of our growth,” Smith said. “At the same time, I couldn’t be more proud of the foundation Dan has built. When he took this role in 2016, we agreed this would be a two or three-year assignment. In those two years, under Dan’s leadership, we’ve extended our lead in the do-it-yourself tax prep category, advanced our efforts to disrupt the assisted tax prep category and expanded our business beyond tax.”
Johnson, a 20-year veteran in consumer-based businesses, has spent the last five years as an integral member of the senior leadership team, leading Intuit’s go-to-market initiatives, commercial innovation, analytics and marketing capabilities that have accelerated the growth of Intuit’s Tax business.
“Greg is a seasoned executive who has been a driving force in the reinvention of our consumer business model. He spearheaded the introduction of Absolute Zero, helped bring TurboTax Self Employed and QuickBooks Self Employed together in the One Intuit Ecosystem and was a key member of the team that brought TurboTax Live and Turbo to market.
“As we pass the baton to Greg, I want to thank Dan for an outstanding 2017 tax season and for positioning the business for continued growth for years to come,” said Smith.
Conference Call Details
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on May 22. To hear the call, dial 844-246-4601 in the United States or 703-639-1172 from international locations. No reservation or access code is needed. The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx . Prepared remarks for the call will be available on Intuit’s website after the call ends.
Replay Information
A replay of the conference call will be available for one week by calling 855-859-2056, or 404-537-3406 from international locations. The access code for this call is 5878617.
The audio webcast will remain available on Intuit’s website for one week after the conference call.
About Intuit
Intuit’s mission is to Power Prosperity Around the World. Our global products and platforms, including TurboTax , QuickBooks , Mint and Turbo , are designed to empower consumers, self-employed, and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves 46 million customers worldwide, unleashing the power of many for the prosperity of one. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on Facebook .
About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.
Cautions About Forward-looking Statements
This press release contains forward-looking statements, including forecasts of expected growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2018 and beyond; expectations regarding timing and growth of revenue for each of Intuit’s reportable segments and from current or future products and services; expectations regarding customer growth; expectations regarding changes to our products and their impact on Intuit’s business; expectations regarding the amount and timing of any future dividends or share repurchases; expectations regarding Intuit's corporate tax rate; expectations regarding availability of our offerings; expectations regarding the impact of our strategic decisions on Intuit’s business; and all of the statements under the heading “Forward-looking Guidance”.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: inherent difficulty in predicting consumer behavior; difficulties in receiving, processing, or filing customer tax submissions; consumers may not respond as we expected to our advertising and promotional activities; changes in the total number of tax filings that are submitted to government agencies due to economic conditions or otherwise; the competitive environment; governmental encroachment in our tax businesses or other governmental activities or public policy affecting the preparation and filing of tax returns; our ability to innovate and adapt to technological change and global trends; our ability to adequately protect our intellectual property rights; our ability to develop and maintain brand awareness and our reputation; disruptions, expenses and risks associated with our acquisitions and divestitures; we may issue additional shares in an acquisition causing our number of outstanding shares to grow; any failure to properly use and protect personal customer or employee information and data; a security breach could result in third-party access to confidential customer, employee and business information; privacy and cybersecurity concerns relating to our offerings, or online offerings in general; any failure to process transactions effectively or to adequately protect against potential fraudulent activities; any loss of confidence in using our software as a result of publicity regarding such fraudulent activity; availability of our products and services could be impacted by business interruption or failure of our information technology and communication systems; our ability to develop, manage and maintain critical third-party business relationships; our ability to attract, retain and develop highly skilled employees; any significant product accuracy or quality problems or delays; any problems with implementing upgrades to our customer facing applications and supporting information technology infrastructure; increased risks associated with international operations; increases in or changes to government regulation of our businesses; the cost of, and potential adverse results in, litigation involving intellectual property, antitrust, shareholder and other matters; the seasonal and unpredictable nature of our revenue; unanticipated changes in our income tax rates; adverse global economic conditions; amortization of acquired intangible assets and impairment charges; our use of significant amounts of debt to finance acquisitions or other activities; any lost revenue opportunities or cannibalization of our traditional paid franchise due to our participation in the Free File Alliance; and changes in the amounts or frequency of share repurchases or dividends. More details about the risks that may impact our business are included in our Form 10-K for fiscal 2017 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com . Forward-looking statements are based on information as of May 22, 2018, and we do not undertake any duty to update any forward-looking statement or other information in these materials.
TABLE A
INTUIT INC.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended April 30,
2018 April 30,
2017 April 30,
2018 April 30,
2017 Net revenue: Product $ 505 $ 467 $ 1,140 $ 1,063 Service and other 2,420 2,074 3,836 3,272 Total net revenue 2,925 2,541 4,976 4,335 Costs and expenses: Cost of revenue: Cost of product revenue 27 29 87 95 Cost of service and other revenue 272 205 649 522 Amortization of acquired technology 5 3 10 9 Selling and marketing 549 467 1,326 1,155 Research and development 296 246 875 735 General and administrative 159 146 447 412 Amortization of other acquired intangible assets 2 1 4 2 Total costs and expenses [A] 1,310 1,097 3,398 2,930 Operating income 1,615 1,444 1,578 1,405 Interest expense (5 ) (8 ) (16 ) (28 ) Interest and other income (expense), net 7 3 15 — Income before income taxes 1,617 1,439 1,577 1,377 Income tax provision [B] 417 475 415 430 Net income $ 1,200 $ 964 $ 1,162 $ 947 Basic net income per share $ 4.68 $ 3.76 $ 4.54 $ 3.68 Shares used in basic per share calculations 257 256 256 257 Diluted net income per share $ 4.59 $ 3.70 $ 4.47 $ 3.63 Shares used in diluted per share calculations 262 260 260 261 Cash dividends declared per common share $ 0.39 $ 0.34 $ 1.17 $ 1.02 See accompanying Notes.
INTUIT INC.
NOTES TO TABLE A
[A] The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
Three Months Ended Nine Months Ended (in millions) April 30,
2018
April 30,
2017
April 30,
2018
April 30,
2017
Cost of revenue $ 14 $ 2 $ 30 $ 6 Selling and marketing 25 19 75 66 Research and development 30 24 99 89 General and administrative 23 26 79 80 Total share-based compensation expense $ 92 $ 71 $ 283 $ 241 [B] We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.
Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and reduces the U.S. statutory federal corporate tax rate from 35% to 21%. The effective date of the tax rate change was January 1, 2018. With our fiscal year ending July 31, the change will result in a blended lower U.S. statutory federal rate of 26.9% for fiscal year 2018. As a result, we adjusted our annual effective tax rate for the three and nine months ended April 30, 2018, as well as adjusted our U.S. net deferred tax asset balance at the lower rates.
As of April 30, 2018, we have not completed our accounting for the tax effects of enactment of the Tax Act; however, we have made a reasonable estimate of the effects on our existing deferred tax balances. We recorded a provisional charge of $39 million in the second quarter of fiscal 2018 related to the re-measurement of certain deferred tax balances. During the three months ended April 30, 2018, we recorded an additional provisional charge of $5 million related to the re-measurement of deferred tax balances, resulting in a total tax expense of $44 million for the nine months ended April 30, 2018.
Current quarter and year to date income tax and effective tax rates
For the three and nine months ended April 30, 2018, we recognized excess tax benefits on share-based compensation of $8 million and $41 million in our provision for income taxes. For the three and nine months ended April 30, 2017, we recognized excess tax benefits on share-based compensation of $12 million and $38 million in our provision for income taxes.
Our effective tax rate for the three and nine months ended April 30, 2018 was approximately 26% and did not differ significantly from the federal statutory rate of 26.9%.
Our effective tax rates for the three and nine months ended April 30, 2017 were approximately 33% and 31%. Excluding discrete tax items primarily related to share-based compensation tax benefits, our effective tax rate for both periods was 34% and did not differ significantly from the federal statutory rate of 35%.
TABLE B1 INTUIT INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In millions, except per share amounts)
(Unaudited)
Fiscal 2018 Q1 Q2 Q3 Q4 Year to Date GAAP operating income (loss) $ (57 ) $ 20 $ 1,615 $ — $ 1,578 Amortization of acquired technology 2 3 5 — 10 Amortization of other acquired intangible assets 1 1 2 — 4 Professional fees for business combinations — 2 — — 2 Share-based compensation expense 97 94 92 — 283 Non-GAAP operating income (loss) $ 43 $ 120 $ 1,714 $ — $ 1,877 GAAP net income (loss) $ (17 ) $ (21 ) $ 1,200 $ — $ 1,162 Amortization of acquired technology 2 3 5 — 10 Amortization of other acquired intangible assets 1 1 2 — 4 Professional fees for business combinations — 2 — — 2 Share-based compensation expense 97 94 92 — 283 Net (gain) loss on debt securities and other investments 2 2 — — 4 Other income from divested businesses [A] — — (8 ) — (8 ) Tax Act [B] — 39 5 — 44 Other income tax effects and adjustments [B] (56 ) (29 ) (36 ) — (121 ) Non-GAAP net income (loss) $ 29 $ 91 $ 1,260 $ — $ 1,380 GAAP diluted net income (loss) per share $ (0.07 ) $ (0.08 ) $ 4.59 $ — $ 4.47 Amortization of acquired technology 0.01 0.01 0.02 — 0.04 Amortization of other acquired intangible assets — — 0.01 — 0.01 Professional fees for business combinations — 0.01 — — 0.01 Share-based compensation expense 0.38 0.36 0.35 — 1.09 Net (gain) loss on debt securities and other investments 0.01 0.01 — — 0.02 Other income from divested businesses [A] — — (0.03 ) — (0.03 ) Tax Act [B] — 0.15 0.02 — 0.17 Other income tax effects and adjustments [B] (0.22 ) (0.11 ) (0.14 ) — (0.48 ) Non-GAAP diluted net income (loss) per share $ 0.11 $ 0.35 $ 4.82 $ — $ 5.30 Shares used in GAAP diluted per share calculation 256 256 262 — 260 Shares used in non-GAAP diluted per share calculation 259 260 262 — 260 [A] During the three months ended April 30, 2018, we received payments from contingent earn out provisions related to businesses we previously divested. [B] The Tax Act adjustments relate to the provisional tax expense for the re-measurement of deferred tax balances at the enacted lower tax rates. [C] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our non-GAAP tax rate eliminates the effects of non-recurring and period specific items. Other income tax adjustments consist primarily of tax adjustments for the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation. See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.
TABLE B2 INTUIT INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In millions, except per share amounts)
(Unaudited)
Fiscal 2017 Q1 Q2 Q3 Q4 Full Year GAAP operating income (loss) $ (61 ) $ 22 $ 1,444 $ (10 ) $ 1,395 Amortization of acquired technology 3 3 3 3 12 Amortization of other acquired intangible assets 1 — 1 — 2 Share-based compensation expense 89 81 71 85 326 Non-GAAP operating income (loss) $ 32 $ 106 $ 1,519 $ 78 $ 1,735 GAAP net income (loss) $ (30 ) $ 13 $ 964 $ 24 $ 971 Amortization of acquired technology 3 3 3 3 12 Amortization of other acquired intangible assets 1 — 1 — 2 Share-based compensation expense 89 81 71 85 326 Net (gain) loss on debt securities and other investments 1 6 1 1 9 Income tax effects and adjustments [A] (49 ) (36 ) (25 ) (60 ) (170 ) Non-GAAP net income (loss) $ 15 $ 67 $ 1,015 $ 53 $ 1,150 GAAP diluted net income (loss) per share $ (0.12 ) $ 0.05 $ 3.70 $ 0.09 $ 3.72 Amortization of acquired technology 0.01 0.01 0.01 0.01 0.05 Amortization of other acquired intangible assets 0.01 — 0.01 — 0.01 Share-based compensation expense 0.34 0.31 0.27 0.33 1.25 Net (gain) loss on debt securities and other investments 0.01 0.03 0.01 — 0.03 Income tax effects and adjustments [A] (0.19 ) (0.14 ) (0.10 ) (0.23 ) (0.65 ) Non-GAAP diluted net income (loss) per share $ 0.06 $ 0.26 $ 3.90 $ 0.20 $ 4.41 Shares used in GAAP diluted per share calculation 258 260 260 261 261 Shares used in non-GAAP diluted per share calculation 261 260 260 261 261 [A] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period specific items. Consequently, our non-GAAP results have been adjusted to exclude the excess tax benefits related to share-based compensation. See note B to Table A for more information. See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.
TABLE C INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
April 30,
2018
July 31,
2017 ASSETS Current assets: Cash and cash equivalents $ 1,614 $ 529 Investments 322 248 Accounts receivable, net 309 103 Income taxes receivable 2 63 Prepaid expenses and other current assets 179 100 Current assets before funds held for customers 2,426 1,043 Funds held for customers
419 372 Total current assets 2,845 1,415 Long-term investments 28 31 Property and equipment, net 950 1,030 Goodwill 1,613 1,295 Acquired intangible assets, net 68 22 Long-term deferred income taxes 128 132 Other assets 155 143 Total assets $ 5,787 $ 4,068 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term debt $ 50 $ 50 Accounts payable 325 157 Accrued compensation and related liabilities 286 300 Deferred revenue 1,040 887 Income taxes payable 356 5 Other current liabilities 227 173 Current liabilities before customer fund deposits 2,284 1,572 Customer fund deposits 419 372 Total current liabilities 2,703 1,944 Long-term debt 400 438 Long-term deferred revenue 173 202 Other long-term obligations 147 130 Total liabilities 3,423 2,714 Stockholders’ equity 2,364 1,354 Total liabilities and stockholders’ equity $ 5,787 $ 4,068 TABLE D INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended April 30,
2018
April 30,
2017
Cash flows from operating activities: Net income $ 1,162 $ 947 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 173 156 Amortization of acquired intangible assets 18 18 Share-based compensation expense 283 241 Deferred income taxes 24 (36 ) Other (1 ) 9 Total adjustments 497 388 Changes in operating assets and liabilities: Accounts receivable (206 ) (138 ) Income taxes receivable 62 19 Prepaid expenses and other assets (37 ) 5 Accounts payable 160 104 Accrued compensation and related liabilities (8 ) (47 ) Deferred revenue 120 130 Income taxes payable 351 431 Other liabilities 48 50 Total changes in operating assets and liabilities 490 554 Net cash provided by operating activities 2,149 1,889 Cash flows from investing activities: Purchases of corporate and customer fund investments (303 ) (286 ) Sales of corporate and customer fund investments 87 332 Maturities of corporate and customer fund investments 137 150 Net change in cash and cash equivalents held to satisfy customer fund obligations (47 ) (18 ) Net change in customer fund deposits 47 18 Purchases of property and equipment (97 ) (178 ) Acquisitions of businesses, net of cash acquired (363 ) — Other (49 ) (40 ) Net cash used in investing activities (588 ) (22 ) Cash flows from financing activities: Proceeds from borrowings under revolving credit facility 800 150 Repayments on borrowings under revolving credit facility (800 ) (150 ) Repayment of debt (38 ) (500 ) Proceeds from issuance of stock under employee stock plans 205 150 Payments for employee taxes withheld upon vesting of restricted stock units (58 ) (61 ) Cash paid for purchases of treasury stock (272 ) (473 ) Dividends and dividend rights paid
(305 ) (265 ) Other (1 ) — Net cash used in financing activities (469 ) (1,149 ) Effect of exchange rates on cash and cash equivalents (7 ) (6 ) Net increase in cash and cash equivalents 1,085 712 Cash and cash equivalents at beginning of period 529 638 Cash and cash equivalents at end of period $ 1,614 $ 1,350 TABLE E INTUIT INC.
RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES
TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
(In millions, except per share amounts)
(Unaudited)
Forward-Looking Guidance GAAP
Range of Estimate
Non-GAAP
Range of Estimate
From To Adjmts From To Three Months Ending July 31, 2018 Revenue $ 940 $ 960 $ — $ 940 $ 960 Operating income (loss) $ (30 ) $ (20 ) $ 105 [a] $ 75 $ 85 Diluted earnings per share $ 0.04 $ 0.06 $ 0.18 [b] $ 0.22 $ 0.24 Twelve Months Ending July 31, 2018 Revenue $ 5,915 $ 5,935 $ — $ 5,915 $ 5,935 Operating income $ 1,545 $ 1,555 $ 405 [c] $ 1,950 $ 1,960 Diluted earnings per share $ 4.50 $ 4.52 $ 1.01 [d] $ 5.51 $ 5.53 See “About Non-GAAP Financial Measures” immediately following this Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.
[a] Reflects estimated adjustments for share-based compensation expense of approximately $99 million; amortization of acquired technology of approximately $5 million; and amortization of other acquired intangible assets of approximately $1 million. [b] Reflects the estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. [c] Reflects estimated adjustments for share-based compensation expense of approximately $383 million; amortization of acquired technology of approximately $15 million; amortization of other acquired intangible assets of approximately $5 million; and professional fees for business combinations of approximately $2 million. [d] Reflects the estimated adjustments in item [c], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. Includes provisional tax charge related to the Tax Act and other income from divested businesses. INTUIT INC.
ABOUT NON-GAAP FINANCIAL MEASURES
The accompanying press release dated May 22, 2018 contains non-GAAP financial measures. Table B1, Table B2 and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.
We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.
We exclude the following items from all of our non-GAAP financial measures:
Share-based compensation expense Amortization of acquired technology Amortization of other acquired intangible assets Goodwill and intangible asset impairment charges Gains and losses on disposals of businesses and long-lived assets Professional fees for business combinations
We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share:
Gains and losses on debt and equity securities and other investments Income tax effects and adjustments Discontinued operations
We believe that these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe that our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods.
The following are descriptions of the items we exclude from our non-GAAP financial measures.
Share-based compensation expenses. These consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.
Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire an entity, we are required by GAAP to record the fair values of the intangible assets of the entity and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired entities. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names.
Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying value of goodwill and other acquired intangible assets to their estimated fair values.
Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.
Professional fees for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.
Gains and losses on debt and equity securities and other investments. We exclude from our non-GAAP financial measures gains and losses that we record when we sell or impair available-for-sale debt and equity securities and other investments.
Income tax effects and adjustments. In our fiscal 2017 and the first quarter of our fiscal 2018 we used a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excluded the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our long-term projections at that time we used a long-term non-GAAP tax rate of 33%. This rate was consistent with the average of our normalized fiscal year tax rate over a four year period that included the past three fiscal years plus the current fiscal year forecast.
In the second quarter of our fiscal 2018, we revised our estimated annual effective non-GAAP tax rate to reflect a change in the U.S. federal statutory rate, as a result of the 2017 Tax Cuts and Jobs Act (the “Tax Act”). The federal statutory rate change, to 21%, is effective January 1, 2018, and therefore, the change will result in a blended U.S. federal statutory rate of 26.9% for our fiscal year 2018. Effective in the third quarter of fiscal 2018, we adjusted our effective non-GAAP tax rate from 27% to 26.3%, based on continued analysis of the impacts from the Tax Act, as well as updates to the estimated full year impacts of our tax rate drivers such as the research and experimentation credit and the domestic production activities deduction. We have applied this tax rate to year to date pre-tax income, after the elimination of the effects of the non-GAAP adjustments to our operating results described above. Because of the transitional impact of the Tax Act provisions, the fiscal 2018 non-GAAP tax rate is based on our current year forecast only, without reference to long-term forecasts. This non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items.
We will fully benefit from the U.S. federal statutory rate change in our fiscal year 2019. We expect to use the long-term non-GAAP tax rate for fiscal 2019, once the Tax Act’s provisions are in full effect and consistent for the periods included in the long-term forecast.
We evaluate the non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate. This non-GAAP tax rate could be subject to change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.
Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.
The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006273/en/
Intuit Inc.
Investors
Kim Watkins, 650-944-3324
[email protected]
Media
Diane Carlini , 650-944-6251
[email protected]
Source: Intuit Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-intuit-third-quarter-revenue-growth-tops-15-percent-company-raises-full-year-guidance.html |
KIGALI, May 23 (Reuters) - Rwanda has signed a sponsorship and tourism promotion deal with the English soccer club Arsenal, establishing a commercial bond with President Paul Kagame’s favourite team, the Rwanda government said on Wednesday. Tourism is the biggest foreign exchange earner in the East African nation, which is trying to lay to rest memories of a 1994 genocide in which 800,000 Tutsi and moderate Hutus were slaughtered by ethnic Hutu extrmists. Starting in August, the “Visit Rwanda” tourist board logo will be emblazoned on the left sleeve of all players in Arsenal’s first, under-23 and women’s teams, the government said in a statement.
Rwanda did not disclose how much it would pay, but it said the three-year deal would highlight its “growing numbers of wildlife including black rhino, lions, zebra, chimpanzees and the famous mountain gorillas.”
The tourism deal is not the only link between Rwanda and the north London side. Many of Kagame’s critics compare his prolonged stay in power to that of Arsenal manager Arsene Wenger, who retired this year after 22 years in charge.
Kagame, who posted a plaintive message this month about Wenger’s departure from “my beloved Club Arsenal”, came to power after the 1994 genocide and has recently changed the constitution to allow him to stay until 2034.
Arsenal chief commercial officer Vinai Venkatesham described the deal as an exciting partnership that would allow Rwanda to fulfil the ambitions of its tourist industry.
The country hopes to bring in $440 million this year from foreign visitors, many of whom will be coming to visit its population of endangered gorillas in forests along the border with Democratic Republic of Congo. (Reporting by Clement Uwiringiyimana; editing by Elias Biryabarema, Larry King)
| ashraq/financial-news-articles | https://www.reuters.com/article/rwanda-tourism/rwanda-signs-tourism-sponsorship-deal-with-arsenal-idUSL5N1SU3QT |
May 1 (Reuters) - Wireless carrier T-Mobile US Inc, which is buying smaller rival Sprint Corp, reported an 8.8 percent rise in first-quarter revenue as it added more postpaid phone subscribers with competitively priced plans.
The company’s net income fell $671 million, or 78 cents a share, in the quarter ended March 31, from $698 million, or 80 cents a share, a year earlier.
Revenue rose to $10.46 billion from $9.61 billion. (Reporting by Shariq Khan in Bengaluru; Editing by Arun Koyyur)
| ashraq/financial-news-articles | https://www.reuters.com/article/tmobile-results/t-mobile-reports-8-8-pct-rise-in-quarterly-revenue-idUSL3N1S83QP |
May 1, 2018 / 9:50 PM / Updated an hour ago Earthquake felt in Greek capital, no reports of injuries Reuters Staff 1 Min Read
ATHENS (Reuters) - An earthquake shook Greece on Tuesday night and was felt in Athens, but there were no immediate reports of casualties or serious damage, Greek authorities said.
The 4.1-magnitude quake occurred at 2050 GMT and struck 29 kilometers northeast of Athens, according to the Athens’ Institute of Geodynamics. The epicenter was at a depth of 9.4 kilometers.
It was felt in central Athens and the suburbs, Reuters witnesses said.
Greece is often rattled by earthquakes, most causing no serious damage. Reporting by Renee Maltezou; Editing by Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/us-greece-quake/earthquake-felt-in-greek-capital-no-reports-of-injuries-idINKBN1I24H0 |
CHESTERFIELD, Mo., May 11, 2018 (GLOBE NEWSWIRE) -- Reliv International, Inc. (NASDAQ:RELV), a maker of nutritional supplements that promote optimal health, today reported its financial results for the first quarter of 2018.
First-Quarter Results
Reliv reported net sales of $10.0 million for the first quarter of 2018 compared with net sales of $12.8 million in the first quarter of 2017. Net sales in the United States decreased to $7.7 million in the first quarter of 2018, which represented a 25.2 percent decline in net sales when compared to the prior-year quarter. In the first quarter of 2017, Reliv launched the Fit3 line of products in the United States. Net sales in Reliv’s foreign markets decreased 7.4 percent in the first quarter of 2018 compared with the prior-year first quarter. Net sales in Europe and Asia decreased by 3.0 and 7.8 percent, respectively, in the first quarter of 2018, along with decreases in other regions.
Reliv reported a net loss for the first quarter of 2018 of $238,000 (loss per diluted share of $0.13) compared to net income of $524,000 (income per diluted share of $0.28) in the first quarter of 2017. The loss from operations for the first quarter of 2018 was $224,000 compared to income from operations of $517,000 in the same period in 2017. Results from operations were primarily impacted by the decline in net sales and gross margin, partially offset by a reduction in selling, general and administrative (“SGA”) expenses in the quarter. SGA expenses decreased from $4.9 million in the first quarter of 2017 to $4.5 million in the first quarter of 2018.
“Our sales comparisons for the first quarter of 2018 were a challenge compared to the prior year that included the launch of the Fit3 line,” said Ryan A. Montgomery, President. “Clearly, we have work to do in revitalizing the sales in the United States and in other markets around the Reliv world. That work has been underway, highlighted by some key announcements at our Reliv Live event in Anaheim.”
At its regional spring distributor conference in Anaheim, Reliv unveiled its newest technology and tools designed to give Reliv independent distributors an edge. First, the company launched the Reliv Mobile App, which gives distributors a fast and easy way to recruit and run their business on the go. A whole host of new video content is featured in the app to assist distributors in sharing the Reliv product line and business opportunity. In addition, the company revealed its newest business opportunity presentation – a more engaging, concise and video-centric model designed to give distributors an easier way to present the Reliv opportunity and product line.
Also, Reliv formally introduced its newest core nutrition product – Reliv Now ® with Whey. Formulated using the same optimal blend of vitamins, minerals and herbs of Reliv Now ® with Soy, this newest product gives consumers an additional protein source to make Reliv more competitive with its offerings in the marketplace. Distributors now have a simplified approach to product positioning with Step 1: Core Nutrition and Step 2: Customizing nutrition with Targeted Solutions.
Reliv is continuing additional distributor/customer recruitment programs such as free ground shipping for new distributors reaching the Quick Start and Master Affiliate business levels, a 20 percent discount on autoship orders placed by Preferred Customers, and its product credit incentive, “3 & Free”, to distributors for having three new Preferred Customers with a minimum order amount.
“These initiatives, along with other coming programs and promotions, will be the springboard of our growth strategy for 2018,” commented Montgomery.
Reliv had cash and cash equivalents of $3.7 million as of March 31, 2018, compared to $3.3 million as of December 31, 2017. Net cash generated from operating activities was $500,000 in the first quarter of 2018.
As of March 31, 2018, Reliv had 32,100 distributors and preferred customers – a decrease of 13.9 percent from March 31, 2017 – of which 3,140 are Master Affiliate level and above. The number of Master Affiliates decreased by 12.5 percent compared to the year-ago total. Master Affiliate is the level at which distributors are eligible to earn generation royalties.
About Reliv International, Inc.
Reliv International, based in Chesterfield, MO, produces nutritional supplements that promote optimal nutrition. Reliv supplements address core nutrition and targeted solutions . Reliv is the exclusive provider of LunaRich® products , which optimize levels of lunasin, a soy peptide that works at the epigenetic level to promote optimal health. The company sells its products through an international network marketing system of independent distributors in 15 countries. Learn more about Reliv at reliv.com , or on Facebook , Twitter or Instagram .
Statements made in this news release that are not historical facts are “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These may include, but are not limited to, statements containing words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or similar expressions. Factors that could cause actual results to differ are identified in the public filings made by Reliv with the Securities and Exchange Commission. More information on factors that could affect Reliv’s business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which are available on the Company’s web site, reliv.com .
--FINANCIAL HIGHLIGHTS FOLLOW –
Reliv International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets March 31 December 31 2018 2017 (Unaudited) (Audited) Assets Current Assets: Cash and cash equivalents $ 3,676,840 $ 3,272,788 Accounts receivable, less allowances of $25,400 in 2018 and $26,300 in 2017 137,843 29,760 Accounts and note due from employees and distributors 136,726 138,497 Inventories 4,177,253 4,555,485 Other current assets 715,957 399,154 Total current assets 8,844,619 8,395,684 Other assets 6,929,172 7,003,073 Net property, plant and equipment 5,547,851 5,677,239 Total Assets $ 21,321,642 $ 21,075,996 Liabilities and Stockholders' Equity Accounts payable and accrued expenses $ 4,134,391 $ 3,212,634 Current portion of long-term debt 2,937,101 3,045,421 Other noncurrent liabilities 458,674 453,354 Stockholders' equity 13,791,476 14,364,587 Total Liabilities and Stockholders' Equity $ 21,321,642 $ 21,075,996 Consolidated Statements of Operations Three months ended March 31 2018 2017 (Unaudited) (Unaudited) Product sales $ 9,391,381 $ 11,835,116 Handling & freight income 611,858 942,666 Net Sales 10,003,239 12,777,782 Costs and expenses: Cost of products sold 2,349,742 2,835,525 Distributor royalties and commissions 3,391,745 4,498,553 Selling, general and administrative 4,485,895 4,926,279 Total Costs and Expenses 10,227,382 12,260,357 Income (loss) from operations (224,143 ) 517,425 Other income (expense): Interest income 23,952 25,526 Interest expense (31,565 ) (24,841 ) Other income 10,451 32,683 Income (loss) before income taxes (221,305 ) 550,793 Provision for income taxes 17,000 27,000 Net income (loss) $ (238,305 ) $ 523,793 Earnings (loss) per common share - Basic $ (0.13 ) $ 0.28 Weighted average shares 1,845,000 1,845,000 Earnings (loss) per common share - Diluted $ (0.13 ) $ 0.28 Weighted average shares 1,845,000 1,846,000
Reliv International, Inc. and Subsidiaries Net sales by Market (in thousands) Three months ended March 31, Change from 2018 2017 prior year Amount % of Net
Sales Amount % of Net
Sales Amount % United States $ 7,670 76.7 % $ 10,259 80.3 % $ (2,589 ) -25.2 % Australia/New Zealand 232 2.3 % 260 2.0 % (28 ) -10.8 % Canada 242 2.4 % 264 2.1 % (22 ) -8.3 % Mexico 107 1.1 % 157 1.2 % (50 ) -31.8 % Europe 1,165 11.6 % 1,201 9.4 % (36 ) -3.0 % Asia 587 5.9 % 637 5.0 % (50 ) -7.8 % Consolidated Total $ 10,003 100.0 % $ 12,778 100.0 % $ (2,775 ) -21.7 % The following table sets forth, as of March 31, 2018 and 2017, the number of our Active Distributors/Preferred Customers and Master Affiliates and above. The total number of active distributors includes Master Affiliates and above. We define an active distributor as one that enrolls as a distributor or renews his or her distributorship during the prior twelve months. Master Affiliates and above are distributors that have attained the highest level of discount and are eligible for royalties generated by Master Affiliate groups in their downline organization. Preferred Customers represent approximately 4,780 and 5,200 of the Active Distributor count as of March 31, 2018 and 2017, respectively. Active Distributors/Preferred Customers and Master Affiliates and Above by Market As of 3/31/2018 As of 3/31/2017 Change in % Active
Distributors
and Preferred
Customers Master
Affiliates and
Above Active
Distributors
and Preferred
Customers Master
Affiliates and
Above Active
Distributors
and Preferred
Customers Master
Affiliates and
Above United States 21,800 2,240 26,110 2,610 -16.5 % -14.2 % Australia/New Zealand 1,070 80 1,440 110 -25.7 % -27.3 % Canada 630 80 780 90 -19.2 % -11.1 % Mexico 660 60 880 60 -25.0 % 0.0 % Europe 3,630 350 4,620 410 -21.4 % -14.6 % Asia 4,310 330 3,450 310 24.9 % 6.5 % Consolidated Total 32,100 3,140 37,280 3,590 -13.9 % -12.5 % For more information, contact:
Steve Albright
Chief Financial Officer
(636) 733-1305
Source:Reliv' International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-reliv-international-reports-first-quarter-financial-results-for-2018.html |
EditorsNote: Fixes “Hunter” in fourth graf
Derek Holland pitched 6 1/3 scoreless innings and the San Francisco Giants scored five runs in the sixth to break a season-worst six-game losing streak with a 5-0 win over the host Pittsburgh Pirates on Sunday.
Gorkys Hernandez and Nick Hundley hit homers in the outburst.
Holland (1-3) collected his first win on the road since last May 21, going 0-9 in 12 outings away from home in the interim. He allowed four hits, struck out seven and walked five.
Relievers Reyes Moronta, Will Smith and Hunter Strickland preserved the shutout.
Pittsburgh had its five-game winning streak halted and missed a chance to sweep the series.
Pirates starter Ivan Nova (2-3) allowed four runs and eight hits in 5 2/3 innings, with two strikeouts and no walks. He does not have a win since April 15.
Giants outfielder Andrew McCutchen, who made an emotional return to PNC Park after starring for the Pirates for most of a decade, was 4-for-14 in the series with three doubles, a single and a walk, including 1-for-4 Sunday to extend his hitting streak to 12 games.
The Pirates had homered nine times in three games and 12 times in five contests, and the Giants had given up 20 homers in 11 games and 15 homers during their six-game losing streak. The tables turned Sunday, with none of Pittsburgh’s seven hits leaving the park and San Francisco hitting two out.
San Francisco batted around in the fifth. Hernandez led off with his second homer, to left, for a 1-0 Giants lead. Brandon Belt singled an out later and, after Evan Longoria struck out, Pablo Sandoval reached on an infield single and was replaced by pinch runner Gregory Blanco.
Brandon Crawford doubled in Belt to make it 2-0 and chase Nova. Hundley sent reliever Richard Rodriguez’s first pitch over the wall in left for a three-run homer and a 5-0 lead. It was Hundley’s second homer after he did not hit any last year.
—Field Level Media
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-pit-sf-recap/holland-pitches-giants-past-pirates-5-0-idUSMTZEE5DOQFG59 |
MADRID (Reuters) - Former Catalan leader Carles Puigdemont on Thursday proposed member of parliament Quim Torra as candidate for head of the Catalan government as the region attempts to put an end to a seven-month impasse and form an administration.
FILE PHOTO: Catalonia's former leader Carles Puigdemont attends a meeting with his party's leadership in Berlin, Germany, April 18, 2018. REUTERS/Hannibal Hanschke Catalan lawmakers must pick a leader to form a government by May 22 to avert more elections, following a standoff during which separatist politicians put forward candidates who were blocked by the courts for being either abroad or in jail.
Spanish Prime Minister Mariano Rajoy called regional elections in December after sacking the previous administration for illegally declaring independence from Spain. However, pro-independence parties again won a majority of seats.
Torra is a lawyer and journalist who has been active in pro-independence lobbies in the wealthy region. He has published several books about the history of Catalonia, according to the Catalan parliament website.
Puigdemont, who fled to Belgium after being sacked as regional leader, is currently in Berlin waiting for German courts to rule on a Spanish request to extradite him on a charge of misuse of public funds.
Puigdemont proposed Torra as candidate in an address released on his YouTube video channel. Torra will need to be confirmed in a vote of confidence in the Catalan parliament.
“Our group proposes member of parliament Quim Torra to be president of the Catalan government so he can take on this responsibility in the next few days and so that a government can be formed immediately,” Puigdemont said.
Spain’s Constitutional Court on Wednesday accepted an appeal from the government that effectively blocked pro-independence politicians in Catalonia from voting in Puigdemont while he remains absent.
Editing by Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-catalonia/former-catalan-leader-proposes-candidate-for-regional-government-idUSKBN1IB2P6 |
EditorsNote: adds Quote: s from Johansen and Maurice
The NHL’s two best regular-season teams will need a Game 7 to settle their Western Conference semifinal series.
Filip Forsberg and Viktor Arvidsson each scored two goals, and Pekka Rinne turned away 34 shots for his fifth career playoff shutout Monday night as the visiting Nashville Predators blanked the Winnipeg Jets 4-0 at Bell MTS Place.
The result equaled the series at three games each. The deciding game will be Thursday night at Bridgestone Arena in Nashville, Tenn., the first time the Predators will have hosted a Game 7 in franchise history.
It will be the first Game 7 for Winnipeg since the Atlanta Thrashers franchise moved to Manitoba prior to the 2011-12 season.
“I think we can gain a lot of confidence from this game,” Predators center Ryan Johansen said, according to the Tennessean. “It wasn’t like we snuck away with one or weaseled a game out or whatever you want to call it. We controlled the game tonight. With our backs against the wall, we went out and we controlled the game.
“I think we need to recognize that and understand when we’re all on the same page, that’s how we can execute on a daily basis.”
In what was billed as the biggest game in Winnipeg’s NHL history, Nashville needed just 1:02 to spoil the mood. A spinning Arvidsson deflected Roman Josi’s point shot past goalie Connor Hellebuyck, although the tally was waved off quickly by referee Wes McCauley.
Upon video review, McCauley reversed his call that Arvidsson played it with a high stick. The goal gave the Predators an immediate lead and forced Winnipeg into chase mode.
Nashville gave the Jets three power-play chances in the first period but killed each with little trouble. Those failures hung like a millstone around Winnipeg’s collective neck, particularly when Forsberg began working his magic.
Moments after breaking a stick, Forsberg went back to his bench for another. A long pass from Craig Smith found him at the blue line. Forsberg powered through Ben Chiarot’s attempted tackle and beat Hellebuyck at 8:16 of the second period.
Forsberg outdid himself with his seventh playoff goal at 5:55 of the third period. He pulled the puck between his legs in front of Hellebuyck and flicked a wrister that caromed off the goalie and into the net.
Arvidsson added an empty-netter at 15:58, his fifth of the postseason, to cap the scoring. It was the fourth time in six games that the road team has won in the series.
Hellebuyck finished with 25 saves.
Winnipeg wasn’t able to trouble Rinne enough, according to Jets coach Paul Maurice.
“Most of our best offense never got to the net. Good sticks on them, great job blocking shots,” Maurice said. “We need to get a little faster, a little quicker. I know you get tired of me saying that, but it’s the foundation of what we do. For whatever reason, we didn’t have that tonight.
“We didn’t move the puck particularly well on (the power play), but that was also in the five-on-five game, not just the five-on-four game.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-wpg-nsh-recap/predators-shut-out-jets-force-game-7-idUSMTZEE58E77L5D |
Financials get crushed, but this is why you should buy the dip: Technician 20 Hours Ago Chris Verrone, Strategas Research Partners, looks at bank stocks to buy right now. With CNBC's Melissa Lee and the Futures Now traders, Tim Seymour, Karen Finerman, Steve Grasso and Guy Adami. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/financials-get-crushed-but-this-is-why-you-should-buy-the-dip-technician.html |
Spike trashes Trump talking "BlacKkKlansman" at Cannes 5:07pm BST - 01:55
Speaking in Cannes where his film ''BlacKkKlansman'' premiered, Spike Lee gave an expletive-filled tirade agains U.S. President Donald Trump. Rough cut (No reporter narration).
Speaking in Cannes where his film "BlacKkKlansman" premiered, Spike Lee gave an expletive-filled tirade agains U.S. President Donald Trump. Rough cut (No reporter narration). //reut.rs/2rHqWby | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/spike-trashes-trump-talking-blackkklansm?videoId=427154528 |
April 30, 2018 / 10:22 AM / 3 days ago BRIEF-Bus Online to swing to loss in FY 2018 H1 Reuters Staff 1 Min Read
April 30(Reuters) - Bus Online Co Ltd
* Sees to swing to net loss at 120 million yuan to 180 million yuan in FY 2018 H1 versus net profit at 21.3 million yuan year ago
Source text in Chinese: goo.gl/tBP2b6
Further company coverage: (Beijing Headline News) | ashraq/financial-news-articles | https://uk.reuters.com/article/brief-bus-online-to-swing-to-loss-in-fy/brief-bus-online-to-swing-to-loss-in-fy-2018-h1-idUKL3N1S73US |
May 9 (Reuters) - Innovative Industrial Properties Inc :
* INNOVATIVE INDUSTRIAL PROPERTIES REPORTS FIRST QUARTER 2018 RESULTS
* Q1 ADJUSTED FFO PER SHARE $0.23 * Q1 FFO PER SHARE $0.18 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-innovative-industrial-properties-q/brief-innovative-industrial-properties-q1-ffo-per-share-0-18-idUSASC0A169 |
ISTANBUL, May 8 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Tuesday.
The lira stood at 4.2884 against the U.S. dollar at 0453 GMT, easing from a close on Monday of 4.2646.
The yield on the benchmark 10-year bond was at 13.86 percent in spot trade on Monday and rose to 13.92 percent in Tuesday-dated trade.
The main BIST 100 share index fell 1.69 percent to 100,866.24.22 points on Monday.
GLOBAL MARKETS Oil prices eased slightly on Tuesday, a day after hitting 3-1/2 year highs, as investors braced for President Donald Trump’s decision on whether to withdraw the United States from the Iran nuclear deal, a move that could disrupt global oil supply. Asian shares picked up, helped by technology stocks as generally upbeat earnings overcame weakness in the global smartphone market and concerns about more regulation.
TRUMP’S IRAN DECISION President Donald Trump will announce on Tuesday whether he will withdraw from the nuclear deal with Iran, Turkey’s neighbour, and a senior U.S. official said it was unclear if efforts by European allies to address Trump’s concerns would be enough to save the pact.
ERDOGAN President Tayyip Erdogan will make a speech to his ruling AK Party in parliament (0830 GMT). Opposition parties will also hold group meetings in parliament. He will also speak at an opening ceremony to the mark the restoration of 250 historical buildings across Turkey (1030 GMT).
SABANCI HOLDING The conglomerate posted a net profit of 1.07 billion lira ($250 million) in the first quarter, up 59 percent from a year earlier, it said on Tuesday.
MIGROS The supermarket retailer announced a net profit of 238.4 million lira ($55.7 million) in the first quarter.
CASH BALANCE The Treasury will allow its cash balance for April (1430 GMT).
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| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-factors/turkey-factors-to-watch-on-may-8-idUSL8N1SF0I8 |
BEIRUT/BERLIN (Reuters) - Iran poured scorn on threatened U.S. sanctions on Tuesday and told European powers to step up and salvage its international nuclear deal - though Germany signaled there was only so much it could do to fend off Washington’s economic clout.
FILE PHOTO: U.S. President Donald Trump holds up a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement after signing it in the Diplomatic Room at the White House in Washington, U.S. May 8, 2018. REUTERS/Jonathan Ernst Senior Iranian military and political figures queued up to issue defiant statements a day after Washington threatened “the strongest sanctions in history” if Iran failed to make a series of sweeping changes.
Two weeks on from U.S. President Donald Trump’s decision to pull out of the nuclear pact, his administration told Iran to drop its nuclear program and pull out of the Syrian civil war among other demands, setting Washington and Tehran further on a course of confrontation.
“The people of Iran should stand united in the face of this and they will deliver a strong punch to the mouth of the American Secretary of State and anyone who backs them,” Ismail Kowsari, a senior commander with Iran’s Revolutionary Guards said, according to the Iranian Labour News Agency.
The 2015 nuclear agreement, worked out by the United States, France, Germany, Britain, Russia, China and Iran, lifted sanctions on Iran in exchange for Tehran limiting its atomic program.
Trump called it the worst deal ever negotiated but European powers see it as the best chance of stopping Iran developing a nuclear bomb.
After Trump pulled out, the other signatories said they would try to salvage the deal and keep Iran’s oil trade and investment flowing. But European companies say they are worried about getting caught up in the new U.S. sanctions, given the extent of Washington’s global reach, and some have already started pulling out.
The head of Iran’s National Security and Foreign Policy committee in parliament said that the only way to salvage the nuclear deal would be for the European signatories to stand up to the United States.
“Today they must show their strength in the face of American pressure,” Alaeddin Borujerdi said, according to the Iranian Students’ News Agency.
Related Coverage Austria's OMV stands by Iran project but no investment yet CONSEQUENCES German Foreign Minister Heiko Maas on Monday told reporters in Argentina he would travel on from there to Washington to discuss the nuclear deal with U.S. Secretary of State Mike Pompeo. He gave no date for his meeting.
Germany’s economy minister earlier told a newspaper the Berlin government would help German firms with business in Iran where it could, but could not entirely shield them from the U.S. decision to quit the Iran nuclear deal and reimpose sanctions.
Asked how the German government could assist German firms feeling nervous in the wake of the U.S. decision, Peter Altmaier told the Passauer Neue Presse newspaper that Berlin would help them assess the situation and developments while also urging the U.S. to grant exemptions and deadline extensions.
“We will help where we can, but there is no way of completely averting the consequences of this unilateral withdrawal,” he said.
His statement was echoed by Luxembourg’s foreign minister Jean Asselborn who said there were limits to the European Union’s powers to persuade its larger firms to stay in Iran in the face of threatened U.S. sanctions.
“We know there are hardly any larger companies in Europe that do not also trade with the United States. The pressure on European companies from the U.S. is quite large,” he told reporters in Brussels. “We are in the situation that we’re in.”
“I believe we should not give up, we should try until the end, to show, with our heads held high, that we are right and Mr. Trump is wrong,” he added.
French President Emmanuel Macron last week acknowledged the dilemma faced by firms choosing between trading with the biggest economy in the world, the United States, and risking sanctions and massive fines by trading with Iran.
Reporting by Babak Dehghanpisheh in Beirut; Michelle Martin and Andrea Shalal in Berlin and Gabriela Baczynska in Brussels; Writing by Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear/iran-tells-europe-to-step-up-and-save-nuclear-deal-idUSKCN1IN1KH |
A veteran economic forecaster and self-described former super bull is telling investors not to get too comfortable with the stock market's latest rally.
Economic Cycle Research Institute co-founder Lakshman Achuthan warned on CNBC's " Trading Nation " that an economic slowdown is already here — suggesting that Wall Street is dangerously optimistic right now.
"There's some tension here between what's going on with the economy outside your window and what's going on with expectations on Wall Street," Achuthan said Monday. "There is a stealth slowdown already happening."
He provided a chart that showed real consumer spending and income growth "rolling over."
"Since late last year, consumer spending growth has been easing, as has personal income growth," he noted. "That points to a fresh softening in a big part of the U.S. economy."
That's not the only bearish trend in the chart, according to Achuthan.
"Spending is outpacing income growth," he said. "That puts a lot of pressure on consumers, especially if interest rates are starting to rise."
His thoughts came as the Dow was rallying to close above the 25,000 mark for the first time since March. The index is now positive for the year. The S&P 500 also had a strong day, settling up 0.74 percent on Monday for its best day since May 10.
Achuthan wasn't sure when Wall Street could begin taking the economic sluggishness more seriously . But he still concluded that stocks are "cruising for a bruising right here."
"From an economic cycle risk point of view, the risk is rising," Achuthan said. "We have further slowing to go."
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show chapters Economic cycles expert details slowdown investors may be missing 22 Hours Ago | 05:02 Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/stealth-slowdown-means-stocks-are-cruising-to-a-bruising-ex-bull.html |
LONDON (Reuters) - Burberry beat profit forecasts on Wednesday as a strategy to re-energise its luxury brand showed early promise ahead of the arrival of its new designer Riccardo Tisci.
The former Givenchy star was appointed in March, replacing Burberry’s creative chief Christopher Bailey, who had turned the trench coat maker into a global brand.
Burberry’s chief executive Marco Gobbetti is repositioning the quintessentially British fashion house in a higher luxury segment and Tisci’s first collection will be shown in September.
“With Riccardo Tisci now on board and a strong leadership team in place, we are excited about the year ahead and remain fully focused on our strategy to deliver long-term sustainable value,” Gobbetti said.
Burberry reported a 2 percent rise in adjusted operating profit of 467 million pounds for the year to end-March. Its shares, which have risen 18 percent since Tisci was appointed, were trading up 3.5 percent at 1,867 pence at 0816 GMT.
“While the task of transforming Burberry is still before us, the first steps we implemented to re-energise our brand are showing promising early signs,” Gobbetti added.
The CEO set out a plan in November to catch up with faster growing luxury goods rivals, but he said there would be little, if any, growth in revenue and operating profit until its 2021 financial year as the programme was implemented.
Tisci’s designs will be key to Gobbetti’s strategy to reinvigorate Burberry, where sales have lagged rivals.
The company reported group revenue of 2.73 billion pounds ($3.7 billion), down 1 percent, although comparable same store sales rose 3 percent, in line with market forecasts.
Bailey’s final runway show, which had a youthful streetwear focus, had been well received, Chief Financial Officer Julie Brown told reporters, with high demand for an edited capsule range of the collection available immediately.
Burberry’s new Belt Bags, which retail at 1,590 pounds, were also proving popular, she said.
Gobbetti wants to increase sales of Burberry’s leather goods, and the company agreed to take over the Italian leather goods supplier that makes the Belt Bag earlier this month.
Burberry said it had traded in line with its guidance since the start of its financial year on April 1.
Analysts were expecting the company to report adjusted operating profit of 453 million pounds, according to a company-provided consensus of 19 analyst forecasts.
($1 = 0.7401 pounds)
FILE PHOTO: A handbag on display at a Burberry store in London, Britain, July 15, 2015. REUTERS/Toby Melville/File Photo/File Photo Editing by Kate Holton and Alexander Smith
| ashraq/financial-news-articles | https://in.reuters.com/article/burberry-group-results/burberry-bags-profit-rise-ahead-of-tisci-design-era-idINKCN1IH10H |
Nearly three-quarters of global chief financial officers (CFOs) believe the U.S. economy will remain strong over the next three years, according to a report .
Of the 497 CFOs across 30 countries surveyed by Zurich Insurance Group, EY and the Atlantic Council, 71 percent expected continued improvement in the U.S. business environment over the next three years, while 61 percent "felt confident or extremely confident about investing in the U.S."
This is despite rising calls for protectionism and the renegotiation of long-established trade arrangements by President Donald Trump's administration.
A decade after the financial crisis, corporate players cited global economic recovery, domestic tax reform and deregulation as core factors contributing to the strong sentiment gauged in the report, entitled "Borders vs Barriers: Navigating uncertainty in the U.S. business environment."
The respondents came from all industry sectors in foreign and domestic companies, and roughly half had investments in the U.S.
"A majority — 68 percent — of CFOs say U.S. tax reform will have a positive impact on their bottom line," the report said.
About half of companies benefiting from tax savings said they would use them to re-invest in plants and equipment, while almost two-thirds of those with U.S. employees said they planned to increase their headcount over the next six months.
Isolationism concerns But despite their optimism, the investors still had concerns about how U.S. policy could affect their business prospects — particularly any measures that restrict the flow of goods, capital and people. Trump's motions toward a trade war and crackdown on immigration are among their worries.
Sixty-eight percent of CFOs surveyed expected U.S. protectionism to grow in the next one-to-three years, with "46 percent indicating this growth would negatively impact investment," the report said.
Sixty-three percent predicted harsher scrutiny of cross-border mergers and acquisitions, and 68 percent expected more restrictive immigration policies, with 42 percent of those predicting these would negatively affect investment.
show chapters Warren Buffett on the US economy 17 Mins Ago | 02:20 Zurich's economic modeling calculated that over the next five years, isolationism could result in a 30 percent drop in trade and a potential cumulative loss of $2 trillion in U.S. gross domestic product (GDP) and 1.7 million American jobs when compared to an "internationalist" market scenario.
"The improved short-term economic outlook appears to be prompting CFOs to be overwhelmingly optimistic," said George Quinn, group chief financial officer at Zurich. "At the same time, many CFOs doing business in the U.S. have never experienced an economic downturn, and the world is more uncertain due to a number of recent geopolitical events."
Around two-thirds of CFOs also expected to see an increase in cyber threats to the U.S. and faster rates of innovation in competitor countries.
A rosy outlook, but for how long? The respondents' enduring confidence in America's business environment has been reflected in strong market gains and company earnings in recent months. But others in the business world worry that the booming recovery of the world's largest economy may not be long-lived.
A recent survey by J.P. Morgan found that 75 percent of ultra-high net worth investors forecast a U.S. recession in the next two years, while some economists warned that U.S. growth would not keep pace with its fast-mounting budget deficit , on track to top $1 trillion by 2020. Even billionaire Microsoft founder Bill Gates said recently that another recession like that of 2008 was "a certainty."
Still, plenty of market players will tell you there's no reason for concern and that the economy will continue moving full-speed ahead.
The bottom line is that there is little consensus except that the current picture looks good. America is enjoying its lowest unemployment in 17 years, and the International Monetary Fund (IMF) recently upped its U.S. growth forecast for 2018 to 2.9 percent.
About half of the CFOs surveyed in the report represented firms with over $500 million in yearly revenue, and a quarter made more than $3 billion in revenue. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/us-economy-will-remain-strong-for-next-3-years-cfo-survey.html |
May 22, 2018 / 9:47 AM / Updated 22 minutes ago Najib's government deceived parliament over Malaysia's finances - minister Reuters Staff 2 Min Read
KUALA LUMPUR (Reuters) - Malaysia’s previous government deceived the public and parliament over the country’s financial situation and state fund 1Malaysia Development Berhad (1MDB), the new government’s finance minister said on Tuesday. FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, in this March 1, 2015 file photo. REUTERS/Olivia Harris/File Photo
The previous government led by Najib Razak has been bailing out debt-burdened 1MDB since April 2017, paying a total of 6.98 billion ringgit ($1.8 billion) so far, Lim Guan Eng said.
That includes interest and coupon payments, and a 5.05 billion ringgit settlement payment made to Abu Dhabi fund IPIC, Lim said.
More payments, totalling 953.96 million ringgit, will fall due between this between this month and November, he said. From 2022, payments of billions more ringgit will fall due, he added.
“It is clear that the previous government has conducted an exercise of deception to the public about certain hot button items, especially 1MDB, and even misrepresented the financial situation to parliament” Lim said in a statement.
The bailing out of 1MDB by the finance ministry shows that the fund deceived the public about making debt obligations through a rationalisation exercise, he said.
Lim, who was sworn in on Monday, also said treasury officials and the country’s auditor general were unable to access certain accounts and reports.
Malaysia’s Prime Minister Mahathir Mohamad had last week said many of the figures recording the country’s financial position may be false, though he did not offer any evidence or say which data he was referring to.
Mahathir won a historic election this month, defeating Najib and his Barisan Nasional coalition, and immediately reopened investigations into 1MDB and barred the former leader from leaving the country. He has also vowed to review several policies and projects implemented by Najib’s government. Reporting by Joseph Sipalan; Writing by A. Ananthalakshmi; Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics-finances/najibs-government-deceived-parliament-over-malaysias-finances-minister-idINKCN1IN13A |
May 13, 2018 / 11:45 PM / Updated 15 hours ago UPDATE 1-Golf-Koepka makes albatross, ties course record 63 Reuters Staff
(Updates with finishing position)
By Andrew Both
PONTE VEDRA BEACH, Fla., May 13 (Reuters) - Brooks Koepka made the second albatross at the par-five 16th in the history of the Players Championship when he holed a “little” six-iron during the final round on Sunday.
The feat helped the reigning U.S. Open champion match the course record of nine-under-par 63 at TPC Sawgrass.
Koepka found himself 206 yards from the 16th hole after a 300-yard drive.
With the hole located only six yards from a water hazard to the right, Koepka aimed slightly left and hit a big, high shot that landed softly, took one bounce and disappeared into the cup.
“It was just a three-quarter six-iron,” Koepka said, meaning he swung softly.
“We thought it was perfect. I was aiming 15 feet left and just kind of started it a little bit left and it faded with the wind right on line.”
The only previous albatross at the hole was by Spaniard Rafael Cabrera-Bello last year.
Koepka finished tied for 11th at 11-under 277, seven strokes behind winner Webb Simpson.
Koepka was delighted with his performance in his third event back after missing more than three months with a left wrist injury.
“I’ve been knocking on the door,” said the American.
“It’s just sometimes when you’re off for four months you come back, you need to play a little bit, get some rhythm and it’s nice to finally shoot a low one.
“There’s nobody more excited to be here than me. To get back out it felt like it took forever. The days were very long.” (Reporting by Andrew Both Editing by Toby Davis / Ian Ransom) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players-koepka/update-1-golf-koepka-makes-albatross-ties-course-record-63-idINL3N1SK0ZT |
NEW YORK--(BUSINESS WIRE)-- Pomerantz LLP announces that a class action lawsuit has been filed against Henry Schein, Inc. (“Henry Schein” or the “Company”) (NASDAQ: HSIC) and certain of its officers. The class action, filed in United States District Court, Eastern District of New York, is on behalf of a class consisting of investors who purchased or otherwise acquired securities of Henry Schein between March 7, 2013, and February 12, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Henry Schein securities between March 7, 2013, and February 12, 2018, both dates inclusive, you have until May 7, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Henry Schein, Inc. distributes healthcare products and services including practice management software to office-based healthcare practitioners. The Company has operations in North America and other countries. Henry Schein's operations include direct marketing, telesales, and field sales.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company conspired with other dental supply companies to violate federal antitrust laws; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) that as a result of the foregoing, Henry Schein’s public statements were materially false and misleading at all relevant times.
On February 12, 2018, the Federal Trade Commission (“FTC”) revealed that it filed a complaint against the country's three largest dental supply companies, Henry Schein, Benco Dental Supply Company (“Benco”), and Patterson Companies, Inc. (“Patterson”), alleging violations of U.S. antitrust laws by conspiring to refuse to provide discounts to or otherwise serve buying groups representing dental practitioners. The complaint specifies communication between the Benco and Henry Schein executives, evidencing the agreement and their attempts to monitor and ensure compliance with the agreement. The FTC also alleges that Patterson joined the agreement.
On this news, Henry Schein’s share price fell $4.79, or 6.63%, to close at $67.39 on February 13, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006968/en/
Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
[email protected]
Source: Pomerantz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-henry-schein-inc-of-class.html |
"Tracks of My Tears" singer wants to get paid 4:15am IST - 01:18
''The Miracles'' singer Smokey Robinson was on Capitol Hill Tuesday where he called for the passage of the Music Modernization Act, a set of changes in the law that would extend copyright protection to sound recordings made before 1972. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
"The Miracles" singer Smokey Robinson was on Capitol Hill Tuesday where he called for the passage of the Music Modernization Act, a set of changes in the law that would extend copyright protection to sound recordings made before 1972. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GjsHRR | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/tracks-of-my-tears-singer-wants-to-get-p?videoId=427178424 |
May 17, 2018 / 7:13 PM / Updated an hour ago 'Made in China' label sheds light on old Java Sea shipwreck Will Dunham 3 Min Read
WASHINGTON (Reuters) - A fresh examination of Chinese ceramics and other cargo from an important Java Sea shipwreck has led researchers to conclude that the vessel sank a century earlier than previously thought, providing insight into Asia’s maritime trade more than 800 years ago. Chinese ceramic bowls from the Field Museum’s Java Sea Shipwreck, which was discovered in the 1980s west of Indonesia's island of Sumatra, is shown in an image released by the Field Museum in Chicago, Illinois, U.S., May 17, 2018. Courtesy The Field Museum/Handout via REUTERS
Inscriptions akin to a “Made in China” label found on two of the thousands of recovered ceramics provided crucial evidence that the 92-foot (28-meter) long wooden ship went down, perhaps in a storm, in the second half of the 12th century, not the mid- to late 13th century, researchers said on Thursday.
The shipwreck was discovered in the 1980s west of Indonesia’s island of Sumatra. Florida-based salvage company Pacific Sea Resources later worked at the site and donated half of the artifacts it recovered, more than 7,500 items, to the Field Museum in Chicago and the rest to Indonesia’s government in the 1990s. A Chinese storage jar from the Java Sea Shipwreck, which was discovered in the 1980s west of Indonesia's island of Sumatra, is shown in an image released by the Field Museum in Chicago, Illinois, U.S., May 17, 2018. Courtesy Gedi Jakovickas/The Field Museum/Handout via REUTERS
“The Java Sea Shipwreck is informative in many ways. It demonstrates not only the scale of maritime trade at the time but also its complexity,” said Field Museum archaeologist Lisa Niziolek, lead author of the research published in the Journal of Archaeological Science: Reports. Ceramic box base with a Chinese inscription that mentions a place, Jianning Fu, which dates from AD 1162 to 1278, from the Java Sea Shipwreck, which was discovered in the 1980s west of Indonesia's island of Sumatra, is shown in an image released by the Field Museum in Chicago, Illinois, U.S., May 17, 2018. Courtesy Gedi Jakovickas/The Field Museum/Handout via REUTERS
The ship, likely built in Indonesia, carried nearly 200 tons of wrought iron bars and cast iron woks and cooking pans, as well as about 100,000 pieces of ceramic from China. The cargo also included resin perhaps from India, elephant tusks possibly from East Africa and a collection of ritual vessels probably from Thailand. The ship likely was headed to Indonesia’s island Java from China.
The name of a specific Chinese locale, Jianning Fu, on the two ceramics inscriptions permitted a more accurate shipwreck time estimate. After the 1270s invasion of the Mongols that toppled the Song dynasty, that area was reclassified as Jianning Lu. The Jianning Fu reference meant the sinking may have occurred as early as 1162, Niziolek said.
A carbon-dating technique used on ivory and resin supported the idea that the shipwreck was older than previously thought, Field Museum archaeologist Gary Feinman said.
The earlier date shifted the shipwreck’s historical context away from the period right before or after the Mongols established China’s Yuan dynasty in the 1270s to the earlier part of the Southern Song dynasty.
This dynasty encouraged Chinese traders to go abroad instead of relying on foreign missions traveling to China, Niziolek said. This was also a time of heightened competition between Southeast Asia’s maritime societies, Niziolek added. Reporting by Will Dunham; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-science-shipwreck/made-in-china-label-sheds-light-on-old-java-sea-shipwreck-idUSKCN1II2RF |
May 31, 2018 / 7:36 PM / a few seconds ago U.S. financial watchdog lifts hold on collecting consumer data Reuters Staff 2 Min Read
WASHINGTON (Reuters) - The chief of the U.S. watchdog for consumer finance on Thursday said he would allow the agency to collect customer data when it investigates cases of possible fraud, removing an obstacle that he had put in place last year.
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau and head of the White House budget office, said he is confident that the agency can safeguard personal consumer data as it polices lending markets.
Mulvaney ordered the CFPB to stop collecting consumer data when he took over at the agency in late November. Consumer advocates had said the move would leave investigators hamstrung as they tried to root out cases of possible wrongdoing.
CFPB officials have typically relied on consumer data to help investigate and build cases.
Mulvaney said he had been concerned that consumer data could be stolen if the CFPB were hacked. But in tests of CFPB computer systems, Mulvaney said, the agency was able to reliably protect consumer data.
“This process has been an important exercise in holding ourselves to the same high standards to which we hold the entities we oversee,” Mulvaney wrote to staff in an email.
The CFPB was conceived in 2010 to protect consumers from exploitative loans. In November, Mulvaney was tapped by President Donald Trump to lead the agency on an interim basis.
As a Republican congressman, Mulvaney said the CFPB was unnecessary and put a crimp in lending markets. As head of the agency, Mulvaney has dropped investigations into several high-cost lenders and said the agency should ease the burden on industry. Reporting by Patrick Rucker; Editing by Steve Orlofsky | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-consumer-data/u-s-financial-watchdog-lifts-hold-on-collecting-consumer-data-idUKKCN1IW2UL |
NEW DELHI (Reuters) - Indian Railway Minister Piyush Goyal will temporarily take additional charge of the finance ministry until Finance Minister Arun Jaitley recovers after undergoing a kidney transplant, the country’s president said in statement on Monday.
Piyush Goyal, Minister of Railways and Coal of India, gestures as he speaks during the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018. REUTERS/Denis Balibouse Jaitley, who largely worked from home over the past month, was admitted to the All India Institutes of Medical Sciences (AIIMS) in the Indian capital on Saturday.
“The surgery has been successful. Both the recipient and donor are stable and recovering well,” the hospital said in a statement on Monday, adding that Jaitley is stable.
Jaitley could be out of action for about a month following surgery, a finance ministry official said.
Jaitley, 65, is a prominent member of Indian Prime Minister Narendra Modi’s government. In 2014, Jaitley had gastric bypass surgery to keep his diabetes in check.
Last month, he canceled trips to London and Washington due to ill-health.
Goyal will also handle the Ministry of Corporate Affairs, which is overseen by Jaitley.
As part of a broader cabinet reshuffle, Rajyavardhan Singh Rathore also replaced Smriti Irani as minister of broadcasting and information.
The move comes weeks after the broadcasting ministry said India would deny government access to journalists who publish fake news.
The decision, taken when Irani was the minister, was heavily criticized and labeled as an attack on the freedom of the press in the world’s largest democracy.
Irani will remain India’s minister of textiles.
S.S. Ahluwalia has also been made junior minister in charge of the Ministry of Electronics & Information Technology. He will be relieved of his duty as junior minister of the Ministry of Drinking Water & Sanitation.
(This version of the story corrects headline and first paragraph to say railway minister, not power minister)
Reporting by Aditi Shah, Manoj Kumar and David Lalmalsawma; Editing by Euan Rocha and Clarence Fernandez
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May 14 (Reuters) - Evoke Pharma Inc:
* EVOKE PHARMA REPORTS FIRST QUARTER 2018 RESULTS AND HIGHLIGHTS
* Q1 LOSS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $-0.19 — THOMSON REUTERS I/B/E/S
* NDA SUBMISSION FOR GIMOT ON TRACK FOR Q2 OF 2018 * INCLUDED IN NET LOSS FOR Q1 WAS A GAIN OF ABOUT $433,000 DUE TO CHANGE IN FAIR VALUE OF WARRANT LIABILITY Source text for Eikon: Further company coverage: ([email protected])
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May 1 (Reuters) - Canada's main stock index was poised to open higher on Tuesday after U.S. President Donald Trump postponed the imposition of steel and aluminum tariffs on the country, the European Union and Mexico. June futures on the S&P TSX index were up 0.11 percent at 7:15 a.m. ET. Amid a slew of earnings, investors will also focus on GDP data which is due at 8:30 a.m. ET. Canada's economy is likely to have expanded 0.3 percent in February. Canada's main stock index fell on Monday, weighed by declines for the financial and materials groups, as the market reopened after an outage halted trading for several hours on Friday afternoon. Dow Jones Industrial Average e-mini futures were down 0.08 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were up 0.03 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil, the White House said on Monday. Canadian oil and gas producer Encana Corp beat analysts' estimates with a 50 percent rise in adjusted profit for the first quarter, helped by higher production and stronger prices for its crude. Canada's stock exchange, the world's sixth largest, was back in business on Monday after a hardware glitch abruptly ended trading on Friday and the exchange operator TMX Group said it was working to ensure there will be no repeat of the embarrassing market disruption. ANALYST RESEARCH HIGHLIGHTS Canadian National Railway Co : CIBC cuts rating to neutral from outperformer Norbord Inc : Credit Suisse cuts rating to neutral from outperform COMMODITIES AT 7:15 a.m. ET Gold futures : $1308.6; -0.8 percent US crude : $67.95; -0.9 percent Brent crude : $74.14; -0.74 percent LME 3-month copper : $6787.5; -0.29 percent U.S. ECONOMIC DATA DUE ON TUESDAY 0945 Markit Manufacturing PMI Final for Apr: Prior 56.5 1000 Construction spending mm for Mar: Expected 0.5 pct; Prior 0.1 pct 1000 ISM Manufacturing PMI for Apr: Expected 58.3; Prior 59.3 1000 ISM Manufacturing Prices Paid for Apr: Expected 78; Prior 78.1 1000 ISM Manufacturing Employment Index for Apr: Expected 57.0; Prior 57.3 1000 ISM Manufacturing New Orders Index for Apr: Prior 61.9 1030 Texas Service Sector Outlook for Apr: Prior 13.5 1030 Dallas Fed Services Revenues for Apr: Prior 19.3 1530 Domestic car sales for Apr: Expected 4.05 mln; Prior 4.10 mln 1530 Total vehicle sales for Apr: Expected 17.10 mln; Prior 17.48 mln 1530 Domestic truck sales for Apr: Expected 9.50 mln; Prior 9.64 mln 1530 All car sales for Apr: Prior 5.62 mln 1530 All truck sales for Apr: Prior 11.87 mln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.29) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Anil D'Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-futures-up-after-trump-extends-tariff-exemptions-idUSL3N1S82AM |
CNBC.com Leah Mills | Reuters Rudy Giuliani, attorney for U.S. President Donald Trump, arrives for the White House Sports and Fitness Day event on the South Lawn of the White House in Washington, May 30, 2018.
Rudy Giuliani is conducting question-and-answer sessions with President Donald Trump to prepare him for an interview with the special counsel, according to an NBC News reporter. tweet 1
Giuliani, the former mayor of New York City who joined Trump's legal team in April, is preparing Trump by holding in-person and phone session with the president, according to the reporter.
The sessions are "to educate me" about what he can say that is not protected by attorney-client privilege, Giuliani told the NBC reporter.
This is breaking news. Please check back for updates.
Clarification: This story was updated to reflect additional comments and context from Giuliani. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/rudy-giuliani-is-holding-qa-sessions-with-trump-to-prepare-for-interview-with-special-counsel.html |
Barclays PLC’s will look externally for a new chairman after front-runner Gerry Grimstone unexpectedly pulled out of the race to head the British bank.
Barclays’s current chairman John McFarlane said Tuesday that he had asked the board to search for his replacement. Mr. McFarlane hasn’t said when he will go and pledged to serve at least one more year at the British bank. “While some might wish so, you are not getting rid of me yet,” said Mr. McFarlane at the bank’s annual shareholder meeting on Tuesday.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/barclays-looks-outside-for-new-chairman-1525172090 |
May 30, 2018 / 5:08 PM / in 38 minutes Anger at choice of insider as Slovak police chief after journalist's murder Tatiana Jancarikova 3 Min Read
BRATISLAVA (Reuters) - A veteran officer became Slovakia’s new police chief on Wednesday, a pick that angered protesters who had called for an outside figure to guarantee an independent investigation of the murder of a journalist who exposed high-level graft.
Journalist Jan Kuciak was found shot dead along with his girlfriend at their home in February. They were both 27.
The murder exacerbated worries about media freedom in ex-communist eastern Europe, and led to protests that forced the departure of previous police chief Tibor Gaspar as well as Prime Minister Robert Fico and interior minister Robert Kalinak.
Milan Lucansky, who will take office as police president on June 1 after being appointed on Wednesday by the interior minister, joined the police in the 1990s. Having served as deputy police chief and head of police inspection in recent years, he worked closely with Kalinak.
Asked at a press conference whether he would focus on alleged corruption cases uncovered by Kuciak, Lucansky listed “terrorism and migration” as his main challenges.
“I will take a complex look at the police force... people care about different things not just these specific cases,” Lucansky said.
Slovakia has not been a major transit or destination country during Europe’s migrant crisis.
With Fico keeping the reins of power as chief of the ruling Smer party, the appointment Lucansky to head the police led civic activists to believe that personnel changes have been more cosmetic than substantial.
New Prime Minister Peter Pellegrini and new interior minister Denisa Sakova were both senior figures in the previous administration.
Organisers of the biggest protests since the 1989 fall of communism, united under the ‘For a Decent Slovakia’ alliance, said the nomination was a missed opportunity for real change.
“Interior Minister Denisa Sakova remains nothing but the right hand of former minister Kalinak, and Prime Minister Peter Pellegrini proves he still has to do as former PM Fico and the former interior minister say,” the opposition alliance said in a statement.
No new public protests have been called for now.
No one has been charged with the murder of Kuciak and his fiancee, which a prosecutor has said was probably a contract killing.
The police also faced criticism last week from Kuciak family’s lawyer who said they may have inadvertently destroyed evidence through negligence at the scene of the murder.
The special prosecutor’s office said “some failures were detected during initial actions at the crime scene”.
Kuciak had, among other things, investigated fraud cases involving businessmen with Slovak political ties. He had also looked into suspected mafia links of Italians with businesses in Slovakia. Reporting By Tatiana Jancarikova; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-slovakia-politics-police/anger-at-choice-of-insider-as-slovak-police-chief-after-journalists-murder-idUSKCN1IV2BP |
LONDON, May 17 (Reuters) - Investors are more bearish on the euro over the next six and 12 months than at any time since November, the options market shows, its outlook darkened by concerns over politics in Italy and the dollar’s huge rally against almost every other currency.
Two populist parties are set to form Italy’s next government, and markets fear that could lead to a spending binge in the highly indebted euro zone member. Investors were spooked this week by a leaked coalition plan - subsequently denied - that the parties would demand debt forgiveness from the European Central Bank.
At the same time, the dollar is enjoying a month-long surge as U.S. bond yields hit seven-year highs and the Federal Reserve is seen raising interest rates at least twice more this year, widening the U.S. rate premium with other developed nations.
The euro has hit a five-month low against the greenback, but the price on euro put options relative to call options has risen to the highest since last November, according to six and 12-month risk reversals.
Risk reversals are a gauge of the difference in demand for puts and calls. A put option allows a buyer to profit from a fall in the asset’s value or hedge against its decline. Call options indicate bets that an asset will rise in value and are also used to hedge.
“All (option markets are) saying is markets are starting to get concerned, they are looking less convinced about the euro. On that basis it looks to have been caused by the Italy story,” said Peter Kinsella, FX and rates strategist at Commonwealth Bank of Australia.
While option pricing suggests investors still remain much more positive on the single currency than on average, increased bearishness this month stands in contrast to the predictions of most analysts, who have stuck to their forecasts for a stronger euro by the end of 2018.
One- and three-month risk reversals have fallen to their lowest since February, implying more euro weakness in the short term after the dollar rally forced speculators to unwind record bets on a stronger single currency.
But the latest rise in put option prices on a 6-month and 12-month basis suggest companies hedging currency exposure further out, as well as longer-term investors, are also growing nervous about the euro’s direction.
Aside from Italian politics, another reason could be fading expectations for a mid-2019 ECB rate rise and the possibility that its timeline for withdrawing stimulus will be postponed.
U.S. economic data on the other hand has been buoyant, keeping Fed rate rises on track.
The 12-month euro risk reversal traded at -0.075 on Wednesday, Thomson Reuters data showed. That compares with record highs in January 2018 of 0.6 and more than -2 in early 2017, when euro bears were out in force.
Six-month risk reversals show a similar story.
“The conviction about where the euro is going to be is weakening,” said Chris Turner, ING’s global head of strategy.
ING has cut its forecast for euro/dollar to $1.20 from around $1.25 for the end of the second quarter and to $1.23 from $1.28 for the third quarter end, but kept its end-of-year forecast at $1.30.
“If we get a bounce back in (euro zone) activity in the second quarter, we could hopefully get back to a scenario where the rest of the world is back on its feet and the U.S. is not an island of growth,” Turner said.
Reporting by Tommy Reggiori Wilkes Additional reporting by Saikat Chatterjee Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/euro-dollar-options/options-market-points-to-more-pain-for-the-euro-vs-dollar-idUSL5N1SO5LT |
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