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FRANKFURT, May 29 (Reuters) - German seed seller KWS Saat emerged as an interloper on Tuesday by making an offer for Bayer’s vegetable seed business, a division which Bayer had agreed to sell to BASF as part of its planned merger with Monsanto.
The KWS offer is non-binding and KWS did not disclose financial terms.
Bayer struck a deal to sell its vegetable seed business, which operates under the name Nunhems, to Germany’s BASF last month. (Reporting by Christoph Steitz and Patricia Weiss Editing by Edward Taylor)
| ashraq/financial-news-articles | https://www.reuters.com/article/monsanto-ma-bayer-kws/kws-makes-non-binding-offer-for-bayers-vegetable-seed-business-idUSFWN1SZ0J0 |
Buffett soothes investors fears of a trade war Monday, May 07, 2018 - 01:57
Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish.
Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish. //reut.rs/2FSVegz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/buffett-soothes-investors-fears-of-a-tra?videoId=424192605 |
May 16 (Reuters) - Roadrunner Transportation Systems Inc :
* ROADRUNNER TRANSPORTATION SYSTEMS - ANNOUNCES INTEGRATION OF ACTIVE AERO GROUP, USA JET, RICH LOGISTICS
* ROADRUNNER TRANSPORTATION - ACTIVE AERO GROUP, USA JET, RICH LOGISTICS TO CONTINUE TO EXIST, WILL NOW BE INTEGRATED, OPERATE UNDER ONE MANAGEMENT TEAM Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-roadrunner-transportation-systems/brief-roadrunner-transportation-systems-announces-integration-of-active-aero-group-usa-jet-rich-logistics-idUSFWN1SN0FL |
May 3 (Reuters) - Edelweiss Financial Services Ltd :
* MARCH QUARTER CONSOL NET PROFIT 2.48 BILLION RUPEES * MARCH QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 26.09 BILLION RUPEES
* CONSOL NET PROFIT IN MARCH QUARTER LAST YEAR WAS 1.70 BILLION RUPEES; CONSOL TOTAL REVENUE FROM OPERATIONS WAS 19.29 BILLION RUPEES
* RECOMMENDED FINAL DIVIDEND OF 0.30 RUPEES PER SHARE Source text - bit.ly/2HOtStM
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-edelweiss-financial-service/brief-indias-edelweiss-financial-services-march-qtr-consol-profit-rises-idUSFWN1SA0H6 |
76 COMMENTS I’m politically conservative, and I recently earned a bachelor’s degree from Pomona College, one of the country’s most liberal institutions of higher education. I believe every young conservative should consider attending a college like Pomona, where the adversity I faced paid extraordinary dividends.
A shy and insecure freshman, I realized quickly that my political views were unwelcome. One night I copied a quote from Thomas Sowell onto the whiteboard outside my dorm room. In the morning someone had scrawled “BIGOT” across Mr. Sowell’s reasoned critique of the welfare state. Upon learning of my views, my peers would turn cold, sometimes angry. When I told some classmates I supported the Second Amendment, one young woman turned red and gritted her teeth. “You wanted those kids in Newtown to die!” she spat. “You killed them!”
Faculty members were sometimes intolerant, too. When I signed up for a course with a well-known conservative at one of Pomona’s sister colleges, I received an email from my then-adviser, a history professor, who labeled his colleague an “ignorant . . . reactionary neocon” and demanded to know why I’d take a course from someone “so backwards.” Swallowing my shock, I thanked him for the warning—and took the course anyway.
Facing such hostility is difficult. Many times I found myself anxious that the friends I made, the women I dated and the instructors I respected would despise me if I expressed myself honestly. But I soon recognized that people worth having in my corner would not write me off because of my politics—and there were many professors, peers and mentors at Pomona who recognized the benefit of grappling with challenging perspectives. “I wish that Pomona admitted more students like you,” one of my closest friends, a committed progressive, told me over dinner last year. “What can I learn from people who already agree with me?”
For me, what made Pomona inhospitable at times was also what made it valuable. There are great conservative colleges, and I’m sure I would have had a fine experience at one of them. But I would not have grown so much without the challenges I encountered. I would not have had to defend my views in every class; I would not have developed a thicker skin; I would not have developed the inner confidence I now carry with me each day.
If conservatives and liberals refuse to attend college together, resolving instead to lock themselves within their respective ideological silos, how can we expect to live and govern together? To the high schoolers out there, this is not to say that the fate of American democracy rests upon the choice you make this spring or the next. But if your experience comes to be anything like mine, should you choose to attend a place like Pomona, you will look back fondly on the challenge you embraced. And for the friends you make in college, your being different will make all the difference.
Mr. Reade is an editor-in-chief emeritus of the Claremont Independent. This September he will begin his first year at the University of Chicago Law School. | ashraq/financial-news-articles | https://www.wsj.com/articles/conservatives-can-benefit-from-liberal-colleges-1527201588 |
LONDON (Reuters) - U.S. oil major ConocoPhillips is preparing to sell its North Sea fields as the company focuses on shale operations in its home market, industry and banking sources said.
Logos of ConocoPhillips are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai The disposal of Conoco’s North Sea assets after more than 50 years in the British offshore basin could fetch as much as $2 billion, but it was unclear how much of the portfolio would be put up for sale, the three sources said.
Conoco declined to comment.
The company has yet to launch a formal process or appoint a bank but executives from Conoco have spoken in recent weeks to a number of North Sea operators and bankers to “gauge the appetite for the sale”, one of the sources said.
The assets include a 24 percent stake in the west Shetlands region’s Clair field, which its operator BP says is the largest undeveloped oil and gas resource in the UK North Sea. The Clair Ridge project is expected to begin production this year, according to BP.
Other fields include holdings in the Britannia and J-Block hubs.
Conoco’s production in the UK North Sea reached 75,000 barrels of oil equivalent per day in 2017, its annual report said.
The company tried to sell some of its North Sea assets in 2014 but the process failed, the sources added.
Conoco is the latest major oil company seeking to exit the North Sea as production in the aging basin declines, other areas become more competitive and costs for dismantling aging infrastructure weigh.
Conoco earlier this year said it would cut some 450 jobs in Britain, more than a quarter of its UK workforce.
Additional reporting by Gary Williams and Ernest Scheyder in Houston; Editing by Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-conocophillips-northsea-exclusive/exclusive-conoco-moves-to-sell-north-sea-oilfields-sources-idUSKCN1IF17F |
Amazon is now under scrutiny from both sides of the aisle, as Sen. Bernie Sanders echoed President Donald Trump 's criticism of the e-commerce giant in a tweet this week.
"You know what Amazon paid in federal income taxes last year? Zero," the 2016 Democratic presidential hopeful said in a tweet Monday evening.
The Vermont senator linked to a Forbes article, which pointed to CEO Jeff Bezos ' rise in net worth as Amazon's stock benefited from a huge earnings beat last week. Bezos, the world's richest man by Forbes' estimates, added $9 billion to his own value as the stock shot up.
TWEET
Trump has publicly confronted the company for its tax practices. The president called Amazon a "scam" that costs the post office "billions," and claimed that Bezos pays "little or no taxes to state and local governments." Trump was referring to on Amazon's practice of not collecting state sales taxes for "third-party" sellers in most of the U.S., the White House said.
As for Sanders' claim, he may technically be correct. The company paid $957 million in total taxes last year, according to Amazon's 2017 annual report. But it appears that money went to state and international taxes and Amazon had a credit for the federal level last year due to perfectly legal maneuvers related to stock-based compensation and the 2017 tax act.
Ahead of those tweets, Axios reported that Trump is "obsessed with" and wants to "go after" the e-commerce giant, citing five sources who have talked about the company with him.
TWEET
The president also went after Amazon in August, tweeting that "Amazon is doing great damage to tax paying retailers. Towns, cities, and states throughout the U.S. are being hurt – many jobs being lost!"
Trump has attacked Bezos' other company, the Washington Post, accusing the outlet of publishing fake news.
Bezos has largely stayed quiet in response to Trump's affronts. He criticized Trump ahead of the 2016 election and said his behavior "erodes our democracy." Bezos also offered to #sendDonaldtospace, after Trump accused the CEO of a tax "scam" involving Amazon and the Post.
https://twitter.com/JeffBezos/status/674008204838199297
WATCH: Amazon is so much more than online shopping — here's how big its become show chapters Amazon is so much more than online shopping — here's how big its become 9:00 AM ET Sat, 14 April 2018 | 03:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/after-bernie-sanders-tweet-amazon-is-now-in-the-crosshairs-of-both-political-parties.html |
May 9 (Reuters) - Overseas Shipholding Group Inc:
* OVERSEAS SHIPHOLDING GROUP REPORTS FIRST QUARTER 2018 RESULTS
* Q1 EARNINGS PER SHARE $0.04 * Q1 REVENUE FELL 6.6 PERCENT TO $101 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-overseas-shipholding-group-says-q1/brief-overseas-shipholding-group-says-q1-revenue-fell-6-6-pct-to-101-mln-idUSASC0A0XN |
First Nine months of Fiscal Year 2018 Financial Highlights
Non-GAAP net income attributable to Hollysys was $80.3 million, an increase of 69.1% compared to the comparable prior year period. Total revenues were $393.5 million, an increase of 33.9% compared to the comparable prior year period. Non-GAAP gross margin was at 37.6%, compared to 29.6% for the comparable prior year period. Non-GAAP diluted EPS were at $1.32, an increase of 67.1% compared to the comparable prior year period. Net cash provided by operating activities was $77.3 million for the current period. DSO of 176 days, compared to 212 days for the comparable prior year period. Inventory turnover days of 58 days, compared to 54 days for the comparable prior year period.
Third Quarter of Fiscal Year 2018 Financial Highlights
Non-GAAP net income attributable to Hollysys was $22.1 million, an increase of 61.1% compared to the comparable prior year period. Total revenues were $120.6 million, an increase of 32.1% compared to the comparable prior year period. Non-GAAP gross margin was at 36.4%, compared to 30.7% for the comparable prior year period. Non-GAAP diluted EPS were at $0.36, an increase of 63.6% compared to the comparable prior year period. Net cash provided by operating activities was $5.1 million for the current quarter. DSO of 196 days, compared to 219 days for the comparable prior year period. Inventory turnover days of 63 days, compared to 61 days for the comparable prior year period.
BEIJING, Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the third quarter of fiscal year 2018 ended March 31, 2018 (see attached tables). The management of Hollysys, stated:
Industrial automation recorded a 20.0% yoy growth in quarterly revenue, at $45.7 million, and a 55.6% yoy growth in quarterly contract, at $82.2 million. Management's low-to-high end market expansion strategy has led to a healthy contract growth, especially in chemical and petrochemical. Contracts covered a broad range of products, such as DCS, SIS, DEH, MES and AMS, etc. Several major contracts were signed such as providing system for Henan Kelong Group, Shanxi Guangda Coking on their energy management project, and Zhong'an lianhe Coalification Company on their methanol and olefin conversion project. We are also building comprehensive capacity to address the substantial service and upgrading potential from the entire customer base. On coal fire, while maintaining our market share in the high end market, we have been actively responding to demand on environmental protection, energy saving, control optimization and information security, etc. Similar demand has also been spotted in other industries. With our widespread national service network, we are capable of communicating with and delivering to our customers from various industries regular and value-added customized services and products they need.
In Factory automation, we adhered to our demonstration-for-further-application strategy and proceeded deeper in the cooperation with our current customer base. On food beverage, we continued to provide innovative solution to address safety and efficiency issues for Haidilao, with new projects covering automatic dish serving, dipping source making and smart cleaning. Management team will continue to seek strategic cooperation with more renowned customers to address the increasing demand from discrete automation. With product sales and customized solutions already being delivered for the time being, our team is also making effort to get Hollysys' product line more ready for the era of intelligent manufacture. The R&D is currently under way for a future-oriented industrial internet platform aiming to make better use of industrial data for higher level of efficiency, digitalization, and automaton in manufacture.
Rail business recorded a 30.9% yoy growth in quarterly revenue at $45.5 million, while quarterly contract decline yoy by 24.6%, at $37.9 million. Few contract on ATP was signed in this quarter and the visibility of CRC bidding remains to be observed. In overseas business, we signed a maintenance contract with Hong Kong MTR with a service duration of 3 years. In subway, we continued to execute signed contracts, while strengthening our marketing capacity through reviewing and updating strategic partnership and improving local service network coverage. Management team will adhere to the diversity strategy to create revenue stream from more new products and services, and to maintain a stable and healthy growth into the future.
In oversea business, we continued to seek opportunities under the Belt and Road Initiative, signing several EPC contracts with domestic companies, including a contract with Shenhua Guohua Co.Ltd to provide DEH for 2X350MW power station in Indonesia. Our effort on strengthening operation management and risk control in Mechanical and electrical installation services has worked effectively, with quarterly revenue recording a 59.4% yoy growth at $29.4 million and a 303.0% yoy growth of quarterly contract at $21.2 million. We will continue to address operation, management and risk control issue and to closely follow the economic and political circumstances in South East Asia and Middle East.
First Nine months and the Third Quarter Ended March 31, 2018 Unaudited Financial Results Summary
To facilitate a clear understanding of Hollysys' operational results, a summary of unaudited non-GAAP financial results is shown as below:
(In USD thousands, except for number of shares and per share data)
Three months ended
Nine months ended
Mar 31,
2018
Mar 31,
2017
%
Change
Mar 31,
2018
Mar 31,
2017
%
Change
Revenues
$
120,617
91,303
32.1%
$
393,531
293,981
33.9%
Integrated contract revenue
$
104,736
78,167
34.0%
$
334,845
260,766
28.4%
Products sales
$
9,908
9,746
1.7%
$
29,085
24,116
20.6%
Service rendered
$
5,973
3,390
76.2%
$
29,601
9,099
225.3%
Cost of revenues
$
76,736
63,238
21.3%
$
245,398
206,826
18.6%
Gross profit
$
43,881
28,065
56.4%
$
148,133
87,155
70.0%
Total operating expenses
$
18,692
15,300
22.2%
$
58,971
45,843
28.6%
Selling
$
6,205
5,961
4.1%
$
20,643
17,819
15.8%
General and administrative
$
7,617
8,754
(13.0)%
$
30,752
29,247
5.1%
Research and development
$
8,758
6,093
43.7%
$
27,975
22,083
26.7%
VAT refunds and government subsidies
$
(3,888)
(5,508)
(29.4)%
$
(20,399)
(23,306)
(12.5)%
Income from operations
$
25,189
12,765
97.3%
$
89,162
41,312
115.8%
Other income, net
$
352
571
(38.4)%
$
3,062
1,831
67.2%
Foreign exchange (loss) gain
$
(877)
1,191
(173.6)%
$
(1,981)
132
(1600.8)%
Share of net income of equity investees
$
194
2,390
(91.9)%
$
2,466
4,670
(47.2)%
Gains on deconsolidation of the Company's
interests in Beijing Hollycon Electronic
Technology Co., Ltd
$
-
-
-
$
-
6,429
(100.0)%
Dividend income from a cost investee
38
449
(91.5)%
$
1,096
449
144.1%
Interest income
$
2,006
1,173
71.0%
$
5,041
2,431
107.4%
Interest expenses
$
(175)
(395)
(55.7)%
$
(808)
(795)
1.6%
Income tax expenses
$
4,553
4,433
2.7%
$
17,584
9,003
95.3%
Net income (loss) attributable to non-
controlling interests
$
75
(5)
1600.0%
$
161
(17)
1047.1%
Non-GAAP net income attributable to
Hollysys Automation Technologies Ltd.
$
22,099
13,716
61.1%
$
80,293
47,473
69.1%
Non-GAAP basic EPS
$
0.37
0.23
60.9%
$
1.33
0.79
68.4%
Non-GAAP diluted EPS
$
0.36
0.22
63.6%
$
1.32
0.79
67.1%
Share-based compensation expenses
$
257
(1,907)
113.5%
$
581
(70)
930.0%
Amortization of acquired intangible assets
$
-
-
-
$
279
263
6.1%
GAAP Net income attributable to Hollysys
Automation Technologies Ltd.
$
21,842
15,623
39.8%
$
79,433
47,280
68.0%
GAAP basic EPS
$
0.36
0.26
38.5%
$
1.31
0.79
65.8%
GAAP diluted EPS
$
0.36
0.26
38.5%
$
1.31
0.78
67.9%
Basic weighted average common shares
outstanding
60,436,871
60,408,369
0.0%
60,431,201
60,112,281
0.5%
Diluted weighted average common shares
outstanding
61,296,907
61,225,248
0.1%
61,245,982
60,909,201
0.6%
Operational Results Analysis for the Third Quarter Ended March 31, 2018
Comparing to the third quarter of the prior fiscal year, the total revenues for the three months ended March 31, 2018 increased from $91.3 million to $120.6 million, representing an increase of 32.1%. Broken down by the revenue types, integrated contracts revenue increased by 34.0% to $104.7 million, products sales revenue increased by 1.7% to $9.9 million, and services revenue increased by 76.2% to $6.0 million.
The Company's total revenues can also be presented in segments as shown in the following chart:
(In USD thousands)
Three months ended Mar 31,
Nine months ended Mar 31,
2018
2017
2018
2017
$
% to
Total
Revenue
$
% to
Total
Revenue
$
% to
Total
Revenue
$
% to
Total
Revenue
Industrial Automation
45,651
37.80%
38,054
41.70%
160,780
40.80%
128,884
43.80%
Rail Transportation Automation
45,533
37.80%
34,788
38.10%
150,279
38.20%
91,085
31.00%
Mechanical and Electrical
Solution
29,433
24.40%
18,461
20.20%
82,472
21.00%
74,012
25.20%
Miscellaneous
-
-
-
-
-
-
Total
120,617
100.00%
91,303
100.00%
393,531
100.00%
293,981
100.00%
Overall gross margin excluding non-cash amortization of acquired intangibles (non-GAAP gross margin ) was 36.4% for the three months ended March 31, 2018, as compared to 30.7% for the same period of the prior year. The non-GAAP gross margin for integrated contracts , product sales, and services rendered were 30.0%, 81.2% and 73.6% for the three months ended March 31, 2018, as compared to 24.4%, 65.2% and 78.8% for the same period of the prior year respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margin. The GAAP overall gross margin which includes non-cash amortization of acquired intangibles was 36.4% for the three months ended March 31, 2018, as compared to 30.7% for the same period of the prior year. The GAAP gross margin for integrated contracts , product sales, and service rendered were 30.0%, 81.2% and 73.6% for the three months ended March 31, 2018, as compared to 24.4%, 65.2% and 78.8% for the same period of the prior year respectively.
S elling expenses were $6.2 million for the three months ended March 31, 2018, representing an increase of $0.2 million or 4.1% compared to $6.0 million for the same quarter of the prior year. Presented as a percentage of total revenues, selling expenses were 5.1% and 6.5% for the three months ended March 31, 2018, and 2017, respectively.
G eneral and administrative expenses , excluding non-cash share-based compensation expenses (non-GAAP G&A expenses) , were $7.6 million for the quarter ended March 31, 2018, representing a decrease of $1.2 million or 13.0% compared to $8.8 million for the same quarter of the prior year. The decrease was mainly due to a decrease of $2.3 million in bad debt provision. Presented as a percentage of total revenues, non-GAAP G&A expenses were 6.3% and 9.6% for quarters ended March 31, 2018 and 2017 respectively. The GAAP G&A expenses which include the non-cash share-based compensation expenses were $7.9 million and $6.8 million for the three months ended March 31, 2018 and 2017, respectively.
Research and development expenses were $8.8 million for the three months ended March 31, 2018, representing an increase of $2.7 million or 43.7% compared to $6.1 million for the same quarter of the prior year, mainly due to increased research and development activities. Presented as a percentage of total revenues, R&D expenses were 7.3% and 6.7% for the quarter ended March 31, 2018 and 2017, respectively.
The VAT refunds and government subsid ies were $3.9 million for three months ended March 31, 2018, as compared to $5.5 million for the same period in the prior year, representing a $1.6 million or 29.4% decrease, which was primarily due to decrease of the government subsidies for $2.6 million.
The income tax expenses and the effective tax rate were $4.6 million and 17.2% for the three months ended March 31, 2018, as compared to $4.4 million and 22.1% for comparable prior year period. The effective tax rate fluctuation was mainly due to the different pre-tax income mix with different tax rates, as the Company's subsidiaries apply to different tax rates.
The non-GAAP net income attributable to Hollysys, which excludes the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, fair value adjustments of acquisition-related consideration, and fair value adjustments of a bifurcated derivative was $22.1 million or $0.36 per diluted share based on 61.3 million shares outstanding for the three months ended March 31, 2018. This represents a 61.1% increase over the $13.7 million or $0.22 per share based on 61.2 million shares outstanding reported in the comparable prior year period. On a GAAP basis, net income attributable to Hollysys was $21.8 million or $0.36 per diluted share representing an increase of 39.8% over the $15.6 million or $0.26 per diluted share reported in the comparable prior year period.
Contracts and Backlog Highlights
Hollysys achieved $141.3 million new contracts for the three months ended March 31, 2018. And the backlog as of March 31, 2018 was $578.9 million. The detailed breakdown of the new contracts and backlog by segments is shown below:
(In USD thousands)
New contracts achieved
Backlog
for the three months
ended Mar 31, 2018
as of Mar 31, 2018
$
% to Total
Contract
$
% to Total
Backlog
Industrial Automation
82,231
58.2%
185,960
32.1%
Rail Transportation
37,874
26.8%
275,399
47.6%
Mechanical and Electrical Solutions
21,159
15.0%
117,516
20.3%
Total
141,264
100.0%
578,875
100.0%
Ca sh Flow Highlights
For the three months ended March 31, 2018, the total net cash inflow was $6.9 million. The net cash provided by operating activities was $5.0 million. The net cash used in investing activities was $5.0 million, mainly consisted of $29.9 million time deposits placed with banks, which was partially offset by $26.6 million maturity of time deposits. The net cash used in financing activities was $0.1 million, mainly consisted of $0.5 million repayments of short-term bank loans, which was partially offset by $0.4 million proceeds from short-term bank loans.
Balance Sheet Highlights
The total amount of cash and cash equivalents and time deposits with original maturities over three months were $385.0 million, $365.4 million, and $268.8 million as of March 31, 2018, December 31, 2017 and March 31, 2017, respectively. As of March 31, 2018, the company held $238.0 million in cash and cash equivalents and $147.0 million in time deposits with original maturities over three months.
For the three months ended March 31, 2018, DSO was 196 days, as compared to 218 days for the comparable prior year period and 147 days for the last quarter; and inventory turnover was 63 days, as compared to 62 days for the comparable prior year period and 48 days for the last quarter.
Outlook for FY 201 8
The management concluded, "Based on our backlog currently on-hand and sales pipeline envisioned so far, we reiterate our guidance for fiscal year 2018 with revenue in the range of $500 million to $530 million and non-GAAP net income in the range of $100 million to $110 million."
Conference Call
The Company will host a conference call at 9:00 pm May 14, 2018 U.S. Eastern Time / 9:00 am May 15, 2018 Beijing Time, to discuss the financial results for the third quarter of fiscal year 2018 ended March 31, 2018 and business outlook.
To participate, please call the following numbers ten minutes before the scheduled start of the call. The conference call identification number is 7867468 .
Australia, Sydney
+61 290833212
Australia
1800411623
China, Domestic
8008190121
China, Domestic
4006208038
France
0800912761
Germany
08001820671
Hong Kong
+852 30186771
Hong Kong
800906601
Japan, Tokyo
+81 345036012
Korea (South), Seoul
+82 264903660
Malaysia
1800813708
Singapore
+65 67135090
Switzerland
0800561006
Taiwan, Province of China
+886 226507825
United Kingdom, London
+44 2036214779
United Kingdom
08082346646
United States, New York
+1 8456750437
United States
18665194004
Standard International Dial-In
+65 67135090
In addition, a recording of the conference call will be accessible within 48 hours via Hollysys' website at: http://hollysys.investorroom.com
About Hollysys Automation Technologies Ltd. (NASDAQ: HOLI)
Hollysys Automation Technologies is a leading provider of automation and control technologies and applications in China that enables its diversified industry and utility customers to improve operating safety, reliability, and efficiency. Founded in 1993, Hollysys has approximately 3,200 employees with nationwide presence in over 60 cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai, India, and serves over 10,000 customers more than 25,000 projects in the industrial, railway, subway & nuclear industries in China, South-East Asia, and the Middle East. Its proprietary technologies are applied in its industrial automation solution suite including DCS (Distributed Control System), PLC (Programmable Logic Controller), RMIS (Real-time Management Information System), HAMS (HolliAS Asset Management System), OTS (Operator Training System), HolliAS BATCH (Batch Application Package), HolliAS APC Suite (Advanced Process Control Package), SIS (Safety Instrumentation System), high-speed railway signaling system of TCC (Train Control Center), ATP (Automatic Train Protection), Subway Supervisory and Control platform, SCADA (Supervisory Control and Data Acquisition), nuclear power plant automation and control system and other products.
SAFE HARBOUR:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
[email protected]
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In USD thousands except for number of shares and per share data)
Three months ended
Mar 31,
Nine months ended
Mar 31,
2018
2017
2018
2017
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net revenues
Integrated contract revenue
$
104,736
$
78,167
$
334,845
$
260,766
Products sales
9,908
9,746
29,085
24,116
Revenue from services
5,973
3,390
29,601
9,099
Total net revenues
120,617
91,303
393,531
293,981
Cost of integrated contracts
73,297
59,126
229,295
196,936
Cost of products sold
1,863
3,394
7,696
7,537
Costs of services rendered
1,576
718
8,686
2,616
Gross profit
43,881
28,065
147,854
86,892
Operating expenses
Selling
6,205
5,961
20,643
17,819
General and administrative
7,874
6,847
31,333
29,177
Research and development
8,758
6,093
27,975
22,083
VAT refunds and government subsidies
(3,888)
(5,508)
(20,399)
(23,306)
Total operating expenses
18,949
13,393
59,552
45,773
Income from operations
24,932
14,672
88,302
41,119
Other income , net
352
571
3,062
1,831
Foreign exchange (loss) gain
(877)
1,191
(1,981)
132
Share of net income of equity investees
194
2,390
2,466
4,670
Gains on deconsolidation of the Company's interests in
Beijing Hollycon Electronic Technology Co., Ltd
-
-
-
6,429
Dividend income from a cost investee
38
449
1,096
449
Interest income
2,006
1,173
5,041
2,431
Interest expenses
(175)
(395)
(808)
(795)
Income before income taxes
26,470
20,051
97,178
56,266
Income taxes expenses
4,553
4,433
17,584
9,003
Net income
21,917
15,618
79,594
47,263
Net income (loss) attributable to non-controlling interests
75
(5)
161
(17)
Net income attributable to Hollysys Automation
Technologies Ltd.
$
21,842
$
15,623
$
79,433
$
47,280
Other comprehensive income (loss), net of tax of nil
Translation adjustments
30,784
7,525
63,054
(34,583)
Comprehensive income
52,701
23,143
142,648
12,680
Less: comprehensive income (loss) attributable to non-
controlling interests
76
(34)
163
(8,551)
Comprehensive income attributable to Hollysys
Automation Technologies Ltd.
$
52,625
$
23,177
$
142,485
$
21,231
Net income per ordinary share:
Basic
0.36
0.26
1.31
0.79
Diluted
0.36
0.26
1.31
0.78
Shares used in income per share computation:
Weighted average number of ordinary shares
60,436,871
60,408,369
60,431,201
60,112,281
Weighted average number of diluted ordinary shares
61,296,907
61,225,248
61,245,982
60,909,201
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED BALANCE SHEETS
(In USD thousands except for number of shares and per share data)
Mar 31,
Dec 31,
2018
2017
(Unaudited)
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
237,971
$
231,070
Time deposits with maturities over three months
146,984
134,379
Restricted cash
28,888
35,986
Accounts receivable, net of allowance for doubtful accounts of $51,049 and
$49,041 as of March 31,2018 and December 31, 2017, respectively
267,799
257,611
Costs and estimated earnings in excess of billings, net of allowance for doubtful
accounts of $12,192 and $12,472 as of March 31, 2018 and December 31,
2017, respectively
212,603
199,736
Other receivables, net of allowance for doubtful accounts of $1,472 and $1,568 as
of March 31, 2018 and December 31, 2017, respectively
24,498
16,857
Advances to suppliers
11,577
8,523
Amounts due from related parties
33,187
28,642
Inventories
56,893
47,602
Prepaid expenses
707
797
Income tax recoverable
457
170
Total current assets
1,021,564
961,373
Non-current assets
Restricted cash
1,479
461
Prepaid expenses
1
8
Property, plant and equipment, net
86,082
84,025
Prepaid land leases
10,742
10,472
Intangible assets, net
1,631
1,602
Investments in equity investees
60,580
58,219
Investments in cost investees
4,349
4,191
Goodwill
52,192
51,175
Deferred tax assets
8,376
8,583
Total non-current assets
225,432
218,736
Total assets
1,246,996
1,180,109
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Derivative financial liability
535
535
Short-term bank loans
7,930
7,859
Current portion of long-term loans
387
401
Accounts payable
138,061
126,095
Construction costs payable
173
167
Deferred revenue
144,216
130,451
Accrued payroll and related expenses
11,417
17,724
Income tax payable
3,354
5,237
Warranty liabilities
5,907
6,136
Other tax payables
6,599
11,052
Accrued liabilities
22,927
22,014
Amounts due to related parties
3,788
3,169
Total current liabilities
345,294
330,840
Non-current liabilities
Accrued liabilities
6,078
9,155
Long-term loans
21,212
21,064
Deferred tax liabilities
12,168
9,838
Warranty liabilities
2,715
2,642
Total non-current liabilities
42,173
42,699
Total liabilities
387,467
373,539
Commitments and contingencies
-
-
Stockholders' equity:
Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized;
60,342,099 shares issued and outstanding as of March 31, 2018 and December
31, 2017
60
60
Additional paid-in capital
222,771
222,514
Statutory reserves
43,611
41,130
Retained earnings
552,711
533,347
Accumulated other comprehensive income
40,192
9,411
Total Hollysys Automation Technologies Ltd. stockholder's equity
859,345
806,462
Non-controlling interests
184
108
Total equity
859,529
806,570
Total liabilities and equity
$
1,246,996
$
1,180,109
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In USD thousands)
Three months ended
Nine months ended
Mar 31, 2018
Mar 31, 2018
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net income
$
21,917
$
79,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
1,671
5,060
Amortization of prepaid land leases
68
198
Amortization of intangible assets
-
279
Allowance for doubtful accounts
(616)
3,571
Gain on disposal of property, plant and equipment
(80)
(32)
Share of net income from equity investees
(194)
(2,466)
Share-based compensation expenses
257
582
Deferred income tax expenses
2,383
1,628
Accretion of convertible bond
57
315
Fair value adjustments of a bifurcated derivative
-
48
Gain from the derecognition of nonfinancial assets
-
(2,345)
Changes in operating assets and liabilities:
Accounts receivable
(4,517)
(3,670)
Costs and estimated earnings in excess of billings
(5,094)
(39,555)
Inventories
(7,200)
(7,244)
Advances to suppliers
(1,009)
(1,070)
Other receivables
(6,644)
(2,838)
Deposits and other assets
7,263
12,238
Due from related parties
(3,223)
3,554
Accounts payable
5,765
5,924
Deferred revenue
9,100
27,453
Accruals and other payables
(8,540)
(5,399)
Due to related parties
489
1,246
Income tax payable
(2,159)
4,643
Other tax payables
(4,659)
(4,533)
Net cash provided by operating activities
5,035
77,181
Cash flows from investing activities:
Time deposits placed with banks
(29,852)
(149,592)
Purchases of property, plant and equipment
(247)
(858)
Maturity of time deposits
26,563
112,778
Proceeds from disposal of property, plant and equipment
101
151
Investment of an equity investee
(1,594)
(5,806)
Acquisition of a subsidiary, net of cash acquired
-
(583)
Net cash used in investing activities
(5,029)
(43,910)
Cash flows from financing activities:
Proceeds from short-term bank loans
418
1,471
Repayments of short-term bank loans
(499)
(2,053)
Proceeds from long-term bank loans
-
537
Repayments of long-term bank loans
-
(363)
Payment of Dividends
-
(7,241)
Net cash used in financing activities
(81)
(7,649)
Effect of foreign exchange rate changes
6,976
14,709
Net increase in cash and cash equivalents
$
6,901
$
40,331
Cash and cash equivalents, beginning of period
$
231,070
$
197,640
Cash and cash equivalents, end of period
237,971
237,971
Non-GAAP Measures
In evaluating our results, the non-GAAP measures of "Non-GAAP general and administrative expenses", "Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. stockholders", "Non-GAAP basic earnings per share", and "Non-GAAP diluted earnings per share" serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors, as they exclude the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, fair value adjustments of acquisition-related consideration, and fair value adjustments of a bifurcated derivative. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition, given the business nature of the Company, it has been a common practice for investors to use such non-GAAP measures to evaluate the Company.
The following table provides a reconciliation of U.S. GAAP measures to the non-GAAP measures for the periods indicated:
(In USD thousands, except for number of shares and per share data)
Three months ended
Nine months ended
Mar 31,
Mar 31,
2018
2017
2018
2017
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cost of integrated contracts
$
73,297
$
59,126
$
229,295
$
196,936
Less: Amortization of acquired intangible assets
-
-
279
263
Non-GAAP cost of integrated contracts
$
73,297
$
59,126
$
229,016
$
196,673
General and administrative expenses
$
7,874
$
6,847
$
31,333
$
29,177
Less: Share-based compensation expenses
257
(1,907)
581
(70)
Non-GAAP general and administrative expenses
$
7,617
$
8,754
$
30,752
$
29,247
Net income attributable to Hollysys Automation
Technologies Ltd.
$
21,842
$
15,623
$
79,433
$
47,280
Add:
Share-based compensation expenses
257
(1,907)
581
(70)
Amortization of acquired intangible assets
-
-
279
263
Non-GAAP net income attributable to Hollysys Automation Technologies Ltd.
$
22,099
$
13,716
$
80,293
$
47,473
Weighted average number of basic ordinary shares
60,436,871
60,408,369
60,431,201
60,112,281
Weighted average number of diluted ordinary shares
61,296,907
61,225,248
61,245,982
60,909,201
Non-GAAP basic earnings per share
$
0.37
$
0.23
$
1.33
$
0.79
Non-GAAP diluted earnings per share
$
0.36
$
0.22
$
1.32
$
0.78
: releases/hollysys-automation-technologies-reports-unaudited-financial-results-for-the-first-nine-months-and-the-third-quarter-ended-march-31-2018-300647509.html
SOURCE Hollysys Automation Technologies, Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-hollysys-automation-technologies-reports-unaudited-financial-results-for-the-first-nine-months-and-the-third-quarter-ended.html |
Paddy Power Betfair in discussions to buy FanDuel 7:46pm IST - 01:41
Paddy Power Betfair is considering merging its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market, the Irish bookmaker said on Wednesday. As Kate King reports, it comes at a time when British bookmakers are under pressure from tighter regulation.
Paddy Power Betfair is considering merging its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market, the Irish bookmaker said on Wednesday. As Kate King reports, it comes at a time when British bookmakers are under pressure from tighter regulation. //reut.rs/2L6JsTW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/paddy-power-betfair-in-discussions-to-bu?videoId=427437379 |
(Reuters) - Altice USA Inc’s ( ATUS.N ) shares could rise by 50 percent to approach nearly $30 as tax benefits and share buybacks fortify a company hoping to stave off cable television subscription declines, according to Barron’s.
The U.S. financial newspaper said Altice USA’s cash flow was rising after the company cut costs. The company can also offset some future taxes using losses not booked in previous years and use the extra cash to repurchase its shares.
The cable TV provider, which is expected to complete a spinoff from European telecom company Altice NV ( ATCA.AS ) next month, has been stepping up efforts to cushion the impact of “cord-cutting” as viewers drop cable packages and move to streaming services such as Netflix Inc ( NFLX.O ).
Altice USA is working to expand in high-speed internet as well as by offering “skinny bundles” of fewer channels to subscribers at lower prices.
Altice USA’s shares could reach the “high 20s,” according to Barron’s, after closing at $18.48 on Friday. The paper did not give a timeframe for such an increase.
Reporting by Trevor Hunnicutt; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-altice-usa-stocks/altice-usa-shares-could-rise-by-50-percent-barrons-idUSKCN1IS0RM |
The Pre-Markets Rundown: May 30, 2018 51 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/the-pre-markets-rundown-may-30-2018.html |
U.S. Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world's two largest economies.
Ross will visit China from June 2 to June 4, the official Xinhua news agency reported on Friday, adding that Vice Premier Liu He, China's chief negotiator in the trade dispute, had spoken with Ross over the phone. It gave no further details.
The trade dispute took on added complexity this week when U.S. President Donald Trump announced a national security investigation into imports of cars and trucks, a probe that could lead to tariffs against China as well as key U.S. allies such as Canada , Mexico , Japan , and Germany .
U.S. Treasury Secretary Steven Mnuchin told CNBC on Monday that Ross is aiming to negotiate "a framework" that could then turn into "binding agreements ... between companies."
In the last round of talks in Washington in mid-May, China agreed to ramp up purchases of U.S. agriculture and energy products, and the two sides worked towards a possible reprieve for ZTE Corp. from a U.S. ban on American companies supplying the Chinese maker of telecoms equipment.
The developments and constructive comments from both sides eased fears that the United States and China could plunge into a trade war, but Trump said this week that any deal would need "a different structure," fueling uncertainty over the negotiations.
Trump has threatened to impose tariffs on up to $150 billion of Chinese goods to combat what he says is Beijing's misappropriation of U.S. technology through joint venture requirements and other policies.
Beijing has threatened equal retaliation, including tariffs on some of its largest U.S. imports, including aircraft, soybeans, and autos. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/us-commerce-secretary-wilbur-ross-to-visit-china-for-trade-talks-in-early-june.html |
Starbucks closing nationwide stores for bias training 3 Hours Ago The "Squawk on the Street" crew talks about Starbucks' anti-bias training for about 8,000 company-owned stores following a recent incident in which two African American men at a Philadelphia store were arrested while waiting for a companion to join them. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/starbucks-closing-nationwide-stores-for-bias-training.html |
May 7 (Reuters) - Impinj Inc:
* Q1 REVENUE $25.1 MILLION VERSUS I/B/E/S VIEW $24 MILLION * Q1 NON-GAAP LOSS PER SHARE $0.38
* Q1 GAAP LOSS PER SHARE $0.68 * Q1 EARNINGS PER SHARE VIEW $-0.37 — THOMSON REUTERS I/B/E/S
* SEES Q2 REVENUE $25.0 MILLION TO $27.0 MILLION * SEES Q2 GAAP NET LOSS PER SHARE - BASIC AND DILUTED $0.57 TO $0.49
* SEES Q2 NON-GAAP NET LOSS PER SHARE - BASIC AND DILUTED $0.38 TO $0.30
* FY2018 EARNINGS PER SHARE VIEW $-1.12, REVENUE VIEW $105.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-impinj-reports-q1-non-gaap-loss-pe/brief-impinj-reports-q1-non-gaap-loss-per-share-0-38-idUSASC0A07E |
Assessing the financial health of some publicly traded health-care stocks is getting trickier.
A new rule enacted by the Financial Accounting Standards Board this year means that companies no longer need to include an estimate of uncollectible debt on their income statements as a deduction from gross revenue as well as a reduction to accounts receivable on the balance sheet.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-it-is-harder-to-diagnose-hospital-stocks-1527499800 |
May 17, 2018 / 10:45 AM / Updated an hour ago Netanyahu does 'chicken dance' with Israeli Eurovision winner Reuters Staff 1 Min Read
JERUSALEM (Reuters) - Prime Minister Benjamin Netanyahu couldn’t resist doing the “chicken dance” with Netta Barzilai when the Eurovision song contest winner visited the Israeli leader and his wife, Sara, in his official residence.
“What fun to meet Netta Barzilai in Jerusalem!,” Netanyahu tweeted after the meeting on Wednesday. “We all love you. You brought great honour to our country.”
A video clip he posted on Twitter showed a beaming Netanyahu flapping his arms with Barzilai as they did her trademark moves.
Wearing a Japanese-style kimono and geisha hairdo, the 25-year-old Israeli singer won the glitzy Eurovision pageant, watched by more than 200 million people around the world, in Lisbon on Saturday. [L2N1SK00H]
Her song, “I’m Not Your Toy”, has a woman’s empowerment twist, and it began with Barzilai mimicking chicken clucking. Thousands of her Israeli fans took to the streets of Tel Aviv to celebrate after her victory, and Israel will host the song contest next year. Writing by Jeffrey Heller; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-music-eurovision-netanyahu/netanyahu-does-chicken-dance-with-israeli-eurovision-winner-idUKKCN1II1DI |
Weinstein to surrender on sex assault charges 2:59am IST - 01:00
Disgraced movie mogul Harvey Weinstein is expected to turn himself into the NYPD Friday on charges of sexual misconduct following a months-long investigation, including by the Manhattan district attorney's office. ▲ Hide Transcript ▶ View Transcript
Disgraced movie mogul Harvey Weinstein is expected to turn himself into the NYPD Friday on charges of sexual misconduct following a months-long investigation, including by the Manhattan district attorney's office. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IHDCKV | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/weinstein-to-surrender-on-sex-assault-ch?videoId=430002097 |
Student creates water-colour paints made from discarded cosmetics Wednesday, May 23, 2018 - 02:09
A British university student has created a range of water-colour paints made from discarded cosmetics, which she calls an example of how the so-called 'circular economy' can help improve the environment. ▲ Hide Transcript ▶ View Transcript
A British university student has created a range of water-colour paints made from discarded cosmetics, which she calls an example of how the so-called 'circular economy' can help improve the environment. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2II6ToI | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/student-creates-water-colour-paints-made?videoId=429572129 |
May 5, 2018 / 12:06 PM / in 4 hours Real won’t give Barca guard of honour, says Zidane Joseph Cassinelli 3 Min Read
MADRID (Reuters) - Real Madrid will not give La Liga champions Barcelona a guard of honour when the sides meet in El Clasico, coach Zinedine Zidane said on Saturday. FILE PHOTO - Soccer Football - Champions League Semi Final Second Leg - Real Madrid v Bayern Munich - Santiago Bernabeu, Madrid, Spain - May 1, 2018 Real Madrid coach Zinedine Zidane REUTERS/Juan Medina
Barcelona wrapped up the title last weekend and face European champions Real on Sunday.
“After the Club World Cup they didn’t want to do it for us,” Zidane told a news conference.
“They might have said they didn’t do it because they weren’t in the competition, but that’s not true. You’ve got to win the Champions League to play in it and we’re both in the Champions League.
“It’s not up to me to decide about the guard of honour but they didn’t do it. We, with respect, won’t do it for them because they didn’t.
“We respect what Barca have done in winning the league, which for me is the most difficult and nicest thing you can do. But these things happen; if they’d have given us one, we weren’t going to break the tradition of doing so.”
The incident Zidane was referring to happened before the Clasico on Dec. 23 when, having returned from the United Arab Emirates as Club World Cup winners, Barcelona elected not to give Real a guard of honour as is traditional in Spain.
Barca won the match 3-0.
Real, third in the table, secured their place in this month’s Champions League final on Tuesday and are aiming to win the trophy for the third year in a row but Zidane is planning to name a full-strength side against Barcelona.
“While the game won’t change the league positions, we still want to play well and do everything we can to win,” he said.
“If there’s players who still feel knocks, they won’t play, but we’ve got a lot of options to replace them. (Raphael) Varane and Isco should be fine to travel.”
Sunday’s meeting will be the final time Barca midfielder Andres Iniesta plays in the fixture having announced he will leave the Catalans at the end of the season.
“He’s a player we admire, not just any other player, and we all know how he is as a person,” Zidane said.
“We’ll shake his hand, congratulate him and wish him luck for the future.” Editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-fcb-mad-zidane/real-wont-give-barca-guard-of-honour-says-zidane-idUKKBN1I60EU |
* President to consult with parties on Monday
* Centre-right alliance to meet later on Sunday
* 5-Star wants new election if League refuses
By Steve Scherer
ROME, May 6 (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement, Luigi Di Maio, on Sunday made a last-ditch offer to the far-right League in a bid to break a political deadlock that has dragged on for more than two months.
For the first time since the March 4 vote ended with a hung parliament, Di Maio said he would pick a prime minister with League leader Matteo Salvini. Until now, Di Maio has insisted that he be the next premier.
“If the goal is to put into action an election platform and the obstacle is Luigi Di Maio as premier, then I say let’s choose a prime minister together,” Di Maio said referring to the League during an interview on RAI state television.
The move comes a day before a third and possibly final round of formal consultations with President Sergio Mattarella.
While Di Maio conceded the prime minister’s office, he held his ground on insisting that Salvini abandon his ally, former prime minister Silvio Berlusconi, who 5-Star views as a symbol of political corruption.
“The ball is now in the centre-right’s court,” Di Maio added, saying he did not know if Berlusconi would take “a step back”.
Salvini, Berlusconi and Giorgia Meloni - the leaders of the centre-right alliance - are scheduled to meet on Sunday to discuss their position heading into the latest round of consultations.
If the centre-right remains united, Mattarella is expected to try to put forward a stopgap government to take Italy back to a vote later this year.
Di Maio said if 5-Star fails to come to an agreement with the League, he wants an election as soon as possible, as early as this summer. 5-Star will not support any government put together by Mattarella, Di Maio said.
Such a short-term government could only take office with full powers if it has the support of either 5-Star or the League, and both parties have been hostile to the idea.
“A government put together by the president would not have the numbers (in parliament),” Di Maio said. “We cannot vote confidence in it and as far as I know, neither would the League.”
Di Maio’s latest offer to the League followed Salvini’s proposal on Friday for the formation of a stopgap government between the centre-right and 5-Star that would be tasked with writing a 2019 budget and preparing for a new election.
Mattarella, who has the power to select prime ministers and dissolve parliament, has sought to avoid another vote by conducting meticulous and patient negotiations, but now a source familiar with the situation has said an election in September or October cannot be ruled out.
“I thought it would be difficult (to form a government), but I didn’t think it would be impossible,” Di Maio said.
Reporting by Steve Scherer; Editing by Janet Lawrence
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics/italys-5-star-makes-last-ditch-overture-to-league-for-government-idUSL8N1SD0IG |
May 9 (Reuters) - Everspin Technologies Inc:
* SEES Q2 2018 LOSS PER SHARE $0.41 TO $0.45 * SEES Q2 2018 REVENUE $10.9 MILLION TO $11.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-everspin-q1-loss-per-share-009/brief-everspin-q1-loss-per-share-0-09-idUSASC0A14N |
WASHINGTON (Reuters) - The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists.
FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren The attack by Gun Owners of America and the National Rifle Association (NRA) could imperil de-regulatory gains the banks had hoped to win from Republican lawmakers and regulators, many of whom are staunch defenders of the Second-Amendment right to bear arms, according to industry sources.
In March, Citigroup put restrictions on new retail business clients which sell guns to require their customers to pass background checks, following February’s Florida high school shooting that killed 17 people. Weeks later, Bank of America said it would no longer lend to companies that make military-style firearms for civilians.
Gun-control activists and Democrats praised the policy, urging other financial firms to follow suit. But gun owners and manufactures say it encroaches on Americans’ constitutional rights and they are fighting back.
Gun Owners of America (GOA), a Washington-based lobby group, has asked lawmakers to add a provision to a draft law rewriting bank rules that it says would prevent “gun-hating banks” from “discriminating” against firearms makers.
The bill reforming the 2010 Dodd Frank act is set to be voted on by the House of Representatives next week.
While financial-industry lobbyists say the bill is likely to pass without the provision on gun-lending, the firearms issue is threatening to turn the powerful gun lobby into an adversary for banks on other regulatory issues longer term.
“Citigroup and Bank of America are threatening our Second-Amendment rights. They do not realize how much more there is to lose than to gain,” by their new policies, said GOA’s executive director, Erich Pratt.
The group this month wrote to its 1.5 million members urging them to petition House lawmakers to vote against the bill if the provision is not added.
“Our members will take direct action to such discriminatory lending practices by these banks,” Pratt added.
Citigroup and Bank of America declined to comment.
FILE PHOTO: A Bank of America logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Charles Adcox, a member of GOA, has stopped accepting Citi and Bank of America credit cards at his Missouri gun shop Black River Armory in response to their new policy.
“My more loyal customers don’t mind paying in cash. Some even wish to drop their credit-card companies for gun-friendly alternatives,” Adcox told Reuters.
The NRA is running an advertisement campaign criticizing Citi and Bank of America online, adding that Citi may be encouraging retailers to violate anti-discrimination laws.
“The NRA will continue to promote awareness of those companies who seek to infringe upon the Second Amendment rights of American citizens,” William Brewer, partner at Brewer, Attorneys & Counselors and counsel for the NRA, said in a statement.
“POOR STRATEGY” Mike Crapo, chairman of the Senate Banking Committee, which writes banking rules and oversees Wall Street regulators, wrote to the chief executives of both lenders in April chastising them for trying to “manage social policy”, according to reports.
J.W. Verret, professor of Banking Law at Scalia Law School, said the banks’ gun policies appeared to be a “terrifically poor strategy” at a time when they had stood to gain from a political push to cut red tape across the financial industry - potentially reducing their access to lawmakers and regulators.
“There might be a timing challenge in getting that particular provision in this bill but it means that the number of offices that takes Citi’s phone calls in the next year or two on the Hill has just been cut in half.”
The gun issue is unlikely to go away as mass shootings grab the nation’s attention. Multiple people were killed on Friday in a shooting at a high school in Texas, a law enforcement source said.
As lawmakers aim to relax banking regulations almost 10 years after the start of the 2007-2009 crisis, banking lobbyists have been increasingly active on Capitol Hill.
The Dodd Frank rewrite now being considered in the House would relax lending and capital and mid-size banks, give a capital break to some large banks’ custody businesses, and includes a provision that would directly benefit Citi’s bond trading business.
Reporting by Katanga Johnson; Editing by Michelle Price and Alistair Bell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-guns-banks/u-s-gun-lobby-takes-aim-at-gun-hating-banks-citi-bofa-idUSKCN1IJ260 |
South Korea wants U.S. troops to stay regardless of peace with North 12:55pm IST - 01:26
South Korea clarifies it wants American troops to remain on the Korean Peninsula whether or not a peace treaty is signed with North Korea. Sareena Dayaram reports.
South Korea clarifies it wants American troops to remain on the Korean Peninsula whether or not a peace treaty is signed with North Korea. Sareena Dayaram reports. //reut.rs/2FzA6vN | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/south-korea-wants-us-troops-to-stay-rega?videoId=423138360 |
TRULANCE only CIC/IBS-C Rx brand to grow in total and new Rx volume quarter-over-quarter, per IQVIA Synergy lowers 2018 adjusted operating expense (non-GAAP) guidance Initiated strategic partnership with the National Cancer Institute (NCI) to collaborate on study to evaluate dolcanatide’s potential to prevent colorectal cancer Conducting ongoing review of strategic business development options focused on maximizing shareholder value
NEW YORK--(BUSINESS WIRE)-- Synergy Pharmaceuticals Inc. (NASDAQ:SGYP), a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies, today reported its financial results and business update for the three months ended March 31, 2018.
“The first quarter of 2018 was all about executing on our three key business priorities of optimizing the value of TRULANCE, ensuring a strong financial foundation, and continuing to explore all strategic business development opportunities,” said Troy Hamilton, Chief Executive Officer of Synergy Pharmaceuticals Inc. “With TRULANCE, we saw continued growth in prescriptions, market share and its prescriber base and with the IBS-C launch in late February, we have the opportunity to continue to drive further sales growth. In addition, we continued to efficiently manage our operating expenses by prioritizing key investments in areas of high return, such as expanding market access. Finally, we amended our debt agreement to allow for more flexible access to capital as we are pursuing strategic options that align with our core mission to deliver exceptional value to our patients, customers and shareholders. Overall, our progress against our key business priorities during the first quarter reflect our commitment to maximizing shareholder value while also maintaining our focus on providing safe and effective treatment options for patients living with chronic GI conditions.”
First Quarter 2018 and Recent Highlights
Optimizing the Value of TRULANCE
44,177 TRULANCE 30-count packs were dispensed in the first quarter of 2018, resulting in a total of 132,628 TRULANCE 30-count packs dispensed since the product's launch on March 20, 2017, per IQVIA. TRULANCE was the only prescription brand for CIC and IBS-C to show positive total and new prescription volume growth in the first quarter over the prior quarter, per IQVIA. In the nine weeks since the launch of the IBS-C indication in late February, TRULANCE prescription volume grew 24% versus the prior nine weeks or nearly five times the branded CIC and IBS-C prescription market growth rate, per IQVIA. The total number of unique healthcare practitioners prescribing TRULANCE since launch reached nearly 12,000 in the first quarter of 2018, increasing more than 20% over the prior quarter, per IQVIA. TRULANCE currently has over 70% payer coverage across all segments including commercial, Medicare Part D and Managed Medicaid.
Ensuring a Strong Financial Foundation
Financial Results
Reported TRULANCE net sales were $8.6 million in the first quarter of 2018 compared to net sales of $9.4 million during the fourth quarter of 2017. TRULANCE first quarter net sales of $8.6 million increased by 18% compared to fourth quarter of 2017 adjusted net sales (non-GAAP) of $7.3 million. Reported total operating expenses were $43.5 million in the first quarter of 2018 compared to total operating expenses of $43.8 million during the fourth quarter of 2017. Total adjusted operating expenses (non-GAAP) were $40.6 million in the first quarter of 2018 compared to $41.1 million in total adjusted operating expenses (non-GAAP) in the fourth quarter of 2017. In February 2018, Synergy amended its Term Loan agreement with CRG to provide more financial flexibility while the company continues to evaluate various strategic options. Synergy has the ability to access up to an additional $100 million in 2018 in three tranches. Synergy received $5.0 million in non-refundable upfront payments related to the TRULANCE Canadian licensing agreement with Cipher Pharmaceuticals completed in February 2018. This payment was recorded as deferred revenue for the quarter and will be recognized as revenue upon meeting future contractual obligations. Under the terms of the licensing agreement, Synergy is eligible for an additional milestone payment upon regulatory approval in Canada, as well as royalties from Trulance product sales in Canada. Synergy reported a net loss of $36.1 million, or $0.15 per share, for the first quarter of 2018. Cash and cash equivalents were approximately $98.7 million at the end of the first quarter.
2018 Financial Guidance
As a result of ongoing efforts to improve cost efficiency measures, Synergy is lowering projected total adjusted operating expense (non-GAAP) guidance for 2018 to be in the range of $165 million - $175 million versus previously guided $175 million - $185 million.
Exploring All Strategic and Business Development Opportunities
Collaborations & Partnerships
Synergy initiated a partnership with the National Cancer Institute (NCI) to collaborate on a NCI-funded and managed clinical biomarker study to evaluate dolcanatide’s potential to prevent colorectal cancer. The study will assess the colorectal bioactivity of dolcanatide in healthy volunteers and will inform the feasibility and design of a larger study. This is the first clinical biomarker study evaluating the potential benefit of using a uroguanylin analog in colorectal cancer prevention. The advancement of Synergy’s proprietary uroguanylin analog, dolcanatide, into this clinical trial builds on Synergy and NCI scientists' pioneering work showing the important role of uroguanylin in the complex biology of colorectal cancer. Synergy's Canadian partner, Cipher Pharmaceuticals, is currently in discussions with Health Canada and plans to file a New Drug Submission for TRULANCE in IBS-C in the second half of 2018. The regulatory review period is approximately one-year from the submission date.
Ongoing Strategic Review
Synergy continues to engage in an ongoing review of strategic business opportunities focused on maximizing shareholder value. This review process includes, but is not limited to, potential US and ex-US partnerships, licensing, and merger and acquisition transactions. Synergy expects to provide further updates on or before it reports second quarter 2018 results.
First-Quarter Conference Call & Webcast
Synergy will host a conference call and webcast today at 4:30 p.m. Eastern Time to discuss first quarter 2018 results. Participants may access the conference call by dialing 877-407-3978 (US and Canada) or 412-902-0039 (International). Please let the operator know you would like to join the Synergy Pharmaceuticals call. To access the webcast as well as a PDF copy of the presentation, please visit the Investors section of Synergy's website at www.synergypharma.com .
An audio replay of the conference call will also be available beginning approximately two hours after the call's conclusion, and will remain available through May 24, 2018. The replay may be accessed by dialing 877-660-6853 (U.S. and Canada) or 201-612-7415 (International) and entering conference ID number 13668774. A replay of the webcast will also be available on the Investors section of Synergy's website at www.synergypharma.com .
About Synergy Pharmaceuticals
Synergy is a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies. The company has pioneered discovery, research and development efforts around analogs of uroguanylin, a naturally occurring human GI peptide, for the treatment of GI diseases and disorders. Synergy’s proprietary GI platform includes one commercial product TRULANCE® (plecanatide) and a second product candidate - dolcanatide. For more information, please visit www.synergypharma.com .
About Irritable Bowel Syndrome with Constipation (IBS-C)
Irritable bowel syndrome (IBS) is a chronic gastrointestinal disorder characterized by recurrent abdominal pain and associated with two or more of the following: related to defecation, associated with a change in the frequency of stool, or associated with a change in the form (appearance) of the stool. IBS can be subtyped by the predominant stool form: constipation (IBS-C), diarrhea (IBS-D) or mixed (IBS-M). Those within the IBS-C subtype experience hard or lumpy stools more than 25 percent of the time they defecate, and loose or watery stools less than 25 percent of the time. It is estimated that the prevalence of IBS-C in the U.S. adult population is approximately 4 to 5 percent.
About Chronic Idiopathic Constipation (CIC)
CIC affects approximately 14 percent of the global population, disproportionately affecting women and older adults. People with CIC have persistent symptoms of difficult-to-pass and infrequent bowel movements. In addition to physical symptoms including abdominal bloating and discomfort, CIC can adversely affect an individual’s quality of life, including increasing stress levels and anxiety.
About TRULANCE ®
TRULANCE ® (plecanatide) is a once-daily tablet approved for adults with CIC or IBS-C. With the exception of a single amino acid substitution for greater binding affinity, TRULANCE is structurally identical to uroguanylin, a naturally occurring and endogenous human GI peptide. Uroguanylin activates GC-C receptors in a pH-sensitive manner primarily in the small intestine, stimulating fluid secretion and maintaining stool consistency necessary for regular bowel function.
Indications and Usage
TRULANCE (plecanatide) 3 mg tablets is indicated in adults for the treatment of Chronic Idiopathic Constipation (CIC) and Irritable Bowel Syndrome with Constipation (IBS-C).
IMPORTANT SAFETY INFORMATION
WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS
TRULANCE ® is contraindicated in patients less than 6 years of age; in nonclinical studies in young juvenile mice administration of a single oral dose of plecanatide caused deaths due to dehydration. Use of TRULANCE should be avoided in patients 6 years to less than 18 years of age. The safety and efficacy of TRULANCE have not been established in pediatric patients less than 18 years of age.
Contraindications
TRULANCE is contraindicated in patients less than 6 years of age due to the risk of serious dehydration. TRULANCE is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.
Warnings and Precautions
Risk of Serious Dehydration in Pediatric Patients
TRULANCE is contraindicated in patients less than 6 years of age. The safety and effectiveness of TRULANCE in patients less than 18 years of age have not been established. In young juvenile mice (human age equivalent of approximately 1 month to less than 2 years), plecanatide increased fluid secretion as a consequence of stimulation of guanylate cyclase-C (GC-C), resulting in mortality in some mice within the first 24 hours, apparently due to dehydration. Due to increased intestinal expression of GC-C, patients less than 6 years of age may be more likely than older patients to develop severe diarrhea and its potentially serious consequences. Use of TRULANCE should be avoided in patients 6 years to less than 18 years of age. Although there were no deaths in older juvenile mice, given the deaths in young mice and the lack of clinical safety and efficacy data in pediatric patients, use of TRULANCE should be avoided in patients 6 years to less than 18 years of age.
Diarrhea
Diarrhea was the most common adverse reaction in the four placebo-controlled clinical trials for CIC and IBS-C. Severe diarrhea was reported in 0.6% of TRULANCE-treated CIC patients, and in 1% of TRULANCE-treated IBS-C patients. If severe diarrhea occurs, the health care provider should suspend dosing and rehydrate the patient.
Adverse Reactions
In the two combined CIC clinical trials, the most common adverse reaction in TRULANCE-treated patients (incidence ≥2% and greater than in the placebo group) was diarrhea (5% vs 1% placebo). In the two combined IBS-C clinical trials, the most common adverse reaction in TRULANCE-treated patients (incidence ≥2% and greater than in the placebo group) was diarrhea (4.3% vs 1% placebo).
Please also see the full Prescribing Information , including Box Warning, for additional risk information.
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward- looking words such as "anticipate," "planned," "believe," "forecast," "estimated," "expected," and "intend," among others. These forward-looking statements are based on Synergy's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. Investors should read the risk factors set forth in Synergy's Annual Report on Form 10-K for the year ended December 31, 2017 and other periodic reports filed with Commission. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Synergy does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.
Synergy Pharmaceutical Inc.
Condensed Consolidated Balance Sheets
(unaudited)
($ in thousands) March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 98,658 $ 136,986 Accounts receivable 7,414 6,491 Inventories 16,175 17,214 Prepaid expenses and other current assets 8,924 4,469 Total Current Assets 131,171 165,160 Other assets 1,475 1,446 Total Assets $ 132,646 $ 166,606 Liabilities and Stockholders' (Deficit) Total Current Liabilities $ 42,490 $ 38,147 Senior convertible notes, net 17,480 17,302 Long term debt, net 98,965 98,660 Derivative financial instruments – warrants 11,938 17,582 Other long-term liabilities 406 433 Total Liabilities 171,279 172,124 Total Stockholders’ Deficit (38,633 ) (5,518 ) Total Liabilities and Stockholders’ Deficit $ 132,646 $ 166,606 Condensed Consolidated Statement of Operations
($ in thousands except share and per share data)
(unaudited)
Three Months Three Months Ended March 31, Ended March 31, 2018 2017 Net sales $ 8,586 $ 98 Cost of goods sold 3,704 1,636 Gross profit 4,882 (1,538 ) Costs and Expenses: Research and development 3,392 18,401 Selling, general and administrative 40,145 42,788 Total Operating Expenses 43,537 61,189 Loss from Operations (38,655 ) (62,727 ) Other Income/(Expense): Interest expense, net (3,123 ) (790 ) State R&D tax credits 30 — Debt conversion expense — (1,209 ) Change in fair value of derivative instruments - warrants 5,644 122 Total Other Income/(Expense) 2,551 (1,877 ) Net Loss $ (36,104 ) $ (64,604 ) Net Loss per Common Share, Basic and Diluted $ (0.15 ) $ (0.30 ) Weighted Average Common Shares Outstanding 246,664,067 215,484,670 Synergy Pharmaceuticals Inc.
Non-GAAP Financial Measures
Adjusted net sales, adjusted research and development expenses, adjusted selling, general and administrative expenses, and adjusted total operating expenses are not measures of financial performance under accounting principles generally accepted in the United States (“GAAP”) and should not be construed as substitutes for, or superior to, GAAP net sales, GAAP research and development expenses, GAAP selling, general and administrative expenses and GAAP total operating expenses as a measure of financial performance. However, management uses both GAAP financial measures and the disclosed non-GAAP financial measures internally to evaluate and manage the Company's operations and to better understand its business. Further, management believes the addition of non-GAAP financial measures provides meaningful supplementary information to, and facilitates analysis by, investors in evaluating the Company's financial performance, results of operations and trends. The Company's calculations of adjusted net sales, adjusted research and development expenses, adjusted selling, general and administrative expenses and adjusted operating expenses, may not be comparable to similarly designated measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment.
The following table reconciles reported net sales to adjusted net sales:
(Unaudited; $ in thousands)
Three Months Ended Three Months Ended March 31, 2018 December 31, 2017 Net sales $ 8,586 $ 9,400 Adjusted to deduct: Recognition of net sales which were deferred as of September 30, 2017 — 2,057 Adjusted net sales $ 8,586 $ 7,343 The following table reconciles reported research and development expenses to adjusted research and development expenses (adjusted R&D):
(Unaudited; $ in thousands)
Three Months Ended Three Months Ended March 31, 2018 December 31, 2017 Research and development expenses $ 3,392 $ 1,990 Adjusted to deduct: Stock based compensation expense 671 516 Adjusted research and development expenses $ 2,721 $ 1,474 The following table reconciles reported selling, general and administrative expenses to adjusted selling, general and administrative expenses (adjusted SG&A):
(Unaudited; $ in thousands)
Three Months Ended Three Months Ended March 31, 2018 December 31, 2017 Selling, general and administrative expenses $ 40,145 $ 41,779 Adjusted to deduct: Stock based compensation expense 2,288 2,117 Adjusted selling, general and administrative expenses $ 37,857 $ 39,662 The following table reconciles reported total operating expenses to adjusted operating expenses (adjusted OPEX):
(Unaudited; $ in thousands)
Three Months Ended Three Months Ended March 31, 2018 December 31, 2017 Total operating expenses $ 43,537 $ 43,769 Adjusted to deduct: Stock based compensation expense 2,959 2,633 Adjusted operating expenses $ 40,578 $ 41,136
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006233/en/
Synergy Pharmaceuticals Inc.
Gem Hopkins, 212-584-7610
VP, Investor Relations and Corporate Communications
[email protected]
Source: Synergy Pharmaceuticals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-synergy-pharmaceuticals-reports-first-quarter-2018-financial-results-and-business-update.html |
KUALA LUMPUR (Reuters) - Shares in AirAsia Group Bhd ( AIRA.KL ) fell as much as 10 percent on Monday in the first trading session since Malaysia’s election and after its chief Tony Fernandes apologized for endorsing former prime minister Najib Razak in the election.
FILE PHOTO: AirAsia Group CEO Tony Fernandes speaks during a news conference at AirAsia headquarters in Sepang, Malaysia December 13, 2017. REUTERS/Lai Seng Sin Najib was ousted by former leader Mahathir Mohamad in a shock election result last week. Najib’s Barisan Nasional coalition, which had governed Malaysia since independence in 1957, was booted out of power for the first time.
AirAsia has several airlines in various Asian countries but Malaysia, its home market, is its largest contributor to earnings. In a highly regulated industry where its main rival is state-owned Malaysia Airlines, it relies on government approvals to support its growth plans.
Two days before Wednesday’s poll, Fernandes released a video praising Najib and the government’s support of the low-cost airline he co-founded. Later that day, Najib posted photos of him and Fernandes standing in front of an AirAsia plane painted with a campaign slogan for Najib’s coalition.
“I am sorry for what has gone on. I buckled at the crucial moment in our history,” Fernandes said in a video released on Sunday. “It wasn’t right and I will forever regret it.”
FILE PHOTO: Malaysia’s former Prime Minister Najib Razak attends the United Malays National Organisation (UMNO) 72th anniversary celebrations in Kuala Lumpur, Malaysia May 11, 2018. REUTERS/Athit Perawongmetha/File Photo AirAsia shares fell as much as 10 percent on Monday but later recovered slightly, compared with a 0.9 percent fall in the broader Malaysian index .
Fernandes said the video and campaign-themed livery was an effort to appease Najib’s government after he came under “intense” pressure in the lead-up to elections for adding extra flights on polling day and refusing to fire a subsidiary’s chairman who had expressed support for Mahathir.
AirAsia had announced extra flights and reduced fares to help voters return home to cast ballots.
Fernandes refused to fire Rafidah Aziz, a former minister who was campaigning for Mahathir’s coalition, as the chairman of AirAsia X ( AIRX.KL ), the long-haul arm of AirAsia.
“As Rafidah’s impact and popularity grew, the pressure grew exponentially. It was getting harder and harder to resist the pressure from the prime minister’s office,” he said.
Najib’s aides could not be reached for comment.
AirAsia’s decision to add more flights on election day added to the pressure from Najib’s government, Fernandes said.
The government’s challengers criticized the decision to hold the election on a Wednesday, charging that it was an effort to dampen voter turnout and make it harder for Malaysians living away from home, many of whom support the opposition, to vote.
“Within 24 hours, we were summoned by the (regulator) Malaysian Aviation Commission and told to cancel all those flights. That put us again under tremendous pressure,” Fernandes said, adding that his airline had added 120 flights.
The Malaysian Aviation Commission said in a statement on its website that it considered Fernandes’ claims to be “serious allegations” and it had launched an immediate investigation.
Reporting by A. Ananthalakshmi in Kuala Lumpur; additional reporting by Jamie Freed in Singapore; Editing by Michael Perry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-airasia/airasia-chief-apologizes-for-video-in-support-of-malaysias-najib-idUSKCN1IF01K |
OAKDALE, Minn., May 10, 2018 /PRNewswire/ -- GlassBridge Enterprises, Inc. (OTCQX: GLAE) ("GlassBridge", the "Company" or "we") announced today it will hold a teleconference and live webcast at 10:00 a.m. Eastern Time on Tuesday, May 15, 2018 to discuss financial results for the first quarter ended on March 31, 2017. The call will follow the Company's release of financial results.
You may access the live webcast online at:
https://www.webcaster4.com/Webcast/Page/1401/25872
A digital recording of this teleconference will be available for replay at 12:00 p.m. Eastern Time on May 15, 2018 and will be accessible via the replay number listed below until May 22, 2018.
For your convenience, you will also be able to access the recording online at:
https://www.webcaster4.com/Webcast/Page/1401/25872
Digital Recording Replay Numbers:
U.S. Toll Free:
877-344-7529
International Toll:
412-317-0088
Canada Toll Free:
855-669-9658
Replay Access Code:
10120415
All remarks made during the teleconference will be current at the time of the call and the replays will not be updated to reflect any subsequent developments.
About GlassBridge Enterprises
GlassBridge Enterprises, Inc. (OTCQX: GLAE) is a holding company. We actively explore a diverse range of new, strategic asset management business opportunities for our portfolio. The Company's wholly-owned subsidiary, GlassBridge Asset Management, LLC ("GBAM"), is an investment advisor focused on technology-driven and quantitative strategies and other alternative investment strategies. Our partially-owned subsidiary, NXSN Acquisition Corp., operates a global enterprise data storage business through its subsidiaries. For more information, please visit GlassBridge's website at www.glassbridge.com .
Disclaimers
This press release does not constitute an offer to sell or a solicitation to buy any securities or otherwise invest in any investment vehicle managed, advised or coordinated by GBAM (collectively, the "GlassBridge Vehicle"), and may not be relied upon in connection with any investment or offer or sale of securities. Any such offer or solicitation may only be made pursuant to the current Confidential Private Offering Memorandum (or similar document) for any such GlassBridge Vehicle, which is provided only to qualified offerees and which should be carefully reviewed prior to investing. GBAM is a newly formed entity and the GlassBridge Vehicles are currently either in formation state or have recently launched. GBAM is not currently registered with the SEC as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended, or under similar state laws, and nothing in this press release constitutes investment advice with respect to securities.
For Further Information
Stockholders of GlassBridge Enterprises, Inc. – Danny Zheng, Interim CEO, CFO, (651) 704-4311; Prospective Investors in GlassBridge Vehicles – Robert Picard, Senior Managing Director, (732) 939-9000.
View original content with multimedia: http://www.prnewswire.com/news-releases/glassbridge-enterprises-inc-announces-q1-2018-financial-results-conference-call-300645972.html
SOURCE GlassBridge Enterprises, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-glassbridge-enterprises-inc-announces-q1-2018-financial-results-conference-call.html |
May 2 (Reuters) - Suprema Inc :
* Says it received patent on May 2, for integrated access control system controlling access control device and image acquisition device
* Patent number is 10-2016-0113139
Source text in Korean : goo.gl/WNmLQU
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-suprema-receives-patent/brief-suprema-receives-patent-idUSL3N1S90RN |
"Reason for optimism" in N. Korea talks: Mattis 4:39pm BST - 00:41
U.S. Defense Secretary Jim Mattis offered an upbeat assessment of prospects for U.S. negotiations with North Korea on Wednesday, suggesting grounds for optimism after Pyongyang's release of three American detainees. Rough Cut (no reporter narration).
U.S. Defense Secretary Jim Mattis offered an upbeat assessment of prospects for U.S. negotiations with North Korea on Wednesday, suggesting grounds for optimism after Pyongyang's release of three American detainees. Rough Cut (no reporter narration). //reut.rs/2KODVBk | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/reason-for-optimism-in-n-korea-talks-mat?videoId=425290271 |
(Adds share prices, Amgen detail)
May 1 (Reuters) - Regeneron Pharmaceuticals Inc and Sanofi SA will cut the net price of their expensive cholesterol drug for Express Scripts Holdings Co customers in exchange for greater patient access, with some savings to be shared with consumers, the companies said on Tuesday.
The drug, Praluent, dramatically lowers bad LDL cholesterol and reduces the risk of heart attacks and death in high-risk heart patients.
But sales of Praluent and a rival Amgen drug, with list prices of more than $14,000 a year before discounts, have been constrained by onerous roadblocks to patient access by insurers. They reject about 70 percent of prescriptions written, the companies have said.
"I expect this to substantially increase the sales," Regeneron Chief Executive Leonard Schleifer said of the deal.
The arrangement makes Praluent exclusive on the Express Scripts' national formulary for the drug class known as PCSK9 inhibitors, meaning some customers of the largest U.S. pharmacy benefit manager (PBM) will not easily access Amgen's Repatha.
Amgen said the decision impacts 2,000 Repatha patients out of the 39,000 people who take the drug. It said it has been negotiating with several payers and that it will fight to be included in other Express Scripts business, and that it is offering significant discounts.
Amgen shares were off 2.7 percent, or $4.70, at $174.48 while Regeneron shares fell 2 percent, or $5.59 to $$298.09.
Regeneron and Sanofi said in March they would be willing to lower Praluent's price in exchange for easier patient access. They said pricing could be tied to an independent review by the Institute for Clinical and Economic Review (ICER), which put an appropriate Praluent price for highest risk patients at $4,500 to $8,000 a year.
The Praluent net price will be at the "low end" of the ICER range including double-digit rebates, said Express Scripts Chief Medical Officer Steve Miller.
Beginning July 1, doctors can submit just one form attesting that a patient with heart disease meets criteria for PCSK9 therapy, such as inability to sufficiently lower LDL with cheap statins, like Pfizer's Lipitor.
"This ... addresses head-on the frustrations caused by complex pre-authorization requirements that hamstring physicians and put an important medicine out of reach from patients," Michelle Carnahan, head of Sanofi's North America cardiovascular business, said in a statement.
Starting next year, Express Scripts will pass along a portion of Praluent rebates it receives from the drugmakers to people in eligible health benefit plans, lowering out-of-pocket costs.
"This is a significant (price) reduction that the patients will also feel, not just the insurance companies or the employers," Schleifer said.
He said talks were taking place with other insurers and PBMs about similar arrangements.
"I hope that this will spread like wildfire through the entire payer system," Schleifer said. (Reporting by Bill Berkrot in New York and Deena Beasley in Los Angeles; editing by Diane Craft and Marguerita Choy) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-update-2-regeneronsanofi-to-cut-price-of-heart-drug-in-express-scripts-deal.html |
First Quarter Summary:
Net income of $6.2 million, or $0.50 per diluted share Net income on an adjusted basis was also $6.2 million, or $0.50 per diluted share, an increase of 44% compared with net income on an adjusted basis of $4.3 million, or $0.34 per diluted share in the first quarter last year Net interest and fee income of $23.8 million for the quarter, compared with $21.7 million for the first quarter last year ROE of 13.7%; ROE on an adjusted basis of 13.7% compared with ROE on an adjusted basis of 10.4% in the first quarter last year Net Investment in loans and leases totaled $930.6 million, up 12.3% from a year ago and total managed assets surpassed the $1 billion milestone and ended the first quarter at $1.02 billion, up 19.4% from a year ago Total first quarter origination volume (excluding leases and loans originated but referred to third parties) of $159.7 million, up 9.0% year-over-year Total direct and indirect origination yield of 12.44%, up 85 basis points from the prior quarter and up 58 basis points year-over-year 30+ and 60+ day delinquencies on total finance receivables increased modestly from prior quarter to 105 basis points and 64 basis points, respectively Annualized net charge-offs of 1.68%, compared with 1.87% in the prior quarter and 1.57% in the first quarter last year Provision for credit losses of $4.6 million compared with $4.5 million in the prior quarter and $3.9 million in the first quarter last year Closed on a $300 million forward flow agreement with Varadero Capital Strong capital position, with equity to assets ratio of 17.2%
MOUNT LAUREL, N.J., May 03, 2018 (GLOBE NEWSWIRE) -- Marlin Business Services Corp. (NASDAQ:MRLN) (“Marlin” or the “Company”) today reported first quarter 2018 net income of $6.2 million, or $0.50 per diluted share, compared with net income of $1.5 million, or $0.12 per share a year ago. First quarter net income on an adjusted basis was $6.2 million, or $0.50 per diluted share, compared with $4.3 million, or $0.34 per diluted share a year ago.
Commenting on the Company’s results, Jeffrey A. Hilzinger, Marlin’s President and CEO, said, “Marlin is off to a good start in 2018 as strong execution continued to drive solid origination volume, stable credit performance and excellent earnings growth. Excluding referral volume, total origination volume was $159.7 million for the quarter compared with $146.5 million last year, resulting in a year-over-year increase of 9%. Growth in the quarter was driven by solid demand for both our Equipment Finance product and Funding Stream, our working capital loan product. During the quarter, yield on our origination volume was 12.44% compared to 11.86% a year ago with Equipment Finance increasing to 9.99% from 9.67% and Funding Stream decreasing from 33.0% to 31.7%. We also continued to gain traction in our Direct origination initiative that identifies additional financing opportunities with existing customers. During the quarter, Direct origination volume was $30.9 million compared with $16.6 million last year, resulting in a year-over-year increase of 86%. As part of Marlin’s developing capital markets activities, we referred or sold $27.2 million of leases and loans. As a result of these origination and capital markets activities, our Net Investment in Leases and Loans grew to $930.6 million, up 12.3% from a year ago. Also, for the first time our Managed Assets exceeded $1 billion growing to $1.02 billion compared with $855.3 million a year ago, resulting in a year-over-year increase of 19.4%. Importantly, our focus on maintaining disciplined underwriting standards continues to be a top priority and credit quality remained stable and within expectations during the quarter.”
Mr. Hilzinger concluded, “Our momentum continues to build and puts us on track to achieve our strategic, operational and financial objectives for the year. I look forward to continued strong execution of our strategy, further enhancing our financial performance and driving shareholder value as we move forward.”
Results of Operations
Total origination volume (excluding referral volume) for the first quarter of $159.7 million was up 9.0% from a year ago. Direct origination volume of $30.9 million in the first quarter was up 86.3% from $16.6 million in the first quarter of 2017. Indirect origination volume in the first quarter of 2018 was $128.8 million, down slightly from $129.9 million in the same period a year ago. Referral volume totaled $4.2 million, down from $22.3 million in the first quarter last year, largely due to the transition of leases originated by Horizon Keystone Financial to Marlin’s balance sheet over the past year.
Net interest and fee margin as a percentage of average finance receivables was 10.43% for the first quarter, down 14 basis points from the fourth quarter of 2017 and down 48 basis points from a year ago. The decrease in margin percentage was primarily a result of a decline in interest income and an increase in interest expense. The Company’s interest expense as a percent of average finance receivables increased to 149 basis points compared with 145 basis points for the previous quarter and 117 basis points for the first quarter of 2017, primarily as a result of the rising interest rate environment.
On an absolute basis, net interest and fee income was $23.8 million for the first quarter of 2018 compared with $21.7 million for the first quarter last year. The increase continues to reflect the strong growth in the portfolio and the underlying earnings power of the business.
Non-interest income was $5.2 million for the first quarter of 2018, compared with $5.3 million in the prior quarter and $3.8 million in the prior year period. The year-over-year increase in non-interest income is primarily due to a $1.5 million increase in gains-on-sale, $0.3 million increase in Insurance related income and a $0.4 million increase in servicing fee income, partially offset by a decrease of $0.6 million in referral income.
Non-interest expense was $16.6 million for the first quarter of 2018, compared with $15.4 million in the prior quarter and $19.6 million in the first quarter last year. The increase from the prior quarter was primarily due to a $0.3 million increase in stock-based compensation expense, $0.4 million increase in payroll taxes and a $0.2 million increase in marketing expense. The overall increase from prior quarter was actually less than anticipated due to the timing of approximately $0.4 million of employee related expenses that were expected to be recognized in the first quarter but will ultimately be recognized in the second and third quarters. The decrease from a year ago was primarily due to a $4.4 million charge recorded in the first quarter last year in connection with a regulatory matter. This was partially offset by increases in expenses in the first quarter of 2018 related to the Horizon Keystone acquisition, including intangibles amortization expense, higher salaries and benefits and higher sales commissions. Expenses also increased due to investments in the Direct origination initiative and expenses associated with building-out Marlin’s senior leadership team.
The Company’s efficiency ratio for the first quarter was 57.1% compared with 76.8% in the first quarter last year. On an adjusted basis, first quarter 2017 efficiency ratio was 59.5%. Excluding acquisition related sales commissions, the efficiency ratio in the first quarter of 2018 was 55.8%. Marlin expects its efficiency ratio to continue to improve as the Company leverages its fixed costs through continued portfolio growth and from continued operational efficiencies generated by its various process renewal initiatives.
Marlin recorded an income tax expense of $1.7 million, representing an effective tax rate of 21.4% for the first quarter of 2018, compared with an income tax expense of $0.5 million in the first quarter of 2017.
Portfolio Performance
Allowance for credit losses as a percentage of total finance receivables was 1.68% at March 31, 2018 compared with 1.63% at December 31, 2017 and 1.42% at March 31, 2017, with the year-over-year increase driven by generally higher portfolio delinquency and net charge-offs. Coverage of total 60+ day delinquencies was 231.9% at March 31, 2018 compared with 262.99% at December 31, 2017 and 247.1% at March 31, 2017.
Finance receivables over 30 days delinquent were 1.05% of the Company’s total finance receivables portfolio as of March 31, 2018, up 3 basis points from December 31, 2017 and up 17 basis points from March 31, 2017. Finance receivables over 60 days delinquent were 0.64% of the Company’s total finance receivables portfolio as of March 31, 2018, up 9 basis points from December 31, 2017 and up 13 basis point from March 31, 2017. Annualized first quarter net charge-offs were 1.68% of average total finance receivables versus 1.87% in the fourth quarter of 2017 and 1.57% a year ago. The overall increase in delinquency and charge-offs year-over-year is attributed to a return to a more normal credit environment.
As of March 31, 2018, the Company’s consolidated equity to assets ratio was 17.17%. This compares to 17.27% and 17.22%, in the prior quarter and year ago quarter, respectively.
Corporate Developments
Marlin’s Board of Directors today declared a $0.14 per share quarterly dividend. The dividend is payable May 24, 2018, to shareholders of record on May 14, 2018. Based on the closing stock price on May 2, 2018, the annualized dividend yield on the Company’s common stock is 1.94%.
At the end of the first quarter, the Company entered into a forward flow sale agreement with Varadero Capital, L.P., a leading alternative asset management firm, to sell up to $300 million in equipment leases and loans to be originated by Marlin. This arrangement expands Marlin’s ability to provide equipment financing to small businesses that are not currently served by the Company’s existing finance programs, diversifies its funding sources and provides substantial new lending capacity.
Business Outlook
The Company is maintaining guidance for the full year ending December 31, 2018 as follows:
Total origination volume (including referral volume) is expected to finish approximately 20% above 2017 levels Portfolio performance is expected to remain within the targeted range Net interest margin, as a percentage, is expected to between 10.0% and 10.25% ROE is expected to improve in 2018 as the Company continues to improve operating scale EPS is expected to be between $1.95 and $2.10 per share
Conference Call and Webcast
Marlin will host a conference call on Friday, May 4, 2018 at 9:00 a.m. ET to discuss the Company’s first quarter 2018 results. If you wish to participate, please call 877-407-0792 approximately 10 minutes in advance of the call time. The conference ID will be: “Marlin.” The call will also be webcast on the Investor Relations page of the Company’s website, www.marlinfinance.com . An audio replay will also be available on the Investor Relations section of Marlin’s website for 45 days.
About Marlin Business Services Corp.
Marlin Business Services Corp. is a nationwide provider of credit products and services to small businesses with a mission of helping small businesses fulfill their American dream. Our products and services are offered directly to small businesses and through financing programs with independent equipment dealers and other intermediaries. Marlin and its wholly-owned operating subsidiary, Marlin Business Bank, are publicly traded (NASDAQ:MRLN). For more information about Marlin, visit www.marlinfinance.com or call toll free at (888) 479-9111.
Forward-Looking Statements
This release contains “ ” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” “may,” “intend” and similar expressions are generally intended to identify . Economic, business, funding, market, competitive, legal and/or regulatory factors, among others, affecting our business are examples of factors that could cause actual results to differ materially from those described in the . More detailed information about these factors is contained in our filings with the Securities and Exchange Commission, including the sections captioned “Risk Factors” and “Business” in the Company’s Form 10-K filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our , whether as a result of new information, future events or otherwise.
Regulation G – Non-GAAP Financial Measures
In this release the Company uses certain financial measures which are not calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company defines net income on an adjusted basis as net income excluding an after-tax charge related to a reserve for restitution in connection with certain payment processing practices in effect prior to February 2016 and charges for associated legal and consulting fees, the after-tax hurricane credit and insurance loss reserves, the after-tax executive severance (Chief Operating Officer), and the net tax benefit from the tax cut and jobs act, as applicable. The Company defines diluted earnings per share on an adjusted basis, return on average assets on an adjusted basis and return on average equity on an adjusted basis as the calculation used for the “as reported” number substituting net income as reported with net income on an adjusted basis while using the same denominator in the “as reported” number, where appropriate. The Company defines efficiency ratio on an adjusted basis as the calculation used for the “as reported” ratio adjusting the numerator for the reserve for restitution in connection with certain payment processing practices in effect prior to February 2016, hurricane insurance loss reserves, and executive severance, as applicable. The Company believes that these non-GAAP measures are useful performance metrics for management, investors and lenders, because it means to evaluate period-to-period comparisons of the Company's financial performance without the effects of certain adjustments in accordance with GAAP that may not necessarily be indicative of current operating performance.
Non-GAAP financial measures should not be considered as an alternative to GAAP financial measures. They may not be indicative of the historical operating results of the Company nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as a substitute for performance measures calculated in accordance with GAAP.
Investor Contacts:
Taylor Kamp
Senior Vice President & Chief Financial Officer
856-505-4108
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249
MARLIN BUSINESS SERVICES CORP.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
March 31,
December 31, 2018 2017 (Dollars in thousands,
except per-share data) ASSETS Cash and due from banks $ 4,394 $ 3,544 Interest-earning deposits with banks 80,497 63,602 Total cash and cash equivalents 84,891 67,146 Time deposits with banks 7,664 8,110 Investment securities (amortized cost of $11.2 million and $11.7 million at March 31, 2018 and December 31, 2017, respectively) 10,946 11,533 Net investment in leases and loans: Net investment in leases and loans, excluding allowance for credit losses 946,247 929,271 Allowance for credit losses (15,620 ) (14,851 ) Total net investment in leases and loans 930,627 914,420 Intangible assets 1,075 1,128 Goodwill 1,160 1,160 Property and equipment, net 4,035 4,204 Property tax receivables 11,740 6,292 Other assets 19,087 26,167 Total assets $ 1,071,225 $ 1,040,160 LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits $ 833,145 $ 809,315 Other liabilities: Sales and property taxes payable 7,790 2,963 Accounts payable and accrued expenses 27,774 31,492 Net deferred income tax liability 18,589 16,741 Total liabilities 887,298 860,511 Stockholders’ equity: Preferred Stock, $0.01 par value; 5,000,000 shares authorized; none issued — — Common Stock, $0.01 par value; 75,000,000 shares authorized; 12,418,497 and 12,449,458 shares issued and outstanding at December 31, 2017 and 124 124 December 31, 2016, respectively Additional paid-in capital 82,509 82,588 Stock subscription receivable (2 ) (2 ) Accumulated other comprehensive loss (98 ) (96 ) Retained earnings 101,394 97,035 Total stockholders’ equity 183,927 179,649 Total liabilities and stockholders’ equity $ 1,071,225 $ 1,040,160 MARLIN BUSINESS SERVICES CORP.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended March 31, 2018 2017 (Dollars in thousands,
except per-share data) Interest income $ 23,279 $ 20,531 Fee income 3,959 3,530 Interest and fee income 27,238 24,061 Interest expense 3,399 2,340 Net interest and fee income 23,839 21,721 Provision for credit losses 4,612 3,884 Net interest and fee income after provision for credit losses 19,227 17,837 Non-interest income: Insurance premiums written and earned 1,939 1,706 Other income 3,295 2,047 Non-interest income 5,234 3,753 Non-interest expense: Salaries and benefits 10,023 9,391 General and administrative 6,571 10,170 Non-interest expense 16,594 19,561 Income before income taxes 7,867 2,029 Income tax expense 1,682 489 Net income $ 6,185 $ 1,540 Basic earnings per share $ 0.50 $ 0.12 Diluted earnings per share $ 0.50 $ 0.12 Cash dividends declared per share $ 0.14 $ 0.14 MARLIN BUSINESS SERVICES CORP.
AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Three Months Ended March 31, 2018 2017 (Dollars in thousands,
except per-share data) (Unaudited)
Net income as reported $ 6,185 $ 1,540 Deduct: Charge in connection with regulatory matters - (4,411 ) Tax effect - 1,694 Charge in connection with regulatory matters, net of tax - (2,717 ) Net Income on an adjusted basis $ 6,185 $ 4,257 Diluted earnings per share as reported $0.50 $0.12 Diluted earnings per share on an adjusted basis $0.50 $0.34 Return on Average Assets as reported 2.37% 0.67% Return on Average Assets on an adjusted basis 2.37% 1.86% Return on Average Equity as reported 13.69% 3.78% Return on Average Equity on an adjusted basis 13.69% 10.44% Efficiency Ratio as reported 57.08% 76.79% Efficiency Ratio on an adjusted basis 57.08% 59.47% First quarter 2017 Net Income on an adjusted basis is defined as net income excluding a first quarter 2017 $4.2 million charge associated with recent regulatory matters and a $0.3 million first quarter 2017 charge for associated legal and consulting fees. First quarter 2018 did not have any as reported to on an adjusted basis reconciling items. SUPPLEMENTARY QUARTERLY DATA
(Dollars in thousands, except share amounts)
(Unaudited)
Quarter Ended: 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 Net Income: Net Income $1,540 $4,553 $3,305 $15,894 $6,185 Annualized Performance Measures: Return on Average Assets 0.67% 1.90% 1.31% 6.21% 2.37% Return on Average Stockholders' Equity 3.78% 11.19% 8.01% 38.08% 13.69% EPS Data: Net Income Allocated to Common Stock $1,495 $4,444 $3,225 $15,532 $6,065 Number of Shares - Basic 12,213,464 12,242,805 12,220,381 12,187,666 12,188,906 Basic Earnings per Share $0.12 $0.36 $0.26 $1.27 $0.50 Number of Shares - Diluted 12,223,333 12,249,530 12,257,922 12,230,858 12,245,019 Diluted Earnings per Share $0.12 $0.36 $0.26 $1.27 $0.50 Cash Dividends Declared per share $0.14 $0.14 $0.14 $0.14 $0.14 New Asset Production: Direct Originations $16,571 $23,648 $23,444 $31,610 $30,869 Indirect Originations $129,915 $131,812 $123,977 $148,468 $128,833 Total Originations $146,486 $155,460 $147,421 $180,078 $159,702 Equipment Finance Originations $132,691 $140,656 $133,646 $163,562 $141,646 Funding Stream Loans Originations $13,795 $14,804 $13,775 $16,516 $18,056 Total Originations $146,486 $155,460 $147,421 $180,078 $159,702 Assets referred in the period $22,296 $12,324 $13,024 $6,466 $4,201 Assets sold in the period $8,694 $12,364 $9,649 $36,037 $22,981 Implicit Yield on Direct Originations 24.49% 21.81% 21.44% 19.22% 19.47% Implicit Yield on Indirect Originations 10.22% 10.44% 10.43% 9.93% 10.75% Total Implicit Yield on Total Originations 11.86% 12.21% 12.18% 11.59% 12.44% Implicit Yield on Equipment Finance Originations 9.67% 9.96% 9.99% 9.46% 9.99% Implicit Yield on Funding Stream Loans Originations 32.95% 33.62% 33.51% 32.73% 31.68% # of Leases / Loans Equipment Finance 7,185 7,704 7,447 8,346 7,764 Equipment Finance Approval Percentage 56% 55% 56% 56% 56% Average Monthly Equipment Finance Sources 1,114 1,247 1,185 1,244 1,190 Net Interest and Fee Margin (NIM) Percent of Average Total Finance Receivables: Interest Income 10.31% 10.33% 10.37% 10.31% 10.19% Fee Income 1.77% 1.79% 1.75% 1.71% 1.73% Interest and Fee Income 12.08% 12.12% 12.12% 12.02% 11.92% Interest Expense 1.17% 1.25% 1.39% 1.45% 1.49% Net Interest and Fee Margin (NIM) 10.91% 10.87% 10.73% 10.57% 10.43% Risk Adjusted NIM (1) 9.34% 9.22% 9.00% 8.70% 8.74% Cost of Funds (2) 1.29% 1.37% 1.49% 1.58% 1.63% Interest Income Equipment Finance $18,611 $19,338 $19,840 $20,382 $20,639 Interest Income Funding Stream Loans $1,781 $2,039 $2,213 $2,322 $2,321 Average Total Finance Receivables $796,920 $835,516 $862,718 $891,819 $913,804 Average Net Investment Equipment Finance $775,551 $810,961 $836,713 $864,665 $884,946 Average Funding Stream Loans $21,369 $24,555 $26,005 $27,154 $28,858 End of Period Net Investment Equipment Finance $806,330 $837,520 $861,102 $887,328 $900,763 End of Period Funding Stream Loans $22,510 $25,183 $25,328 $27,092 $29,864 Total Owned Net Investment in Leases and Loans (3) $828,840 $862,703 $886,430 $914,420 $930,627 Total Assets Serviced for Others $26,422 $36,482 $42,657 $74,359 $90,701 Total Managed Assets $855,262 $899,185 $929,087 $988,779 $1,021,328 Portfolio Asset Quality: Total Finance Receivables 30+ Days Past Due Delinquencies 0.88% 0.92% 1.13% 1.02% 1.05% 30+ Days Past Due Delinquencies $8,208 $8,978 $11,370 $10,565 $10,994 60+ Days Past Due Delinquencies 0.51% 0.52% 0.61% 0.55% 0.64% 60+ Days Past Due Delinquencies $4,729 $5,108 $6,157 $5,647 $6,735 Equipment Finance 30+ Days Past Due Delinquencies 0.90% 0.94% 1.15% 1.04% 1.07% 30+ Days Past Due Delinquencies $8,206 $8,887 $11,260 $10,446 $10,942 60+ Days Past Due Delinquencies 0.52% 0.54% 0.63% 0.56% 0.66% 60+ Days Past Due Delinquencies $4,729 $5,108 $6,157 $5,647 $6,735 Funding Stream Loans 15+ Days Past Due Delinquencies 0.43% 0.89% 0.77% 0.95% 0.53% 15+ Days Past Due Delinquencies $99 $230 $200 $264 $162 30+ Days Past Due Delinquencies 0.01% 0.35% 0.42% 0.43% 0.17% 30+ Days Past Due Delinquencies $2 $91 $110 $119 $52 Net Charge-offs - Total Finance Receivables $3,134 $3,442 $3,735 $4,169 $3,843 % on Average Total Finance Receivables Annualized 1.57% 1.65% 1.73% 1.87% 1.68% Net Charge-offs - Equipment Finance $2,840 $3,062 $3,537 $3,944 $3,618 % on Average Net Investment in Equipment Finance Annualized 1.46% 1.51% 1.69% 1.82% 1.64% Net Charge-offs - Funding Stream Loans $294 $380 $198 $225 $224 % of Average Funding Stream Loans Annualized 5.51% 6.19% 3.05% 3.31% 3.10% Total Allowance for Credit Losses $11,687 $12,559 $14,504 $14,851 $15,620 % of Total Finance Receivables 1.42% 1.46% 1.64% 1.63% 1.68% % of 60+ Delinquencies 247.13% 245.87% 235.57% 262.99% 231.92% Allowance for Credit Losses - Equipment Finance $10,769 $11,514 $13,422 $13,815 $14,310 % of Net Investment Equipment Finance 1.34% 1.38% 1.56% 1.56% 1.60% % of 60+ Delinquencies 227.72% 225.40% 218.00% 244.64% 212.48% Allowance for Credit Losses - Funding Stream Loans $918 $1,045 $1,082 $1,036 $1,310 % of Total Funding Stream Loans 3.96% 4.04% 4.14% 3.73% 4.25% % of 60+ Delinquencies n/a n/a n/a n/a n/a Non-accrual - Equipment Finance $2,282 $2,560 $2,933 $3,065 $3,626 Non-accrual - Equipment Finance 0.25% 0.27% 0.30% 0.30% 0.36% Non-accrual - Funding Stream Loans $53 $61 $17 $118 $27 Non-accrual - Funding Stream Loans 0.23% 0.24% 0.07% 0.42% 0.09% Non-accrual - Total Finance Receivables $2,335 $2,621 $2,950 $3,183 $3,653 Non-accrual - Total Finance Receivables 0.25% 0.27% 0.29% 0.31% 0.35% Restructured - Total Finance Receivables $798 $878 $2,543 $4,489 $4,366 Expense Ratios: Salaries and Benefits Expense $9,391 $9,070 $9,302 $9,806 $10,023 Salaries and Benefits Expense Annualized % of Avg. Fin. Recbl. 4.71% 4.34% 4.31% 4.40% 4.39% Total personnel end of quarter 330 329 331 330 326 General and Administrative Expense $10,170 $6,110 $6,409 $5,583 $6,571 General and Administrative Expense Annualized % of Avg. Fin. Recbl. 5.10% 2.93% 2.97% 2.50% 2.88% Efficiency Ratio 76.79% 56.69% 58.74% 53.30% 57.08% Balance Sheet: Assets Investment in Leases and Loans $824,942 $858,671 $883,778 $911,242 $927,752 Initial Direct Costs and Fees 15,585 16,591 17,156 18,029 18,495 Reserve for Credit Losses (11,687 ) (12,559 ) (14,504 ) (14,851 ) (15,620 ) Net Investment in Leases and Loans $828,840 $862,703 $886,430 $914,420 $930,627 Cash and Cash Equivalents 75,728 77,316 82,937 67,146 84,891 Restricted Cash - - - - - Other Assets 39,924 45,063 43,650 58,594 55,707 Total Assets $944,492 $985,082 $1,013,017 $1,040,160 $1,071,225 Liabilities Deposits 739,793 780,838 806,954 809,315 833,145 Other Liabilities 42,054 40,061 39,768 51,196 54,153 Total Liabilities $781,847 $820,899 $846,722 $860,511 $887,298 Stockholders' Equity Common Stock $126 $125 $125 $124 $124 Paid-in Capital, net 84,066 82,825 83,391 82,586 82,507 Other Comprehensive Income (Loss) (109 ) (106 ) (82 ) (96 ) (98 ) Retained Earnings 78,562 81,339 82,861 97,035 101,394 Total Stockholders' Equity $162,645 $164,183 $166,295 $179,649 $183,927 Total Liabilities and Stockholders' Equity $944,492 $985,082 $1,013,017 $1,040,160 $1,071,225 Capital and Leverage: Equity $162,645 $164,183 $166,295 $179,649 $183,927 Debt to Equity 4.55 4.76 4.85 4.50 4.53 Equity to Assets 17.22% 16.67% 16.42% 17.27% 17.17% Regulatory Capital Ratios: Tier 1 Leverage Capital 17.41% 16.81% 16.24% 17.25% 17.35% Common Equity Tier 1 Risk-based Capital 18.37% 17.80% 17.64% 18.22% 18.33% Tier 1 Risk-based Capital 18.37% 17.80% 17.64% 18.22% 18.33% Total Risk-based Capital 19.63% 19.05% 18.90% 19.47% 19.58% Notes and Footnotes: (1) Risk Adjusted NIM is defined as NIM less net charge-offs (2) COF is defined as interest expense for the period divided by average interest bearling liabilities, annualized (3) Net investment in total finance receivables includes net investment in Equipment Finance leases and loans and Funding Stream Loans. Equipment Finance consists of equipment leases and loans. Funding Stream Loans consist of small business loans.
Source:Marlin Business Services Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-marlin-business-services-corp-reports-first-quarter-2018-earnings-and-declares-a-cash-dividend-of-0-point-14-per-share.html |
Sales of $113.0 million, versus $120.9 million in the previous year Operating income of $6.7 million and net income of $5.9 million, or $0.16 per share Adjusted EBITDA 1 of $19.4 million and adjusted net income 1 of $10.4 million, or $0.29 per share For fiscal 2018, cash flow related to operating activities of $56.1 million, in line with last year For fiscal 2018, record free cash flow 1 generation of $50.8 million, as compared to $33.0 million a year ago Contract announced with AAR Corporation for a landing gear remanufacturing in support of the U.S. Air Force CESA and Beaver acquisitions expected to close during the first semester of fiscal 2019
LONGUEUIL, Québec, May 24, 2018 (GLOBE NEWSWIRE) -- Héroux-Devtek Inc. (TSX:HRX), (“Héroux-Devtek” or the “Corporation”), a leading international manufacturer of aerospace products, today reported its results for the fourth quarter and fiscal year ended March 31, 2018. Unless otherwise indicated, all amounts are in Canadian dollars.
“We reported fiscal 2018 results relatively in line with expectations. We had strong deliveries related to the Boeing 777 program, shipping 13 landing gears in the fourth quarter alone and 42 for the year. We ended the year with a strong backlog at $466 million, an increase of 15% over last year. We also generated record free cash flows of $51 million. Today, we are in a healthy financial position to pursue our next expansion phase, with cash and cash equivalents of $93 million and a resulting net debt of $39 million,” said Gilles Labbé, President and CEO of Héroux-Devtek.
“We look to the new year with enthusiasm as we expect to leverage many opportunities for future growth, including the closing of the CESA and Beaver acquisitions, as well as the positive long-term outlook on commercial aerospace and increased defence spending commitments worldwide. In addition, we are well positioned to obtain a number of contracts on several aircraft programs given our fully integrated offering, leading-edge equipment and international network,” added Mr. Labbé.
FINANCIAL HIGHLIGHTS Quarters ended March 31, Fiscal years ended March 31, (in thousands of dollars, except per share data) 2018 2017 2018 2017 Sales 113,024 120,886 386,564 406,536 Operating income 6,697 8,678 23,378 35,552 Adjusted operating income 1 12,089 12,312 30,325 35,880 Adjusted EBITDA 1 19,369 19,181 56,904 61,448 Net income 5,858 8,895 13,674 31,768 Per share – diluted ($) 0.16 0.25 0.38 0.88 Adjusted net income 1 10,439 9,077 24,213 26,353 Per share ($) 0.29 0.25 0.67 0.73 1 This is a non-IFRS measure. Please refer to the “Non-IFRS Measures” section at the end of this press release.
FOURTH QUARTER RESULTS
Consolidated sales reached $113.0 million, compared with $120.9 million last year. This 6.5% variation reflects lower sales in both the commercial and defence aerospace markets and a net negative impact on sales of $1.4 million resulting from year-over-year fluctuations in the value of the Canadian currency versus foreign currencies.
Commercial sales decreased 5.4% to $57.5 million, compared with $60.8 million last year. The decrease was mainly driven by lower large commercial programs sales, including the scheduled ending of a Tier-2 contract, and lower aftermarket customer requirements for regional aircraft. These negative factors were partly offset by increased Boeing 777 deliveries.
Defence sales decreased 7.7% to $55.5 million from $60.1 million. This variation is essentially due to lower spare parts requirements from the U.S. Government.
Gross profit decreased to $19.0 million, or 16.8% of sales, versus $20.8 million, or 17.2% of sales last year. The decrease was largely attributable to unfavourable product mix, mainly related to lower sales of spares and aftermarket requirements for regional aircraft.
Operating income stood at $6.7 million, or 5.9% of sales, compared with $8.7 million, or 7.2% of sales last year. Adjusted operating income was $12.1 million, as compared to $12.3 million last year. This quarter’s adjusted operating income excluded $5.4 million of restructuring charges related to workforce adjustments, following the non-renewal of the USAF contract, and acquisition-related costs. Adjusted operating income from the fourth quarter last year excluded a $3.6 million restructuring charge related to workforce adjustments made following production rate reductions for certain aircraft programs announced by OEMs. Consequently, adjusted EBITDA, which excludes non-recurring items, was $19.4 million, or 17.1% of sales, compared with $19.2 million, or 15.9% of sales, a year ago.
Net income for the fourth quarter of fiscal 2018 was $5.9 million, or $0.16 per diluted share, compared with $8.9 million, or $0.25 per diluted share, a year ago. Excluding non-recurring items net of taxes, adjusted net income reached $10.4 million, or $0.29 per share, versus $9.1 million, or $0.25 per share last year.
As at March 31, 2018, Héroux-Devtek’s funded (firm orders) backlog stood at $466 million, versus $405 million as at March 31, 2017.
YEAR-END RESULTS
For fiscal 2018, consolidated sales reached $386.6 million, versus $406.5 million in fiscal 2017. Commercial sales reached $195.1 million versus $210.8 million a year ago, while defence sales totalled $191.5 million compared with $195.7 million last year. Year-over-year fluctuations in the value of the Canadian currency versus foreign currencies decreased sales by $2.4 million.
Gross profit for fiscal 2018 amounted to $61.3 million, or 15.9% of sales, compared with $68.0 million, or 16.7% of sales, in fiscal 2017. Operating income was $23.4 million, or 6.0% of sales, versus $35.6 million, or 8.7% of sales a year ago. Adjusted operating income was $30.3 million, compared to $35.9 million last year. Adjusted EBITDA reached $56.9 million, or 14.7% of sales, versus $61.4 million, or 15.1% of sales a year earlier.
Net income was $13.7 million, or $0.38 per diluted share, in fiscal 2018, compared with $31.8 million, or $0.88 per diluted share, in fiscal 2017. Adjusted net income stood at $24.2 million, or $0.67 per share, versus $26.4 million, or $0.73 per share last year.
SOLID CASH FLOWS AND HEALTHY FINANCIAL POSITION
Cash flows related to operating activities amounted to $18.5 million in the fourth quarter of fiscal 2018, versus $29.1 million in the fourth quarter of fiscal 2017. This variation mainly reflects a less favourable variation in non-cash working capital items. Fourth quarter free cash flow was $20.0 million compared to $22.8 million last year. For fiscal 2018, cash flows related to operating activities were $56.1 million, in line with last year, with a record free cash flow amounting to $50.8 million, up significantly from $33.0 million last year, primarily as a result of lower net cash flow utilized in investing activities.
Given this free cash flow generation, Héroux-Devtek’s already healthy financial position improved further as at March 31, 2018, with cash and cash equivalents of $93.2 million, while total long-term debt was $132.0 million, including the current portion, but excluding net deferred financing costs. Long-term debt includes $54.2 million drawn against the Corporation’s authorized credit facility of $200.0 million. As a result, the net debt position was $38.8 million at the end of the fourth quarter, down from $92.3 million as at March 31, 2017. The net-debt-to equity ratio was 0.10:1 as at March 31, 2018, versus 0.26:1 as at March 31, 2017.
UPDATE ON PREVIOUSLY ANNOUNCED ACQUISITIONS
Following a longer than anticipated regulatory process, the CESA acquisition is now expected to close during the second quarter of fiscal 2019. The transaction is subject to certain approvals, including by the Spanish Council of Ministers and the prior acquisition by Airbus of the stake of its minority partner in CESA. The closing of the Beaver acquisition is expected to occur during the current quarter, subject to customary closing adjustments and certain regulatory approvals.
WORKFORCE ADJUSTMENTS
Héroux-Devtek announced workforce adjustments of about 60 employees at its Longueuil facility following the non-renewal of the US Air Force contract announced on March 27, 2017. These workforce adjustments along with other restructuring costs related to the decrease in volume resulted in non-recurring charges totalling $5.0 million before taxes.
UPDATE ON DASSAULT FALCON 6X
Heroux-Devtek recently signed an amended contract for the design and manufacture of the Falcon 6X landing gear.
SUBSEQUENT EVENT
On May 16, 2018, subsequent to the end of the fiscal year, Héroux-Devtek announced the signing of a contract with AAR to perform the remanufacturing of landing gear assemblies of the KC-135 aircraft, the manufacturing of spare parts for the C-130 and KC-135 aircraft and the manufacturing of other landing gear components, all in support of a contract AAR was recently awarded from the US Air Force.The contract’s total value could exceed $65 million over the 4-year term.
GUIDANCE
For fiscal 2019, Management expects sales to be stable as compared to fiscal 2018 due to the ramp-down of the USAF contract, offset by higher defense volume from other customers and increased deliveries related to the Boeing 777 and 777x programs. Long-term sales growth guidance will be materially impacted by the acquisitions of CESA and Beaver and will be provided after the closing of these two transactions. In addition, Management expects approximately $15 million in capital expenditures in fiscal 2019.
Please see “Forward-Looking Statements” below and the Guidance section in the Corporation’s MD&A for the quarter ended March 31, 2018, for further details regarding the material assumptions underlying the foregoing guidance.
CONFERENCE CALL
Héroux-Devtek Inc. will hold a conference call to discuss these results on Thursday, May 24, 2018 at 8:30 AM Eastern Time. Interested parties can join the call by dialling 1-877-223-4471 (North America) or 1-647-788-4922 (overseas). The conference call can also be accessed via live webcast at Héroux-Devtek’s website, www.herouxdevtek.com/investor-relations/events or http://www.gowebcasting.com/9254 .
An accompanying presentation will also be available on Héroux-Devtek’s website, www.herouxdevtek.com/investor-relations/events .
If you are unable to call in at this time, you may access a tape recording of the meeting by calling 1-800-585-8367 and entering the passcode 3186266 on your phone. This tape recording will be available on Thursday, May 24, 2018 as of 12:00 PM Eastern Time until 11:59 PM Eastern Time on Thursday, May 31, 2018.
PROFILE
Héroux-Devtek Inc. (TSX:HRX) is an international company specializing in the design, development, manufacture and repair and overhaul of landing gear and actuation systems and components for the Aerospace market. The Corporation is the third largest landing gear company worldwide, supplying both the commercial and defence sectors of the Aerospace market with new landing gear systems and components, as well as aftermarket products and services. The Corporation also manufactures hydraulic systems, fluid filtration systems and electronic enclosures. Approximately 90% of the Corporation's sales are outside Canada, including about 65% in the United States. The Corporation's head office is located in Longueuil, Québec with facilities in the Greater Montreal area (Longueuil, Laval and St-Hubert); Kitchener, Cambridge and Toronto, Ontario; Springfield and Strongsville, Ohio; Wichita, Kansas; Everett, Washington; and Runcorn, Nottingham and Bolton, United Kingdom.
FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the future performance of the Corporation. Forward looking statements are based on assumptions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Corporation's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results. Please see the Guidance section in the Corporation’s MD&A for the fiscal year ended March 31, 2018, for further details regarding the material assumptions underlying the forecasts and guidance. Such forecasts and guidance are provided for the purpose of assisting the reader in understanding the Corporation’s financial performance and prospects and to present management’s assessment of future plans and operations, and the reader is cautioned that such statements may not be appropriate for other purposes.
NON-IFRS MEASURES
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted operating income, adjusted net income, adjusted earnings per share and free cash flow are financial measures not prescribed by International Financial Reporting Standards (“IFRS”) and are not likely to be comparable to similar measures presented by other issuers. Management considers these to be useful information to assist investors in evaluating the Corporation's profitability, liquidity and ability to generate funds to finance its operations. Refer to Non-IFRS financial measures under Operating Results in the Corporation’s MD&A for definitions of these measures and reconciliations to the most comparable IFRS measures.
Note to readers: Complete audited consolidated financial statements and Management’s Discussion & Analysis are available on Héroux-Devtek’s website at www.herouxdevtek.com .
From: Héroux-Devtek Inc.
Gilles Labbé
President and Chief Executive Officer
Tel.: (450) 679-3330
Contact: Héroux-Devtek Inc.
Stéphane Arsenault
Chief Financial Officer
Tel.: (450) 679-3330 MaisonBrison
Pierre Boucher
Tel.: (514) 731-0000
Source:Heroux-Devtek Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-haroux-devtek-reports-fiscal-2018-fourth-quarter-results.html |
LONDON (Reuters) - Prince William and his wife Kate formally registered the birth of new son Louis on Tuesday, just over a week after the arrival of the latest member of Britain’s royal family.
Britain's Prince William and Catherine, The Duchess of Cambridge leaves the Lindo Wing at St Mary's Hospital with their newborn son in London, April 23, 2018. John Stillwell/Pool via Reuters Prince Louis Arthur Charles, the couple’s third child, who joins brother George, 4, and sister Charlotte, 2, and becomes fifth-in-line to the throne, was born on Monday last week, weighing in at 8 lbs 7oz.
On Tuesday, William and Kate, formally known as the Duke and Duchess of Cambridge, signed the birth register at their Kensington Palace home in central London in front of an official from Westminster Register Office.
All newborns in Britain have to be registered, with details of the parents and their occupation. William and Kate duly listed their jobs as Prince and Princess of the United Kingdom.
Reporting by Michael Holden; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-louis/uks-prince-william-and-kate-register-new-son-louiss-birth-idUSKBN1I23N7 |
May 16, 2018 / 5:26 PM / Updated 11 minutes ago UPDATE 1-Turkish banker gets 32 months prison in U.S. case over Iran sanctions Reuters Staff
(Adds background throughout)
By Brendan Pierson
NEW YORK, May 16 (Reuters) - A U.S. judge sentenced Mehmet Hakan Atilla, a Turkish banker at Turkey’s state-controlled Halkbank, to 32 months in prison on Wednesday after he was found guilty of taking part in a scheme to help Iran evade U.S. sanctions.
Atilla, a 47-year-old Turkish citizen, was sentenced by U.S. District Judge Richard Berman in Manhattan.
The case has strained diplomatic relations between the United States and Turkey, and Turkish President Tayyip Erdogan has condemned it as a political attack on his government.
Prosecutors had sought a sentence of about 20 years for Atilla, who worked as a deputy general manager at Halkbank.
The defendant’s lawyers had argued that federal guidelines recommended a term of just 46 to 57 months, and asked for a sentence “dramatically below” that length.
Atilla was found guilty on Jan. 3 of conspiring to violate U.S. sanctions law. His conviction followed a four-week trial in which Atilla testified in his own defense.
Prosecutors have said that beginning around 2012, Atilla was involved in a scheme to help Iran spend oil and gas revenues abroad using fraudulent gold and food transactions through Halkbank, violating U.S. sanctions.
According to prosecutors, the central figure in the scheme was wealthy Turkish-Iranian gold trader Reza Zarrab, who pleaded guilty to fraud, conspiracy and money laundering charges, and testified for several days as the U.S. government’s star witness against Atilla.
Zarrab, who has yet to be sentenced, said on the witness stand during Atilla’s trial that he bribed Turkish officials, and that Erdogan personally signed off on parts of the scheme while serving as Turkey’s prime minister.
Erdogan has said the U.S. case was based on evidence fabricated by followers of U.S.-based Muslim cleric Fethullah Gulen, whom he has also blamed for a failed 2016 coup attempt.
The Turkish president has repeatedly condemned Atilla’s conviction, most recently in an interview with Bloomberg Television on Tuesday.
“If Hakan Atilla is going to be declared a criminal, that would be almost equivalent to declaring the Turkish Republic a criminal,” Erdogan said.
Atilla was arrested in New York in March 2017, a year after Zarrab’s arrest in Florida. (Reporting by Brendan Pierson in New York Editing by Susan Thomas and Frances Kerry) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-turkey-zarrab/update-1-turkish-banker-gets-32-months-prison-in-u-s-case-over-iran-sanctions-idUSL2N1SN1EQ |
May 22, 2018 / 1:02 PM / Updated 3 hours ago GLAAD calls for LGBT characters in 20 percent of movies by 2021 Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - Romance “Call Me By Your Name” may have won a screenplay Oscar, and Disney’s family-friendly “Beauty and the Beast” had a gay character, but movies from Hollywood’s major studios last year had the lowest percentage of lesbian, gay, transgender and bisexual characters since 2012, according to a report released on Tuesday. FILE PHOTO: James Ivory wears a shirt depicting actor Timothee Chalamet as he holds his Oscar for Best Adapted Screenplay for "Call Me My Your Name" during the 90th Academy Awards in Hollywood, California, March 4, 2018. REUTERS/Mike Blake
Gay and transgender media advocacy group GLAAD said in its annual Studio Responsibility Index that of the 109 releases by the seven largest movie studios in 2017, just 14, or 12.8 percent, included LGBTQ characters.
GLAAD called on Hollywood to have 20 percent of annual film releases include a gay, lesbian, bisexual, transgender or gender fluid character by 2021, rising to 50 percent of output by 2024.
Box office hits like “Wonder Woman” and “Black Panther” have smashed old Hollywood notions that movies that champion women and people of color do not have global appeal, GLAAD said.
“It is time for LGBTQ stories to be included in this conversation,” GLAAD President Sarah Kate Ellis said in the report.
GLAAD praised movies like tennis film “Battle of the Sexes,” Oscar best picture winner “The Shape of Water” and independent transgender tale “A Fantastic Woman” from Chile that won the best foreign language Oscar in March.
But it gave the thumbs-down to “Thor: Ragnarok” for deleting references to two characters who are bisexual or queer in the original Marvel comic book source material, criticized “Baywatch” for its “many jokes relying on gay panic for cheap laughs,” and said “Pitch Perfect 3” sidelined a lesbian character.
Despite the slide in LGBTQ characters in 2017, GLAAD said 2018 had already shown welcome progress, with movies like gay young adult film “Love, Simon” and the raunchy teen comedy “Blockers.”
The report expressed hope for upcoming films, such as musical “Mamma Mia 2,” where GLAAD said it would like to see Colin Firth’s gay character further explored, and “The Girl in the Spider’s Web,” where lead character Lisbeth Salander is bisexual in the original Stieg Larsson novel.
As for “Bohemian Rhapsody,” the upcoming biopic about Queen singer Freddie Mercury who died in 1991 of AIDS complications, GLAAD said it hoped the film would “make a powerful impact by fully exploring his queer identity.” Reporting by Jill Serjeant; Editing by Matthew Lewis | ashraq/financial-news-articles | https://in.reuters.com/article/us-film-lgbt/glaad-calls-for-lgbt-characters-in-20-percent-of-movies-by-2021-idINKCN1IN1MB |
ATHENS (Reuters) - A Turkish soldier who fled with seven others to Greece after a failed coup attempt against President Tayyip Erdogan in 2016 should be granted asylum, a Greek court ruled on Wednesday, prompting an angry response from Ankara.
The Council of State, Greece’s top administrative court, rejected an appeal by the leftist-led government against an administrative decision by an asylum board to grant asylum to the Turkish soldier, a judicial source said.
The case has posed a dilemma for Athens, keen to keep relations with Ankara on an even keel but also demonstrate respect for the independence of the judiciary.
Turkey has demanded the eight soldiers are handed over, accusing them of involvement in the abortive coup. The soldiers have denied wrongdoing and say they fear for their lives.
Greek courts have dismissed the Turkish demands, saying there were not convinced the eight would face a fair trial in their country.
Turkish EU Minister Omer Celik called the Council of State ruling “the most embarrassing decision a country can make”.
“The justice system of Greece, an EU member, decided to defend the terrorists who attempted a coup to overthrow democracy in Turkey,” he said on Twitter.
The soldiers - three majors, three captains and two sergeant majors - flew to Greece by helicopter on July 16, 2016, as the coup attempt against Erdogan crumbled.
The Greek government had appealed against the asylum board verdict on one of the soldiers, winning a temporary injunction suspending his asylum status “for reasons of public interest” until a formal court hearing.
The other soldiers’ asylum cases are still pending.
Once the Council of State ruling is officially registered, the Turkish soldier will be freed, the judicial source said.
Reporting by Constantinos Georgizas in Athens and Ezgi Erkoyun in Ankara, Writing by Angeliki Koutantou and Renee Maltezou; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-security-greece/top-greek-court-grants-turkish-soldier-asylum-rejects-government-appeal-idUSKCN1IO38F |
Consumers are returning to the luxury goods sector with updated versions of iconic brands such as Tiffany & Co. and Louis Vuitton. Retail analyst Oliver Chen told CNBC that it's a good place for investors to be too.
"Tiffany is very exciting," Chen, managing director and senior equity research analyst at Cowen Outperform, said Wednesday on " Power Lunch ."
"They're becoming a lot more modern," he said. "Customers are returning to Tiffany on the heels of new collections, new product, as well as new campaigns that are innovative, fun, disruptive, as well as tying back to the history of the brand."
"And that blue box is iconic," Chen said.
On Wednesday, the high-end jeweler beat first-quarter earnings estimates with better-than-expected sales in the Americas and Asia. Shares surged about 17 percent and were on track to mark the company's best day since 2001.
But Tiffany isn't the only luxury company outperforming.
Chen, who covers retail and luxury goods at Cowen, said his firm likes the luxury goods sector, including brands such as Moet Hennessy Louis Vuitton and Sotheby's , and said it is "a good spot for investors to be in."
Businesses that specialize in discounted goods — such as TJX Companies, which owns off-price stores Ross Stores and Marshalls, and Costco — are thriving. But Chen pointed out that some cost-cutting measures may affect margins, which in turn affects investors. The analyst said jewelry brands such as Tiffany can leverage prices to get better returns for investors.
"Grocery, food, apparel, where there's less differentiation, that becomes a problem, and people compete on price," the analyst said.
"And that's a big factor for retail over the long term, especially with Amazon and others," Chen said. "Competing on the basis of price is very competitive."
In fact, Tiffany's success may be in part because it is "un-Amazonable," Chen said, referring to experiences that can't be bought online.
CNBC/Marguerite Ward For Mary Chao, that came in the form of a trip to her local Tiffany & Co. for her daughter's 16th birthday.
"For a $150 necklace, you get the blue box, a pampering and a status symbol," the Brighton, New York, resident told CNBC. "And teenage girls are always looking for status symbols."
"Luxury is trending in the suburbs," Chao said. "For me it's Louis Vuitton. For my daughter it's Tiffany."
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/consumers-returning-to-luxury-brands-investors-should-too-analyst.html |
May 10, 2018 / 12:34 PM / in an hour Creditors lead effort to sell Brazil's Odebrecht rail unit-sources Reuters Staff 1 Min Read
SAO PAULO, May 10 (Reuters) - Brazilian creditors of conglomerate Odebrecht SA are leading the efforts to sell the group’s commuter rail operator Supervia Concessionaria de Transporte Ferroviario SA, as banks pressured the corruption-ensnared group to accelerate asset sales, three people with knowledge of the matter said.
Odebrecht hired Banco BTG Pactual SA as an adviser months ago to sell Supervia, the sources added, asking for anonymity because talks are still private.
But failure to reach an agreement with potential acquirers after talks with investors made creditors such as Banco Bradesco SA and Itau Unibanco Holding SA interfere and transfer the mandate to sell the company to their investment banking units. (Additional reporting by Carolina Mandl in Sao Paulo, Stanley Carvalho in Abu Dhabi Editing by Jeffrey Benkoe) | ashraq/financial-news-articles | https://www.reuters.com/article/supervia-ma/creditors-lead-effort-to-sell-brazils-odebrecht-rail-unit-sources-idUSL1N1SA26W |
Amy Wilkinson is an entrepreneur, author of “The Creator’s Code,” and lecturer at Stanford Graduate School of Business. Many of us believe entrepreneurs are sprung from the fountain of youth. We see the founders of Uber, Airbnb and Snapchat and think that launching a new venture is a next-generation pursuit. We idealize the college dropouts How I Empower the Introverts on My Staff | ashraq/financial-news-articles | https://blogs.wsj.com/experts/2018/05/02/think-youre-too-old-to-found-a-startup-think-again/ |
May 1 (Reuters) - RenaissanceRe Holdings Ltd:
* RENAISSANCERE REPORTS NET INCOME OF $56.7 MILLION FOR THE FIRST QUARTER OF 2018, OR $1.42 PER DILUTED COMMON SHARE; QUARTERLY OPERATING INCOME OF $135.2 MILLION OR $3.40 PER DILUTED COMMON SHARE
* Q1 EARNINGS PER SHARE $1.42 * Q1 EARNINGS PER SHARE VIEW $2.62 — THOMSON REUTERS I/B/E/S
* GROSS PREMIUMS WRITTEN INCREASED BY $237.6 MILLION, OR 25.8%, TO $1.2 BILLION, IN Q1 OF 2018, COMPARED TO Q1 OF 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-renaissancere-reports-q1-earnings/brief-renaissancere-reports-q1-earnings-per-share-1-42-idUSASC09YSD |
May 1 (Reuters) - Desane Group Holdings Ltd:
* SUPREME COURT NSW DECLARES ACQUISITION INVALID Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-desane-group-says-supreme-court-ns/brief-desane-group-says-supreme-court-nsw-declares-acquisition-invalid-idUSFWN1S71HM |
May 8 (Reuters) - Perrigo Company PLC:
* Q1 GAAP EARNINGS PER SHARE $0.57 * Q1 EARNINGS PER SHARE VIEW $1.16 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 SALES $5.0 BILLION TO $5.1 BILLION * FY2018 EARNINGS PER SHARE VIEW $5.26, REVENUE VIEW $5.06 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-perrigo-company-reports-q1-adjuste/brief-perrigo-company-reports-q1-adjusted-eps-of-1-26-excluding-items-idUSASC0A0B7 |
1:44 PM EDT
Even burritos are going high tech.
Chipotle Mexican Grill Inc. is spending almost $10,000 a restaurant to add flat-screen panels that will allow workers to fulfill off-site orders more quickly, according to Chief Digital and Information Officer Curt Garner. The move will improve the additional production lines — dedicated to digital, online and catering orders — that Chipotle has added to supplement the front lines that serve in-store diners.
With the new screens, which are already in place at 300 locations and will grow to 900 by the end of the year, employees see images of an order’s ingredients, instead of words, and labels are printed automatically instead of handwritten. The new system makes it easier and quicker to train workers, and orders are more accurate, according to Garner.
“It’s so much more intuitive and easier,” Garner said in an interview. “We can make orders much more quickly for folks. We don’t overload the restaurant.”
The investment comes as restaurants race to outdo rivals in the surging food-delivery market. Taco Bell, KFC and McDonald’s are all now offering the service in some capacity, while Panera Bread has built its own network with 13,000 drivers. Chipotle, meanwhile, is eager to prove it can recapture growth under its new chief executive officer, Brian Niccol.
Chipotle has said about 8.8 percent of orders go to its second production lines. The chain is working to boost its delivery capabilities — in April it announced a partnership with DoorDash Inc. to add the service to 1,500 restaurants. It also delivers at some locations through Postmates Inc. and Tapingo.
The burrito chain is considering doing delivery itself in areas where third-party services aren’t available, Garner said. Chipotle, which has about 2,400 restaurants, is in talks with additional delivery partners, he said.
“It is such a rapidly evolving marketplace particularly now that Uber and Amazon and others are getting in,” he said, referring to new moves by those companies to capture growth in the delivery market. “We’re continuing to keep a very close eye on what’s happening and understanding how we can rapidly shift our strategy.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/chipotle-burritos-flat-screens/ |
Three years after expanding into Europe, Politico is now setting its sights on Asia.
The digital media outlet, known for its blanket coverage of all things politics, is launching a partnership on Tuesday with the South China Morning Post, the 115-year-old English-language newspaper in Hong Kong acquired in 2015 by Chinese billionaire Jack Ma’s Alibaba Group Holding Ltd.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/politico-moves-into-asia-joining-with-jack-mas-south-china-morning-post-1526938200 |
April 30 (Reuters) - PVP Ventures Ltd:
* SAYS D KRISHNAMOORTHY RESIGNS AS CFO Source text: bit.ly/2jfQwAJ Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pvp-ventures-says-d-krishnamoorthy/brief-pvp-ventures-says-d-krishnamoorthy-resigns-as-cfo-idUSFWN1S70DP |
SAN DIEGO (AP) — A grocery store in San Diego subjected Hispanic employees to harassment and a hostile work environment by implementing a no-Spanish language policy, federal officials said Thursday.
The U.S. Equal Employment Opportunity Commission filed a lawsuit alleging store managers at Albertsons publicly reprimanded Hispanic employees who were caught speaking Spanish. The workers were barred from speaking Spanish around non-Spanish speakers, even during breaks or when talking to Spanish-speaking customers, the lawsuit said.
No action was taken despite employee complaints, causing some workers to transfer to other stores, according to the EEOC.
Albertsons wouldn't comment on the lawsuit but said in a statement that it does not require its employees speak English only.
"Albertsons serves a diverse customer population and encourages employees with foreign language abilities to use those skills to serve its customers," the statement said.
The conduct violates the Civil Rights Act of 1964, the EEOC said.
"It is extremely important for workers to feel safe in coming forward to report harassment," said Christopher Green, director of the EEOC's San Diego office. "It is equally important for employers to make certain that harassment is investigated and addressed appropriately."
The Albertsons chain is one of the largest food and drug retailers in the U.S., employing about 280,000 people in 35 states. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-california-store-faces-suit-over-no-spanish-language-policy.html |
South Korea wants U.S. troops to stay 10:37am BST - 01:26
South Korea clarifies that American troops should remain on the Korean Peninsula whether or not a peace treaty is signed with North Korea following historic inter-Korea talks. ▲ Hide Transcript ▶ View Transcript
South Korea clarifies that American troops should remain on the Korean Peninsula whether or not a peace treaty is signed with North Korea following historic inter-Korea talks. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rfh1tT | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/south-korea-wants-us-troops-to-stay?videoId=423137339 |
May 2, 2018 / 2:08 PM / Updated 5 hours ago Ultimate frontier market? Amid thaw, Chinese eye North Korea real estate Yawen Chen , Sue-Lin Wong 5 Min Read
BEIJING (Reuters) - Chinese property speculators are starting to bet on a rapid improvement in relations between North Korea and the rest of the world, pushing up prices in the border city of Dandong and even spurring buying interest in the world’s most isolated country. FILE PHOTO: A general view shows the unfinished New Yalu River bridge that was designed to connect China's Dandong New Zone, Liaoning province, and North Korea's Sinuiju, September 11, 2016. REUTERS/Thomas Peter/File Photo
Last week, online Chinese real estate investment platform Uoolu.com released a guide for Chinese buyers interested in North Korean real estate, while popular accounts on the mobile messaging app WeChat have been posting articles about the country’s housing market in recent weeks.
“Recently we’ve had many inquiries about investing in North Korea’s property market,” said Huang Xiaodan, founder and CEO of Uoolu.com, which specializes in helping Chinese buy property overseas.
Actual cross-border investment has yet to materialize.
“Venturing into a new frontier requires policy support and time to cultivate the market,” said Huang. “At the moment, we’re just paying close attention to what’s going on.”
North Korea has long been largely shut to foreign investors, an isolation that deepened when the United Nations ratcheted up sanctions last year in an effort to curb its development of nuclear weapons.
But a dramatic improvement in relations between Pyongyang and China, with a secretive Beijing visit by the North Korean leader Kim Jong Un in late March, followed by last week’s historic inter-Korean summit and an upcoming meeting between Kim and U.S. President Donald Trump, has caught the notice of some opportunistic investors.
“I’ve had several inquiries from Chinese interested in purchasing properties in Pyongyang, Wonsan and Sinuiju,” said the founder of INDPRK, a travel company in Dandong that runs tours to North Korea, who goes by the name Griffin Che.
“There are a lot of speculators on the market right now but, at the moment, only locals can buy property in North Korea.” PROPERTY PRICES JUMP ON CHINESE BORDER
There are no such restrictions in Dandong, the main gateway into North Korea in northeastern China, where listed prices of apartments in some projects seen as most likely to gain from an economic opening up of North Korea have jumped by as much as 50 percent since Kim’s Beijing visit in late March, according to five real estate agents and three local residents. FILE PHOTO: The Downing One residential project is seen in the Dandong New Zone, in Dandong, Liaoning province, China September 28, 2017. REUTERS/Philip Wen/File Photo
“Rising property prices are due to North Korea,” Mr. Zhao, an official in Dandong’s real estate registration office, told Reuters, declining to give his full name or further details.
The Dandong New Zone - which was planned in anticipation of the opening of the New Yalu River Bridge connecting Dandong with Sinuiju in North Korea - has been attracting the most interest from prospective buyers. The dual-carriageway bridge was slated to open in November 2015 but today sits abandoned.
“We’re all hopeful the bridge will open soon,” said Zhao Bin, a Chinese trader who does business with North Korea and considered buying property in Dandong last week.
INDPRK’s Che, who has a prominent social media presence, said Dandong New Zone transaction prices had risen from about 4,000 yuan per square meter to 5,500 to 6,000 yuan, which he attributes to the improving situation on the Korean peninsula. He warned that Dandong prices were so frothy they may have even peaked.
“I was keen to buy but I think it’s too late now,” he said.
OUT-OF-TOWNERS BOOST SALES
Around one-third of buyers over the recent Labor Day weekend holiday were from out of town, taking advantage of time off to scout properties, according to Mr. Liao, an agent at Gold Key Real Estate in Dandong, who also declined to give his full name, whereas locals made up the vast majority of buyers in much of April.
Sales of residential properties rose almost 30 percent in Dandong’s of Zhenxing District, which includes the New Zone, last month from March, according to data from the local housing authority. A total of 967 apartments were sold in April, it posted on the official website.
Average home prices in Dandong rose nearly 1 percent in April from March, according to data from the China Real Estate Association, compared with a 0.5 percent decline in the same period a year earlier, although city-wide averages tend not to fully reflect big price fluctuations at individual projects.
Dandong’s real estate registration office released a statement last week saying it was unable to keep up with the sudden rise in people registering apartments so people needed to make an appointment to visit the office ahead of time, according to state-owned Securities Times newspaper.
A woman answering the phone at Dandong’s real estate registration office said the new system was not connected to North Korea, but because several projects had recently been completed so more people were purchasing apartments. Reporting by Yawen Chen, Sue-Lin Wong and the Beijing newsroom; Editing by Tony Munroe and Alex Richardson | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-northkorea-property/ultimate-frontier-market-amid-thaw-chinese-eye-north-korea-real-estate-idUSKBN1I31X5 |
Airlines, Autodesk and more in the blitz 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/airlines-autodesk-more-in-the-blitz.html |
May 7, 2018 / 8:41 PM / Updated 3 hours ago Athletics - IAAF unveils new, mass worldwide running event Reuters Staff 2 Min Read
LONDON (Reuters) - A new series of one-mile runs in 24 cities around the world to celebrate Global Running Day on June 6 and tagged “Run 24:1” was unveiled by the International Association of Athletics Federations (IAAF) on Monday.
Partnering with sports ministries, city governments, race organisers and member federations around the world, the IAAF initiative incorporates races to be held in cities across 15 time zones that will each start at the same local time to create a ‘simultaneous’ worldwide celebration of running.
IAAF Run 24:1 will commence at 1700 local time (GMT +12) in Auckland, New Zealand, then cross Oceania to Sydney, enter Asia in Tokyo, move to Europe in Minsk, into Africa in Addis Ababa, and cross the Atlantic to the Americas in Sao Paulo and Buenos Aires before the day’s final race in Vancouver on Canada’s west coast.
In all, IAAF Run 24:1 will include stops in 23 countries, uniting tens of thousands of runners around the world.
“Running is accessible to everyone, it is fun, it is competitive,” said IAAF President Sebastian Coe.
“It can be social, it can be solitary. It is testing, it is personal but most of all it builds strength, stamina, fitness and health. It is the mother of all sports.
“On Wednesday 6 of June, we want as many people as possible to celebrate Global Running Day – the biggest annual celebration of running.”
Each race will be headed by a designated ‘City Captain’, a former or current athlete who will lead local efforts to spread awareness of the initiative and to involve their respective running communities.
Celebrating its third year in 2018, Global Running Day is a grassroots initiative where people of all abilities and from all paths of life come together to celebrate their passion for running and inspire others to get moving. Reporting by Mitch Phillips, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-athletics-run24/athletics-iaaf-unveils-new-mass-worldwide-running-event-idUKKBN1I82DG |
BEIJING, May 9 (Reuters) - China’s central bank has issued draft guidelines for online gold business that require firms to register with the bank when they sell the precious metal, according to a document published by the Shanghai Gold Exchange.
The draft guidelines, which were published on the exchange’s website on Tuesday, said online gold firms’ registered capital cannot be less than 30 million yuan ($4.71 million) and that the companies must fully disclose investment risks.
$1 = 6.3690 Chinese yuan renminbi Reporting by Beijing Monitoring Desk Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/china-gold-pboc/china-c-bank-issues-draft-guidelines-for-online-gold-business-exchange-idUSB9N1S002L |
Stay Connected The Failure of GE's Digital Transformation General Electric Chairman and CEO John F. Welch, left, shakes hands with GE Chairman-Elect Jeffrey R. Immelt during a news conference November 27, 2000, in New York City. Immelt will succeed Welch after he retires at the end of 2001. Chris Hondros — Getty Images By Adam Lashinsky 11:41 AM EDT
This article first appeared in Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
It is painful, but necessary, to read about failure in business.
By any measure the decline of General Electric these past months is an epic fail for the ages. Fortune ’s Geoff Colvin should know. He repeatedly profiled the storied industrial conglomerate during the tenure of its departed CEO, Jeffrey Immelt. Colvin explained in past years what made Immelt a worthy successor to the legendary Jack Welch. He also described Immelt’s struggles to achieve adequate growth at GE—long before its grave problems emerged.
But nothing prepared Colvin or GE’s investors for the precipitous collapse of the company’s market value in the immediate aftermath of Immelt’s abrupt retirement.
In a stunning article titled “ What the Hell Happened? ”, Colvin describes a company that made poor investment decisions, allocated capital badly, and suffered from a decline in its vaunted corporate culture.
The irony is that GE (ge) had fashioned itself as an industrial leader of the digital revolution. It was to be a major player in software and putting sensors on its powerful equipment. Immelt’s successor, John Flannery, isn’t backing away from GE’s digital strategy. But he is scaling back its software aspirations and no longer using the flowery language Immelt’s team favored to describe GE industrial hipness.
Colvin’s telling is a sympathetic tale of what can go horribly wrong when a great company becomes distracted or otherwise makes the wrong decisions. GE under Immelt by no means did everything wrong, and Colvin gives the company its due in that regard. But it didn’t do enough things right. It’s a sobering tale.
***
The New York Times published in print Wednesday a piece that echoed the argument I made in Data Sheet about Facebook . I contend that 1990s-era distinctions between print newspapers and newfangled “social networks” are irrelevant. A publisher is a publisher, and Facebook (fb) ought to be treated like one under the law. One European lawyer sums it up nicely. As The Times describes it, he argues that social media companies must block offensive content without censoring legitimate debate, and it must foot the bill the same as any other publisher. “If they can’t do it, they should get out of the kitchen.”
Precisely. | ashraq/financial-news-articles | http://fortune.com/2018/05/24/ge-failure-immelt/ |
SAN FRANCISCO, May 1, 2018 /PRNewswire/ -- Starboard Commercial Real Estate, privately owned and locally-based San Francisco commercial real estate firm, is pleased to announce the sale of 318 N. Sunrise Avenue in Roseville, CA.
The 24,750 square foot property was purchased for $4,511,000 by a San Francisco-based investor and is located in the Centre Pointe Regional Shopping Center, in between Home Depot and Fitness Evolution. The building is currently leased to Pet Club.
The deal was led by Richard Gumbiner, broker associate with Starboard Commercial Real Estate. According to Gumbiner, the 100 percent leased NNN investment is located at a prosperous retail intersection with Hwy 80 visibility, and provides long-term stable income to the investor with minimal management obligations.
"Conditions are still favorable to find NNN leased investment properties. Cap rates have improved and financing is still readily available at attractive rates," shared Gumbiner. "Investors who are experiencing challenges with rent control, management, or excessive operating expenses should consider whether a NNN leased investment is more appropriate to their investment goals."
The city of Roseville has a diverse economy that allows the city to thrive. The most dynamic industries in the city are technology, healthcare, agriculture, financial services, and retail. Shopping plays a vital role in the economy of Roseville, which has the thirteenth highest retail sales of all California cities.
The city is also considered a regional shopping destination, with the Westfield Galleria at Roseville being the main shopping center in the city and the second largest shopping mall in Northern California.
For a full list of Starboard's current listings, visit www.starboardnet.com/listings.php .
About Starboard Commercial Real Estate
Starboard Commercial Real Estate is the largest independently owned commercial real estate company in San Francisco, California. Starboard was established in 1991 with a unique vision of what a commercial real estate firm should be. With a combined total of 55 years representing landlords and tenants, members of the firm are devoted to serving clients with the highest ethics and professionalism. By implementing the latest technology, Starboard combines innovative market techniques with hard work, pursuing every opportunity to meet its clients' commercial property goals. Our brokers are highly qualified professionals supported by skilled support staff and a full-service in-house graphic and website design team. Our brokers have access to critical information on existing tenants in San Francisco and more than 1,814 office buildings and over 103 million square feet of office space throughout San Francisco.
In 2000, Starboard became the San Francisco member of TCN Worldwide Real Estate Services, a national affiliation of independent real estate firms located in more than 200 markets with 62 offices in 8 countries, including North and South America, Europe, and Asia. Using national and international real estate expertise, Starboard provides clients with local know-how on a global scale. Hans Hansson, managing principal, previously served on TCN Worldwide's Board of Directors and served as regional vice president for two years. For more information, visit www.starboardnet.com .
Media Contact:
Natalie Wolfrom
PR for Starboard TCN Worldwide
415-609-7092
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/starboard-commercial-real-estate-announces-sale-of-premier-retail-property-in-roseville-ca-for-4-511-000--300639746.html
SOURCE Starboard Commercial Real Estate | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-starboard-commercial-real-estate-announces-sale-of-premier-retail-property-in-roseville-ca-for-4511000.html |
May 14, 2018 / 6:14 PM / Updated 37 minutes ago Italy's president gives 5-Star, League more time to clinch government deal Reuters Staff 2 Min Read
ROME (Reuters) - Italian President Sergio Mattarella has granted more time to the anti-establishment 5-Star Movement and the far-right League to wrap up a coalition deal, a source in Mattarella’s office said on Monday. FILE PHOTO: Italian President Sergio Mattarella leaves after speaking to the media during the second day of consultations at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo
“The president agreed that they would get in touch when they are ready,” said the source, after the leaders of both parties met Mattarella to tell him they had not yet hammered out the details of a joint program.
“The president has no intention of hampering the birth of a government that can last a full term of office,” the source added.
The Northern League later announced that on Saturday and Sunday it would hold an informal referendum of its members, in squares around the country, to approve any coalition deal.
Key points of the deal would include scrapping an unpopular pension reform, tougher rules on immigration, tax cuts and renegotiation of EU treaties, the party said in a statement.
The 5-Star Movement has already said it would put any accord to an online vote of its own members. Reporting by Massimilano Di Giorgio and Crispian Balmer, writing by Gavin Jones; Editing by Crispian Balmer | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-president/italys-president-gives-5-star-league-more-time-to-clinch-government-deal-idUSKCN1IF2LG |
May 21 (Reuters) - Mitsubishi UFJ Financial Group Inc :
* AKAMAI AND MUFG ANNOUNCE BLOCKCHAIN-BASED PAYMENT NETWORK
* AKAMAI TECHNOLOGIES INC - NEW BLOCKCHAIN-BASED ONLINE PAYMENT NETWORK IS EXPECTED TO BE AVAILABLE IN JAPAN DURING FIRST HALF OF 2020 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-akamai-and-mufg-announce-blockchai/brief-akamai-and-mufg-announce-blockchain-based-payment-network-idUSFWN1SS0QG |
May 4, 2018 / 5:30 PM / Updated 3 hours ago English County Championship Division Two Scoreboard Reuters Staff 3 Scoreboard at stumps on the first day of between Sussex and Middlesex on Friday at Hove, England Sussex trail Middlesex by 170 runs with 6 wickets remaining Middlesex 1st innings Sam Robson c Ben Brown b Oliver Robinson 10 Nick Gubbins b Oliver Robinson 8 Stevie Eskinazi lbw Oliver Robinson 38 Dawid Malan lbw Oliver Robinson 13 Hilton Cartwright c Michael Burgess b Oliver Robinson 4 Max Holden Not Out 84 John Simpson c Michael Burgess b Danny Briggs 26 James Harris c George Garton b Danny Briggs 1 Ollie Rayner lbw Oliver Robinson 9 Tim Murtagh c Luke Wright b George Garton 26 Tom Barber b Oliver Robinson 3 Extras 1b 1lb 6nb 0pen 0w 8 Total (73.0 overs) 230 all out Fall of Wickets : 1-13 Gubbins, 2-24 Robson, 3-67 Eskinazi, 4-75 Cartwright, 5-76 Malan, 6-132 Simpson, 7-135 Harris, 8-169 Rayner, 9-220 Murtagh, 10-230 Barber Bowling Ov Md Rn Wk Econ Ex Oliver Robinson 21 3 58 7 2.76 1nb David Wiese 18 5 54 0 3.00 1nb George Garton 15 1 46 1 3.07 1nb Stiaan van Zyl 4 0 13 0 3.25 Danny Briggs 12 1 48 2 4.00 Luke Wells 3 0 9 0 3.00 Sussex 1st innings Luke Wells c Sam Robson b Tim Murtagh 4 Philip Salt c Dawid Malan b Tim Murtagh 0 Stiaan van Zyl c Stevie Eskinazi b James Harris 15 Harry Finch Not Out 26 Luke Wright b James Harris 9 Danny Briggs Not Out 1 Extras 0b 0lb 4nb 0pen 1w 5 Total (21.0 overs) 60-4 Fall of Wickets : 1-4 Wells, 2-5 Salt, 3-32 van Zyl, 4-50 Wright To Bat : Brown, Burgess, Robinson, Wiese, Garton Bowling Ov Md Rn Wk Econ Ex Tim Murtagh 7 2 18 2 2.57 Tom Barber 7 2 16 0 2.29 1w 2nb James Harris 7 1 26 2 3.71 Umpire David Millns Umpire Jonathan Blades Home Scorer Mike Charman Away Scorer Donald Shelley | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idINMTZXEE547SMAD3 |
NEW YORK (Reuters) - A former town official in New York’s Nassau County was found not guilty on Thursday of taking bribes from a restaurateur, as jurors continued to weigh the fate of the county’s former top elected executive charged in the same case.
FILE PHOTO - John Venditto, Oyster Bay Town Supervisor, whose facing corruption charges with Edward Mangano, Nassau County Executive and his wife Linda Mangano, leaves his arraignment hearing outside federal court in Central Islip, New York, U.S., October 20, 2016. REUTERS/Shannon Stapleton Former Oyster Bay Town Supervisor John Venditto was acquitted following a trial in federal court in Central Islip, New York, according to John Marzulli, a spokesman for federal prosecutors. Marzulli declined to comment on the verdict.
“We are over the moon with Mr. Venditto being acquitted,” said Marc Agnifilo, Venditto’s lawyer. “It’s a great day for him and our jury system.”
The jury said on Wednesday afternoon that it had not yet reached a decision regarding former Nassau County Executive Edward Mangano or his wife, Linda Mangano, who were on trial alongside Venditto.
John Carman, a lawyer for Linda Mangano, said of Thursday’s acquittal that Venditto’s lawyers had “brilliantly exposed the government’s flawed theory of guilt.”
A lawyer for Edward Mangano could not immediately be reached.
Prosecutors charged Mangano and Venditto with accepting bribes and kickbacks from Oyster Bay restaurateur Harendra Singh in exchange for favorable treatment, including government contracts and loans. They said the bribes included a no-show job for Linda Mangano.
Singh was charged separately in 2015, pleaded guilty and testified at the trial. He was a major fundraiser for New York City Mayor Bill De Blasio, who was also investigated for possible corruption by state and federal authorities but ultimately not charged.
Reporting by Brendan Pierson in New York; Editing by Dan Grebler and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-corruption-nassau/ex-new-york-town-official-found-not-guilty-in-bribery-case-idUSKCN1IP380 |
JERUSALEM (Reuters) - Guatemala opened an embassy in Jerusalem on Wednesday, two days after the United States inaugurated its new site in the contested city in a move that infuriated Palestinians and drew international condemnation.
Workers hanging from the side of a building place a banner welcoming the opening of the new Guatemalan embassy in Jerusalem, in the complex hosting the new embassy in Jerusalem, May 15, 2018. REUTERS/Ronen Zvulun Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday when the high-profile opening of the U.S. Embassy to Israel in Jerusalem by the administration of President Donald Trump raised tension to boiling point after weeks of anti-Israeli demonstrations.
Guatemalan President Jimmy Morales and Israeli Prime Minister Benjamin Netanyahu attended the embassy’s opening on Wednesday in an office complex in west Jerusalem.
“It’s not a coincidence that Guatemala is opening its embassy in Jerusalem right among the first. You were always among the first. You were the second country to recognize Israel,” Netanyahu said at the ceremony, referring to its founding in 1948.
Morales said his country, Israel and the United States “share friendship, courage and loyalty”.
Israeli Prime Minister Benjamin Netanyahu shakes hands with Guatemalan President Jimmy Morales during a meeting at the Prime Minister's office in Jerusalem following the dedication ceremony of the embassy of Guatemala in Jerusalem, May 16, 2018. Debbie Hill/Pool via Reuters Guatemala was one of only a few nations that backed Trump’s decision in December to recognize Jerusalem as Israel’s capital and is only the second country to move its embassy to the holy city. Paraguay said it will move its embassy from Tel Aviv to Jerusalem by the end of May.
Trump’s move reversed decades of U.S. policy, upsetting the Arab world and Western allies.
The status of Jerusalem is one of the thorniest obstacles to forging a peace deal between Israel and the Palestinians, who with broad international backing want East Jerusalem, captured by Israel in the 1967 Middle East war, as their capital.
Slideshow (6 Images) Israel regards all of the city, including the eastern sector it annexed after the 1967 conflict, as its capital. The Trump administration has said the city’s final borders should be decided by the parties.
Senior Palestinian negotiator Saeb Erekat said: “The Guatemalan government has chosen to stand on the wrong side of history, to side with violations of international law and human rights, and to take a hostile step against the Palestinian people and the Arab world.”
Most world powers do not recognize Israeli sovereignty over the entire city and says its final status should be set in peace negotiations.
On the day the United States inaugurated its own embassy in Jerusalem, Israeli gunfire killed 60 Palestinians during the Gaza border protests. It was the bloodiest day in the Hamas Islamist-run enclave since a 2014 war with Israel.
Palestinian leaders said by relocating the embassy the United States had created incitement and instability in the region and abrogated its role as a peace mediator.
Palestinians have been demonstrating on the Gaza frontier for the past six weeks, demanding a return to family land or homes lost to Israel when it was founded in the 1948 Middle East war.
On Wednesday, a day after expelling Israel’s ambassador in response to the Gaza deaths, Turkey ordered the Israeli consul general in Istanbul to return home.
Prior to 1980, Guatemala and a dozen other countries maintained embassies in Jerusalem. Israel’s passage in June 1980 of a law proclaiming Jerusalem its “indivisible and eternal capital” led to a U.N. Security Council resolution calling on Guatemala and several other countries to move their embassies to Tel Aviv.
Reporting by Jeffrey Heller; Editing by Dan Williams and Janet Lawrence
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-guatemala/guatemala-opens-embassy-in-jerusalem-two-days-after-u-s-move-idUSKCN1IH0Q7 |
5 COMMENTS SEOUL—North Korea’s highest-profile defector in two decades said that Kim Jong Un doesn’t share the same concept of denuclearization as the U.S., issuing a warning ahead of a planned summit meeting between President Donald Trump and the North Korean leader.
Thae Yong Ho, Pyongyang’s deputy ambassador in London before his defection to South Korea two years ago, told reporters in Seoul on Monday that North Korea is unlikely to agree to Washington’s demand of “complete, verifiable, irreversible denuclearization,” or CVID, because it would challenge the fundamental structure of North Korea’s political system.
CVID “will strike at the core of North Korea’s power structure. North Korea will not accept CVID that does not ensure the security of the regime,” Mr. Thae said.
President Donald Trump and North Korean leader Kim Jong Un both say they want denuclearization, but they may have different definitions of the word. WSJ's Shelby Holliday explains. Related Coverage
North Korea Plans to Destroy Nuclear Test Site Ahead of Trump Summit (May 12) North Korean Leader Meets With China’s Xi in Second Visit (May 8) History Shows Peril and Promise of Trump-Kim Summit (April 2) How a Donald Trump-Kim Jong Un Summit Scrambles the Calculus for Key Players (March 9) Instead, Mr. Thae said that North Korea is likely to push for a watered-down version of denuclearization that will ensure the long-term stability of the regime.
Disagreements over how to verify North Korea’s denuclearization and the meaning of complete denuclearization have emerged as stumbling blocks in the U.S.-North Korea talks.
Mr. Thae emphasized Mr. Kim’s insistence on a security guarantee as a precondition for committing to denuclearization.
“What Kim Jong Un means by a security guarantee is a promise to keep his hereditary political system intact, and his absolute authority intact,” Mr. Thae said, adding that he didn’t believe Pyongyang would pursue economic reforms in the same way as China and Vietnam, both communist nations.
Since his defection, Mr. Thae has spoken out against the regime he once served. Last year, he told reporters in Seoul that Mr. Kim’s “days are numbered” and vowed to help bring him down.
His remarks come at a delicate time. Mr. Kim met with South Korean President Moon Jae-in last month at the inter-Korean demilitarized zone and is set to meet with Mr. Trump in Singapore on June 12.
Mr. Trump said last week that he believed Mr. Kim wanted to strike a big deal to give up his nuclear program in exchange for economic inducements.
“I really think he wants to do something and bring that country into the real world. I really believe that,” he said.
Mr. Thae, speaking to reporters at the release of a 542-page memoir, said North Korea had described its nuclear program as its “spear and shield” just a week before last month’s inter-Korean summit—language that underscored Mr. Kim’s commitment to holding on to such a strategic asset.
‘ What Kim Jong Un means by a security guarantee is a promise to keep his hereditary political system intact, and his absolute authority intact. ’
—Thae Yong Ho Instead, Mr. Thae said, the North Korean leader is more likely to seek increased South Korean investment in his country by initially reopening it to South Korean tourists. He reasoned that Mr. Kim’s youth in Switzerland had made him open to the idea of earning cash through tourism, unlike his father, Kim Jong Il.
The former Pyongyang diplomat further asserted tourism would be a way to earn trust with South Korean investors, who remain wary of spending cash in North Korea due to the political risk stemming from the regime’s nuclear-weapons program.
Mr. Kim is likely to pursue tourism ventures for two to three years in coastal areas, before seeking to widen South Korean investment to joint industrial parks similar to one at Kaesong that was built with South Korean cash and employed cheap North Korean labor. That park was closed in 2016 after North Korea’s fourth nuclear test.
Write to Andrew Jeong at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/denuclearization-means-different-things-to-kim-and-trump-north-korean-defector-says-1526298955 |
LONDON/MOSCOW/DUBAI (Reuters) - When Qatar negotiated a deal to increase its holding in Rosneft it told the Russian oil company it wanted higher returns on its existing stake before it bought more, three sources familiar with the deal said.
FILE PHOTO: Rosneft Chief Executive Igor Sechin, June 2, 2017. REUTERS/Sergei Karpukhin/File Photo Qatar’s request was one of the triggers which prompted Igor Sechin, Rosneft’s boss and a close ally of President Vladimir Putin, to propose last week a $2 billion share buyback and an $8 billion debt reduction, marking a significant shift in the oil company’s strategy.
Days later, Qatar’s sovereign wealth fund Qatar Investment Authority, one of the world’s largest, raised its stake in state-controlled Rosneft to just under 19 percent from 4.8 percent bringing the value of its total investment to 10 billion euros.
“The pledge to reduce debts and embark on a buyback was taken by Rosneft’s directors as part of preparations for Qatar’s investment,” one of the three sources familiar with the talks, said.
Rosneft and the QIA declined to comment.
Rosneft’s shift to focus on shareholder returns and debt reduction is its biggest in years after a decade of expansion which turned the group into Russia’s most indebted company with borrowings of more than $90 billion as of the end of 2017.
This has had an impact in terms of Rosneft’s valuation versus its rivals.
Rosneft’s market value is currently around $65 billion, while its production is at more than 5 million barrels of oil equivalent per day. ExxonMobil, the world’s biggest oil company by market value, has a market cap of $330 billion while producing less than 4 million boe.
Investors say this partly reflects the impact of Rosneft’s heavy debts.
“Rosneft is just plain cheap. Look at where it value stands versus peers and compare it with its production,” one of the sources involved in negotiation told Reuters asking not to be named as the matter is not public.
Rosneft’s shares were also hit by sanctions on many Russian companies after Moscow’s annexation of Crimea and incursion in east Ukraine.
NEW PARTNERSHIP Sechin travelled to Doha in March together with his right hand man, first vice-president Pavel Fyodorov, who spent days negotiating the Qatar deal, according to two sources close to the talks.
The new partnership could also help Rosneft expand its gas projects around the world, possibly in cooperation with Qatar Petroleum, the world’s largest producer of liquefied gas.
For Qatar, the deal showed the country’s return to making large scale investments nearly a year after a boycott by its Gulf neighbours.
The Rosneft deal would help Qatar guarantee long-term access to “good gas assets”, a Doha-based industry source said: “Qatar is thinking long-term game. By long-term they mean decades, when their own gas reserves could start depleting.”
Qatar bought the Rosneft shares when a deal by Chinese energy firm CEFC to buy a 14 percent stake in the Russian oil company collapsed after an investigation into the Chinese group’s chairman.
The Rosneft deal makes the QIA the third biggest investor in the oil company behind the Russian state with 50 percent and BP with 19.75 percent.
Set up in 2005, the QIA benefited from Qatar’s gas boom amassing assets of over $300 billion and making it one of 10 world’s largest sovereign wealth funds, according to the Sovereign Wealth Fund Institute.
Its investments from the United States to France and China effectively helped the tiny state to gather political support in some of the world’s biggest capitals.
Additional reporting by Ranie El Gamal, Writing by Dmitry Zhdannikov. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-rosneft-qatar/rosnefts-tilt-towards-investors-prompted-qatar-stake-increase-idUSKBN1IB21Z |
LONDON, May 29 (Reuters) - Standard Life Aberdeen said on Tuesday that it plans to return as much as 1.75 billion pounds ($2.3 billion) to shareholders in the wake of the sale of its European insurance business to Phoenix Group.
The investment company will return 1 billion pounds through a B share scheme and up to 750 million pounds via a share buyback. ($1 = 0.7510 pounds) (Reporting by Ben Martin, editing by Sinead Cruise)
| ashraq/financial-news-articles | https://www.reuters.com/article/standard-life-capitalreturn/standard-life-aberdeen-to-return-as-much-as-1-75-bln-stg-to-investors-idUSFWN1SZ0L4 |
BERLIN (Reuters) - German Finance Minister Olaf Scholz said he is firmly convinced a majority of Italians have “a very pro-European stance”, and that the euro zone is stable and has become better prepared for difficult situations in recent years.
German Finance Minister Olaf Scholz poses for a portrait before a Reuters interview in Berlin, Germany, May 30, 2018. REUTERS/Axel Schmidt Asked about developments in Italy, where a political crisis has spooked financial markets, Scholz told Reuters that euro zone countries had worked hard in recent years to make the bloc more stable.
“The European Union is very stable, the euro zone too,” he said in an interview on Wednesday.
“One can say that Europe is better prepared for difficult situations than before. What is more, I am firmly convinced that the majority of Italians have a very pro-European stance. It is a European nation.”
Slideshow (2 Images) A political crisis in Italy, where two anti-establishment parties came close to forming a ruling coalition after an inconclusive election in March, has unsettled financial markets.
Asked about whether he was worried about market turmoil, Scholz said: “Europe is currently in good economic condition.”
DEUTSCHE BANK ‘STABLE’ On the euro, he added: “What we have seen over the last few years is that the euro is a stable currency and when one speculates against this currency it’s totally unreasonable. There are of course ups and downs, but there is no need for further debate.”
The 5-Star Movement and the right-wing League abandoned their bid to take power in coalition after President Sergio Mattarella vetoed their choice of 81-year-old eurosceptic Paolo Savona as economy minister.
Italy faces the risk of a drawn-out political crisis with a possible new election later this year, which could amount to a referendum on the euro in the single currency bloc’s third-largest economy.
Scholz also dismissed concerns about the exposure of Deutsche Bank ( DBKGn.DE ), Germany’s largest lender, to Italian bonds.
“Deutsche Bank is very stable and over the last few years it has taken good precautions so that its business can develop reasonably,” he said.
Writing by Paul Carrel and Joseph Nasr; Editing by Catherine Evans
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-scholz/euro-zone-is-stable-italians-are-pro-european-german-finance-minister-idUSKCN1IV23N |
5/21/2018 7:01PM Can the GOP Find Consensus on Immigration? House Speaker Paul Ryan's tussles with some Republican lawmakers on immigration underscore how the party has struggled to define their consensus position on the issue. Gerald F. Seib discusses their different stances on Dreamers, stricter immigration policies and the Mexico border wall. Photo: Getty Images | ashraq/financial-news-articles | http://www.wsj.com/video/can-the-gop-find-consensus-on-immigration/BF3D3E4A-9152-4060-AF30-DAE6EBCCD305.html |
Harry and Meghan ride through Windsor 9:42am EDT - 00:55
Prince Harry and Meghan Markle ride through through Windsor in a horse and carriage after marrying in St George's Chapel. Rough cut (no reporter narration).
Prince Harry and Meghan Markle ride through through Windsor in a horse and carriage after marrying in St George's Chapel. Rough cut (no reporter narration). //reut.rs/2KFwnjf | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/harry-and-meghan-ride-through-windsor?videoId=428421002 |
May 15 (Reuters) - Party City Holdco Inc:
* PARTY CITY ANNOUNCES SECONDARY OFFERING OF 12,000,000 SHARES OF COMMON STOCK BY SELLING STOCKHOLDER Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-party-city-announces-secondary-off/brief-party-city-announces-secondary-offering-of-12000000-shares-of-common-stock-idUSASC0A2G3 |
NEW YORK, May 15 (Reuters) - Prominent hedge fund managers appeared to make big first-quarter bets in UnitedHealth Group Inc, Anthem Inc and other health insurers whose shares tumbled in January after Jeff Bezos, Warren Buffett and Jamie Dimon in January announced a joint venture to slash U.S. healthcare costs.
Jana Partners added a new position in Anthem, while Omega Advisors and Tiger Management both added new positions in UnitedHealth Group, according to regulatory filings released Tuesday. Shares of Anthem are 10.5 percent below the high for the year reached in January, while shares of UnitedHealth are 3.1 percent below January highs.
Shares of healthcare companies have come under pressure this year due to the threat of increased competition. Buffett, famed for his love of junk food, has said spiraling healthcare costs are responsible for 18 percent of U.S. gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off.
The partnership between Amazon.com Inc, Berkshire Hathaway Inc, and JPMorgan Chase & Co - which collectively employ more than 1 million people - announced plans to reform healthcare for their own employees while simultaneously reducing their own companies’ coverage costs, though it has yet to make significant progress.
“I think we’ll have a CEO within a couple of months,” Buffett said at Berkshire Hathaway’s annual shareholder’s meeting earlier this month. “We want our employees to get better medical services at lower cost ... The resistance will be unbelievable, and if we fail, at least we tried.”
At the same time, shares of pharmacy benefits managers Express Scripts Holdings Co and CVS Health Corp have slid on concerns that Amazon.com Inc will enter the business. Glenview Capital Management Chief Executive Larry Robbins made a bullish case for both stocks at the Sohn Investment Conference in New York on April 23, one of the most prominent hedge fund conferences of the year.
Amazon’s entry into the business of selling medications, is “neither imminent, assured, nor likely to succeed,” he said.
Quarterly disclosures of hedge fund managers’ stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of tracking what the managers are selling and buying. But relying on the filings to develop an investment strategy comes with some risk because the disclosures come 45 days after the end of each quarter and may not reflect current positions.
Along with the bets on healthcare companies, large hedge fund managers also added to so-called FANG stocks during the first quarter as the tech sector slid due to fears of increased regulatory oversight. Jana Partners added a new position in Apple Inc while selling all of its shares in Facebook Inc, while Tiger Management added to its positions in Google-parent Alphabet and Facebook.
Overall, hedge funds are up by an average of 0.4 percent for the year to date, according to Hedge Fund Research, while the broad S&P 500 is up 1.2 percent over the same time. (Additional reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Nick Zieminski)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/investment-funds/big-name-hedge-funds-bought-healthcare-stocks-in-1st-quarter-idUSL2N1SM1D1 |
May 7, 2018 / 4:40 PM / Updated 20 hours ago Zombies invade Cannes (don't worry - it's just a movie) Reuters Staff 1 Min Read
CANNES, France (Reuters) - Zombies invaded a beach on the French Riviera on Monday.
Dancing to Michael Jackson’s “Thriller”, the undead were not there to eat human brains, but to take advantage of the world’s press gathered a day ahead of the start of the Cannes Film Festival to publicize a movie, “Hotel Transylvania 3: A Monster Vacation”.
The animated comedy follows the adventures of a part-monster, part-human family, on a cruise holiday.
Director Genndy Tartakovsky said he had decided the second installment of the Sony Pictures franchise would be the last, but was inspired to make a third after his in-laws invited his family on a cruise holiday.
“Who doesn’t want to be on a ship with their in-laws for a week?” he joked with reporters.
“But as I got on the boat I realized: ‘Hey, it’s all about family, and what a great venue for our monster family.’”
The Cannes Film Festival runs from May 8 to May 19. Slideshow (14 Images) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-filmfestival-cannes-hotel-transylvani/zombies-invade-cannes-idUKKBN1I81VZ |
May 10, 2018 / 5:17 AM / in 19 minutes BRIEF-Amazon.Com Inc Says Ryanair Is Moving Its Infrastructure To Amazon Web Services Reuters Staff
May 10 (Reuters) - Amazon.com Inc:
* AMAZON.COM INC - RYANAIR IS MOVING ITS INFRASTRUCTURE TO AMAZON WEB SERVICES
* AMAZON.COM INC - RYANAIR PLANS TO CLOSE THE VAST MAJORITY OF ITS DATACENTERS OVER THE NEXT THREE YEARS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-amazoncom-inc-says-ryanair-is-movi/brief-amazon-com-inc-says-ryanair-is-moving-its-infrastructure-to-amazon-web-services-idUSFWN1SG1OT |
LUXEMBOURG, May 02, 2018 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE:TS) (BAE:TS) (BMV:TS) (MILAN:TEN) announced that its annual general meeting of shareholders and its extraordinary general meeting of shareholders approved today all resolutions on their agendas.
Among other resolutions adopted at the annual general meeting, the shareholders approved the consolidated financial statements as of and for the year ended December 31, 2017 and the annual accounts as at December 31, 2017, and acknowledged the related management and independent auditors’ reports and certifications.
The annual general meeting also approved the payment of a dividend for the year ended December 31, 2017, of US$0.41 per share (or US$0.82 per ADS), or approximately US$484 million, which includes the interim dividend of US$0.13 per share (or US$0.26 per ADS) paid in November 2017. Tenaris will pay the balance of the annual dividend in the amount of US$0.28 per share (US$0.56 per ADS) on May 23, 2018, with an ex-dividend date of May 21, 2018.
The annual general meeting decided to increase the number of members of the board of directors to eleven (11), by electing Mr. German Curá and Ms. Mónica Tiuba and re-electing Messrs. Roberto Bonatti, Carlos Condorelli, Roberto Monti, Gianfelice Mario Rocca, Paolo Rocca, Jaime Serra Puche, Yves Speeckaert, Amadeo Vázquez y Vázquez and Guillermo Vogel, each to hold office until the meeting that will be convened to decide on the 2018 annual accounts.
The board of directors subsequently confirmed and re-appointed Roberto Monti, Jaime Serra Puche and Amadeo Vázquez y Vázquez as members of Tenaris’s audit committee and appointed Ms. Tiuba as a new member of the audit committee, with Mr. Vázquez y Vázquez to continue as chairman. All four members of the audit committee qualify as independent directors under the articles and applicable law.
The annual meeting appointed PricewaterhouseCoopers S.C., Réviseurs d’entreprises agréé , as Tenaris’s independent auditors for the fiscal year ending December 31, 2018.
The extraordinary general meeting of shareholders also held today approved certain amendments to Tenaris's articles of association.
Copies of the minutes of the annual general meeting and the extraordinary general meeting, as well as the amended articles of association, can be downloaded from Tenaris’s website at www.tenaris.com/investors .
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.
Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com
Source:Tenaris S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-shareholders-approve-all-resolutions-on-the-agendas-of-tenarisas-annual-general-meeting-and-extraordinary-general-meeting.html |
May 9, 2018 / 3:57 PM / Updated 6 minutes ago Peru declares alert over suspected Guillain-Barre outbreak Reuters Staff 2 Min Read
LIMA (Reuters) - Peru has declared a national epidemiological alert to contain what appears to be an outbreak of the rare Guillain-Barre syndrome, which is associated with the Zika virus, the country’s health ministry said on Wednesday.
Health authorities suspect more than 19 cases of the syndrome in Peru and have warned hospitals to watch for symptoms in other people, the ministry said in a statement. It added that the suspected cases will be confirmed in the coming days.
Guillain-Barre, in which the immune system attacks part of the nervous system, causes gradual weakness in the legs, arms and upper body and sometimes leads to total paralysis.
Four of the patients who are suspected to have the syndrome in Peru need respirators to support their breathing, the ministry said.
Researchers have found a close association between an increased number of mosquito-born Zika infections and increases in Guillain-Barre.
There were some 500 confirmed cases and 5,269 suspected cases of Zika in Peru last year, up from a combined total of 1,651 suspected and confirmed cases in 2016, according to health ministry data.
The health ministry said between 3 percent and 5 percent of Guillain-Barre cases are fatal. Reporting by Maria Cervantes; Writing by Mitra Taj; Editing by Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-peru-health/peru-declares-alert-over-suspected-guillain-barre-outbreak-idUSKBN1IA2LO |
WASHINGTON—The pace of growth across most of the U.S. economy slowed in April but activity continued to expand as the second quarter progressed.
The Institute for Supply Management on Thursday said its nonmanufacturing index—tracking a wide range of U.S. industries such as health care, finance, construction and agriculture—slipped to 56.8 in April from 58.8 in March.
Economists... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-nonmanufacturing-pace-slowed-in-april-1525357093 |
Gowdy defends FBI after Trump's 'Spygate' claim 2:10pm EDT - 01:33
After receiving a briefing last week with intelligence officials, House Oversight Committee Chairman Trey Gowdy defended the FBI on Wednesday in response to President Donald Trump's unsubstantiated allegation that the agency placed a ''spy'' into his 2016 presidential campaign to help his Democratic rival Hillary Clinton. Rough Cut (no reporter narration).
After receiving a briefing last week with intelligence officials, House Oversight Committee Chairman Trey Gowdy defended the FBI on Wednesday in response to President Donald Trump's unsubstantiated allegation that the agency placed a "spy" into his 2016 presidential campaign to help his Democratic rival Hillary Clinton. Rough Cut (no reporter narration). //reut.rs/2IW2uiq | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/gowdy-defends-fbi-after-trumps-spygate-c?videoId=431713069 |
Autodesk beats on top and bottom, but Q2 guidance weak 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/autodesk-earnings.html |
EAGAN, Minn., May 24, 2018 /PRNewswire/ -- Stella today announced that its business development group has acquired a minority ownership stake in Talix, Inc., the premier provider of natural language processing (NLP)-enabled healthcare risk adjustment and quality analytics solutions for payers and providers.
Talix provides risk adjustment and quality solutions that help providers, payers and accountable care organizations take on financial risk and succeed in value-based healthcare. Its applications transform complex data into actionable intelligence that drives improved coding efficiency and accuracy — leading to better patient outcomes, more accurate reimbursements and reduced costs.
Blue Cross and Blue Shield of Minnesota (Blue Cross), a Stella company, initially leveraged the Talix Coding InSight work flow tool and NLP technology in late 2017 to increase coding accuracy and efficiency and to minimize risk adjustment data validation (RADV) risk. Talix was chosen as a solution because of its cost-effective and highly advanced technology.
Talix's Coding InSight application uses proprietary NLP and Health Taxonomy to analyze patients' medical charts and other relevant clinical data for missed coding opportunities that were not included with the original records. This proprietary process can increase the accuracy of medical diagnoses and treatment classifications, in addition to enabling a health plan's compliance adherence to regulations established by the Centers for Medicaid and Medicare (CMS).
Stella pursued a strategic investment in Talix based on its ability to reduce dependency on vendor support while increasing accuracy and efficiency of operations. Furthermore, Stella will be looking to help Talix expand complementary applications beyond risk adjustment coding.
"Stella believes the Talix business is uniquely positioned for success as health care increasingly focuses on value-based care," said Mike Zeman, vice president and chief growth officer of diversified business at Stella.
"We are delighted to have Stella as a new strategic investor in Talix," said Dean Stephens, CEO of Talix. "Our shared vision to enable value-based care through creative, time-saving, integrated work flow applications in core business functions makes for a strong and timely partnership."
About Stella
Stella is a Minnesota-based company designed to nurture and scale differentiated businesses across the country to improve health in bold and innovative ways. Stella serves as the parent company for a number of entities that share a focus of making a healthy difference in people's lives, including the non-profit health insurer Blue Cross and Blue Shield of Minnesota and its subsidiaries, and diversified affiliate companies including Further and ClearStone Solutions, Inc. Go to stellahealth.com to learn more.
About Talix
Talix delivers NLP powered workflow applications to improve the speed and accuracy of risk adjustment coding and other value-based care requirements. Our proven applications serve health plans (first pass, second pass, and claims validation) and healthcare providers and coders (retrospective, concurrent and prospective uses) at the point of care. Talix's sophisticated reporting and analytics capabilities provide better visibility and increased predictability of risk adjustment operations and financial performance. For more information, please visit www.talix.com or follow @TalixHealth on Twitter.
View original content with multimedia: http://www.prnewswire.com/news-releases/stella-announces-minority-ownership-of-talix-inc-300654532.html
SOURCE Stella | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-stella-announces-minority-ownership-of-talix-inc.html |
Elon Musk refutes report on eyetracking technology 6 Hours Ago CNBC's Leslie Picker reports that Tesla CEO Elon Musk took to Twitter to refute a report in the Wall Street Journal about the company's potential use of eyetracking technology. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/elon-musk-refutes-report-on-eyetracking-technology.html |
SINGAPORE (Reuters) - ExxonMobil is launching a mass flow metering (MFM) system for marine gasoil (MGO) refueling barges in Singapore, with the first deliveries under the system set to start next month, the company said in a statement on Monday.
The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo The meters will enhance the transparency of the marine refueling, or bunkering, process by keeping better track of volumes and reduce refueling times by up to three hours, the company said.
ExxonMobil, the world’s largest publicly traded oil producer, said the new system for MGO deliveries will start ahead of a deadline Singapore authorities announced last week.
Singapore’s Maritime Port Authority (MPA) said it would extend the mandatory use of MFMs to bunker barges delivering distillate fuels to large ships from July 1, 2019, ahead of an expected pick-up in the use of distillates to meet caps on sulfur content in marine fuels. [nL3N1S44MD]
New rules by the International Maritime Organization (IMO) will significantly cut the amount of sulfur that ships can burn in their engines from 2020. The new rules will increase gasoil consumption by close to 1 million barrel per day at the expense of the high-sulphur fuel oil that is typically used to power ship engines. [nL5N1QN419]
Singapore, the world’s largest marine refueling hub, became the first port to mandate the use of mass flow meters in 2017, making them compulsory for marine fuel oil bunker barges licensed by the MPA.
Reporting by Roslan Khasawneh; Editing by Christian Schmollinger
| ashraq/financial-news-articles | https://www.reuters.com/article/us-singapore-port-bunker-exxon-mobil/exxonmobil-to-launch-flow-meter-system-for-gasoil-bunkering-barges-in-may-idUSKBN1I10UN |
May 31, 2018 / 3:38 PM / Updated 4 minutes ago Credit Suisse scales back rates team in electronic trade push Reuters Staff 1 Min Read
ZURICH (Reuters) - Credit Suisse Group ( CSGN.S ) will cut around 15 percent of its 60-strong team of rates traders in New York and London to focus on electronic trading. FILE PHOTO: Switzerland's national flags fly beside the logo of Swiss bank Credit Suisse in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann
“This will allow us to re-invest into our electronic platform and lean into product areas that better align to market environment and client demand,” a spokeswoman said, confirming the contents of a staff memo seen by Reuters.
The Swiss-based bank will enhance its international trading solutions service for corporate, wealth management and institutional clients and maintain its U.S. Treasury and Swiss primary dealerships, she added. Reporting by Oliver Hirt, writing by Michael Shields; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-credit-suisse-gp-rates/credit-suisse-scales-back-rates-team-in-electronic-trade-push-idUKKCN1IW28W |
Zuckerberg: Regulation on tech companies is 'inevitable' 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/zuckerberg-regulation-on-tech-companies-is-inevitable.html |
May 20, 2018 / 5:21 PM / in 30 minutes Turkey's Erdogan seeks votes in Bosnia after ban on campaigning elsewhere Maja Zuvela 3 Min Read
SARAJEVO (Reuters) - Turkish President Tayyip Erdogan took a swipe at European countries that refused to let him campaign on their territory on Sunday as he called at a rally in Bosnia for expatriate Turks to vote for him and his ruling AK Party in elections next month. Turkish President Tayyip Erdogan addresses supporters during a pre-election rally in Sarajevo, Bosnia and Herzegovina May 20, 2018. REUTERS/Dado Ruvic
The presidential and parliamentary polls on June 24 will see Turkey switch to a powerful, executive presidential system that was narrowly approved in a referendum last year.
“As European Turks you have always supported us by a wide margin. Now we need your support again in the elections on June 24,” Erdogan told a rally in a Sarejevo sports hall, where supporters waved Turkish and Bosnian flags.
Ahead of the 2017 referendum, ministers traveled to countries with big Turkish communities — including Germany and the Netherlands — to urge support for the change, but were stopped from campaigning by authorities citing security fears.
Erdogan nevertheless said last month he was expecting to hold a campaign rally in a European city. Supporters of Turkish President Tayyip Erdogan attend a pre-election rally in Sarajevo, Bosnia and Herzegovina May 20, 2018. REUTERS/Dado Ruvic
“At a time when renowned European countries claiming to be the cradle of civilization failed, Bosnia and Herzegovina showed by allowing us to gather here that it is a real democracy not a so-called one,” he told a crowd of around 15,000.
Austrian Chancellor Sebastian Kurz, who heads a right-wing coalition opposed to Turkey joining the European Union, said last month Erdogan would be barred from “trying to exploit” Europe’s Turkish communities.
Germany, home to about 3 million people of Turkish origin, says it will not allow foreign politicians to campaign on its territory ahead of elections. Slideshow (2 Images)
Earlier in the day, Erdogan pledged a multi-billion euro investment in a motorway connecting Belgrade and Sarajevo.
Thousands of Turks came from Germany, the Netherlands and Austria, and from across the Balkans for the rally.
“Turkey is our mother nation,” said Coskun Celiloglu, a Macedonian student of Turkish descent. “We came to Sarajevo just for one day to support our savior Erdogan.”
The most popular — and divisive — politician in recent Turkish history, Erdogan has ruled for 15 years, overseeing a period of rapid economic growth. But a widespread crackdown against his opponents has led rights groups and Western allies of the NATO member to voice concerns about Turkey’s record on civil rights and Erdogan’s growing authoritarianism.
On Saturday, Turkey’s state-run Anadolu agency reported there had been tip-offs about a potential assassination attempt against Erdogan while he visits the Balkans.
Asked about the report, Erdogan said: “This news reached me and indeed that is why I am here ... Such threats and operations cannot deter us from this path.” Additional reporting by Daria Sito-Sucic; Writing by Daren Butler in Istanbul; Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-turkey/turkeys-erdogan-seeks-votes-in-bosnia-after-ban-on-campaigning-elsewhere-idUSKCN1IL0OR |
WESTLAKE VILLAGE, Calif. (AP) _ PennyMac Financial Services Inc. (PFSI) on Thursday reported first-quarter earnings of $16.6 million.
On a per-share basis, the Westlake Village, California-based company said it had profit of 67 cents.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The mortgage banking and investment management company posted revenue of $238.2 million in the period.
PennyMac shares have declined roughly 7 percent since the beginning of the year. The stock has increased 21 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 PFSI at https://www.zacks.com/ap/PFSI | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-pennymac-1q-earnings-snapshot.html |
Entrepreneur Min-Liang Tan made a computer mouse especially for gamers and thought that would be all his company would sell.
Back in 2005, he founded gaming hardware business Razer with Robert Krakoff and launched the Diamondback mouse, testing it out on his friends.
Fast-forward to 2018 and the company still makes mice, but has added gaming keyboards, headsets and laptops and has more than 40 million users on its software platform. It made $517.9 million in revenue in 2017 and listed on the Hong Kong stock exchange in November, raising $528 million .
"Candidly, I don't think we even had a thought that this would last anything beyond a single product. We're now the number one … in the U.S., Europe, China for all gaming peripherals (hardware) at this point of time," Tan told CNBC's " The Brave Ones. "
John B Carnett | Getty Images A 2005 Razer Copperhead gaming mouse Tan produced the company's first mouse after testing it out on his friends. "One of the most important weapons in a gamer's arsenal is the mouse. You know, something as banal or as humble as the gaming mouse, that's what we kind of conceived it to be. We pinged our friends and said: 'Who wants one of these — the world's first gaming mouse?' And we went out there. It was probably one of the earliest forms of crowd sourcing, it just took off," he said.
The company's mice are named after snakes. "We said: 'What kind of name would it be that would destroy the competition, would eat up all the competition?' I said, 'What eats mice? Snakes.' So, boom. We started from there. We used names of snakes for our mice. Diamondback, copperhead, mamba, et cetera," Tan told "The Brave Ones."
A Razer Mamba wireless mouse with adjustable "click force" is listed at $149.99 on its website.
The Brave Ones: Min-Liang Tan airs at 2300 CET on May 23 2018.
show chapters Gaming on mobile phones is taking off 9:43 PM ET Thu, 22 March 2018 | 02:29 Correction: The headline of this story has been changed to reflect that Razer had $500 million in revenue in 2017. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/razers-founder-min-liang-tan-thought-he-would-only-make-gaming-mice.html |
The EU believes the Joint Comprehensive Plan of Action ( JCPOA ) nuclear deal is worth preserving. It is no surprise, then, that President Trump’s decision to restore nuclear sanctions and terminate America’s adherence to the JCPOA risks putting Washington on a collision course with Europe. With sanctions kicking-in between the next 90 to 180 days, all attention will be on the efficacy of American tools of financial pressure. In the interim, Washington must not lose sight of managing Europe’s reaction and preventing Iran from taking advantage of fissures in the trans-Atlantic alliance.
Already, there are meetings scheduled between European officials and their Iranian counterparts. Iran’s Supreme Leader Ali Khamenei has tasked the government of President Hassan Rouhani with obtaining “a strong guarantee” from Europe to shield the Islamic Republic from American sanctions. Absent that, Khamenei said Iran “won’t stick to the nuclear agreement.” And there is reason to worry.
In the 2003-2005 iteration of nuclear talks, it was then chief nuclear negotiator Rouhani who met with foreign ministers from the E3 (France, Germany, and the U.K.) and obtained a promise to prevent the transfer of Iran’s nuclear file to the UN Security Council (UNSC). After Rouhani was relieved of his duties in 2005, Iran’s nuclear dossier was eventually transferred to the UNSC, and the first in a series of escalating UNSC Resolutions (UNSCRs) against Iran were passed. As such, with Rouhani back at the helm and looking for guarantees , Europe and Iran may be able to work out a strategy to keep the deal alive and offset American sanctions.
Now, as Washington looks to generate the same pressure on Iran that existed during the sanctions incubation period (2010-2013), it must not forget that those measures had EU political buy-in and followed the strongest UNSCR on Iran. This necessitates close diplomatic coordination with Europe before the 180-day period lapses.
Conversely, while Europe may strongly disagree with Washington’s unilateral exit, it too, can work to stem any trans-Atlantic fissure. Private European banks and businesses are more inclined to heed the Treasury Department’s warnings , since they will make the logical calculation that doing business in an economy the size of Iran’s pales in comparison to being able to do business with the U.S. But state-owned European companies are another matter since they might be willing to take the risk of doing business with Iran, especially if they continue to hear invective against Washington by EU leaders.
In the aftermath of President Trump’s decision, the E3 reiterated its commitment to keeping accord, as did EU High Representative Federica Mogherini. While both their statements cited the importance of UNSCR 2231 —which unanimously passed in 2015, codifying the JCPOA—Mogherini’s statement signaled a European interest in deterring Washington from enforcing sanctions. “The European Union is determined to act in accordance with its security interests and to protect its economic investments,” she said. These interests might necessitate returning to 1990s-style blocking legislation that could shield European firms from having to comply with extra-territorial sanctions, an issue that EU officials have already met to discuss. Other options available to the EU include siding with Iran to stigmatize the U.S. as the “violator” of the accord in the JCPOA’s Joint Commission, as well as filing complaints at the World Trade Organization.
A recent Politico article helps explain the EU’s dogged attachment to the JCPOA as being motivated by “pride,” rather than commerce. While this may overstate the case in an attempt to understate the efficacy of American sanctions—particularly as European imports from Iran have risen in the last two years—it is worth considering. The EU has previously framed the JCPOA as “the culmination of 12 years of diplomacy facilitated by the EU.” Put differently, the EU sees the JCPOA as a multinational endeavor to use peaceful means of conflict resolution to [attempt] to solve a major global challenge.
Ultimately, even if the attempt to put up a fight is ineffective and American secondary sanctions compel Europe into begrudging compliance with the U.S.’s pressure strategy, the short-term beneficiary of this public tiff would be the Islamic Republic.
Tehran could easily exploit the distance between both sides of the Atlantic over Iran policy to continue its destabilizing activities—support for terror groups in the region—with little unified Western response. And in international fora, Iran could use European arguments against Washington to paint American concerns about Iran’s behavior as politically charged. To preclude that, Washington should create a channel with Europe to find a way to focus on areas of non-nuclear common interest in the post-May 8 world that involve Iran, like stopping ballistic missile flight tests.
Although it’s not worth crying over spilt milk, Washington had ample opportunity and authority to grow financial pressure on Iran in a manner that would not violate the JCPOA, and thus not cause a trans-Atlantic row. Neither President Obama, or interestingly enough, President Trump, took that chance. Instead, Washington today finds itself in a high-risk, high-reward game of sanctions enforcement—not against its chief Middle Eastern adversary, but rather, against its major global partner.
Behnam Ben Taleblu is a research fellow focusing on Iran at the Foundation for Defense of Democracies (FDD). | ashraq/financial-news-articles | http://fortune.com/2018/05/14/iran-nuclear-deal-donald-trump-europe/ |
JACKSONVILLE, Fla., May 21, 2018 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (Nasdaq:WEB), the marketing partner for businesses wanting to connect with more customers and grow, today appointed Jennifer Lada as senior vice president and chief financial officer (CFO), effective July 1, 2018.
With more than 20 years of financial management experience, Lada serves as vice president and chief accounting officer of Web.com. Before joining the company in 2017, Lada was vice president of financial reporting at PGA TOUR, Inc., and at Advanced Disposal was vice president of financial reporting and director of financial reporting and investor relations. During her 15-year career at PricewaterhouseCoopers, she led domestic and international audit teams and served as chief auditor for the state of Florida. Lada is a Certified Public Accountant and has both a bachelor’s degree and a master’s degree in accounting from the University of Florida.
“Jennifer is a seasoned executive with a wealth of experience and a strong leader who exemplifies everything we value,” said David L. Brown, chairman, chief executive officer, and president of Web.com. “Jennifer is in the perfect position to hit the ground running to ensure continuity at this important time in our company's growth.”
Lada will succeed Kevin Carney, who has been with Web.com for 20 years and has served as executive vice president and CFO since 2002. Carney will continue as CFO until his retirement on June 30 while working with Lada on a smooth transition.
Added Brown, “Through his integrity and leadership, Kevin has been a standard-bearer for the Web.com culture and an integral part of building and ensuring the financial success of Web.com. We will miss Kevin, but he will leave behind a legacy of fiscal stewardship and discipline that has served the company and its investors well.”
About Web.com
Since 1997 Web.com (Nasdaq:WEB) has been the marketing partner for businesses wanting to connect with more customers and grow. We listen, then apply our expertise to deliver solutions that owners need to market and manage their businesses, from building brands online to reaching more customers or growing relationships with existing customers. For some, this means a fast, reliable, attractive website; for others, it means customized marketing plans that deliver local leads; and for others, it means customer-scheduling or customer-relationship marketing (CRM) tools that help businesses run more efficiently. Owners from big to small can focus on running the companies they know while we handle the marketing they need. To learn how this global company collaborates with customers and employees to achieve their potential, explore www.web.com or follow on Twitter at @webdotcom or on Facebook at www.facebook.com/web.com .
Contacts
Investors:
Ira Berger
904-680-6909
[email protected]
Media:
Corporate Communications
(904) 680-6633
[email protected]
Source: Web.com Group, Inc.
A photo accompanying this announcement is available upon request.
Source:Web.com Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-web-com-appoints-new-chief-financial-officer.html |
May 31, 2018 / 7:33 AM / Updated 2 hours ago Israel's Partner Comms Q1 profit sinks, plans to buy back shares Steven Scheer 3 Min Read
JERUSALEM, May 31 (Reuters) - Partner Communications , Israel’s second-largest mobile phone operator, reported an 86 percent drop in quarterly profit as it continues to invest heavily in the deployment of a fibre-optics network and its TV service.
The company also said it planned to buy back up to 200 million shekels ($56 million) of its own shares traded in Tel Aviv between June 4 and May 30, 2019. The plan will be implemented in tranches, with the first amounting to 50 million shekels.
Partner said on Thursday it earned 9 million shekels in the first quarter, down from 64 million a year earlier. Revenue rose 3 percent to 826 million shekels, with its cellular subscriber base falling by 7,000 in the first quarter to 2.67 million.
Partner’s revenue and profit have plunged in the wake of a 2012 reform that opened up the mobile market to new players, sharply reducing prices. It is seeking new revenue streams and is making a push to become an integrated multi-service telecoms group.
The company said about 65,000 consumers had connected to Partner TV, an internet-based TV service offering cut-rate packages it launched a year ago in partnership with Netflix . In April, Partner signed a deal with Amazon Prime Video.
Partner said it was in advanced talks with rival Cellcom regarding possible collaboration in the fibre optic infrastructure that both companies are rolling out, in order to enable a faster deployment rate at a lower cost which will improve the economic returns from the project.
“The deployment of the fibre optic infrastructure was accelerated significantly, and by year end, we intend to be present in over half of the cities in Israel,” said Partner chief executive Isaac Benbenisti.
Partner also said it was in the process of examining other growth opportunities, including conducting an initial assessment of entry into the credit and debit card market, through either acquisitions or internal development.
On Wednesday, Cellcom, Israel’s largest mobile phone operator, reported a 73 percent fall in quarterly profit. Another rival, Pelephone, a unit of Bezeq , posted a 49 percent decline in first-quarter profit. ($1 = 3.5680 shekels) (Reporting by Steven Scheer; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/partner-comm-results/israels-partner-comms-q1-profit-sinks-plans-to-buy-back-shares-idUSL5N1T219P |
Fed's Bostic: Want to see how the economy works at neutral 2 Hours Ago Raphael Bostic, Atlanta Fed president, speaks with CNBC's Steve Liesman about the geopolitical and policy risks to the U.S. economy, as well as his outlook for the Federal Reserve's rate path and inflation target. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/feds-bostic-want-to-see-how-the-economy-works-at-neutral.html |
May 10 (Reuters) - Neurotrope Inc:
* NEUROTROPE INC - ON MAY 4 NEUROTROPE BIOSCIENCE EXECUTED A SERVICES AGREEMENT WITH WORLDWIDE CLINICAL TRIALS
* NEUROTROPE - DEAL RELATES TO SERVICES FOR CONFIRMATORY PHASE 2 STUDY OF BRYOSTATIN IN TREATMENT OF MODERATELY SEVERE TO SEVERE ALZHEIMERS DISEASE
* NEUROTROPE INC - NEUROTROPE AND NEUROTROPE BIOSCIENCE EXPECT THAT FIRST STUDY SITE WILL BE INITIATED DURING Q2 OF 2018
* NEUROTROPE INC - PER AGREEMENT TOTAL ESTIMATED BUDGET FOR SERVICES, INCLUDING PASS-THROUGH COSTS, IS APPROXIMATELY $6.9 MILLION Source text: ( bit.ly/2G2A8ww ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-neurotrope-inc-on-may-4-neurotrope/brief-neurotrope-inc-on-may-4-neurotrope-bioscience-executed-a-services-agreement-with-worldwide-clinical-trials-idUSFWN1SH1NY |
MILAN (Reuters) - Italy should further cut its structural budget deficit this year and press ahead with prudent budget policies, the Vice President of the European Commission told a daily on Thursday.
Valdis Dombrovskis said Italy should further cut its structural deficit to GDP ratio by 0.3 percent this year, net of one-off and cyclical effects, speaking in an interview with Corriere della Sera.
Asked whether this meant that the government needed to approve further budget measures this year, Dombrovskis said he could not say that now and that the Commission would talk to the newly-formed government.
“The government is being formed. For now, all I can say is that it is important (for Italy) to keep the path of responsible macroeconomic and budgetary responsibility,” Dombrovskis added.
On Wednesday, Italy’s president gave little known law professor Giuseppe Conte a mandate to lead the first government made up of anti-establishment parties that have vowed to shake up the European Union.
The two groups - the 5-Star-Movement and the League - last week agreed to a government pact, promising to slash taxes, ramp up welfare spending, posing the biggest challenge to the bloc since Britain voted to leave it two years ago.
The European Commission warned on Wednesday that Italy’s financial stability was at risk from possible interest rate increases and political worries. The EU executive warned the incoming government it should continue trimming Italy’s heavy public debt.
Reporting by Giulia Segreti; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-italy-budget/italy-should-further-cut-budget-deficit-this-year-eu-commission-vp-tells-paper-idUSKCN1IP0PF |
May 8 (Reuters) - Cominar REIT:
* COMINAR ANNOUNCES 2018 FIRST QUARTER RESULTS AND HIGHLIGHTS
* COMINAR REIT Q1 ADJUSTED FFO SHR C$0.23 * COMINAR REIT - QTRLY RECURRING FFO PER UNIT $0.29 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cominar-reports-q1-adjusted-ffo-pe/brief-cominar-reports-q1-adjusted-ffo-per-share-c0-23-idUSASC0A0GI |
CAIRO—Egypt’s government has intensified a crackdown on political opponents, arresting a series of high-profile dissidents in raids on their homes in recent weeks as President Abdel Fattah Al Sisi prepares to begin a new term next month.
Those detained in the current sweep are among the country’s most prominent non-Islamist activists, including three human rights advocates, a satirist, and a well-known labor lawyer.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/egypt-widens-crackdown-ahead-of-presidents-next-term-1527082637 |
Axon Enterprise may be the smallest competitor in its space — developing evidence-capture technology for law enforcement — but based on its deal flow, it might be the most refined.
The company recently won contracts with the New York Police Department, the Miami-Dade Police Department and the Phoenix Police Department via its acquisition of privately held software play Vievu.
Rick Smith, Axon's co-founder and CEO, told CNBC on Friday that Axon fought hard for the Vievu deal and other acquisitions it's made in recent months.
"We're up against little companies like Motorola and Panasonic and L3 , so there's still a lot of competition, but the fact is we've been winning the vast majority of the deals because our system performs really well," Smith told "Mad Money" host Jim Cramer.
System performance is where Axon thrives relative to its competitors, Smith said. After Axon announced in 2017 that it would give free body cameras to every U.S. police officer, enforcement agencies signed up for field trials to test its equipment.
Following the trials, Axon won nearly every major deal that was proposed, Smith told Cramer.
"When it comes to cameras, it's really the software ecosystem," the CEO said. "We're running the geekiest office in Seattle. We're up there playing with the big guys. We're bringing in talent. Our head of AI came from Uber. Our head of software engineering came from Microsoft and from Amazon . So we're bringing a lot of talent and that's building a great system."
Smith also nodded to a 2016 Cambridge University study that showed the efficacy of body cameras in law enforcement. The survey of seven U.S.- and U.K.-based police departments revealed that complaints dropped 93 percent when police wore cameras.
"Much like I'm probably not going to do anything too bad in front of a million people here on camera, you put a camera on and police behave more professionally and the people that they deal with also behave better," the CEO said.
"Police sitting and typing up reports all day doesn't make sense when you can record this stuff and actually know what happened," Smith continued. "This is a phenomenon that we believe is going to go global."
Watch Cramer's full interview with Rick Smith here: show chapters 'We're running the geekiest office in Seattle.' Fresh off a key acquisition, Axon CEO touts benefits of his police tech 17 Hours Ago | 06:27 Disclosure: Cramer's charitable trust owns shares of Amazon.
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/axon-ceo-talks-vievu-acquisition-police-body-camera-tech-results.html |
SOUTHPORT, Conn.--(BUSINESS WIRE)-- Sturm, Ruger & Company, Inc. (NYSE-RGR) will file its Quarterly Report on Form 10-Q on May 8, 2018, after the close of the stock market.
On Wednesday, May 9, 2018, Sturm, Ruger will host a webcast of its Annual Meeting of Stockholders at 9:00 a.m. MST (12:00 p.m. EDT). Interested parties can access the webcast at Ruger.com/corporate or by dialing 855-871-7398, participant code 4566028.
The Form 10-Q will be available on the SEC website at www.sec.gov and the Ruger website at Ruger.com/corporate as soon as practicable after the filing. Concurrent with the filing of the Form 10-Q, an earnings release containing the first quarter 2018 financial statements will be issued. We urge investors to read our complete Form 10-Q in order to have adequate information to make informed investment decisions.
About Sturm, Ruger & Co., Inc.
Sturm, Ruger & Co., Inc. is one of the nation's leading manufacturers of rugged, reliable firearms for the commercial sporting market. As a full-line manufacturer of American-made firearms, Ruger offers consumers over 400 variations of more than 40 product lines. For more than 60 years, Ruger has been a model of corporate and community responsibility. Our motto, “Arms Makers for Responsible Citizens ® ,” echoes the importance of these principles as we work hard to deliver quality and innovative firearms.
The Company may, from time to time, make and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to those projected. Readers are cautioned not to place undue reliance on these , which speak only as of the date made. The Company undertakes no obligation to publish revised to reflect events or circumstances after the date such are made or to reflect the occurrence of subsequent unanticipated events.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005701/en/
Sturm, Ruger & Company, Inc.
One Lacey Place
Southport, CT 06890
www.ruger.com
203-259-7843
Source: Sturm, Ruger & Company, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-sturm-ruger-company-inc-to-report-first-quarter-results-and-file-quarterly-report-on-form-10-q-on-tuesday-may-8.html |
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Risk-modeling specialists are in demand as companies move to protect themselves against increasing regulatory, strategic, operational and emerging risks. Photo: Sergey Nivens/Shutterstock.com
Good morning. Specialists in emerging technology, cybersecurity and risk-and-scenario modeling are going to be among the most sought-after employees in the next three years, according to a survey of 400 U.S.-based chief executives by KPMG LLP . Three-quarters said they are prioritizing hiring in these areas to support growth, while 52% said they think more jobs will be created by artificial intelligence than will be lost.
It’s no surprise these specialists are in high demand, given companies’ need to protect themselves against increasing regulatory, strategic, operational and emerging risks, said Kelly Watson, national service group leader for risk consulting at the professional-services firm. Most companies have a wealth of data but often struggle to tap it for insights that will help them avoid trouble. Modeling specialists help organizations to be more agile in their risk management and compliance efforts, he said.
“By leveraging forward-looking insights from the data they can better plan for and respond to emerging risks, including regulatory shifts, changes in the geopolitical landscape and risks created by disruptive technologies,” said Ms. Watson. “CEOs have come to appreciate the importance of scenario planning, and understand that to effectively manage the organization it’s key to anticipate change.”
While 89% of CEOs said protecting customer data is one of their most important personal responsibilities, just 15% said having a strong cybersecurity strategy was important for building trust with stakeholders, the survey found.
Why the disparity? It may be that while CEOs view customer data protection as one of their most important personal responsibilities, they are less sure about the role of a strong cyber strategy in building trust, said Tony Buffomante, U.S. leader of cybersecurity services at KPMG.
“They understand that more than just a sound cyber strategy is needed to engender customer and stakeholder trust,” he said. Also key is being able to properly respond to breaches, including timely and accurate communication to consumers and other stakeholders, said Mr. Buffomante.
“While an overarching and high-level strategy is important to set the stage for cyber risk management, those more mature organizations in the U.S. have moved beyond just strategy to focus on deploying detailed tactics to fortify trust with their customers and other stakeholders,” he said.
EXCLUSIVE ON RISK AND COMPLIANCE JOURNAL
Bumble Bee Foods Chief Executive Christopher Lischewski is taking a leave of absence to fight charges he colluded to fix tuna prices, the company said Friday. Mr. Lischewski was indicted on May 16 in connection with allegedly agreeing to fix prices on packaged seafood. He didn’t immediately respond to a request for comment.
COMPLIANCE
Months before new U.S. sanctions against Iran take hold , the world’s two biggest shipping lines, Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Co. , said they were winding down general cargo shipment. Tanker owners plan to move their vessels to other oil-producing countries, the WSJ reports.
The oil terminal on Kharg Island in the Persian Gulf handles most of Iran’s crude exports. ABEDIN TAHERKENAREH/EUROPEAN PRESSPHOTO AGENCY The U.S. decided to defer a sanctions push against North Korea as both sides sought to revive a summit between President Donald Trump and Kim Jong Un. The White House was to announce the sanctions Tuesday but decided Monday to indefinitely delay the measures, the WSJ reports.
Japan said it detected what seemed to be a Chinese ship making an illegal cargo transfer to a North Korean vessel some 200 miles offshore from Shanghai, Reuters reports. China has repeatedly said it is fully enforcing U.N. sanctions against North Korea, Reuters reports.
Murray Huberfeld, a co-founder of the defunct hedge fund Platinum Partners , pleaded guilty Friday to a single count of wire-fraud conspiracy in connection with what federal prosecutors had called a bribery-and-kickback scheme, the WSJ reports.
Chinese authorities are set to approve Qualcomm ’s planned $44 billion acquisition of Netherlands-based NXP Semiconductors , in what would be another significant step toward easing frayed U.S.-China trade relations, the WSJ reports.
Irish voters overwhelmingly repealed a constitutional ban on abortion, a sweeping change that caps an emotion-filled debate and marks another significant step away from the country’s historic Catholic influence, the WSJ reports.
DATA SECURITY
Two Canadian banks said Monday they were contacted by “fraudsters” who said Sunday they had information about customer accounts. Bank of Montreal said data for fewer than 50,000 customers may have been stolen. Simplii Financial , an online unit of Canadian Imperial Bank of Commerce , said roughly 40,000 customers may have been affected, the WSJ reports.
GOVERNANCE
Founders of top startups are increasingly wresting control of their companies from venture-capital backers and extracting huge pay packages tied to going public, the WSJ reports. Venture capitalists remain the main backers of private companies, but new sources of capital have reduced their leverage, giving power to star entrepreneurs.
REPUTATION
C.L. Max Nikias, the embattled president of the University of Southern California , agreed to step down Friday, just over a week after allegations were made public that a longtime gynecologist at the school’s student-health center had sexually abused patients for years, the WSJ reports.
RISK
The European Union’s top trade official, Cecilia Malmstrom, will meet U.S. counterparts in Paris on Wednesday, according to EU officials, in a last-ditch effort to secure waivers from steel and aluminum tariffs and to engage Washington on efforts to tackle China’s market-distorting policies, the WSJ reports.
OPERATIONS
Two railway unions, representing close to 3,500 conductors, engineers and signal operators, filed a strike notice Saturday with Canadian Pacific Railways Ltd. , telling management that workers will walk off the job Tuesday night if an agreement can’t be reached. Time off and wages are at issue, the WSJ reports.
Brazil’s government said concessions to end a truckers strike will have a high cost for taxpayers even as businesses and consumers struggle with shortages of vital goods. Truckers began blockading highways May 21. As of Monday afternoon, there were still 557 blockades around the country, the WSJ reports.
A second major flash flood to hit Ellicott City, Md., in two years on Sunday left businesses once again devastated. The flood sent cars floating down Main Street in the community of about 68,000 and swept others away. A similar flash flood hit the region in July 2016, the WSJ reports.
STRATEGY
PepsiCo said Friday it is buying Bare Foods Co. , a maker of fruit and vegetable snacks, as the global food and beverage company looks to expand its offerings of healthier fare . Terms of the deal weren’t disclosed, the WSJ reports.
PepsiCo said it is buying Bare Foods Co., a maker of fruit and vegetable snacks, for an undisclosed sum. SETH PERLMAN/ASSOCIATED PRESS A fizzy lemon-flavored alcoholic drink that went on sale in Japan on Monday marked Coca-Cola ’s first fling at selling alcohol in its 132-year history. Although it owned a winery from 1977 to 1983, Coca-Cola had never directly sold an alcoholic drink during a history that dates to 1886, the WSJ reports.
The Morning Risk Report from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: Bank of Montreal Bare Foods Brazil strike Brazil truckers Bumble Bee Canada rail strike Canadian Imperial Bank of Commerce Canadian Pacific CIBC Coca-Cola Huberfeld Iran Sanctions Ireland abortion irish abortion KPMG Lischewski Maersk Malmstrom Mediterranean Shipping Nikias North Korean sanctions NXP PepsiCo Platinum Partners Qualcomm Simplii U.S.-Europe trade University of Southern California USC Previous Corruption Currents: Man Jailed for 660 Years Wants His Gold Bars Back Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Broadening the Lens of EERM to Focus on Value Creation Many organizations use third parties to perform core operations and processes, as well as to help meet strategic objectives. That makes a significant difference in the way senior executives and boards should think about extended enterprise risk management (EERM), with one approach being to think of third parties as teaming with the business to help create value. While there is no one-size-fits-all approach to EERM, managing third-party risk from both a revenue and cost perspective can provide significant opportunity to drive additional business value, create efficiencies, and build resilience.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/29/the-morning-risk-report-risk-modeling-skills-prized-by-ceos/ |
May 22, 2018 / 3:15 AM / Updated 6 minutes ago Australia far-right party rejects proposed tax cut, adding to PM's woes Colin Packham 3 Min Read
SYDNEY (Reuters) - Australia’s far-right One Nation party said on Tuesday it will not support the government’s proposed corporate tax cut, all but ending Prime Minister Malcolm Turnbull’s hope for a policy victory ahead of a series of by-elections. FILE PHOTO: Australia's Prime Minister Malcolm Turnbull and German Chancellor Angela Merkel (not pictured) address the media following their talks in Berlin, Germany, April 23, 2018. REUTERS/Fabrizio Bensch/File Photo
Turnbull’s Liberal-National coalition government had proposed to reduce the corporate income tax rate by 5 percent to 25 percent for all companies by 2026-27.
The legislation has been stalled in the Senate where the government is in the minority and was struggling to win the support of enough independent lawmakers.
“The people in general don’t want it. It has not been wellreceived,” One Nation leader Pauline Hanson told The Australian in an interview published on Tuesday.
The opposition Labor Party, The Greens and several independent lawmakers have said they will not back the bill.
Without One Nation and its three votes in the Senate, Turnbull’s centre-right government is well short of securing enough support for the tax measure, analysts said.
“I am obviously very disappointed with this latest development, but self-evidently I hope this is not the last word,” Finance Minister Mathias Cormann told reporters in Canberra.
The stalled tax legislation is the latest problem facing Turnbull ahead of five by-elections triggered when a group of opposition lawmakers were forced from office after being deemed dual nationals this month.
Dual citizens are blocked from national elected office under Australia’s 117-year-old constitution.
The dates of the by-elections have yet to be set but Turnbull’s Liberal Party is leading opinion polls in the race for the Queensland state seat of Longman.
A victory there would give his coalition a two-seat majority from the current one seat, but analysts said the troubled tax cut and other setbacks limited the impact of a by-election win.
“These failures build a perception of a prime minister who appears weak and unable to secure reform,” said Haydon Manning, a political science professor at Flinders University in South Australia state.
With just a razor thin majority, Turnbull has been forced into a series of policies that he had previously opposed, most notably a powerful inquiry into the country’s financial sector.
Turnbull also faces internal pressure over the issue of live sheep exports after the death of 2,400 animals on a ship bound for the Middle East, prompted widespread criticism of the A$250 million ($190 million) industry.
The government introduced tougher oversight of the shipments, though a group of rebel backbenchers on Monday proposed a blanket ban - exposing fractures within the coalition government.
($1 = 1.3186 Australian dollars) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-politics-tax/australia-far-right-party-rejects-proposed-tax-cut-adding-to-pms-woes-idUKKCN1IN09Q |
RIYADH, May 2 (Reuters) - Saudi Arabia has published draft rules for foreign insurers and reinsurers wanting to establish branches in the kingdom, in the latest attempt by the government to woo international investment.
Currently, there are no foreign branches of foreign insurers in the kingdom, with such companies instead having to establish fully capitalised subsidiaries or own a limited share of local insurance businesses.
But it was unclear from the draft, released this week, whether foreign insurers setting up branches would be required to have a local partner, with industry sources saying they would seek clarity on this point.
Until now, the central bank, which regulates the insurance industry, has closely controlled the number of licences in the market, with the regulator planning tougher rules for existing insurers as part of a drive to create a smaller number of stronger market players.
At present, there are more than 30 insurance firms in operation serving a population in excess of 30 million people.
But industry insurance sources said allowing more foreign entrants would help to boost competitiveness.
The insurance sector has come under pressure after the economy slipped into recession last year, with health insurance suffering in particular as expatriates have left the kingdom and hospital costs have risen. The economy should return to growth this year, but industry margins remain under pressure.
Saudi Arabia is seeking to tempt foreign entrants across industries as it embarks on a massive overhaul of its economy to diversify away from a reliance on oil revenues.
At the moment, international players including Bupa, MetLife, Allianz and AXA all operate in the kingdom through partnerships with local ventures. These foreign companies often have management control of the business, although limited ownership levels.
The draft rules made clear that licences from the central bank for specific insurance lines would be dependent on foreign applicants having approval from regulators in their home countries for the same activities for at least the past five years.
They also specified that in order to open a branch, insurers would have to place a deposit, ranging from 60 million riyals ($16 million) for the highest-rated insurers to 200 million riyals for the lowest, in a local bank. The deposit requirement was higher for reinsurers. ($1 = 3.7502 riyals) (Reporting By Tom Arnold Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/saudi-insurance/saudi-arabia-moves-to-tempt-more-foreign-insurers-with-draft-rules-change-idUSL8N1S972Q |
Every year, the survey wizards at the American Customer Satisfaction Index poll tens of thousands of customers of almost 400 leading companies to uncover how satisfied they are across a variety of key indicators. And for many years, the cable TV industry and its side-business of providing Internet service have come up dead last in customer satisfaction.
This year was no different, though the dissatisfaction is worsening. Cable TV companies averaged a score of 62 on the ACSI’s 100 point scale, down 3% from last year and the lowest rating for the industry in 11 years. Cable TV tied for the lowest average score among the 46 different industry groups in the survey, with Internet service providers ranking equally poorly. Not surprisingly, many of the same companies, such as Comcast and Frontier Communications , are in both groups. The top-ranked companies in 2018 were TV set makers, with an average score of 85; breweries, which averaged 84; and soft drink makers, also scoring an average of 84.
Cable companies fared poorly in the 2018 American Customer Satisfaction Index. The poor results for cable come amid an acceleration of cord cutting , the phenomenon of people dropping cable or never subscribing in the first place. The rise of Internet video services like Netflix and Amazon Prime has raised customer expectations, ACSI managing director David VanAmburg explains.
The Internet video services offer greater personalization, better user interfaces, and a lower price, he says. Meanwhile, cable bills are up 53% over the past 10 years to an average of over $100 a month . “As a result, cable and satellite television customers think they are paying higher prices for lesser value and receiving poor service to boot,” VanAmburg wrote in a blog post accompanying the 2018 report.
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Digging into the results, cable industry customers were increasingly dissatisfied compared to 2017 with picture quality, helpfulness of staff, frequency of service interruptions, and call center assistance.
Mediacom Communications, the fifth-largest cable operator, ranked dead last in the survey with a rating of just 55. It also ranked last as an ISP with a rating of 53. By comparison, Netflix (nflx) got a rating of 78 in its Internet video industry category. Mediacom said it expects to improve its score as it nears completion of a three-year, $1 billion effort to bring 1 gigabit-per-second Internet speeds to its customers. “We believe this is the type of transformative change that will greatly improve the customer experience moving forward,” the company said in a statement.
Frontier Communications ranked second to last as a cable TV provider with a score of 56; it scored 54 as an ISP. The company has been struggling mightily with debt from its 2015 purchase of customers from Verizon in California, Florida, and Texas. Frontier (ftr) did not respond to a request for comment.
Cable giant Comcast, the largest cable provider, ranked third from the bottom in its industry with a score of 57. Comcast (cmcsa) did a little better as an ISP, ranking in a tie for 6th out of 12 with a score of 60. The company declined to comment on the ACSI report.
The top-ranked cable TV companies were AT&T’s (t) U-Verse, with a score of 70; Verizon’s (vz) Fios, with a score of 68; and Dish Network (dish) , with a score of 67.
( Update: This story was corrected on May 23 to note that Comcast finished in a tie for 6th place in the ISP rankings, instead of finishing 7th .) | ashraq/financial-news-articles | http://fortune.com/2018/05/23/hate-cable-tv-comcast-frontier/?iid=recirc_f500landing-zone2 |
Conference call and webcast tomorrow, May 30th at 8:30 am Eastern Time
New Financing: Equity financing of $17 million led by Accelmed, a leading investment firm specializing in medical technologies, and joined by existing investors Broadfin Capital and Sabby Management and incoming CEO, Dr. Dolev Rafaeli
Experienced Management: Dr. Dolev Rafaeli, formally named CEO of STRATA, brings significant history of success with XTRAC business. From 2011 to 2015 during his time as CEO of PhotoMedex, Dr. Rafaeli transformed the XTRAC business growing the installed base by 240%, increasing the per device recurring revenue by 220% and boosting the recurring business segment’s gross margins from 39% to 68%
XTRAC Business Model: STRATA, the global market leader of Laser devices for dermatological treatments, provides a vertically integrated array of value-added services to its physician partners. Following the equity financing, STRATA will be better positioned to become a platform company for dermatology procedures generating recurring revenue XTRAC Opportunity: STRATA’s Recurring Revenue Business Model provides opportunities for top and bottom-line growth, with an available domestic market of over 35 million patients across all reimbursed indications XTRAC Technology: STRATA is developing a faster treatment protocol for skin clearance utilizing its proprietary OTD™ (Optimal Therapeutic Dose) device to achieve faster XTRAC treatment times and better patient outcomes STRATA’s commercial platform to be used to introduce new growth products aimed at clinical dermatologists As part of financing STRATA issued 15,740,741 shares of common stock subject to customary post-closing adjustments and now has 33,495,801 shares of common stock outstanding and on as-converted basis
HORSHAM, Pa., May 29, 2018 (GLOBE NEWSWIRE) -- STRATA Skin Sciences (NASDAQ:SSKN) (“STRATA”), a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions, today announced that its shareholders have voted in favor of an equity financing, raising proceeds of $17 million. The financing was led by Accelmed Growth Partners (“AGP”), a private equity investment firm focused on value creation for medical device companies and technologies, through the establishment of platform companies. AGP was joined by current shareholders Broadfin Capital and Sabby Management, and incoming CEO, Dr. Dolev Rafaeli.
Financing Details and Amendment of MidCap Financial Trust Agreement
Of the $17 million in proceeds, $3 million will be used to pay down a portion of the current loan with MidCap Financial, as part of an amendment to the loan agreement that provides more favorable terms and covenants.
The remaining proceeds from the equity financing will fund growth opportunities for the Company by focusing on its core recurring revenue business and adding innovative medical devices, which can leverage STRATA’s salesforce, customer relationships and current infrastructure in sales, marketing and reimbursement.
Appointment of New Chairman of the Board of Directors
Following the closing of the financing, Dr. Uri Geiger, Managing Partner of Accelmed, will be appointed Chairman of the STRATA Board. Dr. Geiger brings extensive entrepreneurial, management and investment know-how having created and built many successful medical device enterprises. Among his many accomplishments, Dr. Geiger served as CEO and Founder of Exalenz Bioscience Ltd., and of GalayOr Networks, and is a founding partner of Dragon Variation Fund, as well as most recently the Chairman of Cogentix Medical.
Dr. Geiger stated, “We are excited to become the majority shareholder of STRATA and confident that the combination of Dr. Rafaeli’s leadership and Accelmed’s proven track record of creating successful medtech platform companies will provide tremendous value to patients, physicians and shareholders.”
Appointment of New Management with Experience in the XTRAC Business and Company Turnarounds
In conjunction with the closing of the financing, Dr. Dolev Rafaeli formally assumed the position of CEO, having served as the Company’s interim CEO since April, 2018. Dr. Rafaeli has over 25 years of experience in the healthcare, medical device, consumer and industrial services fields. Prior to STRATA, he served as CEO of PhotoMedex, the company that founded the XTRAC business, and served on its Board from 2006 to 2017. It was under his leadership that PhotoMedex achieved sales growth from $19 million to over $300 million, driven by increases in brand portfolio, distribution channels and M&A transactions. During his tenure, the XTRAC business grew by 335%, and the XTRAC business gross margins grew from 39% to 68%.
Dr. Rafaeli stated, “I am thrilled to lead STRATA at this extraordinary time. The XTRAC device is a best-in-class UV technology for the treatment of psoriasis, vitiligo and other skin conditions. Our business model is differentiated by a combination of clinical superiority, unique value-added services – including a direct-to-patient engine that accelerates awareness and drives consigned XTRAC device utilization – and a reimbursement support team that confirms insurance benefits, thereby expediting the patient experience.”
“Our immediate priority is to execute a comprehensive turnaround strategy to restore the growth potential of the business. The initial steps will include: 1) rebuilding the XTRAC business’ value creation proposition for our physician partner accounts, 2) improving patient retention through improved clinical outcomes and protocol compliance, and 3) re-engaging our proven direct-to-consumer, end-to-end patient acquisition strategy to drive more patients into the dermatology practices,” Dr. Rafaeli added, “We believe that stricter adherence to protocol compliance will lead to better clinical outcomes for patients, resulting in a higher patient retention rate for physicians. We also believe that our Optimal Therapeutic Dose (OTD) technology for XTRAC, currently in development, will jump start adherence to the preferred protocol, once deployed.”
“Our nationwide network of XTRAC partner clinics offers a significant opportunity to increase market penetration in psoriasis and to broaden our market penetration with other approved indications, including vitiligo and atopic dermatitis (eczema).” Dr. Rafaeli concluded, “Lastly, we are formulating a strategy that is expected to drive revenue growth outside the U.S., where we currently enjoy significant market penetration in such markets as China, South Korea and the Middle East, to name a few.”
The Company also announced the appointment of Matthew C. Hill as Chief Financial Officer, effective as of May 15, 2018. Mr. Hill brings to STRATA over two decades of experience in the medtech industry, having previously served as CFO of two publicly traded companies, Velcera, Inc. and EP Medystems Inc.
“I am thrilled to join STRATA at this exciting time and believe that the Company’s portfolio of skin science technologies has enormous potential,” said Matthew Hill, STRATA’s Chief Financial Officer. “I look forward to growing with the Company and working with the management team to help STRATA become one of the leaders in the dermatology space.”
Conference Call & Webcast
The management of STRATA will hold a conference call tomorrow, Wednesday, May 30, 2018 at 8:30 am Eastern Time to discuss the financing, the turnaround strategy, and the management and Board changes. Dial-in and replay details are as follows:
Wednesday, May 30, 2018 @ 8:30 am Eastern Time
Domestic: 800-347-6311 International: 323-794-2094 Israel - local 1-809-212-909 Passcode: 7669358 Webcast: http://public.viavid.com/index.php?id=129953
About STRATA Skin Sciences, Inc. ( www.strataskinsciences.com )
STRATA Skin Sciences is a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing and marketing innovative products for the treatment of dermatologic conditions. Its products include the XTRAC ® excimer laser and VTRAC ® lamp systems utilized in the treatment of psoriasis, vitiligo and various other skin conditions; and the STRATAPEN™ MicroSystem, marketed specifically for the intended use of micropigmentation.
Safe Harbor
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to the Company’s plans, objectives, expectations and intentions and may contain words such as “will,” “may,” “seeks,” and “expects,” that suggest future events or trends. These statements, including the Company’s ability to generate the anticipated revenue stream, the Company’s ability to generate sufficient cash flow to fund the Company’s ongoing operations and research and development activities beginning at any time in the future, the public’s reaction to the Company’s new advertisements and marketing campaigns under development, and the Company’s ability to build a leading franchise in dermatology and aesthetics, the Company’s ability to grow revenues and sustain that growth, and the Company’s ability to secure FDA 510k clearance for the OTD device, are based on the Company’s current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business, competitive, market, regulatory and political factors or conditions affecting the Company and the medical device industry in general, as well as more specific risks and uncertainties set forth in the Company’s 10K filed with the SEC on March 30, 2018.
Investor Contacts: Dr. Dolev Rafaeli, Chief Executive Officer Bob Yedid, Managing Director STRATA Skin Sciences, Inc. LifeSci Advisors, LLC 215-619-3200 646-597-6989 [email protected] [email protected]
Source:STRATA Skin Sciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-strata-skin-sciences-announces-closing-of-a-17-million-equity-financing-and-the-formal-appointment-of-new-management-to.html |
May 7 (Reuters) - BRIOSCHI SVILUPPO IMMOBILIARE SPA :
* BOARD APPOINTS MATTEO CABASSI CHIEF EXECUTIVE OFFICER Source text for Eikon:
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SE5BY |
May 17, 2018 / 1:01 PM / Updated 8 hours ago Exclusive: Malaysia's Anwar says 'shattered' Najib called him twice on election night Praveen Menon 6 Min Read
KUALA LUMPUR (Reuters) - Malaysia’s ousted former premier Najib Razak was “totally shattered” the night he lost the general election and called his jailed rival Anwar Ibrahim twice for advice on what he should do, Anwar said on Thursday. Malaysian politician Anwar Ibrahim, who was granted a royal pardon, speaks to supporters in Kuala Lumpur, Malaysia May 16, 2018. REUTERS/Stringer
Najib was handed a shocking election loss last week which ended the dominance of the Barisan Nasional coalition that has ruled Malaysia for more than six decades.
BN’s defeat in the May 9 polls was attributed to rising anger over corruption and an unlikely alliance struck between 92-year-old Mahathir Mohamad and his former rival, Anwar, who got together to oust the scandal-tainted Najib.
Anwar, who was pardoned and released from his five-year jail term for sodomy on Wednesday, said he had received two calls from Najib.
“When he called on the night of the election, I advised him as a friend to concede and move on,” Anwar told Reuters in an interview at his home on the outskirts of Kuala Lumpur.
Anwar said he asked Najib to come out with a statement quickly rather than delay and be perceived as trying to scuttle the process.
Najib, however, said nothing despite Mahathir declaring victory a few hours after the counting of the votes began.
At a news conference the next day, Najib said no party had a simple majority and the constitutional monarch would decide who would form the government.
“He was just very evasive ... he refused to concede early,” Anwar said about his discussion on election night.
He said Najib was thinking of what he could do and who he could consult. But Anwar insisted the former-PM did not approach him for a deal in any “serious manner”.
“Even if he had referred to that (a deal) I would have just ignored ... I was just listening to him,” Anwar said when asked if Najib had offered him a deal to shift allegiance.
“After the second call he was totally shattered,” he said.
Najib could not immediately be reached for comment.
“In a close contest between two coalitions it is not unusual for a leader of the losing team to try to entice members from the other side,” said Adib Zalkapli, a Kuala Lumpur-based analyst with risk consultancy Vriens & Partners.
Khairy Jamaluddin, the youth and sports minister in Najib’s government, visited Najib at his house on election night and said this week the prime minister had been “calm” and “poised”, but that the people around him were “stunned, shocked and sombre”.
Khairy was not available for comment on Thursday. A spokesman for Khairy declined to comment on Anwar’s description of events on election night.
Najib’s coalition secured only 79 of Malaysia’s 222 parliamentary seats while Anwar’s People’s Justice Party (PKR) won 50 seats. An alliance between the two could have secured Najib’s return to power.
Last year, Najib visited Anwar at a hospital where he was recovering from a shoulder surgery. The meeting sparked rumours that the two leaders may strike up an agreement to join forces against Mahathir, although this was quickly dismissed by Anwar’s team. RIGHT MAN
Mahathir, who was sworn in as leader last Thursday, secured a royal pardon for Anwar, and has promised to step aside for his friend-turned-foe-turned-ally to become prime minister.
The relationship between these two giants of Malaysian politics is a saga that has spanned three decades.
Anwar said it had been accepted that he would be the next prime minister after Mahathir steps down, but he wanted to ensure a smooth transition.
“Mahathir has been in power for just a week so it’s not proper to talk about an immediate transition. So let him just continue,” Anwar said. He did not give a time frame for this move.
Anwar was Mahathir’s deputy in the 1990s, but fell out with his mentor during the 1997-99 Asian financial crisis.
He was eventually sacked from the ruling party and founded the Reformasi (Reform) movement, challenging Mahathir’s government. Within weeks, he was arrested and jailed on disputed charges of sodomy and corruption.
After being freed in 2004, Anwar was jailed a second time for sodomy in 2015, when Najib was in power.
Both times, he and his supporters said the charges were politically motivated.
Mahathir was perfect as prime minister right now as the new government goes about dismantling the obsolete and corrupt system put in place by the long-ruling United Malay National Organisation (UMNO)-led coalition, Anwar said.
UMNO’s race-based politics and patronage system has been slammed by its critics and blamed for the bulging civil service and weak institutions like the judiciary.
“Probably he seems to be the right man...I am a bit more moderate and have a softer image,” Anwar said.
“Because of how I suffered, I always think how any decision would cause sufferings to those affected. So I’m a bit more considerate...and that may not be good in these times when we have to make sure the elements of the old regime do not resurface.”
Anwar and his party has faced a protracted struggle to gain power due to electoral systems and government institutions working in favour of the ruling party.
He said the old regime had been dismantled, but the new government could not assume it would retain the level of support and euphoria seen in the last week.
“From my discussion with the PM (Mahathir) this morning, that seems to be the sentiment ... we will have to deliver,” he said.
“I have given that message. We don’t want UMNO 2.0.” Malaysian politician Anwar Ibrahim, who was granted a royal pardon, arrives to speak to supporters in Kuala Lumpur, Malaysia May 16, 2018. REUTERS/Lai Seng Sin Additional reporting by Tom Westbrook; Editing by Nick Macfie | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics-anwar-exclusive/exclusive-malaysias-anwar-says-shattered-najib-called-him-twice-on-election-night-idINKCN1II1U0 |
May 15, 2018 / 12:56 PM / Updated an hour ago Ethiopia releases Swedish doctor in jail since 2013 Aaron Maasho 2 Min Read
ADDIS ABABA (Reuters) - Ethiopian authorities on Tuesday released an Ethiopian-born Swedish cardiologist who has been in jail since 2013 on corruption and terrorism charges, his family members said.
Fikru Maru, who founded a heart hospital in the capital Addis Ababa, was held in custody on suspicion of graft, but in October 2016 he was sentenced to four years and eight months for tax fraud related to his business.
Though he was acquitted of corruption afterward, the 67-year old was then charged in December, 2016, with involvement in causing a fire that ripped through a prison complex and killed dozens of inmates in September of that year.
Prosecutors accused him of financing and recruiting the perpetrators. He had always denied the charges against him.
The terrorism charges against him were dropped last week.
“Five years of his life have been taken away despite his innocence. Words cannot express my happiness at his release,” his daughter Amy Fikru told Reuters shortly after he walked out of the prison complex.
Fikru is one of thousands of prisoners, including high-profile journalists and opposition leaders who had been charged with a variety of offences, including terrorism, to be freed.
Their release is part of reform pledges by the government of Abiy Ahmed, who took over in April this year, and preceding administrations, to end widespread protests
Hundreds of people have been killed during protests that convulsed two of the country’s most populous provinces, whose ethnic Oromo and Amharic communities complain they are politically marginalised. Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ethiopia-sweden-politics/ethiopia-releases-swedish-doctor-in-jail-since-2013-idUKKCN1IG1VL |
Swedish payment start-up iZettle announced it will go public this year.
The financial technology firm said Tuesday that it plans to raise 2 billion Swedish krona ($226 million) through an initial public offering on the Nasdaq in Stockholm.
The company provides mobile card readers and other digital payment products to small businesses. It is a rival to Square , the U.S. fintech firm led by Twitter CEO Jack Dorsey , but only competes directly with the $20 billion company in the U.K.
IZettle said in a statement that, "depending on market conditions," the Stockholm listing is expected to be completed this year.
The company's CEO Jacob de Geer has previously spoken of the company's intention to go public, saying that it was surrounded by "ifs and buts, market conditions and so-forth." Tuesday's announcement solidifies that intention.
"We believe that the listing will support our continued growth, our strategy and provide us with improved access to capital markets," De Geer told CNBC.
"Our strategy going forward is to grow our merchant base in existing markets as well as shift the mix towards slightly larger merchants, though we'll continue to remain focused on small businesses."
IZettle is currently a loss-making company, but it's targeting net revenue growth of 40 percent in the medium term and wants to achieve positive consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) by 2020.
"We made a strategic choice together with the board to prioritize growth over profitability, to build iZettle's brand and secure a leading position in our target markets," De Geer said.
"It's all going according to plan and we can clearly tell that our strategy is paying off." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/izettle-ipo-says-it-plans-to-list-on-nasdaq-stockholm.html |
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