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May 27, 2018 / 11:19 PM / Updated 12 hours ago Motor racing-Team by team analysis of the Monaco Grand Prix Reuters Staff 3 Min Read
MONACO, May 27 (Reuters) - Team by team analysis of Sunday’s Monaco Formula One Grand Prix (listed in championship order):
MERCEDES (Lewis Hamilton 3, Valtteri Bottas 5)
Hamilton chalked up his 31st successive scoring finish but had his lead cut to 14 points. Both drivers finished where they started.
FERRARI (Sebastian Vettel 2, Kimi Raikkonen 4)
No change from the grid position but Vettel clawed back three points from Hamilton and is now only 14 behind the Briton. Ferrari also reduced the gap to Mercedes in the constructors’ championship to 22 points.
RED BULL (Daniel Ricciardo 1, Max Verstappen 9)
Ricciardo won from pole after setting the fastest time in every practice session and all stages of qualifying. It was his second win of the season, first from pole and seventh of his career and came despite power unit problems. Verstappen went from last to ninth and set the fastest lap. The race was Red Bull’s 250th start.
RENAULT (Nico Hulkenberg 8, Carlos Sainz 10)
Both Renault drivers ended up in the points to pull further away from McLaren. Hulkenberg started 11th, Sainz eighth.
MCLAREN (Stoffel Vandoorne 14, Fernando Alonso retired)
Alonso retired at Sainte Devote on lap 53 after a transmission failure. The Spaniard, who missed last year’s race to compete in the Indianapolis 500, had been running in seventh place. Vandoorne dropped two places from 12th at the start.
FORCE INDIA (Esteban Ocon 6, Sergio Perez 12)
Ocon enjoyed his best result of the season so far in front of what is virtually a home crowd. Perez failed to score for the first time since China in April. Force India are now 14 points behind McLaren.
TORO ROSSO (Pierre Gasly 7, Brendon Hartley 19)
Gasly, starting 10th, scored for the second time this season and in his first Monaco Grand Prix. Hartley started 15th and damaged his car’s front wing on the opening lap, pitting for a new one. He retired after being hit in the rear by Sauber’s Leclerc at the tunnel exit late on.
HAAS (Kevin Magnussen 13, Romain Grosjean 15)
Still no points for Grosjean, who started 18th with Magnussen 19th. Grosjean pitted during the late virtual safety car period with Magnussen staying out.
SAUBER (Marcus Ericsson 11, Charles Leclerc 18)
Leclerc retired after crashing into Hartley, an accident blamed on a brake disc issue on his car.
WILLIAMS (Sergey Sirotkin 16, Lance Stroll 17)
A difficult weekend for Williams. Sirotkin collected a 10 second stop-go penalty on lap seven because all the wheels were not on before the deadline ahead of the start. Stroll got a puncture on lap nine and lost a lot nursing his car back to the pits. (Reporting by Alan Baldwin, editing by Greg Stutchbury) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-monaco-teams/motor-racing-team-by-team-analysis-of-the-monaco-grand-prix-idUKL3N1SY0KH |
May 10 (Reuters) - Heron Therapeutics Inc:
* HERON THERAPEUTICS ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND RECENT CORPORATE PROGRESS
* QUARTERLY LOSS PER SHARE $0.81 * REAFFIRMS FULL-YEAR 2018 CINV FRANCHISE NET PRODUCT SALES GUIDANCE OF $60 MILLION TO $70 MILLION
* QTRLY NET PRODUCT SALES $11.6 MILLION VERSUS $3.6 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-heron-therapeutics-reports-quarter/brief-heron-therapeutics-reports-quarterly-loss-per-share-of-0-81-idUSASC0A1FX |
By Kristen Bellstrom 7:08 AM EDT
Good morning, Broadsheet readers! We read journalist Kim Wall’s final story, the CEO of USA Gymnastics breaks her silence on Larry Nassar, and Revlon gets its first-ever female chief. Finally a bit of housekeeping: Today is my co-editor Valentina Zarya’s final day at Fortune . I’m sure you will all miss her as much as I will, so please join me in wishing her well on her next adventure! EVERYONE'S TALKING
• Revlon needs a makeover Revlon has appointed Debra Perelman, daughter of Ronald Perelman—the company’s controlling shareholder—chief executive officer.
The move is interesting for a few reasons. Perelman, who was named COO four months ago, is the first-ever woman to run the 86-year-old cosmetics company. As noted by Fast Company there are fewer top execs in the beauty world than you might think; L’Oréal, Estée Lauder, and Avon are all currently run by men.
As the daughter of the company’s chairman, Perelman will likely face some whispers about nepotism—an idea she dismissed outright in her conversation with Fast Company , noting that she has two decades of experience at the company.
But it’s not Perelman’s advantages that interest me—in fact, the polar opposite: it’s her position on the glass cliff. For anyone who’s unfamiliar with the term, it’s what my former colleague Jennifer Reingold once described as “a phenomenon in which women leaders are more likely to be offered the top position at companies that are struggling or in crisis.”
Revlon seems to fit the bill. Former chief Fabian Garcia was hired to turn the company around. He failed and departed after less than two years. Sales are down at the cosmetics giant, as is its stock . Meanwhile, it faces growing competition from specialty beauty retailers and innovative online upstarts.
Will Perelman be able to maintain her footing on that steep and slippery slope? We’ll have to watch and see. Advertisement ALSO IN THE HEADLINES
• Sorry’s a start . Breaking nearly six months of silence on the issue, USA Gymnastics CEO Kerry Perry told a Congressional panel she was “appalled and sickened by the despicable crimes of Larry Nassar.” Perry apologized to the more than 300 victims of the disgraced doctor, vowing: “Those days are over.” Washington Post
• Fund 2, for F3 . Fortune ‘s Polina Marinova talks to Female Founders Fund leaders Anu Duggal and Sutian Dong about closing their second fund—a $27 million pot that includes investments from the likes of Melinda Gates, Hayley Barna, and Katrina Lake. Their conversation also touches on “the role LPs play in the venture ecosystem, investment trends to watch, and whether a fund like F3 is really in a position to challenge the status quo.” Fortune
• Funny girl . This Sarah Silverman profile—part of GQ ‘s annual comedy issue—charts how the comedian has shown a kinder and more vulnerable part of herself in recent years, asking: “Can she pull it off? Or does being a better person make you a worse comic?” The piece also gets into Silverman’s thoughts on #MeToo—and her response to the bad behavior of her friends Louis C.K., Aziz Ansari, and Al Franken. GQ
• Last words . LongReads has published the last piece written by journalist Kim Wall before she was murdered by Danish inventor Peter Madsen. The article, which Wall wrote with her reporting partner Mansi Choksi, tells the story of three women who fought with the Tamil Tigers during Sri Lanka’s 25-year civil war—and how the experience affected the rest of their lives. “Years after the war had ended, these women continued to fight privately with the ideas that had drawn them to the movement in the first place—a desire to exercise their right to self-determination, the blinding rage of wanting to avenge their oppression, suffering, and humiliation, and the dream of creating a new order for women in the promised homeland.” | ashraq/financial-news-articles | http://fortune.com/2018/05/24/revlon-ceo-usa-gymnastics-sarah-silverman-broadsheet-may-24/ |
May 9 (Reuters) - Turning Point Brands Inc:
* TURNING POINT BRANDS, INC. ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 SALES ROSE 10.7 PERCENT TO $73.9 MILLION * SEES FY 2018 SALES UP 12 TO 16 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-turning-point-brands-says-q1-sales/brief-turning-point-brands-says-q1-sales-rose-10-7-pct-to-73-9-mln-idUSASC0A0W1 |
SAN DIEGO, May 22, 2018 /PRNewswire/ -- Evofem Biosciences, Inc., (NASDAQ: EVFM) ("Evofem" or the "Company"), a clinical-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health, announced today the pricing of an underwritten public offering of up to 8.5 million shares in aggregate of common stock or, in lieu of shares of common stock, pre-funded warrants exercisable for shares of common stock, and accompanying common warrants to purchase an aggregate of 1.7 million shares of common stock.
The shares and pre-funded warrants are being sold at a public offering price of $4.69 per share and $4.68 per pre-funded warrant, respectively. Each share of common stock and pre-funded warrant is being sold together with a common warrant to purchase one-fifth of a share of the Company's common stock at an exercise price of $7.50 per share. Each common warrant is being issued at a price of $0.01. The common warrants will be exercisable immediately and will expire seven years from the date of issuance.
The gross offering proceeds to Evofem from this offering are expected to be approximately $39.9 million, before deducting underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants. As part of the offering, Evofem granted the underwriters a 30 day option to purchase up to an additional 1,275,000 shares of common stock and/or common warrants to purchase up to an aggregate of 255,000 shares of common stock. All of the shares of common stock and warrants are being offered by Evofem.
RBC Capital Markets LLC and Cantor Fitzgerald & Co. are acting as joint book-running managers for the offering. Oppenheimer & Co. Inc. is acting as lead manager, and Roth Capital Partners is acting as co-manager.
Evofem intends to use the net proceeds from this offering to fund its ongoing Phase 3 clinical trial of Amphora ® (L-lactic acid, citric acid, and potassium bitartrate) vaginal gel for the prevention of pregnancy, which is fully enrolled and from which it expects to report top line results in the first quarter of 2019 and the ongoing Phase 2b clinical trial of Amphora for the prevention of urogenital transmission of chlamydia and gonorrhea in women, as well as for general corporate purposes, funding working capital needs and any necessary capital expenditures.
A registration statement on Form S-1 relating to the offering was filed with the Securities and Exchange Commission (the "SEC") on May 16, 2018 and was declared effective on May 21, 2018. The offering is being made only by means of a prospectus. Evofem's SEC filings are available to the public from the SEC's website at www.sec.gov. Copies of the final prospectus relating to the offering may also be obtained, when available, by contacting RBC Capital Markets LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098 or by telephone at (877) 822-4089 or by email at [email protected] , or Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor New York, New York 10022 or by email at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Evofem Biosciences
Evofem Biosciences, Inc., (NASDAQ: EVFM) is a clinical-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health. Evofem is leveraging its proprietary Multi-purpose Prevention Technology vaginal gel to develop product candidates for multiple indications, including contraception, the prevention of urogenital transmission of chlamydia and gonorrhea in women, and recurrent bacterial vaginosis.
Forward-Looking Statements
Statements in this press release about the Company's future expectations, plans and prospects, including the expected closing of the offering, as well as any other statements regarding matters that are not historical facts, may constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the Company's control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled "Risk Factors" in the Company's filings with the SEC, including its most recent Quarterly Report on Form 10-Q filed with the SEC on May 14, 2018, and its Registration Statement on Form S-1 filed with the SEC on May 16, 2018, and include but are not limited to the following: risks and uncertainties associated with market conditions and the Company's ability to satisfy the closing conditions related to the offering. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
Evofem Biosciences' Contact
Amy Raskopf
Investor Relations
[email protected]
858-550-1900 x167
View original content with multimedia: http://www.prnewswire.com/news-releases/evofem-biosciences-announces-pricing-of-public-offering-of-common-stock-and-warrants-300652665.html
SOURCE Evofem Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-evofem-biosciences-announces-pricing-of-public-offering-of-common-stock-and-warrants.html |
May 23 (Reuters) - Cisco Systems Inc on Wednesday warned that hackers have infected at least 500,000 routers and storage devices in dozens of countries with highly sophisticated malicious software, possibly in preparation for another massive cyber attack on Ukraine.
Cisco’s Talos cyber intelligence unit said it has high confidence that the Russian government is behind the campaign, dubbed VPNFilter, because the hacking software shares code with malware used in previous cyber attacks that the U.S. government has attributed to Moscow.
Cisco said the malware could be used for espionage, to interfere with internet communications or launch destructive attacks on Ukraine, which has previously blamed Russia for massive hacks that took out parts of its energy grid and shuttered factories.
“With a network like this you could do anything,” Cisco researcher Craig Williams told Reuters.
The Russian government has vehemently denied assertions by Ukraine, the United States, other nations and western cyber-security firms that the Kremlin is behind a massive global hacking program, which has included attempts to harm Ukraine’s economy and interfering in the 2016 U.S. presidential election.
The warning about the malware - which includes a module that targets industrial networks like ones that operate the electric grid - will be amplified by alerts from members of the Cyber Threat Alliance (CTA), a nonprofit group that promotes the fast exchange of data on new threats between rivals in the cyber security industry.
Members include Cisco, Check Point Software Technologies Ltd , Fortinet Inc Palo Alto Networks Inc, Sophos Group Plc and Symantec Corp.
“We should be taking this pretty seriously,” CTA Chief Executive Officer Michael Daniel said in an interview.
Cisco shared technical details on VPNFilter with the group on Monday during a secret video briefing describing what it has learned over the past few months analyzing the campaign.
While VPNFilter infects routers and internet-connected storage devices used in home offices and small offices, the army of compromised devices can be used to launch coordinated attacks on much larger targets, Williams said.
Although infected devices are scattered across at least 54 countries, Cisco determined the hackers are targeting Ukraine following a surge in infections in that country on May 8, Williams told Reuters.
Researchers decided to go public with what they know about the campaign because they feared the surge in Ukraine, which has the largest number of infections, meant Moscow is preparing to launch an attack there next month, possibly around the time the country celebrates Constitution Day on June 28, Williams said.
Some of the biggest cyber attacks on Ukraine have been launched on holidays or the days leading up to them.
They include the June 2017 “NotPetya” attack that disabled computer systems in Ukraine before spreading around the globe, as well as hacks on the nation’s power grid in 2015 and 2016 that hit shortly before Christmas.
VPNFilter gives hackers remote access to infected machines, which they can use for spying, launching attacks on other computers or downloading additional types of malware, Williams said.
Cisco has discovered about 500,000 infected devices, but believes the actual number may be much higher.
The researchers discovered one malware module that targets industrial computers, such as ones used in electric grids, other infrastructure and in factories. It infects and monitors network traffic, looking for login credentials that a hacker can use to seize control of industrial processes, Williams said.
The malware also includes an auto-destruct feature that hackers can use to delete the malware and other software on infected devices, making them inoperable, he said.
VPNFilter is named after a directory the malware creates to hide its files on an infected device. (Reporting by Jim Finkle in Toronto Editing by Darren Schuettler and Jeffrey Benkoe)
| ashraq/financial-news-articles | https://www.reuters.com/article/cyber-routers-ukraine/cyber-firms-warn-on-suspected-russian-plan-to-attack-ukraine-idUSL2N1ST289 |
Mortgage apps down 2.9% vs. previous week 1 Hour Ago CNBC's Diana Olick breaks down the latest numbers on mortgage applications which dropped despite a dip in interest rates. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/mortgage-apps-down-2-point-9-percent-vs-previous-week.html |
May 5, 2018 / 5:45 AM / Updated 2 hours ago Athletics - China's Liang betters women's 50km walk record at first attempt Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China’s Liang Rui took more than a minute off the world record for the women’s 50km walk in Taicang on Saturday, claiming gold at the world racewalking team championships in what was her maiden outing in the endurance event.
The 23-year-old, who will win $50,000 once the record is ratified, clocked four hours, four minutes and 35 seconds to top the podium and better the mark of 4:05:56 that Inez Henriques recorded in London last year.
Henriques’s time had earned her the first gold medal to be awarded in the event at the world athletics championships after the women’s race was a late addition to the schedule.
The Portuguese world champion dropped out of Saturday’s race before the 30km mark to leave Liang to forge on through the drizzle and claim victory four and a half minutes clear of compatriot Yin Hang, who also won silver in London last year.
Australia’s Claire Tallent finished third for bronze in what was also her first attempt at the distance, which was first listed as a world record event in August 2015 as the IAAF looked to ensure equal competition opportunities for men and women. Reporting by Nick Mulvenney in Sydney, editing by Sudipto Ganguly | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-athletics-walk-record/athletics-chinas-liang-betters-womens-50km-walk-record-at-first-attempt-idUKKBN1I603U |
May 8 (Reuters) - Evogene Ltd:
* EVOGENE AND MARRONE BIO INNOVATIONS ANNOUNCE PHASE ADVANCEMENT IN THEIR INSECT CONTROL COLLABORATION
* EVOGENE LTD - COMPANIES AGREED TO SHARE REVENUES FROM ANY PRODUCTS THAT MAY RESULT FROM COLLABORATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evogene-and-marrone-bio-innovation/brief-evogene-and-marrone-bio-innovations-announce-phase-advancement-in-their-insect-control-collaboration-idUSFWN1SF0KZ |
CNBC International Market Close Briefing: May 25, 2018 1 Hour Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/cnbc-international-market-close-briefing-may-25-2018.html |
Jailing and failing the mentally ill 5:40pm BST - 08:13
Across the U.S., jails have become the first line of treatment for many of the mentally ill. One Louisiana jail reveals the human toll. Linda So reports. ▲ Hide Transcript ▶ View Transcript
Across the U.S., jails have become the first line of treatment for many of the mentally ill. One Louisiana jail reveals the human toll. Linda So reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L6X0Oj | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/jailing-and-failing-the-mentally-ill?videoId=431957674 |
EditorsNote: revises seventh and ninth grafs
Tyson Ross held the Nationals to one run over 6 2/3 innings, and the San Diego Padres scored three runs on a pair of two-out, opposite-field hits Wednesday afternoon to score a 3-1 win in Washington and salvage the finale of a three-game series.
All the Padres’ runs came against right-hander Erick Fedde, the Nationals’ top pitching prospect who was promoted from Triple-A for the start.
The game was scoreless in the fifth when Padres shortstop Freddy Galvis doubled to right-center with one out and scored on a two-out, opposite-field single to right by Manuel Margot.
In the sixth, Eric Hosmer singled with one out and advanced to second when Fedde walked Franchy Cordero with two outs. Christian Villanueva then hit a fly deep toward the right field corner. After a long run, Bryce Harper had the ball hit off his glove, allowing Hosmer and Cordero to score.
At first, the play was ruled a double, then changed to an error on Harper, then eventually changed back to a double.
Matt Adams homered off Ross leading off the bottom of the seventh for the Nationals’ lone run. Adams finished with three hits.
Ross (4-3) allowed five hits and a walk while striking out nine (tying for his second-highest total in 2018). He lowered his earned run average to 3.13. Before Adams’ homer, Ross had retired eight consecutive batters.
Left-hander Brad Hand entered the game with one out in the eighth to face left-handers Juan Soto and Harper and recorded his first five-out save of the season, his 15th of the season overall.
In the ninth, Hand gave up a leadoff double to Anthony Rendon and a single to pinch hitter Mark Reynolds. Hand then struck out Michael Taylor and got catcher Spencer Kieboom to ground into a game-ending, around-the-horn double play.
Fedde (0-1), the Nationals’ first-round pick in the 2014 draft, gave up three runs on five hits and a walk with six strikeouts in 5 2/3 innings.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-was-sd-recap/padres-ross-tames-nationals-idUSMTZEE5O7FLBKN |
The U.S. dollar rose Wednesday versus the euro amid concerns about a new coalition government in Italy, while edging broadly lower as the pace of rising bond yields moderated and cooled demand for the currency.
The WSJ Dollar Index, which measures the currency against a basket of 16 others, declined less than 0.1% to 86.87, ending a two-session streak of gains. Even after the slip, the index is at its second-highest closing level this year, reflecting recent strength in the currency.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-dollar-rises-versus-euro-on-italian-debt-risk-1526486360 |
Italian president hasn't decided on appointment of Conte as leader: Report 41 Mins Ago CNBC's Willem Marx reports on the latest stumbling block as Italian politicians attempt to establish the next coalition government. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/italian-president-hasnt-decided-on-appointment-of-conte-as-leader-report.html |
SOURCE: Jeniece Pettitt CNBC Apple has envisioned its smartwatches as health devices since the product's conception in 2012, according to a new interview with Apple's top designer in Hodinkee Magazine .
Jony Ive told Hodinkee, which covers the luxury watch industry, that health was "absolutely" an "early and significant focus" of the watch. The goal, he said, was "developing both the hardware and software to form the foundation for all of the health-based capabilities."
That may come as a surprise to some. After the first Apple Watch received a mixed reception, reviewers of the second series praised a heavier focus on fitness.
"Let's call it what it is: a fitness tracker," The Verge wrote in 2016. "It's what Apple had resisted calling its wearable for the past year and a half, even declining to categorize it as such when citing industry rankings, opting for the 'smartwatch' category instead. It is, definitely, still a smartwatch. But the Watch now has focus, and that's a good thing."
Ive told Hodinkee that while health was a primary focus, "there is nothing as motivating or encouraging as hearing directly from our customers." The changes seem to have paid off.
The Apple Watch hasn't reached the volume of the iPhone, but it is the top-selling watch globally and top-selling wearable worldwide.
Apple has since tested whether the Apple Watch can detect cardiac abnormalities , and is using the devices in a heart study . Health insurance companies have also looked into using discounted Apple Watches to facilitate wellness programs.
While Apple co-founder Steve Jobs was a health enthusiast, especially fond of fruits and vegetables and meditation , Ive said the Watch was conceived after Jobs' death, as the company was "pausing to think about where we wanted to go, what trajectory we were on as a company, and what motivated us."
Ive also said the company has learned from some of the Watch's forays into new materials like gold and ceramic , offering a rare hint into Apple's thinking for future product designs.
"[W]orking in gold and ceramic was purposeful – not only to expand who Apple is, but also from a materials science perspective," Ive said. "Our material sciences team now understands these fundamental attributes and properties in a way they didn't before. This will help shape future products and our understanding of what forms make sense."
Read the full interview in Hodinkee Magazine. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/apple-always-viewed-the-watch-as-a-health-device-jony-ive-says.html |
Office Building Adds to Viking’s Existing Retail and Office Portfolio
CINCINNATI--(BUSINESS WIRE)-- Viking Partners Fund III, LLC (“Fund III”), a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets in the Midwest and Southeast United States, announced the acquisition of Parkside Plaza in Knoxville, Tennessee. Parkside Plaza is a 100,340 square foot, 5-story Class A office building located in Turkey Creek, a mixed-use retail, office and entertainment complex in the Town of Farragut in west Knoxville. Constructed in 2007, the building features a three-story entry atrium and is benefitted by convenient access and visibility from I-40/75 and ample surface parking.
“Parkside Plaza is strategically located within the Knoxville market, providing Viking with the opportunity to build upon the strong base of tenants currently occupying Parkside,” said Bret Caller, Principal with Viking Partners. “The fourth floor offers 20,000 square feet of contiguous space for one tenant or may be subdivided for smaller users. Given the potential upside in the asset, Parkside will be a great add to our existing portfolio.”
Leasing for the building is being handled by Deborah Petrolina with IMS and Matt Fentress with NAI Koella | RM Moore, both based in Knoxville.
For information on the entire Viking portfolio, visit www.vikingpartnersllc.com . To connect with Viking Partners via LinkedIn, visit www.linkedin.com/company/viking-partners-llc .
ABOUT VIKING PARTNERS, LLC
Since 1991, the principals of Viking Partners have invested in more than 100 commercial real estate projects totaling over four million square feet and valued at more than $500 million. Viking Partners is currently seeking acquisition opportunities in the Midwest, Southeast and Southwest with a transaction range of $2 million to $50 million.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006007/en/
Viking Partners
Carl Goertemoeller, 513-985-1114
[email protected]
Source: Viking Partners Fund III, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-viking-partners-acquires-parkside-plaza-in-knoxville-tennessee.html |
May 23 (Reuters) - CPH Chemie und Papier Holding AG :
* ZEOCHEM ACQUIRES DISTRIBUTION BUSINESS FROM YUSHENG * PARTIES HAVE AGREED NOT TO DISCLOSE THE PURCHASE CONDITIONS Source text: bit.ly/2IDTXwd Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cph-chemie-und-papier-holding-unit/brief-cph-chemie-und-papier-holding-unit-zeochem-acquires-distribution-business-from-yusheng-idUSFWN1SU08N |
Breakingviews TV: Car tariffs 04:00
The White House is eyeing levies on imported autos - something that would leave car buyers, investors and manufacturers worse off. Antony Currie explains how this tough talk could backfire.
The White House is eyeing levies on imported autos - something that would leave car buyers, investors and manufacturers worse off. Antony Currie explains how this tough talk could backfire. //reut.rs/2IIJ8gA | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/breakingviews-tv-car-tariffs?videoId=429946799 |
May 22, 2018 / 8:08 PM / Updated 23 minutes ago U.S. Senate panel OKs bill to tighten foreign investment oversight Diane Bartz 3 Min Read
WASHINGTON (Reuters) - The U.S. Senate Banking Committee voted on Tuesday to approve a bill that would tighten oversight of foreign investment to slow China’s acquisition of sensitive U.S. technology.
The House Committee on Financial Services is slated to consider a version of the measure on Tuesday.
The two chambers began the process in November with identical bills to expand the clout of the inter-agency Committee on Foreign Investment in the United States, or CFIUS, which reviews foreign investment to ensure it does not compromise national security.
Congress is considering the bills to address Defense Department concerns that U.S. soldiers could some day face on a battlefield U.S. technology like robotics or drones that had been acquired by foreign adversaries.
The Senate committee approved removing from the bill a section that would require CFIUS to review joint ventures that could lead to technology transfer, a process that would delay transactions. The approved bill also defines passive investments, which CFIUS normally considers approvable.
The House Financial Services Committee is expected to consider similar amendments on Tuesday.
Senator John Cornyn, the No. 2 Republican in the Senate and lead sponsor of the legislation, told reporters it would be “ideal” to attach CFIUS to the defence authorization bill or some other “must-pass” legislation.
“What we need to do is elevate everybody’s understanding of what China’s strategic long-term goals are and they are to dominate the United States economically and militarily,” said Cornyn. “They’ve got a very clear strategy for doing that and we need to wake up to that and make sure we’re responding in kind.”
The Senate Banking Committee voted to tack onto the bill a measure that would make it more difficult for the president to modify penalties on Chinese telecommunications companies such as ZTE Corp ( 000063.SZ ).
U.S. lawmakers have expressed concern that President Donald Trump would ease tough penalties on ZTE, saying the United States should not bow to pressure from Beijing to help the smartphone maker. Reporting by Diane Bartz; Additional reporting by Richard Cowan; Editing by Richard Chang | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-cfius-congress/u-s-senate-panel-oks-bill-to-tighten-foreign-investment-oversight-idUKKCN1IN2TK |
PARIS (Reuters) - France’s foreign minister called on Israeli authorities to exercise restraint after more than 40 Palestinians were killed on Monday and said the U.S. decision to move its embassy to Jerusalem flouted international law.
“France calls on all actors to show responsibility to prevent a new escalation,” Jean-Yves Le Drian said in a statement. “France again calls on the Israeli authorities to exercise discernment and restraint in the use of force that must be strictly proportionate.”
Le Drian disapproved of the U.S decision to move its embassy to Jerusalem, which he said “violated international law and in particular U.N. Security Council resolutions.”
Reporting by John Irish; editing by Richard Lough
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-diplomacy-france/france-tells-israel-to-show-restraint-disapproves-of-u-s-embassy-move-idUSKCN1IF1ZG |
Houston, May 03, 2018 (GLOBE NEWSWIRE) -- Shell Midstream Partners, L.P. (NYSE: SHLX), a growth-oriented midstream master limited partnership formed by Royal Dutch Shell plc (“RDS”), reported net income attributable to the partnership of $64.0 million for the first quarter of 2018, which equated to $0.18 per common limited partner unit. Shell Midstream Partners also generated adjusted earnings before interest, income taxes, depreciation and amortization attributable to the partnership of $95.8 million.
Total cash available for distribution was $80.1 million, approximately $17.0 million lower than the prior quarter. The financial results of the quarter were largely impacted by the 49-day shut in of the Zydeco system, which was partially offset by a one-time dividend from Colonial following the tax reform rate change and an insurance recovery on Auger.
The Board of Directors of the general partner previously declared a cash distribution of $0.3480 per limited partnership unit for the first quarter of 2018. This distribution represented an increase of 4.5% over the fourth quarter 2017 distribution and 20% increase over the first quarter 2017 distribution. This represents the thirteenth consecutive quarter of distribution growth, which supports the partnership's intent to increase distributions by 20% in 2017 and 2018.
FINANCIAL HIGHLIGHTS
Net income attributable to the partnership was $64.0 million, compared to $86.4 million for the prior quarter. Net cash provided by operating activities was $109.0 million, compared to $87.2 million for the prior quarter. Cash available for distribution was $80.1 million, compared to $97.0 million for the prior quarter, largely driven by the integrity project at Zydeco, partially offset by a one-time dividend from Colonial following tax reform rate change and an insurance recovery on Auger. Total cash distribution declared was $105.7 million resulting in a 0.8x coverage ratio. Excluding the impacts of the Zydeco integrity test, the additional dividend payment and insurance recovery, the coverage ratio for the quarter would have been 1.1x. Adjusted EBITDA attributable to the partnership was $95.8 million, compared to $118.7 million for the prior quarter. In February 2018, the Partnership raised approximately $980.0 million gross proceeds in common equity, including a $300.0 million private sale of common units to Shell. The Partnership used the funds to pay down outstanding debt under its credit facilities and for general partnership purposes. As of March 31, 2018, the Partnership had $184.7 million of consolidated cash and cash equivalents on hand.
Cash available for distribution and Adjusted EBITDA are non-GAAP supplemental financial measures. See reconciliation to their most comparable GAAP measures later in this press release.
ASSET HIGHLIGHTS
Significant Crude Systems and Related Storage
Zydeco - Mainline volumes were 471 kbpd in the current quarter, compared to 649 kbpd in the prior quarter. Total volumes were down due to the 49-day shut in during the integrity project. The system returned to normal operations in March. Mars - Volumes were 466 kbpd compared to 449 kbpd in the prior quarter. The increase in volumes was largely due to new wells coming online on the Mars production platform. Poseidon - Volumes were 239 kbpd, slighly lower than the prior quarter. Total operating income and cash available for distribution were consistent with the prior quarter. Auger - Volumes were 31 kbpd, slightly higher than the prior quarter of 26 kbpd. The Auger platform resumed operations in mid-February. Total business interruption insurance recovery was $4.5 million in Q1 2018 and we expect to receive approximately $3.5 million later in 2018. Eastern Corridor - Volumes were 359 kbpd compared to 318 kbpd in the prior quarter. Increase in volume was primarily due to returning to normal operations after hurricane days in Q4 2017.
Significant Refined Products Systems and Related Storage
Refinery Gas Pipelines - Volumes were as expected backed by a long-term transportation services agreements with minimum volume commitments. Colonial - Dividends were $19.5 million, up $14.8 million from the prior quarter, primarily due to one-time increased dividend following tax reform rate changes. Explorer - Dividends were $5.4 million in line with seasonal demand.
ABOUT SHELL MIDSTREAM PARTNERS, L.P.
Shell Midstream Partners, L.P., headquartered in Houston, Texas, is a fee-based, growth-oriented midstream master limited partnership formed by Royal Dutch Shell plc to own, operate, develop and acquire pipelines and other midstream assets. Shell Midstream Partner, L.P.’s assets include interests in entities that own crude oil and refined products pipelines and terminals that serve as key infrastructure to (i) transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets and (ii) deliver refined products from those markets to major demand centers. Our assets also include interests in entities that own natural gas and refinery gas pipelines that transport offshore natural gas to market hubs and deliver refinery gas from refineries and plants to chemical sites along the Gulf Coast.
For more information on Shell Midstream Partners and the assets owned by the partnership, please visit www.shellmidstreampartners.com .
FORTHCOMING EVENTS
Shell Midstream Partners, L.P. will hold a webcast at 8:30am CT today to discuss the reported results and provide an update on partnership operations. Interested parties may listen to the conference call on Shell Midstream Partners, L.P.’s website at www.shellmidstreampartners.com by clicking on the “2018 First-Quarter Financial Results Webcast” link, found under the “Events and Conferences” section. A replay of the conference call will be available following the live webcast.
Unaudited Summarized Financial Statement Information
For the Three Months Ended (in millions of dollars) March 31, 2018 December 31, 2017 Revenue (1) $ 99.6 $ 126.8 Costs and expenses Operations and maintenance 56.5 39.8 Cost of product sold 6.5 — Loss from disposition of fixed assets — 0.1 General and administrative 14.8 14.9 Depreciation, amortization and accretion 11.4 11.7 Property and other taxes 5.5 3.8 Total costs and expenses 94.7 70.3 Operating income 4.9 56.5 Income from equity investments 40.2 46.1 Dividend income from investment 24.9 10.2 Other income 5.4 — Investment, dividend and other income 70.5 56.3 Interest expense, net 10.6 10.2 Income before income taxes 64.8 102.6 Income tax expense — 0.1 Net income 64.8 102.5 Net income attributable to Parent — 11.2 Less: Net income attributable to noncontrolling interests 0.8 4.9 Net income attributable to the Partnership $ 64.0 $ 86.4 Less: General partner's interest in net income attributable to the Partnership 27.0 20.6 Limited Partners' interest in net income attributable to the Partnership $ 37.0 $ 65.8 Net income per Limited Partner Unit – Basic and Diluted: Common $ 0.18 $ 0.35 Weighted average Limited Partner Units outstanding – Basic and Diluted (in millions): Common units – public 113.8 98.8 Common units – SPLC 95.6 89.0 (1) Deferred revenue for the three months ended March 31, 2018 and December 31, 2017, including the impact of overshipments and expiring credits, was $3.4 million and $9.9 million, respectively.
Reconciliation of Adjusted EBITDA and Cash Available for Distribution to Net Income For the Three Months Ended (in millions of dollars) March 31, 2018 December 31, 2017 Net income $ 64.8 $ 102.5 Add: Loss from disposition of fixed assets — 0.1 Depreciation, amortization and accretion 11.4 11.7 Interest expense, net 10.6 10.2 Income tax expense — 0.1 Cash distribution received from equity investments 51.1 52.1 Less: Equity method distributions included in other income 0.7 — Income from equity investments 40.2 46.1 Adjusted EBITDA 97.0 130.6 Less: Adjusted EBITDA attributable to Parent — 6.6 Adjusted EBITDA attributable to noncontrolling interests 1.2 5.3 Adjusted EBITDA attributable to the Partnership 95.8 118.7 Less: Net interest paid attributable to the Partnership (1) 10.6 10.3 Maintenance capex attributable to the Partnership 7.7 6.6 Add: Net adjustments from volume deficiency payments attributable to the Partnership (1.8 ) (7.3 ) Reimbursements from Parent included in partners' capital 4.4 2.5 Cash Available for Distribution Attributable to the
Partnership $ 80.1 $ 97.0 (1) Amount represents both paid and accrued interest attributable to the period.
See “ Non-GAAP Financial Measures ” later in this press release.
Reconciliation of Adjusted EBITDA and Cash Available for Distribution to Net Cash Provided by Operating Activities For the Three Months Ended (in millions of dollars) March 31, 2018 December 31, 2017 Net cash provided by operating activities $ 109.0 $ 87.2 Add: Interest expense, net 10.6 10.2 Income tax expense — 0.1 Return of investment 11.1 5.0 Less: Deferred revenue and other unearned income (2.0 ) (8.0 ) Non-cash interest expense 0.2 0.1 Change in other assets and liabilities 35.5 (20.2 ) Adjusted EBITDA 97.0 130.6 Less: Adjusted EBITDA attributable to Parent — 6.6 Adjusted EBITDA attributable to noncontrolling interests 1.2 5.3 Adjusted EBITDA attributable to the Partnership 95.8 118.7 Less: Net interest paid attributable to the Partnership (1) 10.6 10.3 Maintenance capex attributable to the Partnership 7.7 6.6 Add: Net adjustments from volume deficiency payments
attributable to the Partnership (1.8 ) (7.3 ) Reimbursements from Parent included in partners' capital 4.4 2.5 Cash Available for Distribution Attributable to the
Partnership $ 80.1 $ 97.0 (1) Amount represents both paid and accrued interest attributable to the period.
See “ Non-GAAP Financial Measures ” later in this press release.
Distribution Information (in millions of dollars, except per-unit and ratio data) For the Three Months Ended March 31, 2018 December 31, 2017 Quarterly distribution declared per unit $ 0.3480 $ 0.3330 Adjusted EBITDA attributable to the Partnership (1) $ 95.8 $ 118.7 Cash available for distribution attributable to the Partnership (1) $ 80.1 $ 97.0 Distribution declared: Limited partner common units $ 77.9 $ 62.5 General partner units 27.8 20.6 Total distribution declared $ 105.7 $ 83.1 Coverage ratio (2) 0.8 1.2 (1) Non-GAAP measures. See reconciliation tables earlier in this press release.
(3) Coverage ratio is equal to Cash Available for Distribution attributable to the partnership divided by total distribution declared.
Capital Expenditures (in millions of dollars) For the Three Months Ended March 31, 2018 December 31, 2017 Expansion capital expenditures $ 4.0 $ 6.7 Maintenance capital expenditures 5.4 8.2 Total capital expenditures paid $ 9.4 $ 14.9
Condensed Consolidated Balance Sheet Information (in millions of dollars) March 31, 2018 December 31, 2017 Cash and cash equivalents $ 184.7 $ 137.7 Property, plant & equipment 739.9 736.5 Total assets 1,387.7 1,366.5 Total related party debt 871.3 1,844.0 Total equity (deficit) 410.3 (565.9 )
Pipeline and Terminal Volumes and Revenue per Barrel For the Three Months Ended March 31, 2018 December 31, 2017 Pipeline throughput (thousands of barrels per day) (1) Zydeco – Mainlines 471 649 Zydeco – Other segments 257 258 Zydeco total system 728 907 Mars total system 466 449 Bengal total system 531 556 Poseidon total system 239 240 Auger total system 31 26 Delta total system 214 188 Na Kika total system 36 32 Odyssey total system 109 98 LOCAP total system 1,182 1,271 Other systems 366 330 Terminals (2)(5) Lockport terminaling throughput and storage volumes 246 185 Revenue per barrel ($ per barrel) Zydeco total system (3) $ 0.51 $ 0.78 Mars total system (3) 1.24 1.40 Bengal total system (3) 0.31 0.35 Auger total system (3) 1.05 1.16 Delta total system (3) 0.55 0.57 Na Kika total system (3) 0.72 0.73 Odyssey total system (3) 0.85 0.82 Lockport total system (4) 0.18 0.25 (1) Pipeline throughput is defined as the volume of delivered barrels.
(2) Terminaling throughput is defined as the volume of delivered barrels and storage is defined as the volume of stored barrels.
(3) Based on reported revenues from transportation and allowance oil divided by delivered barrels over the same time period. Actual tariffs charged are based on shipping points along the pipeline system, volume and length of contract.
(4) Based on reported revenues from transportation and storage divided by delivered and stored barrels over the same time period. Actual rates are based on contract volume and length.
(5) Refinery Gas Pipeline and our refined products terminals are not included above as they generate revenue under transportation and terminaling service agreements, respectively, that provide for guaranteed minimum throughput.
FORWARD LOOKING STATEMENTS
This press release includes various “forward-looking statements.” All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. You can identify our forward-looking statements by words such as “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “goals”, “objectives”, “outlook”, “intend”, “plan”, “predict”, “project”, “risks”, “schedule”, “seek”, “target”, “could”, “may”, “should” or “would” or other similar expressions that convey the uncertainty of future events or outcomes. These statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in forward-looking statements. In particular, expressed or implied statements concerning future growth, future actions, closing and funding of acquisitions, future drop downs, volumes, capital requirements, conditions or events, future impact of prior acquisitions, future operating results or the ability to generate sales, income or cash flow or the amount of distributions are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Forward-looking statements speak only as of the date of this press release, May 3, 2018, and we disclaim any obligation to update such statements for any reason, except as required by law. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this paragraph. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, as updated by the information in our other filings with the SEC. If any of those risks occur, it could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement.
NON-GAAP FINANCIAL MEASURES
This press release includes the terms Adjusted EBITDA and cash available for distribution. We believe that the presentation of Adjusted EBITDA and cash available for distribution provides useful information to investors in assessing our financial condition and results of operations. Adjusted EBITDA and cash available for distribution are non-GAAP supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods; the ability of our business to generate sufficient cash to support our decision to make distributions to our unitholders; our ability to incur and service debt and fund capital expenditures; and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
The GAAP measures most directly comparable to Adjusted EBITDA and cash available for distribution are net income and net cash provided by operating activities. These non-GAAP measures should not be considered as alternatives to GAAP net income or net cash provided by operating activities. Adjusted EBITDA and cash available for distribution have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. They should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because Adjusted EBITDA and cash available for distribution may be defined differently by other companies in our industry, our definition of Adjusted EBITDA and cash available for distribution may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
References in this press release to Adjusted EBITDA refer to net income before income taxes, net interest expense, gain or loss from disposition of fixed assets, allowance oil reduction to net realizable value, and depreciation, amortization and accretion, plus cash distributed to Shell Midstream Partners, L.P. from equity investments for the applicable period, less equity method distributions included in other income and income from equity investments. We define Adjusted EBITDA attributable to Shell Midstream Partners, L.P. as Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling interests and Adjusted EBITDA attributable to Parent. References to cash available for distribution refer to Adjusted EBITDA attributable to Shell Midstream Partners, L.P., less maintenance capital expenditures attributable to Shell Midstream Partners, L.P., net interest paid, cash reserves and income taxes paid, plus net adjustments from volume deficiency payments attributable to Shell Midstream Partners, L.P. and certain one-time payments not reflected in net income. Cash available for distribution will not reflect changes in working capital balances.
May 3, 2018
The information in this Report reflects the unaudited condensed consolidated financial position and results of Shell Midstream Partners, L.P.
Inquiries:
Shell Media Relations
Americas: +1 832 337 4355
Shell Investor Relations
North America: +1 832 337 2034
Attachment
Q1 2018 SHLX Earnings Release
Source:Shell Midstream Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-shell-midstream-partners-l-p-1st-quarter-2018-unaudited-results.html |
May 23, 2018 / 10:52 PM / Updated 25 minutes ago Starbucks calls anti-bias training part of 'long-term journey' Lisa Baertlein 3 Min Read
LOS ANGELES (Reuters) - Starbucks Corp ( SBUX.O ) on Wednesday revealed details of the employee anti-bias training programme that will take place behind closed doors at 8,000 U.S. company-owned cafes on the afternoon of May 29. Protesters marching down Market Street are seen reflected in a Starbucks storefront in Philadelphia, a week after two black men were arrested at a Starbucks coffee shop, in Philadelphia, Pennsylvania, U.S. April 19, 2018. REUTERS/Dominick Reuter
Starbucks announced plans to shutter stores and corporate offices to train 175,000 employees after the controversial April 12 arrests of two black men, who were detained for hours after the manager of a Philadelphia Starbucks called police because they had not made purchases and refused to leave.
The arrests of Donte Robinson and Rashon Nelson, who were waiting to meet a friend, sparked protests and calls for a boycott of the coffee chain known for its diverse workforce and liberal stances on issues such as gay marriage.
Starbucks said the first training on May 29 “will serve as a step in a long-term journey to make Starbucks even more welcoming and safe for all.”
It will include videos featuring Starbucks executives such as Chief Executive Kevin Johnson, Executive Chairman and co-founder Howard Schultz, board member Mellody Hobson, hip hop artist Common, store managers and experts from the Perception Institute. Employees also will view a film called “You’re Welcome” by Stanley Nelson and participate in discussion and problem-solving sessions on identifying and avoiding bias in every day situations.
Starbucks said the long-term programme is being designed and developed with input from researchers, social scientists, employees and other advisers.
Those partners include consultancy SY Partners - which worked with Starbucks to reinvent itself after a business crisis spawned by the “Great Recession”; the Perception Institute; Sherrilyn Ifill, president of the NAACP Legal Defense Fund; Bryan Stevenson, executive director of the Equal Justice Initiative; and Heather McGhee, president of public policy group Demos.
Since the Philadelphia incident, Starbucks has said it will allow people to sit in its cafes and use its restrooms without making a purchase. It also said it has outlined procedures for dealing with customers who are disruptive, using tobacco, drugs or alcohol or sleeping in its cafes. Reporting by Lisa Baertlein in Los Angeles; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-starbucks-training/starbucks-calls-anti-bias-training-part-of-long-term-journey-idUKKCN1IO3FQ |
May 14, 2018 / 12:38 PM / a minute ago Cambodia polls organizer hails multi-party democracy as registration ends Prak Chan Thul 2 Min Read
PHNOM PENH (Reuters) - Cambodia’s National Election Committee (NEC) on Monday hailed the prospect of multi-party democracy with the registration of 20 parties for a July general election that the main opposition party has been prevented from contesting. National Election Committee (NEC) spokesman Dim Sovannarom attends a news conference in Phnom Penh, Cambodia, May 14, 2018. REUTERS/Samrang Pring
Prime Minister Hun Sen, who has ruled the country for 33 years, has waged a campaign against his critics, including the opposition Cambodia National Rescue Party (CNRP), which won the support of a new generation of voters disillusioned at what they see as the corruption and nepotism that have stalked politics.
But in November, the Supreme Court dissolved the CNRP and banned more than 100 of its politicians, after the government accused it of plotting to take power with the help of the United States. National Election Committee (NEC) spokesman Dim Sovannarom attends a news conference in Phnom Penh, Cambodia, May 14, 2018. REUTERS/Samrang Pring
Members of the opposition have called for a boycott of the July 29 vote but preparations are going ahead, with party registration ending on Monday. National Election Committee (NEC) spokesman Dim Sovannarom attends a news conference in Phnom Penh, Cambodia, May 14, 2018. REUTERS/Samrang Pring
“Now, we have 20 political parties registered, this shows a multi-party democracy,” NEC spokesman Dim Sovannarom told a news briefing.
“This is an opportunity for people, in every five years, to chose their leaders,” he added.
The NEC would take a week to consider the party registration applications, he said.
Analysts say that with the dissolution of the CNRP, Hun Sen will easily the July vote.
“The strategy of decapitating and finally dissolving the opposition was designed to ensure a landslide victory for the ruling party,” Cambodia-based political analyst Lao Mong Hay told Reuters. Reporting by Prak Chan Thul Writing by Amy Sawitta Lefevre Editing by Robert Birsel | ashraq/financial-news-articles | https://www.reuters.com/article/us-cambodia-election/cambodia-polls-organizer-hails-multi-party-democracy-as-registration-ends-idUSKCN1IF1LN |
'Goosebumps!' Fans elated at royal wedding glitz 12:05am IST - 01:48
Tens of thousands of people gather outside Windsor Castle to watch the glitzy wedding of Prince Harry and Meghan Markle. Rosanna Philpott reports. ▲ Hide Transcript ▶ View Transcript
Tens of thousands of people gather outside Windsor Castle to watch the glitzy wedding of Prince Harry and Meghan Markle. Rosanna Philpott reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IvKOKg | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/goosebumps-fans-elated-at-royal-wedding?videoId=428481431 |
May 12, 2018 / 1:58 AM / Updated 10 hours ago Magnitude 5.1 earthquake hits central Japan, no tsunami Reuters Staff 1 Min Read
TOKYO (Reuters) - A magnitude 5.1 earthquake hit central Japan on Saturday morning but no tsunami is expected, the Japan Meteorological Agency said.
Police said they have heard no reports of damage or casualties.
The quake’s epicenter was in northern Nagano prefecture in central Japan, and tremor occurred at around 10:29 a.m. (0129 GMT) at a depth of around 10 km (6 miles), the weather agency said.
No abnormalities have been observed at Tokyo Electric Power Company Holdings’ (TEPCO) Kashiwazaki-Kariwa nuclear power plant in neighboring Niigata prefecture, public broadcaster NHK quoted the electric utilities as saying. Reporting by Kiyoshi Takenaka; Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-quake/magnitude-5-1-earthquake-hits-japan-no-tsunami-idUSKBN1ID01Y |
NEW YORK, May 3 (Reuters) - A former Valeant Pharmaceuticals International Inc executive and the former head of mail order pharmacy Philidor Rx Services will face trial Thursday on charges they orchestrated a multimillion-dollar kickback scheme, more than two years after Valeant drew scrutiny for its business practices.
Gary Tanner, formerly a senior director at Valeant, and Andrew Davenport, formerly chief executive officer of Philidor, have pleaded not guilty to charges including wire fraud and money laundering conspiracy. Prosecutors and the two men’s lawyers are expected to make opening statements to jurors on Thursday morning.
Lawyers for Tanner and Davenport could not immediately be reached for comment.
Prosecutors have said Tanner and Davenport worked together in secret to steer business and funding from Valeant to Philidor. They said the scheme netted Davenport $40 million, $10 million of which was secretly kicked back to Tanner.
Founded in 2013, the now-defunct Philidor was a specialty mail-order pharmacy formed with Valeant’s assistance. At least 90 percent of the drugs it dispensed were Valeant-branded products, according to prosecutors.
Valeant was a victim of the scheme, which deprived the company of Tanner’s “honest services,” prosecutors said.
“Our company has cooperated with the authorities throughout the course of the investigation, and now, trial,” said Valeant spokesman Lanie Keller. “Today, Valeant is focused on improving people’s lives with our health care products.”
The drugmaker’s stock fell sharply in October 2015 after it disclosed it had been subpoenaed by U.S. prosecutors over various business practices. Later that month, a short selling firm published a report claiming Valeant hid its ties to Philidor and used the pharmacy to artificially inflate sales in order to drive up prices.
Valeant has denied wrongdoing related to Philidor.
In March 2017, billionaire investor William Ackman and his Pershing Square International Fund sold their stake of roughly 8 percent in Valeant at a $3 billion loss. Ackman had been engaged in a public effort to save the company for about 18 months. (Reporting by Brendan Pierson in New York Editing by Matthew Lewis)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/valeant-pharm-in-court/ex-valeant-official-accused-of-kickback-scheme-faces-trial-idUSL1N1S81FB |
Early bitcoin investor Tyler Winklevoss tweeted back at Bill Gates to explain how to bet against the cryptocurrency, after the Microsoft co-founder said he would short it if he could.
"Dear @BillGates there is an easy way to short bitcoin," Winklevoss said in a tweet Monday afternoon. "You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is!"
Tweet
A representative for Gates did not immediately respond to a CNBC request for comment.
Earlier on Monday, Gates said on CNBC's " Squawk Box " that "bitcoin and ICOs, I believe completely [they're some] of the crazier, speculative things."
"I agree I would short it if there was an easy way to do it," he said. Gates said someone once gave him some bitcoins for his birthday, but he sold it a few years later.
show chapters Bill Gates and Charlie Munger on bitcoin 5 Hours Ago | 03:10 Bitcoin traded near $9,100 Tuesday morning. The cryptocurrency has lost more than half its value since soaring above $19,000 in December.
Winklevoss and his twin brother, Cameron, had $11 million in bitcoin at $120 a coin in April 2013 . At Tuesday's price, their combined holding was worth about $834.17 million, assuming the twins haven't sold any. In 2015, the Winklevoss brothers founded digital asset exchange Gemini, whose bitcoin prices form the basis for the Cboe's bitcoin futures that launched in December.
Futures let traders bet on the price of an asset at a point months later. A trader who sells a futures contract in anticipation of a decline in bitcoin makes money if the price does drop. Trading to benefit from a decline is known as shorting. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/tyler-winklevoss-tells-bill-gates-how-to-short-bitcoin.html |
May 17 (Reuters) - Wall Street ended lower after a choppy trading session on Thursday, as investors grappled with escalating trade tensions and rising oil prices.
The Dow Jones Industrial Average fell 54.95 points, or 0.22 percent, to 24,713.98, the S&P 500 lost 2.34 points, or 0.09 percent, to 2,720.12 and the Nasdaq Composite dropped 15.82 points, or 0.21 percent, to 7,382.47. (Reporting By Stephen Culp Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-falls-slightly-on-trade-oil-price-concerns-idUSZXN0RAU2I |
-Record total quarterly revenue of $46.8 million, an increase of 42% year-over-year
-Quarterly subscription revenue of $39.8 million, an increase of 44% year-over-year
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Talend (NASDAQ: TLND) , a global leader in cloud and big data integration solutions, today released financial results for the first quarter ended March 31, 2018.
“We had a strong start to the year with record first quarter revenue of $46.8 million, up 42% year-over-year,” said Mike Tuchen, Talend CEO. “Our solid financial results were driven by strong subscription revenue growth of 44% and continued success with large enterprise customers. Business adoption of the cloud is accelerating and driving more customers to deploy Talend in the cloud. We anticipate our cloud momentum will continue as we roll out our new cloud product roadmap in 2018 and collaborate more closely with leading cloud partners.”
First Quarter 2018 Financial Highlights (in thousands, except per share data) Three Months Ended March 31, 2017 * 2018 Revenue: Total Revenue $ 32,865 $ 46,813 Year-over-Year % Change 44 % 42 % Subscription Revenue $ 27,539 $ 39,786 Year-over-Year % Change 43 % 44 % Year-over-Year % Change - on a constant currency basis 47 % 35 % IFRS operating margin -21 % -22 % Non-IFRS operating margin (1) -16 % -11 % Net loss: IFRS $ (7,418 ) $ (10,115 ) Non-IFRS (2) $ (5,541 ) $ (5,288 ) Net loss per share: Net loss per share - basic and diluted $ (0.26 ) $ (0.34 ) Non-IFRS net loss per share $ (0.19 ) $ (0.18 ) Shares outstanding used in computing per share amounts - basic and diluted 28,688 29,539 (1) Non-IFRS operating margin is calculated as non-IFRS loss from operations divided by total revenue. (2) Non-IFRS financial measures exclude stock-based compensation, amortization of acquired intangibles and costs related to our follow-on offerings. * We have initially applied IFRS 15 at January 1, 2018. Under the transition method chosen for IFRS 15, the comparative information is not restated. A reconciliation of IFRS to non-IFRS financial measures is provided in the financial tables below. An explanation of these measures is also included below, under the heading Non-IFRS Financial Measures.
Recent Business Highlights
In the first quarter we:
Unveiled our 2018 product roadmap featuring new self-service apps that allow developers, data scientists and other data workers to collaborate on cleaning, transforming and sharing trusted data. Released Talend Data Streams, a free, Amazon marketplace cloud application that simplifies and accelerates the ingestion of real-time streaming data. Hosted our annual user and customer conference, Talend Connect, which featured keynote cloud partner presentations, customer speakers, and hands-on tutorials to help companies improve business success through the latest cloud integration strategies.
Financial Outlook
Talend’s outlook assumes similar business conditions and foreign exchange rates as of March 31, 2018.
Our guidance is based on the new IFRS 15 revenue recognition standard which was adopted by Talend on January 1, 2018. See the section titled “New Revenue Recognition Standard Under IFRS 15” below.
Second quarter of 2018:
Total revenue is expected to be in the range of $48.8 million to $49.8 million. Loss from operations is expected to be in the range of $(8.6) million to $(7.6) million and non-IFRS loss from operations is expected to be in the range of $(4.0) million to $(3.0) million. Net loss is expected to be in the range of $(8.9) million to $(7.9) million and non-IFRS net loss is expected to be in the range of $(4.3) million to $(3.3) million. Net loss per basic and diluted share is expected to be in the range of $(0.30) to $(0.26) and non-IFRS net loss per share is expected to be in the range of $(0.14) to $(0.11). Basic and diluted weighted average share count of 29.8 million shares.
Full year 2018:
Total revenue is expected to be in the range of $202.6 million to $204.6 million. Loss from operations is expected to be in the range of $(32.4) million to $(30.4) million and non-IFRS loss from operations is expected to be in the range of $(13.8) million to $(11.8) million. Net loss is expected to be in the range of $(33.3) million to $(31.3) million and non-IFRS net loss is expected to be in the range of $(14.8) million to $(12.8) million. Net loss per basic and diluted share is expected to be in the range of $(1.11) to $(1.04) and non-IFRS net loss per share is expected to be in the range of $(0.49) to $(0.43). Basic and diluted weighted average share count of 30.0 million shares.
These statements are forward-looking and actual results may differ materially. Refer to the section under the heading Forward-Looking Statements below for information on the factors that could cause our actual results to differ materially. An explanation of non-IFRS measures is also included below under the heading Non-IFRS Financial Measures.
Conference Call Information
Talend will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern time on May 10, 2018. Parties in the United States and Canada can access the call by dialing (888) 466-4587, using conference code 3321756.
International parties can access the call by dialing (719) 325-4793, using conference code 3321756.
The webcast will be accessible on Talend’s investor relations website at http://investor.talend.com for one year. A telephonic replay of the conference call will be available through Tuesday, May 15, 2018. To access the replay, parties in the United States and Canada should call (866) 375-1919 and enter conference code 3321756. International parties should call (719) 457-0820 and enter conference code 3321756.
Non-IFRS Financial Measures
In addition to disclosing financial measures prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”), this press release and the accompanying tables contain certain non-IFRS financial measures.
Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Talend considers these non-IFRS financial measures to be important because they provide useful indicators of its performance and liquidity measures. These are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In addition, investors often use similar measures to evaluate the performance of a company. Non-IFRS financial measures are presented for supplemental informational purposes only for understanding the company’s operating performance. The non-IFRS financial measures should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from non-IFRS financial measures presented by other companies. Please see the reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure included in this release below.
Non-IFRS gross profit is calculated by adjusting gross profit to eliminate the impact of stock-based compensation expense and amortization of acquired intangibles.
Non-IFRS gross margin , expressed as a percentage, is calculated as non-IFRS gross profit divided by total revenue.
Non-IFRS loss from operations is calculated by adjusting loss from operations to eliminate the impact of stock-based compensation expense, amortization of acquired intangibles expense, acquisition related expense and costs related to follow-on offering and shelf registration statement.
Non-IFRS operating margin , expressed as a percentage, is calculated as non-IFRS loss from operations divided by total revenue.
Non-IFRS net loss is calculated by adjusting net loss to eliminate the impact of stock-based compensation expense, amortization of acquired intangibles expense, acquisition related expense and costs related to follow-on offering and shelf registration statement.
Non-IFRS cost of revenue is calculated by adjusting cost of revenue to eliminate the impact of stock-based compensation expense and amortization of acquired intangibles.
Non-IFRS operating expenses is calculated by adjusting operating expenses to eliminate the impact of stock-based compensation expense, amortization of acquired intangibles expense, acquisition related expense and costs related to follow-on offering and shelf registration statement.
Non-IFRS sales and marketing expense is calculated by adjusting sales and marketing expense to eliminate the impact of stock-based compensation expense and amortization of acquired intangibles.
Non-IFRS research and development expense is calculated by adjusting research and development expense to eliminate the impact of stock-based compensation expense and amortization of acquired intangibles.
Non-IFRS general and administrative expense is calculated by adjusting general and administrative expense to eliminate the impact of stock-based compensation expense, amortization of acquired intangibles expense, acquisition related expense and costs related to follow-on offering and shelf registration statement.
Free cash flow is defined as net cash from (used in) operating activities less cash used in investing activities for acquisition of property and equipment and intangible assets.
Subscription revenue growth on a constant currency basis represents subscription revenue adjusted to exclude foreign currency impacts. Subscription revenue on a constant currency basis is calculated by applying the average monthly currency rates for each month in the comparative period to the corresponding month in the current period. We believe the disclosure of subscription revenue in constant currency provides useful supplementary information to investors considering potential significant fluctuations in currency rates.
Forward-Looking Statements
This press release contains within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our anticipated operating results for the 2018 second quarter and fiscal year, our expectations regarding the evolution of our marketplace and the goals for our Talend Data Fabric, our ability to capture an increasing share of the big data and cloud integration market, our expectations regarding the impact of our collaborations with partners on our market, and our belief that we are well-positioned to capitalize on the growing trends of big data, Spark, MapR Streams and cloud adoption. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to inherent risks, uncertainties and changes in circumstance that are difficult or impossible to predict. Consequently, you should not rely on these Actual outcomes and results may those contemplated by these as a result of such uncertainties, risks, and changes in circumstances, including without limitation risks and uncertainties related to our ability to continue to deliver and improve our products and successfully develop new products; customer acceptance and purchase of our existing products and new products, including conversion of bookings to sales; our ability to retain existing customers and generate new customers; the market for data integration solutions, particularly our big data and cloud integration solutions, not continuing to develop; competition from other products and services; and general market, political, economic and business conditions, including the fluctuation of foreign currency exchange rates.
The contained in this press release are also subject to other risks and uncertainties, and the foregoing list of factors is not exclusive. Additional risks and uncertainties that could affect our financial and operating results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in our most recent filings with the Securities and Exchange Commission, including our most recent reports on Form 6-K and our Form 20-F filed with the SEC on March 5, 2018. Our SEC filings are available on the Investors section of Talend’s website at http://investor.talend.com and the SEC’s website at www.sec.gov . The in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any provided to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law.
About Talend
Talend (NASDAQ: TLND) is a global leader in cloud and big data integration solutions that helps companies turn data into a strategic asset that delivers real-time, organization-wide insight into customers, partners, and operations. Through its open, native, and unified integration platform, Talend delivers the data agility required for companies to meet the constantly evolving demands of modern business. With Talend, companies can easily scale their data infrastructure and rapidly adopt the latest technology innovations in cloud and big data. Talend’s solutions support over 1500 global enterprise customers including AstraZeneca, GE, HP Inc. and Lenovo, across a range of industries. Talend has also been recognized as a leader in its field multiple times by leading analyst firms, as well as several industry and data trade publications including InfoWorld and SD Times. For more information, please visit www.talend.com and follow us on Twitter: @Talend .
TALEND S.A. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER DATA (in thousands, except per share amounts) Three Months Ended March 31, 2017 * 2018 Revenue Subscriptions $ 27,539 $ 39,786 Professional services 5,326 7,027 Total revenue
32,865 46,813 Cost of revenue Subscriptions 3,661 5,368 Professional services 4,317 5,881 Total cost of revenue 7,977 11,249 Gross profit 24,887 35,564 Operating expenses Sales and marketing 19,734 26,142 Research and development 5,655 9,729 General and administrative 6,549 9,874 31,939 45,745 Loss from operations (7,052 ) (10,181 ) Finance income (expense) (341 ) 77 Loss before income tax expense (7,392 ) (10,104 ) Income tax expense (26 ) (11 ) Net loss for the period $ (7,418 ) $ (10,115 ) Shares outstanding used in computing per share amounts - basic and diluted
28,688
29,539 Net loss per share - basic and diluted $ (0.26 ) $ (0.34 ) UNAUDITED STOCK-BASED COMPENSATION AND AMORTIZATION OF ACQUIRED INTANGIBLES EXPENSE Total stock-based compensation and amortization of acquired intangibles expense included in the Unaudited Consolidated Statements of Operations is as follows: Three Months Ended March 31, 2017 * 2018 Cost of revenue - subscriptions $ 21 $ 177 Cost of revenue - professional services 39 104 Sales and marketing 402 1,181 Research and development 198 1,596 General and administrative 507 1,481 Total stock-based compensation and amortization of acquired intangibles expense $ 1,167 $ 4,539 * We have initially applied IFRS 15 at January 1, 2018. Under the transition method chosen for IFRS 15, the comparative information is not restated.
TALEND S.A. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) December 31, 2017 * March 31, 2018 Assets Current assets: Cash and cash equivalents $ 87,024 $ 95,395 Trade receivables, net 57,129 40,076 Contract acquisition costs — 16,911 Other current assets 8,311 7,855 Total current assets 152,464 160,237 Non-current assets: Contract acquisition costs — 8,586 Property and equipment, net 3,473 3,650 Goodwill 6,196 6,362 Intangible assets, net 7,528 7,211 Other non-current assets 3,137 3,622 Total non-current assets 20,334 29,431 Total assets $ 172,798 $ 189,668 Liabilities Current liabilities: Trade and other payables $ 30,562 $ 27,734 Provisions 1,145 626 Contract liabilities - deferred revenue 118,601 100,753 Borrowings 1,188 1,189 Total current liabilities 151,496 130,302 Non-current liabilities: Provisions 787 889 Contract liabilities - deferred revenue 21,618 25,737 Borrowings 7 5 Total non-current liabilities 22,412 26,631 Total liabilities 173,908 156,933 Equity Share capital 3,059 3,079 Share premium 201,536 204,043 Foreign currency translation reserve 672 930 Share-based payments reserve 13,854 17,875 Other reserves 49 91 Accumulated losses (220,280 ) (193,283 ) Total shareholders’ equity (deficit) (1,110 ) 32,735 Total liabilities and shareholders' equity (deficit) $ 172,798 $ 189,668 * We have initially applied IFRS 15 at January 1, 2018. Under the transition method chosen for IFRS 15, the comparative information is not restated.
TALEND S.A. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2017 2018 Cash flows from operating activities: Net loss for the period $ (7,418 ) $ (10,115 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation 329 441 Amortization of intangible assets 76 529 Unrealized (gain) loss foreign exchange 83 110 Stock-based compensation 1,091 4,021 Income tax for the period 24 11 Changes in operating assets and liabilities: Trade receivables 7,952 17,996 Other assets 1,245 152 Trade and other payables (3,336 ) (3,459 ) Provisions 115 (389 ) Contract liabilities - deferred revenue * 2,318 (3,612 ) Net cash from operating activities 2,479 5,685 Cash flows from investing activities: Acquisition of property and equipment (439 ) (560 ) Net cash used in investing activities (439 ) (560 ) Cash flows from financing activities: Proceeds from issuance of ordinary shares 1,292 2,569 Repayment of borrowings (45 ) (34 ) Net cash from financing activities 1,247 2,535 Net increase in cash and cash equivalents 3,287 7,660 Cash and cash equivalents at beginning of the period 91,023 87,024 Effect of exchange rate changes on cash and cash equivalents 783 711 Cash and cash equivalents at end of period $ 95,093 $ 95,395 * The change in deferred revenue presented on the cash flow statement was impacted by the adoption of IFRS 15, the shortening of the duration of pre-billed contracts and the foreign exchange impact from several of our foreign entities.
New Revenue Recognition Standard Under IFRS 15
Effective as of January 1, 2018, we adopted IFRS 15, Revenue from Contracts with Customers, which was issued by the IASB in May 2014. The financial information presented in this press release is prepared in accordance with IFRS 15. Talend adopted the standard on a modified retrospective basis and under this transition method, the comparative information is not restated. The impact of adoption on our consolidated statement of operations are provided in the table below which allows for easier comparison to prior period results, reported under old revenue standards.
For the three months ended March 31, 2018 Balance Without Adoption of
Effect of Change As Reported IFRS 15 Higher/(Lower) Revenue Subscriptions $ 39,786 $ 37,886 $ 1,900 Year-over-Year % Change 44% 38% IFRS operating margin -22% -27% 5% Non-IFRS operating margin -11% -16% 5% Net loss: IFRS (10,115) (11,989) 1,874 Non-IFRS (5,288) (7,162) 1,874 Net loss per share: Net loss per share - basic and diluted $ (0.34) $ (0.41) $ 0.06 Non-IFRS net loss per share $ (0.18) $ (0.24) $ 0.06 Shares outstanding used in computing per share amounts - basic and diluted 29,539 29,539
TALEND S.A. IFRS to Non-IFRS Reconciliations (In thousands) (unaudited) The following tables detail the reconciliation of IFRS financial measures to non-IFRS financial measures included in this release: Loss from operations: Three Months Ended March 31, 2017 * 2018 Loss from operations $ (7,052 ) $ (10,181 ) Stock-based compensation expense 1,091 4,021 Amortization of acquired intangibles 76 518 Costs related to follow-on offering and shelf-registration statement 710 288 Non-IFRS loss from operations $ (5,175 ) $ (5,354 ) Non-IFRS operating margin -16 % -11 % Net loss: Three Months Ended March 31, 2017 * 2018 Net loss $ (7,418 ) $ (10,115 ) Stock-based compensation expense 1,091 4,021 Amortization of acquired intangibles 76 518 Costs related to follow-on offering and shelf-registration statement 710 288 Non-IFRS net loss $ (5,541 ) $ (5,288 ) Share count: Weighted-average shares outstanding - basic and diluted 28,688 29,539 Net loss per share: Net loss per share - basic and diluted $ (0.26 ) $ (0.34 ) Non-IFRS net loss per share $ (0.19 ) $ (0.18 ) Gross profit: Three Months Ended March 31, 2017 * 2018 Gross profit $ 24,887 $ 35,564 Stock-based compensation expense 60 281 Amortization of acquired intangibles - - Non-IFRS gross profit $ 24,947 $ 35,845 IFRS gross margin 76 % 76 % Non-IFRS gross margin 76 % 77 % Cost of revenue: Three Months Ended March 31, 2017 * 2018 Cost of revenue $ (7,977 ) $ (11,249 ) Stock-based compensation expense 60 281 Amortization of acquired intangibles - - Non-IFRS cost of revenue $ (7,917 ) $ (10,968 ) Operating expenses: Three Months Ended March 31, 2017 * 2018 Operating expenses $ (31,939 ) $ (45,745 ) Stock-based compensation expense 1,031 3,740 Amortization of acquired intangibles 76 518 Costs related to follow-on offering and shelf-registration statement 710 288 Non-IFRS operating expenses $ (30,122 ) $ (41,199 ) Sales and marketing expense: Three Months Ended March 31, 2017 * 2018 Sales and marketing expense $ (19,734 ) $ (26,142 ) Stock-based compensation expense 402 1,181 Amortization of acquired intangibles - - Non-IFRS sales and marketing expense $ (19,332 ) $ (24,961 ) Research and development expense: Three Months Ended March 31, 2017 * 2018 Research and development expense $ (5,655 ) $ (9,729 ) Stock-based compensation expense 166 1,183 Amortization of acquired intangibles 32 412 Non-IFRS research and development expense $ (5,457 ) $ (8,134 ) General and administrative expense: Three Months Ended March 31, 2017 * 2018 General and administrative expense $ (6,549 ) $ (9,874 ) Stock-based compensation expense 463 1,376 Amortization of acquired intangibles 44 106 Costs related to follow-on offering and shelf-registration statement 710 288 Non-IFRS general and administrative expense $ (5,332 ) $ (8,104 ) * We have initially applied IFRS 15 at January 1, 2018. Under the transition method chosen for IFRS 15, the comparative information is not restated.
TALEND S.A. Free Cash Flow (In thousands) (unaudited) The following table details our free cash flow for the three months ended March 31, 2017 and 2018, and a reconciliation to the most directly comparable IFRS measure: Free cash flow: Three Months Ended March 31, 2017 2018 Net cash from operating activities 2,479 5,685 Less: Acquisition of property and equipment
439 560 Free cash flow $ 2,040 $ 5,125 TALEND S.A. Constant Currency Reconciliation (In thousands) (unaudited) The following table details our constant currency reconciliation for the three months ended March 31, 2018 to the most directly comparable IFRS measure:
Year-over-Year Three Months Ended March 31,
Change 2017 2018 Subscription revenue as reported 27,539 39,786 44% Conversion impact U.S. Dollar/other currencies - (2,622) Subscription revenue on a constant currency basis $ 27,539 $ 37,164 35%
TALEND S.A. IFRS to Non-IFRS Reconciliations for EPS Guidance (In millions) (unaudited) The following tables detail the reconciliation of IFRS financial measures to non-IFRS financial measures included in this release: Guidance for the second quarter and full year 2018: Three Months Ended June 30, 2018 Year Ended December 31, 2018 Low High Low High Loss from operations $ (8.6 ) $ (7.6 ) $ (32.4 ) $ (30.4 ) Stock-based compensation expense 4.0 4.0 16.0 16.0 Amortization of acquired intangibles 0.6 0.6 2.3 2.3 Costs related to follow-on offering - - 0.3 0.3 Non-IFRS loss from operations $ (4.0 ) $ (3.0 ) $ (13.8 ) $ (11.8 ) Three Months Ended June 30, 2018 Year Ended December 31, 2018 Low High Low High Net loss $ (8.9 ) $ (7.9 ) $ (33.3 ) $ (31.3 ) Stock-based compensation expense 4.0 4.0 16.0 16.0 Amortization of acquired intangibles 0.6 0.6 2.3 2.3 Costs related to follow-on offering - - 0.3 0.3 Non-IFRS net loss $ (4.3 ) $ (3.3 ) $ (14.8 ) $ (12.8 ) Shares outstanding used in computing IFRS and Non-IFRS per share amounts 29.8 29.8 30.0 30.0 Net loss per share: Net loss per share - basic and diluted $ (0.30 ) $ (0.26 ) $ (1.11 ) $ (1.04 ) Non-IFRS net loss per share $ (0.14 ) $ (0.11 ) $ (0.49 ) $ (0.43 ) Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006059/en/
Investor Contact:
The Blueshirt Group for Talend
Lisa Laukkanen or Lauren Sloane, 650-268-5018
[email protected]
or
Media Contact:
Talend
Chris Taylor, 408-674-1238
Vice President, Corporate Communications
[email protected]
Source: Talend | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-talend-reports-first-quarter-2018-financial-results.html |
NEW YORK, WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Guaranty Bancorp ("GBNK" or the "Company") (NASDAQ: GBNK) in connection with the proposed acquisition of the Company by Independent Bank Group Inc. ("IBTX") (NASDAQ: IBTX). Under the terms of the acquisition agreement, GBNK shareholders will receive 0.45 of a IBTX share in exchange for each GBNK share they own, representing consideration of $ 32.73 per GBNK share, based on IBTX's May 23 trading price of $72.75.
WeissLaw is investigating whether GBNK's Board acted to maximize shareholder value prior to entering into the agreement. Notably, according to IBTX's Chairman and CEO, "[t]his transaction represents the build out of [IBTX's] Colorado footprint through the acquisition of a high quality bank operating in dynamic markets along the Front Range. [GBNK] is the premier Colorado banking franchise and brings a committed management team, consistent level of high profitability, clean balance sheet, strong core deposit base, and a track record of growth."
Moreover, the Company recently announced record earnings. It reported net income of $13.6 million in the first quarter of 2018, representing an impressive 37.7% annual increase when compared to the figures reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether GBNK's Board acted in the best interests of GBNK's public shareholders to maximize shareholder value prior to entering into the agreement. If you own GBNK shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected] .
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/guaranty-bancorp /
releases/weisslaw-llp-investigates-guaranty-bancorp-acquisition-300654016.html
SOURCE WeissLaw LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-weisslaw-llp-investigates-guaranty-bancorp-acquisition.html |
The U.S. dollar's rally is having an unusual effect on the commodities market. Gold prices have fallen as expected, while crude oil has rallied to its highest level in years.
Oppenheimer's Ari Wald says this setup is bullish for the broader market.
"When the value of the dollar rises, it typically costs less to buy commodities that are priced in the dollar. So it's no surprise that we've seen [the] U.S. dollar reverse its year-long downtrend — it has strengthened — and against that backdrop the price of gold has broken down," Oppenheimer's head of technical analysis said Monday on CNBC's " Trading Nation ."
The DXY U.S. dollar index , which measures the greenback against a basket of foreign currencies, is up 1.5 percent this year and gold is down 1.4 percent. Since the beginning of April, the dollar index has gained nearly 4 percent while gold has dropped almost 3 percent. Wald says that is the "typical relationship" between the dollar and gold.
"What's interesting to us is that the price of oil has held firm against this strengthening greenback, so our take is that this is a sign of bullish risk appetite — that economically sensitive commodities like oil are outperforming more safe-haven ones like the price of gold," he said.
As the U.S. dollar increased more than 1 percent since the beginning of the year, the price of crude oil surged 20 percent.
Dennis Davitt, partner at Harvest Volatility Management, says the rise in oil should give opportunity to stock market bulls.
"Equities are a buy here because they're good hedges against inflation, so the inflationary aspects of oil outside of the dollar are what you should really look towards," Davitt said on Monday's "Trading Nation." "There is strong growth coming out of the United States, and that's where we're seeing the price of oil go higher."
West Texas Intermediate crude rose on Tuesday to its highest level since November 2014.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/strange-divergence-in-gold-and-oil-could-spell-more-gains-for-stocks.html |
May 10, 2018 / 4:15 PM / Updated an hour ago UPDATE 1-Britain's FTSE sails on sterling slide after BoE Reuters Staff
* FTSE 100 up 0.5 pct at close
* BoE keeps rates on hold, pound falls
* RBS up on smaller-than-expected U.S. settlement
* BT drops after disappointing update, job cuts (Recasts, adds quote, detail and graphic; updates prices at close)
By Danilo Masoni and Kit Rees
MILAN, May 10 (Reuters) - The UK’s top share index hit a fresh 3-1/2 month high on Thursday after a decision by the Bank of England to keep rates on hold pushed sterling lower, while shares in Royal Bank of Scotland surged after it settled a probe in the United States.
The FTSE index closed 0.5 percent higher at 7,700.97 points, outperforming a slightly negative European market.
Sterling dropped after the Bank of England held interest rates steady as expected, but trimmed some losses after Governor Mark Carney told the BBC that he expected a rate rise over the course of the next year if there are no shocks to the economy.
“In light of the current uncertainty, the Bank is, understandably, inclined towards a more hesitant rather than pre-emptive approach to normalising policy,” Karen Ward, chief market strategist for the UK and Europe at J.P. Morgan Asset Management, said, referring to uncertainty around Brexit.
Weakness in the pound against a surging dollar has been supporting the FTSE recently, helping the internationally-exposed index recover from losses suffered at the start of the year.
Away from economics, the FTSE was boosted by a 3.8 percent move higher in RBS’ shares after it agreed to pay a smaller-than-expected $4.9 billion to resolve a U.S. investigation into its sale of mortgage-backed securities.
Analysts, who had estimated the U.S. could impose a fine of up to $12 billion, said the bank could reinstate a dividend.
“It’s a happy day for RBS, with the DoJ settlement coming in well below what we had feared,” said Neil Wilson, Chief Market Analyst at Markets.com.
“The settlement also paves the way for a quick return to annual profits after ten years of losses and dividends will once again start flowing,” Wilson added.
Next’s shares were the biggest risers, up more than 6 percent after a strong outlook and trading update, while ITV jumped after saying that advertising growth was in-line in the first quarter.
BT, however, fell 7.4 percent.
Traders said its latest update showed a disappointing guidance, while Jefferies analysts highlighted that the company missed on the opportunity of announcing a bolder mover of fiber roll out while the 13,000 job cuts were bigger then expected.
Randgold was another weak spot, down 7 percent after its quarterly profit fell, while
Among mid-caps, Superdry plummeted more than 19 percent after the fashion retailer said it expected 2018 full-year gross margins to decline and it gave a weaker than expected revenue forecast for 2019. Reporting by Danilo Masoni and Kit Rees; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/update-1-britains-ftse-sails-on-sterling-slide-after-boe-idUSL8N1SH6SA |
May 24, 2018 / 5:20 PM / Updated an hour ago WTA International, Strasbourg Women's Singles Results Reuters Staff 1 Min Read May 24 (OPTA) - Results from the WTA International, Strasbourg Women's Singles matches on Thursday .. Quarter-final .. 1-Ashleigh Barty (AUS) beat Qiang Wang (CHN) 7-5 6-4 3-Anastasia Pavlyuchenkova beat Zarina Diyas (KAZ) 6-4 6-2 (RUS) 4-Mihaela Buzarnescu (ROU) beat 8-Su-Wei Hsieh (TPE) 6-0 6-3 5-Dominika Cibulkova (SVK) beat Samantha Stosur (AUS) 6-4 6-3 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-results-womens-singles/wta-international-strasbourg-womens-singles-results-idUKMTZXEE5O8THL11 |
ST PETERSBURG, Russia (Reuters) - Russia’s largest oil producer Rosneft supports the gradual easing of oil output cuts, Eric Liron, Rosneft’s first vice president, told Reuters on Friday.
FILE PHOTO: A view shows a helmet with the logo of Rosneft company in Vung Tau, Vietnam April 27, 2018. Picture taken April 27, 2018. REUTERS/Maxim Shemetov He also said that Rosneft’s oil production this year was seen at 224-225 million tonnes, almost unchanged from last year.
Reporting by Olesya Astakhov; writing by Vladimir Soldatkin; Editing by Andrew Osborn
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-economy-forum-rosneft/russias-rosneft-supports-gradual-lifting-of-oil-output-curbs-idUSKCN1IQ20Y |
Elon Musk tweets about 'bonehead' comment on earnings call 2 Hours Ago CNBC's Phil LeBeau reports on the latest tweets from Elon Musk which addressed his contentious tweets on the earnings call earlier this week. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/elon-musk-tweets-about-bonehead-comment-on-earnings-call.html |
IRVINE, Calif.--(BUSINESS WIRE)-- Novus Therapeutics, Inc. (NASDAQ: NVUS), a specialty pharmaceutical company focused on developing products for patients with disorders of the ear, nose, and throat (ENT), today announced financial results for the quarter ended March 31, 2018 and provided a corporate update.
“We are excited by the ongoing progress being made with OP-02, our novel and potential first-in-class treatment option for otitis media,” said Gregory J. Flesher, CEO of Novus Therapeutics, Inc. “The next step for the program is to manufacture drug product, which we expect to complete in the coming months. This product will allow us to initiate our first-in-human clinical studies with OP-02 in the second half of 2018. In addition, we strengthened our financial position during the quarter with the completion of our at-the-market facility, bringing our cash and cash equivalents to $22.5 million as of March 31, 2018.”
First Quarter 2018 Financial Results
For the three-month period ended March 31, 2018, Novus reported a net loss of $2.8 million, or $0.36 loss per share, compared to a net loss of $1.4 million, or $0.59 loss per share, for the same period in 2017. The company had $22.5 million in cash and cash equivalents as of March 31, 2018.
Research and development (R&D) expenses were $1.1 million during the three-month period ended March 31, 2018, compared to $0.5 million for the same period in 2017. R&D expenses were higher in 2018 primarily due to increased spending on the surfactant program (OP-02). We expect research and development expenses to increase in subsequent periods due to the initiation of OP-02 clinical trials.
General and administrative (G&A) expenses were $1.7 million during the three-month period ended March 31, 2018, compared to $0.9 million for the same period in 2017. G&A expenses were higher in 2018 primarily due to an increase in administrative costs associated with operating a public company, ongoing legal costs related to Tokai’s shareholder lawsuits, and stock-based compensation.
Anticipated Milestones
Mid-2018 - Manufacture OP-02 drug product (cGMP) 2H 2018 - Initiate OP-02 phase 1 study in healthy adults (safety/tolerability) 1H 2019 - Initiate OP-02 phase 1 study in children with otitis media with effusion (explore efficacy) 1H 2019 - Initiate OP-02 phase 1 study in adults with acute otitis media (explore efficacy) 1H 2019 - Topline data from phase 1 studies
About OP-02
OP-02 is a drug-device combination product comprised of a novel formulation of the surfactant dipalmitoylphosphatidylcholine (DPPC) and the spreading agent cholesteryl palmitate (CP) suspended in a propellant. The product is administered intranasally via a metered dose inhaler and is intended to be used to restore the normal physiologic activity of the Eustachian tube (ET). Together DPPC and CP effectively absorb to the air-liquid interface of the mucosa and reduce the interfacial surface tension of the ET, which reduces passive pressure required for the ET to open. In other words, OP-02 promotes ‘de-sticking’ of the ET so that ventilation and drainage of the middle ear may occur.
About Novus Therapeutics
Novus Therapeutics is a specialty pharmaceutical company focused on developing products for disorders of the ear, nose, and throat (ENT). Novus has two technologies, each that has the potential to be developed for multiple ENT indications. The company’s lead product (OP-02) is a surfactant-based, combination drug product being developed as a potential first-in-class treatment option for patients at risk for or with otitis media (“OM”) (middle ear inflammation with or without infection). Globally, OM affects more than 700 million adults and children every year. OM is a common disorder seen in pediatric practice, and in the United States is the most frequent reason children are prescribed antibiotics and undergo surgery. Novus also has a foam-based drug delivery technology (OP-01), which may be developed in the future to deliver drugs into the ear, nasal, and sinus cavities. For more information please visit novustherapeutics.com .
Forward-Looking Statements
Any statements in this press release about the company’s future expectations, plans and prospects, including statements about its strategy, future operations, development of its product candidates, the review of strategic alternatives and the outcome of such review and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “may,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, expectations regarding the timing for the commencement and completion of our clinical trials, our ability to manufacture drug product and our ability to accelerate the development of our drug candidates. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the sufficiency of the company’s cash resources; the ability to timely develop and manufacture clinical batches of our study drugs; the ability to obtain necessary approvals to commence additional clinical trials; whether data from early clinical trials will be indicative of the data that will be obtained from future clinical trials; whether the results of clinical trials will warrant submission for regulatory approval of any investigational product, any such submission will receive approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies and, if we are able to obtain such approval for an investigational product, it will be successfully distributed and marketed. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.
NOVUS THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31,
December 31,
2018
2017
ASSETS
Current assets: Cash
$ 22,523 $ 17,233 Restricted cash — 70 Prepaid expenses and other current assets 1,505 1,697 Total current assets 24,028 19,000 Property and equipment, net 22 25 Goodwill 1,867 1,867 Total assets $ 25,917 $ 20,892 LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 449 $ 418 Accrued severance 428 668 Accrued expenses and other liabilities 742 354 Total liabilities 1,619 1,440 Commitments and contingencies Stockholders’ equity Common stock, $0.001 par value, 200,000,000 shares authorized at March 31, 2018 and December 31, 2017; and 9,407,024 and 7,110,414 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
9 7 Additional paid-in capital 54,601 46,951 Accumulated deficit (30,312 ) (27,506 ) Total stockholders’ equity
24,298 19,452 Total liabilities and stockholders’ equity
$ 25,917 $ 20,892 NOVUS THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share data)
Three Months Ended
March 31,
March 31,
2018
2017
Operating expenses
Research and development $ 1,097 $ 479 General and administrative 1,698 906 Total operating expenses 2,795 1,385 Loss from operations (2,795 ) (1,385 ) Other income (expense), net (11 ) 11 Net loss and other comprehensive loss
$ (2,806 ) $ (1,374 ) Net loss per share, basic and diluted $ (0.36 ) $ (0.59 ) Weighted-average common shares outstanding, basic and diluted
7,749,263 413,635
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005086/en/
Investor Contacts
LifeSci Advisors, LLC
Timothy McCarthy, 917-679-9282
[email protected]
Source: Novus Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-novus-therapeutics-reports-first-quarter-2018-financial-results.html |
BUENOS AIRES (Reuters) - German Foreign Minister Heiko Maas said on Monday he will travel to Washington to meet with U.S. Secretary of State Mike Pompeo to discuss Washington’s stance on an international nuclear deal with Iran.
Germany's Foreign Minister Heiko Maas speaks during a news conference at the G20 Meeting of Foreign Affairs Ministers in Buenos Aires, Argentina, May 21, 2018. REUTERS/Marcos Brindicci The United States earlier in the day demanded Iran make sweeping changes - from dropping its nuclear program to pulling out of the Syrian civil war - or face sanctions as the Trump administration hardened its approach to Tehran.
“From here I will actually travel to Washington to have a meeting with Secretary Pompeo, and take advantage of that meeting to talk about this,” Maas said in response to a question from a journalist about the Iran deal.
Maas spoke to reporters in Buenos Aires at the end of a G20 meeting in the Argentine capital. He did not give a date for the meeting with Pompeo.
European powers want to keep the Iran deal alive without the United States, Maas said earlier this month.
“We think that without this agreement we could run the risk that Iran could restart a nuclear program,” Maas said.
Reporting by Maximiliano Rizzi; Writing by Hugh Bronstein; Editing by Bill Trott and Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-g20-iran/german-foreign-minister-says-to-meet-with-pompeo-over-iran-deal-idUSKCN1IM27E |
Ireland set to end abortion ban by landslide margin Saturday, May 26, 2018 - 01:20
With counting underway after Friday's vote on whether to liberalize Ireland's restrictive abortion laws, exit polls point to a landslide victory for repealing the current ban. The main anti-abortion campaign has also conceded defeat.
With counting underway after Friday's vote on whether to liberalize Ireland's restrictive abortion laws, exit polls point to a landslide victory for repealing the current ban. The main anti-abortion campaign has also conceded defeat. //reut.rs/2GSeZFE | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/26/ireland-set-to-end-abortion-ban-by-lands?videoId=430483304 |
May 7 (Reuters) - OCI Partners LP:
* REPORTS 2018 FIRST QUARTER RESULTS AND ANNOUNCES $0.38 QUARTERLY CASH DISTRIBUTION
* Q1 REVENUE ROSE 26 PERCENT TO $117 MILLION * OCI PARTNERS - QTRLY NET INCOME INCREASED TO $30 MILLION VERSUS $14 MILLION LAST YEAR | ashraq/financial-news-articles | https://www.reuters.com/article/brief-oci-partners-says-q1-revenue-rose/brief-oci-partners-says-q1-revenue-rose-26-pct-to-117-mln-idUSASC0A00E |
Israel vilified at U.N. body over Gaza killings 01:25
The U.N.'s Human Rights Council has adopted a resolution condemning Israel's killing of at least 60 Palestinians during the opening of the new American embassy in Jerusalem, but Israel and the U.S. view the body as heavily biased.
The U.N.'s Human Rights Council has adopted a resolution condemning Israel's killing of at least 60 Palestinians during the opening of the new American embassy in Jerusalem, but Israel and the U.S. view the body as heavily biased. //reut.rs/2KC4g4A | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/israel-vilified-at-un-body-over-gaza-kil?videoId=428154218 |
Sets New Record for Revenue, Adjusted EBITDA, non-GAAP EPS and GAAP EPS Raises Top and Bottom Line Guidance for Full Year 2018 First Quarter 2018 Total Operating Revenues, GAAP Net Income and GAAP Diluted EPS up 25%, 72% and 65%, respectively First Quarter 2018 Adjusted EBITDA and non-GAAP EPS up 16% and 40%, respectively
PASADENA, Calif.--(BUSINESS WIRE)-- Green Dot Corporation (NYSE: GDOT), today reported financial results for the quarter ended March 31, 2018.
For the first quarter of 2018, Green Dot reported total operating revenues of $315.0 million and GAAP net income and GAAP diluted earnings per common share of $70.0 million and $1.29, respectively. Green Dot also reported adjusted EBITDA 1 and non-GAAP diluted earnings per common share 1 of $104.1 million and $1.40, respectively.
Said Green Dot Founder and CEO, Steve Streit, “Green Dot’s unique “Products and Platform” model and the disciplined execution of our “2018 Six Step Plan” continues to yield very impressive results, delivering yet another consecutive quarter where we’ve exceeded our top and bottom line financial expectations and set new records for nearly all key operating metrics in both reporting segments. The ongoing financial momentum we are seeing in both Green Dot’s own established product lines and those new products being powered by Green Dot’s “Banking-as-a-Service,” or BaaS, Platform provides us the ability to raise both top and bottom line full year financial guidance."
GAAP financial results for the first quarter of 2018 compared to the first quarter of 2017:
Total operating revenues on a generally accepted accounting principles (GAAP) basis were $315.0 million for the first quarter of 2018, up from $253.0 million for the first quarter of 2017, representing a year-over-year increase of 25%. GAAP net income was $70.0 million for the first quarter of 2018, up from $40.8 million for the first quarter of 2017, representing a year-over-year increase of 72%. GAAP diluted earnings per common share was $1.29 for the first quarter of 2018, up from $0.78 for the first quarter of 2017, representing a year-over-year increase of 65%.
Non-GAAP financial results for the first quarter of 2018 compared to the first quarter of 2017: 1
Adjusted EBITDA 1 was $104.1 million, or 33.1% of total operating revenues for the first quarter of 2018, up from $89.6 million, or 35.4% of total operating revenues for the first quarter of 2017, representing a year-over-year increase of 16%. Non-GAAP net income 1 was $75.9 million for the first quarter of 2018, up from $52.4 million for the first quarter of 2017, representing a year-over-year increase of 45%. Non-GAAP diluted earnings per share 1 was $1.40 for the first quarter of 2018, up from $1.00 for the first quarter of 2017, representing a year-over-year increase of 40%.
The Company's key business metrics described in the latest Annual Report on Form 10-K have been revised to include additional product lines or services that have grown to become sufficiently material to warrant inclusion. Previously reported metrics have been restated for comparability.
The Company believes the following measures are the primary indicators of quarterly and annual revenues and expenses:
Gross Dollar Volume - represents the total dollar volume of funds loaded to the Company’s account products. The Company uses this metric to analyze the total amount of money moving onto its account programs, determine the overall engagement and usage patterns of its account holder base and serves as a leading indicator of revenue generated through its Account Services segment products, inclusive of interest income generated on deposits held at Green Dot Bank, fees charged to account holders and interchange revenues generated through the spending of account balances.
Number of Active Accounts - represents any bank account within our Account Services segment that is subject to United States Patriot Act compliance and, therefore, requires customer identity verification prior to use and is intended to accept ongoing customer cash or ACH deposits. This includes general purpose reloadable prepaid card accounts, demand deposit or "checking" accounts, and credit card accounts in the Company’s portfolio that had a purchase, deposit or ATM withdrawal transaction during the applicable quarter. The Company uses this metric to analyze the overall size of its active customer base and to analyze multiple metrics expressed as an average across this active account base.
Purchase Volume - represents the total dollar volume of purchase transactions made by the Company’s account holders. This metric excludes the dollar volume of ATM withdrawals. The Company uses this metric to analyze interchange revenue, which is a key component of its financial performance.
Number of Cash Transfers - represents the total number of cash transfer transactions conducted by consumers, such as a point-of-sale swipe reload transaction, the purchase of a MoneyPak or an e-cash mobile remittance transaction marketed under various brand names, that the Company conducted through its retail distributors in a specified period. This metric excludes disbursements made through the Company’s Simply Paid wage disbursement platform. The Company reviews this metric as a measure of the size and scale of its retail cash processing network, as an indicator of customer engagement and usage of its products and services, and to analyze cash transfer revenue, which is a key component of the Company’s financial performance.
Number of Tax Refunds Processed - represents the total number of tax refunds processed in a specified period. The Company reviews this metric as a measure of the size and scale of its tax refund processing platform and as an indicator of customer engagement and usage of its products and services.
The following table shows the Company's quarterly key business metrics for each of the last five calendar quarters under these revised definitions.
2018 2017 Q1 Q4 Q3 Q2 Q1 (In millions) Gross dollar volume $ 11,719 $ 8,425 $ 7,683 $ 7,511 $ 7,485 Number of active accounts at quarter end 6.01 5.30 5.27 5.15 5.05 Purchase volume $ 7,470 $ 5,661 $ 5,235 $ 5,233 $ 5,505 Number of cash transfers 10.10 9.95 9.80 9.55 9.30 Number of tax refunds processed 8.75 0.06 0.10 2.41 8.60 For comparative purposes, the following table shows the Company's quarterly key business metrics for each of the last five calendar quarters under the prior year definitions described in the Company's latest Annual Report on Form 10-K.
2018 2017 Q1 Q4 Q3 Q2 Q1 (In millions) Gross dollar volume $ 11,654 $ 8,556 $ 7,856 $ 7,687 $ 7,707 Number of active cards at quarter end 5.96 5.26 5.23 5.15 5.05 Purchase volume $ 7,440 $ 5,645 $ 5,206 $ 5,226 $ 5,503 Number of cash transfers 10.10 9.95 9.80 9.55 9.30 Number of tax refunds processed 8.75 0.06 0.10 2.41 8.60 Said Mark Shifke, Green Dot’s Chief Financial Officer, “Our upwardly revised full year top and bottom line guidance is a reflection of the strong financial results we achieved in Q1, further supported by the continuing strong business momentum in our six revenue divisions and our bank. Additionally, the material ongoing margin expansion from our existing product lines is expected to drive consolidated adjusted EBITDA margin expansion of approximately 360 basis points in the second half of the 2018 as compared with the second half of 2017, which is expected to result in consolidated margin expansion of approximately 100 basis points at the midpoint of our revised 2018 full year guidance as compared to full year 2017.”
Updated Outlook for 2018
Green Dot has provided its updated outlook for 2018. Green Dot’s outlook is based on a number of assumptions that management believes are reasonable at the time of this earnings release. Information regarding potential risks that could cause the actual results to differ from these is set forth below and in Green Dot's filings Commission.
Total Operating Revenues
Green Dot now expects its full year total operating revenues to be between $1,002 million and $1,012 million, versus its previous guidance range of $982 million and $997 million. For Q2, Green Dot expects total operating revenues to be approximately $249 million.
Adjusted EBITDA 2
Green Dot now expects its full year adjusted EBITDA 2 to be between $240 million and $245 million, versus its previous guidance range of $236 million and $241 million. For Q2, Green Dot expects adjusted EBITDA 2 to be approximately $52 million.
Non-GAAP EPS 2
Green Dot now expects its full year non-GAAP EPS 2 to be between $2.93 and $3.00, versus its previous guidance range of $2.81 and $2.88. For Q2, Green Dot expects non-GAAP EPS 2 to be approximately $0.62.
The components of Green Dot's non-GAAP EPS 2 guidance range are as follows:
Range Low High (In millions except per share data) Adjusted EBITDA $ 240.0 $ 245.0 Depreciation and amortization* (42.0 ) (42.0 ) Net interest income ** 15.5 15.5 Non-GAAP pre-tax income $ 213.5 $ 218.5 Tax impact*** (53.4 ) (54.6 ) Non-GAAP net income $ 160.1 $ 163.9 Diluted weighted-average shares issued and outstanding 54.6 54.6 Non-GAAP earnings per share $ 2.93 $ 3.00 * Excludes the impact of amortization of acquired intangible assets ** Excludes the impact of amortization of deferred financing costs *** Assumes a non-GAAP effective tax rate of 25% for full year. This rate reflects the expected impact of the new tax law (the Tax Cuts and Jobs Act) Supplemental Financial Presentation Information
As mentioned during Green Dot's previous quarterly earnings call on February 21, 2018, Green Dot will adjust its presentation of revenue beginning in 2019 to better reflect its successful evolution into a diverse technology-focused bank holding company that generates its revenue through a unique “Products and Platform” operating model.
Beginning in 2019, Green Dot will be presenting net interest income generated at Green Dot Bank from the investment of customer deposits as a component of GAAP total operating revenues, whereas today that item is reported below operating income and is consolidated along with net interest income generated outside the bank. Net interest income at Green Dot Bank is becoming an increasingly important revenue component as Green Dot Bank's ability to invest its growing customer balances and generate interest income is one of several unique advantages of Green Dot being not just a leading consumer technology company, but also a federally regulated bank. Net interest income generated outside of Green Dot Bank will continue to be reported below the line as it is currently.
Also beginning in 2019, Green Dot will be presenting a new non-GAAP revenue figure that reduces GAAP total operating revenue by commissions and certain processing-related costs associated with certain “Banking as a Service,” or “BaaS," partner programs, where the partner and not Green Dot controls customer acquisition. Green Dot believes that a net revenue presentation will better reflect the relevant amount of revenue Green Dot generates in respect of these types of BaaS platform programs.
The following table provides supplemental financial presentation information for first quarter 2018 and 2017 under the new format discussed above:
2018 2017 (In millions) Total operating revenues $ 315.0 $ 253.0 Account generated interest income 5.3 2.8 Total operating revenues (inclusive of interest income) $ 320.3 $ 255.8 Adjustments* (13.2 ) (2.8 ) Non-GAAP Revenues $ 307.1 $ 253.0 Adjusted EBITDA 2 $ 104.1 $ 89.6 Account generated interest income 5.3 2.8 Adjusted EBITDA 2 (inclusive of interest income) $ 109.4 $ 92.4 Adjusted EBITDA 2 /Non-GAAP revenues (adjusted EBITDA margin) 35.6 % 36.5 % * Represents commissions and certain processing-related costs associated with BaaS products and services where Green Dot does not control customer acquisition Conference Call
The Company will host a conference call to discuss first quarter 2018 financial results today at 5:00 p.m. ET. Hosting the call will be Steve Streit, Chief Executive Officer, and Mark Shifke, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (888) 348-8307, or for international callers (412) 902-4242. A replay will be available approximately two hours after the call concludes and can be accessed by dialing (844) 512-2921, or for international callers (412) 317-6671; and entering the conference ID 10119906. The replay of the webcast will be available until Wednesday, May 16, 2018. The call will be webcast live from the Company's investor relations website at http://ir.greendot.com/ .
Forward-Looking Statements
This earnings release contains , which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the Company's future performance contained under "Updated Outlook for 2018" and in the Quote: s of its executive officers and other future events that involve risks and uncertainties. Actual results may those contained in the contained in this earnings release, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from those projected include, among other things, the timing and impact of revenue growth activities, the Company's dependence on revenues derived from Walmart, impact of competition, the Company's reliance on retail distributors for the promotion of its products and services, demand for the Company's new and existing products and services, continued and improving returns from the Company's investments in new growth initiatives, potential difficulties in integrating operations of acquired entities and acquired technologies, the Company's ability to operate in a highly regulated environment, changes to existing laws or regulations affecting the Company's operating methods or economics, the Company's reliance on third-party vendors, changes in credit card association or other network rules or standards, changes in card association and debit network fees or products or interchange rates, instances of fraud developments in the prepaid financial services industry that impact prepaid debit card usage generally, business interruption or systems failure, and the Company's involvement litigation or investigations. These and other risks are discussed in greater detail in the Company's Securities and Exchange Commission filings, including its most recent annual report on Form 10-K and quarterly report on Form 10-Q, which are available on the Company's investor relations website at ir.greendot.com and on the SEC website at www.sec.gov . All information provided in this release and in the attachments is as of May 9, 2018, and the Company assumes no obligation to update this information as a result of future events or developments.
About Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (GAAP), the Company uses measures of operating results that are adjusted to exclude net interest income and expense; income tax benefit and expense; depreciation and amortization, including amortization of acquired intangibles; employee stock-based compensation and related employer payroll taxes; incremental expenses related to the delay in migration of the Company’s remaining customer accounts from its former processor to its new processor; change in the fair value of contingent consideration; transaction costs; impairment charges; extraordinary severance expenses; legal settlement expenses; other charges and income; and income tax effects. This earnings release includes adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per share. It also includes full-year 2018 guidance for adjusted EBITDA, non-GAAP net income and non-GAAP EPS. These non-GAAP financial measures are not calculated or presented in accordance with, and are not alternatives or substitutes for, financial measures prepared in accordance with GAAP, and should be read only in conjunction with the Company's financial measures prepared in accordance with GAAP. The Company's non-GAAP financial measures may be different from similarly-titled non-GAAP financial measures used by other companies. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company's business and make operating decisions. For additional information regarding the Company's use of non-GAAP financial measures and the items excluded by the Company from one or more of its historic and projected non-GAAP financial measures, investors are encouraged to review the reconciliations of the Company's historic and projected non-GAAP financial measures to the comparable GAAP financial measures, which are attached to this earnings release, and which can be found by clicking on “Financial Information” in the Investor Relations section of the Company's website at http://ir.greendot.com/ .
About Green Dot
Green Dot Corporation is a pro-consumer bank holding company and financial technology innovator with a mission to reinvent personal banking for the masses. Green Dot employs a unique “products and platform” operating model whereby it uses its robust banking and technology assets to design, build and distribute its own branded financial services products directly to consumers through a large-scale omni-channel national distribution platform; while also allowing qualified third party partners to access those same banking and technology assets to design, build and distribute their own bespoke financial services directly to their consumers through their own distribution platforms. Through its six revenue divisions plus Green Dot Bank, Green Dot is a leading provider of prepaid cards, debit cards, checking accounts, secured credit cards, payroll debit cards, consumer cash processing services, wage disbursements and tax refund processing services. With approximately 100,000 major name U.S. retail stores selling its products, several leading direct-to-consumer websites, thousands of tax preparation offices, several apps available in the two leading app stores and distribution through several enterprise-scale “Banking as a Service,” or BaaS, partnerships, Green Dot is one of the most broadly distributed banking franchises in the United States. Green Dot Corporation is headquartered in Pasadena, California, with additional facilities throughout the United States and in Shanghai, China.
1 Reconciliations of net income to non-GAAP net income, diluted earnings per share to non-GAAP diluted earnings per share and net income to adjusted EBITDA, respectively, are provided in the tables immediately following the consolidated financial statements. Additional information about the Company's non-GAAP financial measures can be found under the caption “About Non-GAAP Financial Measures” below. 2 Reconciliations of forward-looking guidance for these non-GAAP financial measures to their respective, most directly comparable projected GAAP financial measures are provided in the tables immediately following the reconciliation of Net Income to Adjusted EBITDA. GREEN DOT CORPORATION CONSOLIDATED BALANCE SHEETS March 31, 2018 December 31, 2017 (unaudited) Assets (In thousands, except par value) Current assets: Unrestricted cash and cash equivalents $ 1,268,137 $ 919,243 Restricted cash 86,608 90,852 Investment securities available-for-sale, at fair value 15,875 11,889 Settlement assets 179,520 209,399 Accounts receivable, net 29,337 35,277 Prepaid expenses and other assets 53,219 47,086 Income tax receivable — 7,459 1,632,696 1,321,205 Investment securities available-for-sale, at fair value 132,673 141,620 Loans to bank customers, net of allowance for loan losses of $451 and $291 as of March 31, 2018
and December 31, 2017, respectively
19,713 18,570 Prepaid expenses and other assets 8,157 8,179 Property and equipment, net 100,358 97,282 Deferred expenses 14,608 21,791 Net deferred tax assets 6,639 6,507 Goodwill and intangible assets 574,141 582,377 Total assets $ 2,488,985 $ 2,197,531 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 32,398 $ 34,863 Deposits 1,293,272 1,022,180 Obligations to customers 69,874 95,354 Settlement obligations 11,672 6,956 Amounts due to card issuing banks for overdrawn accounts 1,239 1,371 Other accrued liabilities 105,640 123,397 Deferred revenue 22,999 30,875 Note payable 20,906 20,906 Income tax payable 2,818 74 Total current liabilities 1,560,818 1,335,976 Other accrued liabilities 31,612 30,520 Note payable 53,478 58,705 Net deferred tax liabilities 7,786 7,780 Total liabilities 1,653,694 1,432,981 Stockholders’ equity: Class A common stock, $0.001 par value; 100,000 shares authorized as of March 31, 2018 and
December 31, 2017; 51,841 and 51,136 shares issued and outstanding as of March 31, 2018 and
December 31, 2017, respectively
52 51 Additional paid-in capital 356,052 354,789 Retained earnings 480,471 410,440 Accumulated other comprehensive loss (1,284 ) (730 ) Total stockholders’ equity 835,291 764,550 Total liabilities and stockholders’ equity $ 2,488,985 $ 2,197,531 GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 2018 2017 (In thousands, except per share data) Operating revenues: Card revenues and other fees $ 130,060 $ 100,969 Processing and settlement service revenues 100,240 90,675 Interchange revenues 84,698 61,357 Total operating revenues 314,998 253,001 Operating expenses: Sales and marketing expenses 91,968 71,685 Compensation and benefits expenses 54,507 41,218 Processing expenses 48,425 40,942 Other general and administrative expenses 43,718 37,780 Total operating expenses 238,618 191,625 Operating income 76,380 61,376 Interest income 5,600 2,854 Interest expense (1,516 ) (1,665 ) Income before income taxes 80,464 62,565 Income tax expense 10,433 21,811 Net income $ 70,031 $ 40,754 Basic earnings per common share: $ 1.36 $ 0.81 Diluted earnings per common share: $ 1.29 $ 0.78 Basic weighted-average common shares issued and outstanding: 51,439 50,458 Diluted weighted-average common shares issued and outstanding: 54,234 52,497 GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 2018 2017 (In thousands) Operating activities Net income $ 70,031 $ 40,754 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property and equipment 8,922 8,749 Amortization of intangible assets 8,236 6,557 Provision for uncollectible overdrawn accounts 18,385 18,246 Employee stock-based compensation 9,360 6,534 Amortization of premium on available-for-sale investment securities 320 322 Amortization of deferred financing costs 398 394 Impairment of capitalized software — 156 Changes in operating assets and liabilities: Accounts receivable, net (12,626 ) 5,451 Prepaid expenses and other assets (6,111 ) 968 Deferred expenses 7,183 5,565 Accounts payable and other accrued liabilities (18,936 ) (13,267 ) Deferred revenue (6,480 ) (8,128 ) Income tax receivable/payable 10,136 21,629 Other, net 51 929 Net cash provided by operating activities 88,869 94,859 Investing activities Purchases of available-for-sale investment securities (13,774 ) (19,961 ) Proceeds from maturities of available-for-sale securities 17,676 28,989 Proceeds from sales of available-for-sale securities 124 15,318 Payments for acquisition of property and equipment (13,386 ) (11,844 ) Net increase in loans (1,143 ) (1,199 ) Acquisition, net of cash acquired — (139,256 ) Net cash used in investing activities (10,503 ) (127,953 ) Financing activities Borrowings from notes payable — 20,000 Repayments of borrowings from notes payable (5,625 ) (25,625 ) Borrowings on revolving line of credit — 205,000 Repayments on revolving line of credit — (155,000 ) Proceeds from exercise of options 7,802 5,155 Taxes paid related to net share settlement of equity awards (15,898 ) (2,162 ) Net increase in deposits 271,092 88,947 Net increase in obligations to customers 9,115 8,269 Contingent consideration payments (202 ) (192 ) Repurchase of Class A common stock — (50,000 ) Deferred financing costs — (164 ) Net cash provided by financing activities 266,284 94,228 Net increase in unrestricted cash, cash equivalents and restricted cash 344,650 61,134 Unrestricted cash, cash equivalents and restricted cash, beginning of period 1,010,095 744,761 Unrestricted cash, cash equivalents and restricted cash, end of period $ 1,354,745 $ 805,895 Cash paid for interest $ 1,118 $ 1,271 Cash paid for income taxes $ 80 $ 122 Reconciliation of unrestricted cash, cash equivalents and restricted cash at end of period: Unrestricted cash and cash equivalents $ 1,268,137 $ 785,838 Restricted cash 86,608 20,057 Total unrestricted cash, cash equivalents and restricted cash, end of period $ 1,354,745 $ 805,895 GREEN DOT CORPORATION REPORTABLE SEGMENTS (UNAUDITED) 2018 Account Services Processing and
Settlement Services
Corporate and Other Total (In thousands) Operating revenues $ 222,434 $ 101,858 $ (9,294 ) $ 314,998 Operating expenses 169,488 50,673 18,457 238,618 Operating income $ 52,946 $ 51,185 $ (27,751 ) $ 76,380 2017 Account Services Processing and
Settlement Services
Corporate and Other Total (In thousands) Operating revenues $ 167,693 $ 93,710 $ (8,402 ) $ 253,001 Operating expenses 126,677 45,103 19,845 191,625 Operating income $ 41,016 $ 48,607 $ (28,247 ) $ 61,376 The Company's operations are comprised of two reportable segments: 1) Account Services and 2) Processing and Settlement Services. The Account Services segment consists of revenues and expenses derived from the Company's deposit account programs, such as prepaid cards, debit cards, consumer and small business checking accounts, secured credit cards, payroll debit cards and gift cards. These deposit account programs are marketed under several of the Company's leading consumer brand names and under the brand names of the Company's Banking as a Service, or "BaaS," partners. The Processing and Settlement Services segment consists of revenues and expenses derived from the Company's products and services that specialize in facilitating the movement of cash on behalf of consumers and businesses, such as consumer cash processing services, wage disbursements and tax refund processing services. The Corporate and Other segment primarily consists of eliminations of intersegment revenues and expenses, unallocated corporate expenses, depreciation and amortization, and other costs that are not considered when management evaluates segment performance.
GREEN DOT CORPORATION Reconciliation of Net Income to Non-GAAP Net Income (1)
(Unaudited) 2018 2017 (In thousands, except per share data) Net income $ 70,031 $ 40,754 Employee stock-based compensation and related employer payroll taxes (3) 10,486 6,534 Amortization of acquired intangibles (4) 8,236 6,557 Transaction costs (4) — 502 Amortization of deferred financing costs (5) 398 394 Impairment charges (5) — 156 Extraordinary severance expenses (6) 106 1,079 Incremental processor expenses, net (8) — 4,660 Income tax effect (7) (13,373 ) (8,274 ) Non-GAAP net income $ 75,884 $ 52,362 Diluted earnings per common share GAAP $ 1.29 $ 0.78 Non-GAAP $ 1.40 $ 1.00 Diluted weighted-average common shares issued and outstanding 54,234 52,497 Supplemental Detail on Diluted Weighted-Average Shares Issued and Outstanding
(Unaudited)
2018 2017 (In thousands) Class A common stock outstanding as of March 31: 51,842 49,559 Weighting adjustment (403 ) 899 Dilutive potential shares: Stock options 535 603 Restricted stock units 1,337 1,186 Performance based restricted stock units 915 231 Employee stock purchase plan 8 19 Diluted weighted-average shares issued and outstanding 54,234 52,497 GREEN DOT CORPORATION Reconciliation of Net Income to Adjusted EBITDA (1)
(Unaudited) 2018 2017 (In thousands) Net income $ 70,031 $ 40,754 Net interest income (2) (4,084 ) (1,189 ) Income tax expense 10,433 21,811 Depreciation and amortization of property and equipment (2) 8,922 8,749 Employee stock-based compensation and related employer payroll taxes (2)(3) 10,486 6,534 Amortization of acquired intangibles (2)(4) 8,236 6,557 Transaction costs (2)(4) — 502 Impairment charges (2)(5) — 156 Extraordinary severance expenses (2)(6) 106 1,079 Incremental processor expenses, net (2)(8) — 4,660 Adjusted EBITDA $ 104,130 $ 89,613 Total operating revenues $ 314,998 $ 253,001 Adjusted EBITDA/Total operating revenues (adjusted EBITDA margin) 33.1 % 35.4 % Reconciliation of Forward Looking Guidance for Non-GAAP Financial Measures to Projected Adjusted EBITDA (1)
(Unaudited) FY 2018 Range Low High (In millions) Net income $ 106.1 $ 109.9 Adjustments (9) 133.9 135.1 Adjusted EBITDA $ 240.0 $ 245.0 Total operating revenues $ 1,012.0 $ 1,002.0 Adjusted EBITDA /Total operating revenues (Adjusted EBITDA margin) 24 % 24 % Reconciliation of Forward Looking Guidance for Non-GAAP Financial Measures to Projected GAAP Net Income (1)
(Unaudited) FY 2018 Range Low High (In millions, except per share data) Net income $ 106.1 $ 109.9 Adjustments (9) 54.0 54.0 Non-GAAP net income $ 160.1 $ 163.9 Diluted earnings per share GAAP $ 1.94 $ 2.01 Non-GAAP $ 2.93 $ 3.00 Diluted weighted-average shares issued and outstanding 54.6 54.6 (1) To supplement the Company’s consolidated financial statements presented in accordance with GAAP, the Company uses measures of operating results that are adjusted to exclude various, primarily non-cash, expenses and charges. These financial measures are not calculated or presented in accordance with GAAP and should not be considered as alternatives to or substitutes for operating revenues, operating income, net income or any other measure of financial performance calculated and presented in accordance with GAAP. These financial measures may not be comparable to similarly-titled measures of other organizations because other organizations may not calculate their measures in the same manner as the Company does. These financial measures are adjusted to eliminate the impact of items that the Company does not consider indicative of its core operating performance. You are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate. The Company believes that the non-GAAP financial measures it presents are useful to investors in evaluating the Company’s operating performance for the following reasons:
the Company records employee stock-based compensation from period to period, and recorded employee stock-based compensation expenses and related employer payroll taxes of approximately $10.5 million and $6.5 million for the three months ended March 31, 2018 and 2017, respectively. By comparing the Company’s adjusted EBITDA, non-GAAP net income and non-GAAP diluted earnings per share in different historical periods, investors can evaluate the Company’s operating results without the additional variations caused by employee stock-based compensation expense and related employer payroll taxes, which may not be comparable from period to period due to changes in the fair market value of the Company’s Class A common stock (which is influenced by external factors like the volatility of public markets and the financial performance of the Company’s peers) and is not a key measure of the Company’s operations; adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items, such as net interest income and expense, income tax benefit and expense, depreciation and amortization, employee stock-based compensation and related employer payroll taxes, incremental expenses related to the delay in migration of the Company’s remaining customer accounts from its former processor to its new processor, changes in the fair value of contingent consideration, transaction costs, impairment charges, severance costs related to extraordinary personnel reductions, legal settlement expenses, and other charges and income that can vary substantially from company to company depending upon their respective financing structures and accounting policies, the book values of their assets, their capital structures and the methods by which their assets were acquired; and securities analysts use adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies.
The Company’s management uses the non-GAAP financial measures:
as measures of operating performance, because they exclude the impact of items not directly resulting from the Company’s core operations; for planning purposes, including the preparation of the Company’s annual operating budget; to allocate resources to enhance the financial performance of the Company’s business; to evaluate the effectiveness of the Company’s business strategies; to establish metrics for variable compensation; and in communications with the Company’s board of directors concerning the Company’s financial performance.
The Company understands that, although adjusted EBITDA and other non-GAAP financial measures are frequently used by investors and securities analysts in their evaluations of companies, these measures have limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of the Company’s results of operations as reported under GAAP. Some of these limitations are:
that these measures do not reflect the Company’s capital expenditures or future requirements for capital expenditures or other contractual commitments; that these measures do not reflect changes in, or cash requirements for, the Company’s working capital needs; that these measures do not reflect interest expense or interest income; that these measures do not reflect cash requirements for income taxes; that, although depreciation and amortization are non-cash charges, the assets being depreciated or amortized will often have to be replaced in the future, and these measures do not reflect any cash requirements for these replacements; and that other companies in the Company’s industry may calculate these measures differently than the Company does, limiting their usefulness as comparative measures.
(2) The Company does not include any income tax impact of the associated non-GAAP adjustment to adjusted EBITDA, as the case may be, because each of these non-GAAP financial measures is provided before income tax expense. (3) This expense consists primarily of expenses for restricted stock units (including performance-based restricted stock units) and related employer payroll taxes. Employee stock-based compensation expense is not comparable from period to period due to changes in the fair market value of the Company’s Class A common stock (which is influenced by external factors like the volatility of public markets and the financial performance of the Company’s peers) and is not a key measure of the Company’s operations. The Company excludes employee stock-based compensation expense from its non-GAAP financial measures primarily because it consists of non-cash expenses that the Company does not believe are reflective of ongoing operating results. The Company also believes that it is not useful to investors to understand the impact of employee stock-based compensation to its results of operations. Further, the related employer payroll taxes are dependent upon volatility in the Company's stock price, as well as the timing and size of option exercises and vesting of restricted stock units, over which the Company has limited to no control. This expense is included as a component of compensation and benefits expenses on the Company's consolidated statements of operations. (4) The Company excludes certain income and expenses that are the result of acquisitions. These acquisition related adjustments include the amortization of acquired intangible assets, changes in the fair value of contingent consideration, settlements of contingencies established at time of acquisition and other acquisition related charges, such as integration charges and professional and legal fees, which result in the Company recording expenses or fair value adjustments in its GAAP financial statements. The Company analyzes the performance of its operations without regard to these adjustments. In determining whether any acquisition related adjustment is appropriate, the Company takes into consideration, among other things, how such adjustments would or would not aid in the understanding of the performance of its operations. These items are included as a component of other general and administrative expenses on the Company's consolidated statements of operations. (5) The Company excludes certain income and expenses that are not reflective of ongoing operating results. It is difficult to estimate the amount or timing of these items in advance. Although these events are reflected in the Company's GAAP financial statements, the Company excludes them in its non-GAAP financial measures because the Company believes these items may limit the comparability of ongoing operations with prior and future periods. These adjustments include amortization attributable to deferred financing costs, impairment charges related to internal-use software, legal settlement expenses and other charges, as applicable for the periods presented. In determining whether any such adjustment is appropriate, the Company takes into consideration, among other things, how such adjustments would or would not aid in the understanding of the performance of its operations. These items, except for amortization of deferred financing costs, which is included as a component of interest expense, are included within other general and administrative expenses on the Company's consolidated statements of operations. (6) During the three months ended March 31, 2018, the Company recorded charges of $0.1 million for severance costs related to extraordinary personnel reductions. Although severance expenses are an ordinary part of its operations, the magnitude and scale of this reduction in workforce is not expected to be repeated. This expense is included as a component of compensation and benefits expenses on the Company's consolidated statements of operations. (7) Represents the tax effect for the related non-GAAP measure adjustments using the Company's year to date non-GAAP effective tax rate. It also excludes the impact of excess tax benefits related to stock-based compensation and one-time favorable adjustments to the Company’s deferred tax assets and liabilities, including the remeasurement of the Company’s deferred tax assets and liabilities associated with the Tax Cuts and Jobs Act (the “Tax Act”). As of March 31, 2018, the Company has not completed its accounting for the tax effects of the Tax Act. The Company’s tax benefit is provisional based on reasonable estimates for those tax effects. Changes to these estimates or new guidance issued by regulators may materially impact the Company’s provision for income taxes and effective tax rate in the period in which the adjustments are made. The Company expects to complete its accounting for the tax effects in the short term. (8) Represents the net incremental expenses associated with the Company's need to continue to support customer accounts on its legacy transaction processor that it had intended to migrate to its new processing platform in 2016. (9) These amounts represent estimated adjustments for net interest expense, income taxes, depreciation and amortization, employee stock-based compensation and related employer taxes, contingent consideration, transaction costs, impairment charges, severance costs related to extraordinary personnel reductions, legal settlement expenses, and other income and expenses. Employee stock-based compensation expense includes assumptions about the future fair value of the Company’s Class A common stock (which is influenced by external factors like the volatility of public markets and the financial performance of the Company’s peers).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006434/en/
For Green Dot Corporation
Investor Relations
[email protected]
or
Media Relations
Brian Ruby, 203-682-8286
[email protected]
Source: Green Dot Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-green-dot-reports-first-quarter-2018-results.html |
(This story corrects headline and lead to show Broadbent was talking about rate guidance, not hikes in May 15 story.)
Bank of England Deputy Governor Ben Broadbent speaks at the 'Future Forum 2017' event in St George's Hall, Liverpool, Britain November 16, 2017. REUTERS/Phil Noble (Reuters) - Bank of England Deputy Governor Ben Broadbent said in an interview on Tuesday with the Telegraph that the central bank will not “spoon feed” markets with meeting-by-meeting guidance on interest rate hikes.
He said he has no time for complaints from the City of London, a top global financial center, about the level of forward guidance the bank gives.
"Our communication is mainly addressed to the wider public," Broadbent told the British newspaper. "Their (the City's) job is to put themselves in our shoes. We all have the same data.” ( bit.ly/2wJ56dJ )
Related Coverage Bank of England's Broadbent apologizes for 'menopausal' remark Broadbent’s defense of how the central bank issues forward guidance follows the BoE holding interest rates steady on Thursday with Governor Mark Carney saying a rate hike was likely to happen before the end of the year if all went well.
Broadbent also said Britain’s economy was in a slowdown in growth and wages comparable to a lull at the end of the 19th century, when the steam era had peaked but the age of electricity had not yet begun, the Telegraph reported on Tuesday.
Today’s economy could be experiencing a similar trough as it passes the boom of the digital era and awaits the next big breakthrough, possibly with artificial intelligence, Broadbent said.
There was a division in opinions over what has caused Britain’s current slowdown, which has lasted for nearly a decade and resulted in poor growth and stagnant wages, according to the central banker.
Reporting by Ismail Shakil in Bengaluru; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-boe-broadbent/boe-deputy-gov-broadbent-says-will-not-spoon-feed-markets-on-rate-hikes-telegraph-idUSKCN1IG3CC |
May 30, 2018 / 4:01 PM / Updated 20 minutes ago Exxon shareholders reject proposal to split CEO, chair roles Reuters Staff 1 Min Read
DALLAS (Reuters) - Exxon Mobil Corp ( XOM.N ) shareholders rejected a proposal on Wednesday at their annual meeting that would have split the roles of chairman and chief executive. FILE PHOTO: A logo of Exxon Mobil is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas Jackson
Shareholders also rejected a proposal that would have forced the world’s largest publicly traded oil producer to provide greater disclosure on its lobbying expenditures. Shareholders did approve the full slate of 10 nominees to the company’s board of directors at their Dallas meeting. Reporting by Ernest Scheyder | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-exxon-mobil-agm/exxon-shareholders-reject-proposal-to-split-ceo-chair-roles-idUKKCN1IV26G |
May 8 (Reuters) - HUB International Ltd:
* HUB INTERNATIONAL ACQUIRES THE ASSETS OF TENNESSEE-BASED THE BARNETT GROUP
* HUB INTERNATIONAL LTD - TERMS OF ACQUISITION WERE NOT DISCLOSED. Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hub-international-acquires-assets/brief-hub-international-acquires-assets-of-the-barnett-group-idUSASC0A0HQ |
May 8 (Reuters) - S&P Global Inc:
* S&P GLOBAL PLATTS - DONALD TRUMP’S PLAN TO LEAVE IRAN NUCLEAR DEAL & REIMPOSE SANCTIONS COULD HAVE MAJOR IMPACTS FOR GLOBAL OIL, METALS, PETROCHEMICAL MARKETS
* S&P GLOBAL PLATTS - REIMPOSED US SANCTIONS MORE LIKELY TO SLOW IRAN’S STEEL CAPACITY EXPANSION PROGRAM THAN TO CURB STEEL & IRON ORE EXPORT LEVELS
* S&P GLOBAL PLATTS - IRAN’S STEEL AND METALS SECTOR EXPECTED TO TURN MORE TO CHINESE TECHNOLOGY IF NEW U.S. MEASURES RESTRICT EUROPEAN INVESTMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sp-global-donald-trumps-plan-to-le/brief-sp-global-donald-trumps-plan-to-leave-iran-deal-could-have-major-impacts-for-global-oil-metals-markets-idUSFWN1SF17G |
May 16 (Reuters) - FLY Leasing Ltd:
* FLY LEASING’S ACQUISITION OF MAJOR AIRCRAFT PORTFOLIO APPROVED BY AIRASIA SHAREHOLDERS
* FLY LEASING - DEALS RELATING TO FLY’S ACQUISITION OF 55 AIRBUS NARROW-BODY AIRCRAFT APPROVED BY SHAREHOLDERS OF AIRASIA GROUP BERHAD
* FLY LEASING LTD - DEALS RELATING OPTION TO BUY ADDITIONAL 20 AIRBUS A320NEO FAMILY AIRCRAFT ALSO APPROVED BY SHAREHOLDERS OF AIRASIA GROUP BERHAD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fly-leasings-acquisition-of-major/brief-fly-leasings-acquisition-of-major-aircraft-portfolio-approved-by-airasia-shareholders-idUSASC0A2LF |
* Gaza protests pictures at: reut.rs/2GdnZop
GAZA, May 14 (Reuters) - When Reuters photographer Ibraheem Abu Mustafa set off to cover the protests in Gaza on Monday morning he came across a wheelchair-bound acquaintance.
“Today, this morning, I said ‘Hi’ to a man,” he recalls. “By the end of the day I was at his funeral.”
Such is the collision of life and work for Abu Mustafa, who has spent nearly half his 35 years as a professional photographer covering a small place like the Gaza Strip. His home. And his subject.
Monday was to be the single deadliest day in Gaza for years, after Israeli gunfire killed more than 50 Palestinians on the penultimate day of a six-week border protest by Gazans demanding the right to return to ancestral homes that now lie on the other side of the Gaza-Israel frontier fence.
“I feel upset over what is happening. At the same time I continue to do my job,” said Abu Mustafa.
“So I have to separate my job and my feelings. I cover an event, then I cover a similar event the next day, so I have developed a frame of mind that allows me to cope with the events that are happening, and the circumstances.”
The sometimes repetitive nature of the news cycle in Gaza works to his favour. After years of careful observation he has a sense for what will happen, and where it will happen, and where to stand so that he can capture dangerous events, without being caught up in them.
“The moment the tear gas hits, you know there will be a reaction from the protesters,” he said.
“Instead of them turning their back to me, they start facing me, and the gas coming out has a certain shape, white, and combined with the smoke coming from the tyres it will be a mix of white and black, and that is what makes a picture strong.
“I call this place a place of death, there is death here, it is not a place of comfort, any second someone could die.”
For a Gaza protests picture package, click: reut.rs/2GdnZop
Additional reporting by Nidal al-Mughrabi and Suheir Sheikh; Editing by Toby Chopra
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/israel-usa-protests-palestinians-photogr/a-gaza-photographer-in-a-place-of-death-idUSL5N1SL71G |
International Game Technology PLC:
* INTERNATIONAL GAME TECHNOLOGY PLC REPORTS FIRST QUARTER 2018 RESULTS
* INTERNATIONAL GAME TECHNOLOGY PLC - QTRLY ADJUSTED NET INCOME PER DILUTED SHARE $0.15
* INTERNATIONAL GAME TECHNOLOGY PLC QTRLY REVENUE $1,207 MILLION VERSUS $1,153 MILLION
* INTERNATIONAL GAME TECHNOLOGY PLC - QTRLY LOSS PER SHARE $0.51
* INTERNATIONAL GAME TECHNOLOGY PLC SEES FY CAPITAL EXPENDITURES OF $575-$625 MILLION
* INTERNATIONAL GAME TECHNOLOGY PLC - ANNOUNCING A DERIVATIVES TRANSACTION BY DE AGOSTINI S.P.A. RELATING TO IGT ORDINARY SHARES
* INTERNATIONAL GAME TECHNOLOGY PLC - DE AGOSTINI ENTERED INTO A VARIABLE FORWARD TRANSACTION RELATING TO 18 MILLION IGT ORDINARY SHARES
* INTERNATIONAL GAME TECHNOLOGY PLC - DE AGOSTINI IS IGT’S MAJORITY SHAREHOLDER WITH 103 MILLION ORDINARY SHARES
* INTERNATIONAL GAME TECHNOLOGY - DE AGOSTINI ADVISED CO THEY ARE NOT CONSIDERING ANY ADDITIONAL DEALS INVOLVING THEIR IGT ORDINARY SHARES
* INTERNATIONAL GAME TECHNOLOGY - DE AGOSTINI ALSO ADVISED CO THEY INTEND TO REMAIN IGT’S CONTROLLING SHAREHOLDER
* INTERNATIONAL GAME TECHNOLOGY - CONSOL LEADERSHIP OF N. AMERICA GAMING & INTERACTIVE & N. AMERICA LOTTERY SEGMENTS UNDER RENATO ASCOLI AS CEO OF N. AMERICA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-international-game-technology-plc/brief-international-game-technology-plc-reports-first-quarter-2018-results-idUSASC0A34A |
May 4 (Reuters) - Kong Sun Holdings Ltd:
* CO TO ISSUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT OF UP TO HK$400 MILLION
* MAXIMUM NET PROCEEDS FROM SUBSCRIPTION HK$396 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kong-sun-holdings-to-issue-bonds-i/brief-kong-sun-holdings-to-issue-bonds-in-aggregate-principal-amount-of-up-to-hk400-mln-idUSFWN1SB0PG |
May 22, 2018 / 11:54 AM / Updated 6 minutes ago Sri Lankan rupee slips on importer dollar demand; heavy rains weigh Reuters Staff 2 Min Read
COLOMBO, May 22 (Reuters) - The Sri Lankan rupee ended marginally weaker on Tuesday with dollar demand from importers surpassing mild selling of the U.S. currency by exporters, dealers said.
The spot rupee ended at 158.00/10 per dollar, compared with Monday’s close of 157.85/95.
“There was some demand and exporters were silent,” a currency dealer said.
Dealers said the rupee could come under pressure with low supply of dollars as tea exporters would stay away due to rains.
Heavy monsoon rains have killed eight people, prompting authorities to warn against landslides and floods in low-lying areas after spill gates had to be opened across the Indian Ocean island.
The rupee hit a record low for a third straight session on May 16 and touched 158.50 per dollar after the central bank chief said on May 11 that the currency would depreciate gradually as dollar outflows surpass inflows.
The currency has declined 0.13 percent so far this month after a 1.5 percent fall in April. It has fallen 2.9 percent this year.
The pressure on the currency is unwarranted as the gross external reserves are at $9.1 billion and the real effective exchange rate indexes indicate that the currency is competitive, the central bank said on Wednesday.
The central bank is “studying carefully” if there was extra pressure on the currency than what was expected, and also the behaviour of market participants, central bank chief Indrajit Coomarswamy had said on May 11.
Dealers said they expect the rupee to gradually weaken and face higher volatility this year due to debt repayments by the government.
Senior central bank Deputy Governor Nandalal Weerasinghe had said early this month that debt repayments by the government will not have an impact on the currency as they are managed with borrowed money externally.
Foreign investors sold government securities worth a net 5.97 billion rupees ($37.86 million) in the week ended May 16, bringing the outflow so far this year to 15.8 billion rupees, central bank data showed. $1 = 157.7000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-slips-on-importer-dollar-demand-heavy-rains-weigh-idUSL3N1ST3WY |
Women who eat less fruit and more fast food are less likely to conceive within a year and more likely to experience infertility, according to new study.
For the study, published Friday in the peer-reviewed medical journal Human Reproduction, researchers analyzed diets of 5,598 women in Australia, New Zealand, the U.K. and Ireland.
The team, led by professor Claire Roberts from University Adelaide's Robinson Research Institute in Australia, found women who eat fast food four or more times a week took nearly a month longer to become pregnant. Fast food was defined as items bought from fast food restaurants, and did not include fast food items bought from supermarkets, such as pizza. So, overall fast food consumption might have been underreported, researchers said.
Women who ate fruit three or more times a day increased chances of becoming pregnant quickly. Women who ate fruit less than one to three times a month took half a month longer to conceive, the study found.
Read more from USA Today:
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More pregnant women are using pot to treat morning sickness, studies suggest
Researchers determined women who ate the least amount of fruit increased their risk of infertility from 8 percent to 12 percent and women who ate fast food four or more times a week increased their risk from 8 percent to 16 percent. Infertility is defined as not being able to get pregnant after one year.
"We recommend that women who want to become pregnant should align their dietary intakes towards national dietary recommendations for pregnancy," first author Jessica Grieger said in a statement. "Our data shows that frequent consumption of fast foods delays time to pregnancy."
Eating green leafy vegetables and fish did not seem to affect time conceiving.
Data on pre-pregnancy diet was collected retrospectively during the first prenatal visit and information on father's diet was not a part of the study — both factors could have impacted conclusions. The team plans to further study dietary patterns and their link to conception.
"For any dietary intake assessment, one needs to use some caution regarding whether participant recall is an accurate reflection of dietary intake," Grieger said. "However, given that many women do not change their diet from pre-pregnancy to during pregnancy, we believe that the women's recall of their diet one month prior to pregnancy is likely to be reasonably accurate." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/eating-fast-food-hurts-womens-chances-of-getting-pregnant-increases-infertility-study-says.html |
BRUSSELS, May 24 (Reuters) - Italy could trigger another sovereign debt crisis like Greece did in 2010 if the policies of the new Italian government, now being formed, focus only on more spending, Maltese Finance Minister Edward Scicluna said on Thursday.
“If ... it is just a question of spending and spending and borrowing and spending then unfortunately it will be a replay of Greece,” he told reporters on entering a meeting of euro zone finance ministers in Brussels.
Euro zone governments and financial markets have been alarmed at the impending arrival of a new coalition in Rome under Giuseppe Conte comprising two eurosceptic, anti-establishment parties, who won votes in a March election by calling for an easing of euro zone budget discipline and public debt rules.
Reporting By Jan Strupczewski and Megan Dollar Editing by Alastair Macdonald
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-italy-malta-scicluna/italy-could-be-next-greece-if-it-raises-spending-maltese-finmin-idUSB5N1P001H |
WARSAW (Reuters) - Rescue teams have confirmed the death of a second Polish coal miner and are searching for three more trapped nearly a kilometer underground after a quake, the chief executive of the mine owner said.
Emergency vehicle parks outside the JSW mine where coal miners are missing underground after a strong quake hit a mine in Jastrzebie Zdroj, Poland May 5, 2018. Agencja Gazeta/Dominik Gajda via REUTERS The quake hit the Borynia-Zofiowka-Jastrzebie coal mine in southern Poland on Saturday morning, initially trapping seven miners at a depth of about 900 meters (2,950 feet). It was the mine’s strongest quake going back to 1989.
Two miners were rescued on Saturday after the tremor caused part of the tunnel where they worked to collapse.
People wait outside the JSW mine where coal miners are missing underground after a strong quake hit a mine in Jastrzebie Zdroj, Poland May 5, 2018. Agencja Gazeta/Dominik Gajda via REUTERS The energy released by the quake amounted to 40 percent of all energy released in the roughly 110,000 tremors recorded at the mine since 1989, Daniel Ozon, the chief executive of mine owner JSW, told reporters.
People wait outside the JSW mine where coal miners are missing underground after a strong quake hit a mine in Jastrzebie Zdroj, Poland May 5, 2018. Agencja Gazeta/Dominik Gajda via REUTERS Ozon said that the quake had a magnitude of 3.5 to 4.0. Earlier estimates by state mining supervisor WUG put its magnitude at 3.4.
The two rescued miners were taken to a hospital in the city of Jastrzebie-Zdroj. They were in “relatively good condition” and could walk unaided, Ozon told reporters on Saturday.
About 250 people were working in the mine at the time of the quake, JSW said. The missing miners were from a team of 11 that was drilling a new tunnel. Four escaped by themselves.
Rescue operations was hampered by high levels of methane, which reached a concentration of up to 58 percent.
Prime Minister Mateusz Morawiecki, who reached the mine on Saturday evening, said the rescue operation was difficult and that he hoped the remaining miners would be saved. President Andrzej Duda reached the mine on Sunday noon.
The state mining supervisor said the quake was a type that can occur in coal mines deposits are removed.
Reporting by Marcin Goettig and Pawel Sobczak; editing by Adrian Croft, Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-poland-miners-jsw/two-miners-dead-three-missing-after-quake-at-polish-coal-mine-idUSKBN1I70MF |
May 24, 2018 / 10:24 AM / in 4 minutes Russia's Novak says oil production curbs could be eased 'softly': Ifax Reuters Staff 3 Min Read
ST PETERSBURG (Reuters) - Russian Energy Minister Alexander Novak said on Thursday restrictions on oil production could be eased “softly” if OPEC and non-OPEC countries see the oil market balancing in June, the Interfax news agency reported. FILE PHOTO: Russian Energy Minister Alexander Novak waits before a meeting of Russian President Vladimir Putin with Qatar's Emir Sheikh Tamim bin Hamad al-Thani at the Kremlin in Moscow, Russia March 26, 2018. REUTERS/Sergei Karpukhin/File Photo
Novak said OPEC and non-OPEC countries currently plan to keep in place their deal to cut global oil output, the news agency reported.
Separately, Novak said he planned to meet Khalid al-Falih, the energy minister of OPEC’s de facto leader Saudi Arabia, later in the day.
Oil prices fell about 1 percent on Thursday, with expectations building that OPEC could wind down the output deal in place since the start of 2017, due to supply concerns out of Venezuela and Iran.
Novak, speaking in St Petersburg at an economic forum, said he also would meet with Russian oil companies to discuss the oil output deal between OPEC and non-OPEC countries.
Novak said the meeting with Russian oil companies could take place either next week or the week after.
Russia and Saudi Arabia have a common position on the future of the output-cutting deal, Novak said, while Russia’s Lukoil ( LKOH.MM ) said the deal should remain in place but needs to be altered.
“We have a common position,” Novak said at the forum, which Falih is also expected to attend.
The Saudi-led Organization of the Petroleum Exporting Countries and other large oil producers, notably Russia, have agreed to reduce output by 1.8 million barrels per day (bpd) until the end of the year.
Some oil market participants have expressed concerns about potential oil shortages amid a production decline in Venezuela and after U.S. President Donald Trump announced plans to pull the United States out of a nuclear deal with Iran.
Saudi Arabia has indicated that it could raise its oil output to offset any potential supply deficit.
Vagit Alekperov, head of Russia’s No.2 oil company Lukoil, which produces over 1.7 million bpd, said it was time to raise oil production as prices had hit $80 per barrel, a level not seen since late 2014.
OPEC and non-OPEC countries will meet in June in Vienna to discuss their cooperation and the future of the deal.
“I hope that minister Novak will gather us before the meeting ... the oil price at $80 is already high,” Alekperov said. Reporting by Oksana Kobzeva and Olesya Astakhova; writing by Tom Balmforth and Vladimir Soldatkin; editing by Maria Kiselyova and Dale Hudson | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-economy-forum-opec/russia-says-it-saudi-arabia-have-common-view-on-oil-deal-idUSKCN1IP1IG |
'Harry Potter,''Angels in America' earn Tony praise Tuesday, May 01, 2018 - 01:34 Tue, 01 May, 2018 - (1:45) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/harry-potter-angels-in-america-earn-tony?videoId=423011325 |
May 2 (Reuters) - DFNN Inc:
* FY GROSS REVENUE 961.9 MILLION PESOS VERSUS 259.9 MILLION PESOS
* FY NET INCOME ATTRIBUTABLE TO PARENT EQUITY HOLDER 131.9 MILLION PESOS VERSUS 19.9 MILLION PESOS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dfnn-posts-fy-net-income-attributa/brief-dfnn-posts-fy-net-income-attributable-of-131-9-mln-pesos-idUSFWN1S80QP |
OCEANSIDE, Calif., May 2, 2018 /PRNewswire/ -- AOTI Inc. announced today that Kevin Burke has joined the company as its Chief Commercial Officer and Head of USA Sales. Previously, Kevin served as Vice President of Market Development with Cardiovascular Systems, Inc. (CSI), where he played an integral role in the exponential growth of company revenue to over $200M, creating substantial increases to shareholder value. Prior to CSI, Kevin spent 11 years with Medtronic's Spinal Division in a variety of leadership positions, overseeing multiple sales operations, as well as new product launches driving therapy adoption into emerging market segments."Kevin is a proven leader with a track record of attaining results in fast growing medical device companies, his skill-set is critical to AOTI as we look to scale up the organization to meet our significant growth objectives. We are absolutely delighted to have been able to attract such a high value performer to join our team," stated Dr. Mike Griffiths, CEO and President of AOTI.
Additionally, AOTI Inc. announced that Anthony Moffatt has been promoted to the role of Chief Financial Officer and will oversee all finance functions for both the USA and Irish arms of the company. Previously, Anthony had been Director of Finance and Customer Service for the company. Also, Despi Hardy has been promoted to the role of Clinical Science Liaison, where she will oversee clinical evidence development and manage relationships with key opinion leader (KOL) clinicians and researchers. This is an enhancement to her previous role as Clinical Trials Manager, where she oversaw the company's pivotal Multi-National Double-Blinded Placebo Controlled Randomized Clinical Trial that recently completed enrollment.
Dr. Griffiths added, "These new appointments and promotions will further strengthen our management team in key strategic areas that are critical to the growth of our business as we approach broader market reimbursement for our products, based on achieving the strongest scientific evidence demonstrating both the healing and health economic benefits of our Topical Wound Oxygen (TWO 2 ) homecare therapy."
About AOTI
AOTI Inc. is a leading international company providing innovative solutions to resolve severe and chronic wounds worldwide. Our products reduce healthcare costs and improve the quality of life for patients with these debilitating illnesses. Our patented non-invasive Topical Wound Oxygen (TWO 2 ) therapy is unsurpassed in fully closing Diabetic, Venous and Pressure ulcers alike. AOTI is a private company based in Oceanside, California USA and Galway, Ireland. For more information, see: www.aotinc.net
Dr. Mike Griffiths
CEO and President
[email protected]
(760) 672 1920
View original content with multimedia: http://www.prnewswire.com/news-releases/leadership-additions-to-executive-team-to-support-strategic-growth-300640748.html
SOURCE AOTI Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-leadership-additions-to-executive-team-to-support-strategic-growth.html |
Health Insurance Innovations Inc:
* HEALTH INSURANCE INNOVATIONS, INC. REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 REVENUE ROSE 21.3 PERCENT TO $67.8 MILLION * REAFFIRMS FY 2018 ADJUSTED EARNINGS PER SHARE VIEW $2.45 TO $2.55
* SEES FY 2018 REVENUE UP ABOUT 15 TO 20 PERCENT * Q1 EARNINGS PER SHARE VIEW $0.50 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-health-insurance-innovations-q1-ga/brief-health-insurance-innovations-q1-gaap-earnings-per-share-0-33-idUSASC09Z4N |
MCLEAN, Va., May 3, 2018 /PRNewswire-USNewswire/ -- The Construction Industry Round Table (CIRT), a national business trade association comprised exclusively of approximately 120 chief executives from the leading design and construction companies doing business in the United States and globally, has elected Charlie Bacon, President and CEO of Limbach Holdings, Inc., as Chairman of the organization for a term of one year. He succeeds Wayne Drinkward, Chairman of Hoffman Corporation. Bacon was elected during CIRT's Annual Spring Conference this week in Washington, DC which also welcomed new directors.
Charlie Bacon Chairman
"The design and construction industry builds America and CIRT has moved the industry forward on so many fronts," said Bacon. "Through CIRT's education programs with world class speakers and subject matter experts to the sharing of best practices, senior industry executives expand their knowledge base and build lasting friendships. I am very proud to see CIRT support great industry programs such as industry ethics, the ACE Mentor Program, and assisting in the industry's drive to dramatically improve safety. I look forward to this next year working with the Board and the CIRT staff to continue its mission."
In welcoming Bacon as the new Chairman, CIRT President Mark A. Casso, Esq., NAC noted, "Charlie puts his full attention and heart into anything he commits to; he will bring a great deal of energy to promoting the interests of the design and construction industry's interests."
BOARD ELECTIONS
At CIRT's Membership Meeting, the following members were also elected as officers:
Paul Franzen, President, Barnard Construction, Bozeman, MT as Vice Chairman; Wassim A. Selman, Ph.D., P.E., ARCADIS, U.S., Inc., Atlanta, GA as Treasurer; and Wayne Drinkward, Chairman, Hoffman Corporation, Portland, OR will continue to serve on the Executive Committee as Immediate Past Chairman. In addition to the executive committee elections, CIRT also welcomed the following four industry leaders as new directors who will serve on the board through 2021:
Al Gerhardt, President & COO, Kraus-Anderson Construction Co. Gregory A. Kelly, P.E., President & CEO, U.S., WSP David Sweeney, P.E., CEO, RS&H, Inc. Douglas C. Welling, President & CEO, Jacobsen Construction Co., Inc.
"CIRT is fortunate to have a dedicated board of such highly regarded industry professionals. We offer congratulations to our new officers and directors; and thank all of our current and outgoing directors for their service to CIRT and its members as well as the design / construction industry," said Casso.
Limbach Holdings, Inc. is an integrated building systems provider, managing all components of mechanical, electrical, plumbing and control systems, from system design and construction through performance and maintenance. The Company engineers, constructs and services the mechanical, plumbing, air conditioning, heating, building automation, electrical and control systems in both new and existing buildings. Customers include building owners in the private, not-for-profit and public/government sectors. With headquarters in Pittsburgh, PA., Limbach operates from 10 strategically located business units throughout the United States, including Western Pennsylvania (Pittsburgh), Eastern Pennsylvania (Warrington, PA), New Jersey (South Brunswick), New England (Wilmington, MA), Ohio (Columbus and Athens, OH), Michigan (Pontiac and Lansing, MI), Southern California (Seal Beach, CA), and Mid-Atlantic (Laurel, MD). Our design engineering and innovation center, Limbach Engineering & Design Services, is based in Orlando, Florida. Harper Building Systems, a Limbach Holdings, Inc. company, operates throughout Florida with offices in Tampa and Lake Mary, north of Orlando. Our approximately 1,700 employees strive to be the customer's 1st Choice in terms of the services provided, vertical markets and geographies served. Our commitment to safety, advanced technology, human development and reliable execution has enabled Limbach to attract and retain the industry's top leadership talent, skilled craftspeople and professional management staff. For more information about Limbach, please call 412-359-2100; or visit our website at www.limbachinc.com .
For more information about CIRT contact, Mark Casso, 202-466-6777; or visit our website at www.cirt.org .
View original content with multimedia: http://www.prnewswire.com/news-releases/construction-industry-round-table-announces-board-elections--new-chairman-300642031.html
SOURCE Construction Industry Round Table | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-construction-industry-round-table-announces-board-elections-new-chairman.html |
May 28, 2018 / 11:45 AM / Updated an hour ago Brazil truckers association ABCAM recommends end of strike Reuters Staff 1 Min Read
SAO PAULO, May 28 (Reuters) - Brazilian trucker association ABCAM is recommending truckers go back to work as it considers the goals of the nationwide strike have been achieved with measures announced late on Sunday by President Michel Temer, a spokesperson for the association said.
The association expects the number of trucks blocking highways will be “significantly smaller” by the end of the day on Monday.
Brazilian finance minister Eduardo Guardia said the cost of measures announced on Sunday by President Michel Temer will amount to 9.5 billion reais ($2.6 billion), of which 3.8 billion will come from cutting government expenses.
Guardia said the nationwide strike has a “significant impact” on Brazilian economic activity. ($1 = 3.6509 reais) (Reporting by Raquel Stenzel; Writing by Tatiana Bautzer Editing by James Dalgleish) | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport/brazil-truckers-association-abcam-recommends-end-of-strike-idUSE6N1SA03D |
May 16 (Reuters) - PRESENT24 SA:
* SAID ON TUESDAY THAT ITS Q1 NET PROFIT WAS 19,066 ZLOTYS VERSUS 24,152 ZLOTYS YEAR AGO
* Q1 REVENUE WAS 161,889 ZLOTYS VERSUS 149,029 ZLOTYS YEAR AGO
Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN2DS |
IRVINE, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- TRI Pointe Group, Inc. (NYSE:TPH) announced today the addition of three new senior-level executives to its corporate team to support its family of homebuilder brands: Heather Breidenthal as Chief Human Resources Officer, Jeff Lake as Vice President of Architecture and Design, and Sherri Drew as Vice President of Design Studios. The expansion of the team, which is based in the Irvine, Calif. headquarters, reinforces TRI Pointe Group’s commitment to hiring best-in-class industry professionals and delivering product differentiation in the marketplace as the company’s six regional brands continue to grow.
As Chief Human Resources Officer, Breidenthal will implement her expertise in talent development, training, and mergers and acquisition with a key focus on best practices in Human Resources programs and benefits. Prior to joining TRI Pointe Group, Breidenthal spent over 17 years as Senior Vice President of Human Resources at CalAtlantic Group and Standard Pacific Homes.
“As we look to grow our company over the next ten years, Heather will be instrumental in helping us continue to build our culture and company into one of the best places to work in the United States,” said TRI Pointe Group CEO Doug Bauer. “We are extremely fortunate to have found someone with Heather’s talents, credentials, and proven experience to fill this critical role.”
As Vice President of Architecture and Design, Lake will serve as a strategic resource collaborating with TRI Pointe Group’s regional homebuilding brands throughout the design and architectural processes. Lake’s focus will be on further advancing TRI Pointe Group’s product innovation, building cost efficiency, and overall customer experience. Lake previously served as National Vice President of Architecture at CalAtlantic Group and Standard Pacific Homes.
“Jeff’s comprehensive understanding of architecture and design and his experience in the market is tremendously valuable as we strive for future success at TRI Pointe Group,” said Tom Mitchell, Chief Operating Officer and President of TRI Pointe Group. “Jeff is extremely talented with a national reputation for helping homebuilders evolve creatively while improving the bottom line.”
As Vice President of Design Studios, Drew will utilize her 16-plus years of experience and knowledge of new home personalization and customer experience management to oversee TRI Pointe Group’s design studio operations while implementing new technology solutions and metrics. She previously served as the Director of Design Studios for the West Region at Interior Specialists, Inc.
“Sherri’s appointment represents TRI Pointe Group’s commitment to constantly improving the home buying experience,” said Mitchell. “Under her experienced and proven leadership, I believe we can boost our overall customer experience and generate incremental revenue from options and upgrades.”
About TRI Pointe Group®
Headquartered in Irvine, Calif., TRI Pointe Group, Inc. (NYSE:TPH) is a family of premium regional homebuilders that designs, builds, and sells homes in major U.S. markets. As one of the top ten largest public homebuilding companies by market capitalization in the United States, TRI Pointe Group combines the resources, operational sophistication, and leadership of a national organization with the regional insights, community ties, and agility of local homebuilders. The TRI Pointe Group family includes Maracay Homes® in Arizona, Pardee Homes® in California and Nevada, Quadrant Homes® in Washington, Trendmaker® Homes in Texas, TRI Pointe Homes® in California and Colorado, and Winchester® Homes in the Washington, D.C. area. TRI Pointe Group was recognized on Fortune magazine’s 2017 100 Fastest-Growing Companies list, named 2015 Builder of the Year by Builder magazine, and 2014 Developer of the Year by Builder and Developer magazine. The company was also named one of the Best Places to Work in Orange County by the Orange County Business Journal and Best Companies Group in 2016 and 2017. For more information, please visit www.TriPointeGroup.com .
Contact
Katy Biggerstaff
NewGround PR & Marketing
562.761.6338 / [email protected]
Source:TRI Pointe Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-tri-pointe-group-strengthens-executive-leadership-team-with-three-new-hires.html |
Automakers need to take a clear stance on the future, Volvo Cars CEO says 10 Hours 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/2018/05/16/automakers-need-to-take-a-clear-stance-on-the-future-volvo-cars-ceo-says.html |
May 10, 2018 / 10:08 AM / Updated 6 minutes ago BRIEF-China Automotive Systems says Q1 Sales Rose 12.3 Pct To $134 Mln Reuters Staff
May 10 (Reuters) - China Automotive Systems Inc:
* CHINA AUTOMOTIVE SYSTEMS REPORTS 2018 FIRST QUARTER RESULTS * Q1 SALES ROSE 12.3 PERCENT TO $134 MILLION
* SEES FY 2018 REVENUE $520 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-automotive-systems-says-q1-s/brief-china-automotive-systems-says-q1-sales-rose-12-3-pct-to-134-mln-idUSASC0A1B4 |
(Adds details from ISM survey, analyst comments, updates markets)
* ISM factory activity index drops to 57.3 in April
* New orders index slips, employment measure falls
* Construction spending drops 1.7 percent March
WASHINGTON, May 1 (Reuters) - U.S. factory activity slowed for a second straight month in April, with manufacturers complaining about rising commodity prices in the wake of the Trump administration's tariffs on steel and aluminum imports.
The Institute for Supply Management (ISM) survey published on Tuesday also showed shortages of skilled workers, which together with the proposed import tariffs were causing bottlenecks in the supply chain.
Rising raw material costs are the latest indication that inflation pressures are building and could attract the attention of Federal Reserve officials who began a two-day policy meeting on Tuesday. Data on Monday showed a jump in annual inflation rates in March. In addition, wages grew at their quickest pace in 11 years in the first quarter.
"It supports our view that the Fed will raise interest rates three additional times this year," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "The Fed is underestimating the amount of developing inflation pressures."
The U.S. central bank is not expected to raise interest rates when it concludes its meeting on Wednesday. The Fed increased borrowings costs in March and has forecast at least two more rate hikes for this year.
The ISM said its index of national factory activity dropped to a reading of 57.3 last month from 59.3 in March. A reading above 50 in the ISM index indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.
The survey's prices paid index increased 1.2 points to 79.3, the highest reading since April 2011. Last month, price increases occurred across 17 of 18 industry sectors. Machinery manufacturers said tariffs had increased prices for steel and other materials. They reported that "a lot of suppliers are asking for increases, and the team is battling those requests."
President Donald Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum in March. However, on Tuesday he postponed imposition of the tariffs on Canada, Mexico and the EU until June 1 and reached agreements for permanent exemptions for Argentina, Australia and Brazil.
Miscellaneous products manufacturers described the tariffs as "very concerning" and said "business planning is at a standstill until they are resolved." Manufacturers of fabricated metal products said the steel tariffs had made it difficult to source material, "and we have had to eliminate two products due to availability and cost of raw material."
"Tariffs could add downside risks to factory production and increase input costs in the months ahead," said Scott Anderson, chief economist at Bank of the West in San Francisco.
The ISM's measure of factory employment dropped in April. Transport equipment manufacturers said while business was robust, capacity constraints were a headache. They described labor as remaining "tight and getting tighter."
Those sentiments were also shared by food, beverage and tobacco products manufacturers who said shortages of trucks and drivers had impacted delivery times.
CONSTRUCTION SPENDING TUMBLES
Despite the second straight monthly drop in the ISM index, manufacturing remains underpinned by a firming global economy as well as a weakening U.S. dollar, which is boosting the competitiveness of American-made goods on the global market.
Stocks on Wall Street fell as investors worried about inflation. The dollar was trading higher against a basket of currencies while prices for U.S. Treasuries slipped.
A separate report from the Commerce Department showed construction spending unexpectedly fell in March as a sharp decline in homebuilding and renovations led to the biggest drop in investment in private construction projects in more than seven years.
Construction spending tumbled 1.7 percent. February data was revised to show construction spending increasing 1.0 percent instead of the previously reported 0.1 percent gain.
Economists polled by Reuters had forecast construction spending accelerating 0.5 percent in March. Construction spending rose 3.6 percent on a year-on-year basis.
In March, spending on private construction projects declined 2.1 percent. That was the largest fall since January 2011 and followed a 1.2 percent increase in February.
Outlays on private residential projects plunged 3.5 percent, the biggest drop since April 2009, after advancing 1.2 percent in February. Spending on both single and multifamily housing projects fell in March. Spending on home renovation dropped 8.0 percent last month.
Economists expected the construction data would subtract one-tenth of a percentage point from the government's 2.3 percent annualized growth rate estimate for first-quarter gross domestic product, which was published last Friday.
"We expect residential construction spending to grow in 2018 on our thesis that while home building is being constrained by supply issues, the demographic demand for housing units exceeds supply," said John Ryding, chief economist at RDQ Economics in New York.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-wrapup-2-u-s-factory-activity-slows-further-tariff-concerns-grow.html |
May 17, 2018 / 12:33 PM / Updated 5 hours ago U.S. labor market tightening; mid-Atlantic factory activity picks up Lucia Mutikani 5 Min Read
WASHINGTON (Reuters) - New applications for U.S. jobless benefits increased more than expected last week, but the number of Americans on unemployment rolls fell to its lowest level since 1973, pointing to diminishing labor market slack. FILE PHOTO: A job seeker holds a "We're Hiring" card while talking to a representative from Target at a City of Boston Neighborhood Career Fair on May Day in Boston, Massachusetts, U.S., May 1, 2017. REUTERS/Brian Snyder
Other data on Thursday showed an acceleration in mid-Atlantic factory activity this month, with manufacturers saying they were boosting employment and asking for higher prices for their products. The combination of a tightening labor market and firming inflation bolsters expectations the Federal Reserve will raise interest rates next month.
“The U.S. labor market is headed toward becoming the tightest in recent memory,” said Kathryn Asher, an economist at Moody’s Analytics in West Chester, Pennsylvania.
Initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 222,000 for the week ended May 12, the Labor Department said. Economists polled by Reuters had forecast claims rising to 215,000 in the latest week.
The labor market is viewed as being close to or at full employment, with the jobless rate near a 17-1/2-year low of 3.9 percent and within striking distance of the Fed’s forecast of 3.8 percent by the end of this year. The U.S. central bank raised rates in March and forecast at least two more hikes for this year.
The number of people receiving benefits after an initial week of aid decreased 87,000 to 1.71 million in the week ended May 5, the lowest level since December 1973. Declining continuing claims underscore tightening labor market conditions and support economists’ expectations that wage growth will accelerate in the second half of the year.
The labor market and regional factory data added to strong reports this week on consumer spending and industrial production in suggesting that economic growth was picking up early in the second quarter after slowing at the start of the year.
Growth estimates for the second quarter are around a 3.0 percent annualized rate. The economy grew at a 2.3 percent rate in the January-March period.
A report from the Conference Board on Thursday showed its leading economic index, a gauge of future U.S. economic activity, increased 0.4 percent in April after a similar gain in March. That indicates strong growth should continue into the second half of the year.
The yield on the 30-year U.S. government bond rose to its highest level since July 2015, helping to lift the dollar against a basket of currencies. Stocks on Wall Street were slightly higher. SOLID JOB GROWTH
The four-week moving average of initial claims, viewed as a better measure of labor market trends as it irons out week-to-week volatility, fell 2,750 to 213,250 last week, the lowest level since December 1969.
The claims data covered the survey period for the nonfarm payrolls portion of May’s employment report.
The four-week average of claims fell 18,250 between the April and May survey periods, suggesting solid job growth. Nonfarm payrolls increased by 164,000 jobs in April after rising by 135,000 in March. Job gains are slowing as employers struggle to find skilled workers.
There were a record 6.6 million unfilled jobs in March, according to government data published last week.
Expectations of strong job growth this month were also bolstered by a separate report on Thursday from the Philadelphia Fed which showed its manufacturing business outlook survey’s current general activity index rose about 11 points to a reading of 34.4 in May.
Manufacturers in the mid-Atlantic region reported hiring more workers this month and increasing hours for their existing workforce. The survey’s employment index rose to a seven-month high. While a measure of prices paid for raw materials by factories in the region fell, it remained at high levels.
The survey’s prices received index rose to its highest reading since February 1989. Nearly 64 percent of the firms expected input price increases over the next six months, and 36 percent anticipated higher prices for their goods.
In response to a special question on prices and wages, manufacturers in the region said they expected changes in prices of their goods to exceed inflation over the next year. They also expected wages and benefits for factory workers to increase 3 percent over the same period.
Though these findings are unchanged from when the same question was asked in February, they fit in with economists’ predictions that inflation will overshot the Fed’s 2 percent target. The U.S. central bank’s preferred inflation measure, the personal consumption expenditures price excluding food and energy, increased 1.9 percent year-on-year in March.
“While the strong growth should continue through the rest of the year, the rising pricing power it is supporting is becoming worrisome,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. Reporting by Lucia Mutikani; Editing by Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy/u-s-weekly-jobless-claims-rise-unemployment-rolls-smallest-in-45-years-idUSKCN1II1RA |
WASHINGTON, May 8 (Reuters) - Former U.S. President Barack Obama, under whose administration the Iran nuclear agreement was reached in 2015, said on Tuesday that President Donald Trump’s decision to withdraw from the deal was “misguided.”
“I believe that the decision to put the JCPOA at risk without any Iranian violation of the deal is a serious mistake,” Obama said in a statement. (Reporting by Eric Beech Editing by Eric Walsh)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-obama/obama-calls-trumps-decision-on-iran-nuclear-deal-misguided-idUSW1N1S702T |
May 21 (Reuters) - Amgen Inc:
* FDA APPROVES PROLIA® (DENOSUMAB) FOR GLUCOCORTICOID-INDUCED OSTEOPOROSIS
* FDA APPROVES PROLIA® (DENOSUMAB) FOR GLUCOCORTICOID-INDUCED OSTEOPOROSIS
* AMGEN INC - SAFETY RESULTS WERE CONSISTENT WITH KNOWN SAFETY PROFILE OF PROLIA
* AMGEN INC - APPROVAL OF PROLIA FOR GLUCOCORTICOID-INDUCED OSTEOPOROSIS IS BASED ON DATA FROM A PHASE 3 STUDY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fda-approves-prolia-for-glucocorti/brief-fda-approves-prolia-for-glucocorticoid-induced-osteoporosis-idUSASC0A33K |
April 30 (Reuters) - Exact Sciences Corp:
* EXACT SCIENCES CORP SAYS CEO KEVIN T. CONROY'S 2017 TOTAL COMPENSATION WAS $13.3 MILLION – SEC FILING Source : bit.ly/2w2gEbC Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-exact-sciences-says-ceo-kevin-t-co/brief-exact-sciences-says-ceo-kevin-t-conroys-2017-total-compensation-was-13-3-million-idUSFWN1S71CA |
Why Blackstone Is Buying LaSalle Hotel Properties Blackstone 11:55 AM EDT
Blackstone is making big moves.
Just three days after the private equity group sold the remains of its Hilton stake, it’s scooping another hotel giant. Blackstone agreed to buy U.S. hotel owner LaSalle Hotel Properties for $3.7 billion, outbidding a $3.5 billion offer by Pebblebrook Hotel Trust. Pebbelbrook later upped its bid, but LaSalle went with Blackstone, determining that “this transaction represents the most compelling opportunity.”
The deal values LaSalle at $33.50 per share and represents a 5% premium to LaSalle’s closing price on Friday. LaSalle’s Chairman Stuart Scott was reportedly in contact with at least 20 potential bidders and signed confidentiality agreements with 10 of them before agreeing to accept Blackstone’s offer. LaSalle owns four hotels in Manhattan—Gild Hall, Park Central New York, the Roger, and WestHouse.
“After careful consideration of multiple proposals received, the board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders, delivering a significant premium with immediate and certain cash value,” Scott said in a news release.
If the deal falls apart, the breakup fees are pretty significant. If LaSalle terminates the transaction, the fee amounts to $112 million, whereas if Blackstone decides to back out, it’s $336 million.
The deal makes sense for Blackstone. The private equity firm typically buys hotels and other real estate holdings at a discount and then sells them for a profit after restructuring operations. For instance, the Hilton investment proved fruitful for Blackstone. With the recent exit, Blackstone will realize some $14 billion of profit , meaning that it has more than tripled its initial investment. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/21/blackstone-lasalle/ |
(Adds reaction, detail) By Andy Bruce and William Schomberg LONDON, May 15 (Reuters) - British employers hired many more workers than expected in early 2018 but wage growth has yet to accelerate sharply, according to figures that leave the Bank of England still waiting for signs the economy is ready for a rise in interest rates. Employment rose by 197,000 during the first three months of this year, the biggest jump since late 2015 and far exceeding the 130,000 consensus expectation of a Reuters poll of economists. Sterling and British government bonds were little moved by the figures, which showed a familiar picture of solid growth in jobs, unemployment at its lowest level in decades, but only a modest pick-up in pay for most British workers, who have been hit by higher inflation since the 2016 Brexit vote. Annual growth in earnings, excluding bonuses, edged up to 2.9 percent in the three months to March after a 2.8 percent rise in February, the Office for National Statistics (ONS) said on Tuesday, as expected in the Reuters poll. While this was the biggest increase since the three months to August 2015, it represented only a 0.4 percent increase in pay in inflation-adjusted terms. Including bonuses, total pay growth cooled to 2.6 percent from 2.8 percent in the three months to February, as expected. Last week the BoE left interest rates on hold, despite saying in February that borrowing costs were likely to go up more quickly than it had previously thought. It said it wanted to be sure the economy was bouncing back after barely growing in the first quarter. Economists said the strength of hiring in Tuesday's figures suggested Britain's economy did not have such a bad start to 2018 as portrayed by the preliminary official data. "On balance, the combination of robust employment growth, falling unemployment and stronger underlying earnings growth -- as well as a clear relapse in productivity in the first quarter -- looks supportive to a Bank of England interest rate hike in August," said Howard Archer, chief economic adviser to the EY ITEM Club consultancy. "However, much is likely to depend on whether the UK economy sees clear signs of marked improvement over coming months." The ONS published new figures for employment of foreign nationals and for productivity, a long-term problem for Britain's economy. Output-per-hour fell by 0.5 percent quarter-on-quarter in the three months to March after a 0.7 percent rise in the fourth quarter of 2017, marking the biggest fall since late 2015 and denting hopes that British productivity was on the mend. Less than a year before Britain is due to exit the European Union, the ONS said the number of EU nationals employed in Britain fell by 1.2 percent from a year ago to 2.292 million -- the biggest drop in percentage terms for eight years. (Reporting by Andy Bruce Editing by Catherine Evans)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/britain-economy/update-1-uk-employment-jumps-but-strong-wage-growth-still-elusive-idUSL5N1SM3A7 |
Borealis CEO: Restored Iran sanctions have not had impact so far 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/borealis-ceo-restored-iran-sanctions-have-not-had-impact-so-far.html |
NEW YORK (AP) — Banks and energy companies surged Wednesday and smaller companies made huge gains as stocks got back almost all the ground they lost the day before. Investors reversed course as they hoped Italy would be able to avoid a new round of elections after all.
Financial companies rallied as bond yields turned higher and energy companies rose along with U.S. crude oil, which busted out of a five-day losing streak. The shift came after Carlo Cottarelli, nominated to be Italy's next prime minister, said there were "new possibilities" to form a government.
Stocks had plunged the previous day as investors expected gridlock to be resolved with new elections that could have turned into a yes-or-no referendum deciding whether Italy would continue to use the euro.
JJ Kinahan, chief market strategist for TD Ameritrade, said the market often reacts irregularly to political events like the uncertainty in Italy or tensions between the U.S. and North Korea: stocks often fall fast and then recover in quick fashion. That process can sometimes repeat itself weeks or months later.
"If there's no follow-up news, they tend to come back near where they started," he said. "I wouldn't count on it being done for the summer."
The S&P 500 index jumped 34.15 points, or 1.3 percent, to 2,724.01. The Dow Jones industrial average climbed 306.33 points, or 1.3 percent, to 24,667.78. The Nasdaq composite gained 65.86 points, or 0.9 percent, to 7,462.45.
While the S&P 500 and Nasdaq recovered Tuesday's losses and then some, smaller and more U.S.-focused companies did ever better as investors continued to worry about trade. Small companies finished with minor losses Tuesday, and on Wednesday they made even bigger gains than larger multinationals did. The Russell 2000 index surged 24.34 points, or 1.5 percent, and closed at a record high of 1,647.99.
The Chinese government criticized the U.S., which had renewed a threat to raise duties on some imports from China. At the same time, officials from the U.S. and European Union held talks on the tariffs the Trump administration has proposed on European steel and aluminum. European Union negotiations seemed pessimistic and said they expected the U.S. to announce a final decision Thursday.
China and the EU have both said they will react to new tariffs imposed by the U.S. with duties of their own, which has raised the prospect of greater tensions and the possibility of trade wars. Kinahan, of TD Ameritrade, said investors feel smaller companies are less vulnerable.
Multinational companies have had a rough ride lately as investors reacted to trade tensions by shifting money into smaller and more U.S.-focused companies.
"Much of their business is done domestically, so the tariffs shouldn't affect them as badly," he said. "But even if the tariffs don't happen, many of those stocks are performing well."
Italy's FTSE MIB stock index climbed 2.1 percent after a 2.7 percent drop a day earlier. Prices for Italian government bonds also rose, sending yields down following a huge surge the day before.
The euro rose to $1.1648 from $1.1531, which was its lowest level in almost a year. The dollar rose to 108.85 yen from 108.24 yen.
Germany's DAX climbed 0.9 percent while the FTSE 100 index in Britain rose 0.7 percent. The CAC 40 in France lost 0.2 percent.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.84 percent from 2.79 percent. Interest rates rose and bank stocks recovered about half of their losses from Tuesday. When rates rise, banks can make more money on mortgages and other types of loans.
Energy companies rose as U.S. crude oil climbed 2.2 percent to $68.21 per barrel in New York. Brent crude, used to price international oils, added 2.8 percent to $77.50 a barrel in London.
Exxon Mobil rose 3.9 percent to $81.50. That was its biggest one-day gain since September 2016.
Oil prices fell 7.6 percent in five days following reports OPEC countries and Russia might start producing more oil soon. Those countries cut production at the start of 2017, which helped take U.S. crude from about $50 a barrel in late 2016 to more than $70 this month. They had agreed to keep production at its current levels until the end of this year, but upheaval in Venezuela and new sanctions on Iran could change their plans.
Wholesale gasoline rose 1.9 percent to $2.18 a gallon. Heating oil gained 2.1 percent to $2.23 a gallon. Natural gas slid 0.6 percent to $2.89 per 1,000 cubic feet.
Investors also reacted to more earnings from retailers. Dick's Sporting Goods soared 25.8 percent to $38.35 after it raised its annual profit forecast. Its first-quarter report was better than expected thanks in part to strong online sales. Its decision to stop selling assault rifles and cease selling guns to people under 21 didn't appear to affect its business.
Clothing company Chico's FAS plunged 18.2 percent to $8.17 after its profit fell short of expectations and luxury retailer Michael Kors dropped 11.4 percent to $60.41 following a disappointing forecast for the year.
Gold rose 0.2 percent to $1,301.50 an ounce. Silver added 1 percent to $16.54 an ounce. Copper gained 0.2 percent to $3.07 a pound.
Japan's Nikkei 225 stock index dropped 1.5 percent and the Kospi of South Korea dropped 2. The Hang Seng in Hong Kong slipped 1.4 percent.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP . His work can be found at https://apnews.com/search/marley%20jay | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-stock-markets-reverse-course-and-surge-as-italy-fears-fade.html |
Tesla Inc. stocks and bonds slid anew after the electric car maker’s unusual earnings call threatened investors’ faith at a pivotal time for the electric automaker. Chief executive Elon Musk, who has consistently defied the expectations of investors and analysts, turned Wednesday’s earnings call into a sparring session. Partway in, Mr. Musk cut off Sanford C. WSJ City PM: Europe's Inflation Wait, Commodities' Dollar Headache, Betting on a Faster Fed | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/03/spurned-tesla-analysts-arent-pleased-with-bizarre-earnings-call/ |
BOSTON, May 01, 2018 (GLOBE NEWSWIRE) -- Zafgen, Inc. (Nasdaq:ZFGN), a clinical-stage biopharmaceutical company leveraging its proprietary knowledge of MetAP2 systems biology to develop novel therapies for patients affected by a range of metabolic diseases, announced today that it will host a conference call on Tuesday, May 8, 2018 at 4:30 p.m. ET to discuss its first quarter ended March 31, 2018.
Participants may access the call by dialing (844) 824-7428 in the U.S. or (973) 500-2177 outside the U.S. and referencing conference ID number 6639039. The call will also be webcast live on the Company's website at https://zafgen.gcs-web.com/events-and-presentations . A replay of this conference call will be available beginning at 7:30 p.m. ET on May 8, 2018 through May 15, 2018 by dialing (855) 859-2056 in the U.S. or (404) 537-3406 outside the U.S. To access the replay please provide conference ID number 6639039.
About Zafgen
Zafgen (Nasdaq:ZFGN) is a clinical-stage biopharmaceutical company leveraging its proprietary knowledge of MetAP2 systems biology to develop novel therapies for patients affected by a range of complex metabolic diseases. Zafgen has pioneered the study of MetAP2 inhibitors in both common and rare metabolic disorders, and its current disease areas of focus are type 2 diabetes, Prader-Willi syndrome and liver diseases. The company’s lead product candidate is ZGN-1061, a MetAP2 inhibitor in Phase 2 clinical development with unique properties that maximize impact on metabolic parameters relevant to the treatment of type 2 diabetes and other related metabolic disorders. In 2018, Zafgen plans to file an investigational new drug (IND) application with the U.S. FDA and initiate Phase 1 clinical trials for ZGN-1258, its new molecule for the treatment of Prader-Willi syndrome and potential other rare and serious forms of obesity. Learn more at www.zafgen.com .
Media/Investor Relations Contacts :
Zafgen, Inc.
Patricia Allen
Chief Financial Officer
617-648-9792
Media
Krystle Gibbs
Ten Bridge Communications
[email protected]
508-479-6358
Investors
John Woolford
Westwicke Partners
[email protected]
443-213-0506
Source:Zafgen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-zafgen-to-host-conference-call-to-discuss-first-quarter-2018-financial-results.html |
May 4 (Reuters) - Shenzhen Kinwong Electronic Co Ltd :
* Says it will pay cash dividend of 0.50 yuan(before tax)/share for 2017 to shareholders of record on May 10
* The company’s shares will be traded ex-right and ex-dividend on May 11 and the dividend will be paid on May 11
Source text in Chinese: goo.gl/zd4Gkm
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shenzhen-kinwong-electronic-to-pay/brief-shenzhen-kinwong-electronic-to-pay-a-shares-div-for-fy-2017-on-may-11-idUSL3N1SB3JF |
(Reuters) - James Patterson and Maxine Paetro’s thriller “The 17th Suspect” topped the U.S. best-sellers list on Thursday.
Data released by independent, online and chain bookstores, book wholesalers and independent distributors across the United States was used to compile the list.
Hardcover Fiction Last week
1. “The 17th Suspect” 22
Patterson/Paetro (Little, Brown)
2. “The Fallen” 1
David Baldacci (Grand Central)
3. “Twisted Prey” 2
John Sandford (Putnam)
4. “The Forgotten Road” -
Richard Paul Evans (Simon & Schuster)
5. “Adjustment Day” -
Chuck Palahniuk (Norton)
6. “Before We Were Yours” 5
Lisa Wingate (Ballantine)
7. “The Hellfire Club” 4
Jake Tapper (Little, Brown)
8. “Little Fires Everywhere” 3
Celeste Ng (Penguin Press)
9. “The Woman in the Window” 6
A.J. Finn (Morrow)
10. “The Great Alone” 8
Kristin Hannah (St. Martin’s)
Hardcover Non-Fiction
1. “Magnolia Table” 1
Joanna Gaines (Morrow)
2. “A Higher Loyalty” 2
James B. Comey (Flatiron)
3. “I’ll Be Gone in the Dark” 3
Michelle McNamara (Harper)
4. “12 Rules for Life” 4
Jordan B. Peterson (Random House Canada)
5. “War on Peace” 5
Ronan Farrow (Norton)
6. “Girl, Wash Your Face” 10
Rachel Hollis (Nelson)
7. “Fascism” 6
Madeleine Albright (Harper)
8. “Educated” 13
Tara Westover (Random House)
9. “The Light Within Me” 7
Ainsley Earhardt (Harper)
10. “I’ve Been Thinking...” 12
Maria Shriver (Viking/Dorman)
Compiled by Eric Kelsey; Editing by Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-books-bestsellers/thriller-the-17th-suspect-tops-u-s-best-sellers-list-idUSKBN1IB31F |
JUBA, May 17 (Reuters) - The U.N. mission in South Sudan (UNMISS) is sending 150 peacekeepers to Unity state to protect civilians who are being targeted in clashes between the government and rebel troops, the mission said on Thursday.
Nearly 1.76 million people have been displaced internally since fighting broke out in 2013 between troops loyal to President Salva Kiir and the former vice president he sacked, Riek Machar, the U.N. said.
A series of peace deals signed by the parties at the behest of regional groups like the Inter-Governmental Authority on Development (IGAD) have been violated, with the latest violence taking place in Unity state, which hosts abandoned oil fields.
“What we are witnessing on the ground is the deliberate killing of civilians as well as the sexual violation and abduction of women and children,” David Shearer, the head of the U.N. mission, said in a statement.
Dozens have been killed in the area in recent weeks, UNMISS said.
“Our fresh deployment will enable peacekeeping troops to patrol deeper to reach remote villages where the worst atrocities are taking place to create a protective presence and deter further fighting.”
At least 30 villages in the area had been attacked by the warring parties, Shearer said, adding that thousands of civilians were fleeing to Leer from Koch.
Those who are displaced were seeking refuge near the UN base, with the majority being children, the head of the mission said, demanding that those who are violating laws by attacking civilians should be held to account.
Reporting by Denis Dumo Writing by Duncan Miriri Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/southsudan-unrest/un-deploys-more-peacekeepers-to-south-sudans-unity-state-idUSL5N1SO45W |
By Jeff John Roberts 10:48 AM EDT
Hackers compromised the cryptocurrency Bitcoin Gold—a lesser known offshoot of the original Bitcoin—this month, using superior computing power to falsify the currency’s ledger and swindle at least $18 million from online exchanges.
The hacking incident, which was reported in a blog post earlier this month, is significant because it shows how a so-called 51% percent attack, which poses an existential threat to any Bitcoin-like currency, is not just a theoretical concern.
The threat is known as a “51% attack” because it stems from a malicious actor obtaining more than half of the mining power on a cryptocurrency network.
This dominant level of computer power makes it possible to manipulate the blockchain ledger on which transactions are recorded, and to spend the same digital coins more than once. As an analogy, it’s as if a fraudster got access to the clearing records of a stock exchange and falsified a series of share transfers.
This is basically what happened to Bitcoin Gold. According to the website Bitcoinist , the records of a digital wallet show hackers made a series of fraudulent deposits in which the money never ended up with the recipient exchange:
“The attacker sends a particular number of BTG tokens to an exchange, trades them for another coin and makes a withdrawal. The hacker then returns those same coins in his/her wallet, hence the double-spending problem. Thus, the attacker can spend and hold the same coins at the same time. Looking at the image above, if all 76 transactions were indeed part of the hack, then the hacker has stolen about $18 million based on the current BTG price.”
The Bitcoin Gold network still appears vulnerable to further such attacks. The hacker has yet to strike again, however, possibly because further attacks could trigger a massive sell-off as Bitcoin Gold holders lose faith in the integrity of the network.
The price of Bitcoin Gold fell slightly on news of the attack but so far there has been no sign of panic selling.
On Tuesday morning, a Bitcoin Gold developer acknowledged the ongoing risk in a blog post , and added there are plans to introduce a software update known as a “hard fork” that will decentralize the mining power on the network. (The blog post doesn’t state if the hard fork will restore the coins swindled from the exchanges).
As Quartz notes, the crisis at Bitcoin Gold represents the “ nightmare scenario ” for any cryptocurrency, and could theoretically happen to numerous other currency networks.
While the threat has existed for years, the chances of it materializing appeared to diminish as more and more people joined cryptocurrency networks—which in theory makes it harder to obtain control of over half the network. But the rise of massive mining conglomerates that deploy specialized computer equipment has seen a growing centralization of mining in recent years.
For now, there appears to be no imminent threat of a 51% attack on Bitcoin itself—in large part because of the size of the network—but other smaller networks could be more exposed. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/bitcoin-gold-hack/ |
May 29, 2018 / 5:27 PM / Updated 28 minutes ago Shipper BW LPG offers to buy Dorian LPG in $1.1 billion deal Reuters Staff 2 Min Read
OSLO (Reuters) - The world’s largest liquid petroleum gas (LPG) shipper, Norway’s BW LPG, is offering to buy competitor Dorian LPG in a $1.1 billion all-stock deal in an effort to boost its earnings in a weak market, it said in a statement on Tuesday.
Dorian shareholders will receive 2.05 BW LPG shares for each Dorian share, equal to $7.86 per share, a premium of 13 percent from Friday’s closing price, and based on BW LPG’s share price on May 28.
New York-listed Dorian LPG’s equity is valued at about $441 million and including debt the transaction is valued at $1.1 billion.
The deal is backed by shipping conglomerate BW Group, owned by the Hong Kong-based Sohmen-Pao family, which owns 14.2 percent of Dorian and about 45 percent of BW LPG.
Dorian LPG declined to comment when asked by Reuters about the proposed offer.
Shares in Dorian rose 5.6 percent on the news to $7.35.
Dorian LPG’s fleet consists of 22 very large gas carriers (VLGC) and the combined company would own 73 vessels, of which 68 would be very large gas carriers, 2 VLGCs currently under order and 3 large gas carriers if the deal goes through.
BW LPG said it expected minimum annual savings of $15 million from the deal. Reporting by Ole Petter Skonnord; Editing by Adrian Croft | ashraq/financial-news-articles | https://www.reuters.com/article/us-dorian-lpg-m-a-bw-lpg/shipper-bw-lpg-offers-to-buy-dorian-lpg-in-1-1-billion-deal-idUSKCN1IU2AO |
MEXICO CITY (Reuters) - Mexican deputy economic minister Juan Carlos Baker has been in Washington this week for talks with U.S. officials over the renegotiation of the North American Trade Agreement (NAFTA), three people familiar with the matter said on Wednesday.
Baker has held talks to take stock of ongoing discussions on how to revise automotive sector rules, among other issues, said one of the people, who spoke on condition of anonymity.
“Baker traveled to hold meetings with U.S. trade officials to review the issues in the negotiation,” one of the sources said, noting that trade negotiators were continuing to hold remote discussions on a number of issues.
The Mexican official arrived in Washington on Tuesday and would return on Wednesday, another of the sources said.
A spokesman for the Mexican economy ministry said he could not confirm the reports of Baker’s meeting.
NAFTA talks have been stalled over a series of U.S. demands to rework the 24-year-old accord, in particular proposals to impose tougher regional content requirements on the auto industry in a bid to create more jobs in the United States.
Reporting by Ana Isabel Martinez and Anthony Esposito; Writing by Dave Graham; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta-mexico/senior-mexican-official-holds-nafta-talks-in-u-s-sources-idUSKCN1IO2YW |
May 9, 2018 / 1:10 PM / Updated 10 minutes ago Amazon rolls out model 'smart' homes for U.S. shoppers to try out Alexa Jeffrey Dastin 3 Min Read
VALLEJO, Ca (Reuters) - Amazon.com Inc on Wednesday said it has set up model “smart” homes across the United States for shoppers to experience what it’s like for voice aide Alexa to dim the lights, turn on the TV or order more laundry detergent.
The rollout underscores how Amazon aims to make Alexa and the company’s growing list of services, from shopping and entertainment to home security, an everyday part of consumers’ lives. It also steps up competition with retailers such as Best Buy Co Inc that focus on showcasing technology and advising shoppers.
Amazon, the world’s largest online retailer, said it has partnered with Lennar Corp to convert some of the home construction company’s model homes into showrooms for Alexa. The so-called “Amazon Experience Centers” are now open near 15 cities including Los Angeles, Dallas and Washington, with more to come.
“Today, the choices open to customers are, you can go to a brick-and-mortar store and you can see devices on demo tables. You go online and do your research. But you fundamentally are left to imagine what an integrated home would look like,” said Nish Lathia, general manager of Amazon Services, in the company’s Vallejo, California experience center outside San Francisco.
The centers are “intended to educate and inspire. On the secondary benefit, yes, if it drives sales, we’re not complaining,” he said.
David Kaiserman, president of Lennar Ventures, said the centers should increase traffic to Lennar’s model homes and spark ideas for potential home buyers. Lennar will get a standard commission for Amazon sales to customers it helped acquire, too. A sign touting Amazon's collaboration with Lennar home builders is seen at an Amazon ‘experience center’ in Vallejo, California, U.S., May 8, 2018. Picture taken on May 8, 2018. REUTERS/Elijah Nouvelage
The global smart home market is expected to reach an estimated $107.4 billion by 2023, according to market research firm ReportLinker.
Best Buy is betting big on this trend. It has expanded its In-Home Advisor program to all major U.S. markets and employs more than 350 advisors under the initiative, its most recent annual report said.
Experts visit customers’ homes and consult on issues from increasing appliance efficiency to setting up connected gadgets - similar in nature to Amazon’s 1.5-year-old “Smart Home Services,” which is poised to gain from the new experience centers.
“We’re excited about Best Buy’s program,” said Amazon’s Lathia. “The more customers that get educated about smart home, the better it is for everybody.” Slideshow (23 Images)
Philippe Ferrey, an Amazon Expert present at the Vallejo center, previously worked five years for Best Buy as a Geek Squad agent, he said. Reporting By Jeffrey Dastin in Vallejo, California; additional reporting by Nandita Bose; editing by Richard Pullin | ashraq/financial-news-articles | https://in.reuters.com/article/us-amazon-com-smart-home/amazon-rolls-out-model-smart-homes-for-u-s-shoppers-to-try-out-alexa-idINKBN1IA1ZZ |
WARSAW (Reuters) - GE Power, part of a consortium due to build Poland’s last coal-fueled power plant, may subcontract the project to Polish builders Rafako and Polimex-Mostostal with whom it has worked before, a GE Power executive said.
In April GE Power, together with Alstom Power, won a tender to build the 1,000 megawatt plant in Ostroleka, northeast Poland, for Polish utilities Energa and Enea with a bid of 6 billion zlotys ($1.68 billion).
A consortium of Polimex-Mostostal and Rafako failed to win the tender with a bid worth 9.59 billion zlotys as did China Power Engineering Consulting Group, which offered 4.85 billion for the contract.
“We consider cooperation with Rafako and Polimex–Mostostal, but we have not started any discussions with them,” said GE Power Chief Commercial Officer Michael Keroulle.
He added GE Power definitely intended to explore options for Ostroleka with the firms but needed to wait for the tender procedure to finish, with a signature from Enea and Energa.
It is not clear when Enea and Energa will sign the deal. The utilities aim to take advantage of a back-up power capacity scheme approved by the EU in February as banks have been reluctant to finance coal.
“The project has to be under construction some time before the end of the year. We would expect to sign the contract with Energa and Enea within a month or a month and a half,” Keroulle said.
GE Power, which is currently a consortium partner building two 900 MW coal-fuelled units at Opole power plant for Poland’s biggest power group PGE, is also looking closely at Poland’s plans to build its first offshore wind farms and nuclear power station, as big coal projects disappear.
GE Power is working with Polimex at Opole and has used Rafako as its subcontractor in Poland for many years.
“It is a very interesting time for Poland’s energy. Midterm we could see the start of offshore wind, lignite will likely disappear and then nuclear power would fit,” Keroulle said.
He added shortages on the labor market were an issue faced by construction companies in the energy sector and one of the reasons why the Opole project is delayed.
($1 = 3.5697 zlotys)
Reporting by Agnieszka Barteczko; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-energa-ostroleka/ge-says-may-work-with-polish-rafako-and-polimex-on-ostroleka-plant-idUSKBN1IB1U3 |
PHILADELPHIA--(BUSINESS WIRE)-- An affiliate of Philadelphia-based real estate investor Philip Balderston’s Odin Properties (“Odin”) announced today that it has sold The Woodland Village Apartments at 401 E Gibbsboro Road in Lindenwold, New Jersey for $32,100,000 in a deal brokered by Eli Rosen and Joseph Brecher of Gebroe-Hammer Associates. Odin purchased the property for $15,875,000 in March 2014.
At acquisition, the two-story garden style asset had a substantial vacancy, physical issues, and various other concerns that discouraged interest in the 546-unit complex from other investors and lenders. Odin purchased the property then known as Coachman Manor and embarked on a massive renovation and repositioning campaign that transformed the 30 building 28.4-acre complex into a thriving workforce housing community. Balderston commented, “Woodland Village is an excellent asset with great scale in proximity to the PATCO Train Station, Philadelphia, and Camden employment hubs. It was the right time to exit for ourselves and our investors given the duration of our ownership and current investment sales climate. We are proud to have successfully worked with the Lindenwold community to resuscitate an important property while keeping rents at levels attainable for working individuals and families.”
About Odin Properties
Odin Properties is an active real estate investor and developer, primarily rehabilitating and repurposing underutilized workforce multifamily assets in the Northeastern and Midwestern United States. It was founded in 2009 to take advantage of real estate investment opportunities arising from dislocation in the capital markets and currently owns and manages a portfolio of approximately 6,000 apartment units in Pennsylvania, New Jersey, Delaware, Ohio, Indiana, Missouri, Illinois, and Tennessee. In April 2018, it purchased the 448-unit Mill Creek Apartments in Memphis, TN, adding to its existing 539-unit Medley Portfolio in the southern city. Odin is currently seeking significant value add acquisition opportunities throughout the Tristate Area and Midwest.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005134/en/
Odin Properties
Philip Balderston, 267-773-7537 x5
Founder and CEO
[email protected]
Source: Odin Properties | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-odin-properties-sells-the-woodland-village-apartments.html |
May 15, 2018 / 12:04 PM / in 15 minutes METALS-Copper falls as dollar and inventories climb Reuters Staff
* Support near May lows near $6,710-6,720 (Adds closing prices)
By Pratima Desai
LONDON, May 15 (Reuters) - Copper fell on Tuesday under pressure from negative sentiment fuelled by a higher dollar and rising inventories, though upbeat industrial production data from China offered some support.
Benchmark copper on the London Metal Exchange ended down 1.1 percent at $6,808 a tonne.
“A lot of what is going on in base (metals) is related to the dollar,” said Peter Fertig, analyst at Quantitative Commodity Research.
“China’s economy is in good shape, industrial production is strong and its lending figures are a positive for the construction and housing market.”
DOLLAR: A higher U.S. currency makes dollar-denominated metals more expensive for holders of other currencies, which could dent demand.
INDUSTRY: China’s industrial output rose 7 percent in April, above forecasts for a 6.3 percent increase and up from a seven-month low of 6 percent in March.
LOANS: Chinese banks extended 1.18 trillion yuan ($185.5 billion) in net new yuan loans in April. The forecast was for 1.1 trillion yuan compared with March’s 1.12 trillion yuan.
PROPERTY: “As China dominates demand for most metals, its monthly update on the economy is watched closely, in particular with regard to the metals-intensive infrastructure and property sectors,” Julius Baer analysts said in a note.
TECHNICALS: A sustained break above $6,890, where the 21-day moving average currently sits, could see a move towards $6,970, the 100-day moving average. Support at $6,710-$6,720 comes from the lows seen earlier this month.
INVENTORIES: Stocks of copper in LME-approved warehouses are at 291,350 tonnes, up nearly 10,000 tonnes since last Thursday. Copper stocks in warehouses monitored by the Shanghai Futures Exchange are at nearly 280,000 tonnes, compared with close to 250,000 at the end of April.
POSITIONING: Traders said many funds are still short copper.
“Having registered a net speculative short of 2.7 percent of open interest on May 8, a level not seen since Sept. 2016, positioning in copper is now a net speculative short of 1.8 percent of open interest, or 3,300 lots (of 25 tonnes each),” Marex Spectron said.
PRICES: Aluminium closed 0.4 percent up at $2,327 a tonne, zinc gained 0.2 percent to $3,062, lead fell 1.6 percent to $2,348, tin was down 0.4 percent at $20,875 and nickel lost 0.5 percent to $14,425. Editing by David Goodman and Adrian Croft | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-dips-as-dollar-and-inventories-climb-idUSL5N1SM3AG |
May 8, 2018 / 12:17 PM / Updated 2 hours ago Commentary: Hedge funds slash bearish dollar bets, and there's more to come Jamie McGeever Hedge funds and speculators spent the first four months of the year betting heavily against the dollar. They’re now running for the hills. An employee shows U.S. dollars banknotes at a money changer in Jakarta, Indonesia, April 24, 2018. Antara Foto/Hafidz Mubarak/via REUTERS
The increasingly rapid rate at which they’re slashing their short dollar positions is creating a vicious cycle: short covering accelerates the dollar’s rally, which forces even more short covering, which pushes the dollar even higher.
The bad news for those clinging to the view that the dollar is heading lower is it looks like this “pain trade” has further to run because, historically, the overall short position remains large.
The latest Commodity Futures Trading Commission figures show that hedge funds and speculators cut their net short dollar position against a range of developed and emerging currencies by $5.5 billion in the week to May 1.
That was the biggest cut this year and brings the reduction in the last two weeks of April to nearly $10 billion. It’s a rapid reversal, which undoubtedly helped the dollar rally nearly 4 percent in that period.
But the net short position is still worth $18.32 billion, compared with the average weekly position over the past decade, which is a net long $5.4 billion. The dollar appreciated a further 1 percent in the first week of May, suggesting the short covering continues at pace.
(For a graphic showing CFTC net dollar position, click here: https://reut.rs/2K2gsep)
(For a graphic showing CFTC dollar position - weekly change, click here: https://reut.rs/2K46WYp)
A short position is effectively a bet that the price of an asset will fall, and a long position is a bet it will rise in value.
The biggest shifts in the latest week were against the euro and sterling.
Speculative accounts on the CFTC cut their net long euro position by just over 10,000 contracts to 120,568, the smallest long position of the year. Two weeks earlier, they held a record net long 151,476 contracts.
“As of last Tuesday, the net euro long hadn’t corrected enough to give a committed euro dip-buyer any encouragement at all,” reckons Societe Generale’s Kit Jukes.
Similarly, CFTC speculators cut their net long sterling position by nearly 11,000 contracts, which means they have almost halved the net long position in just a fortnight.
The euro is now trading below $1.20, down nearly 4 pct against the dollar since April 17, and the pound is down more than 6 pct at $1.35.
While the rise in U.S. bond yields appears to have stalled for now, with the 10-year yield back below 3 pct, the dollar is unlikely to lose its interest rate and yield advantage any time soon.
Surprisingly weak euro zone inflation data and UK economic data last week poured a bucket of cold water over expectations about when the ECB and Bank of England might raise rates.
Market pricing on the BoE, in particular, was whiplashed. The probability of a rate hike on May 10 stands at just 11 pct now, down from 90 pct late last month. Economists at HSBC say there may be no rate hike at all until 2020.
U.S. economic data, meanwhile, continue to come in reasonably strong, or at least broadly in line with forecasts. The Fed has raised rates six times since December 2015 and markets are pricing in at least two increases this year.
So while the dollar’s rebound has been pretty relentless, the last couple of weeks, it may still have some legs.
“If shorts still have not been squeezed, this dollar rally might have only just gotten started,” reckons Jasper Lawler at London Capital Group.
The opinions expressed here are those of the author, a columnist for Reuters. Reporting by Jamie McGeever; editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-markets-speculators/commentary-hedge-funds-slash-bearish-dollar-bets-and-theres-more-to-come-idUKKBN1I91JC |
* Most Fed policymakers say rate rise likely needed ‘soon’
* Tiffany dazzles as turnaround plan takes hold
* Dow down 0.25 pct, S&P down 0.1 pct, Nasdaq up 0.2 pct (Updates to after Fed minutes)
By Caroline Valetkevitch
May 23 (Reuters) - The S&P 500 erased losses to trade little changed on Wednesday after minutes from the last Federal Reserve meeting suggested higher inflation may not result in faster interest rate hikes.
Most Fed policymakers thought it likely another interest rate increase would be warranted “soon” if the U.S. economic outlook remains intact, and that many participants saw little evidence of general overheating of the labor market, minutes of the central bank’s last policy meeting showed.
“The market is probably breathing a little bit of a sigh of relief knowing that inflation even a bit above two percent may not necessarily mean a faster rate of increases,” said Mike Baele, managing director at U.S. Bank Private Client Wealth Management in Portland, Oregon.
The central bank has lifted borrowing costs once so far this year, in March, and policymakers are currently about evenly split between those who expect two more rate rises this year and those who anticipate three. Investors overwhelmingly expect a rate rise at the next meeting on June 12-13.
Shares of rate-sensitive utilities and real estate gained following the release of the minutes, leading percentage gains among sectors.
At 2:36 p.m. ET, the Dow Jones Industrial Average fell 60.9 points, or 0.25 percent, to 24,773.51, the S&P 500 lost 2.04 points, or 0.07 percent, to 2,722.4 and the Nasdaq Composite added 13.82 points, or 0.19 percent, to 7,392.28.
Tiffany surged 21.8 percent after the jeweler’s quarterly results blew past estimates and the company raised its full-year profit forecast and announced a $1 billion buyback program.
Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored decliners.
The S&P 500 posted 6 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 70 new highs and 38 new lows. (Additional reporting by Chuck Mikolajczak in New York and Medha Singh in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-erases-losses-following-fed-minutes-idUSL2N1SU1PD |
MADRID (Reuters) - Spain’s leading People’s Party (PP) was seen holding on to a slim lead though would be closely followed by market-friendly Ciudadanos if a general election were held today, an official voting intention poll showed on Tuesday.
The PP would win 24 percent of the vote while Ciudadanos would overtake the Socialists as the second largest political force with 22.4 percent, according to a poll by Sociological Research Center (CIS).
Ciudadanos’ stance against the Catalonia independence movement, which has pushed the government in to its worst political crisis in decades, has helped lift the relatively new party to the top of many polls.
According to the CIS poll, the Socialists would win 22 percent of the vote, while anti-austerity Podemos would secure 19.6 percent.
Those results compared to previous poll published in February which showed the PP taking 26.3 percent, Socialists 23.1 percent, Ciudadanos 20.7 percent and Podemos 19 percent.
The PP holds a minority in parliament after the last general election in 2016. Spaniards are expected to return to voting booths again in around 2020.
Reporting by Rodrigo de Miguel; writing by Paul E. Day; editing by Jesús Aguado
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics/spains-ruling-pp-seen-holding-slim-lead-in-election-in-official-poll-idUSKBN1I918N |
(Reuters) - British Prime Minister Theresa May will urge U.S. President Donald Trump to avoid protesters in central London during his UK visit in July and instead meet her at her country residence, the Sun newspaper reported on Sunday.
FILE PHOTO: U.S. President Donald Trump meets with British Prime Minister Theresa May during the U.N. General Assembly in New York, U.S., September 20, 2017. REUTERS/Kevin Lamarque/File Photo The details of the plan will be given to the White House by Kim Darroch, British ambassador to the United States, the report said.
There are two proposals that will be made to the White House by Darroch upon May’s approval - one for a Downing Street visit or one based at Chequers, a 16th-century manor house 40 miles (60 km) northwest of London - the report said, citing a source, who added it would be made clear that May prefers the meeting take place at Chequers.
Trump will also be asked to have tea with Queen Elizabeth at Windsor Castle, a royal residence west of London and not at Buckingham Palace, according to the report.
Darroch will suggest to the White House that Trump does not visit Britain’s houses of parliament, the Sun reported.
May’s office was not immediately available for comment.
Trump will travel to Britain in July for a working visit with May, after months of back-and-forth over when the U.S. president would visit what traditionally has been the United States’ closest ally.
Many Britons have vowed to stage protests if Trump visits, with several politicians having previously voiced their opposition to Trump being granted a state visit.
London Mayor Sadiq Khan said earlier in the year Trump was not welcome in London because of what he called Trump’s “divisive agenda”.
Trump cancelled a trip to London to open a new embassy earlier in the year. May was the first international leader to visit Trump in Washington after his inauguration last year.
Reporting by Kanishka Singh in Bengaluru; Editing by Peter Cooney
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-britain-trump/theresa-may-to-urge-trump-to-avoid-london-protests-during-uk-visit-the-sun-idINKCN1IT070 |
May 29, 2018 / 12:00 PM / Updated an hour ago RPT-Businesses turn up heat on Mexican government over crime surge Reuters Staff
(Repeats with no change in content)
By Anthony Esposito and Sharay Angulo
MEXICO CITY, May 28 (Reuters) - Mexican business leaders called out the government on Monday over a recent wave of criminal activity that has terrorized large swaths of Latin America’s second-largest economy and led some prominent firms to cut back operations.
Two of Mexico’s top business groups urged the administration of President Enrique Pena Nieto and the candidates hoping to succeed him in a July 1 election to stem the violence and robberies, which they say are putting workers’ lives at risk and hurting investment.
“The high levels of violence have become the greatest obstacle to (economic) activity,” Mexico’s powerful CCE business lobby said in a statement.
Tens of thousands of people have been killed in turf wars between drug cartels and their clashes with security forces since former President Felipe Calderon sent in the military to crush the gangs soon after taking office at the end of 2006.
In recent weeks, dairy producer Grupo Lala shuttered a distribution center in the northern state of Tamaulipas and the world’s biggest Coke bottler, Coca-Cola Femsa , indefinitely shut down a 160-employee distribution center in southwestern Guerrero state.
Canada’s Pan American Silver Corp was the latest to act, saying on Monday it would reduce operations and suspend staff movements at its Dolores silver mine in the border state of Chihuahua because of recent security incidents.
Companies risk extortion, theft, attacks on their logistics chain and physical assault on their employees, according to the American Chamber of Commerce of Mexico (AmCham).
“The impact of corruption, public insecurity, an inadequate justice (system) definitely impacts the cost of investment,” while fear of crime even keeps some executives from coming to Mexico, said Luis Gerardo del Valle, AmCham Mexico’s head of tax affairs.
Train and truck freight thefts have jumped as criminals employ more sophisticated methods.
Last week, miner and infrastructure firm Grupo Mexico said seven freight train derailments between the port of Veracruz and central Mexico were due to “sabotage” and would cost the company 312 million pesos ($16 million).
Mexican industry association Canacintra estimates that small and medium-sized companies spend the equivalent of 6 percent of their income on security, double what they did a decade ago. ‘WE CAN’T KEEP WAITING’
Mexican employers’ federation Coparmex called on the government to stop waiting until the election was over.
“Time is running out for this government, as is the public’s patience. We can’t keep waiting. This is the last call,” Coparmex said in a statement.
Pena Nieto took office in December 2012 promising to get a grip on gang violence and lawlessness. After some initial progress, the situation deteriorated and killings hit their highest level on record last year.
The president’s office had no immediate response to a request for comment.
Pena Nieto is constitutionally barred from seeking re-election, and the prospects of his Institutional Revolutionary Party (PRI) retaining power look grim. PRI candidate Jose Antonio Meade has been running third in nearly all opinion polls.
The principal beneficiary has been leftist Andres Manuel Lopez Obrador, who has built up a strong poll lead on the back of widespread disenchantment with the PRI over corruption and rising violence, as well as sluggish economic growth.
But Lopez Obrador has also faced criticism for floating a possible amnesty for criminals to restore order.
In a thinly veiled jab at Lopez Obrador, the CCE said: “While it is true that violence is not solved by violence, it is also true that crime is not ended by forgiveness or calls to Mass.” (Reporting by Anthony Esposito and Sharay Angulo; Additional reporting by Stefanie Eschenbacher; Editing by Dave Graham and Peter Cooney) | ashraq/financial-news-articles | https://www.reuters.com/article/mexico-violence/rpt-businesses-turn-up-heat-on-mexican-government-over-crime-surge-idUSL2N1T000Z |
(Reuters) - China’s JD.com Inc missed earnings estimates on Tuesday, sending its stock down, as heavy spending on logistics and new business initiatives amid stiff competition cut into its bottom line
A logo of JD.com is seen on a helmet of a delivery man in Beijing, China June 16, 2014. REUTERS/Jason Lee/Files The company’s U.S.-listed shares were down more than 3 percent in premarket trading after it reported adjusted earnings of 0.71 yuan per share for the first quarter of 2018, below an average analyst estimate of 0.81 yuan.
JD.com is investing heavily in logistics and offline retail, squaring off against Alibaba Group Holding Ltd, in a costly battle as China’s urban e-commerce market is showing signs of saturation.
The company reported a 33 percent increase in quarterly revenue, its slowest quarterly revenue growth since listing, indicating China’s second-largest e-commerce firm is feeling the heat from mounting competition as it looks to new businesses and technology investments to drive growth.
JD.com’s revenue for the three months to March, while ahead of analysts’ average forecast, marks the fifth quarter of slower growth for the retailer.
It posted 101.1 billion yuan ($15.88 billion) in revenue for the first quarter, versus analysts’ average estimate of 98.9 billion yuan.
JD.com looking to boost its business by investing in JD logistics, which it spun off in April last year. The affiliate serves JD.com as well as third-party customers and is developing drones, automation and robotics.
The investments have put pressure on the company’s margins, however, as Alibaba ramps up spending on competing projects.
“In the medium term, we expect to see the investment into JD logistics will hold back some of the margin gains,” said Morningstar analyst Chelsey Tam in a note ahead of the report.
“Management is squarely focused on gaining market share instead of profitability at this point,” she said.
Last week, Alibaba also reported slim margins due to its own spending spree in new businesses.
Alongside investments in logistics, JD.com and Alibaba are competing aggressively on offline retail, unmanned stores, luxury services and retail in Southeast Asia.
JD.com said annual active customers for the first quarter rose to 301.8 million, up 27.6 percent from a year earlier.
It expects second-quarter revenue between 120 and 124 billion yuan, up 29-33 percent, in line with analyst estimates of a 30.8 percent increase.
Sales are seasonally low for the country’s e-commerce firms in the March quarter but are expected to pick up in the June quarter around JD.com’s flagship “618” sale event, China’s second-largest online shopping event after Singles’ Day.
($1 = 6.3666 Chinese yuan renminbi)
An employee works at a JD.com logistics centre in Langfang, Hebei province, November 10, 2015. REUTERS/Jason Lee/Files Reporting by Cate Cadell in Beijing and Sonam Rai in Bengaluru; Editing by Mark Potter and Louise Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/jd-com-results/chinas-jd-com-posts-33-1-rise-in-quarterly-revenue-idINKBN1I91CJ |
May 7 (Reuters) - Crossamerica Partners LP:
* REG-CROSSAMERICA PARTNERS LP: REPORTS FIRST QUARTER 2018 RESULTS
* QTRLY OPERATING REVENUE $554.6 MILLION VERSUS $469.3 MILLION
* QTRLY LOSS PER LIMITED PARTNER UNIT $0.06 * Q1 REVENUE VIEW $552.4 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-crossamerica-partners-reports-q1-l/brief-crossamerica-partners-reports-q1-loss-per-limited-partner-unit-of-0-06-idUSASC0A08A |
Opinion: The Economic Growth Debate Jason Furman explains why a return to 3 percent annual growth is highly unlikely | ashraq/financial-news-articles | http://www.wsj.com/video/opinion-the-economic-growth-debate/D250CDFC-E14F-498C-AFA5-F8611E4470CD.html |
May 15, 2018 / 1:34 PM / in 5 minutes Tyson to pay $850 million for animal fats and feed business Reuters Staff 2 Tyson Foods Inc ( TSN.N ) said on Tuesday it would buy the poultry rendering and blending assets of American Proteins Inc for about $850 million, as the company looks to recycle more animal products to use in feed and pet food.
Tyson is facing higher feed costs in its meat processing business as prices of commodities like soybeans and corn increase.
In early April Tyson finalized the purchase of three grain elevators from agribusiness company Andersons Inc ( ANDE.O ). One of the elevators will be used to support Tyson’s planned $300 million chicken processing plant in Humboldt, Tennessee, slated to open around late 2019. Financial terms were not disclosed.
The No. 1 U.S. meat processor earlier this month said it expected chicken feed costs to rise by about $100 million in fiscal 2018.
“This acquisition ... gives us the ability to render raw materials in a region we don’t currently serve,” Doug Ramsey, group president of poultry for Tyson Foods, said in a statement on Tuesday.
Tyson will take over American Proteins’ four rendering plants located in Georgia and Alabama and 13 blending facilities throughout southeastern and midwestern U.S. states.
Rendering is a process of using animal byproducts for the production of tallow, grease and feed for animals and aquaculture.
Tyson said it expects its new business to generate adjusted net sales of more than $550 million over the next year.
Tyson said most of American Proteins’ 700 employees are expected to become Tyson’s workers.
Shares of Tyson were down 1.2 percent at $66.83 on Tuesday afternoon on the New York Stock Exchange, off an earlier low at $66.36. Reporting by Uday Sampath in Bengaluru and Theopolis Waters in Chicago; Editing by Maju Samuel and Matthew Lewis | ashraq/financial-news-articles | https://www.reuters.com/article/us-tyson-foods-deals-americanproteins/tyson-foods-to-buy-poultry-blending-assets-of-american-proteins-idUSKCN1IG208 |
Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY US companies are ramping up spending on their businesses at the fastest pace in years. While capital […]
To Read the Full Story Subscribe Sign In Previous Brexit & Beyond: Europe's Largest Economy Cools Sharply | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/15/wsj-city-pm-us-companies-ramp-up-capex-skittish-investors-remain-bullish-why-high-ceo-pay-is-money-for-nothing/ |
May 5, 2018 / 6:32 PM / Updated 20 hours ago Golf-Uihlein and Mickelson make big moves as Woods's putting improves Reuters Staff 2 Min Read
May 5 (Reuters) - Peter Uihlein narrowly missed the course record and Phil Mickelson surged into contention as Tiger Woods enjoyed his best round of the Wells Fargo Championship in North Carolina on Saturday.
Uihlein shot a nine-under 62 for an early share of the tournament lead with late-starting overnight leader Peter Malnati at seven under par.
The former top-ranked amateur had five consecutive birdies from the fifth hole, then added an eagle and two birdies as he missed by one Rory McIlroy’s 2015 Quail Hollow record.
Mickelson also took advantage of softer greens to shoot seven-under 64 and move into a tie for fifth at five-under 208.
Woods, who has struggled with his putting this week, delivered six birdies on Saturday for a three-under 68 to go one-under 212, six strokes off the early lead.
A bogey at the last, where Woods three-putted, tempered the improved play.
The former world number one had moved to four under with three consecutive birdies from the 13th.
He had two bogeys and three birdies on the front nine on a day when he narrowly missed several other birdie opportunities.
McIlroy also made a move with a five-under 66 to stand at three-under 210.
The Northern Irishman had four birdies in a row before also bogeying the final hole. (Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Clare Fallon) | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-wellsfargo/golf-uihlein-and-mickelson-make-big-moves-as-woodss-putting-improves-idUKL3N1SC06R |
STATE COLLEGE, Pa.--(BUSINESS WIRE)-- Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse Resources”) today announced its first quarter 2018 financial and operational results, along with updated guidance for the second quarter and full year 2018. In conjunction with this release, the Company has posted an updated investor presentation to its website at www.eclipseresources.com .
First Quarter 2018 Highlights:
Average net daily production was 315.2 MMcfe per day, consisting of 72% natural gas and 28% liquids. Realized an average natural gas price, before the impact of cash settled derivatives and firm transportation expenses, of $2.87 per Mcf, a $0.13 per Mcf discount to the average monthly NYMEX settled natural gas price during the quarter. Realized an average oil price, before the impact of cash settled derivatives, of $56.52 per barrel, a $6.39 per barrel discount to the average daily NYMEX WTI oil price during the quarter. Realized an average natural gas liquids (“NGL”) price, before the impact of cash settled derivatives, of $25.55 per barrel, or approximately 41% of the average daily NYMEX WTI oil price during the quarter. Per unit cash production costs (including lease operating, transportation, gathering and compression, production and ad valorem taxes) were $1.39 per Mcfe, including $0.27 per Mcfe in firm transportation expenses. Net loss for 2018 was ($2.6) million; and Adjusted EBITDAX 1 for 2018 was $63.0 million. Established second quarter 2018 guidance and updated full year 2018 guidance including the reduction in the capital expenditure budget by approximately $60 million to now reflect approximately $250 million in estimated capital expenditures for the full year 2018.
1
Non-GAAP measure. See reconciliation for details
Benjamin W. Hulburt, Chairman, President and CEO, commented on the Company’s first quarter 2018 results, “This was another solid quarter for the Company and the execution of our 2018 plan is off to a strong start as we exceeded our production and cash flow expectations while expanding our margins by keeping our operating expenses and our general and administrative expenses low.
As was detailed during our analyst day presentation, we continue to focus on liquids development during 2018, with all 5 gross (3.7 net) wells that were turned to sales during the first quarter 2018 generating a significant liquids production. These wells included our first two operated Marcellus wells and three Utica Condensate wells. Our production on a per Mcfe basis was 28% liquids for the first quarter 2018, and given the current commodity pricing environment, this liquids production aided in an increase in our year over year liquids revenue of approximately 36% and equating to approximately 47% of our total unhedged revenue.
We have recently completed drilling our first Utica Shale well in Pennsylvania in our “Flat Castle” project area. This well was drilled to 25,017 feet of total measured depth with a horizontal lateral of 13,857 feet. Additionally, during 2018, we brought on our second completions crew to accelerate completions on our backlog of wells created by our two rig drilling program. The completions team has had a highly productive quarter averaging over 6.5 stages per day with minimal downtime despite the harsh winter environment.
As we continue to analyze our capital plan for the full year 2018, the Company intends on taking a disciplined and financially prudent approach designed to preserve our financial strength. As part of this effort, and in light of current outlook for natural gas prices, we are lowering our capital expenditure forecast for 2018 by approximately 20% reflecting our plan to reduce our net capital expenditures in the second half of the year. This plan will be executed through one of two approaches currently under consideration. As we near completion of our first two drilling programs in our Utica Shale drilling joint venture with Sequel Energy Group, LLC we are actively discussing the optional third program with our partner. As an alternative to continuing the drilling joint venture, we are also reviewing the merits of releasing one of our rigs in the third quarter. With either of these options the Company will continue to fund a one net rig program as we are today. As such, we are revising our guidance on our full year 2018 capital expenditures plan to approximately $250 million, materially below the Company’s initial 2018 guidance of $300-$320 million.
As we look forward to 2019, at current forward natural gas prices, we would expect to maintain our current activity and spending levels, which is significantly lower than what is reflected in analyst consensus estimates. While these changes are expected to result in slightly reduced production in 2018, and a projected year-over-year growth rate of approximately 10-15% in 2019, we forecast a significantly reduced outspend given current commodity prices. We are confident that this level of spending can be internally funded while maintaining prudent management of our balance sheet. Additionally, as we continue to look for ways to expand margins and improve full cycle returns, we are revising our cash general and administrative expense guidance downward by approximately 8% to between $35 and $37 million for the full year 2018.
Our strategic and financial review process continues as we evaluate a full range of potential opportunities to maximize long-term shareholder value. As we have previously discussed, there is no timetable for the completion of the strategic review process nor any assurance that the review process will result in a transaction or other strategic alternative and the Company will provide further comment when disclosure is required.”
Operational Discussion
The Company’s production for the three months ended March 31, 2018 and 2017 is set forth in the following table:
Three Months Ended March 31, 2018 2017 Production: Natural gas (MMcf) 20,343.3 19,381.6 NGLs (Mbbls) 772.7 665.0 Oil (Mbbls) 565.4 454.1 Total (MMcfe) 28,371.9 26,096.2 Average daily production volume: Natural gas (Mcf/d) 226,037 215,351 NGLs (Bbls/d) 8,586 7,389 Oil (Bbls/d) 6,282 5,046 Total (MMcfe/d) 315.2 290.0 Market Conditions
Prices for various quantities of natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Prices for commodities, such as hydrocarbons, are inherently volatile. The following table lists average daily, high, low and average monthly settled NYMEX Henry Hub prices for natural gas and average daily, high and low NYMEX WTI prices for oil for the three months ended March 31, 2018 and 2017:
Three Months Ended March 31, 2018 2017 NYMEX Henry Hub High ($/MMBtu) $ 6.24 $ 3.71 NYMEX Henry Hub Low ($/MMBtu) 2.49 2.44 Average Daily NYMEX Henry Hub ($/MMBtu) 3.08 3.02 Average Monthly Settled NYMEX Henry Hub ($/MMBtu) 3.00 3.32 NYMEX WTI High ($/Bbl) $ 66.27 $ 54.48 NYMEX WTI Low ($/Bbl) 59.20 47.00 Average Daily NYMEX WTI ($/Bbl) 62.91 51.62 Financial Discussion
Revenue for the three months ended March 31, 2018 totaled $110.2 million, compared to $101.9 million for the three months ended March 31, 2017. Adjusted Revenue 2 , which includes the impact of cash settled derivatives and excludes brokered natural gas and marketing revenue, totaled $110.3 million for the three months ended March 31, 2018 compared to $95.4 million for the three months ended March 31, 2017. Net Loss for the three months ended March 31, 2018 was ($2.6) million, or ($0.01) per share, compared to Net Income of $26.8 million, or $0.10 per share, for the three months ended March 31, 2017. Adjusted Net Income 2 for the three months ended March 31, 2018 was $10.2 million, or $0.03 per share, compared to an Adjusted Net Income $4.8 million, or $0.02 per share, for the three months ended March 31, 2017. Adjusted EBITDAX 2 was $63.0 million for the three months ended March 31, 2018 compared to $50.2 million for the three months ended March 31, 2017.
2
Adjusted Revenue, Adjusted Net Income (Loss) and Adjusted EBITDAX are non-GAAP financial measures. Tables reconciling Adjusted Revenue, Adjusted Net Income (Loss) and Adjusted EBITDAX to the most directly comparable GAAP measures can be found at the end of the financial statements included in this press release.
Average realized price calculations for the three months ended March 31, 2018 and 2017 are set forth in the table below:
Three Months Ended March 31, 2018 2017 Average realized price (excluding cash settled derivatives and firm transportation)
Natural gas ($/Mcf) $ 2.87 $ 3.17 NGLs ($/Bbl) 25.55 25.66 Oil ($/Bbl) 56.52 46.13 Total average prices ($/Mcfe) 3.88 3.81 Average realized price (including cash settled derivatives, excluding firm transportation)
Natural gas ($/Mcf) $ 3.05 $ 3.01 NGLs ($/Bbl) 24.33 24.07 Oil ($/Bbl) 52.30 46.28 Total average prices ($/Mcfe) 3.89 3.66 Average realized price (including firm transportation, excluding cash settled derivatives)
Natural gas ($/Mcf) $ 2.49 $ 2.60 NGLs ($/Bbl) 25.55 25.66 Oil ($/Bbl) 56.52 46.13 Total average prices ($/Mcfe) 3.61 3.39 Average realized price (including cash settled derivatives and firm transportation)
Natural gas ($/Mcf) $ 2.67 $ 2.44 NGLs ($/Bbl) 24.33 24.07 Oil ($/Bbl) 52.30 46.28 Total average prices ($/Mcfe) 3.62 3.23 Per unit cash production costs, which include $0.27 per Mcfe of firm transportation expense, were $1.39 per Mcfe for 2018 and decreased by 3% compared to 2017. The Company’s cash production costs (includes lease operating, transportation, gathering and compression, production and ad valorem taxes) are shown in the table below.
General and administrative expense was $9.8 million for the three months ended March 31, 2018 compared to $10.1 million for the three months ended March 31, 2017 and is shown in the table below. General and administrative expense per Mcfe was $0.34 in the three months ended March 31, 2018 compared to $0.39 in the three months ended March 31, 2017. General and administrative expense includes $2.0 million and $2.1 million of stock-based compensation expense for the three months ended March 31, 2018 and 2017, respectively.
Three Months Ended March 31, 2018 2017 Operating expenses (in thousands): Lease operating $ 9,390 $ 2,343 Transportation, gathering and compression 27,689 32,877 Production and ad valorem taxes 2,445 1,931 Depreciation, depletion and amortization 31,156 26,189 General and administrative 9,757 10,132 Operating expenses per Mcfe: Lease operating $ 0.33 $ 0.09 Transportation, gathering and compression 0.97 1.27 Production and ad valorem taxes 0.09 0.07 Depreciation, depletion and amortization 1.10 1.00 General and administrative 0.34 0.39 Capital Expenditures
First quarter 2018 capital expenditures were $71.7 million, including $59.9 million for drilling and completions, $5.7 million for midstream expenditures, $5.8 million for land-related expenditures, and $0.3 million for corporate-related expenditures.
During 2018, the Company commenced drilling 8 gross (3.7 net) operated Utica Shale wells, commenced completions of 8 gross (5.8 net) operated wells and turned to sales 5 gross (3.7 net) operated wells.
Financial Position and Liquidity
As of March 31, 2018, the Company’s liquidity was $148.2 million, consisting of $21.8 million in cash and cash equivalents and $126.4 million in available borrowing capacity under the Company’s revolving credit facility (after giving effect to outstanding letters of credit issued by the Company of $33.6 million and $65 million in outstanding borrowings).
Subsequent to the end of the first quarter 2018, the Company completed its semi-annual borrowing base redetermination of its revolving credit facility, which resulted in its borrowing base remaining unchanged at $225 million. The Company has made a subsequent repayment of $20 million to the revolving credit facility, with the current amount drawn on this facility of $45 million. The next redetermination of the borrowing base under the Company’s revolving credit facility is scheduled for October of 2018.
Matthew R. DeNezza, Executive Vice President and Chief Financial Officer, commented, “We are thrilled by the record level of EBITDAX generated in the first quarter and continue to anticipate strong cash flow growth in the full year 2018. We believe the Company’s liquidity position in combination with our reduction in capital spending and our drilling joint venture gives us the flexibility to navigate the currently challenging natural gas market, while continuing to focus on keeping our leverage ratios low. As a means of providing additional certainty of cash flows the majority of our 2018 natural gas production is hedged with an average floor price of $2.93 per MMbtu. Additionally, we continue to actively hedge 2019 production.”
Commodity Derivatives
The Company engages in a number of different commodity trading program strategies as a risk management tool to attempt to mitigate the potential negative impact on cash flows caused by price fluctuations in natural gas, NGL and oil prices. Below is a table that illustrates the Company’s hedging activities as of March 31, 2018:
Natural Gas Derivatives
Volume Weighted Average Description (MMBtu/d) Production Period Price ($/MMBtu) Natural Gas Swaps: 30,000 April 2018 – March 2019 $ 2.90 20,000 April 2018 – December 2018 $ 2.80 20,000 July 2018 – September 2018 $ 2.81 40,000 October 2018 – December 2019 $ 2.80 50,000 January 2019 – December 2019 $ 2.87 Natural Gas Three-way Collars: Floor purchase price (put) 30,000 April 2018 – March 2019 $ 3.00 Ceiling sold price (call) 30,000 April 2018 – March 2019 $ 3.40 Floor sold price (put) 30,000 April 2018 – March 2019 $ 2.50 Floor purchase price (put) 40,000 April 2018 – December 2018 $ 3.11 Floor purchase price (put) 60,000 April 2018 – December 2018 $ 2.80 Ceiling sold price (call) 100,000 April 2018 – December 2018 $ 3.36 Floor sold price (put) 100,000 April 2018 – December 2018 $ 2.50 Floor purchase price (put) 20,000 October 2018 – December 2019 $ 2.75 Ceiling sold price (call) 20,000 October 2018 – December 2019 $ 3.10 Floor sold price (put) 20,000 October 2018 – December 2019 $ 2.30 Floor purchase price (put) 57,500 January 2019 – December 2019 $ 2.72 Ceiling sold price (call) 57,500 January 2019 – December 2019 $ 3.02 Floor sold price (put) 57,500 January 2019 – December 2019 $ 2.30 Natural Gas Call/Put Options: Call sold 40,000 April 2018 – December 2018 $ 3.75 Call sold 30,000 January 2019 – March 2019 $ 3.50 Call sold 30,000 April 2019 – December 2019 $ 3.00 Call sold 10,000 January 2019 – December 2019 $ 4.75 Basis Swaps: Appalachia - Dominion 12,500 April 2019 – October 2019 $ (0.52 ) Appalachia - Dominion 12,500 April 2020 – October 2020 $ (0.52 ) Oil Derivatives
Volume Weighted Average Description (Bbls/d) Production Period Price ($/Bbl) Oil Swaps: 1,000 July 2018 – March 2019 $ 61.00 Oil Three-way Collars: Floor purchase price (put) 4,000 April 2018 – December 2018 $ 45.00 Ceiling sold price (call) 4,000 April 2018 – December 2018 $ 53.47 Floor sold price (put) 4,000 April 2018 – December 2018 $ 35.00 Floor purchase price (put) 2,000 January 2019 – December 2019 $ 50.00 Ceiling sold price (call) 2,000 January 2019 – December 2019 $ 60.56 Floor sold price (put) 2,000 January 2019 – December 2019 $ 40.00 Subsequent to the End of the First Quarter:
Below is a table that illustrates the Company’s hedging activities subsequent to the end of the first quarter:
Natural Gas:
Volume Weighted Average Description (MMbtu/d) Production Period Price ($/MMbtu) Basis Swaps: Appalachia - Dominion 20,000 January 2020 – December 2020 $ (0.59 ) Guidance
The Company has also updated its second quarter and full year 2018 guidance as set forth in the table below:
Q2 2018 FY 2018 Production MMcfe/d 290 - 300 325 - 335 % Gas 73% - 75% 72% - 75% % NGL 14% - 16% 13% - 17% % Oil 10% - 12% 10% - 13% Gas Price Differential ($/Mcf) 1,2 $(0.20) - $(0.25) $(0.25) - $(0.35) Oil Differential ($/Bbl) 1 $(6.25) - $(6.75) $(6.25) - $(7.25) NGL Prices (% of WTI) 1 25% - 30% 30% - 35% Cash Production Costs ($/Mcfe) 3 $1.55 - $1.60 $1.55 - $1.60 Cash G&A ($mm) 4 $9 - $10 $35 - $37 CAPEX ($mm) ~$250 1
Excludes impact of hedges
2
Excludes the cost of firm transportation
3
Includes lease operating, transportation, gathering and compression, production and ad valorem taxes
4
Non-GAAP measure which excludes non-cash compensation, see reconciliation to the most comparable GAAP measure at the end of the financial statements included in this press release
Conference Call
A conference call to review the Company’s financial and operational results is scheduled for Thursday, May 3, 2018 at 10:00 a.m. Eastern Time. To participate in the call, please dial 877-709-8150 or 201-689-8354 for international callers and reference Eclipse Resources First Quarter Earnings Call. A replay of the call will be available through July 3, 2018. To access the phone replay dial 877-660-6853 or 201-612-7415 for international callers. The conference ID is 13678954. A live webcast of the call may be accessed through the Investor Center on the Company’s website at www.eclipseresources.com . The webcast will be archived for replay on the Company’s website for six months.
ECLIPSE RESOURCES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts)
(Unaudited)
March 31, December 31, 2018 2017 ASSETS CURRENT ASSETS Cash and cash equivalents $ 21,801 $ 17,224 Accounts receivable 113,208 77,609 Assets held for sale — 206 Other current assets 8,350 12,023 Total current assets 143,359 107,062 PROPERTY AND EQUIPMENT AT COST Oil and natural gas properties, successful efforts method: Unproved properties 537,958 459,549 Proved oil and gas properties, net 694,599 647,881 Other property and equipment, net 6,785 6,942 Total property and equipment, net 1,239,342 1,114,372 OTHER NONCURRENT ASSETS Other assets 5,617 2,093 TOTAL ASSETS $ 1,388,318 $ 1,223,527 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 96,048 $ 76,174 Accrued capital expenditures 12,689 10,658 Accrued liabilities 39,423 41,662 Accrued interest payable 10,433 21,100 Total current liabilities 158,593 149,594 NONCURRENT LIABILITIES Debt, net of unamortized discount and debt issuance costs 495,707 495,021 Credit facility 65,000 — Asset retirement obligations 6,269 6,029 Other liabilities 2,100 529 Total liabilities 727,669 651,173 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock, 50,000,000 authorized, no shares issued and outstanding — — Common stock, $0.01 par value, 1,000,000,000 authorized, 301,771,111 and 262,740,355 shares issued and outstanding, respectively
3,033 2,637 Additional paid in capital 2,059,418 1,967,958 Treasury stock, shares at cost; 1,499,566 and 992,315 shares, respectively (3,031 ) (2,096 ) Accumulated deficit (1,398,771 ) (1,396,145 ) Total stockholders' equity 660,649 572,354 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,388,318 $ 1,223,527 ECLIPSE RESOURCES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
(Unaudited)
For the Three Months Ended March 31, 2018 2017 REVENUES Natural gas, oil and natural gas liquids sales $ 110,184 $ 99,432 Brokered natural gas and marketing revenue 8 2,431 Total revenues 110,192 101,863 OPERATING EXPENSES Lease operating 9,390 2,343 Transportation, gathering and compression 27,689 32,877 Production and ad valorem taxes 2,445 1,931 Brokered natural gas and marketing expense 48 2,460 Depreciation, depletion and amortization 31,156 26,189 Exploration 15,278 11,581 General and administrative 9,757 10,132 Accretion of asset retirement obligations 155 124 (Gain) loss on sale of assets (267 ) (5 ) Total operating expenses 95,651 87,632 OPERATING INCOME (LOSS) 14,541 14,231 OTHER INCOME (EXPENSE) Gain (loss) on derivative instruments (4,215 ) 25,097 Interest expense, net (12,952 ) (12,462 ) Other income (expense) — (19 ) Total other income (expense), net (17,167 ) 12,616 INCOME (LOSS) BEFORE INCOME TAXES (2,626 ) 26,847 INCOME TAX BENEFIT (EXPENSE) — — NET INCOME (LOSS) $ (2,626 ) $ 26,847 NET INCOME (LOSS) PER COMMON SHARE Basic $ (0.01 ) $ 0.10 Diluted $ (0.01 ) $ 0.10 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic 293,450 261,105 Diluted 293,450 264,215 Adjusted Revenue
Adjusted revenue is a non-GAAP financial measure. The Company defines adjusted revenue as follows: total revenues plus net cash receipts or payments on settled derivative instruments less brokered natural gas and marketing revenue. The Company believes adjusted revenue provides investors with helpful information with respect to the performance of the Company’s operations and management uses adjusted revenue to evaluate its ongoing operations and for internal planning and forecasting purposes. See the table below, which reconciles adjusted revenue and total revenues.
For the Three Months Ended March 31, $ thousands 2018 2017 Total revenues $ 110,192 $ 101,863 Net cash receipts (payments) on derivative instruments 141 (3,989 ) Brokered natural gas and marketing revenue (8 ) (2,431 ) Adjusted revenue $ 110,325 $ 95,443 Adjusted Net Income (Loss)
Adjusted net income (loss) represents income (loss) before income taxes adjusted for certain non-cash items as set forth in the table below. We believe adjusted net income (loss) is used by many investors and published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted net income (loss) is not a measure of net income (loss) as determined by GAAP. See the table below for a reconciliation of adjusted net income (loss) and net income (loss).
Three Months Ended March 31, $ thousands 2018 2017 Income (loss) before income taxes, as reported $ (2,626 ) $ 26,847 (Gain) loss on derivative instruments 4,215 (25,097 ) Net cash receipts (payments) on derivative instruments 141 (3,989 ) Dry hole and other 94 864 Stock-based compensation 1,981 2,081 Impairment of unproved properties 6,696 4,125 Other (income) expense — 19 (Gain) loss on sale of assets (267 ) (5 ) Loss before income taxes, as adjusted 10,234 4,845 Adjusted net income (loss) $ 10,234 $ 4,845 Net income (loss) per Common Share Basic $ (0.01 ) $ 0.10 Diluted $ (0.01 ) $ 0.10 Adjusted net income (loss) per Common Share Basic $ 0.03 $ 0.02 Diluted $ 0.03 $ 0.02 Weighted Average Common Shares Outstanding Basic 293,450 261,105 Diluted 293,450 264,215 Adjusted EBITDAX
Adjusted EBITDAX is a supplemental non-GAAP measure that is used by the Company to evaluate its financial results. The Company defines Adjusted EBITDAX as net income or loss before interest expense; income taxes; impairments; depreciation, depletion and amortization (“DD&A”); gain (loss) on derivative instruments, net cash receipts (payments on settled derivative instruments, and premiums (paid) received on options that settled during the period); non-cash compensation expense; gain or loss from sale of interest in gas properties; exploration expenses; and other unusual or infrequent items set forth in the table below. Adjusted EBITDAX is not a measure of net income or loss as determined by GAAP. See the table below for a reconciliation of Adjusted EBITDAX to net income or net loss.
Three Months Ended March 31, $ thousands 2018 2017 Net income (loss) $ (2,626 ) $ 26,847 Depreciation, depletion and amortization 31,156 26,189 Exploration expense 15,278 11,581 Stock-based compensation 1,981 2,081 Accretion of asset retirement obligations 155 124 (Gain) loss on sale of assets (267 ) (5 ) (Gain) loss on derivative instruments 4,215 (25,097 ) Net cash receipts (payments) on settled derivatives 141 (3,989 ) Interest expense, net 12,952 12,462 Other (income) expense — 19 Adjusted EBITDAX $ 62,985 $ 50,212 Cash General and Administrative Expenses
Cash General and Administrative Expenses is a non-GAAP financial measure used by the Company in the Guidance Table to provide a measure of administrative expenses used by many investors and published research in making investment decisions and evaluating operational trends of the Company. See the table below for a reconciliation of Cash General and Administrative Expenses and General and Administrative Expenses.
Guidance For the Three Months For the Three Months For the Year Ending $ thousands Ended March 31, 2018 Ending June 30, 2018 December 31, 2018 General and administrative expenses, estimated to be reported
$ 9,757 $10,500-$13,500 $43,500-$47,500 Stock-based compensation expense (1,981 ) (1,500 - 3,500) (8,500 - 10,500) Cash general and administrative expenses
$ 7,776 $9,000-$10,000 $35,000-$37,000 About Eclipse Resources
Eclipse Resources is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin, including the Utica and Marcellus Shales. For more information, please visit the Company’s website at www.eclipseresources.com .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this press release, regarding Eclipse Resources’ strategy, future operations, financial position, estimated revenues and income/losses, projected costs and capital expenditures, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “plan,” “endeavor,” “will,” “would,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Eclipse Resources’ current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” in Eclipse Resources’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 3, 2018 (the “2017 Annual Report”), and in “Item 1A. Risk Factors” of Eclipse Resources’ Quarterly Reports on Form 10-Q.
Forward-looking statements may include, but are not limited to, statements about Eclipse Resources’ business strategy; reserves; general economic conditions; financial strategy, liquidity and capital required for developing its properties and timing related thereto; realized prices for natural gas, NGLs and oil and the volatility of those prices; timing and amount of future production of natural gas, NGLs and oil; its hedging strategy and results; future drilling plans; competition and government regulations, including those related to hydraulic fracturing; the anticipated benefits under its commercial agreements; marketing of natural gas, NGLs and oil; leasehold and business acquisitions and joint ventures; the costs, terms and availability of gathering, processing, fractionation and other midstream services; credit markets; uncertainty regarding its future operating results, including initial production rates and liquid yields in its type curve areas; and plans, objectives, expectations and intentions contained in this press release that are not historical, including, without limitation, the guidance set forth herein..
Eclipse Resources cautions you that all these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil. These risks include, but are not limited to, legal and environmental risks, drilling and other operating risks, regulatory changes, commodity price volatility and the significant decline of the price of natural gas, NGLs, and oil from historical highs, inflation, lack of availability of drilling, production and processing equipment and services, counterparty credit risk, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flow and access to capital, risks associated with the Company’s level of indebtedness, the timing of development expenditures, and the other risks described under the heading “Risk Factors” in the 2017 Annual Report and in “Item 1A. Risk Factors” of Eclipse Resources’ Quarterly Reports on Form 10-Q.
All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Eclipse Resources or persons acting on the Company’s behalf may issue. Except as otherwise required by applicable law, Eclipse Resources disclaims any duty to update any forward-looking statements to reflect events or circumstances after the date of this press release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006679/en/
Eclipse Resources Corporation
Douglas Kris, Investor Relations, 814-325-2059
[email protected]
Source: Eclipse Resources Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-eclipse-resources-corporation-announces-first-quarter-2018-operational-and-financial-results-and-updated-guidance.html |
ISFIYA, Israel, May 22, 2018 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or "Check-Cap") (NASDAQ: CHEK) (NASDAQ: CHEKW) (NASDAQ: CHEKZ), a clinical stage medical diagnostics company engaged in the development of C-Scan®, an ingestible capsule preparation-free, colorectal cancer screening, today announced that the results of its multicenter clinical study that examined C-Scan safety and efficacy (compared to FIT and colonoscopy) for polyp detection confirmed by ensuing colonoscopy, which was submitted for capsule CE Mark, received in January 2018, has been published in Gut, an official peer-reviewed journal of the British Society of Gastroenterology.
The article, entitled "A Novel Prep-Less X-Ray Imaging Capsule for Colon Cancer Screening: A Feasibility Study," reported that in 45 analyzed patients, capsule and FIT sensitivity (ability to correctly identify polyps) were 44% and 37%, respectively, with capsule sensitivity increasing to 78% when >50% of the colon surface area was imaged and a linear correlation was observed between imaged area and sensitivity. In an updated scanning algorithm, retrospectively implemented on the study data, the article noted a dramatic increase in number of subjects with imaged area >50%, from 21/45 to 41/45 (from 46% to 91%) following the new algorithm implementation. Capsule specificity (ability to correctly identify lack of polyps) in those cases approached 90%. Further, the authors highlighted capsule safety, with no reported adverse events, low radiation (average radiation dose of 0.05ms), and transit time of 52±32 hrs.
Professor Nadir Arber, Principal Investigator and Prof. of Internal Medicine and Gastroenterology and Head of the Health Promotion Center and Integrated Cancer Prevention Center at the Tel-Aviv Sourasky Medical Center, commented " I believe that results from the multicenter clinical study have demonstrated that the C-Scan imaging capsule is safe, well tolerated, and can correctly identify polyps with the majority of the colon imaged. Prof. Arber continued, "The risk of false polyp identification has been shown to be consistently low. Overall, we see the potential for C-Scan to overcome barriers to colorectal cancer screening (CRC), given its lack of requirement for bowel and other cathartic preparations."
Alex Ovadia, CEO of Check-Cap said, "We are pleased to share the publication of our multicenter clinical study results in Gut, a prestigious, peer-reviewed international medical journal. The data demonstrated the system's safe passage, ultra-low radiation exposure and ability to identify polyps without the need for bowel preparation, a major deterrent to CRC screening. We will continue to evaluate our C-Scan Version 3 system in the ongoing EU post approval study, with interim results expected in Q3 of 2018. We intend to continue to execute on our plan to commercialize our proprietary C-Scan system, and to provide patients with a preparation free alternative for pre-cancerous polyps screening in the colon."
The publication is currently available online at http://gut.bmj.com/content/early/2018/05/18/gutjnl-2018-316127 and will also be featured in an upcoming print edition of Gut.
About Check-Cap
Check-Cap is a clinical-stage medical diagnostics company developing C-Scan®, an ingestible capsule-based system for preparation-free colorectal cancer screening.
Utilizing innovative ultra-low dose X-ray and wireless communication technologies, the capsule generates information on the contours of the inside of the colon as it passes naturally. This information is used to create a 3D map of the colon, which allows physicians to look for polyps and other abnormalities. Designed to improve the patient experience and increase the willingness of individuals to participate in recommended colorectal cancer screening, C-Scan removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation.
Legal Notice Regarding Forward-Looking Statements
This press release contains " ." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, often signify . Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to that could cause actual performance or results to differ materially from those expressed in or suggested by the . For a discussion of these and other risks that could cause such differences and that may affect the realization of , please refer to "Forward-looking Statements" and "Risk Factors" in the Company's Annual Report on Form 20-F for its fiscal year ended December 31, 2017 and other filings Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov . The Company assumes no obligation to publicly update or revise its as a result of new information, future events or otherwise.
Investor Contacts
Vivian Cervantes
PCG Advisory
+1-646-863-6274
[email protected]
Meirav Gomeh-Bauer
+972-54-4764979
[email protected]
View original content: http://www.prnewswire.com/news-releases/check-cap-announces-publication-of-ce-mark-multicenter-clinical-study-results-on-c-scan-in-gut-300652554.html
SOURCE Check-Cap Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-check-cap-announces-publication-of-ce-mark-multicenter-clinical-study-results-on-c-scana-in-gut.html |
Tanger Factory Outlet Centers Inc:
* Q2 FFO PER SHARE VIEW $0.60 — THOMSON REUTERS I/B/E/S * FY2018 FFO PER SHARE VIEW $2.46 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tanger-factory-outlet-centers-q1-f/brief-tanger-factory-outlet-centers-q1-ffo-per-share-0-60-idUSASC09YS8 |
May 31, 2018 / 7:22 PM / Updated an hour ago Kiev court orders detention of suspect in plot to murder Russian journalist Reuters Staff 2 Min Read
KIEV (Reuters) - A Kiev court granted a request by prosecutors on Thursday to detain a suspect for two months in what Ukrainian authorities say is a plot to murder Russian dissident Arkady Babchenko. Borys Herman, who according to Ukrainian authorities is suspect in a plot to murder Russian dissident Arkady Babchenko, attends a court hearing in Kiev, Ukraine May 31, 2018. REUTERS/Volodymyr Hontar
Borys Herman, the co-owner of a weapons manufacturer, appeared in court denying that there was ever any intent to kill Babchenko and saying that he had acted in Ukraine’s interests.
Babchenko collaborated with the Ukrainian security services to fake his own assassination on Tuesday before reappearing at a press briefing the next day.
Herman said he had been contacted by someone close to the Kremlin about plans to kill Babchenko but that he instead turned this information over to the Ukrainian authorities and worked on counter-intelligence operations with them.
“We knew perfectly well that there would be no killing,” he said. “This was done only for the benefit of Ukraine.”
Prosecutors said they had evidence that Herman had handed over $15,000 to pay someone to kill Babchenko.
Ukrainian authorities accuse Russia of trying to destabilise Ukraine through a series of targeted assassinations. The Kremlin called accusations of Russian involvement “the height of cynicism”.
One of Herman’s lawyers said he would appeal the decision to detain him. Russian dissident journalist Arkady Babchenko (R) takes his portrait from deputy chief of the Crimean Tatar channel ATR Aider Muzhdabaiev as he visits the office of the channel in Kiev, Ukraine May 31, 2018. REUTERS/Valentyn Ogirenko Reporting by Olena Vasina and Natalia Zinets; writing by Matthias Williams; editing by David Stamp | ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-russia-journalist-suspect/court-orders-arrest-of-suspect-in-plot-to-murder-russian-journalist-idINKCN1IW2TZ |
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