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May 17, 2018 / 7:21 AM / Updated 43 minutes ago Sensex extends losses; financials drag Reuters Staff 1 Min Read
(Reuters) - Indian shares ended lower for a third straight session on Thursday, dragged down by financials, while doubts whether the Bharatiya Janata Party could prove its majority in the southern state of Karnataka dented investor sentiment. A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 26, 2016. REUTERS/Shailesh Andrade/Files
The benchmark BSE Sensex closed down 0.67 percent at 35,149.12.
The broader NSE Nifty ended 0.54 percent lower at 10,682.7, closing below 10,700 for the first time in nine sessions.
Index heavyweights Housing Development Finance Corp and Reliance Industries Ltd were among the top drags, closing down 2.01 percent and 1.27 percent respectively. Reporting by Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips | ashraq/financial-news-articles | https://in.reuters.com/article/india-sensex-nifty-stocks/sensex-slips-financials-top-drag-idINKCN1II0R0 |
NEW YORK--(BUSINESS WIRE)-- Ladder Capital Corp (“Ladder” or the “Company”) (NYSE: LADR) today announced the declaration by its Board of Directors of a second quarter 2018 dividend of $0.325 per share of Class A common stock. The cash dividend is payable on July 2, 2018 to stockholders of record as of the close of business on June 11, 2018.
This declaration reflects a 3% increase in Ladder’s recurring quarterly cash dividend, effective in the current quarter, to $0.325 per share from $0.315 per share. Since electing to be taxed as a REIT on January 1, 2015, Ladder’s recurring quarterly cash dividend has been increased by 30% in four separate increases.
Ladder expects to review its dividend policy again at year end.
About Ladder
Ladder is an internally-managed real estate investment trust that is a leader in commercial real estate finance. Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real estate equity. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Led by Brian Harris, the Company’s Chief Executive Officer, Ladder is headquartered in New York City with a West Coast office in Santa Monica.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Ladder believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as well as its consolidated financial statements, related notes, and other financial information appearing therein, and its other filings with the U.S. Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Ladder expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or changes in events, conditions, or circumstances on which any such statement is based.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005964/en/
Investors
Ladder Capital Corp Investor Relations
917-369-3207
[email protected]
Source: Ladder Capital Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-ladder-capital-corp-announces-3-percent-dividend-increase-and-second-quarter-2018-dividend-to-holders-of-class-a-common.html |
May 1, 2018 / 2:36 PM / Updated 19 minutes ago At least nine dead after church attack in Central African Republic Reuters Staff 1 Min Read
BANGUI (Reuters) - At least nine people were killed and dozens others wounded in Central African Republic’s capital Bangui in an attack by unidentified gunmen on a church, a morgue official at the Community Hospital told Reuters.
Notre Dame de Fatima was attacked with gunfire and grenades during a morning service, witnesses said. It was not clear if all the people taken to the hospital were killed in the church. Reporting Crispin Dembassa-Kette; Writing by Edward McAllister; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-centralafrica-violence/at-least-nine-dead-after-church-attack-in-central-african-republic-idUKKBN1I23SF |
May 1, 2018 / 7:46 PM / Updated 10 minutes ago Physical fitness linked to language skills in older adults Lisa Rapaport 4 Min Read
(Reuters Health) - Older adults who exercise regularly may have an easier time finding words to express themselves than their peers who aren’t as physically fit, a small study suggests.
Researchers examined results from 28 volunteers, mostly in their late 60s or early 70s, who played word games on a computer and performed aerobic fitness tests on an exercise bike. They also studied a control group of young adults in their early 20s who completed just the language evaluations.
For the word games, participants were asked to name famous people such as authors, actors, and politicians based on 20 questions. They were also given definitions of 20 words rarely used in daily conversation as well as 20 very common words and asked whether they knew the word relating to the definition.
Overall, compared to the younger participants, the older adults had more “tip-of-the-tongue” moments, when they thought they knew a word but were unable to produce it.
But older participants with higher fitness levels based on cycling tests had fewer of tip-of-the-tongue experiences than their similarly-aged peers who had more difficulty riding the exercise bikes.
“Language is a crucial aspect of cognition, necessary for maintaining independence, communication and social interaction in older age,” said lead study author Dr. Katrien Segaert of the University of Birmingham in the UK.
Cognitive function and language skills often decline with age even among healthy older adults, researchers note in Scientific Reports. While exercise and aerobic fitness has been linked to better cognitive abilities such as improved processing speed and memory in older adults, less is known about the connection between physical activity and language abilities.
While the exact reason for a connection between fitness and language isn’t clear, and the amount of exercise needed for a benefit is also unknown, previous research has linked higher levels of physical activity and increased aerobic fitness to improved blood flow and brain health, Segaert said by email.
Still, difficulty finding words, or “tip-of-the-tongue” challenges, are common among elderly people and it makes sense to explore the potential for exercise to help, said Dr. Philip Gorelick, a researcher at Michigan State University in East Lansing who wasn’t involved in the study.
“The results are not surprising given that other cognitive domains are positively influenced by aerobic exercise,” Gorelick said by email. “This study adds consistency to the study data that various cognitive domains are positively influenced by aerobic exercise.”
Health officials in the U.S. and the UK advise people to get 150 minutes of moderate aerobic exercise a week.
“We don’t know if this would be enough to improve language abilities, but this advice would be a good place to start,” Segaert said. “Of course, many daily activities are a great way of getting exercise, such as climbing the stairs, rather than taking the elevator, and some health and fitness centers offer activities such as chair-based exercises for people with physical limitations.”
SOURCE: go.nature.com/2jiQHeu Scientific Reports, online April 30, 2018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-aging-speaking/physical-fitness-linked-to-language-skills-in-older-adults-idUSKBN1I24AF |
Reality TV star Kim Kardashian West paid a visit to the White House Wednesday to make a star-powered case to President Donald Trump and his staff on behalf of a woman serving a life sentence for drug offenses.
Kardashian West has been urging the president to pardon Alice Marie Johnson, 63, who has spent more than two decades behind bars and is not eligible for parole.
It had been unclear whether the socialite would have the chance to sit down with Trump while she was in Washington, but Trump confirmed the meeting — as he often does — via Twitter, writing, "Great meeting with @KimKardashian today, talked about prison reform and sentencing."
Donald Trump tweet
He included a picture of the two in the Oval Office — Trump seated behind his desk and Kardashian West, dressed in all-black, standing to his right.
show chapters The Trump-Russia ties hiding in plain sight 1:33 PM ET Thu, 24 May 2018 | 07:56 Kardashian West arrived at the White House just after 4:30 p.m. for what was expected to be a meeting with Jared Kushner , Trump's son-in-law and senior adviser, who is overseeing the administration's push to overhaul the nation's prison system. She appeared to preview the visit on her Twitter feed, writing: "Happy Birthday Alice Marie Johnson. Today is for you."
A rare A-list celebrity to visit the White House since Trump took office, Kardashian West was seen posing for photos in front of the West Wing before entering.
Attorney Brittany K. Barnett, a member of Johnson's legal team, said Kardashian West had hoped to discuss the issue with Trump directly. She said after the meeting that she had consulted with those who had attended and said it "seemed to go well."
"It is now in President Trump's hands to decide whether to save Alice Johnson's life," Barnett said.
In an interview with Mic released earlier this month, Kardashian West said she'd been moved by Johnson's story after seeing a video by the news outlet on Twitter.
"I think that she really deserves a second chance at life," Kardashian told Mic. "I'll do whatever it takes to get her out."
Kardashian West said in the interview she'd been in touch with Kushner over the case and that, if she had the chance to bring it up with Trump, she'd tell him, "I really do believe that she's going to really thrive outside of prison, and I would just urge him to please pardon her."
Kim Kardashian tweet
Trump last week granted a rare posthumous pardon to boxing's first black heavyweight champion, clearing Jack Johnson's name more than 100 years after what many saw as a racially charged conviction.
The boxer's pardon had been championed by actor Sylvester Stallone, who Trump said had brought the story to his attention in a phone call.
Trump has issued just a handful of pardons, including one for former Maricopa County Sheriff Joe Arpaio, a staunch campaign supporter; one for Scooter Libby, who served as chief of staff to Vice President Dick Cheney; and one for a U.S. Navy sailor convicted of taking photos of classified portions of a submarine.
Kardashian West supported Trump's rival, Democrat Hillary Clinton , during the 2016 election. But her husband, rapper Kanye West, recently offered his support for Trump in a series of tweets, saying they both share "dragon energy." Kardashian West defended her husband when he caught flak on social media for his tweets.
West also paid a visit to the then-president-elect in New York before his inauguration. Trump said they talked about "life" as they posed for photos in the lobby of Trump Tower. West has said he didn't vote in the presidential election, but if he had, he would have cast a ballot for Trump.
Trump and members of his administration have spoken passionately in favor of prison and sentencing reform, but that has sometimes clashed with Trump's law-and-order approach, especially at the Justice Department.
Indeed, Trump has called for getting tougher on drug dealers, including suggesting that some should receive the death penalty.
Johnson was convicted in 1996 on eight criminal counts related to a Memphis-based cocaine trafficking operation involving more than a dozen people. The 1994 indictment describes dozens of deliveries and drug transactions, many involving Johnson.
She was sentenced to life in prison in 1997, and appellate judges and the U.S. Supreme Court have rejected her appeals. Court records show she has a motion pending for a reduction in her sentence, but federal prosecutors are opposed, saying in a court filing that the sentence is in accord with federal guidelines, based on the large quantity of drugs involved. The U.S. Attorney's Office in Memphis did not immediately respond to a request for comment Wednesday afternoon.
A criminal justice advocacy site, CAN-DO, and one of Johnson's attorneys say a request for clemency was rejected Obama . The reasons are unclear.
A 1997 Associated Press story on Johnson's sentencing said she headed up a multimillion-dollar drug ring. But Memphis attorney Michael Scholl, who filed the latest court documents in her request for a sentence reduction, said she was not a leader in the cocaine operation.
"What is the purpose of putting a lady with no prior criminal record, on a nonviolent drug offense, in jail for her entire life?" he said in a telephone interview. "She's a model inmate."
Scholl added that Johnson has admitted her wrongdoing, which is borne out in letters she has written to U.S. District Judge Samuel H. Mays, who now oversees her case.
"Judge Mays I'm writing to you to express my deep remorse for the crime that I committed over 20 years ago. I made some bad choices which have not only affected my life, but have impacted my entire family," she said in a February 2017 letter in the court record.
In a hand-scrawled letter last June she wrote: "I'm a broken woman. More time in prison cannot accomplish more justice." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/kim-kardashian-west-goes-to-the-white-house-to-talk-pardon-with-trump.html |
SINGAPORE (Reuters) - A seasonal splurge has helped lift Asia’s crimped gasoline refining profits out of a long slump, but higher crude prices and the rise of energy-efficient cars are set to leave margins stuck at historically weak levels, industry watchers say.
Asia’s gasoline margin, or ‘crack’, stood at nearly $9.60 barrels per day (bpd) on May 25, well above the 20-month low of $5.42 a barrel on April 19. Traders say the surge since late April has been triggered by strong demand.
Firms like Indonesia’s Pertamina, Asia’s top gasoline importer, have led the charge, buying actively ahead of the Ramadan fasting month, which this year goes from May 17 to June 14. In India, meanwhile, Bharat Petroleum has beefed up imports in recent weeks to meet an uptick in demand.[O/INDIA2]
But analysts warn a creeping slowdown in Asia may be in store.
“Looking just at Asia, we see demand growth (for 2018) at 157,000 bpd year-on-year (up 2 percent), down marginally from the 160,000 bpd growth we had at the beginning of May,” said Michael Dei-Michei, head of research at consultancy JBC Energy.
This also shows in profits. Seasonally adjusted and despite the recent increases, Singapore’s gasoline cracks have spent most of the year at or near five-year lows.
DECELERATION Some of the deceleration is down to overall higher crude prices - despite the recent slump they remain 13 percent above late 2017. [O/R]
This has fed through to the pump, with increases in retail fuel prices from China to India stoking fears of higher inflation and lower economic growth.
Asia’s gasoline demand growth has already been slowing for the last three years, Dei-Michei said.
Increasing vehicle efficiency and the rise of electric and hybrid vehicles have played their part in the weakness.
JBC now expects world gasoline demand in 2018 to grow by 260,000 bpd, down by about 35,000 bpd from its projection at the start of May.
The gradual slowdown in Asian demand growth is also visible in the forward price curve, which has flipped into backwardation in May - meaning prices for immediate delivery are higher than those for dispatch further out in the future.
This implies a seasonally tight market for now, but an expectation of a weaker market further out. [REF/A]
Reporting by Seng Li Peng; Editing by Henning Gloystein and Kenneth Maxwell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gasoline-asia-demand/asia-gasoline-profits-rebound-but-rising-crude-prices-and-green-cars-cap-gains-idUSKCN1IT0FW |
* Ford, GM rise after China cuts car import tariffs
* Banks gain on hopes of post-crisis bill being passed
* Kohl's falls on slower-growth warning, drags retailers
* Dow down 0.25 pct, S&P and Nasdaq up 0.06 pct (Updates to early afternoon)
May 22 (Reuters) - Wall Street gave up earlier gains and were little changed on Tuesday afternoon after U.S. President Donald Trump said he was not pleased with the recent U.S.-China trade talks and also raised doubts about the upcoming North Korea summit.
Trump said the China trade talks "were a start" and that there was no deal with China on ZTE Corp. Trump has adopted a more conciliatory stance in the China talks as North Korea, whose chief ally is Beijing, has called into question a summit planned for next month in Singapore.
The president's comments come after U.S. Treasury Secretary Steven Mnuchin said over the weekend that the two countries had put the prospect of a trade war "on hold" and agreed to hold more talks to boost U.S. exports to China.
"We are getting mixed signals from the administration, and that's why everyone is a little cautious in reacting to the headlines," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
"It makes people less enthusiastic and there has been nothing that has truly alarmed people yet. Investors are at a point where they're taking everything that is said tentatively, with a grain of salt."
The industrial sector dipped 0.6 percent, a day after posting its best one-day percentage gain in nearly two months on the trade truce.
At 13:28 a.m. EDT the Dow Jones Industrial Average was down 62.67 points, or 0.25 percent, at 24,950.62, the S&P 500 was up 1.72 points, or 0.06 percent, at 2,734.73 and the Nasdaq Composite was up 4.53 points, or 0.06 percent, at 7,398.56.
Six of the 11 major indexes were trading higher, led by the financials sector's 1.1 percent gain on hopes that a bill aimed at easing bank rules, put in place after the financial crisis, could be passed as soon as this week.
The consumer discretionary index fell 0.2 percent after warnings from retailer Kohl's and auto parts seller Autozone.
Kohl's tumbled 5.8 percent, weighing on other retailers, after forecasting slower growth in the second half of the year.
Autozone sank 7.3 percent, the most on the S&P and dragging other auto part retailers, after warning higher costs would persist due to wage pressure.
Carmakers Ford, General Motors and Fiat Chrysler gained between 0.5 percent and 1.7 percent after Beijing said it will steeply cut import tariffs for automobiles and car parts.
Steel stocks gained, led by a roughly 3 percent jump in AK Steel and U.S. Steel, after the United States said it would slap steep import duties on steel products with origins in China but shipped from Vietnam to evade anti-dumping orders.
Facebook was down 0.3 percent as Chief Executive Mark Zuckerberg apologized to European lawmakers for a massive data leak in an ongoing testimony.
Advancing issues outnumbered decliners by a 1.06-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the Nasdaq.
The S&P index recorded 29 new 52-week highs and no new lows, while the Nasdaq recorded 136 new highs and 29 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-us-stocks-wall-st-erases-gains-on-trumps-china-trade-talk-comments.html |
Singing as you've never seen before 2:11pm IST - 00:54
Extraordinary video imagery of what your tongue looks like when you sing and speak have been released by the Max Planck Institute for Biophysical Chemistry. The videos were filmed using 'realtime MRI' technology developed by Professor Jens Frahm, who has been nominated for the European Inventor Award. Jim Drury reports.
Extraordinary video imagery of what your tongue looks like when you sing and speak have been released by the Max Planck Institute for Biophysical Chemistry. The videos were filmed using 'realtime MRI' technology developed by Professor Jens Frahm, who has been nominated for the European Inventor Award. Jim Drury reports. //reut.rs/2KZeRYb | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/13/singing-as-youve-never-seen-before?videoId=426473112 |
May 10, 2018 / 12:13 PM / Updated 7 minutes ago BRIEF-Chuy’S Appoints Steve Hislop As Chairman And Jon Howie As A Director Reuters Staff
May 10 (Reuters) - Chuy’s Holdings Inc:
* CHUY’S APPOINTS STEVE HISLOP AS CHAIRMAN AND JON HOWIE AS A DIRECTOR
* CHUY’S HOLDINGS INC - HISLOP REPLACES JOHN ZAPP AS CHAIRMAN OF BOARD Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-chuys-appoints-steve-hislop-as-cha/brief-chuys-appoints-steve-hislop-as-chairman-and-jon-howie-as-a-director-idUSASC0A1EN |
May 13, 2018 / 9:19 PM / Updated 5 minutes ago Barcelona lose unbeaten run at Levante while Messi stays home Reuters Staff 4 Min Read
VALENCIA (Reuters) - Barcelona’s hopes of completing an unbeaten La Liga season ended in thrilling fashion on Sunday as the champions suffered a shock 5-4 defeat at Levante in their 37th and penultimate game of the campaign after resting talisman Lionel Messi. Soccer Football - La Liga Santander - Levante vs FC Barcelona - Ciutat de Valencia, Valencia, Spain - May 13, 2018 Barcelona's Luis Suarez reacts REUTERS/Heino Kalis
Levante raced into a remarkable 5-1 lead against the double winners after 56 minutes with a hat-trick from Ghanaian striker Emmanuel Boateng and two goals from Macedonian international Enis Bardhi.
Yet Philippe Coutinho also completed a hat-trick and Luis Suarez scored from the penalty spot as Barca fought back to set up a tense finale.
Yet, ultimately, despite coming close to a late equaliser, they failed in their bid to become the first team since Real Madrid in 1931-32, and the first since the league was expanded from 10 teams, to complete a league campaign without losing.
“I feel very angry but I have to look forward because what makes me angry isn’t going to give me solutions,” Barca coach Ernesto Valverde told reporters.
“It was a surprising game, because of the result and how it came about. They (Levante) are in very good form, they are very effective, they started the game really well and caused us a lot of damage on the counter-attack.” Soccer Football - La Liga Santander - Levante vs FC Barcelona - Ciutat de Valencia, Valencia, Spain - May 13, 2018 Barcelona's Philippe Coutinho shoots at goal REUTERS/Heino Kalis
The shock of the season saw Barca suffer their first league loss since going down 2-0 to Malaga on April 8, 2017, ending an incredible, record-breaking sequence that had lasted 43 games.
It was the first time Barca had conceded five goals in a Liga game since they were beaten 5-1 at Malaga in December 2003.
The defeat also put the spotlight on Valverde’s decision to rest his serial match-winner Messi — not for the first time this season, but still a rare occurrence — so close to achieving the unbeaten domestic campaign.
Levante, who were dangerously close to the relegation zone less than two months ago, took a shock early lead against the double winners when 21-year-old striker Boateng pounced from close range in the ninth minute. Slideshow (8 Images)
Boateng strolled his way through a sleeping Barca defence and rounded goalkeeper Marc-Andre ter Stegen to double Levante’s lead in the 31st although Coutinho’s strike from distance pulled one back before the break.
Levante came out with renewed energy in the second half and immediately stretched their lead with a thumping shot from outside the area from Bardhi, who struck again after Boateng had completed his treble to further rattle Valverde’s side. BARCA WAKE UP TOO LATE
The fifth goal woke up Barca, however, and the champions suddenly came out fighting with three goals in the space of 12 minutes.
Coutinho scored two more to complete his treble, although his third was deflected off Suarez, who then converted from the penalty spot after Sergio Busquets had been fouled.
Uruguayan striker Suarez then headed narrowly over the bar while Busquets had a late, half-hearted penalty claim turned down although Levante’s Ruben Rochina missed a gilt-edged chance to make it 6-4 down the other end.
The defeat left the champions on 90 points after 37 games, 12 more than second-placed Atletico Madrid, while Levante are 15th on 46. Reporting by Richard Martin; Editing by Toby Davis and Ian Chadband | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-lvt-fcb/barcelona-lose-unbeaten-run-at-levante-while-messi-stays-home-idUKKCN1IE122 |
NEW YORK (Reuters) - A New York federal judge has postponed to next week a hearing in the case brought by President Donald Trump’s longtime personal lawyer Michael Cohen to limit prosecutors’ review of documents seized from his home and office.
FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen arrives at his hotel in New York City, U.S., May 11, 2018. REUTERS/Brendan McDermid The hearing, which had been scheduled to take place Thursday, is expected to address the ongoing review of the seized documents by a court-appointed official called a special master, as well as a motion by adult film star Stormy Daniels to intervene in the case. U.S. District Judge Kimba Wood rescheduled the hearing for May 30 in an order late Tuesday evening.
The special master, former federal judge Barbara Jones, is tasked with reviewing whether the seized documents are protected by attorney-client privilege before turning documents that are not protected over to prosecutors, who are investigating Cohen for possible crimes related to his business dealings.
Daniels, whose real name is Stephanie Clifford, has sought to intervene in the case, saying some of the seized materials could relate to her. Daniels has said Cohen paid her $130,000 to keep quiet about a sexual encounter she had with Trump, which Trump has denied.
Cohen has not formally opposed Daniels’ intervention, but has asked Wood to bar her attorney, Michael Avenatti, from representing her in the case, claiming he violated court rules by making false statements about Cohen in media appearances.
Wood has ordered prosecutors, Cohen and Daniels to submit a joint agenda for the hearing by Friday.
Reporting By Brendan Pierson in New York; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-cohen/hearing-delayed-in-trump-lawyer-michael-cohens-new-york-court-case-idUSKCN1IO2JD |
May 3 (Reuters) - Atlantic Power Corp:
* ATLANTIC POWER CORPORATION RELEASES FIRST QUARTER 2018 RESULTS
* ATLANTIC POWER CORP - REAFFIRMED 2018 PROJECT ADJUSTED EBITDA GUIDANCE
* ATLANTIC POWER CORP - BEGAN MAJOR GAS TURBINE OUTAGE AT MANCHIEF PROJECT IN MID-APRIL, WHICH IS EXPECTED TO RUN THROUGH LATE MAY
* ATLANTIC POWER CORP - EXPECTS OUTAGE TO REDUCE PROJECT ADJUSTED EBITDA FOR MANCHIEF BY APPROXIMATELY $7 MILLION IN Q2 OF 2018
* ATLANTIC POWER CORP - QTRLY EARNINGS PER SHARE $0.12 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-atlantic-power-corp-reports-q1-eps/brief-atlantic-power-corp-reports-q1-eps-0-12-idUSASC09ZT6 |
May 10 (Reuters) - Total Energy Services Inc:
* Q1 REVENUE VIEW C$203 MILLION — THOMSON REUTERS I/B/E/S * QTRLY EARNINGS PER SHARE $0.07 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-total-energy-services-reports-q1-r/brief-total-energy-services-reports-q1-revenue-rose-42-pct-idUSASC0A1OS |
May 16 (Reuters) - Australian shares are expected to open lower on Wednesday, tracking a decline on Wall Street as bond yields surged after strong retail sales data raised inflation concerns. Locally, investors will be watching Australia's first-quarter wage growth data, due later in the day, for updates on inflation and labour market outlook. The local share price index futures shed 0.12 percent or 7 points to 6,093, a 4.8-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.6 percent on Tuesday. New Zealand's benchmark S&P/NZX 50 index fell 1.6 percent at 2207 GMT, dragged down by a2 Milk shares. (Reporting by Shanima A in Bengaluru; Editing by Peter Cooney)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-morning/australia-shares-set-to-slip-nz-down-idUSL3N1SM7AR |
MILAN, May 16 (Reuters) - Milan’s prosecutor general is not opposed to the lifting of a ban on former Prime Minister Silvio Berlusconi barring him from holding public office, judicial sources said on Wednesday.
Earlier this month a Milan court lifted the ban, meaning the veteran centre-right leader could run to be prime minister in the next national election.
Berlusconi, whose family controls broadcaster Mediaset , was convicted of tax fraud in 2013, triggering a bar on his holding any elected position for six years. (Reporting by Manuela d’Alessandro, writing by Stephen Jewkes, editing by Valentina Za)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-berlusconi/milan-prosecutor-general-not-opposed-to-lifting-ban-on-berlusconi-holding-office-sources-idUSI6N1S301J |
* U.S. crude stocks rise by 4.9 mln bbl to 435.6 mln bbl -API
* Physical spot cargoes trade at discount to financial crude
* Production by oil majors rising - S&P Global Ratings (Adds S&P Global quote, updates prices)
SINGAPORE, May 16 (Reuters) - Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
Brent crude futures were at $78.17 per barrel at 0210 GMT, down 26 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $71.02 a barrel, down 29 cents, or 0.4 percent, from their last settlement.
Despite the dips, both financial oil benchmarks remained close to their November 2014 highs of $79.47 and $71.92 a barrel respectively, reached the previous day.
But there are signs in physical crude markets that may give pause to financial investors.
There are also signs that oil production will rise, especially at majors like ExxonMobil, Royal Dutch Shell , Chevron, BP and Total.
"Aggregate production - both actual and projected - is growing for the majors," S&P Global Ratings said in a report published on Tuesday.
Spot crude oil cargo prices are at their steepest discounts to futures prices in years as sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada.
The bottleneck in North America likely contributed to a 4.9 million barrel rise in U.S. crude oil inventories, to 435.6 million barrels, that the American Petroleum Institute reported on Tuesday.
"The API inventory data in the U.S. fits with ... a topping pattern or at least a decent pause for oil prices at the moment," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Despite Wednesday's dips and some indicators implying the financial oil has overshot physical oil, overall crude market conditions have tightened since 2017 when the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, started to withhold supplies to push up oil prices.
With renewed U.S. sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude markets will likely remain relatively tight for much of the year.
Stronger oil prices are also spilling into other markets.
"A rising oil price brings upside price risk to all commodities," Morgan Stanley said in a note to clients this week.
The U.S. bank said rising diesel prices contributed 10-20 percent to cash costs in the metals and dry-bulk sectors, while the price of oil also significantly contributed to power generation.
"Finally, transport costs (5-20 percent of cash costs) will also rise in response, with the heaviest impact on bulk commodity producers," Morgan Stanley said.
(Reporting by Henning Gloystein Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-update-1-oil-dips-on-signs-of-ample-supply-despite-opec-cuts-iran-sanctions.html |
May 21, 2018 / 9:41 PM / Updated 5 hours ago Prodded by Trump, FBI to look into complaint about its 2016 tactics Steve Holland 5 Min Read
WASHINGTON (Reuters) - The Justice Department agreed on Monday to investigate “any irregularities” in FBI tactics related to President Donald Trump’s 2016 campaign after Trump questioned whether an FBI informant had been planted into his political organisation.
Trump suggested on Friday that the FBI might have planted or recruited an informant in his presidential campaign for political purposes, citing unidentified reports that at least one FBI representative was “implanted.”
The agreement came during a meeting that Trump had with Deputy Attorney General Rod Rosenstein and Federal Bureau of Investigation Director Christopher Wray, White House spokeswoman Sarah Sanders said.
The Justice Department “has asked the inspector general to expand its current investigation to include any irregularities with the Federal Bureau of Investigation’s or the Department of Justice’s tactics concerning the Trump Campaign,” Sanders said in a statement.
The White House will set up a meeting with the FBI, the Justice Department and the intelligence community to let congressional leaders review classified information related to Trump’s accusations, Sanders said.
Senate Democratic leader Chuck Schumer called the plan to review classified information highly inappropriate and said if such a meeting takes place, it must include Democrats, not just Republicans, as a “check on the disturbing tendency of the president’s allies to distort facts and undermine the investigation and the people conducting it.”
Federal investigators are probing whether anyone in the Trump campaign worked with Russia to sway the election to the Republican candidate. Trump has denied any collusion and repeatedly dismissed the investigation as a “witch hunt.”
Trump said in a Twitter post on Sunday that he would demand the Justice Department look into whether the FBI “infiltrated or surveilled the Trump Campaign for Political Purposes - and if any such demands or requests were made by people within the Obama Administration!”
Hours later, a spokeswoman said the department asked its inspector general to expand a review of the process for requesting surveillance warrants to include determining whether there was impropriety or political motivation in how the FBI conducted its investigation.The FBI was looking into Trump election campaign ties to Moscow before Special Counsel Robert Mueller took over the probe a year ago.
“If anyone did infiltrate or surveil participants in a presidential campaign for inappropriate purposes, we need to know about it and take appropriate action,” Rosenstein said in a statement on Sunday evening. U.S. Deputy Attorney General Rod Rosenstein departs the West Wing of the White House after a meeting on FBI investigations into the 2016 Trump presidential campaign with U.S. President Donald Trump at the White House in Washington, U.S., May 21, 2018. REUTERS/Leah Millis
Democrats said Mueller and his investigation should be protected and information, such as about any informant, should not be shared with Congress.
Justice Department “regulations protect this type of information from disclosure to Congress for legitimate investigative and privacy reasons,” Senator Dianne Feinstein, the top Democrat on the Senate Judiciary Committee, said in a letter to Rosenstein on Monday.
Trump has shown increasing signs of impatience with the investigation led by Mueller as it enters its second year, saying it was politically motivated and had its roots in the administration of Democratic President Barack Obama.
His Republican allies in Congress, led by House Intelligence Committee Chairman Devin Nunes, have pushed the same message.
In March, the Justice Department’s inspector general launched a review into allegations by Republican lawmakers that the FBI made serious missteps when it sought a warrant to monitor a former adviser to Trump’s 2016 election campaign.
Justice Department Inspector General Michael Horowitz said his review will examine whether the FBI and Justice Department followed proper procedures when they applied for a warrant with the Foreign Intelligence Surveillance Court to secretly conduct surveillance on former adviser Carter Page and his ties to Russia.
Republican U.S. Representative Lee Zeldin said he and 16 other members of Congress will introduce a resolution on Tuesday alleging Justice Department and FBI misconduct involving surveillance in the Trump-Russia probe.
Neither Trump nor his new lawyer, Rudy Giuliani, provided any evidence of government infiltration into Trump’s presidential campaign. Slideshow (4 Images)
The New York Times, citing people familiar with the matter, reported that the FBI sent an informant to talk to two Trump campaign advisers, Page and George Papadopoulos, after the agency received evidence that the two men had suspicious contacts linked to Russia during the campaign.
Papadopoulos pleaded guilty last fall to lying to FBI agents about his contacts with Russia. Reporting by Steve Holland, Doina Chiacu, Roberta Rampton and Patricia Zengerle; editing by Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia/under-pressure-from-trump-fbi-and-justice-agree-to-expanded-russia-probe-idUKKCN1IM2DL |
May 3, 2018 / 8:25 PM / Updated 7 minutes ago BRIEF-Cyberark Reports Q1 EPS $0.18 Reuters Staff
May 3 (Reuters) - Cyberark Software Ltd: * CYBERARK ANNOUNCES STRONG FIRST QUARTER 2018 RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $0.32 * Q1 GAAP EARNINGS PER SHARE $0.18
* Q1 REVENUE $71.8 MILLION VERSUS I/B/E/S VIEW $69.3 MILLION
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $1.31 TO $1.37
* SEES Q2 2018 NON-GAAP EARNINGS PER SHARE $0.23 TO $0.25 * SEES Q2 2018 REVENUE $72 MILLION TO $73.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.21 — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $0.23, REVENUE VIEW $71.9 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $1.22, REVENUE VIEW $314.7 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cyberark-reports-q1-eps-018/brief-cyberark-reports-q1-eps-0-18-idUSASC09ZO4 |
HONG KONG (Reuters) - Robust earnings from Tencent Holdings sent its market value surging by as much as $34 billion on Thursday, helping the Chinese technology giant briefly reclaim the mantle of Asia’s most valuable listed company.
Tencent company name is displayed at a news conference in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip/File Photo The social media and gaming firm had posted on Wednesday better-than-expected net profit and gross profit margin for the first quarter, driven by the strong performance of its mobile gaming business and gains in its sprawling investment operations.
The results helped offset worries about pressure on Tencent’s margins as it spends heavily in areas such as gaming, entertainment, retail and e-commerce for growth amid stiff competition from Alibaba Group Holding and others. Those concerns have weighed on Tencent’s shares this year.
The shares climbed 7.1 percent to an intra-day high HK$424.20, their biggest daily rise in nearly three years, before shedding some of the gains to be up 5.1 percent in the afternoon and giving it a market value of about $504 billion. At the day’s high, its market capitalisation was about $514 billion, surpassing Alibaba’s $507 billion.
Despite the share jump on Thursday, Tencent’s market value, at current exchange rates, is some $70 billion lower than its January peak.
Tencent’s first-quarter profit soared 61 percent and revenue climbed 48 percent. Its gross margin was 50.4 percent, the first sequential rise since mid-2015.
A major contributor to the bottomline was investments by Tencent, which brought in 7.6 billion yuan in gains. The company made 120 deals in 2017 alone, according to Bernstein’s research, including in U.S. luxury electric car maker Tesla Inc and Snapchat owner Snap Inc.
In a note, Daiwa Securities called it “a stellar set of results” and raised its target price on the stock to HK$530 from HK$490. Goldman Sachs raised its target price to HK$546 from HK$535.
Jefferies, however, cut its target price to HK$515 from HK$530, saying in a note that while Tencent’s gross profit margin was higher than expected, the push to grow revenues from its advertising and financial services business might continue to weigh on the firm’s margins. Credit Suisse lowered its target price for the stock to HK$523 from HK$540.
Tencent said on Wednesday that delays in earning revenues from games in China and heavy marketing expenses would hit mobile games revenue in the short term, a warning that played into CICC analyst Natalie Wu’s call to maintain her target price for the stock at HK$540.
“We expect the share price to bounce back after a period of weakness recently, but as game business prospects may not be as good as 1Q results seemed to indicate, we suggest not riding if the share price rebounds strongly,” she wrote in a note.
($1 = 7.8496 Hong Kong dollars)
Reporting by Sijia Jiang; Editing by Sunil Nair and Muralikumar Anantharaman
| ashraq/financial-news-articles | https://in.reuters.com/article/tencent-holdings-stocks/tencents-market-value-soars-as-much-as-34-billion-after-forecast-beating-first-quarter-idINKCN1II1B4 |
Attorney Michael Avenatti on Tuesday accused The Wall Street Journal of waiting until long after the 2016 election to publish a story about a pre-election hush money deal struck between 's personal lawyer and porn star Stormy Daniels .
The Journal's publisher hit back almost immediately, calling Avenatti's accusation "false and outrageous."
Avenatti, who is now representing Daniels in multiple lawsuits against Trump and his lawyer, Michael Cohen , accused the newspaper of having "sat on" the story he says could have been published "in the closing days" of the 2016 presidential election.
Avenatti tweet
Avenatti, who has become one of the most prominent voices of opposition against Trump and Cohen, also accused Keith Davidson, Daniels' lawyer at the time of the October 2016 hush agreement, of lying to the Journal.
Daniels was in talks with ABC to discuss her story in the Fall of 2016 before suddenly cutting off contact with the network, the Journal previously reported .
The newspaper was the first to report that Cohen had set up a company in October 2016, which he then used to pay Daniels $130,000 as part of a deal for her silence about an alleged affair with Trump from years earlier. That report was published Jan. 18, 2018, more than a year after the presidential election.
"The claim we held any reporting regarding Stormy Daniels is false and outrageous," said Steve Severinghaus, the senior communications director of Dow Jones, the company that publishes the Journal. Dow Jones is owned by News Corp , the global media conglomerate headed by Rupert Murdoch.
"In fact, the Journal broke the news of the $130k payout to her, arranged by Michael Cohen," Severinghaus added.
Additionally, the Journal did publish a story before the election detailing a $150,000 payment made to former Playboy model Karen McDougal, who was represented by Davidson at the time she signed a deal barring her from discussing her own alleged affair with Trump.
McDougal, who later sued American Media to be released from the deal, alleged in a court filing that Davidson was in contact with Cohen during that negotiation process.
That story came on Nov. 4, one day after Dow Jones responded to Davidson.
Tweet
As evidence for his accusation, Avenatti linked an attachment to his tweet showing email correspondence from before the 2016 election that appeared to be between Davidson and a Wall Street Journal reporter, as well an email purportedly from Dow Jones to Davidson.
Avenatti said the emails show the Journal failed to report the story before the election. "The documents are clear as day as to what happened. The WSJ had the story and sat on it until 14 months after the election, when they finally broke it."
While the Journal's story on Cohen's payment to Daniels was not published until 2018, there is no evidence in the emails Avenatti published that the newspaper "sat on" the report.
Avenatti told CNBC the documents he published "come directly from Mr. Davidson's files. They are accurate and complete." Asked for more details on how he obtained the emails, Avenatti said he "demanded" them and they were provided through "the rules of professional conduct."
The attachment shows that a Journal reporter reached out to Davidson on Oct. 21, 2016, asking to speak with him for a story. On Nov. 2 — less than a week before the 2016 election — Davidson responded by demanding that the newspaper "refrain from publishing, distributing or disseminating any factually untrue and unsubstantiated information regarding me or my firm" or face legal action.
The attachment also shows that the following day, Dow Jones' Associate General Counsel Craig Linder told Davidson that the reporters would continue to investigate despite the legal threat.
Linder did not respond to CNBC's request for comment. Dave Wedge, a spokesman for Davidson, said Davidson is "unable at this time to respond point-by-point to each one of the numerous false and misleading accusations made by him over the last several months."
Wedge added: "Again today, Mr. Avenatti used Twitter to launch a defamatory charge against Attorney Davidson, who has been and shall continue to be a zealous advocate for the best interests of his clients. Attorney Davidson looks forward to responding to these scurrilous accusations in an appropriate manner, which does not include Twitter."
Avenatti is currently vying to be able to represent Daniels in court proceedings regarding a raft of materials seized from Cohen's properties in April by federal agents. Some of the seized materials may be related to Avenatti's client, whose real name is Stephanie Clifford. The judge in those proceedings could make a decision on Avenatti's request as early as Wednesday.
A lawyer for Cohen did not immediately respond to CNBC's request for comment on Avenatti's disclosure.
Avenatti's attack on the Journal comes a day after the newspaper reported that he has "slowed prosecutors' efforts to discuss the nondisclosure agreement with Ms. Clifford's former lawyer," citing people familiar with the matter.
In a tweet earlier on Tuesday, Avenatti shot down the accusation as being "completely false and without basis."
Avenatti tweet 2
Avenatti said the disclosure did not come in response to the Journal's earlier story, "but it certainly undercuts the credibility of the WSJ and their reporting relating to our case and Mr. Davidson," he added. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/michael-avenatti-rips-wall-street-journal-stormy-daniels-ex-lawyer.html |
May 22, 2018 / 6:51 PM / Updated an hour ago At least 30 killed in Islamic State attack on Syrian army near Palmyra Reuters Staff 2 Min Read
AMMAN (Reuters) - At least 30 Syrian army troops and Iranian-backed militiamen were killed on Tuesday when Islamic State fighters attacked a military outpost near Palmyra in eastern Syria, a monitor and residents from the area said.
They said the militants used suicide bombers and armoured vehicles in the dawn attack near a dam southeast of the ancient Roman city.
The attack came a day after government forces drove the jihadists out of their last enclave in southern Damascus after weeks of relentless bombing.
Islamic State has twice seized Palmyra during Syria’s civil war and destroyed priceless artefacts.
A former resident from the eastern Homs countryside near Palmyra who is in touch with local people said the militants had come from hideouts in the vast stretch of desert they once controlled. He said at least 30 soldiers and militiamen were killed.
In recent months the militants have stepped up hit-and-run attacks in an area whose terrain makes it difficult for the army to secure, relying on ambushes to replenish their weapons and equipment, activists say.
The British-based Syrian Observatory for Human Rights, which tracks the conflict, said at least 26 people fighting on the Syrian government side were killed, including 17 non-Syrians, among them Iranians.
Pro-government social media sites gave lists of 16 officers and soldiers killed or injured and said it was verifying names of others who were killed.
Islamic State, which was driven from most of the Euphrates River valley last year, now controls only two besieged desert areas in eastern Syria. The group also captured a third of neighbouring Iraq in 2014 but was largely defeated there last year. Reporting by Suleiman Al-Khalidi; editing by John Stonestreet and David Stamp | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-militants/at-least-30-killed-in-islamic-state-attack-on-syrian-army-near-palmyra-idUKKCN1IN2OA |
Wonder Women director Patty Jenkins honoured in Cannes 1:41pm EDT - 01:49
Jenkins receives the 2018 Women in Motion award at the Cannes Film Festival dinner attended by jury head Cate Blanchett. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Jenkins receives the 2018 Women in Motion award at the Cannes Film Festival dinner attended by jury head Cate Blanchett. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KZd7hK | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/wonder-women-director-patty-jenkins-hono?videoId=426891737 |
Artist breathes new life into old tyres 7:51am EDT - 00:55
Marrakech-based Lahcen Iwi believes that there is something noble in recycling tyres, ''injecting art'' into an object that would otherwise be harmful to the environment. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Marrakech-based Lahcen Iwi believes that there is something noble in recycling tyres, "injecting art" into an object that would otherwise be harmful to the environment. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KFZGSO | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/20/artist-breathes-new-life-into-old-tyres?videoId=428707054 |
By Kristen Bellstrom 7:56 AM EDT
Good morning, Broadsheet readers! Shari Redstone’s being sued, Amazon is (finally!) implementing the Rooney Rule, and Helena Foulkes gives Fortune her first interview as CEO of Hudson’s Bay. Have a terrific Tuesday. EVERYONE'S TALKING
• A Foulkes first . Last night, Fortune hosted our annual Most Powerful Women dinner in New York City, an event that celebrates the Fortune /U.S. State Department Global Women’s Mentoring Partnership . While these gatherings are always exciting, this one was particularly so, as we were paid a special (virtual) visit by Prime Minister Justin Trudeau. The Canadian PM addressed the MPW crowd via video, announcing the first-ever Most Powerful Women International Summit in Canada, which will be held Nov. 5-6 in Montreal . Bundle up and meet us there!
Another highlight of the evening was Fortune’s Pattie Sellers’ on-stage interview with Hudson’s Bay Company CEO Helena Foulkes. It was the executive’s first sit-down conversation since leaving CVS Health, her home for 25 years. Foulkes spoke at length about her career at the retail pharmacy—and her decision to leave. One deciding factor? “I felt like the path [to CEO] would take too long at CVS.” As president of CVS/pharmacy and EVP of CVS Health she ran a $81 billion operation (and earned the No. 12 spot on Fortune ‘s list of Most Powerful Women) . Now, her job entails overseeing retailers Saks Fifth Avenue, Lord & Taylor, and Gilt Groupe.
Foulkes didn’t exactly get to ease into her new role. In March—just a little over a month into her tenure as chief—hackers claimed they had gained access to five million credit and debit card numbers of HBC’s customers. The team moved quickly to contain the security breach—so much so that the Foulkes says the FBI told her that HBC had “the fastest response to a breach they’ve ever experienced.” Moving fast is exactly what Foulkes intends to do to right the HBC ship, which is experiencing the same struggles as other department store operators. The silver lining? She doesn’t have to do much convincing: “The company knows it needs a turnaround.” Advertisement ALSO IN THE HEADLINES
• CBS civil war . CBS Corp. is suing Shari Redstone and her family’s National Amusements holding company in an effort to block the merger of CBS and Viacom—both of which are controlled by the Redstones. In the suit, the company alleges that “Ms. Redstone has acted to undermine the management team, including, without board authority, talking to potential CEO replacements, deriding the chief operating officer and threatening to change the board.” A National Amusements spokesperson says the company is “outraged” by the action and “strongly refutes” the charges. Fortune
• Winning isn’t everything . While we’ve all read dozens of stories about the wave of women running for office in the wake of the 2016 presidential election, this analysis from the NYT and the Center for American Women and Politics at Rutgers warns that “the November elections may not produce a similar surge in the number of women in Congress.” It’s worth checking out the story’s simple yet powerful interactive graphic that explains the political realities at work. Still, the lesson here is not to give up, says She Should Run founder Erin Loos Cutraro. Instead, supporters of female candidates should “be prepared that a number of them will lose and also remind people that is not the end of the story, it is the beginning of the story.” New York Times
• When less is more . Speaking at Cannes Film Festival this weekend, Salma Hayek provides some Real Talk for the men in attendance. If men are serious about helping to fix the gender pay gap, she said, they may need to take a pay cut. The math is simple, she noted: “If the movie’s budget is $10m, the [male] actor has to understand that if he is making $9.7 million, it is going to be hard for equality.” Fortune
• Amazon’s about-face . Amazon says it will adopt a policy requiring that women and people of color are included in the pool of candidates for all board openings (a.k.a a Rooney Rule). The news comes after the company had initially opposed a shareholder proposal to institute such a rule—a position that had reportedly angered some employees. (Amazon’s 10 board members are all white; three of the 10 are women.)
MOVERS AND SHAKERS: Thrive Global has hired Laurie Weisberg as chief revenue officer, Anne Sachs as chief content officer, and Amy Vezzetti as chief people officer. Julia Shullman has been promoted to chief privacy counsel at AppNexus. IN CASE YOU MISSED IT
• Brits mind the gap . With new laws forcing British companies to reveal their gender pay gaps, some employers are experimenting with fresh ways to equalize comp and move more women into higher-paying senior roles. This NYT story takes a look at how four U.K. companies—in four different industries—are tackling the challenge. New York Times
• 82 ain’t enough . In other Cannes news, top representatives from the film festival have signed a pledge to bring more work by filmmakers to the high-profile event. The move follows a protest in which 82 female actors, writers, directors, and producers protested on the red carpet on Friday. Why 82? That’s the exact number of women who have competed in the festival during its 71 years—vs. more than 1,600 men. The Wrap
• Don’t quote me . The NYT ‘s David Leonhardt is the latest journalist to own up to a habit of quoting mostly male sources—and to vow to do something about it. With the help of sources and readers, he put together a group of Twitter lists featuring female experts in national security, politics, econ, health care, and Russia. Check them out here. | ashraq/financial-news-articles | http://fortune.com/2018/05/15/redstone-suit-canne-amazons-rooney-rule/ |
Europe's General Data Protection Regulation is getting a lot of attention right now. In fact, the GDPR appears to be outranking even Beyoncé: The term "GDPR" is trending higher in Google Search volume than Queen Bey.
Even though it was first adopted in April 2016, the data protection legislation is expected to take effect on Friday.
The GDPR is the EU's new framework for data protection laws. It has been touted as one of the strongest takes on data and personal security. The regulation will replace the UK's Data Protection Act 1998, which has become outdated and unable to keep up with technological changes.
The overhaul is intended to protect consumers by holding companies more accountable for the way they handle peoples' information. The GDPR will cover both personal and sensitive personal data. And there is a distinction: personal data encompasses everything from a name to an IP address, while sensitive personal data includes things like genetic data and information about political and religious views.
Failure to comply with the sweeping new overhaul could result in some pretty hefty fines. Companies who fail to report a data breach to a regulator within 72 hours could face a penalty of up to 4 percent global revenue. CNBC's Elizabeth Schulze says for Facebook that could mean $1.5 billion .
But the GDPR doesn't just affect businesses in the U.K.
Many U.S. companies that do business in Europe will also be affected. Both Facebook and Google have asked users to review their privacy settings in compliance with the GDPR regulations. Facebook is now giving users the choice to turn on its controversial facial recognition feature for users in Europe and Canada. Facebook says it has been using the technology for some time now to suggest friends to tag in photos. The social network has since expanded the feature to combat fake accounts and to alert users whenever a photo or video is posted with them in it.
In a meeting with the European Parliament, Facebook CEO Mark Zuckerberg said Facebook would be GDPR-compliant by the deadline. But, if it actually is, it would be one of the few. Almost half of the companies said they won't meet the new criteria by the May 25 deadline, according to a poll conducted by The Ponemon Institute in April . The survey was based on more than 1,000 companies. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/europes-gdpr-outranks-beyonce-on-google-search.html |
May 15, 2018
Competition among services that let U.S. customers buy and sell cryptocurrency has heated up this year.
On Tuesday, the European brokerage giant eToro became the latest to announce a push into the American crypto market. It plans to offer 10 different cryptocurrencies: Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS.
EToro, which made the announcement at the Consensus conference in New York, launched in Israel in 2007. Since then, it has obtained a big footprint in Europe and the U.K. thanks in part to its mobile stock-buying apps. In recent years, the company’s crypto business has boomed with 70% of its users trading digital currency.
EToro CEO Yoni Assia acknowledged in an interview with Fortune t hat his company will face entrenched competitors in the U.S., but he predicted the company’s unusual social media features would help it gain a foothold. Those features let users create a public profile of their investments, which in turn allows others on eToro to track and copy their trading decisions. (The public sharing feature is optional given that many people may be reluctant to post their portfolio for the world to see).
Care about crypto news? Sign up for The Ledger’s weekly newsletter .
Assia added that the company’s big balance sheet and financial firepower would help it crack the U.S. market. Earlier this year, eToro raised $100 million, bringing its total funding to $162 million.
EToro isn’t the only company hoping to become a crypto brokerage in the U.S. and challenge incumbents like Coinbase and Circle . For example, stock trading app Robinhood is branching out from its roots in equity and mutual fund trading to also handle cyptocurrency transactions.
Assia was more circumspect, however, about exactly when and where eToro will debut in the U.S. Assia says the company will begin by offering only cryptocurrencies (rather than equities), and only in some states, including California.
Due to a patchwork of state regulations, including New York’s famous “bit-license,” companies face considerable administrative hurdles to operate in the United States.
There is also considerable uncertainty about whether certain digital tokens are in fact securities that must be registered with the Securities and Exchange Commission. Assia, however, is confident that the digital assets eToro plans to list are currencies not securities, and pointed to the company’s role in Europe as a broker and its large compliance staff.
Assia added that he expects eToro will list as many as 15 tokens by the end of the year. The company also plans to open a global wallet and exchange service later this year that is aimed at institutional traders. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/etoro-crypto/ |
47 a.m. ET Share
Michigan court charges ex-exec with conspiracy, wire fraud Bloomberg News Martin Winterkorn, the former chief executive officer of Volkswagen AG.
By Adrienne Roberts Christina Rogers
Volkswagen’s former chief executive officer was charged in Michigan federal court on Thursday for his alleged role in an emission-cheating scandal that has cost the German auto giant billions of dollars in penalties and damaged its reputation among consumers.
Martin Winterkorn, who served as Volkswagen’s CEO from 2007 to 2015, was charged with conspiracy and wire fraud in relation to a criminal investigation into the company’s efforts to cheat on U.S. diesel-emissions testing, according to an indictment unsealed Thursday.
Winterkorn is the highest-ranking executive at Volkswagen VOW, -1.55% to be charged by federal prosecutors. He is believed to be residing in Germany. Neither he nor his attorney in Germany were immediately available for comment.
The indictment alleges that Winterkorn was informed by employees of the company’s intentions to defraud U.S. regulators by cheating on diesel emissions tests in May 2014 and July 2015, but agreed with other senior VW executives to continue the efforts. | ashraq/financial-news-articles | https://www.wsj.com/articles/volkswagen-ex-ceo-martin-winterkorn-indicted-in-emissions-probe-1525378593 |
Highlights
Volume of 143.8 million pounds, an increase of 7.4% year-over-year; First quarter 2018 earnings include Alumet, while 2017 earnings include $3 million related to recovery of insurance proceeds; Net income and diluted earnings per common share decreased $1.7 million to $15.8 million and $0.08 per share to $0.71 per share, respectively; Adjusted EBITDA decreased $0.2 million to $34.0 million year-over-year; Adjusted diluted earnings per common share increased to $0.82 from $0.73 in the prior year period; The Company reaffirms 2018 full-year guidance; and The Company declares a quarterly dividend of $0.06 per share.
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Today, Global Brass and Copper Holdings, Inc. (NYSE:BRSS) (“GBC” or the “Company”) reported results for the first quarter ended March 31, 2018.
First Quarter Operating Results
Volume for the first quarter of 2018 increased by 9.9 million pounds, or 7.4%, to 143.8 million pounds compared to 133.9 million pounds in the first quarter of 2017. The increase in volumes includes 14.2 million pounds of incremental volume from our Alumet acquisition. A.J. Oster grew base volumes in the automotive, electronics / electrical components, and stamping markets. A.J. Oster and Chase Brass both experienced decreased demand in the building and housing market. Olin Brass grew volumes in the reroll market, but that was more than offset by decreases in the munitions, coinage and automotive markets.
“We are pleased with our first quarter results and the progress we have made on our strategic initiatives. A.J. Oster continues to improve operationally and the integration with Alumet is achieving targeted results. Olin Brass effectively managed product profitability and operational costs to achieve solid productivity and profitability improvement despite lower volumes. Chase Brass posted solid financial performance and continued to create unique value by providing their customers with outstanding quality and service. Our cash position continues to be strong and we remain focused on driving profitable growth,” said John Wasz, GBC's President and Chief Executive Officer.
Net sales for the first quarter of 2018 increased to $471.8 million from $419.5 million in the first quarter of 2017. The increase was primarily attributable to an increase in the metal cost recovery component stemming from increased metal prices and Alumet activity. Adjusted sales, our non-GAAP financial measure that reflects the value-added premium over metal replacement cost recovery, increased $14.2 million compared to the prior year, primarily due to our Alumet acquisition ($13.7 million). A reconciliation of net sales to adjusted sales is provided later in this press release.
Net income attributable to Global Brass and Copper Holdings, Inc. for the first quarter was $15.8 million in 2018, or $0.71 per diluted share, compared to $17.5 million, or $0.79 per diluted share, in 2017. The decrease can be attributed to the net of the following:
Unfavorable fluctuations in unrealized gains / losses on derivative contracts of $1.6 million; Increased depreciation expense of $0.6 million; Increased tax expense of $0.3 million; Increased income generated from Alumet, a business we acquired in November 2017; Costs incurred of $0.7 million associated with an environmental incident at an Olin Brass facility; Decreased share based compensation expense of $0.8 million; Decreased interest expense of $0.4 million; Favorable scrap spreads resulting in decreased cost of goods sold; The absence of a $3.0 million benefit recorded in cost of goods sold in the prior year related to the recovery of insurance proceeds associated with our 2016 production outage; and Approximately $2.3 million more of expense recorded in the prior year for unusual costs associated with our transition to an HSA medical plan, increased costs of goods sold due to inventory reductions at Olin Brass, and costs incurred at A.J. Oster related to its ERP implementation.
Adjusted EBITDA, our non-GAAP measure of consolidated profitability, was $34.0 million for the first quarter of 2018. As compared to the prior year's first quarter and excluding the $3.0 million of income related to the recovery of insurance proceeds, our Adjusted EBITDA increased by $2.8 million as we had approximately $2.3 million more of unusual costs in the prior year, as mentioned above, we generated $1.5 million from our Alumet acquisition, and our variable conversion costs increased at Chase Brass.
Adjusted diluted earnings per common share, another non-GAAP measure, was $0.82 for the first quarter of 2018 compared to $0.73 in the prior year. A reconciliation of diluted net income attributable to GBC per common share to adjusted diluted earnings per common share is provided later in this press release. Adjusted diluted earnings per share fluctuated for reasons similar to the fluctuation in Adjusted EBITDA, in addition to a decrease in interest expense.
Cash Flow and Leverage
For the three months ended March 31, 2018, we generated $13.7 million of cash from operating activities largely due to cash from earnings, partially offset by cash outflows for working capital.
We ended the quarter with cash of $57.9 million, $315.2 million outstanding under our term loan facility, and $195.4 million available under our asset-based revolving loan facility.
2018 Guidance
We affirm our full-year 2018 guidance and expect:
Shipment volumes to range from 570 million pounds to 610 million pounds; and Adjusted EBITDA to range from $127 million to $137 million.
Due to the forward looking nature of Adjusted EBITDA guidance, we are unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure, as we are unable to project certain reconciling items, in particular unrealized gains / losses on derivative contracts, LIFO liquidation gains / losses and lower of cost or market adjustments to inventory, for future periods due to market volatility.
Quarterly Dividend
On May 3, 2018, our Board of Directors declared a quarterly cash dividend of $0.06 per share on the Company’s common stock for the first quarter of 2018. The dividend will be paid on May 25, 2018 to stockholders of record on the close of business on May 15, 2018.
Conference Call
The Company will host a teleconference and webcast at 9:00 a.m. (Central Time) on Friday, May 4, 2018 to review the results. To listen to the live call, individuals can access the webcast approximately 10 minutes before the scheduled start time at the investor relations portion of the Company's website at http://ir.gbcholdings.com , or by dialing 855-878-0250, passcode #7076548. For those who cannot listen to the live webcast, replays will be available shortly after the call on the Company’s website.
About Global Brass and Copper
Global Brass and Copper Holdings, Inc. is a leading, value-added converter, fabricator, processor, and distributor of specialized non-ferrous products in North America. We engage in metal melting and casting, rolling, drawing, extruding, welding, stamping, and coating to fabricate finished and semi-finished alloy products from processed scrap, virgin metals, and other refined metals. Our products include a wide range of sheet, strip, foil, rod, tube, painted and fabricated metal component products. Our products are used in a variety of applications across diversified markets, including the building and housing, munitions, automotive, transportation, coinage, electronics / electrical components, industrial machinery and equipment, and general consumer markets.
Global Brass and Copper Holdings, Inc.
Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, (In millions, except per share data) 2018 2017 Net sales $ 471.8 $ 419.5 Cost of sales (422.8 ) (368.9 ) Gross profit 49.0 50.6 Selling, general and administrative expenses (23.4 ) (22.9 ) Operating income 25.6 27.7 Interest expense, net (4.3 ) (4.7 ) Other income (expense), net (0.1 ) (0.3 ) Income before provision for income taxes 21.2 22.7 Provision for income taxes (5.3 ) (5.0 ) Net income 15.9 17.7 Net income attributable to noncontrolling interest (0.1 ) (0.2 ) Net income attributable to Global Brass and Copper Holdings, Inc. $ 15.8 $ 17.5 Net income attributable to Global Brass and Copper Holdings, Inc. per common share: Basic $ 0.72 $ 0.81 Diluted $ 0.71 $ 0.79 Weighted average common shares outstanding: Basic 21.9 21.5 Diluted 22.3 22.1 Supplemental Non-GAAP Reconciliation
Net sales $ 471.8 $ 419.5 Metal component of net sales (318.5 ) (280.4 ) Adjusted sales $ 153.3 $ 139.1 Diluted net income attributable to Global Brass and Copper Holdings, Inc. per common share, as reported $ 0.71 $ 0.79 Unrealized loss (gain) on derivative contracts 0.11 0.04 Lower of cost or market adjustment to inventory (0.04 ) (0.03 ) Share-based compensation expense 0.08 0.11 Step-up costs from acquisition accounting 0.01 — Tax impact on above adjustments (a) (0.05 ) (0.18 ) Adjusted diluted earnings per common share $ 0.82 $ 0.73 (a) Calculated based on our estimated tax rate, including tax benefits related to the vesting of share awards and option exercises.
Global Brass and Copper Holdings, Inc.
Adjusted EBITDA Reconciliation Three Months Ended March 31, (in millions) 2018 2017 Net income attributable to Global Brass and Copper Holdings, Inc. $ 15.8 $ 17.5 Interest expense, net 4.3 4.7 Provision for income taxes 5.3 5.0 Depreciation expense 5.1 4.5 Amortization expense 0.1 — Unrealized loss (gain) on derivative contracts 2.4 0.8 Lower of cost or market adjustment to inventory (0.9 ) (0.8 ) Share-based compensation expense 1.7 2.5 Step-up costs from acquisition accounting 0.2 — Adjusted EBITDA $ 34.0 $ 34.2
Segment Results of Operations
Three Months Ended Change March 31, 2018 vs. 2017 (in millions) 2018 2017 Amount Percent Pounds shipped (a) Olin Brass 63.3 66.9 (3.6 ) (5.4 )% Chase Brass 57.1 59.5 (2.4 ) (4.0 )% A.J. Oster 33.8 18.1 15.7 86.7 % Corporate and other (b) (10.4 ) (10.6 ) 0.2 1.9 % Total 143.8 133.9 9.9 7.4 % Net sales Olin Brass $ 200.1 $ 214.8 $ (14.7 ) (6.8 )% Chase Brass 171.6 154.1 17.5 11.4 % A.J. Oster 121.5 74.7 46.8 62.7 % Corporate and other (b) (21.4 ) (24.1 ) 2.7 11.2 % Total $ 471.8 $ 419.5 $ 52.3 12.5 % Adjusted EBITDA Olin Brass $ 14.0 $ 12.5 $ 1.5 12.0 % Chase Brass 18.6 20.4 (1.8 ) (8.8 )% A.J. Oster 5.7 2.5 3.2 128.0 % Total Adjusted EBITDA of operating segments $ 38.3 $ 35.4 $ 2.9 8.2 % Corporate and other (c) (4.3 ) (1.2 ) (3.1 ) (258.3 )% Total consolidated Adjusted EBITDA $ 34.0 $ 34.2 $ (0.2 ) (0.6 )% (a) Amounts exclude quantity of unprocessed metal sold. (b) Amounts represent intercompany eliminations. (c) The three months ended March 31, 2017 includes a $3.0 million recovery of insurance proceeds relating to a production outage in 2016.
Global Brass and Copper Holdings, Inc.
Consolidated Balance Sheets (Unaudited) As of (In millions, except share and par value data) March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 57.9 $ 59.0 Accounts receivable (net of allowance of $0.6 and $1.0, respectively) 211.6 197.8 Inventories 210.3 208.1 Prepaid expenses and other current assets 8.6 11.7 Income tax receivable 2.1 3.6 Total current assets 490.5 480.2 Property, plant and equipment, net 141.9 142.9 Goodwill 4.6 4.5 Intangible assets, net 1.9 2.0 Deferred income taxes 15.1 16.1 Other noncurrent assets 6.2 6.5 Total assets $ 660.2 $ 652.2 Liabilities and equity Current liabilities: Current portion of debt $ 5.0 $ 5.0 Accounts payable 122.8 117.1 Accrued liabilities 24.2 36.0 Accrued interest 0.2 0.2 Income tax payable 0.8 0.5 Total current liabilities 153.0 158.8 Noncurrent portion of debt 308.1 309.0 Other noncurrent liabilities 37.2 37.1 Total liabilities 498.3 504.9 Commitments and contingencies Global Brass and Copper Holdings, Inc. stockholders' equity: Common stock - $0.01 par value; 80,000,000 shares authorized; 22,501,630 and 22,133,764 shares issued, respectively 0.2 0.2 Additional paid-in capital 56.9 54.5 Retained earnings 111.9 97.3 Treasury stock - 341,203 and 226,576 shares, respectively (10.0 ) (6.6 ) Accumulated other comprehensive loss (2.1 ) (2.9 ) Total Global Brass and Copper Holdings, Inc. stockholders' equity 156.9 142.5 Noncontrolling interest 5.0 4.8 Total equity 161.9 147.3 Total liabilities and equity $ 660.2 $ 652.2
Global Brass and Copper Holdings, Inc.
Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, (in millions) 2018 2017 Cash flows from operating activities Net income $ 15.9 $ 17.7 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Lower of cost or market adjustment to inventory (0.9 ) (0.8 ) Unrealized (gain) loss on derivatives 2.4 0.8 Depreciation 5.1 4.5 Amortization of intangible assets 0.1 — Amortization of debt discount and issuance costs 0.3 0.3 Share-based compensation expense 1.7 2.5 Provision for bad debts, net of reductions (0.1 ) 0.3 Deferred income taxes 0.9 0.2 Loss on disposal of property, plant and equipment 0.2 — Change in assets and liabilities, net of effects of business acquisition: Accounts receivable (12.5 ) (61.7 ) Inventories (0.3 ) 21.7 Prepaid expenses and other current assets 0.6 2.0 Accounts payable 9.2 18.6 Accrued liabilities (10.8 ) (14.2 ) Accrued interest — (0.1 ) Income taxes, net 1.6 1.5 Other, net 0.3 (0.4 ) Net cash provided by (used in) operating activities 13.7 (7.1 ) Cash flows from investing activities Capital expenditures (7.5 ) (7.8 ) Business acquisition (1.6 ) — Net cash used in investing activities (9.1 ) (7.8 ) Cash flows from financing activities Borrowings on ABL Facility 0.2 0.2 Payments on ABL Facility (0.2 ) (0.2 ) Payments on term loan (0.8 ) (0.8 ) Principal payments under capital lease obligation (0.5 ) (0.3 ) Dividends paid (1.4 ) (0.9 ) Proceeds from exercise of stock options 0.7 0.7 Share repurchases (3.4 ) (4.8 ) Net cash used in financing activities (5.4 ) (6.1 ) Effect of foreign currency exchange rates (0.3 ) (0.3 ) Net increase (decrease) in cash (1.1 ) (21.3 ) Cash and cash equivalents at beginning of period 59.0 88.2 Cash and cash equivalents at end of period $ 57.9 $ 66.9 Noncash investing and financing activities Purchases of property, plant and equipment not yet paid $ 3.4 $ 1.6 Non-GAAP Measures
In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), we also report “adjusted EBITDA,” “adjusted diluted earnings per common share” and “adjusted sales,” which are non-GAAP financial measures as defined below.
Adjusted sales, adjusted EBITDA and adjusted diluted earnings per common share may not be comparable to similarly titled measures presented by other companies and are not intended as alternatives to any other measure of performance in conformity with US GAAP.
You should therefore not place undue reliance on adjusted EBITDA, adjusted diluted earnings per common share, adjusted sales, or any ratios calculated using them. Our US GAAP-based measures can be found in our consolidated financial statements included elsewhere in this press release.
Adjusted EBITDA
Net income attributable to Global Brass and Copper Holdings, Inc. is the most directly comparable US GAAP measure to adjusted EBITDA. Adjusted EBITDA is defined as net income attributable to Global Brass and Copper Holdings, Inc., plus interest, taxes, depreciation and amortization (“EBITDA”) adjusted to exclude the following:
unrealized gains and losses on derivative contracts in support of our balanced book approach; unrealized gains and losses associated with derivative contracts related to energy and utility costs; impact associated with lower of cost or market adjustments to inventory; gains and losses due to the depletion of a last-in, first out (“LIFO”) layer of metal inventory; share-based compensation expense; refinancing costs; restructuring and other business transformation charges; inventory step-up costs related to acquisition accounting; specified legal and professional expenses; and certain other items.
We believe adjusted EBITDA represents a meaningful presentation of the financial performance of our core operations because it provides period-to-period comparisons that are more consistent and more easily understood. We also believe it is an important supplemental measure that is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
Adjusted EBITDA is the key metric used by our Chief Operating Decision Maker to evaluate segment performance in a way that we believe reflects our core operating performance, and in turn, incentivizes members of management and certain employees. For example, we use adjusted EBITDA per pound in order to measure the effectiveness of the balanced book approach in reducing the financial impact of metal price volatility on earnings and operating margins, and to measure the effectiveness of our business transformation initiatives in improving earnings and operating margins. However, our adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. In addition, it has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under US GAAP.
We compensate for these limitations by using adjusted EBITDA along with other comparative tools, together with US GAAP measurements, to assist in the evaluation of operating performance. Such US GAAP measurements include operating income and net income.
Adjusted diluted earnings per common share
Diluted net income attributable to Global Brass and Copper Holdings, Inc. per common share is the most directly comparable US GAAP measure to adjusted diluted earnings per common share. Adjusted diluted earnings per common share is defined as diluted net income attributable to Global Brass and Copper Holdings, Inc. per common share adjusted to remove the per share impact of the add backs to EBITDA in calculating adjusted EBITDA.
We believe adjusted diluted earnings per common share represents a meaningful presentation of the financial performance of our consolidated results because it provides period-to-period comparisons that are more consistent and more easily understood. We also believe it is an important supplemental measure that is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
Adjusted diluted earnings per share is the key metric used by our Chief Operating Decision Maker to evaluate the Company’s performance, and in turn, incentivize members of management and certain employees.
We believe that adjusted diluted earnings per common share supplements our US GAAP results to provide a more complete understanding of the results of our business, and we believe it is useful to our investors and other parties for these same reasons. Adjusted diluted earnings per common share may not be comparable to similarly titled measures presented by other companies and is not a measure of operating performance or liquidity defined by US GAAP.
Adjusted sales
Net sales is the most directly comparable US GAAP measure to adjusted sales, which represents the value-added premium we earn over our conversion and fabrication costs. Adjusted sales is defined as net sales less the metal cost of products sold. We use adjusted sales on a consolidated basis to monitor the revenues that are generated from our value-added conversion and fabrication processes excluding the effects of fluctuations in metal costs. We believe that adjusted sales supplements our US GAAP results to provide a more complete understanding of the results of our business, and we believe it is useful to our investors and other parties for these same reasons.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains “ ” that involve risks and uncertainties. You can identify because they contain words such as “believes,” “expects,” “projects,” “may,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “anticipates” or similar expressions that relate to our strategy, plans or intentions. All statements the Company makes relating to its estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to its expectations regarding future industry trends are . In addition, the Company, through its senior management, from time to time makes or may make forward-looking public statements concerning its expected future operations and performance and other developments. These are subject to known and unknown risks, uncertainties and other factors that may change at any time, and, therefore, the Company’s actual results may differ materially from those that it expected. The Company derives many of its from its operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect the Company’s actual results. Actual results may differ materially from these expectations due to various risks and uncertainties, including: the impact of our indebtedness; the effect of our ability to borrow money; our ability to implement our business strategies, including acquisition activities; our ability to continue implementing our balanced book approach to substantially reduce the impact of fluctuations in metal prices on our earnings and operating margins; shrinkage from processing operations and metal price fluctuations, particularly copper; the condition of various markets in which our customers operate, including the housing and commercial construction industries; our ability to maintain business relationships with our customers on favorable terms; the impact of a loss in customer volume or demand or a shift by customers of their manufacturing or sourcing offshore; our ability to compete effectively with existing and new competitors; the effects of industry consolidation or competition in our business lines; operational factors affecting the ongoing commercial operations of our facilities, including technology failures, regulatory approvals, permit issues, unscheduled blackouts, outages or repairs or unanticipated changes in energy costs; supply, demand, prices and other market conditions for our products; our ability to accommodate increases in production to meet demand for our products; government regulations relating to our products and services, including proposed EPA regulations regarding the registration and marketing of bactericidal copper products; our ability to maintain effective internal control over financial reporting; our ability to realize the planned cost savings and efficiency gains as part of our various initiatives; workplace safety issues; our ability to retain key employees; adverse developments in our relationship with our employees or the future terms of our collective bargaining agreements; rising employee medical costs; our ability to maintain the confidentiality of our proprietary information, to protect the validity, enforceability or scope of our intellectual property rights and manage litigation regarding our intellectual property rights; fluctuations in interest rates; and restrictive covenants in our indebtedness that may adversely affect our operational flexibility.
More detailed information about these and other risks and uncertainties are contained in the Company’s filings Commission, including under “Risk Factors” and elsewhere in our Annual Report on Form 10-K filed Commission and our reports filed Commission from time-to-time, including Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the Company’s Investor Relations website at http://ir.gbcholdings.com or the SEC’s website at www.sec.gov . All forward-looking information in this press release is expressly qualified in its entirety by these cautionary statements. All contained in this press release are based upon information available to the Company on the date of this press release.
In addition, the matters referred to in the contained in this press release may not in fact occur. Accordingly, investors should not place undue reliance on those statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006668/en/
Christopher J. Kodosky
Global Brass and Copper Holdings, Inc.
Chief Financial Officer
(847) 240-4700
or
Mark Barbalato
FTI Consulting
(212) 850-5707
Source: Global Brass and Copper Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-global-brass-and-copper-holdings-inc-reports-first-quarter-2018-financial-results.html |
May 29, 2018 / 2:36 AM / Updated an hour ago Warner, Bancroft sign up for Northern Territory event Reuters Staff 3 Min Read
MELBOURNE (Reuters) - Australia batsmen David Warner and Cameron Bancroft have signed up for a limited-overs tournament in Northern Territory in July as they look to return to cricket in the wake of the ball-tampering scandal which saw them banned from the national team. Cricket - South Africa vs Australia - Third Test - Newlands, Cape Town, South Africa - March 25, 2018 Australia's David Warner and Cameron Bancroft REUTERS/Mike Hutchings
Former Australia vice-captain Warner was confirmed for two one-day matches on July 21-22, while Bancroft would be available for the whole tournament, NT Cricket said.
The pair will be covering their own costs to play, NT Cricket CEO Joel Morrison told local media.
“There’s no payment to any players in our competition. These two players are coming up here, looking after their own flights and accommodation,” NT Cricket chief executive Joel Morrison told Australian Associated Press.
“We don’t lose sight of the fact that they’re up here because of the events in Cape Town.
“They made a big error in judgment and ultimately paid the price. They’ve also demonstrated a willingness to learn from their mistakes and move forward.
“We’re more than happy to support them on that journey. It’s great they can start it now, as opposed to waiting for summer.”
Along with former Australia captain Steve Smith, Warner is serving a year-long ban, while his former test opening partner Bancroft is serving nine months for his part in the Cape Town scandal in March, which sullied the national team’s reputation and caused a major sponsor to withdraw support.
The bans issued by Cricket Australia preclude the trio from playing at international and state levels, along with the domestic ‘Big Bash’ Twenty20 tournament, but they are allowed to play in local third-tier club competitions and T20 tournaments overseas.
“I’m really looking forward to playing in the Strike League in July,” Warner said in the statement.
“I heard so much about the competition while I was in Darwin earlier this month that I’m keen to be part of it.”
Smith confirmed last week that he would return to cricket at a Twenty20 competition in Canada, which starts in late June.
Warner, who has already committed to playing for Sydney club side Randwick Petersham at the start of their season, is also expected to sign as a marquee player in the Canada tournament.
Bancroft is confirmed to play with his Western Australian club side Willetton later in the year.
Tim Paine will lead Australia during their limited overs tour in England starting next month, their first international cricket since the ill-fated South Africa tour. Reporting by Ian Ransom; Editing by Peter Rutherford/John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-australia-warner-bancroft/banned-warner-bancroft-sign-up-for-northern-territory-comp-idUKKCN1IU065 |
Turf wars over illegal short-term rentals 2 Hours Ago CNBC's Morgan Brennan with a CNBC investigation into the clash between illegal short-term Airbnb rentals and restrictive regulations in US cities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/city-tech-turf-wars-illegal-short-term-rentals.html |
Home / Science / Fly Me to the Moon, Mr. Bridenstine Fly Me to the Moon, Mr. Bridenstine 1 min ago Science
If the Latin phrase advert astra per aspera—“to the stars through difficulty”—applies to anybody, it’s Jim Bridenstine, the newly confirmed administrator of the National Aeronautics and Space Administration. After a prolonged and bitterly partisan affirmation struggle, the 42-year-old former naval aviator takes cost of an company that has been whipsawed by the coverage reversals of current presidential administrations.
The George W. Bush-era Constellation Program would have despatched American astronauts to the moon for the primary time since… Share | ashraq/financial-news-articles | https://www.wsj.com/articles/fly-me-to-the-moon-mr-bridenstine-1525302618/ |
WASHINGTON—U.S. producer prices edged only slightly higher last month, a possible sign inflation pressures in the economy remain relatively modest.
The producer-price index, a measure of the prices businesses charge for their goods and services, rose a seasonally adjusted 0.1% in April from a month earlier, the Labor Department said on Wednesday. Economists surveyed by The Wall Street Journal had forecast a 0.2% increase.
From... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-producer-prices-edge-up-0-1-in-april-1525869286 |
(Reuters) - Canadian telecom provider Telus Corp’s ( T.TO ) quarterly profit came in slightly below analysts’ estimates on Thursday, as it spent heavily to add wireless subscribers amid stiff competition.
The company, which competes with BCE Inc ( BCE.TO ), Shaw Communications ( SJRb.TO ) and Rogers Communication ( RCIb.TO ), said operating expenses surged 8.2 percent to C$2.11 billion ($1.65 billion) in the first quarter.
Vancouver-based Telus added 48,000 wireless postpaid customers in the quarter, about 4,000 more than a year ago. Barclays analyst Phillip Huang expected postpaid additions of 39,000.
Wireless customers on average paid C$66.51 a month on Telus’ network, up 1.5 percent from a year earlier. However, its postpaid churn — the amount of defecting customers — rose to 0.95 percent from 0.93 percent.
Telus’s net income fell to C$412 million, or 69 Canadian cents per share, in the quarter ended March 31, from C$422 million, or 70 Canadian cents per share, a year earlier.
Excluding one-time items, Telus earned 73 Canadian cents per share, missing analysts’ average estimate by 2 Canadian cents, according to Thomson Reuters I/B/E/S.
Operating revenue rose to C$3.38 billion from C$3.18 billion.
Shaw Communications ( SJRb.TO ) last month posted a quarterly profit that easily topped analysts’ estimates, boosted by investments in its wireless business which helped more than double subscriber additions.
(Corrects to “Vancouver-based” from “Calgary-based” in paragraph 3)
Reporting by Ahmed Farhatha in Bengaluru; Editing by Arun Koyyur and Maju Samuel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-teluscorp-results/canadas-telus-corp-reports-2-4-percent-drop-in-quarterly-profit-idUSKBN1IB1GB |
May 23 (Reuters) - Sellas Life Sciences Group Inc:
* SELLAS LIFE SCIENCES GROUP INC FILES FOR OFFERING OF UP TO $30 MILLION - SEC FILING Source text: ( bit.ly/2klt2uI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sellas-life-sciences-files-for-off/brief-sellas-life-sciences-files-for-offering-of-up-to-30-mln-idUSFWN1SU0X3 |
Facebook Chief Executive Mark Zuckerberg has agreed for his meeting with European officials Tuesday to be livestreamed.
Antonio Tajani, president of the European Parliament, said on Twitter Monday he had personally raised the possibility of webcasting the meeting with Zuckerberg .
"I am glad to announce that (Zuckerberg) has accepted this new request. Great news for EU citizens," Tajani said.
The development comes after EU parliamentarians raised concerns over the fact that the meeting was going to be held behind closed doors.
"We're looking forward to the meeting and happy for it to be livestreamed," a Facebook spokesperson said in a statement.
Talk of regulation for tech firms like Facebook has increased since reports first surfaced earlier this year claiming Facebook allowed the data of tens of millions to be harvested by controversial data analytics firm Cambridge Analytica.
Facebook has said that 87 million users may have had their data improperly shared with Cambridge Analytica. Cambridge Analytica briefly worked for President Donald Trump's 2016 election campaign, but it maintains that data was not used during the vote. The company shut down earlier this month and has since filed for Chapter 7 bankruptcy in the United States.
Politicians in the continent and the U.S. alike have voiced concerns over the way Facebook could have been used as a platform for misinformation to sway the results of elections.
Zuckerberg faced a grilling in U.S. Congress last month but the Facebook co-founder has denied a request to testify in the U.K.
In Europe, a law that threatens to fine firms up to 4 percent of their global annual turnover if they fail to comply comes into force on Friday.
Zuckerberg's meeting with EU representatives is set to take place on Tuesday from 1:15 p.m. to 2:30 p.m., ET. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/mark-zuckerberg-meeting-with-eu-officials-to-be-livestreamed.html |
May 8 (Reuters) - Vital Therapies Inc:
* VITAL THERAPIES ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.34 * Q1 EARNINGS PER SHARE VIEW $-0.34 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vital-therapies-q1-loss-per-share/brief-vital-therapies-q1-loss-per-share-0-34-idUSASC0A0L4 |
(Repeats item issued earlier. The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
LAUNCESTON, Australia, May 3 (Reuters) - It may not sound like a lot, but the 18 percent of Rio Tinto shareholders that voted in favour of a resolution that effectively called on the company to do more to address climate change have launched a snowball at the top of a large mountain.
The vote at Rio’s May 3 annual general meeting called upon the world’s second-largest mining company to review its membership of the Minerals Council of Australia (MCA) and other lobby groups.
While the vote was easily defeated, it sends a very clear message to natural resource companies that investors are going to be paying more attention to environmental credentials in the future.
The 18 percent support was said by the resolution’s lead sponsor, Brynn O’Brien of the Australasian Centre for Corporate Responsibility, to be the “highest vote ever on a similar issue,” the Sydney Morning Herald reported.
It’s also worth noting that among the supporters of the resolution were life assurers such as Aegon and Legal & General, as well as pension funds like the Church of England Pensions Board.
Investors such as these make up the backbone of institutional shareholders of companies such as Rio Tinto, and the clear trend in recent years has been toward calling on company boards to be clearer in their commitment to the health of the global environment.
For its part Rio defended its climate stance, with new chairman Simon Thompson acknowledging that the company’s exit from coal mining has been partially driven by climate change concerns.
But he also said Rio preferred to engage with groups such as the MCA rather than walk out over differences in climate change policies.
But as can be seen from BHP’s recent decision to leave the World Coal Association, it’s becoming increasingly hard for mining companies that are trying to nurture progressive public images to remain engaged with groups that promote fossil fuels, and are often sceptical of scientific evidence that burning such fuels contributes to climate change.
In some ways, targeting Rio is a tad odd given the company recently completed its exit from coal mining with the $2.25 billion sale in March of its Kestrel mine in Australia’s Queensland state.
Rio, unlike BHP, decided that coal was no longer a long-term fit for its portfolio and took advantage of strong prices for the polluting fuel to sell its portfolio of mines.
COAL SCARCITY It’s inevitable that companies that remain in coal mining, especially those with listings in developed countries, such as BHP, Glencore and Anglo American, will face rising shareholder pressure.
This will make it harder for companies to develop or expand coal mines and related infrastructure facilities, which is the obvious aim of the environmental groups and their supporters.
The struggles of Indian conglomerate Adani Enterprises to build its planned Carmichael mine in Queensland and export the coal through its existing Abbot Point terminal is a case in point.
Despite having all the necessary government approvals and claimed customers for the coal, Adani has so far been unable to attract financing for the project.
In fact, the Carmichael mine looks increasingly unlikely to be developed as political support starts to wane in Australia, with Queensland’s Labor Party-led state government ruling out support and the Liberal Party of Prime Minister Malcolm Turnbull, which backs the mine, behind in the polls ahead of next year’s likely election.
Coal’s difficulties are also amplified by policies in the two major importing nations, China and India.
China wants to use less of the fuel in order to improve air quality, and India wants to import less in order to improve its current account balance, however, it’s dreadful pollution may well result in more stringent environmental policies in the future.
The irony of the success of anti-coal activism and stricter environmental rules is that coal is likely to become a scarcer commodity.
Demand for seaborne supplies is likely to increase in coming years because of investment decisions made in previous years to build coal-fired plants, particularly in Asia.
But it’s becoming harder to see coal-exporting countries being able to boost output, given political challenges in top shipper Australia and diversion of exports to local demand in number two exporter Indonesia.
Coal prices have responded to this by remaining robust, with the Newcastle Weekly Index, a benchmark for Australian thermal coal, ending at $95.25 a tonne on April 27, the 40th straight week it has been above the $90 level.
Perhaps the final irony for coal is that it is dying, but its going to be a profitable death for those who can stick it out to the end. (Editing by Richard Pullin)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-coal-rio-tinto/column-climate-resolution-at-rio-meeting-heralds-coming-climate-avalanche-russell-idUSL3N1SA26U |
May 2, 2018 / 1:38 PM / Updated 22 minutes ago UPDATE 1-Qatar Airways CEO says 777X behind schedule but sees Boeing catching up Reuters Staff
(Adds background)
By Sarah Young
CARDIFF, Wales, May 2 (Reuters) - The head of Qatar Airways said Boeing’s 777X aircraft programme was experiencing delays, but he was sure that Boeing would catch up and deliveries of the jet would start on time in 2020.
“Boeing I think is a couple of months behind schedule but there is still time and they will catch up,” Chief Executive Akbar al Baker told reporters on Wednesday.
“Any new aircraft progamme will always have slippage but there is still time to deliver because the first delivery is in 2020...Except if there would be some certification issues, I think that the aircraft will be delivered on schedule.”
The 406-seat 777-9, the main model of a two-aircraft family known as 777X, aims to maintain Boeing’s grip on the ‘mini-jumbo’ market by leapfrogging Airbus’s 365-seat A350-1000, its European rival’s largest twin-engined jet.
Boeing Chief Executive Dennis Muilenburg told analysts last week that the 777X was on course for first delivery to Gulf carrier Emirates in 2020, as planned.
“Now again, anytime we’ve got a big development programme...it’s one that we keep a very close eye on. So daily, the team is working 777X with great focus, great intensity, but the development programme remains on track,” he said.
Earlier this year, engine supplier General Electric emerged from a three-month delay in flight trials of its new GE9X jet engine, which was designed for the 777X.
The head of the 777X development programme told Reuters in March that Boeing had reorganised testing to avoid being delayed by those snags.
He also acknowledged problems in producing enough wing stringers - reinforcing strips that go outwards from the fuselage - for the 777X, and said Boeing was “tracking basically back to schedule” on this part of the project. (Additional reporting by Tim Hepher Editing by Paul Sandle/Keith Weir) | ashraq/financial-news-articles | https://www.reuters.com/article/qatar-airways-britain-boeing/update-1-qatar-airways-ceo-says-777x-behind-schedule-but-sees-boeing-catching-up-idUSL8N1S956X |
May 14 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
The chairman of WPP Plc is facing a shareholder backlash over the advertising company's secretive ousting of Martin Sorrell after a leading advisory group recommended that investors oppose his re-election at next month's annual meeting. bit.ly/2wD4aax
One of UK's biggest investment managers, M&G Investments, has warned that banks will be forced to raise mortgage rates as cheap money provided by a closed Bank of England scheme runs out. bit.ly/2wMv7Jh
The Guardian
UK has no need to build new large gas-fired power stations to replace the coal plants that the government has pledged to switch off by 2025, the World Wide Fund for Nature has argued. bit.ly/2wzQ5Li
The Telegraph
Virgin Media and TalkTalk Telecom Group Plc are working on a deal to share the cost of new ultrafast broadband networks and dial up the pressure on BT Group Plc. bit.ly/2KmBRPB
A senior British scientist who is one of the leading minds in artificial intelligence (AI) has warned against self-driving cars, arguing they are not safe because engineers cannot predict how their creations will behave "while in the wild". bit.ly/2KgfHyH
Sky News
LVMH, the luxury goods behemoth behind brands such as Christian Dior and Fendi, is leading a multimillion-pound injection of funds into Lyst, the UK-based fashion search engine. bit.ly/2ICMz7C
Former bosses of Carillion Plc, the construction group that collapsed with debts of as much as 7 billion pounds ($9.49 billion), should face a formal inquiry into their fitness to serve as company directors, MPs will say this week. bit.ly/2wDlvAg
The Independent
Royal Dutch Shell Plc, Italian oil giant Eni and a number of senior executives at the two firms face trial in Milan on Monday over corruption charges relating to a $1.1bn deal for a Nigerian oil block. ind.pn/2wB45UV
The gender pay gap is 91 percent for people earning 1 million pounds or more annually in UK financial services companies, and it is getting wider, according to new research from employment law specialists Fox & Partners. ind.pn/2Kggdg3
$1 = 0.7380 pounds Compiled by Bengaluru newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-14-idUSL3N1SL00U |
May 2 (Reuters) - Federal Realty Investment Trust:
* SEES FY 2018 FFO PER SHARE $6.08 TO $6.24 * MAINTAINED ITS 2018 GUIDANCE FOR FFO PER DILUTED SHARE OF $6.08 TO $6.24
* UPDATED 2018 EARNINGS PER DILUTED SHARE GUIDANCE TO $3.05 TO $3.21
* Q1 FFO PER SHARE VIEW $1.50 — THOMSON REUTERS I/B/E/S * FY2018 FFO PER SHARE VIEW $6.16 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-federal-realty-investment-trust-q1/brief-federal-realty-investment-trust-q1-ffo-per-share-1-52-idUSASC09Z6P |
May 7 (Reuters) - Liberty Oilfield Services Inc:
* ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATIONAL RESULTS
* Q1 REVENUE $495 MILLION VERSUS I/B/E/S VIEW $491 MILLION * QTRLY NET INCOME ATTRIBUTABLE TO LIBERTY OILFIELD SERVICES INC. STOCKHOLDERS $23.7 MILLION
* HAS STAFFED FLEET 22 AND IS ON SCHEDULE TO DEPLOY FLEET 22 ON A DEDICATED BASIS AT END OF Q2 OF 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-liberty-oilfield-services-q1-reven/brief-liberty-oilfield-services-q1-revenue-495-mln-vs-i-b-e-s-view-491-mln-idUSASC0A08B |
April 30 (Reuters) - BINDAR TRADING AND INVESTMENT COMPANY PLC:
* Q1 PROFIT 473,098 DINARS VERSUS 532,435 DINARS YEAR AGO * Q1 TOTAL INCOME 1.3 MILLION DINARS VERSUS 1.4 MILLION DINARS YEAR AGO Source:( bit.ly/2I4Gwbu ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordans-bindar-trading-and-investm/brief-jordans-bindar-trading-and-investment-q1-profit-falls-idUSFWN1S714M |
May 2 (Reuters) - Industrivarden AB:
* INDUSTRIVARDEN AB SAYS ON APRIL 30, 2018, NET ASSET VALUE WAS SEK 222 PER SHARE. Source text for Eikon: Further company coverage: (Reporting By Stockholm newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-industrivarden-says-nav-sek-222-sh/brief-industrivarden-says-nav-sek-222-share-on-april-30-idUSFWN1S90F8 |
May 21 (Reuters) - Micron Technology Inc:
* MICRON ANNOUNCES $10 BILLION SHARE REPURCHASE AUTHORIZATION
* MICRON ANNOUNCES $10 BILLION SHARE REPURCHASE AUTHORIZATION
* MICRON TECHNOLOGY INC - NEWLY ANNOUNCED PLANS TO RETURN AT LEAST 50% OF FREE CASH FLOW TO STOCKHOLDERS BEGINNING IN FISCAL 2019
* MICRON TECHNOLOGY INC - REPURCHASE AUTHORIZATION DOES NOT OBLIGATE MICRON TO ACQUIRE ANY COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-micron-announces-10-billion-share/brief-micron-announces-10-billion-share-repurchase-authorization-idUSASC0A34T |
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LONDON, May 21 (Reuters) - Britain’s Department for Transport (DfT) encouraged “ambitious” bidding on revenue projections for the failed East Coast main line contract, a rail expert told lawmakers on Monday.
Last week the British government said it planned to renationalise the route between London and Edinburgh, scrapping a contract with Stagecoach and Virgin, prompting a committee to hold the post-mortem to find out what went wrong.
Problems with the bidding process were partly to blame for the demise of the contract, rail experts told the cross-party Transport Select Committee.
“The Stagecoach-Virgin bid for East Coast was very ambitious, which was essentially what the department was asking for in the invitation to tender,” said Iryna Terlecky, Director of TBI Consulting.
“It was asking for ambitious bids. It gave additional credit in the policy score for ambition.”
Changing circumstances during the years over which a contract runs were also to blame, the committee was told, including issues relating to economic growth, discretionary travel and home-working trends.
Stagecoach and Virgin’s contract ended five years early after they over-estimated profits.
Terlecky said it was common knowledge that other franchises were experiencing similar difficulties and that the DfT had the option of adopting a more flexible approach if it wanted to prevent other contracts from failing.
It is the third time since 2007 that the 393-mile (632 km) route between the English and Scottish capitals has been returned to government hands after contracts failed, which another expert attributed to the romance of operating what is seen as the country’s flagship line.
“It’s viewed as the jewel in the crown of the railways and I think that has led to optimism ... it’s a very, very profitable franchise,” said Elaine Holt, former chief executive of Directly Operated Railways, which ran the line before Stagecoach-Virgin.
The DfT’s approach became more cautious over the past six months, once it knew that the East Coast contract was failing, Terlecky said.
“There has been a significant change to the way that financial robustness of a bid is assessed ... It was made clear that the financial robustness (tests) that were being done would now be done on a much more cautious central estimate.” (Reporting by Sarah Young Editing by Alexander Smith and David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-railway-lawmakers/update-1-ambitious-bids-were-sought-for-failed-british-rail-line-lawmakers-told-idUSL5N1SS4IH |
May 2, 2018 / 3:16 PM / Updated 8 minutes ago Sudan assessing military participation in Yemen: defense minister Reuters Staff 3 Min Read
KHARTOUM (Reuters) - Sudan is assessing its participation in Saudi-led military operations in Yemen, its defense minister said on Wednesday, amid growing discontent in parliament over high costs and the deaths of dozens of Sudanese soldiers.
Sudan has at least 3,000 ground troops and several fighter jets fighting in Yemen as part of the Saudi-led alliance. Dozens of Sudanese soldiers have been killed on key coastal battlefronts, local and Yemeni media have reported, while Khartoum is struggling with a severe hard-currency shortage.
“We are conducting studies and assessments these days about the participation of Sudanese forces in Yemen,” Defence Minister Ali Salem told parliament.
“This involves various sides, the negatives and positives of the participation, and then we will take a decision that will benefit the country and its stability.”
He said the armed forces command was preparing a study on Sudan’s role in the coalition and would complete it soon.
Sudan sent troops to Yemen with the Saudi-led coalition that intervened in the civil war in 2015 against Iran-aligned Houthis who had captured most of the main populated areas of the country and forced President Abd-Rabbu Mansour Hadi into exile.
Sudan’s foreign currency crunch arose from decades of U.S. sanctions. Khartoum has been expecting financial support from wealthy Gulf Arab states involved in the coalition but few funds have trickled into the sprawling country of 40 million people.
Sudanese parliamentarian Hassan Othman Rizq, who has spearheaded a campaign for withdrawing forces from Yemen, told Reuters the decision to dispatch troops there was illegal because lawmakers had not approved it.
“Sudanese troops are stationed on hot battlefronts, and thus they are sustaining higher losses,” Rizq said.
“Sudan had not benefited economically from the participation, unlike (other) countries that did not send troops but are getting financial support,” he added, alluding to Saudi Arabia and the United Arab Emirates.
There was no immediate comment from the Saudis and UAE. Reporting by Khalid Abdelaziz; Writing by Nadine Awadalla and Sami Aboudi; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security-sudan/sudan-assessing-its-military-participation-in-yemen-defense-minister-idUSKBN1I3245 |
May 24, 2018 / 6:49 PM / Updated 13 minutes ago Tesla's Musk bashes media, proposes credibility check Reuters Staff 3 Min Read
(Reuters) - Tesla Inc ( TSLA.O ) Chief Executive Elon Musk gained the support on Thursday of more than half a million people on Twitter for plans to create a website evaluating journalists’ credibility, spurred by his frustration at media reports about the electric car maker. FILE PHOTO: Elon Musk speaks at a Boring Company community meeting in Bel Air, Los Angeles, California, U.S. May 17, 2018. REUTERS/Lucy Nicholson
Musk made his proposals in a tweet linking to posts on auto blogging site Electrek that criticized recent coverage of crashes of Tesla cars and pricing.
“The holier-than-thou hypocrisy of big media companies who lay claim to the truth, but publish only enough to sugarcoat the lie, is why the public no longer respects them,” Musk wrote.
"Going to create a site where the public can rate the core truth of any article & track the credibility score over time of each journalist, editor & publication. Thinking of calling it Pravda ...," he tweeted here
He followed that up with a series of tweets arguing that “sanctimonious” journalists were driven by constant pressure to generate clicks and earn advertising.
An associate of Musk’s registered Pravda Corp with the state of California in October, according to public records. The president of that company is also listed as the president of another company of Musk’s, Neuralink, which is working to link human brains with computers. After a reporter posted the paperwork on Wednesday, Musk responded with a smiley face emoji.
“The point of such a site would be to help restore the credibility of the media. They don’t realize how little credibility they actually have with the public,” he added.
By 9 a.m. ET, 583,000 people had voted on Musk's poll here with 88 percent supporting his plan.
Tesla has been fighting negative press for several months over production bottlenecks for its Model 3 sedan, crashes involving its cars and doubts raised by Wall Street over its cash position.
Earlier this week, a review by the influential magazine Consumer Reports said its Model 3 sedan, despite many positives, had “big flaws,” including braking slower than a full-sized pickup truck. Musk has promised a fix in the next few days.
The billionaire businessman, who also runs rocket company SpaceX and underground transit venture Boring Company, uses Twitter to give commentary about various issues and gets thousands of likes and comments on his posts.
He has 21.8 million followers on the microblogging site.
Andrew J. Hawkins, a transportation reporter with tech website The Verge, tweeted that Musk was slowly transforming into a media-baiting Trump figure “screaming irrationally about fake news”.
“Thought you’d say that. Anytime anyone criticizes the media, the media shrieks ‘You’re just like Trump!’ Why do you think he got elected in the first place? Because no ones (sic)believes you any more. You lost your credibility a long time ago,” Musk responded in a tweet. Reporting by Supantha Mukherjee in Bengaluru and David Shepardson in Washington; editing by Patrick Graham | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tesla-musk/teslas-musk-bashes-media-proposes-credibility-check-idUKKCN1IP27T |
CNBC.com Andrew Harrer | Bloomberg | Getty Images A letter carrier holds Amazon.com packages while preparing a vehicle for deliveries at the United States Postal Service (USPS) Joseph Curseen Jr. and Thomas Morris Jr. processing and distribution center in Washington, D.C.
President Donald Trump has directly pressured the U.S. Postal Service's chief to double the rates charged to e-commerce giant Amazon and other companies, the Washington Post reported Friday , citing three people familiar with the conversations.
The president has personally pushed the postmaster general, Megan Brennan, to make the move, which could potentially cost Amazon billions of dollars, the Post reported.
Brennan, the first female to hold the role of the Postal Service's chief executive officer, has reportedly pushed back on Trump's demand. The newspaper said Brennan has told Trump that Amazon's shipping arrangements are bound by contracts, and have been beneficial to the Postal Service.
Trump was unswayed by Brennan's arguments, which were made during several meetings starting in 2017 and occurring as recently as four months ago, the Post reported.
Last month, Trump signed an executive order establishing a task force to look at the operations and finances of the USPS and recommend reforms.
In a statement to CNBC, press secretary Sarah Huckabee Sanders said, "We are doing a total look at how the post office is operating. But [we] don't have anything specific for you on that."
Amazon and USPS declined CNBC's requests for comment.
Trump for months has been dinging Amazon and its CEO Jeff Bezos , who also owns The Washington Post. Amazon, Trump says, has been shirking tax responsibility by failing to collect third-party sales tax at the state level. Trump tweet
Amazon already collects sales tax on products it sells directly to consumers but has faced challenges from states over its policy of allowing third-party vendors to charge varying levels of sales tax.
States such as South Carolina and Washington have each pushed for state taxes on online items. Amazon has complied with the states' requests so far.
Trump has more than once called for an "internet tax" in thinly veiled threats to Amazon. He tweeted in January that internet retailers would have to start paying sales tax because "it's very unfair what's happening to our retailers all over the country."
Amazon briefly hit a session low of $1,572.10 following the report, but recovered to above $1,575 — less than a percent down on the day. The stock is up more than 30 percent in 2018 and just 4 percent off its all-time high. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/trump-reportedly-pushed-usps-to-double-amazons-shipping-rates.html |
CHICAGO, May 8, 2018 /PRNewswire/ -- First Look Appraisals (First Look), a leading national appraisal management company (AMC), announces strategic additions to its Executive Leadership team and Board of Directors:
Jim Anderson , Executive Vice President of Business Development and Strategy :
Jim possesses over thirty years experience leading national wholesale lending platforms in addition to retail lending, secondary market and AMC experience. As leader of the First Look Sales and Marketing team, Jim oversees strategic growth initiatives. Jim stated he joined First Look because he is "convinced the people, processes and proprietary technology at First Look will positively disrupt the industry and provide lenders and appraisers a best-in-class solution."
Aaron Shepler, Chief Technology Officer :
Aaron is the chief architect of First Look's dynamic proprietary technology platform, Docent, that provides complete visibility, predictability and pro-active control over every appraisal order. Along with 15 years of experience leading development teams, Aaron previously served as CTO for the largest independent AMC in the US.
Mike Floyd, Chief Corporate Appraiser :
Mike has over 20 years of appraisal industry experience including ten years as Chief Corporate Appraiser for a large national AMC. Mike's reputation amongst lender and agency collateral risk managers is unparalleled. Mike directs First Look's appraisal quality control policy and procedure and focuses on cultivating the industry's best national appraiser panel.
First Look has also appointed three accomplished executives to its Board of Directors. Steve Haslam, former CEO of StreetLinks National Appraisal Services, Tony Ebeyer, StreetLinks former Chief Strategy Officer and Brad Morehead, former CEO of Livewatch Security, will actively advise and assist with the strategic development and direction of the company.
First Look's CEO, Craig Culbert, states, "Most lenders agree, their AMC relationships are mediocre despite being compelled to use them for compliance and cost reasons. First Look has assembled a leadership team of seasoned lending, appraisal, and AMC executives to build new processes and technology that overcome common frustrations between lenders and other AMCs. Simply stated, our leadership team knows the problems well because we have lived them from the lender and appraiser perspective; now, we've created the solution."
About First Look Appraisals:
First Look Appraisals is a national appraisal management company changing the industry through proprietary technology, success-focused relationships with appraisers, and a proactive customer service culture designed to revolutionize their client's experience with AMCs. To learn more about First Look Appraisals visit www.firstlookappraisals.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/first-look-appraisals-appoints-expert-industry-executives-300644178.html
SOURCE First Look Appraisals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-first-look-appraisals-appoints-expert-industry-executives.html |
CAMDEN, N.Y.--(BUSINESS WIRE)-- International Wire Group Holdings, Inc. (the “Company”) (OTCMKTS:ITWG) today announced results for the quarter ended March 31, 2018. First quarter 2018 operating income was lower than in the first quarter of 2017.
“First quarter results reflect sustained improvement in demand in our largest markets served. Electronics/data communications and consumer/appliance market demand remained very strong and demand in the industrial and energy segment strengthened further from fourth quarter of 2017. Automotive market volumes were down for the quarter year over year. HPC medical products and aerospace demand remained firm. Our Engineered Wire Products-Europe segment continues to perform well, benefiting from recently introduced new products and new platforms. Significant freight and logistics cost increases negatively impacted performance in the quarter,” said Edwin J. Flynn, Chief Executive Officer of International Wire Group Holdings, Inc.
First Quarter Results
Net sales for the quarter ended March 31, 2018 were $147.0 million, an increase of $10.8 million, or 7.9%, compared to $136.2 million for the same period in 2017. This increase was partly due to a higher selling price of copper, partially offset by a higher proportion of tolled copper. Tolled copper is customer-owned copper. The value of tolled copper is not included in net sales and costs of sales. Excluding the effects of higher copper prices and a higher proportion of tolled copper, net sales increased $7.0 million, or 5.0%, versus the same period in 2017. This increase resulted from $6.0 million of higher sales and $1.9 million from the effects of favorable foreign currency exchange rates, partially offset by $0.9 million of lower customer pricing/mix. Total pounds of product sold in the first quarter of 2018 increased by 6.2% compared to the first quarter of 2017.
Operating income for the three months ended March 31, 2018 was $5.1 million compared to $6.9 million for the 2017 period, a decrease of $1.8 million, or 26.1%, primarily from lower LIFO/copper profits and higher selling, general and administrative expenses (primarily freight related).
Net loss of $2.4 million for the three months ended March 31, 2018 was an increase of $2.0 million from net loss of $0.4 million for the three months ended March 31, 2017. The increase was due primarily to lower operating income and a lower income tax benefit, partially offset by lower interest expense.
Net loss per basic and diluted share was $0.51 and $0.09 for the three months ended March 31, 2018 and 2017, respectively.
Non-GAAP Results and Net Debt
In an effort to better assist investors and noteholders in understanding the Company’s financial results, as part of this release, the Company is also providing Adjusted EBITDA, which is a measure not defined under accounting principles generally accepted in the United States (GAAP). Adjusted EBITDA is net loss excluding interest expense, income tax benefit, depreciation and amortization expense, amortization of deferred financing costs, stock-based compensation (income)/expense, impairment charges, gain/loss on sale of property, plant and equipment, (gain)/loss on early extinguishment of debt and extraordinary non-recurring gains and losses. Management uses Adjusted EBITDA as a measure in evaluating the performance of our business. Other companies may define Adjusted EBITDA differently. As a result, our measures of Adjusted EBITDA may not be directly comparable to measures used by other companies. Below is a reconciliation of this non-GAAP financial measure to Net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP. Net debt as of March 31, 2018 and December 31, 2017 is also presented below. In $ millions:
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (unaudited)
1Q 2018 1Q 2017 Net loss $ (2.4 ) $ (0.4 ) Interest expense 7.1 7.4 Income tax benefit (0.1 ) (0.5 ) Depreciation & amortization 4.0 4.2 Amortization of deferred financing costs 0.4 0.4 Other adjustments 0.2 0.1 Adjusted EBITDA $ 9.2 $ 11.2 Net Debt (unaudited)
March 31,
December 31, 2018 2017 Total debt excluding original issue discount
$ 294.6 $ 285.3 less cash 3.2 4.9 Net debt $ 291.4 $ 280.4 Additional financial information will be made available on or about May 11, 2018 through the Company’s investor website ( http://internationalwiregroup.gcs-web.com or http://www.internationalwiregroup.com ) in the section titled “Financial Information.”
About International Wire Group Holdings, Inc.
International Wire Group Holdings, Inc., through its subsidiaries, is a manufacturer and marketer of wire products, including bare, silver-plated, nickel-plated and tin-plated copper wire, engineered wire products and high performance conductors, for other wire suppliers, distributors and original equipment manufacturers. Its products include a broad spectrum of copper wire configurations and gauges with a variety of electrical and conductive characteristics and are utilized by a wide variety of customers primarily in the industrial and energy, electronics and data communications, automotive/specialty vehicles, aerospace and defense, medical products and consumer and appliance industries. The Company has seventeen manufacturing facilities and one distribution facility located throughout the United States, France, Italy and Poland.
Forward-Looking Information is Subject to Risk and Uncertainty
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “expect,” “may,” “will,” “anticipate” or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. Undue reliance should not be placed on any forward-looking statements. These statements are based on management’s current beliefs and assumptions and on information currently available to management as of the date they were made. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Many factors could cause our results to differ materially from those expressed in forward-looking statements. These factors include, but are not limited to, fluctuations in our operating results and customer orders, unexpected decreases in demand or increases in inventory levels, changes in the price of copper, tin, nickel and silver, developments in the competitive environments of the markets we serve, our reliance on our significant customers, lack of long-term contracts, our substantial dependence on business outside of the U.S. and changes in exchange rates and other risks associated with our international operations, limitations due to our indebtedness, potential loss of key employees or the deterioration in our relationship with employees, litigation, claims, liability from environmental laws and regulations and other factors.
For additional information regarding the factors that may cause our actual results to differ from those expected by our forward-looking statements, see “Risk Factors” in the Company’s 2017 financial report. This report is accessible on the “Financial Information” page on the Investor Relations portion of the Company’s website, available at http://internationalwiregroup.gcs-web.com or http://www.internationalwiregroup.com .
ITWG-G
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005753/en/
International Wire Group Holdings, Inc.
Donald F. DeKay, 315-245-3800
Senior Vice-President, Chief Financial Officer and Secretary
Source: International Wire Group Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-international-wire-announces-first-quarter-2018-results.html |
10:34 AM EDT
All eyes are on New Jersey.
Any day now, the Supreme Court is expected to decide if the state can legalize sports betting. The court is deliberating on NCAA vs. Christie, a New Jersey case that could invalidate the Professional and Amateur Sports Protection Act, a 1992 law that bans sports betting in most states.
If the court rules in favor of the state of New Jersey, it’s likely there will be a massive chain reaction set off in state houses across the nation, allowing them to set their own policies on sports gambling. Annually, illegal sports betting amounts to an approximately $150 billion industry .
This is huge news for daily fantasy sports companies like FanDuel and DraftKings, as sports gambling could account for a big chunk of their business. Ironically enough, both companies have long argued that daily fantasy sports, in which users can win cash prizes in exchange for cash entry fees, is legal because it’s technically a game of skill, not a game of chance.
Term Sheet caught up with new FanDuel CEO Matt King to get his thoughts on the potentially historic ruling and how the company is faring after its failed merger with DraftKings. (Quick recap: DraftKings’ merger with rival FanDuel last summer unraveled over antitrust concerns, which means both companies are operating as competitors — again. I played a bizarre game of basketball with the DraftKings exec team to try and understand this. 😬)
King now faces the daunting task of not only proving that the business model is sustainable, but also that the industry can support two companies offering virtually identical products and services. King, who served as FanDuel’s CFO from 2014 to 2016, returned to the company as CEO six months ago to replace former chief executive Nigel Eccles.
FanDuel declined to comment on specifics around the company’s marketing spend and its exact daily active user numbers, but noted that revenue is up 10% year over year, active users are up 20%, and active users in the new free-to-play contests are up 60%. Here’s a glimpse of what King hopes to accomplish during his tenure:
On what he plans to prioritize as CEO: “I’ve re-focused the business on product-driven growth versus marketing-driven growth. I think it’s fair to say that if you look at daily fantasy sports as an industry, I don’t think we’ve innovated the product enough. You look at what our product was like in 2009 when we launched, what DraftKings’ products looked like when they launched in 2012, and when you look at those products today, there’s not enough change.
A lot of the focus in the category has gone into marketing, which users love, but the product wasn’t evolving. So what we’ve done is focused the organization from a strategy and resources perspective in driving product growth. Marketing will always be a core part of what we do, but that marketing should serve to enhance the product itself as opposed to it being the only way we drive user growth. That’s probably the biggest change I’ve made.”
On product changes: “We’ve probably released more new features and more new game types in the last six months than you’ve seen in the entire industry over the last two years. It’s a reframing of how we think of ourselves as a business. One of the beauties of being in a sports business is that there are about 15 big sporting events throughout the year, like the Super Bowl, the Kentucky Derby, March Madness. There’s this natural interest that’s relatively predictable each year. The reality was that we as a business were only relevant at about 4 or 5 of those 15 sporting events. So we started a product roadmap of starting new games and features that make us relevant throughout the sporting calendar.
On user growth: “The number of registered users we have is growing dramatically. People are engaging at different times of the year, and we’re accessing a broader audience out there. Users are up double digits from last year, and we’re seeing more users on the site. A number of users that we had lost have also come back.”
On new crypto prize offerings : “On the crypto side, we’ve recognized that a lot of what people play for is really around the fundamental competition dynamic. People just like to compete for stuff. They like to win. Given what’s going on in the crypto world, there’s definitely a segment of users that was very, very interested in crypto. By offering crypto as a prize, we were able to tap into something they wanted to compete for. It was a huge success for us, and there was a ton of interest.”
On what he anticipates will come out of Supreme Court ruling: “I would not venture to give you a view. All I know is that a decision has been made. It’s sitting there in an envelope somewhere, and frankly, we’re excited about the future whatever the decision is.”
On what it means for FanDuel if the court moves to legalize sports betting: “It would mean we would get into sports betting. This business is around fan engagement and helping fans feel closer to the things they like, and clearly sports betting is one way to help people to do that. So it would be very logical for us to get into it. We have some ideas of how to make that experience better and ones that we feel will resonate with our users. We think we’re uniquely positioned to fulfill that market demand.”
… And if it doesn’t: “And if it doesn’t, we’ve still got a robust roadmap of stuff without sports betting. So we’re excited about all the things we’ll launch from a product perspective, and 95% of that will be relevant no matter what happens with the Supreme Court.”
On regulation and expanding into new markets: “We’ve always looked to operate in markets where we believe we’re legal. We’ve embraced regulation. In a world not dissimilar from Uber and Airbnb where you’re creating a new market, it can be hard to know where the boundaries are. Consequently, we’ve always taken a more conservative approach to the point where we deliberately didn’t innovate in certain areas because we weren’t sure if it would be deemed acceptable.”
On how it plans to differentiate from DraftKings post-failed merger: “At the core, we want to differentiate based on simplicity. We’ve always tried to adopt an approach focused on the casual fan. To me, simplicity is the key of turning this into a business that has several million paid active users to one that has 10 to 15 million paid active users.
We need game formats that are appealing to someone who may have just 5 or 10 minutes. Frankly, one of the biggest reasons people don’t play or stop playing is that they don’t feel they have the time to do the research. We, as a category, got too obsessed with monetizing our users in the short-term and that came at the expense of building great product that every level fan can enjoy.”
This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/fanduel-ceo-sports-betting/ |
May 30, 2018 / 7:27 PM / Updated 12 minutes ago Michael Jackson's estate sues ABC for copyright infringement Reuters Staff 2 Min Read
NEW YORK (Reuters) - Michael Jackson’s estate sued ABC on Wednesday, arguing that a special the network aired last week about the pop singer’s final days used his songs and music videos without permission. FILE PHOTO: U.S. popstar Michael Jackson performs during his "HIStory World Tour" concert in Vienna, July 2, 1997. REUTERS/Leonhard Foeger/File Photo
The copyright infringement lawsuit, which also names ABC’s corporate parent Walt Disney Co as a defendant, was filed in Los Angeles federal court and took aim at “The Last Days of Michael Jackson,” a two-hour show broadcast on May 24.
The lawsuit seeks unspecified damages.
“Like Disney, the lifeblood of the estate’s business is its intellectual property,” the complaint said. “Yet for some reason, Disney decided it could just use the estate’s most valuable intellectual property for free.”
Representatives for ABC and Disney did not immediately respond to a request for comment.
Jackson, known as the “King of Pop,” died in 2009 from a prescription drug overdose at age 50.
The estate raised objections to the show before it aired last week. According to the lawsuit, a lawyer for Disney told the estate the special’s use of copyrighted music was “fair use” because of its documentary nature, an argument the estate called “absurd.”
“If Disney’s position on fair use of the estate’s copyrights were accepted, a network, studio or producer could make a documentary about Walt Disney, and spend most of the documentary’s time using, without Disney’s permission, extensive clips of Mickey Mouse, Walt Disney, and Disney movies,” the lawsuit said.
The show employed “at least 30 different copyrighted works,” according to the lawsuit, including hit songs like “Billie Jean” and “Thriller” and video footage owned by the estate.
Jackson has led Forbes’ list of the highest-earning dead celebrities five years running, with an estimated $75 million last year thanks to a Cirque du Soleil show in Las Vegas and a new posthumous album, among other sources of revenue. Reporting by Joseph Ax; Editing by Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-michaeljackson-lawsuit/michael-jacksons-estate-sues-abc-for-copyright-infringement-idUSKCN1IV2KX |
May 1 (Reuters) - Tonix Pharmaceuticals Holding Corp :
* TONIX PHARMACEUTICALS HOLDING SAYS FILES FOR MIXED SHELF OF UP TO $75 MILLION - SEC FILING Source text for Eikon: ( bit.ly/2KqLRZ4 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tonix-pharmaceuticals-holding-says/brief-tonix-pharmaceuticals-holding-says-files-for-mixed-shelf-of-up-to-75-mln-idUSFWN1S80O2 |
Venezuela's Maduro casts vote early in controversial election 7:37am EDT - 01:03
President Nicolas Maduro places his vote in a ballot box in an election that could see new foreign sanctions. Rough cut (no reporter narration)
President Nicolas Maduro places his vote in a ballot box in an election that could see new foreign sanctions. Rough cut (no reporter narration) //reut.rs/2KH7GDd | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/20/venezuelas-maduro-casts-vote-early-in-co?videoId=428705532 |
(Updates news, analyst quotes, yields) NEW YORK, May 7 (Reuters) - Trading was light and Treasury yields were little changed on Monday ahead of this week's auctions of $73 billion in U.S. government debt and Thursday's release of the Consumer Price Index inflation metric, even as U.S. oil prices reached their highest since 2014. Rising oil prices can pressure government bond yields by raising headline inflation, but Monday's rally had little impact on the Treasury market. That's likely because investors are waiting for the breakdown of CPI data before assessing whether U.S. inflation, which has remained stubbornly low, is in fact making a return. Oil prices are excluded from the Federal Reserve's preferred measure of inflation, the Core Personal Consumption Expenditures index. "The Fed is likely to look past higher energy costs and focus on the trend in less volatile underlying inflation. As such, we do not see the rise in oil prices as automatically leading to a faster pace of Fed tightening," wrote Erin Browne, head of asset allocation, and Evan Brown, director of asset allocation, both at UBS Asset Management, in a research note published Monday. Brent crude oil futures hit a session top of $76.34 a barrel, the highest since November 2014, while U.S. benchmark West Texas Intermediate crude broke through $70 for the first time since 2014 to reach a top of $70.84. "Data won't demand to be traded until CPI Thursday morning. Traders will spend most of today and the first half of tomorrow working on their auction strategy and determining whether corporate supply will return in earnest this week," said Jim Vogel, interest rate strategist at FTN Financial in Memphis, Tennessee. The Treasury Department's $73 billion refunding package for May is up from the $66 billion it offered in February, with most of the increase coming from short-end maturities. The Treasury will sell $31 billion in three-year notes, $25 billion in 10-year notes, and $17 billion in 30-year bonds. The supply of debt has been increased to offset the impact of the Fed's reduction in its bond buying. The new debt supply will also be used to fund the $1.5 trillion the Republican government's tax cut bill will add to the federal deficit. Yields on benchmark 10-year U.S. Treasury notes were up slightly on Monday - by 0.8 basis point at 2.952 percent - from their last close. Yields on 30-year bonds were up just over 1 basis point at 3.125 percent from their last close. The two-year note was last at 2.497 percent, down modestly from Friday's close at 2.501 percent.
May 7 Monday 4:02PM New York / 2002 GMT Price
US T BONDS JUN8 143-16/32 -0-5/32 10YR TNotes JUN8 119-168/256 -0-12/25
6
Price Current Net Yield % Change
(bps)
Three-month bills 1.8025 1.8354 -0.001 Six-month bills 1.99 2.0376 0.008 Two-year note 99-194/256 2.5011 0.000 Three-year note 99-70/256 2.6334 0.003 Five-year note 99-210/256 2.7888 0.009 Seven-year note 99-212/256 2.9023 0.007 10-year note 98-72/256 2.9534 0.009 30-year bond 97-152/256 3.1246 0.011
DOLLAR SWAP SPREADS
Last (bps) Net
Change (bps)
U.S. 2-year dollar swap 26.75 0.25
spread
U.S. 3-year dollar swap 22.00 0.50
spread
U.S. 5-year dollar swap 13.00 0.25
spread
U.S. 10-year dollar swap 3.75 0.50
spread
U.S. 30-year dollar swap -11.00 0.50
spread
(Reporting by Kate Duguid; Editing by Dan Grebler and James Dalgleish) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/reuters-america-treasuries-yields-flat-ahead-of-auctions-cpi-as-crude-hits-4-year-high.html |
ORLANDO, Fla., May 16, 2018 (GLOBE NEWSWIRE) -- In a release issued earlier today by Hemispherx Biopharma, Inc. (NYSE American:HEB) with the same headline, the net loss from operations was incorrect in the fourth paragraph. It should say $0.07 per share, not $0.70 per share. The corrected release follows.
Hemispherx Biopharma, Inc. (NYSE American:HEB), an advanced specialty pharmaceutical company engaged in the treatment of serious and debilitating disorders through the development of its immunology products Ampligen® and Alferon®, today announced its financial results for the first quarter ended March 31, 2018.
“We made significant progress in the quarter that just ended, including significant improvements to our balance sheet, the production of the equivalent of more than 8,500 vials of Ampligen at our contract fill and finish manufacturer, the expansion of our Ampligen supply agreements for early access programs in Canada and Europe under the management of myTomorrows, and the continuation of our plans to start advanced clinical trials of Ampligen as a single agent and a combination immuno-oncology therapy,” said Thomas K. Equels, Hemispherx’s chief executive officer.
“During the quarter we added to our cash by booking Ampligen sales, the sale/leaseback of our manufacturing facility, the sale of non-strategic real estate, and the exercise of warrants and the sale of common stock,” he continued. “We believe that this will enable us to meet the current and anticipated needs of our commercial channels and clinical study programs, as we work with the FDA to identify a path toward approval for Ampligen for the treatment of Myalgic Encephalomyelitis/Chronic Fatigue Syndrome.”
First Quarter 2018 Financial Highlights
As of March 31, 2018, Hemispherx had $4.6 million in cash and cash equivalents, compared to $2.1 million at December 31, 2017. Cash used in operations was $2.5 million for the three months ended March 31, 2018, compared to $3.0 million in the same quarter in 2017. The net loss from operations was $2.7 million, or $0.07 per share, for the first quarter of 2018, compared to a net loss of $2.8 million, or $0.11 per share, for the first quarter of 2017.
A bout Hemispherx Biopharma
Hemispherx Biopharma, Inc. is an advanced specialty pharmaceutical company engaged in the clinical development of new drug entities for the treatment of serious and debilitating disorders. Hemispherx's flagship products include the FDA-approved drug Alferon N Injection® and the Argentina-approved drug rintatolimod (tradenames Ampligen® or Rintamod®). Rintatolimod is a double-stranded RNA being developed for globally important diseases and disorders of the immune system, including Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS). Because rintatolimod has not been designated safe and effective by the FDA for general use, it is legally available in the United States only through clinical trials. However, Ampligen® has been approved in Argentina for ME/CFS and the company is working toward legal access in other countries where early access programs exist for serious diseases with unmet medical needs, such as ME/CFS. Ampligen® is the only therapy approved anywhere in the world for ME/CFS. An Ampligen® Early Access Program (EAP) approval has also been obtained for therapeutic use in the Netherlands for pancreatic cancer.
Cautionary Statement
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at www.hemispherx.net . The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.
Contact
Hemispherx Biopharma
Phone Number: 800-778-4042
Email: [email protected]
Source:Hemispherx Biopharma, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-correcting-and-replacing-hemispherx-biopharma-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
AGOURA HILLS, Calif., May 3, 2018 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH) (the "Company"), a leading provider of high quality single-family homes for rent, today announced its financial and operating results for the quarter ended March 31, 2018.
Highlights
Total revenues increased 10.4% to $258.0 million for the first quarter of 2018 from $233.8 million for the first quarter of 2017. Net income attributable to common shareholders totaled $5.8 million, or $0.02 income per diluted share, for the first quarter of 2018, compared to a net loss attributable to common shareholders of $1.5 million, or a $0.01 loss per diluted share, for the first quarter of 2017. Improved total portfolio leasing percentage to 95.5% as of March 31, 2018, representing a 320 basis point increase from 92.3% as of December 31, 2017. Core Funds from Operations attributable to common share and unit holders for the first quarter of 2018 was $84.8 million, or $0.25 per FFO share and unit, compared to $76.8 million, or $0.26 per FFO share and unit, for the same period in 2017, which represents a 3.8% decrease on a per share and unit basis. Adjusted Funds from Operations attributable to common share and unit holders for the first quarter of 2018 was $74.7 million, or $0.22 per FFO share and unit, compared to $68.9 million, or $0.23 per FFO share and unit, for the same period in 2017, which represents a 4.3% decrease on a per share and unit basis. Same-Home portfolio leased percentage increased to 97.1% as of March 31, 2018, from 95.8% as of December 31, 2017, while achieving 3.9% growth in average monthly realized rent per property for the first quarter of 2018, compared to the same period in 2017. Core Net Operating Income ("Core NOI") margin on Same-Home properties was 64.0% for the first quarter of 2018, compared to 66.0% for the same period in 2017. Core NOI after capital expenditures from Same-Home properties decreased by 0.7% year-over-year for the quarter ended March 31, 2018. Issued $500.0 million of 4.25% unsecured senior notes due 2028 with an effective interest rate of 4.08% after reflecting the beneficial impact of a treasury rate lock (see "Capital Activities and Balance Sheet"). In April 2018, redeemed the Series C participating preferred shares through a conversion into 10,848,827 Class A common shares (see "Capital Activities and Balance Sheet").
"American Homes 4 Rent successfully achieved an important strategic objective during the first quarter of 2018, as we improved our total portfolio leased percentage to 95.5%, an increase of 320 basis points since year-end 2017," stated David Singelyn, American Homes 4 Rent's Chief Executive Officer. "The accomplishment of this outstanding leasing result, prior to the spring leasing season and ahead of our initial expectations, demonstrates the power of our industry-leading platform. With our total portfolio leased percentage now above 95%, we are well positioned to translate the tremendous demand for single-family rentals into strong cash flow growth and value creation for our shareholders throughout the remainder of 2018."
First Quarter 2018 Financial Results
Net income attributable to common shareholders totaled $5.8 million, or $0.02 income per diluted share, for the first quarter of 2018, compared to a net loss attributable to common shareholders of $1.5 million, or a $0.01 loss per diluted share, for the first quarter of 2017. This improvement was primarily attributable to higher revenues resulting from a larger number of leased properties and higher rental rates.
Total revenues increased 10.4% to $258.0 million for the first quarter of 2018 from $233.8 million for the first quarter of 2017. Revenue growth was primarily driven by continued strong acquisition and leasing activity, as our average leased portfolio grew to 47,337 homes for the quarter ended March 31, 2018, compared to 45,042 homes for the quarter ended March 31, 2017.
Core NOI on our total portfolio increased 4.1% to $137.1 million for the first quarter of 2018, compared to $131.7 million for the first quarter of 2017. This increase was primarily due to growth in rental income resulting from a larger number of leased properties.
Core revenues from Same-Home properties increased 3.1% to $171.8 million for the first quarter of 2018, compared to $166.5 million for the first quarter of 2017. This growth was driven by a 3.9% increase in average monthly realized rents, offset by a 0.5% decline in average occupied days percentage caused by excess vacant inventory carried over from the fourth quarter of 2017. Note that we successfully absorbed this remaining excess inventory during the first quarter of 2018 and improved our Same-Home occupancy percentage to 95.9% as of March 31, 2018, representing a 90 basis point increase from 95.0% as of December 31, 2017. Core property operating expenses from Same-Home properties increased 9.3% from $56.6 million for the first quarter of 2017, to $61.9 million for the first quarter of 2018, which included one-time costs due to winter freeze damages in certain markets and elevated vacant inventory holding costs incurred prior to occupancy improvement. The remainder of this increase was primarily attributable to temporarily elevated turnover costs and property management expenses related to higher leasing volume during the first quarter of 2018.
Core NOI from Same-Home properties was $109.8 million and $109.9 million for the first quarters of 2018 and 2017, respectively. After capital expenditures, Core NOI from Same-Home properties decreased 0.7% to $103.8 million for the first quarter of 2018, compared to $104.6 million for the first quarter of 2017. The relatively flat Core NOI from Same-Home properties and decrease in Core NOI After Capital Expenditures from Same-Home properties was attributable to temporarily elevated turnover costs, property management expenses and capital expenditures related to higher leasing volume during the first quarter of 2018.
Core Funds from Operations attributable to common share and unit holders ("Core FFO attributable to common share and unit holders") was $84.8 million, or $0.25 per FFO share and unit, for the first quarter of 2018, compared to $76.8 million, or $0.26 per FFO share and unit, for the first quarter of 2017. Adjusted Funds from Operations attributable to common share and unit holders ("Adjusted FFO attributable to common share and unit holders") for the first quarter of 2018 was $74.7 million, or $0.22 per FFO share and unit, compared to $68.9 million, or $0.23 per FFO share and unit, for the first quarter of 2017.
Portfolio
As of March 31, 2018, the Company had 47,677 leased properties, an increase of 681 properties from December 31, 2017. As of March 31, 2018, the leased percentage on Same-Home properties was 97.1%, compared to 95.8% as of December 31, 2017.
Investments
As of March 31, 2018, the Company's total portfolio consisted of 51,840 homes, including 1,892 properties to be disposed, compared to 51,239 homes as of December 31, 2017, including 310 properties to be disposed, an increase of 601 homes, which included 704 homes acquired and 103 homes sold or rescinded. The increase in properties to be disposed as of March 31, 2018, compared to December 31, 2017, is related to the Company's expansion of our disposition program resulting from market and sub-market analysis, as well as individual property-level operational review.
Capital Activities and Balance Sheet
In February 2018, American Homes 4 Rent, L.P. (the "Operating Partnership") issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028, which have been effectively hedged at 4.08% through the use of a treasury lock that was settled for a $9.6 million gain. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2018. The Operating Partnership received net proceeds of $494.0 million from this offering, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before estimated offering costs of $1.8 million. The Operating Partnership intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, acquisition of properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities.
In February 2018, the Company's board of trustees authorized the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares. Common and preferred share repurchases may be made in the open market or in privately negotiated transactions. All repurchased shares are constructively retired and returned to an authorized and unissued status. During the first quarter of 2018, the Company repurchased 1.8 million of our Class A common shares for a total price of $35.0 million.
As of March 31, 2018, the Company had cash and cash equivalents of $203.9 million and had total outstanding debt of $2.9 billion, excluding unamortized discounts, the value of exchangeable senior notes classified within equity and unamortized deferred financing costs, with a weighted-average interest rate of 4.16% and a weighted-average term to maturity of 13.9 years. The Company's $800.0 million revolving credit facility and $200.0 million term loan facility had outstanding borrowings of zero and $200.0 million, respectively, at the end of the quarter.
On April 5, 2018, the Company redeemed all 7,600,000 shares of the outstanding 5.5% Series C participating preferred shares through a conversion of those shares into Class A common shares, in accordance with the conversion terms in the Articles Supplementary. This resulted in 10,848,827 total Class A common shares issued from the redemption, based on a conversion ratio of 1.4275 Class A common shares issued per Series C participating preferred share.
2018 Outlook
Full Year 2018
Same-Home
Average Occupied Days Percentage
94.5% - 95.5%
Core revenues growth
3.5% - 4.5%
Core property operating expenses growth
4.0% - 5.0%
Core NOI After Capital Expenditures growth
3.0% - 4.0%
Core NOI margin
64.0% - 65.0%
Property tax expense growth
3.5% - 4.5%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures per property
$1,950 - $2,100
Property Enhancing Capex
$8 - $12 million
General and administrative expense, excluding noncash share-based compensation
$33.5 - $35.5 million
Acquisition volume
$400 - $600 million
Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, total revenues and property operating expenses, or a reconciliation of the above-listed forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, net gain or loss on sales and impairment of single-family properties, casualty loss, Non-Same-Home revenues, Non-Same-Home property operating expenses and noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.
Additional Information
A copy of the Company's First Quarter 2018 Earnings Release and Supplemental Information Package and this press release are available on our website at www.americanhomes4rent.com . This information has also been furnished to the SEC in a current report on Form 8-K.
Conference Call
A conference call is scheduled on Friday, May 4, 2018, at 11:00 a.m. Eastern Time to discuss the Company's financial results for the quarter ended March 31, 2018, and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (for U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.americanhomes4rent.com , under "For Investors." A replay of the conference call may be accessed through Friday, May 18, 2018, by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13678521#, or by using the link at www.americanhomes4rent.com , under "For Investors."
About American Homes 4 Rent
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and "American Homes 4 Rent" is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of March 31, 2018, we owned 51,840 single-family properties in selected submarkets in 22 states.
Forward-Looking Statements
This press release contains " ." These relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook" or other words that convey the uncertainty of future events or outcomes. Examples of contained in this press release include, among others, our belief that our acquisition and homebuilding programs will result in continued growth and that we will continue to expand margins. The Company has based these on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could cause actual results to any future results, performance or achievements expressed or implied by these . Investors should not place undue reliance on these , which speak only as of the date of this press release. The Company undertakes no obligation to update any to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these , as well as risks relating to the business of the Company in general, see the "Risk Factors" disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, and in the Company's subsequent filings with the SEC.
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)
March 31, 2018
December 31, 2017
(Unaudited)
Assets
Single-family properties:
Land
$
1,670,599
$
1,665,631
Buildings and improvements
7,286,264
7,303,270
Single-family properties held for sale, net
201,693
35,803
9,158,556
9,004,704
Less: accumulated depreciation
(989,476)
(939,724)
Single-family properties, net
8,169,080
8,064,980
Cash and cash equivalents
203,883
46,156
Restricted cash
156,272
136,667
Rent and other receivables, net
28,115
30,144
Escrow deposits, prepaid expenses and other assets
241,707
171,851
Deferred costs and other intangibles, net
13,031
13,025
Asset-backed securitization certificates
25,666
25,666
Goodwill
120,279
120,279
Total assets
$
8,958,033
$
8,608,768
Liabilities
Revolving credit facility
$
—
$
140,000
Term loan facility, net
198,132
198,023
Asset-backed securitizations, net
1,973,242
1,977,308
Unsecured senior notes, net
492,282
—
Exchangeable senior notes, net
112,597
111,697
Secured note payable
48,604
48,859
Accounts payable and accrued expenses
262,267
222,867
Amounts payable to affiliates
2,001
4,720
Participating preferred shares derivative liability
28,258
29,470
Total liabilities
3,117,383
2,732,944
Commitments and contingencies
Equity
Shareholders' equity:
Class A common shares, $0.01 par value per share, 450,000,000 shares authorized, 284,369,661 and 286,114,637 shares issued and outstanding at March 31, 2018, and December 31, 2017, respectively
2,844
2,861
Class B common shares, $0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2018, and December 31, 2017
6
6
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 38,350,000 shares issued and outstanding at March 31, 2018, and December 31, 2017
384
384
Additional paid-in capital
5,565,871
5,600,256
Accumulated deficit
(462,504)
(453,953)
Accumulated other comprehensive income
9,508
75
Total shareholders' equity
5,116,109
5,149,629
Noncontrolling interest
724,541
726,195
Total equity
5,840,650
5,875,824
Total liabilities and equity
$
8,958,033
$
8,608,768
American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
March 31,
2018
2017
Revenues:
Rents from single-family properties
$
218,023
$
201,107
Fees from single-family properties
2,833
2,604
Tenant charge-backs
35,807
28,373
Other
1,341
1,670
Total revenues
258,004
233,754
Expenses:
Property operating expenses
100,987
83,305
Property management expenses
18,987
17,478
General and administrative expense
9,231
9,295
Interest expense
29,301
31,889
Acquisition fees and costs expensed
1,311
1,096
Depreciation and amortization
79,303
73,953
Other
827
1,558
Total expenses
239,947
218,574
Gain on sale of single-family properties and other, net
2,256
2,026
Remeasurement of participating preferred shares
1,212
(5,410)
Net income
21,525
11,796
Noncontrolling interest
1,114
(301)
Dividends on preferred shares
14,597
13,587
Net income (loss) attributable to common shareholders
$
5,814
$
(1,490)
Weighted-average shares outstanding:
Basic
286,183,429
244,391,368
Diluted
286,727,863
244,391,368
Net income (loss) attributable to common shareholders per share:
Basic
$
0.02
$
(0.01)
Diluted
$
0.02
$
(0.01)
Non-GAAP Financial Measures
This press release and the First Quarter 2018 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders ("FFO attributable to common share and unit holders"), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the First Quarter 2018 Earnings Release and Supplemental Information Package.
Funds from Operations attributable to common share and unit holders
The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three months ended March 31, 2018 and 2017 (amounts in thousands, except share and per share data):
For the Three Months Ended
March 31,
2018
2017
(Unaudited)
(Unaudited)
Net income (loss) attributable to common shareholders
$
5,814
$
(1,490)
Adjustments:
Noncontrolling interests in the Operating Partnership
1,125
(339)
Net (gain) on sale / impairment of single-family properties and other
(1,556)
(1,097)
Depreciation and amortization
79,303
73,953
Less: depreciation and amortization of non-real estate assets
(1,830)
(2,549)
FFO attributable to common share and unit holders
$
82,856
$
68,478
Adjustments:
Acquisition fees and costs expensed
1,311
1,096
Noncash share-based compensation - general and administrative
598
521
Noncash share-based compensation - property management
377
417
Noncash interest expense related to acquired debt
900
840
Remeasurement of participating preferred shares
(1,212)
5,410
Core FFO attributable to common share and unit holders
$
84,830
$
76,762
Recurring capital expenditures (1)
(7,386)
(6,397)
Leasing costs
(2,723)
(1,482)
Adjusted FFO attributable to common share and unit holders
$
74,721
$
68,883
Per FFO share and unit:
FFO attributable to common share and unit holders
$
0.24
$
0.23
Core FFO attributable to common share and unit holders
$
0.25
$
0.26
Adjusted FFO attributable to common share and unit holders
$
0.22
$
0.23
Weighted-average FFO shares and units:
Common shares outstanding
286,183,429
244,391,368
Share-based compensation plan (2)
544,434
719,113
Operating partnership units
55,350,153
55,555,960
Total weighted-average FFO shares and units
342,078,016
300,666,441
(1)
As a portion of our homes are recently acquired and/or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties, properties identified for future sale as part of Company's disposition program and properties classified as held for sale.
(2)
Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options.
FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"), which defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships and joint ventures.
Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition fees and costs expensed incurred with business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) hurricane-related charges, net, (5) gain or loss on early extinguishment of debt, (6) noncash gain or loss on redemption or conversion of shares or units and (7) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value.
Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) recurring capital expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) actual leasing costs incurred during the period. As a portion of our homes are recently acquired and/or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties, properties identified for future sale as part of the Company's disposition program and properties classified as held for sale.
We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.
FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or loss per share or net cash flow provided by operating activities, as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.
Core Net Operating Income
Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and fees from single-family properties, net of bad debt expense, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense, expenses reimbursed by tenant charge-backs and bad debt expense. Our Same-Home portfolio consists of our single-family properties that have been stabilized longer than 90 days prior to the beginning of the earliest period presented, and that have not been classified as held for sale, identified for future sale or taken out of service as a result of a casualty loss.
Core NOI also excludes (1) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value, (2) noncash gain or loss on conversion of shares or units, (3) gain or loss on early extinguishment of debt, (4) hurricane-related charges, net, (5) gain or loss on sales of single-family properties and other, (6) depreciation and amortization, (7) acquisition fees and costs expensed incurred with business combinations and the acquisition of individual properties, (8) noncash share-based compensation expense, (9) interest expense, (10) general and administrative expense, (11) other expenses and (12) other revenues. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs. We further adjust Core NOI for our Same-Home portfolio by subtracting recurring capital expenditures to calculate Same-Home Core NOI After Capital Expenditures, which we believe provides useful information to investors because it more fully reflects our operating performance after the impact of all property-level expenditures, regardless of whether they are capitalized or expensed.
Core NOI and Same-Home Core NOI After Capital Expenditures should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).
The following are reconciliations of core revenues, core property operating expenses, Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures to their respective GAAP metrics for the three months ended March 31, 2018 and 2017 (amounts in thousands):
For the Three Months Ended
March 31,
2018
2017
(Unaudited)
(Unaudited)
Core revenues
Total revenues
$
258,004
$
233,754
Tenant charge-backs
(35,807)
(28,373)
Bad debt expense
(2,000)
(1,510)
Other revenues
(1,341)
(1,670)
Core revenues
$
218,856
$
202,201
Core property operating expenses
Property operating expenses
$
100,987
$
83,305
Property management expenses
18,987
17,478
Noncash share-based compensation - property management
(377)
(417)
Expenses reimbursed by tenant charge-backs
(35,807)
(28,373)
Bad debt expense
(2,000)
(1,510)
Core property operating expenses
$
81,790
$
70,483
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income
$
21,525
$
11,796
Remeasurement of participating preferred shares
(1,212)
5,410
Gain on sale of single-family properties and other, net
(2,256)
(2,026)
Depreciation and amortization
79,303
73,953
Acquisition fees and costs expensed
1,311
1,096
Noncash share-based compensation - property management
377
417
Interest expense
29,301
31,889
General and administrative expense
9,231
9,295
Other expenses
827
1,558
Other revenues
(1,341)
(1,670)
Tenant charge-backs
35,807
28,373
Expenses reimbursed by tenant charge-backs
(35,807)
(28,373)
Bad debt expense excluded from operating expenses
2,000
1,510
Bad debt expense included in revenues
(2,000)
(1,510)
Core NOI
137,066
131,718
Less: Non-Same-Home Core NOI
27,218
21,827
Same-Home Core NOI
109,848
109,891
Less: Same-Home recurring capital expenditures
6,054
5,336
Same-Home Core NOI After Capital Expenditures
$
103,794
$
104,555
Contact:
American Homes 4 Rent
Investor Relations
Phone: (855) 794-2447
Email: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/american-homes-4-rent-reports-first-quarter-2018-financial-and-operating-results-300642529.html
SOURCE American Homes 4 Rent | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-american-homes-4-rent-reports-first-quarter-2018-financial-and-operating-results.html |
INSIGHT: 1,374 dancing drones break world record 00:40
Lighting up the sky of Chinese ancient city of Xi'an, 1,374 illuminated drones broke a Guinness World Record on Sunday (April 29) for the most unmanned aerial vehicles simultaneously airborne.
Lighting up the sky of Chinese ancient city of Xi'an, 1,374 illuminated drones broke a Guinness World Record on Sunday (April 29) for the most unmanned aerial vehicles simultaneously airborne. //reut.rs/2rfzVAB | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/insight-1374-dancing-drones-break-world?videoId=423202985 |
May 2 (Reuters) - Jiangsu Protruly Vision Technology Group Co Ltd:
* SAYS SHARE TRADE TO RESUME ON MAY 3 Source text in Chinese: bit.ly/2JNUGLB Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jiangsu-protruly-vision-technology/brief-jiangsu-protruly-vision-technologys-share-trade-to-resume-on-may-3-idUSH9N1S4030 |
FRLF is building out its Vegas-based operations, including: extraction engineering, ecommerce marketing solutions, & project mgt structure
LAS VEGAS, NV, May 01, 2018 (GLOBE NEWSWIRE) -- Freedom Leaf Inc. ( OTCQB: FRLF ), a group of diversified, international, vertically-integrated hemp business and cannabis media companies, announced today that Las Vegas-based, Nevada State Senator, Richard S. Segerblom, who led the drive for the legalization of marijuana in Nevada, has agreed to join the Freedom Leaf Board of Directors. The other Directors include: Paul Pelosi Jr., Chairman, Freedom Leaf CEO Clifford J. Perry and Freedom Leaf EVP Raymond P. Medeiros.
Senator “Tick” Segerblom commented: “Freedom Leaf shares my vision that Las Vegas is the perfect home for marijuana and hemp companies. Nevada’s corporate laws and tax structure are second to none. Joining the Freedom Leaf Board enables me to take that message throughout the nation, Canada and the world.”
Senator Segerblom is a third generation Nevadan, and the fourth generation of his family to serve as a representative in the Nevada legislature. Senator Segerblom introduced the first medical marijuana bill into Nevada legislature and helped lead the drive for the legalization of cannabis in Nevada with the passage of the 2016 Yes On Question 2 Campaign.
Freedom Leaf’s Chairman of the Board, Paul Pelosi, Jr., commented: “We are pleased to welcome Nevada Senator “Tick” Segerblom to the Freedom Leaf team and offer congratulations to Freedom Leaf’s management for continuing to recruit people with similar commitments to health, social, fiscal and environmental responsibilities.”
Chairman Pelosi went on to say: “We look forward to working with Senator Segerblom to bring industrial hemp back into the mainstream through our leading magazine, online digital properties, production and distribution of high-quality wellness products.”
Freedom Leaf Co-Founder and CEO, Clifford J. Perry, commented: “It is a great honor to have Senator Segerblom join the Board of The Marijuana Legalization Company ®, and recognize Freedom Leaf’s commitment to building the local cannabis industry in Nevada. No one has done more than Senator Segerblom to advance the cause of freedom and build Las Vegas as the world leader in hemp, medical, and recreational marijuana.”
Freedom Leaf has also been hard at work focusing on building out its Las Vegas staff with experienced professionals both inside and outside of the hemp industry. In recent months, FRLF has brought on three executives from its recently announced acquisition as well as: a new Managing Director, National Sales Director, and an Extraction Engineer – all of whom have significant industry experience and contacts.
In April, Freedom Leaf hired Rodrigo Chavez as Managing Director. Chavez has over eight years of operations & technology consultant experience and previously managed business operations for Weedmaps in Europe. Weedmaps is the world’s leading Cannabis dispensary locator and Marijuana advertiser. Chavez is an operations manager with a focus on sales development in emerging markets and has worked over four years within the emerging cannabis industry in Spain, Germany, Netherlands, and the UK.
Freedom Leaf has also recently brought on Joe Reed as National Sales Director. Reed has over two decades of sales management and distribution experience under his belt, during which time he has developed an extensive network of distributors and wholesalers both domestic and international. Reed will play a crucial role in building Hempology revenue by developing distributor relationships and establishing our sales team.
In March, Freedom Leaf hired Mr. Nick Shi, a Biomedical Engineering graduate of Purdue University, to optimize the extraction and distillation processes of Leafceuticals Inc. Shi will be focusing on continuously improving hemp CBD yields, processing time, and product quality at the Leafceuticals Inc. extraction lab in North Las Vegas.
About Freedom Leaf Inc.®
Freedom Leaf Inc. , The Marijuana Legalization Company®, is a group of diversified, international, vertically-integrated hemp businesses and cannabis media companies. Freedom Leaf Inc. is a fully-reporting and audited publicly-traded company under the symbol ( OTCQB: FRLF ). Freedom Leaf Inc. has been a leading go-to resource in the cannabis, medical marijuana, and industrial hemp industries since 2014, founded by professionals with over 200 years combined experience in marijuana legalization advocacy. FRLF building a diverse portfolio of valuable businesses through strategic mergers, acquisitions, and acceleration projects across the industry.
FRLF’s large portfolio of acquisitions and properties includes: our recently acquired full spectrum hemp oil product line Irie CBD , our wholly-owned hemp extraction division Leafceuticals, Inc. , our exclusive health and wellness full spectrum hemp oil brand Hempology , our 60,000 acres of indoor hemp greenhouse cultivation and 200 acres of outdoor cultivation with Green Market Europe , our hemp-based rolling paper company Plants to Paper , two of the largest Spanish-speaking cannabis web portals in the world LaMarihuana.com and Marihuana-Medicinal.com , and of course our flagship publication, Freedom Leaf Magazine .
Utilizing these mergers and acquisitions, Freedom Leaf Inc. is continually building a solid foundation for our vertically-integrated hemp company to maximize both shareholder value and revenue growth. Our cultivation and extraction divisions allow FRLF to grow and source our own hemp CBD, which allows dramatically lower production costs for our wholly-owned CBD product lines, thereby generating more revenue for each product sold. We also formulate and manufacture the majority of our products in our own in-house formulation centers, also greatly reducing our costs and increasing revenue. In addition, our extensive domestic and international media companies ensure we can continuously direct traffic to our many ecommerce sites and nationwide retail locations.
Freedom Leaf Inc. also sells licenses to use the Freedom Leaf brand in different countries and states across the globe. We have entered into three license agreements: for Spain and Portugal, for The Netherlands, and for Florida.
Freedom Leaf, Inc. does not handle, grow, sell, or dispense marijuana or related products.
All of our European activities are in full compliance with relevant EU laws.
Investor relations information can be found on the FreedomLeafInc.com company website.
Safe Harbor Statement
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by phrases such as Freedom Leaf, Inc. or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, changes in relationships with third parties, and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K dated June 30, 2016 and quarterly reports on Form 10-Q.
Contact: Raymond Medeiros PR and Business Development Director Phone: 415-601-1974 [email protected] Freedom Leaf, Inc.
Source:Freedom Leaf, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-freedom-leaf-announces-nevada-state-senator-richard-s-tick-segerblom-has-joined-the-freedom-leaf-board-of-directors.html |
NEW YORK--(BUSINESS WIRE)-- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired common stock of Aceto Corporation (NASDAQGS: ACET) between August 25, 2017 and April 18, 2018. You are hereby notified that Levi & Korsinsky has commenced the class action Mulligan v. Aceto Corporation (Case No. 9:18-cv-02425) in the USDC for the Eastern District of New York. To get more information go to :
http://www.zlk.com/pslra-d/aceto-corporation?wire=2
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that (i) the Company failed to implement and enforce proper internal control to identify the misapplication of cash; (ii) the Company would incur large non-cash intangible asset impairment charges; (iii) the Company lacked effective internal control over financial reporting; (iv) the Company’s financial results for the fiscal year 2017 could not be relied upon; (v) the Company’s fiscal 2018 financial guidance was overstated; and (vi) as a result of the foregoing, Aceto’s public statements were materially false and misleading at all relevant times.
On April 18, 2018, Aceto issued a press release disclosing non-reliance on the previously issued 2018 fiscal year earnings guidance and the recording of non-cash intangible asset impairment charges, including goodwill, in the range of $230-$260 million.
If you suffered a loss in Aceto you have until June 25, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006033/en/
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Tel: 212-363-7500
Toll Free: 877-363-5972
Fax: 212-363-7171
www.zlk.com
Source: Levi & Korsinsky, LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-equity-alert-levi-korsinsky-llp-reminds-shareholders-it-filed-a-complaint-to-recover-losses-suffered-by-aceto-corporation.html |
May 16, 2018 / 5:00 AM / in an hour RPT-Hedge funds bet on big turnaround by Italy's mid-tier banks Reuters Staff
(Repeats from MAY 15, no changes to text)
* Credito Valtellinese had strong hedge fund interest
* Several Italian banks report reduction in bad loans
* Italy one of few “big opportunities” in Europe
By Abhinav Ramnarayan, Maiya Keidan and Alasdair Pal
LONDON, May 15 (Reuters) - Major hedge funds have picked Italian mid-tier banks as one of Europe’s few remaining recovery plays, betting they will shed billions of euros in bad loans.
Europe’s 2010-2012 debt crisis left Italy’s banks with among the euro zone’s biggest hangovers, some 285 billion euros ($338 billion) of soured debt on their balance sheets.
But when Credito Valtellinese sold new shares in a February rights issue for eight times its market value, they were lapped up by hedge funds in the United States and Britain.
Now the mid-sized Italian bank counts Algebris Chief Investment Officer Davide Serra, Toscafund Asset Management and a hedge fund run by Eurizon Capital SGR among its biggest investors, Thomson Reuters data shows.
So far the bet seems to be paying off as Italy’s bank shares have risen 15 percent year-to-date against a fall of 1 percent for European banks, while Credito Valtellinese stock has risen 7.5 percent since the rights issue completion.
Although the price-to-book ratio of Italian banks has improved since Rome announced a state bailout fund in 2016, it trades around 8 percent below the European sector average.
Even the possible formation of a new government comprising two anti-establishment parties has not put off many of the funds contacted by Reuters, some of whom invested in Greek government bonds on a similar bet, who said the investment stacked up despite the vagaries of Italian politics.
Italy’s bad loans are a legacy of the recession that followed the debt crisis and with small and medium-sized businesses heavily dependent on bank lending, the soured loans have long been a drag on the third biggest euro zone economy.
But pressure from regulators has begun to have an impact and the ratio of gross impaired loans to total loans has fallen to 14.5 percent from 17.3 percent a year ago, Bank of Italy data shows, the biggest improvement since the global crisis.
Even Italy’s highest-profile problem lender, Banca Monte dei Paschi di Siena, has reported progress.
“It’s the last financial sector in Europe that is very cheap and there is a roadmap to recovery in the next couple years,” said Giuseppe di Mino of Amber Capital, citing Credito Valtellinese as an example of a compelling opportunity to gain exposure to the sector and its improving loan portfolios.
Nigel Gliksten, partner at Toscafund, told Reuters that a recovery story was stronger in Italy than Greece as its banks should also benefit from improving growth and the prospect of euro zone interest rate rises from 2019.
“We like this sector for the exposure to domestic economic recovery and for the exposure to interest rates,” said Francesco De Astis, head of Italian equity at Eurizon Capital SGR, which bought into the Credito Valtellinese issue.
Italy’s economy is seen expanding by 1.5 percent this year, the same as 2017, which was the fastest rate since 2010.
Caius Capital recently took a trading position in UniCredit and is pushing for it to convert a 2.98 billion euro ($3.57 billion) convertible bond into shares in order to raise both its core capital and its share price. BONDS TOO
Funds see opportunities in bonds too, although Louis Gargour, chief investment officer of LNG Capital advises avoiding subordinated or “junior”, bonds which are often written down in event of default or debt restructuring.
“The risk-reward in the subordinated part of the riskier Italian banks may be written down but the senior debt will perform,” Gargour said.
But when Monte dei Paschi, which needed state help last year to avoid insolvency, sold 750 million euros of five-year junior bonds in January, almost a third went to hedge funds, according to data provided by one of the bankers who managed the sale.
Other funds took 52 percent, with the remainder divided among banks, insurers and other investors. NO GUARANTEES
Banks have dealt with the bad loan problem in different ways, from UniCredit’s 13 billion euro rights issue to Intesa Sanpaolo’s recent sale of several billion euros of non-performing loans to Sweden’s Intrum Justitia.
They have also packaged and securitised non-performing loans to sell them on, helped by Italian government guarantees on senior tranches of repackaged NPLs.
The biggest risk now, one hedge fund manager said, is that a new government scraps these as while Italy’s Treasury is working to extend the scheme beyond September, a renewal must be approved by the next government.
“If the government doesn’t pay for it, someone else will have to pay or the bank values will have to fall to reflect that,” the fund manager, who declined to be named, said. ($1 = 0.8363 euros) Reporting by Abhinav Ramnarayan, Maiya Keidan and Alasdair Pal in London, additional reporting by Valentina Za in Milan and Tommy Wilkes in London; Graphics by Alasdair Pal; Editing by Sujata Rao and Alexander Smith | ashraq/financial-news-articles | https://www.reuters.com/article/hedgefunds-italy-banks/rpt-hedge-funds-bet-on-big-turnaround-by-italys-mid-tier-banks-idUSL5N1SM8HV |
May 26, 2018 / 4:15 AM / Updated an hour ago Chinese fighter jets complete night landings on carrier, live-fire drills Reuters Staff 2 Min Read
SHANGHAI (Reuters) - Chinese fighter pilots have carried out night landings on the country’s first aircraft carrier, the official China Daily reported on Saturday, the latest demonstration of military muscle as Beijing’s pushes to modernise its armed forces.
Pilots flying J-15 jets landed at night on the Liaoning, the official paper said, citing a video posted by China’s navy. It said this was a complex manoeuvre that marked a “huge leap towards gaining full combat capability”.
China has ambitious plans to overhaul its armed forces as it ramps up its presence in the disputed South China Sea and around self-ruled Taiwan, an island China considers its own.
The official newspaper of the People’s Liberation army also said on Saturday that Chinese fighter jets had recently carried out live-fire drills in the South China Sea.
China has been ramping up naval military exercises amid growing tensions with Taiwan. Last month, President Xi Jinping presided over the navy’s largest-ever military display, with 76 fighter jets and a flotilla of 48 warships and submarines.
China’s first domestically developed aircraft carrier set off on sea trials earlier this month. The older Liaoning, which is expected to serve more as a training vessel, was bought second-hand from Ukraine in 1998.
Its navy has also been taking an increasingly prominent role in recent months, with the Liaoning sailing around Taiwan and new Chinese warships popping up in far-flung places.
State media has quoted experts as saying China needs at least six carriers. The United States operates 10 and plans to build two more.
Many experts agree that developing such a force would be a decades-long endeavour but that the drive to bolster its forces at sea will be crucial in the longer term as China looks to erode U.S. military prominence in the region. Reporting by Adam Jourdan; Editing by Paul Tait and Joseph Radford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-defence/chinese-j-15-jets-complete-night-landings-on-carrier-in-push-to-modernise-idUKKCN1IR053 |
Adidas scores against Nike in World Cup deals 3:55pm BST - 01:17
Adidas can declare itself the winner over arch rival Nike in the upcoming soccer World Cup even before the first match kicks off as it is kitting out the most teams. But, as Rosanna Philipott reports, it's only expecting a limited financial impact. ▲ Hide Transcript ▶ View Transcript
Adidas can declare itself the winner over arch rival Nike in the upcoming soccer World Cup even before the first match kicks off as it is kitting out the most teams. But, as Rosanna Philipott reports, it's only expecting a limited financial impact. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L6De5B | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/adidas-scores-against-nike-in-world-cup?videoId=431941191 |
NEW YORK, May 3 (Reuters) - U.S. industrial companies as a whole have been reporting strong first-quarter results, but in general that has not been enough to lure investors to their shares.
Investors are focused on U.S. tariffs and trade tensions and companies’ warnings on rising costs, even as industrial companies’ profits and revenue are topping Wall Street’s estimates at a higher rate than other large companies.
“It’s not the current quarter that’s the issue,” said Walter Todd, chief investment officer with Greenwood Capital in Greenwood, South Carolina. “It’s the guidance around what they are seeing from a cost perspective and what that means for margins.”
Caterpillar Inc, the world’s largest heavy equipment maker; 3M Co; and Stanley Black & Decker Inc are among companies that have pointed to higher material, commodity or other costs in their reports to investors.
Since the first-quarter reporting season began in earnest in the third week in April, the S&P 500 industrial sector has lagged the overall S&P 500, falling 3.5 percent against a decline of 1 percent for the broader market.
Industrials, which investors see collectively as a reflection of the economy’s health, touched their lowest point in more than seven months on Thursday, though the sector index closed slightly higher.
The lagging share performance has come even as 81 percent of S&P 500 industrial companies have beaten analysts’ quarterly earnings estimates and 88 percent have beaten revenue estimates, according to Thomson Reuters I/B/E/S. That compares to 78.5 percent of the overall S&P 500 beating profit estimates and 75.3 percent beating revenue projections.
The overall size of the industrial sector’s earnings beat has been the second largest of the 11 major sectors, according to Thomson Reuters, behind consumer discretionary.
The share prices, however, reflect concerns over higher costs chipping away at profit margins, as well as other factors, investors say.
Some manufacturers that have warned about paying higher prices for materials have cited President Donald Trump’s tariffs on steel and aluminum imports.
“The market is concerned a little bit about raw material cost inflation crimping margins, maybe the inability for industrial companies to raise prices,” said Andrew Meister, an equity analyst covering industrials for Thrivent Investment Management.
Trump’s tariffs on metals have also stoked fears about the potential for escalating trade tensions, and investors have focused on industrial companies because of their dependence on China and other international markets. A U.S. delegation arrived in Beijing on Thursday for talks on tariffs, with state media saying China will stand up to U.S. bullying.
“Every time it is in the headlines, investors understand that industrials are one of the sectors more exposed to trade with China,” said Kate Warne, investment strategist with Edward Jones in St. Louis.
The report by Caterpillar, which serves as a proxy for global economic activity, of its quarterly results on April 24 set off the broader concerns that industrial companies’ financial results may have already reached peak levels.
Caterpillar cautioned that it would not have the same pricing power to pass on increased material costs and said its first-quarter profit represented the “high-water mark for the year.” Caterpillar shares tumbled 6.2 percent that day even though its quarterly profit and revenue trounced estimates.
Warne called Caterpillar’s comment “almost a bellwether remark.”
“Somebody says something like that and investors say, ‘Wow, it could be not just them, but everybody,’” Warne said.
Despite their recent underperformance, industrial stocks still have believers, especially investors with a strong outlook for the global economy. Industrials are typically considered one of the sectors whose performance is linked to economic cycles.
“As growth improves, we see these cyclical stocks, like (consumer) discretionary and industrials, performing well,” said Tracie McMillion, head of global asset allocation strategy for the Wells Fargo Investment Institute.
Reporting by Lewis Krauskopf; editing by Alden Bentley and Leslie Adler
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks-industrials/u-s-industrial-shares-falter-on-cost-and-trade-worries-idUSL1N1SA0TW |
May 3 (Reuters) - Universal Technical Institute Inc:
* UNIVERSAL TECHNICAL INSTITUTE REPORTS FISCAL YEAR 2018 SECOND QUARTER RESULTS
* SEES FY 2018 REVENUE $310 MILLION TO $320 MILLION * SEES 2018 CAPITAL EXPENDITURES TO BE BETWEEN $24 MILLION AND $25 MILLION
* SEES 2018 OPERATING LOSS BETWEEN $28 MILLION AND $33 MILLION
* Q2 REVENUE VIEW $78.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-universal-technical-institute-q2-l/brief-universal-technical-institute-q2-loss-per-share-0-40-idUSASC09ZOZ |
JASPER, Ind., May 21, 2018 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ:GABC) has announced its banking subsidiary, German American Bank (“German American”) has completed the acquisition of the five branch network in Columbus and Greensburg, Indiana from First Financial Bank (formerly MainSource Bank) (“First Financial”).
The transfer of approximately $175 million in deposits and $120 million in loans was finalized as of the close of business on Friday, May 18 th . In connection with the closing of the transaction, German American paid a premium on deposits assumed of approximately $7.4 million, which is subject to a “true-up provision whereby the deposit premium shall be recalculated on the six month anniversary of the transfer. Additionally, German American has a 6-month “put-option” on the loans purchased, whereby German American can require First Financial to repurchase certain loans within six months following the closing of the transaction.
Mark A. Schroeder, German American’s Chairman & CEO, stated, “We are extremely pleased to welcome the Columbus and Greensburg customers and employees to German American. Effective with opening of business on Saturday, May 19 th , all these branches began operating as German American branches with our community-focused, customer-first philosophy. All the employees at these offices remain intact, so customers can take comfort in knowing they will be able to continue to do business with the same individuals they always have. We’re excited for the opportunity to show customers and prospective customers the many benefits of banking with German American, and we look forward to continuing to grow our presence in both Columbus and Greensburg in the coming months and years.”
Raymond James & Associates, Inc. served as German American’s financial advisor and Bingham Greenebaum Doll LLP serves as German American’s legal counsel on the transaction.
About German American
German American Bancorp, Inc., is a NASDAQ-traded (symbol: GABC) bank holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bancorp, operates 58 banking offices in 20 contiguous southern Indiana counties and one adjacent northern Kentucky county. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.).
Forward-Looking Statements
This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “plan”, “intend”, “should”, “would”, “could”, “can”, “may”, “will”, “might”, or similar expressions. These forward-looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ materially from historical performance or future expectations. These differences may be the result of various factors, including, among others: disruptions to the parties’ businesses as a result of the announcement and pendency of the branch acquisition; costs or difficulties related to the integration of the business of the acquired branches following the closing of the transaction; the risk that the anticipated benefits, cost savings and any other savings from the transaction may not be fully realized or may take longer than expected to realize; the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates; changes in competitive conditions; the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies; changes in customer borrowing, repayment, investment and deposit practices; changes in fiscal, monetary and tax policies; changes in financial and capital markets; potential deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration; capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by the Company of outstanding debt or equity securities; risks of expansion through acquisitions and mergers, such as unexpected credit quality problems of the acquired loans or other assets, unexpected attrition of the customer base of the acquired institution or branches, and difficulties in integration of the acquired operations; factors driving impairment charges on investments; the impact, extent and timing of technological changes; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future; actions by the Board of Governors of the Federal Reserve System; changes in accounting principles and interpretations; potential increases of federal deposit insurance premium expense, and possible future special assessments of Federal Deposit Insurance Corporation premiums, either industry wide or specific to German American Bancorp; the expected impact of the U.S. tax regulations passed in December 2017; actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; and the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends.
For additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements, please see German American’s Annual Report on Form 10-K for the year ended December 31, 2017. It is intended that these forward-looking statements speak only as of the date they are made. German American does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
For additional information, contact:
Mark A Schroeder, Chief Executive Officer of German American Bancorp, Inc.
Bradley M Rust, Executive Vice President/CFO of German American Bancorp, Inc.
(812) 482-1314
Source: German American Bancorp, Inc.
Source:German American Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-german-american-bancorp-inc-gabc-announces-completion-of-5-branch-network-purchase.html |
NEW YORK--(BUSINESS WIRE)-- L3 Technologies (NYSE:LLL) announced today that Rita S. Lane has been appointed to its Board of Directors. With her appointment, the size of the company’s board has increased to 10 members.
Ms. Lane, 55, is an accomplished engineer with more than two decades of experience in the technology sector. From July 2008 to January 2014, she served as Vice President of Operations at Apple Inc., where she oversaw the launch of the iPad® and manufacturing of the Mac® Desktop & Accessories product lines. Prior to that, she was Senior Vice President, Integrated Supply Chain, and before that, she was Chief Procurement Officer at Motorola. She started her business career as an engineer with IBM, where she enjoyed a successful 14-year tenure within the company’s Systems & Personal Computer division and rose to Vice President, Integrated Supply Chain. Earlier in her career, she served five years in the U.S. Air Force working in space launch.
“I am pleased to welcome Rita to L3’s Board of Directors,” said Christopher E. Kubasik, L3’s Chairman, Chief Executive Officer and President. “She is a proven leader with an extensive engineering and operational background, as well as expertise in innovation across global businesses. Her insights and analytical perspective will be invaluable as we execute our growth strategy.”
“It is an honor to join the Board of L3 Technologies,” added Ms. Lane. “I am excited to be part of a team that is so dedicated to driving innovation and technology in support of mission-critical capabilities.”
A distinguished graduate of the U.S. Air Force Academy with a Bachelor of Science degree in Electrical Engineering, Ms. Lane earned a Master of Science degree in Electrical Engineering from Purdue University and a Master of Business Administration from the University of California, Berkeley. She is also a current member of the Board of Directors of Philips Lighting NV and Sanmina Corporation.
Headquartered in New York City, L3 Technologies employs approximately 31,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2017 sales of $9.6 billion.
To learn more about L3, please visit the company’s website at www.L3T.com . L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company’s Safe Harbor Compliance Statement for Forward-Looking Statements included in the company’s recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006511/en/
L3 Technologies
Corporate Communications
212-697-1111
Source: L3 Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-l3-appoints-rita-s-lane-to-its-board-of-directors.html |
SYDNEY, May 28 (Reuters) - Australia on Monday increased the size of its biggest compulsory product recall as it said an additional 1.1 million cars fitted with Takata Corp air bags would be recalled.
Australia earlier this year demanded that manufacturers of nearly 3 million vehicles that carried the air bags, linked to at least 18 deaths and 180 injuries globally because the inflators can rupture and shoot metal fragments into vehicles, pay for replacements.
The air bags must be replaced by Dec. 31, 2020, or the manufacturers will face fines of A$1.1 million ($857,000) per breach of the order.
Once complete, the Australian Consumer and Competition Commission said vehicles from manufactures including Audi , Ford, Volkswagen and Toyota would be recalled at a later, unspecified date.
Pressure is growing on manufacturers globally to meet recall timetables.
The U.S. auto safety agency said earlier this month it wanted to meet with 12 major automakers that failed to fulfil a December 2017 target deadline for completing repairs on the highest-priority vehicles with dangerous Takata air bag inflators.
In June 2017, Takata filed for bankruptcy as it sought court protection from creditors after almost a decade of recalls and lawsuits.
$1 = 1.3236 Australian dollars Reporting by Colin Packham; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-takata-recall/australia-orders-recall-of-further-1-1-million-cars-fitted-with-takata-air-bags-idUSL3N1SY0NG |
Wall Street slides on trade talk uncertainty 2:28am IST - 01:13
U.S. stocks ended near the session lows on Tuesday as uncertainty lingered over trade talks between the U.S. and China. Fred Katayama reports.
U.S. stocks ended near the session lows on Tuesday as uncertainty lingered over trade talks between the U.S. and China. Fred Katayama reports. //reut.rs/2IDrXwU | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/wall-street-slides-on-trade-talk-uncerta?videoId=429409043 |
May 2 (Reuters) - SES IMAGOTAG SA:
* INCREASED ITS STAKE IN MARKET HUB TECHNOLOGIES Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ses-imagotag-increases-its-stake-i/brief-ses-imagotag-increases-its-stake-in-market-hub-technologies-idUSFWN1S9173 |
May 7 (Reuters) - Australian plumbing products supplier Reece Ltd said on Monday it would buy U.S.-based plumbing and waterworks equipment distributor MORSCO Inc. for $1.44 billion.
The deal would be funded through a combination of cash and debt, Reece said in statement.
It announced a A$560 million ($421.6 million) equity raise.
$1 = 1.3282 Australian dollars Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates
| ashraq/financial-news-articles | https://www.reuters.com/article/morsco-ma-reece/australias-reece-to-buy-u-s-plumbing-equipment-supplier-for-1-4-bln-idUSL3N1SD0OP |
* Sanctions caused market turmoil, hit supply chains
* Ireland, France, Germany lobbied to soften measures
* Rio Tinto, U.S. aluminium body appealed to authorities
* U.S. Treasury eased Rusal restrictions after 17 days
By Dmitry Zhdannikov, Richard Lough and Lesley Wroughton
LONDON/PARIS/WASHINGTON, May 16 (Reuters) - They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down.
On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminium company Rusal. Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether.
Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminium. It also suggests the Trump administration is hard-pressed as it juggles international economic battles it has opened on various fronts, including with China and Iran.
Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen U.S. and EU officials and industry sources who spoke to Reuters.
Multinationals Rio Tinto and Boeing also appealed to the U.S. Treasury, seeking a softening of the terms on Rusal.
All made the same argument, the sources said: a squeeze on the largest producer of aluminium outside China would hit businesses around the world, disrupting production of myriad goods from car and planes to cans and foil, and putting jobs at risk.
Unlike previous cases of sanctions on Russia, European countries did not have a chance to consult with Washington on punitive moves that would have ripple effects in the European economy, the sources said. One reason for the lack of dialogue: the U.S. State Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three U.S. sources familiar with the matter and one European source.
The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department.
Rusal, Rio Tinto and Boeing declined to comment.
The U.S. Treasury, whose Office of Foreign Assets Control (OFAC) imposed the measures, said it worked to mitigate the sanctions’ impact on allies and industries that faced “undesired collateral consequences”. It did not comment on lobbying efforts.
When asked if the lack of a sanctions coordinator had hindered international consultation, the State Department said it had held several discussions with European countries over the past year about sanctions and maintained a dialogue with them. It did not specify if it had discussed Russian sanctions.
The sanctions were the toughest the United States has imposed on a listed Russian company since Moscow’s 2014 annexation of Crimea. The notice on April 6 gave buyers a deadline of 30 days to receive supplies from Rusal before dealings in dollars were prohibited.
Any individual or company that failed to comply would themselves face being shut out of the financial system, while the Treasury could seize any dollars paid to Rusal.
The effect was immediate. Prices for aluminium surged 15 percent as Rusal stopped supplying customers. As well as producing aluminium, the company produces alumina, a raw material needed to make aluminium.
“They (the Treasury) destabilised the global aluminium industry. This is unprecedented and a massive over-reach,” said Anders Aslund, senior fellow at U.S. think-tank Atlantic Council.
Rusal told metals and mining conglomerate Rio Tinto that it was suspending deliveries of alumina from its Irish plant in Aughinish to Rio’s Dunkirk aluminium smelter in France, Europe’s biggest aluminium production facility, according to the industry sources. The Russian company feared any payment it received would be seized by U.S. authorities, the sources said.
Rusal also informed Trimet Aluminium it was halting alumina deliveries to the German firm’s smelter in the French Alps and three factories in Germany, in Essen, Hamburg and Voerde.
Trimet declined to comment.
The suspension of alumina deliveries risked halting Rio Tinto and Trimet’s aluminium smelting operations and hitting businesses throughout the metal’s supply chain.
GOVERNMENTS TAKE ACTION The market ructions set off a different kind of activity.
In the days following the sanctions notice, French, German, Irish and Italian officials lobbied against the restrictions, according to the EU sources.
Many were worried the measures could lead to the closure of those plants and businesses in their countries that relied on Rusal supplies, and the potential loss of thousands of jobs.
Ireland’s foreign ministry complained to U.S. Treasury Secretary Steven Mnuchin after Dublin officials met Aughinish management on April 13 and were told the plant could shut down, threatening hundreds of jobs, an Irish government spokesman told Reuters.
French Finance Minister Bruno Le Maire discussed the issue by phone with Mnuchin in the days following the sanctions notice and then in person in the week of April 16, during International Monetary Fund meetings in Washington, according to a French finance ministry official.
“We got in touch with the Americans as soon as it became clear there was an impact on some companies operating in France,” the official said. He added that hundreds of jobs were at risk in France. “The Americans were constructive from the start.”
An Italian government source said Rome also lobbied Washington to soften the sanctions.
MULTINATIONALS MAKE MOVE Companies lobbied too.
Rio Tinto contacted the French government and Trimet went to the German government, asking them to intervene with Washington, according to the industry sources. Rio Tinto also complained directly to OFAC, said two U.S. officials familiar with the developments. Trimet makes aluminium products for the auto, construction and packaging industries.
While most of the lobbying came from Europe, according to U.S. officials, there were also concerns in the United States about the sanctions.
After the April 6 notice, planemaker Boeing expressed concern to the U.S. government about rising aluminium prices, according to two industry sources familiar with the matter. Carmakers also complained about the possible impact of the sanctions on their businesses, said the sources, who declined to name the companies.
One of the sources said that, in addition to aluminium, carmakers were worried about a possible disruption to supplies of palladium, used in catalytic converters. Rusal doesn’t produce palladium but it supplies soda to Norilsk Nickel, the world’s biggest palladium producer.
American trade body the Aluminum Association told Reuters that, shortly after April 6, it shared market data with the Trump administration showing that last year the U.S. industry imported 680,000 metric tons of Russian primary aluminium, or 12 percent of U.S. demand.
The association raised concerns about the Rusal sanctions at meetings with the White House’s National Economic Council and the U.S. Trade Representative. It said the measures could constrain supplies for aluminium processors.
On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. It gave businesses six months instead of 30 days to wind down dealings with Rusal and said it might lift the sanctions altogether if Deripaska ceded control of the company.
The announcement had an immediate market reaction, with aluminium prices falling as much as 10 percent. Aluminium prices now stand at $2,300 per tonne, down from the $2,700 level they rose to following the April 6 sanctions notice, but still above the $2,000 seen before the measures were imposed.
David Mortlock, who designed earlier sanctions against Russia when he was Director for International Economic Affairs at the White House National Security Council in 2013-15, said such measures were not a precise science.
“Don’t forget, sanctions can be adjusted if the impact is larger than OFAC wants,” added Mortlock, now a partner at legal firm Willkie Farr & Gallagher.
“Every time you do it, you learn from your experience.” (Additional reporting by Yara Bayoumy, Mary Milliken, Warren Strobel, Mike Stone and Timothy Gardner in Washington; Polina Devitt, Anastasia Lyrchikova, Dasha Korsunskaya and Katya Golubkova in Moscow; Giselda Vagnoni in Rome; Conor Humphries in Dublin; Clara Denina and Dasha Afanasieva in London; Madeline Chambers in Berlin; Edward Taylor in Frankfurt; Michael Hogan in Hamburg; Writing by Dmitry Zhdannikov; Editing by Pravin Char)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-sanctions-rusal/insight-how-rusal-escaped-the-noose-of-u-s-sanctions-idUSL8N1SG7TQ |
May 1, 2018 / 12:34 AM / Updated 20 minutes ago Brazil's Lula, Workers Party leader hit by new corruption charges Reuters Staff 2 Min Read
SAO PAULO (Reuters) - Imprisoned former Brazilian President Luiz Inacio Lula da Silva, along with the current leader of the Workers Party he founded, were hit on Monday with fresh corruption charges by federal prosecutors. FILE PHOTO: Former Brazilian President Luiz Inacio Lula da Silva arrives at Federal Justice, with senator Gleisi Hoffmann (R) for a testimony in Curitiba, Brazil, May 10, 2017. EUTERS/Nacho Doce/File Photo
Authorities allege that Lula, along with Senator Gleisi Hoffmann, who is leading the beleaguered Workers Party, were given access to a $40 million slush fund in 2010 funded by construction company Construtora Odebrecht, in exchange for government decisions that would benefit the company.
Lula’s lawyers and Odebrecht did not immediately respond to comment request. The Workers Party said in a statement that the accusations were unfounded. Slideshow (5 Images)
Also charged in the alleged scheme were Antonio Palocci, who served as Finance Minister under Lula and who last week signed a plea deal with prosecutors, along with Paulo Bernardo, who was Lula’s planning minister. Palocci has been in jail since 2016 and was found guilty in a different graft trial last year.
Lula was jailed on April 7 and is serving a 12-year sentence for a bribery conviction. The former leader already faces another six separate trials on graft charges.
Hoffmann and Bernardo, her husband, are both also facing a separate trial in the sweeping Lava Jato corruption probe, an unprecedented push against corruption in Latin America’s biggest economy that has seen scores of powerful politicians and businessmen jailed for corruption. Reporting by Ana Mano | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-brazil-politics/brazils-lula-workers-party-leader-hit-by-new-corruption-charges-idUKKBN1I22J1 |
BRISBANE, Calif. (AP) _ CareDx Inc. (CDNA) on Thursday reported a loss of $9 million in its first quarter.
On a per-share basis, the Brisbane, California-based company said it had a loss of 30 cents.
The molecular diagnostics company posted revenue of $14.1 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $13.9 million.
CareDx expects full-year revenue in the range of $64 million to $66 million.
CareDx shares have increased 52 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.16, rising elevenfold in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CDNA at https://www.zacks.com/ap/CDNA | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-caredx-1q-earnings-snapshot.html |
WASHINGTON (Reuters) - A senior Chinese official told the United States on Wednesday if it wants peace with North Korea now is the time for a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un.
China's Foreign Minister Wang Yi and U.S. Secretary of State Mike Pompeo hold a joint news conference after their meeting at the State Department in Washington, U.S., May 23, 2018. REUTERS/Yuri Gripas “I told our U.S. colleagues that if you want to solve the problem, now is the time. If you want peace, now is the time. If you want to make history, now is the time,” Chinese State Councillor Wang Yi told a news conference with U.S. Secretary of State Mike Pompeo.
Reporting by Lesley Wroughton, David Brunnstrom and David Alexander; Editing by Alistair Bell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-china/china-tells-u-s-now-is-the-time-if-it-wants-peace-with-north-korea-idUSKCN1IO342 |
TULSA, Okla.--(BUSINESS WIRE)-- WPX Energy (NYSE: WPX) announced today that it has commenced an underwritten public offering of $400 million of senior unsecured notes due 2026. WPX intends to use the net proceeds from the offering and any other sources of available funds, which may include borrowings under its senior secured credit facility, to fund the purchase of up to $400 million aggregate principal amount of its outstanding 6.000% Senior Notes due 2022 and 8.250% Senior Notes due 2023 through cash tender offers and the planned redemption of its outstanding 7.500% Senior Notes due 2020. Any excess net proceeds will be used for general corporate purposes, which may include the repayment or redemption of outstanding indebtedness.
Citigroup and BofA Merrill Lynch are acting as lead book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement of WPX previously filed with the Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and the accompanying base prospectus. Copies of the preliminary prospectus supplement for the offering and the accompanying base prospectus may be obtained by sending a request to:
Citigroup c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: 800-831-9146
BofA Merrill Lynch NC1-004-03-43
200 North College Street, 3rd floor
Charlotte, NC 28255-0001
Attention: Prospectus Department
Email: [email protected]
Tel: 1-800-294-1322
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The tender offers are being made solely pursuant to WPX’s Offer to Purchase dated May 9, 2018, and this press release does not constitute an offer to purchase any securities.
This press release does not constitute a notice of redemption for the 7.500% Senior Notes due 2020, which will be made pursuant to the requirements of the indenture governing such notes.
About WPX Energy, Inc.
WPX is an independent energy producer with core positions in the Permian and Williston basins. WPX’s production is approximately 80 percent oil/liquids and 20 percent natural gas. The company also has an emerging infrastructure portfolio in the Permian Basin.
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, those regarding the proposed offering and the use of proceeds. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of WPX. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by WPX on its website or otherwise. WPX does not undertake and expressly disclaims any obligation to update the forward-looking statements as a result of new information, future events or otherwise. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission at www.sec.gov .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005596/en/
WPX Energy
Media Contact:
Kelly Swan, 539-573-4944
or
Investor Contact:
David Sullivan, 539-573-9360
Source: WPX Energy Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-wpx-energy-announces-public-offering-of-senior-notes.html |
By Sarah Gray 1:14 PM EDT
Former President Barack Obama and former First Lady Michelle Obama are entering the media and entertainment landscape in a bold way: They’re heading to Netflix .
The Obamas entered a “multi-year agreement to produce films and series for Netflix, potentially including scripted series, unscripted series, docu-series, documentaries, and features,” according to a tweet from Netflix, and they’ve started the production company Higher Ground Productions.
“One of the simple joys of our time in public service was getting to meet so many fascinating people from all walks of life, and to help them share their experiences with a wider audience,” the former president said in a statement, according to the New York Times . “That’s why Michelle and I are so excited to partner with Netflix — we hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world.” President Barack Obama and Michelle Obama have entered into a multi-year agreement to produce films and series for Netflix, potentially including scripted series, unscripted series, docu-series, documentaries, and features.
— Netflix US (@netflix) May 21, 2018
As the Times notes this will give the Obamas a wide international platform. In January, it was reported that, globally, Netflix had 118 million subscribers . However, the Obamas will not be using Netflix as a soapbox to combat President Donald Trump, according to the Times .
“Barack and Michelle Obama are among the world’s most respected and highly-recognized public figures and are uniquely positioned to discover and highlight stories of people who make a difference in their communities and strive to change the world for the better,” Netflix Chief Content Officer Ted Sarandos said in a statement. “We are incredibly proud they have chosen to make Netflix the home for their formidable storytelling abilities.”
This also proves how far Netflix as come with producing original content in five short years since House of Cards debuted in 2013. The streaming service has now won multiple Academy Awards, Emmy Awards, and Golden Globe Awards. Other big names to produce content for the streaming service include Shonda Rhimes , David Letterman (who had President Obama on as his first guest), Martin Scorsese, Ava DuDernay, the Cohen brothers, and Spike Lee. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/21/barack-michelle-obama-netflix/ |
May 20, 2018 / 11:42 PM / Updated 13 hours ago China launches satellite to explore dark side of moon: Xinhua Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China launched a relay satellite early on Monday designed to establish a communication link between earth and a planned lunar probe that will explore the dark side of the moon, the official Xinhua news agency said.
Citing the China National Space Administration, Xinhua said the satellite was launched at 5:28 a.m. (2128 GMT Sunday) on a Long March-4C rocket from the Xichang launch center in the southwest of the country.
“The launch is a key step for China to realize its goal of being the first country to send a probe to soft-land on and rove the far side of the moon,” Xinhua quoted Zhang Lihua, manager of the relay satellite project, as saying.
It said the satellite, known as Queqiao, or Magpie Bridge, will settle in an orbit about 455,000 km (282,555 miles) from earth and will be the world’s first communication satellite operating there.
China aims to catch up with Russia and the United States to become a major space power by 2030. It is planning to launch construction of its own manned space station next year.
However, while China has insisted its ambitions are purely peaceful, the U.S. Defense Department has accused it of pursuing activities aimed at preventing other nations from using space-based assets during a crisis. FILE PHOTO - A full moon is seen during a lunar eclipse in Beijing, China January 31, 2018. REUTERS/Jason Lee Reporting by David Stanway; Editing by Paul Tait | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-space/china-launches-satellite-to-explore-dark-side-of-moon-xinhua-idUSKCN1IL0XP |
ST PETERSBURG (Reuters) - Russia’s Alrosa, the world’s largest producer of rough diamonds in carat terms, said on Thursday first-half sales would be significantly higher than it originally planned due to market strength.Speaking on the sidelines of the St Petersburg economic forum, Alrosa chief executive Sergey Ivanov told Reuters the first four months of the year showed very good sales results for Alrosa. Sales in May will be lower than in April due to seasonal factors, he added. The whole of 2018 is expected to be good for sales with prices already showing growth of several percent since the start of the year, he said. Alrosa’s 2018 production is expected at 36.6 million carats but its sales will be higher than its production - at about 40 million carats - due to sales from the stockpile in early 2018. Alrosa’s stockpile is currently at around 11 million carats. State-controlled Alrosa and Anglo American’s De Beers produce about half of the world’s rough diamonds. In 2017, Alrosa was hit by a shutdown at its Siberian underground Mir mine, which had accounted for 9 percent of its annual diamond output before it was partly flooded in August. Ivanov said that the company was still considering ways to resume production at the Mir mine and would be progressing with the project without any rush.
FILE PHOTO: The logo of Russia's diamond producer Alrosa is seen at its headquarters in Moscow, Russia January 26, 2018. Picture taken January 26, 2018. REUTERS/Polina Devitt The Mir project is unlikely to require any major capital expenditure this and next year. The feasibility study is expected to be ready in 2019, Ivanov said. Alrosa said previously it was “expedient” for it to buy state-owned diamond polisher Kristall when the state-owned company is privatized. According to Russia’s Finance Ministry, this could happen in 2018. Alrosa still thinks it could consider buying Kristall subject to the price. “We believe that the price for this asset should be quite modest,” Ivanov said. Kristall, along with its smaller local competitors, has been hit by low profit margins in the gem-cutting sector and by strong competition from foreign polishers partially caused by Moscow’s decision to cancel an export duty on rough diamonds in 2016.
Reporting by Polina Devitt; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-economy-forum-alrosa/russian-diamond-producer-alrosa-says-first-half-sales-to-exceed-initial-expectations-idUSKCN1IP35B |
May 23, 2018 / 12:43 PM / Updated 9 minutes ago Deutsche Bank looking to cut 10,000 jobs: WSJ Reuters Staff 2 Min Read
FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) is planning to cut 10,000 jobs, or about a tenth of its global workforce, as part of efforts to reduce costs, The Wall Street Journal reported on Wednesday. FILE PHOTO: The headquarters of the Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo
The Journal, citing unnamed sources, reported that job cuts were likely to extend into 2019.
Separately, Bloomberg News reported the lender was planning to withdraw from a number of equities markets across the globe.
The Bloomberg report, which also cited unidentified people, said that Deutsche would sharply scale back its presence in the United States, and had started cutting activities in Central Europe, the Middle East, and Africa.
Deutsche Bank declined to comment.
The loss-making bank said last month that it was planning to scale back its global investment bank and that equities was one of the areas it was studying for possible reductions.
It has also said that it would cut back U.S. bonds trading and the business that services hedge funds.
The bank has been expected to announce further details of its strategy ahead of its annual general meeting, which takes place on Thursday. Reporting by Tom Sims; Editing by Maria Sheahan and Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-deutsche-bank-strategy/deutsche-bank-plans-to-exit-from-equities-markets-bloomberg-idUKKCN1IO1SA |
May 15 (Reuters) - Tengasco Inc:
* Q1 EARNINGS PER SHARE $0.01 FROM CONTINUING OPERATIONS * Q1 REVENUE $1.4 MILLION VERSUS $1.2 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tengasco-q1-eps-001-from-continuin/brief-tengasco-q1-eps-0-01-from-continuing-operations-idUSASC0A2GS |
Belgium probes Liege attack as 'terrorist' incident 8:22am EDT - 00:45
Two policewomen and a passerby were killed in the city of Liege in what authorities are investigating as ''terrorism.'' Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Two policewomen and a passerby were killed in the city of Liege in what authorities are investigating as "terrorism." Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IT1Hi1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/belgium-probes-liege-attack-as-terrorist?videoId=431409727 |
May 15, 2018 / 6:16 AM / Updated an hour ago easyJet to expand holiday business after strong first half Reuters Staff 2 Min Read
LONDON (Reuters) - British low-cost airline easyJet ( EZJ.L ) will expand its holiday business and add a loyalty scheme as new CEO Johan Lundgren seeks to make his mark on the company after reporting strong first-half results. An EasyJet plane takes off at Lisbon's airport, Portugal April 24, 2018. REUTERS/Rafael Marchante
EasyJet said on Tuesday it would invest more in easyJet Holidays, with Lundgren positioning the company to better compete against his former employer holiday company TUI ( TUIT.L ) and its rival Thomas Cook ( TCG.L ).
Lundgren also said he would focus on attracting business passengers and introducing a new loyalty programme, strategies which he believes will drive higher returns for shareholders.
The new focus comes after easyJet swung into profit for the first half, on results that excluded the costly impact of its expansion into Berlin’s Tegel airport last year.
In the traditionally weaker winter half-year period when fewer Europeans travel, easyJet posted a pretax profit of 8 million pounds, a big improvement on the 212 million pound loss it made in the same period last year.
The company said it benefited from a reduction of capacity in the airline market after rival British operator Monarch collapsed last year and Italy’s Alitalia went into administration.
For the full year, easyJet expects to post pretax profit, including the impact of the losses from Tegel, in the range of 530 million to 580 million pounds, up at least 30 percent on 2017’s outcome. Reporting by Sarah Young; Editing by Kate Holton and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-easyjet-results/easyjet-first-half-loss-narrows-idUKKCN1IG0O4 |
ATLANTA, May 3, 2018 /PRNewswire/ -- Global Franchise Group® (GFG), the strategic brand management company and franchisor of Great American Cookies®, Hot Dog on a Stick®, Pretzelmaker®, Marble Slab Creamery®/MaggieMoo's Ice Cream & Treatery® and Round Table Pizza® has named Geoff Goodman Executive Vice President of the iconic and popular Round Table Pizza brand.
Goodman has more than 20 years' experience in hospitality and franchise leadership and is highly recognized and accomplished in the pizza/restaurant industry. Most recently, Goodman was President of Remarkable Brands Co. LLC (a shared service brand company) where he served simultaneously as President of Orange Leaf Frozen Yogurt, Crazy Dough's Franchising, Purpose Snackery, and EOTE Coffee Company. He is also a former Vice President National Brand Excellence for CiCi's Pizza and is a founding member of the National Restaurant Associations' Pizzeria Industry Council. Geoff will lead all operations including bringing Round Table Pizza to the fore-front of the modern pizza space, developing a visionary brand plan, encouraging franchisee growth, and championing GFG's "Franchising First" philosophy. He was attracted to Round Table Pizza because of the brand's quality products, customer loyalty and potential under GFG's leadership.
"Geoff is a talented strategic brand leader who knows what it takes to drive franchisee profitability and build a dynamic brand," said Chris Dull, President and CEO of Global Franchise Group. "GFG's mission is to champion brands and the people who build them – our goal is to do the same for Round Table Pizza and with Geoff at the helm, we believe the future is very bright."
About Global Franchise Group, LLC - www.globalfranchise.com
Global Franchise Group, LLC is a strategic brand management company with a mission of championing franchise brands and the people who build them. The company owns a portfolio of franchise brands that includes six primary quick service restaurant (QSR) franchise concepts: Great American Cookies®, Hot Dog on a Stick®, Marble Slab Creamery®, MaggieMoo's Ice Cream & Treatery®, Pretzelmaker® and Round Table Pizza®. The brands are managed by GFG Management, LLC, a subsidiary of Global Franchise Group, LLC. Global Franchise Group, LLC is a portfolio company of Levine Leichtman Capital Partners, an independent investment firm, with approximately $9 billion of capital under management and substantial franchise management experience.
About Round Table Pizza – www.roundtablepizza.com
Round Table Pizza was founded by Bill Larson in 1959 in the San Francisco Bay Area to create a place where families could relax and share a superb pizza. More than fifty years later, Round Table Pizza remains true to its founder's vision with 440 restaurants across the western United States and the world. Round Table's signature tagline, "The Last Honest Pizza", describes its commitment to quality and authenticity. For the latest news and fun and games from Round Table Pizza, follow us on Facebook , Twitter , and Instagram .
View original content: http://www.prnewswire.com/news-releases/global-franchise-group-names-geoff-goodman-executive-vice-president-of-round-table-pizza-300641941.html
SOURCE Global Franchise Group, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-global-franchise-groupa-names-geoff-goodman-executive-vice-president-of-round-table-pizzaa.html |
SEJONG, South Korea (Reuters) - South Korea’s finance minister said on Wednesday that there was a rise in the number of Chinese tourists in March although the service sector has not yet recovered from a drop in such visitors due to tensions between the two countries.
Tourists dressed in traditional Korean costumes visit the Gyeongbokgung Palace in Seoul, South Korea April 26, 2018. REUTERS/Jorge Silva “The number of Chinese tourists is noticeably increasing since March, although it hasn’t recovered to the pre-Thaad level,” Kim Dong-yeol told reporters in Sejong, south of Seoul.
Tourist numbers plunged last year after South Korea angered China by deploying a U.S. Terminal High Altitude Area Defence (THAAD) system that features radar which Beijing believes could be used to penetrate its territory.
Kim did not cite any numbers showing an increase in March in tourists from China.
The Bank of Korea estimated earlier that the THAAD backlash knocked 0.4 percentage points off South Korea’s economic growth rate in 2017.
Reporting by Shin-hyung Lee and Cynthia Kim; Editing by Richard Borsuk
| ashraq/financial-news-articles | https://in.reuters.com/article/southkorea-economy-tourism/south-korea-sees-a-rebound-in-number-of-chinese-tourists-finance-minister-idINKBN1I30OM |
A wholesale distributor plans to replace some expense-account lunches with open houses for customers. A marketing firm has stopped reimbursing employees’ commuting expenses and is giving them raises instead. A tax-audit defense firm is giving up its season tickets to Sacramento Kings basketball games.
These are some of the ways small-business owners are responding to changes in the tax law that reduce or eliminate some popular deductions for meals, entertainment and transportation, though many of the fine points are unclear.... RELATED VIDEO Want a 20% Business Deduction? Here Are the Obstacles Congress just created a new tax break for millions of pass-through businesses. But every business owner doesn't automatically qualify. WSJ's Richard Rubin overcomes the obstacles to claim the 20% pass through business deduction—on an actual obstacle course. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/tax-law-makes-companies-rethink-entertainment-expenses-1526558400 |
President Donald Trump’s re-election campaign manager, Brad Parscale, helped a former Trump data analyst start a new venture that could become a major provider of voter data in the run-up to 2020.
The analyst, Matt Oczkowski, is a former employee of Cambridge Analytica. That firm provided voter-data analytics to the Trump campaign and is at the heart of Facebook Inc.’s data scandal. Mr. Oczkowski’s new firm, Data Propria, is wholly owned by the same holding company, CloudCommerce Inc., that bought out Mr. Parscale’s web-marketing... RELATED VIDEO The Key to Understanding Facebook's Current Crisis Facebook's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains. Illustration: Laura Kammerman To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-campaign-aides-team-up-on-voter-data-venture-1527622984 |
May 8, 2018 / 8:21 AM / Updated 10 hours ago Golf - Lahiri eyes redemption at Players Championship Reuters Staff 3 Min Read
(Reuters) - Anirban Lahiri’s two Players Championship appearances have been largely forgettable but the Indian feels he has prepared well enough to make it third time lucky at TPC Sawgrass when this year’s tournament tees off on Thursday.
The 30-year-old missed the halfway cut in 2015 and repeated the feat last year after finding the water three times on the par-four 18th hole as an ugly sextuple-bogey 10 in the second round left him four shots adrift of making the weekend.
“I’m definitely looking forward to this week. I think I’ve got some demons to exorcise,” Lahiri told the PGA Tour. “Played pretty well last year except for 18 and it’ll be nice to get back out there and exact some revenge.
“I feel I can play good on this golf course. It’s also good I’ve already played here a few times, I know what to do, know what the conditions are and know where the misses should be. It’s a week where I feel well prepared for.”
Last year, Lahiri arrived at his 36th hole on even par for the tournament, five strokes behind the clubhouse leaders and on course to make the halfway cut in Ponte Vedra, Florida.
Three bad swings later and his tournament was over as he hooked all three balls into the water hazard that lines the left side of the hole, failing to advance when a double-bogey six would have still been enough to stay involved.
“I don’t even remember if it was an eight, 10 or a 12,” Lahiri said. “It was a big number. I’ve already decided I’ll hit two-iron off that tee regardless of the pin and regardless of the wind.
“There are holes that don’t fit your eye and you’ve got to adjust. If you shoot a three there, it’s a bonus but I’ll be aiming for a four. There may be an occasion I might have to hit driver if I’m in contention or if I’m one back.”
The two-time Presidents Cup International Team member made a strong start to the year with top-10 finishes at the CIMB Classic in Malaysia and the CJ Cup in Korea.
But his form has dipped since and Lahiri hopes he will be in top shape ahead of the $11 million showpiece event, considered within golf as the sport’s ‘fifth major’.
“I feel a lot of departments are working but my scoring hasn’t been as good as I would like it to be,” Lahiri added.
“That’s where I’m going to be focusing on my work over the next two days here, in and around the greens and working on getting the speed right on the greens and making sure I’m comfortable with some of the shots that you get around here.” Reporting by Sudipto Ganguly in Mumbai; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-players-india-lahiri/golf-lahiri-eyes-redemption-at-players-championship-idUKKBN1I90SH |
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 Italian President Sergio Mattarella searched for a solution to Italy’s political crisis, including the possibility of reviving Turkey’s Bruised Lira Rebounds Next One Winner from the Italian Crisis? Denmark | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/30/wsj-city-pm-why-europes-banks-are-most-vulnerable-to-italys-troubles-what-to-make-of-its-bond-selloff/ |
ATLANTA, May 22, 2018 (GLOBE NEWSWIRE) -- EVO Payments, Inc. (“EVO”) announced today the pricing of its initial public offering of 14,000,000 shares of its Class A common stock at a price to the public of $16.00 per share, of which 13,333,333 shares are being offered by EVO and 666,667 shares are being offered by a selling stockholder. EVO has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock to cover over-allotments. The shares are expected to begin trading on The NASDAQ Global Market on May 23, 2018 under the symbol “EVOP.” The offering is expected to close on May 25, 2018, subject to customary closing conditions.
J.P. Morgan, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, and SunTrust Robinson Humphrey are acting as the book-running managers for the offering. Barclays, Cowen and Company, Goldman Sachs & Co. LLC, PKO BP Securities, Regions Securities LLC and William Blair are also acting as book-running managers for the offering. The offering will be made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from:
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, email: [email protected] Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146) Deutsche Bank Securities, Prospectus Group, 60 Wall Street, New York, NY 10005, via telephone: 1-800-503-4611 or via email: [email protected] SunTrust Robinson Humphrey, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, Attention: Prospectus Department; email: [email protected] ; telephone: 404-926-5744; or fax: 404-926-5464
A registration statement on Form S-1 relating to these securities was filed with, and declared effective by, the Securities and Exchange Commission. The registration statement can be accessed through the SEC’s website at www.sec.gov . This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About EVO Payments, Inc.
EVO Payments, Inc. (NASDAQ:EVOP) is a payment technology and services provider. EVO offers an array of innovative, reliable, and secure payment solutions to merchants ranging from micro-enterprises to multinational companies and organizations across North America and Europe. EVO supports all major card types in the markets it serves.
EVO MEDIA CONTACT: Kevin Hodges +1 (770) 709-7330 [email protected]
Source:EVO Payments, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-evo-announces-pricing-of-initial-public-offering.html |
April marks second consecutive month of payrolls below expectations 5 Hours Ago The "Squawk on the Street" crew talks about April's jobs report which saw the unemployment rate dip to 3.9-percent, the lowest since December 2000. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/april-marks-second-consecutive-month-of-payrolls-below-expectations.html |
* Venezuela crisis, Iran drive oil price surge
* Asian, European stocks mostly firmer, with London shut
* Dollar powers back towards fresh 4-month highs
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Dhara Ranasinghe and Tommy Wilkes
LONDON, May 7 (Reuters) - Oil prices jumped to their highest since late 2014 on Monday on a deepening economic crisis in Venezuela and worries that the Unites States could re-impose sanctions on Iran, while stocks firmed and the dollar rose towards its 2018 peak.
With trade thinned by a holiday closure in London, European shares opened higher, boosted by energy stocks as well as encouraging earnings updates.
Heavyweight Nestle also gained after the Swiss-based food firm agreed a tie-up with Starbucks.
Most Asian markets also rose after Friday’s tame reading on U.S. wage growth lessened chances of a pick-up in the pace of interest rate hikes by the Federal Reserve. Gains were capped by Sino-U.S. trade tensions.
U.S. equity futures pointed to a positive open for Wall Street.
The day’s eye-catching moves came in energy markets.
U.S. crude oil prices rose 70 cents, or 1 percent, pushing above $70 a barrel for the first time since November 2014 as the crisis in OPEC member state Venezuela threatened to further crimp its production and exports.
Brent crude oil futures were at $75.55 per barrel at 0945 GMT, up 0.9 percent and having also touched their highest since November 2014.
Also driving oil prices higher was the May 12 deadline set by U.S. President Donald Trump for Europeans to “fix” the deal with Iran over its nuclear program. If they do not, Trump has said he would refuse to extend U.S. sanctions relief for the oil-producing Islamic Republic.
The European oil and gas share index was up 0.4 percent.
“All in all it’s a positive environment for the equity markets,” said Niels Christensen, chief analyst at Nordea in Copenhagen.
DOLLAR RALLY INTACT The dollar strengthened back towards the 2018 peak it reached on Friday, when investors shrugged off the weaker-than-expected jobs report to extend the currency’s 2-1/2 week-long rally.
The dollar, which has enjoyed a sudden reversal in fortunes as investors bet on more Fed rate hikes and a slower pace of tightening in the euro zone, rose 0.3 percent versus the euro to $1.1928.
Measured against a basket of currencies, the dollar index was 0.3 percent stronger at 92.811, not far from the 92.9 it hit on Friday - its highest since December.
In data from the euro zone’s largest economy Germany, industrial orders unexpectedly dropped for the third month running in March, suggesting factories there are shifting into lower gear.
The week ahead includes readings on the health of the Chinese economy and, U.S. inflation ,and a Bank of England monetary policy meeting.
“Looking at the U.S. economic data, everything is looking quite positive. No one expects higher interest rates to be a brake on economic growth,” said Christensen.
The soft German data supported euro zone government bond markets as investors continued to bet on caution from the European Central Bank.
“A lot has been repriced in terms of the ECB so the outlook for bonds is a bit more mixed,” said Commerzbank rates strategist Rainer Guntermann.
Reporting by Dhara Ranasinghe and Tommy Wilkes; additional reporting by Danilo Masoni in MILAN; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-u-s-oil-cracks-70-dollar-heads-towards-2018-high-idUSL8N1SE1J8 |
May 25, 2018 / 11:24 AM / Updated 21 minutes ago French central banker sees Paris emerging as a post-Brexit markets hub Reuters Staff 2 Min Read
PARIS (Reuters) - Paris is set to become a European financial markets hub as international banks look to the French capital to base some activities after Britain’s departure from the European union, the head of France’s central bank said on Friday. FILE PHOTO: General view of the skyline of La Defense business district behind Paris landmark the Arc de Triomphe and the Champs Elysees Avenue, France, January 13, 2016. REUTERS/Charles Platiau/File Photo
Bank of France Governor Francois Villeroy de Galhau said that though Brexit was bad news for Britain and Europe, it presented a “historic opportunity” to restructure the European financial system.
In the future, there would not be a dominant financial center as London is now but rather an integrated network with centers specialized in various activities, he said.
“In this respect, Paris has a lot of assets to become a major center for corporate finance and innovation in Europe,” he told a financial markets conference at the central bank.
“We have a lot of favorable indications that big international banks will set up their market activities mainly in Paris,” he said FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt/File Photo
Paris is already one of the biggest centers for corporate bond issuance, asset management and private equity in Europe after London.
Villeroy said the Bank of France aimed to be “the markets’ central bank in Europe” and was supporting a number of initiatives to develop European market infrastructure for commercial paper, collateral and securities lending.
Meanwhile, French President Emmanuel Macron, himself a former investment banker, has taken a number of steps to attract finance jobs from London.
In addition to easing labor regulations months after Macron came to office last year, France has shrunk the wealth tax to cover only real estate assets, introduced a flat 30 percent tax on capital income and scrapped the highest payroll tax for banks. Reporting by Leigh Thomas and Yann Le Guernigou, Editing by Dominique Vidalon and Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/us-france-economy-finance/french-central-banker-sees-paris-emerging-as-a-post-brexit-markets-hub-idUKKCN1IQ1G6 |
President Donald Trump's decision to cancel the Singapore summit with North Korea leader Kim Jong Un is moving financial markets, spurring a big move in the gold market.
Source: FactSet
Gold futures were trading up more than 1 percent Thursday after the news, above $1,305 an ounce.
Investors often seek refuge in the precious metal during periods of geopolitical uncertainty and turmoil.
Last year, Bridgewater Associates founder Ray Dalio recommended that investors buy gold , citing the rising tensions between the U.S. and North Korea at the time.
"Two confrontational, nationalistic, and militaristic leaders playing chicken with each other, while the world is watching to see which one will be caught bluffing, or if there will be a hellacious war," Dalio wrote in August. "We can also say that if ... things go badly, it would seem that gold (more than other safe haven assets like the dollar, yen, and treasuries) would benefit." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/gold-jumps-after-trump-cancels-north-korea-summit-as-global-investors-seek-safety.html |
May 15 (Reuters) - Illumina Inc:
* ILLUMINA ACQUIRES EDICO GENOME TO ACCELERATE GENOMIC DATA ANALYSIS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-illumina-acquires-edico-genome-to/brief-illumina-acquires-edico-genome-to-accelerate-genomic-data-analysis-idUSASC0A2B0 |
Merkel: EU ready to discuss cutting tariffs with the US reciprocally 11 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/2018/05/17/merkel-eu-ready-to-discuss-cutting-tariffs-with-the-us-reciprocally.html |
May 26, 2018 / 10:11 AM / Updated 9 hours ago Lebanon tells Syria development law could hinder refugees' return Reuters Staff 2 Min Read
BEIRUT (Reuters) - Lebanon expressed concern to Syria on Saturday over a new law aimed at redeveloping areas devastated by seven years of war, saying the initiative could hinder the return of many Syrian refugees to their homeland. Syrian refugee children run in a tented settlement, in the town of Qab Elias, in Lebanon's Bekaa Valley, March 13, 2018. Picture taken March 13, 2018. REUTERS/Mohamed Azakir
Lebanese Foreign Minister Gebran Bassil wrote in a letter to his Syrian counterpart Walid al-Moualem that the terms of “Law 10” could make it difficult for refugees to prove property ownership, and in turn discourage some from returning.
The legislation came into effect last month as the army was on the brink of crushing the last insurgent enclaves near Damascus, consolidating President Bashar al-Assad’s grip over nearly all of western Syria.
It allows people to prove they own property in the areas chosen for redevelopment, and to claim compensation. But aid groups say the chaos of war means few will be able to do so in the time specified. The law has yet to be applied.
Bassil, whose country hosts more than a million Syrian refugees, voiced concern over the limited time frame given for refugees to prove possession of their properties.
“The inability of the refugees to practically present what proves their possession (of their properties) during the given time limit might lead to them losing their properties and their sense of national identity,” Bassil said in the letter, according to a Foreign Ministry statement.
“This would deprive them of one of the main incentives for their come return to Syria,” he added, echoing comments earlier this week by Lebanese Prime Minister Saad al-Hariri.
Hariri said the law “tells thousands of Syrian families to stay in Lebanon” by threatening them with property confiscation.
Bassil sent a similar letter to U.N. Secretary-General Antonio Guterres, calling for action to protect the rights of Syrian refugees in maintaining their properties. Reporting by Dahlia Nehme; Editing by Helen Popper | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-lebanon-law/lebanon-tells-syria-development-law-could-hinder-refugees-return-idUKKCN1IR0A5 |
(Reuters) - Wall Street jumped on Thursday, and Apple inched closer to a $1 trillion stock market value, as tepid inflation data eased worries of faster U.S. interest rate hikes this year.
Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, NY, U.S. December 13, 2016. REUTERS/Lucas Jackson/Files Fuelled by a $100 billion buyback plan unveiled last week, Apple ( AAPL.O ) rose 1.43 percent to a record high close of $190.04, lifting the S&P 500 more than any other stock. The iPhone maker is about 7 percent away from becoming the first company ever to have a market capitalisation of $1 trillion.
The U.S. Labor Department’s consumer price index increased 0.2 percent in April, less than economists’ expectations, as rising costs for gasoline and rental accommodation were tempered by a moderation in healthcare prices.
Core CPI, which excludes food and energy components, edged up 0.1 percent in April, slower than the previous two months, and did little to alter traders’ expectations of a June rate hike. [MMT/]
A higher inflation number could have increased fears of more aggressive interest rate hikes by the U.S. Federal Reserve.
“The CPI came in at a level where it’s not so alarming as far as what the Fed is thinking,” said Mark Kepner, an equity trader at Themis Trading in Chatham, New Jersey. “There’s comfort that the Fed won’t have to move too quickly.”
The U.S. stock market rallied broadly, with all 11 major S&P sectors posting gains.
With investors setting aside concerns about a trade war with China, the S&P 500 has risen 3.55 percent in the past week, its strongest five-session showing since February. The S&P 500 reclaimed its 100-day moving average for the first time since April 19, suggesting to some traders that the market may move higher.
The Dow Jones Industrial Average .DJI rallied 0.8 percent to end at 24,739.53 points, while the S&P 500 .SPX gained 0.94 percent to 2,723.07, its highest level since mid-March.
The Nasdaq Composite .IXIC added 0.89 percent to 7,404.98.
CenturyLink ( CTL.N ) gained 7.54 percent after its first-quarter report. That helped the telecoms sector .SPLRCL jump 1.9 percent, more than any other sector.
AXA Equitable Holdings ( EQH.N ), the U.S. division of French insurer AXA ( AXAF.PA ), rose 1.7 percent in its market debut. Although its offering raised less than targeted, it was still the biggest U.S. IPO this year.
The top losers on the S&P 500 included Victoria’s Secret owner L Brands ( LB.N ), which fell 7.15 percent, and Booking Holdings ( BKNG.O ), formerly called Priceline, which dropped 4.74 percent. Both companies gave disappointing outlooks.
Advancing issues outnumbered declining ones on the NYSE by a 2.57-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favoured advancers.
The S&P 500 posted 37 new 52-week highs and two new lows; the Nasdaq Composite recorded 165 new highs and 36 new lows.
Volume on U.S. exchanges was 6.7 billion shares, compared with the 6.6 billion-share average over the last 20 trading days.
Additional reporting by Sruthi Shankar and Savio D'Souza in Bengaluru; editing by Chizu Nomiyama and Jonathan Oatis
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-stocks/u-s-stocks-futures-jump-after-cpi-data-idINKBN1IB1SS |
May 7, 2018 / 3:53 PM / in 18 minutes U.S. sanctions three Venezuelans, Pence calls for more action Roberta Rampton , Alexandra Ulmer 3 Min Read
WASHINGTON/CARACAS (Reuters) - The United States on Monday sanctioned three Venezuelans and 20 companies with ties to socialist President Nicolas Maduro for narcotics trafficking activity, and U.S. Vice President Mike Pence called for more nations to increase pressure on Caracas. U.S. Vice President Mike Pence addresses the Organization of American States at the OAS headquarters in Washington, U.S. May 7, 2018 REUTERS/Kevin Lamarque
The new sanctions continue a pattern of stepped-up U.S. measures on individuals connected to Maduro, who is blamed by President Donald Trump’s administration for a deep recession and hyperinflation in OPEC member Venezuela that has caused food shortages and sent a flood of migrants into neighboring countries.
The individuals sanctioned on Monday are fairly low-profile and are unlikely to create major economic hardship. Related Coverage Pence urges OAS to suspend Venezuela from organization
Trump has so far opted not to impose new oil-related sanctions that it has considered for a Venezuelan oil services company and on insurance coverage for tankers carrying Venezuelan oil, though the measures are still under consideration, one administration official said, speaking on condition of anonymity. U.S. Vice President Mike Pence addresses the Organization of American States at OAS headquarters in Washington, U.S. May 7, 2018. REUTERS/Kevin Lamarque
Pence told the 35-nation Organization of American States - which includes Venezuela as a member - that they needed to take greater steps to isolate Maduro.
“We believe it is time to do more, much more,” Pence said in an address to the OAS. “Every free nation gathered here must take stronger action to stand with the Venezuelan people and stand up to their oppressors.”
Pence said the OAS should suspend Venezuela’s membership, and urged other members to cut off the nation’s leaders from financial systems and restrict them from travel visas. Slideshow (4 Images)
He also called on Maduro to suspend the May 20 elections, saying he expected voter intimidation and manipulation of data. “There will be no real election in Venezuela on May 20, and the world knows it,” Pence said.
The suggestion was immediately rejected by Caracas. “There is zero possibility that elections will be suspended,” said Samuel Moncada, Venezuela’s ambassador to the United Nations, condemning Pence’s speech.
Maduro, himself subject to sanctions last year, regularly laughs off Washington’s disapproval and blames the U.S. “empire” for his country’s economic woes, saying it is trying to undermine his administration.
Venezuela’s Information Ministry did not respond to a request for comment.
Of the newly sanctioned companies, 16 are based in Venezuela and four in Panama. They are owned or controlled by the three individuals, the U.S. Treasury said in a statement.
Oil prices rose to their highest levels since late 2014 on Monday, boosted by fresh troubles for Venezuelan state oil company PDVSA [PDVSA.UL] and a looming decision on whether the United States will reimpose sanctions on Iran over its nuclear program.
U.S. oil major ConocoPhillips has moved to take Caribbean assets of PDVSA to enforce a $2 billion arbitration award, three sources told Reuters. The move could deal a further blow to the company’s declining oil output and exports. Reporting by Roberta Rampton in Washington and Alexandra Ulmer in Caracas; additional reporting by David Alexander in Washington; editing by Jonathan Oatis and Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-oas-pence-sanctions/pence-to-announce-new-venezuela-sanctions-in-speech-on-monday-aide-idUSKBN1I81S1 |
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