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SAN ANTONIO, May 2, 2018 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the quarter ended March 31, 2018. First quarter notable items include:
Domestic drilling services utilization was 100%, with an average margin per day of $10,436, up 11% from the prior quarter, and up for the fourth consecutive quarter. International drilling services average margin per day was $8,455, up 28% from the prior quarter, with seven of the eight rigs working at quarter end. Production services business revenue increased 20% from the prior quarter and generated a gross margin of 24%.
Consolidated Financial Results
Revenues for the first quarter of 2018 were $144.5 million, up 14% from revenues of $126.3 million in the fourth quarter of 2017 ("the prior quarter") and up 51% from revenues of $95.8 million in the first quarter of 2017 ("the year-earlier quarter"). The increase from the prior quarter is primarily attributable to increased demand in wireline and well servicing, as well as increased utilization in Colombia where three additional rigs were put to work since the beginning of the prior quarter.
Net loss for the first quarter of 2018 was $11.1 million, or $0.14 per share, compared with net loss of $12.6 million, or $0.16 per share, in the prior quarter and net loss of $25.1 million, or $0.33 per share, in the year-earlier quarter. Adjusted net loss (1) for the first quarter was $6.9 million, and adjusted EPS (2) was a loss of $0.09 per share as compared to adjusted net loss of $11.1 million, or an adjusted EPS loss of $0.14 per share, in the prior quarter.
First quarter adjusted EBITDA (3) was $23.4 million, up from $17.0 million in the prior quarter, primarily driven by increased demand for our wireline services, improved dayrates for our domestic drilling services, and higher utilization in Colombia, and up from $6.0 million in the year-earlier quarter. The increase from the year-earlier quarter was due to higher demand for all of our service offerings as the market steadily improved with increasing commodity prices throughout 2017 and 2018.
Operating Results
Production Services Business
Revenue from our production services business was $90.9 million in the first quarter, up 20% from the prior quarter and up 60% from the year-earlier quarter. Gross margin as a percentage of revenue from our production services business was 24% in the first quarter, up from 22% in the prior quarter and up from 20% in the year-earlier quarter.
The increase in revenues from the prior quarter was driven by increased demand and revenue rates for all businesses, led by wireline which was up 25% sequentially. Well servicing and coiled tubing revenues were up 15% and 7%, respectively. As compared to the year-earlier quarter, demand has improved for all of our production services business segments, resulting in increased revenues of 60%.
The number of wireline jobs completed in the first quarter increased by 9% sequentially and decreased by 1% as compared to the year-earlier quarter, and continue to be weighted to more completion-related jobs. Well servicing average revenue per hour was $518 in the first quarter, flat as compared to the prior quarter and up from $497 in the year-earlier quarter. Well servicing rig utilization was 47% in the first quarter, up from 40% in the prior quarter and 43% in the year-earlier quarter. Coiled tubing revenue days totaled 414 in the first quarter, compared to 423 in the prior quarter and 338 in the year-earlier quarter.
Drilling Services Business
Revenue from our drilling services business was $53.5 million in the first quarter, a 6% increase from the prior quarter and a 37% increase from the year-earlier quarter.
Domestic drilling services rig utilization was 100% for both the first quarter and the prior quarter, and up from 86% in the year-earlier quarter. Domestic drilling average revenues per day were $24,949 in the first quarter, up from $23,993 in the prior quarter and up from $22,951 in the year-earlier quarter. Domestic drilling average margin per day was $10,436 in the first quarter, up from $9,411 in the prior quarter and up from $7,154 in the year-earlier quarter, driven by increasing dayrates and minimal operational downtime.
International rig utilization was 76% for the first quarter, up from 65% in the prior quarter and up from 44% in the year-earlier quarter. International drilling average revenues per day were $32,020, up from $31,188 in the prior quarter and down from $33,347 in the year-earlier quarter. International drilling average margin per day for the first quarter was $8,455, up from $6,582 in the prior quarter and down from $9,603 in the year-earlier quarter. We mobilized a seventh rig in Colombia that began operations in mid-March.
Currently, all 16 of our domestic drilling rigs are earning revenues, 14 of which are under term contracts, and seven of our eight rigs in Colombia are earning revenue, resulting in current utilization of 96%.
Comments from our President and CEO
"We had an exceptionally good start to 2018," said Wm. Stacy Locke, President and Chief Executive Officer. "Revenue in the first quarter was up 14% sequentially and adjusted EBITDA increased by 38%. Domestic drilling, international drilling and wireline services all outperformed our expectations, while well servicing and coiled tubing services experienced solid improvement.
"Our domestic drilling operations achieved an 11% increase in average margins per day by controlling daily costs and improving daily revenues to yield the highest margins in our peer group. Similarly, our international drilling operations recorded a notable improvement in revenue and a 28% increase in average margin per day as a seventh rig was put to work in mid-March. Colombia has become a bright spot for the Company, and now that start up costs and initial mobilizations are behind us, the outlook for our international drilling operations for the remainder of the year is positive with improving profitability.
"In production services, demand for our businesses continued to strengthen in the first quarter. Given the current commodity price levels and indications from clients on anticipated activity levels, we expect to continue to reactivate idled equipment and improve pricing in all three businesses throughout the year.
"While the market continues to improve and present opportunities for targeted organic growth, we will maintain our focus on generating positive cash flow in 2018," Mr. Locke said.
Second Quarter 2018 Guidance
In the second quarter of 2018, revenue from our production services business segments is estimated to be up approximately 7% to 10% as compared to the first quarter of 2018. Margin from our production services business is estimated to be 25% to 27% of revenue. Domestic drilling services rig utilization is estimated to be 100% and generate average margins per day of approximately $10,000 to $10,500. International drilling services rig utilization is estimated to average 83% to 86%, and generate average margins per day of approximately $8,000 to $9,000.
Liquidity
Working capital at March 31, 2018 was $132.2 million, up from $130.6 million at December 31, 2017. Cash and cash equivalents, including restricted cash, were $70.7 million, down from $75.6 million at year-end 2017. In the first quarter of 2018, we used $11.7 million of cash for the purchase of property and equipment, and our cash provided by operations was $5.1 million.
Capital Expenditures
Cash capital expenditures during the first quarter of 2018 were $11.7 million. We estimate total cash capital expenditures for 2018 to be approximately $60 million, which includes approximately $40 million of routine capital expenditures and $20 million for the purchase of two large-diameter coiled tubing units, remaining payments on three wireline units, two of which were delivered in January, and additional drilling and production services equipment. As the year progresses, we will continue to evaluate additional discretionary spending provided that it can be funded by cash from operations or proceeds from sales of non-strategic assets.
Conference Call
Pioneer Energy Services' management team will hold a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss these results. To participate, dial (412) 902-0003 approximately 10 minutes prior to the call and ask for the Pioneer Energy Services conference call. A telephone replay will be available after the call until May 9 th . To access the replay, dial (201) 612-7415 and enter the pass code 13678495.
The conference call will also be webcast on the Internet and accessible from Pioneer Energy Services' web site at www.pioneeres.com . To listen to the live call, visit our web site at least 10 minutes early to register and download any necessary audio software. A replay will be available shortly after the call. For more information, please contact Donna Washburn at Dennard Lascar Investor Relations, LLC at (713) 529-6600 or e-mail [email protected] .
About Pioneer
Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, offshore Gulf of Mexico, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.
Cautionary Statement Regarding Forward-Looking Statements,
Non-GAAP Financial Measures and Reconciliations
Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the following discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, decisions about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, including our senior secured term loan, our senior secured revolving asset-based credit facility, and our senior notes, operating hazards inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing units and wireline units within the industry, the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued availability of qualified personnel, the success or failure of our acquisition strategy, including our ability to finance acquisitions, manage growth and effectively integrate acquisitions, the political, economic, regulatory and other uncertainties encountered by our operations, and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment. We have discussed many of these factors in more detail in our Annual Report on Form 10-K for the year ended December 31, 2017, including under the headings "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I and "Risk Factors" in Item 1A. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.
This news release contains non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.
(1)
Adjusted net loss represents net loss as reported adjusted to exclude impairments and loss on extinguishment of debt and the related tax benefit, valuation allowance adjustments on deferred tax assets and effect of change in tax rates. We believe that adjusted net loss is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted net loss may not be comparable to other similarly titled measures reported by other companies. A reconciliation of net loss as reported to adjusted net loss is included in the tables to this news release.
(2)
Adjusted (diluted) EPS represents adjusted net loss divided by the weighted-average number of shares outstanding during the period, including the effect of dilutive securities, if any. We believe that adjusted (diluted) EPS is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted (diluted) EPS may not be comparable to other similarly titled measures reported by other companies. A reconciliation of diluted EPS as reported to adjusted (diluted) EPS is included in the tables to this news release.
(3)
Adjusted EBITDA represents income (loss) before interest expense, income tax (expense) benefit, depreciation and amortization, and any loss on extinguishment of debt or impairment. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities or (c) as a measure of liquidity. In addition, Adjusted EBITDA does not represent funds available for discretionary use. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies. A reconciliation of net loss as reported to adjusted EBITDA is included in the tables to this news release.
Contacts:
Dan Petro, CFA, Treasurer and
Director of Investor Relations
Pioneer Energy Services Corp.
(210) 828-7689
Lisa Elliott / [email protected]
Anne Pearson / [email protected]
Dennard Lascar Investor Relations / (713) 529-6600
- Financial Statements and Operating Information Follow -
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three months ended
March 31,
December 31,
2018
2017
2017
Revenues
$
144,478
$
95,757
$
126,287
Costs and expenses:
Operating costs
102,766
72,728
92,361
Depreciation and amortization
23,747
24,992
24,422
General and administrative
19,194
17,744
18,339
Bad debt expense (recovery)
(52)
(363)
151
Impairment
—
—
1,107
Gain on dispositions of property and equipment, net
(335)
(471)
(1,357)
Total costs and expenses
145,320
114,630
135,023
Loss from operations
(842)
(18,873)
(8,736)
Other income (expense):
Interest expense, net of interest capitalized
(9,513)
(6,059)
(7,949)
Loss on extinguishment of debt
—
—
(1,476)
Other income (expense), net
504
(144)
200
Total other expense, net
(9,009)
(6,203)
(9,225)
Loss before income taxes
(9,851)
(25,076)
(17,961)
Income tax (expense) benefit
(1,288)
(48)
5,403
Net loss
$
(11,139)
$
(25,124)
$
(12,558)
Loss per common share:
Basic
$
(0.14)
$
(0.33)
$
(0.16)
Diluted
$
(0.14)
$
(0.33)
$
(0.16)
Weighted-average number of shares outstanding:
Basic
77,606
77,072
77,552
Diluted
77,606
77,072
77,552
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
March 31,
2018
December 31,
2017
(unaudited)
(audited)
ASSETS
Current assets:
Cash and cash equivalents
$
68,726
$
73,640
Restricted cash
2,000
2,008
Receivables, net of allowance for doubtful accounts
116,524
113,005
Inventory
16,100
14,057
Assets held for sale
6,139
6,620
Prepaid expenses and other current assets
4,914
6,229
Total current assets
214,403
215,559
Net property and equipment
540,288
549,623
Other noncurrent assets
3,009
1,687
Total assets
$
757,700
$
766,869
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
32,788
$
29,538
Deferred revenues
1,194
905
Accrued expenses
48,239
54,471
Total current liabilities
82,221
84,914
Long-term debt, less unamortized discount and debt issuance costs
462,339
461,665
Deferred income taxes
4,061
3,151
Other noncurrent liabilities
8,892
7,043
Total liabilities
557,513
556,773
Total shareholders' equity
200,187
210,096
Total liabilities and shareholders' equity
$
757,700
$
766,869
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three months ended
March 31,
2018
2017
Cash flows from operating activities:
Net loss
$
(11,139)
$
(25,124)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
23,747
24,992
Allowance for doubtful accounts, net of recoveries
(52)
(363)
Gain on dispositions of property and equipment, net
(335)
(471)
Stock-based compensation expense
1,259
1,327
Amortization of debt issuance costs and discount
707
465
Deferred income taxes
911
(169)
Change in other noncurrent assets
(463)
466
Change in other noncurrent liabilities
1,844
868
Changes in current assets and liabilities
(11,422)
(23,811)
Net cash provided by (used in) operating activities
5,057
(21,820)
Cash flows from investing activities:
Purchases of property and equipment
(11,657)
(24,683)
Proceeds from sale of property and equipment
1,283
7,148
Proceeds from insurance recoveries
523
3,119
Net cash used in investing activities
(9,851)
(14,416)
Cash flows from financing activities:
Debt repayments
—
(6,305)
Proceeds from issuance of debt
—
40,000
Debt issuance costs
(33)
—
Purchase of treasury stock
(95)
(363)
Net cash provided by (used in) financing activities
(128)
33,332
Net decrease in cash, cash equivalents and restricted cash
(4,922)
(2,904)
Beginning cash, cash equivalents and restricted cash
75,648
10,194
Ending cash, cash equivalents and restricted cash
$
70,726
$
7,290
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Operating Results by Segment
(in thousand)
(unaudited)
Three months ended
March 31,
December 31,
2018
2017
2017
Revenues:
Domestic drilling
$
35,926
$
28,345
$
35,317
International drilling
17,611
10,671
14,970
Drilling services
53,537
39,016
50,287
Well servicing
21,114
18,734
18,403
Wireline services
56,601
32,546
45,253
Coiled tubing services
13,226
5,461
12,344
Production services
90,941
56,741
76,000
Consolidated revenues
$
144,478
$
95,757
$
126,287
Operating costs:
Domestic drilling
$
20,898
$
19,509
$
21,464
International drilling
12,961
7,598
11,811
Drilling services
33,859
27,107
33,275
Well servicing
15,570
14,037
13,246
Wireline services
42,486
25,946
36,430
Coiled tubing services
10,851
5,638
9,410
Production services
68,907
45,621
59,086
Consolidated operating costs
$
102,766
$
72,728
$
92,361
Gross margin:
Domestic drilling
$
15,028
$
8,836
$
13,853
International drilling
4,650
3,073
3,159
Drilling services
19,678
11,909
17,012
Well servicing
5,544
4,697
5,157
Wireline services
14,115
6,600
8,823
Coiled tubing services
2,375
(177)
2,934
Production services
22,034
11,120
16,914
Consolidated gross margin
$
41,712
$
23,029
$
33,926
Consolidated:
Net loss
$
(11,139)
$
(25,124)
$
(12,558)
Adjusted EBITDA (1)
$
23,409
$
5,975
$
16,993
(1) Adjusted EBITDA represents income (loss) before interest expense, income tax (expense) benefit, depreciation and amortization, and any loss on extinguishment of debt or impairment. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities or (c) as a measure of liquidity. In addition, Adjusted EBITDA does not represent funds available for discretionary use. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies. A reconciliation of net loss as reported to adjusted EBITDA is included in the table on page 12.
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Operating Statistics
(unaudited)
Three months ended
March 31,
December 31,
2018
2017
2017
Domestic drilling:
Average number of drilling rigs
16
16
16
Utilization rate
100
%
86
%
100
%
Revenue days
1,440
1,235
1,472
Average revenues per day
$
24,949
$
22,951
$
23,993
Average operating costs per day
14,513
15,797
14,582
Average margin per day
$
10,436
$
7,154
$
9,411
International drilling:
Average number of drilling rigs
8
8
8
Utilization rate
76
%
44
%
65
%
Revenue days
550
320
480
Average revenues per day
$
32,020
$
33,347
$
31,188
Average operating costs per day
23,565
23,744
24,606
Average margin per day
$
8,455
$
9,603
$
6,582
Drilling services business:
Average number of drilling rigs
24
24
24
Utilization rate
92
%
72
%
88
%
Revenue days
1,990
1,555
1,952
Average revenues per day
$
26,903
$
25,091
$
25,762
Average operating costs per day
17,015
17,432
17,047
Average margin per day
$
9,888
$
7,659
$
8,715
Well servicing:
Average number of rigs
125
125
125
Utilization rate
47
%
43
%
40
%
Rig hours
40,774
37,709
35,543
Average revenue per hour
$
518
$
497
$
518
Wireline services:
Average number of units
110
114
117
Number of jobs
2,830
2,854
2,599
Average revenue per job
$
20,000
$
11,404
$
17,412
Coiled tubing services:
Average number of units
14
17
14
Revenue days
414
338
423
Average revenue per day
$
31,947
$
16,157
$
29,182
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Reconciliation of Net Loss to Adjusted EBITDA
and Consolidated Gross Margin
(in thousands)
(unaudited)
Three months ended
March 31,
December 31,
2018
2017
2017
Net loss as reported
$
(11,139)
$
(25,124)
$
(12,558)
Depreciation and amortization
23,747
24,992
24,422
Impairment
—
—
1,107
Interest expense
9,513
6,059
7,949
Loss on extinguishment of debt
—
—
1,476
Income tax expense (benefit)
1,288
48
(5,403)
Adjusted EBITDA (1)
23,409
5,975
16,993
General and administrative
19,194
17,744
18,339
Bad debt expense (recovery)
(52)
(363)
151
Gain on dispositions of property and equipment, net
(335)
(471)
(1,357)
Other expense (income)
(504)
144
(200)
Consolidated gross margin
$
41,712
$
23,029
$
33,926
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Reconciliation of Net Income (Loss) as Reported to Adjusted Net Income (Loss)
and Diluted EPS as Reported to Adjusted (Diluted) EPS
(in thousands, except per share data)
(unaudited)
Three months ended
March 31,
December 31,
2018
2017
2017
Net loss as reported
$
(11,139)
$
(25,124)
$
(12,558)
Impairment
—
—
1,107
Loss on extinguishment of debt
—
—
1,476
Tax benefit related to adjustments
—
—
(942)
Valuation allowance adjustments on deferred tax assets
4,190
9,754
(20,321)
Effect of change in tax rates
—
—
20,147
Adjusted net loss (2)
$
(6,949)
$
(15,370)
$
(11,091)
Basic weighted average number of shares outstanding, as reported
77,606
77,072
77,552
Effect of dilutive securities
—
—
—
Diluted weighted average number of shares outstanding, as adjusted
77,606
77,072
77,552
Adjusted (diluted) EPS (3)
$
(0.09)
$
(0.20)
$
(0.14)
Diluted EPS as reported
$
(0.14)
$
(0.33)
$
(0.16)
(2) Adjusted net loss represents net loss as reported adjusted to exclude impairments and loss on extinguishment of debt and the related tax benefit, valuation allowance adjustments on deferred tax assets and effect of change in tax rates. We believe that adjusted net loss is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted net loss may not be comparable to other similarly titled measures reported by other companies. A reconciliation of net loss as reported to adjusted net loss is included in the table above.
(3) Adjusted (diluted) EPS represents adjusted net loss divided by the weighted-average number of shares outstanding during the period, including the effect of dilutive securities, if any. We believe that adjusted (diluted) EPS is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted (diluted) EPS may not be comparable to other similarly titled measures reported by other companies. A reconciliation of diluted EPS as reported to adjusted (diluted) EPS is included in the table above.
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Equipment Information
As of May 2, 2018
Drilling Services Business Segments:
Domestic AC Rigs
16
International SCR Rigs
8
Total
24
Production Services Business Segments:
Well servicing rigs (by horsepower rating):
550 HP
113
600 HP
12
Total
125
Wireline services units:
Onshore
104
Offshore
4
Total
108
Coiled tubing services units:
Onshore
10
Offshore
4
Total
14
View original content: http://www.prnewswire.com/news-releases/pioneer-energy-services-reports-first-quarter-2018-results-300640777.html
SOURCE Pioneer Energy Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-pioneer-energy-services-reports-first-quarter-2018-results.html |
MIDLOTHIAN, Texas, May 10, 2018 /PRNewswire/ -- TED Ventures, LLC (TED Ventures), announced today that it has acquired the complete management of all assets owned by LuminCARE, a MedOne Texas company. TED Ventures is a private company, and has no affiliation with the previous ownership of LuminCARE.
TED Ventures is an organization that specializes in the management of companies throughout the healthcare space, and has a highly successful track record in timely turnaround of these businesses. TED Ventures is wholly owned by Trey Austin, Enrique Stowhas and Derek Gove, all of whom are residents of Midlothian, TX. "We are all excited to continue to offer exceptional primary and urgent care services to each of the communities that LuminCARE serves," said Mr. Stowhas. Currently, LuminCARE operates six locations, and has plans for further expansion throughout the DFW metroplex.
More information will be released in the coming weeks.
For more information about LuminCARE or TED Ventures:
www.lumincare.com
www.groupted.com
View original content: http://www.prnewswire.com/news-releases/ted-ventures-llc-acquires-lumincare-300646452.html
SOURCE TED Ventures, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-ted-ventures-llc-acquires-lumincare.html |
A foremost authority on digital transformation, Liz Tinkham helped Microsoft and other major brands develop modern data enterprises, move to the cloud and build better software faster
Newest addition to the Delphix Advisory Board, Liz Tinkham brings decades of expertise in digital transformation to fast growing data management leader.
REDWOOD CITY, Calif., May 17, 2018 (GLOBE NEWSWIRE) -- Delphix , the company that has changed the dynamics of managing and consuming data for the largest companies in the world, today announced the appointment of long-time Accenture business leader, Liz Tinkham, to its Advisory Board. Having built and grown her career over three decades at Accenture – including a tenure as the global business lead for Microsoft – she has become a prominent voice on the ways businesses can successfully navigate digital transformation to move fast and use software to win.
Tinkham will play a lead role in developing the company’s advisory board, which will be comprised of proven business leaders who have previously served as executives and trusted advisors to some of the largest companies in the world. This appointment comes at a crucial moment for Delphix, which has seen explosive growth across its portfolio comprised of over one-third of the Fortune 100.
In addition, Tinkham will help Delphix build more strategic partnerships and better leverage those relationships to accelerate business growth. Most recently, Delphix announced the expansion of its Partner First Program . The program expands Delphix’s work with key partners and integrators to empower more companies – across financial services, insurance, healthcare, life sciences and other vertical markets – accelerate application development, bolster growth and gain a competitive advantage in the digital-first business landscape.
“Data has never held more strategic importance for companies, and yet it’s never been harder to manage,” said Chris Cook, CEO of Delphix. “Liz has played an active role in the evolution of the software-driven digital revolution. She also has intimate knowledge of the integrator community, which is a key part of the Delphix expansion strategy. With that wide perspective, she perfectly understands our mission to free the world from debilitating data challenges in order to transform a business through faster, higher quality releases, insights, and automation.”
Delphix gives enterprises the ability to deliver high quality software at the pace needed to thrive in the Digital Economy. We provide self-service data to accelerate workflows for developers, testers and AI analysts so enterprises can better leverage data as a strategic asset. We enable data to flow freely, securely, and at lower cost—on prem and across clouds.
“Digital transformation is a difficult journey and data is both a key resource and a major inhibitor to the speed necessary to win in today’s Digital Economy,” said Liz Tinkham, newest member of the Delphix Advisory Board. “Delphix opens up the flow of data to enable companies to bring high quality software to life in a fraction of the time previously thought possible. It’s a perfect fit for enterprises who are under constant pressure to move faster each day.”
In addition to her experience at Accenture, Liz is a recognized leader in the development of women and minority leaders. She has led several global diversity programs to help boost the number of women executives. She’s currently an adjunct professor at the University of Washington where she teaches undergraduate courses on business consulting and serves on the University’s Advisory Board for the Global Business Program.
About Delphix
Delphix's mission is to free companies from data friction and accelerate innovation. Fortune 100 companies use the Delphix Dynamic Data Platform to connect, virtualize, secure and manage data in the cloud and in on-premise environments. For more information visit www.delphix.com .
Follow Delphix on Twitter , Facebook and LinkedIn .
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/3707bfcc-8f47-4e13-9b30-0ea73e991eb1
Alex Plant 415-786-3451 [email protected]
Source: Delphix | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-delphix-adds-longtime-accenture-tech-veteran-to-advisory-board.html |
Dustin Fowler recorded his first major league hit while Khris Davis and Matt Chapman hit long homers off former teammate Sonny Gray as the Oakland Athletics beat the New York Yankees 10-5 Friday night at Yankee Stadium.
Fowler was among three prospects traded to the Athletics for Gray and was recovering from a ruptured patella tendon in his right knee following a scary collision on June 29 while playing for the Yankees in a game against the Chicago White Sox.
The A’s recalled Fowler on Wednesday, and he made his first start in center field. With several family members watching from the stands, Fowler recorded his first career hit with a single in the fourth.
Fowler’s first career hit occurred after Davis and Chapman homered in a span of seven pitches off Gray (2-3).
Marcus Semien hit a bases-clearing double in the ninth off David Robertson and matched a career high with four RBIs.
Jed Lowrie had three hits, homered and added an RBI single for Oakland, which scored two runs or less in its previous five games, matching the longest such streak for the A’s in the last 39 years.
Matt Joyce added insurance with a solo homer as the A’s beat the Yankees for the fifth straight time.
Gleyber Torres and Aaron Judge homered for the Yankees, who dropped consecutive games for the first time since April 8-10. New York also lost for the third time in its last 20 games.
Gray allowed five runs and a season-high nine hits in five innings. It was the most hits he allowed since joining the Yankees.
Kendall Graveman (1-5) returned from the minors and ended a personal five-game losing streak. He allowed four runs (one earned) and three hits in six innings.
After Graveman was lifted, the seventh and eighth were a struggle before the A’s scored three times in the ninth.
Lou Trivino gave up a bases-loaded walk to Judge to make it a one-run game, but Yusmeiro Petit retired Didi Gregorius and Giancarlo Stanton with the bases loaded.
Petit also recorded the first two outs of the eighth before Blake Treinen recorded the final four outs and notched his sixth save in eight opportunities.
Oakland struck quickly against its former teammate by taking a 3-0 lead in the second inning.
Davis made it 1-0 when he hit a 3-1 fastball over the right-center field fence into the bleachers for his 10th homer of the season. Six pitches later, Chapman hit an 0-2 fastball to the loading dock beyond the left-center field fence.
After Oakland took a 5-1 lead, Judge made it a one-run game by hitting his 10th homer, but Lowrie provided the eventual game-winning run by hitting his ninth homer with two outs in the sixth.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-nyy-oak-recap/as-rough-up-former-teammate-gray-rout-yankees-idUSMTZEE5CLG06HL |
May 18 (Reuters) - Cliffside Capital Ltd:
* CLIFFSIDE CAPITAL LTD. REPORTS STRONG NET INCOME IN FIRST QUARTER OF 2018
* CLIFFSIDE CAPITAL LTD - REPORTED NET INCOME BEFORE TAXES OF $667,750 FOR THREE MONTHS ENDED MARCH 31, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cliffside-capital-net-income-befor/brief-cliffside-capital-net-income-before-taxes-of-667750-for-three-months-ended-march-31-2018-idUSASC0A2Z2 |
HOUSTON, May 9, 2018 /PRNewswire/ -- American Gilsonite Company (the "Company" or "AGC"), the world's principal commercial miner and processor of uintaite, the unique mineral marketed under its trademark name "Gilsonite," today announced that it will post financial and operating results for the quarter ended March 31, 2018 to the Company's Intralinks site on Friday, May 11, 2018.
The Company will host a conference call for holders of its Subordinated Notes and holders of the Company's common stock on Monday, May 14, 2018 at 11:30am ET. David G. Gallagher, President and Chief Executive Officer, and Steven A. Granda, Vice President and Chief Financial Officer, will discuss the Company's financial results and answer questions from the investment community.
A rebroadcast of this conference call will also be available through June 4, 2018. The dial-in information for both the conference call and the rebroadcast will be posted to the Company's Intralinks website. Participants for the conference call are requested to dial in five to ten minutes prior to the scheduled start time.
Holders of the Company's Subordinated Notes and holders of the Company's common stock who have executed the Stockholders Agreement can request access to the Company's Intralinks site by contacting Peter Hill by email at [email protected] or by phone at 212-521-4800.
About American Gilsonite Company ( www.americangilsonite.com )
AGC operates as an industrial minerals company and is the world's primary miner and processor of uintaite, a variety of asphaltite, a specialty hydrocarbon which AGC markets to industrial customers under its registered trademark name "Gilsonite®". Gilsonite is a glossy, black, solid naturally occurring hydrocarbon similar in appearance to hard asphalt and is believed to be found in commercial quantities only in the Uinta Basin in northeastern Utah. Because of its unique chemical and physical properties, Gilsonite has been used in more than 160 products. The Company sells its products to customers in four primary markets: (i) oil and gas, (ii) inks and paints, (iii) foundry and (iv) asphalt. AGC is headquartered in Houston, Texas.
Contact
Peter Hill
Kekst and Company
212-521-4800
[email protected]
View original content: http://www.prnewswire.com/news-releases/american-gilsonite-to-announce-1st-quarter-2018-financial-results-300645549.html
SOURCE American Gilsonite Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-american-gilsonite-to-announce-1st-quarter-2018-financial-results.html |
May 10 (Reuters) - Tocagen Inc:
* TOCAGEN REPORTS FIRST QUARTER 2018 FINANCIAL AND BUSINESS RESULTS
* Q1 LOSS PER SHARE $0.65 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tocagen-reports-q1-loss-per-share/brief-tocagen-reports-q1-loss-per-share-0-65-idUSASC0A1KS |
May 15, 2018 / 12:15 AM / Updated 2 hours ago U.S. Navy expects 'uncertainty' in Gulf after Iran deal withdrawal Reuters Staff 2 Min Read
ABOARD A MILITARY AIRCRAFT (Reuters) - The United States Navy is closely watching Iranian behaviour in the Gulf and expects a “period of uncertainty” and increased level of alertness after President Donald Trump’s decision to withdraw from an international nuclear deal with Iran, the U.S. Navy chief said on Monday. U.S. President Donald Trump holds up a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement after signing it in the Diplomatic Room at the White House in Washington, U.S. May 8, 2018. REUTERS/Jonathan Ernst
Trump said last week that the United States was withdrawing from a 2015 deal negotiated by the Obama administration.
The withdrawal has upset Washington’s European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East.
“It is a period of uncertainty that we are entering into right, how the whole world will respond to this latest development,” Chief of U.S. Naval Operations Admiral John Richardson told a small group of reporters.
“(We have to) remain alert, I mean even a little bit more alert than usual to just be open to any kind of response or new development or something like that,” Richardson added. Iranian women gather during a protest against U.S. President Donald Trump's decision to walk out of a 2015 nuclear deal, in Tehran, Iran, May 11, 2018. REUTERS/Tasnim News Agency
He was speaking after visiting the aircraft carrier George H.W. Bush off the coast of Virginia where U.S. and French troops are carrying out joint training.
Richardson said the U.S. Navy had not seen provocative Iranian behaviour in the Gulf since Trump’s announcement, but was watching closely.
In recent years, there have been periodic confrontations between the Islamic Revolutionary Guard Corps (IRGC), a branch of Iran’s armed forces, and U.S. military in the Gulf - a major trade route for oil - but there have been no major incidents since last year.
Last August, U.S. officials said an Iranian drone came within 100 feet (30 meters) of a U.S. Navy warplane as it prepared to land on an aircraft carrier in the Gulf.
Iran, which sees the Gulf as its backyard and believes it has a legitimate interest in expanding its influence there, has long argued that the region should organise its own security collectively, without outside powers. Reporting by Idrees Ali; Editing by Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-iran-military/u-s-navy-expects-uncertainty-in-gulf-after-iran-deal-withdrawal-idUKKCN1IG012 |
May 4 (Reuters) - Kangxin New Materials Co Ltd:
* SAYS IT PLANS TO BUY 100 PERCENT STAKE IN WOOD PRODUCT FIRM FOR UP TO 1.08 BILLION YUAN ($169.90 million), 70 PERCENT STAKE IN LIAN CHENG CHAO BAMBOO INDUSTRY CO FOR ABOUT 70 MILLION YUAN BY CASH Source text in Chinese: bit.ly/2rk0iq7 Further company coverage: ($1 = 6.3565 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kangxin-new-materials-to-buy-stake/brief-kangxin-new-materials-to-buy-stakes-in-wood-product-and-bamboo-firms-idUSH9N1S9007 |
May 11, 2018 / 10:55 AM / Updated 7 minutes ago Bulgaria investigates case of 'Nazi' boys at soccer cup final Reuters Staff 3 Min Read
SOFIA (Reuters) - Bulgarian authorities said they were investigating photographs that appear to show a child making a Nazi salute and another with a swastika on his chest at the country’s soccer cup final.
The images of the shirtless young boys standing on the athletics track at the national stadium on Wednesday, in front of the crowd of supporters of the Levski Sofia team, caused a public outcry after being posted online.
One has his arm raised in what looks like a Nazi salute, and the other a swastika scrawled on his bare chest. Both have slogans on their torsoes such as “Levski hooligan” and “ACAB” (All Cops Are Bastards). They appear to be well under 10 years old.
“We see Nazi greetings, which are a worrying fact for us,” said Stefka Ilieva, an inspector at the State Agency for Child Protection.
She said the agency wanted to establish the boys’ identities, adding that if they had been unaccompanied at the evening match their parents could be fined up to 500 levs ($300).
Children under 14 have to be accompanied at events that take place later than 8 p.m., according to the Child Protection Act.
The Organization of the Jews in Bulgaria strongly condemned the incident.
“It is unacceptable that young children should be encouraged to exhibit such behavior,” it said. FINES FOR RACISM
In 2012, Levski were fined 30,000 euros ($36,000) by European soccer governing body UEFA for racist behavior by fans during a Europa League match.
The Bulgarian Football Union (BFU) fined the club 37,500 levs after supporters displayed a banner showing a swastika and another marking Adolf Hitler’s birthday during a game in 2013.
It was fined again in 2014 after fans displayed banners reading “Death to refugees” and “Blood will be shed for our land”.
Some 40 Levski fans were detained after a policewoman was injured by a small explosion during a match last month. [L8N1RV6LP]
The BFU has been accused of being too lenient in handing Levski merely symbolic fines for repeated racist behavior.
Neither Levski nor the BFU were immediately available for comment on Friday on the images of the boys at the cup final.
Levski were beaten by city rivals Slavia on penalties. Reporting by Angel Krasimirov; editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-bulgaria/bulgaria-investigates-case-of-nazi-boys-at-soccer-cup-final-idUSKBN1IC15O |
BEIJING, May 15, 2018 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and in other countries, today announced changes to its Board of Directors of the Company (the "Board").
The Board welcomes the appointments of Mr. Samuel Shen and Dr. Hao Gao as independent directors. Mr. Shen will be on the Compensation Committee and Investment Committee. Dr. Gao will serve as a member of the Nominating and Corporate Governance Committee and Audit Committee. Dr. Huai Chen and Mr. Steve Sun will resign as directors of the Board.
Mr. Samuel Shen is president of JD Cloud, the cloud business unit under JD.com, China's largest online retailer. Reporting directly to Richard Liu, JD.com CEO and chairman, Mr. Shen leads the efforts of JD Cloud to extend its offerings of tailored service solutions to a wide range of vertical industries. Mr. Shen previously held various senior positions at Microsoft, including chairman of the Microsoft Asia-Pacific Technology Company, COO of the Microsoft Asia-Pacific R&D Group, and general manager of Microsoft Cloud and Enterprise China. Before Microsoft, he worked at IDT in California. Mr. Shen holds a Master's Degree in Computer Science from the University of California, Santa Barbara.
Dr. Hao Gao is the director of the Global Family Business Research Center and the director of Strategic Partnership and Development Office at Tsinghua University PBC School of Finance, as well as the chief editor of the Family Business Series and Family Wealth Series published by the People's Publishing House/Oriental Press. He is also an independent director of Modern Media Holdings Limited (HKEX: 00072). Dr. Gao obtained a Bachelor's Degree in Automation Engineering from Tsinghua University, a Bachelor's Degree in Economics from Peking University, and a Ph.D. Degree in Management Science and Engineering from Tsinghua University. He has completed the Corporate Boards Program, the Audit Committees Program, and the Compensation Committees Program at Harvard Business School, as well as the Mergers and Acquisitions Program and the People, Culture, and Performance Program at the Graduate School of Business of Stanford University.
Mr. Yong Zhang, Xinyuan's Chairman, commented, "On behalf of the board, I would like to thank Dr. Chen and Mr. Sun for their services to Xinyuan. Their expertise and counsel have contributed to our success, and we wish both of them the best in their future endeavors. Meanwhile, I would like to welcome Mr. Shen and Dr. Gao as our new board members. We believe Mr. Shen's intimate knowledge of the practical applications of today's leading technologies will provide us with valuable insight and guidance in our pursuit of our strategic, long-term growth goals. Dr. Gao's extensive knowledge and experience in finance and management will add to our strategic building and corporate governance initiatives."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real estate developer and property manager primarily in China and in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, Suzhou, among others. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com .
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements". These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements includes statements about estimated financial performance and sales performance and activity, among others, and can generally be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter successfully into new geographic markets and new business lines and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2017. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9314
Email: [email protected]
ICR, LLC
Mr. William Zima
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: [email protected]
Media:
Mr. Edmond Lococo
In China: +86 (10) 6583-7510
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-changes-to-board-of-directors-300648436.html
SOURCE Xinyuan Real Estate Co., Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-xinyuan-real-estate-co-ltd-announces-changes-to-board-of-directors.html |
* Futures up: Dow 0.22 pct, S&P 0.18 pct, Nasdaq 0.38 pct
By Medha Singh
May 22 (Reuters) - U.S. stock index futures rose on Tuesday on signs of further progress in trade talks between the United States and China as the world’s two largest economies pull back from the brink of a full-blown trade war.
Washington neared a deal to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp, sources said on Tuesday, and Beijing said it will steeply cut import tariffs for automobiles and car parts.
Shares of Ford, General Motors, Tesla, as well as the U.S.-listed shares of Ferrari and Fiat , were up between 0.8 percent and 2.4 percent in premarket trading.
The stock market has generally been volatile this year on a combination of factors including the fear of higher inflation spurring faster U.S. interest rate hikes and worries over a global trade war.
While investors may be relieved over the easing trade tensions, many U.S. government and industry officials view President Donald Trump is backing off from his tough stance against what they see as China’s unfair trade and market access practices.
At 7:26 a.m. ET, Dow e-minis were up 55 points, or 0.22 percent. S&P 500 e-minis were up 5 points, or 0.18 percent and Nasdaq 100 e-minis were up 26.5 points, or 0.38 percent.
Micron, which raised its quarterly forecast and led the chipmakers higher on Monday, jumped 5.3 percent after announcing a $10 billion share buyback.
Facebook edged up 0.3 percent ahead of Chief Executive Mark Zuckerberg’s defense of the company’s data practices to European lawmakers in Brussels. The testimony starts at 12:15 p.m. ET and comes three days before tough new European Union rules on data protection take effect.
The possibility of a ZTE reprieve boosted shares of optical component makers. Acacia Communications, which got 30 percent of its 2017 revenue from ZTE, rose 4.6 percent, while Oclaro gained 1.4 percent. (Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-futures-rise-as-u-s-china-trade-talks-advance-idUSL3N1ST3WD |
iPhones to go OLED in 2019 6:52pm BST - 01:26
Apple will reportedly use organic light-emitting diode screens in all three new iPhones next year. But as Fred Katayama reports, analysts question whether Apple can secure enough OLED screens by 2019.
Apple will reportedly use organic light-emitting diode screens in all three new iPhones next year. But as Fred Katayama reports, analysts question whether Apple can secure enough OLED screens by 2019. //reut.rs/2L4ssN3 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/iphones-to-go-oled-in-2019?videoId=431473959 |
NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- Big Time Holdings, Inc. (OTC Pink:BTHI) (“BTHI” or the “Company”) is pleased to announce that it has appointed 2 new members to its board of directors, effective immediately. reconstituting the board.
As reported in Form 8K with the SEC on May 24, 2018:
On May 18, 2018, Mr. Thomas DeNunzio resigned as our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer, such resignation of which is to be effective ten days after the filing and mailing of an Information Statement required by Rule 14f-1 under the Securities Exchange Act of 1934, as amended. The resignation was not the result of any disagreement with us on any matter relating to our operations, policies or practices.
On May 18, 2018, Mr. Brian Kistler was appointed as our new Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer and to hold such office ten days after the filing and mailing of an Information Statement required by Rule 14f-1 under the Securities Exchange Act of 1934, as amended.
On May 18, 2018, Mr. Mandla J. Gwadiso was appointed as our Chairman of the Board of Directors and to hold such office ten days after the filing and mailing of an Information Statement required by Rule 14f-1 under the Securities Exchange Act of 1934, as amended.
Mr. Brian Kistler, Age 62- Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer.
Mr. Kistler has extensive work history in the financial services industry. He began working at the securities firm Edward Jones in 1987 and over five (5) years increased his assets under management to $45 million dollars. Mr. Kistler then joined Linsco/Private Ledger in 1992, an independent broker/dealer firm, where he worked as an independent contractor. In 1994 Hilliard Lyons recruited him to develop the northeast area of Indiana. During his time at Hilliard/Lyons, Mr. Kistler had assets under management of nearly $100 million dollars. In 1999 Mr. Kistler was hired by Raymond James & Associates to manage their recently acquired Fort Wayne, Indiana office. Subsequently, he became the manager of nine (9) Raymond James offices in Indiana. Mr. Kistler’s responsibilities included managing fifty-three employees with client assets under management more than one billion dollars. During his time as manager, the revenues and assets under management grew substantially as a direct result of Mr. Kistler’s ability to recruit, retain and train high quality financial advisors. Mr. Kistler retired from his position with Raymond James in December 2005 to focus on the development of public companies.
Since 2008, Mr. Kistler acts as the President of New Opportunity Business Solutions, Inc. (NOBS), a business consulting company in which Mr. Kistler serves in a consultancy status and as officer/director of public companies when needed.
Mr. Mandla J. Gwadiso, Age 40- Chief Executive Officer, Chairman of the Board of Directors.
Mandla J. Gwadiso, known as MJ is the Founder of Big Time Holdings, Inc. and he is presently Founder, Chairman & CEO of Brookly Throne Inc., he also serves as Chairman of Palewater Advisory Group Inc. He is the Founder as well as former Managing Partner & CEO of Milost Global Inc., a private equity firm that he founded in 2015. MJ is also the Founder of Palewater Global Management Inc., and Williamsville Sears Management, Inc. among others. MJ originally founded Milost Advisors Inc., an investment banking firm that was based in NYC that is now defunct which led to the formation of Milost Global Inc. in 2015. From February 2009 through February 2013, MJ was an independent consultant to Sichuan Hanlong Group Co., Ltd located in Chengdu, Sichuan, China where he was lead advisor and reported directly to the founder and CEO.
From March 2013 to November 2015, MJ was President & CEO of Sigur Capital Inc, a New York based investment banking firm. MJ was responsible for leading the development and execution of the company’s long-term strategy with a view to creating shareholder value. MJ’s responsibilities included acting as a direct liaison between the board and management of the company. MJ is also the founder of Palewater Global Management Inc., a New York based conglomerate with a diverse portfolio of activities founded in 2017. MJ is an investment banker, entrepreneur, investor, financial engineer and philanthropist with years of experience in deal origination, deal structuring, deal execution with both equity and debt capital markets, predominantly in M&As. MJ has led over 35 investments over the years, including cross-border transactions and IPOs in the US, Germany, Australia, Africa and Hong Kong.
ABOUT BIG TIME HOLDINGS, INC.
Big Time Holdings, Inc. is an American multinational conglomerate with great focus in Aviation, Real Estate, Oil & Gas, Banking, Energy, Mining, Technology, Agriculture, Cannabis, Manufacturing, Dairy Farming, Poultry Farming, Hospitality, Media, Entertainment, Steel, Financial Services, Biotech, Life Sciences, Pharmaceuticals and Construction. Big Time parents a group of decentralized companies with a diverse and yet integrated global operations. Big Time owns cash generating businesses through complex structures that help to manage all operations in a manner that improves efficiency and profitability.
Big Time actively looks for and has a select portfolio of good quality businesses which it sources based on a number of elements that help to reduce risk, improve profitability, and enhance shareholder value while empowering the communities in which its businesses continue to operate. www.bigtimehi.us
Forward-Looking Information:
Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information: Tel:+1-212-709-8206 Fax:+1-212-943-2300 [email protected]
Source:Big Time Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-big-time-holdings-inc-announces-the-appointment-of-new-management.html |
May 2, 2018 / 10:08 AM / Updated an hour ago BRIEF-SiteOne Landscape Supply Reports Q1 Loss Per Share Of $0.43 Reuters Staff
May 2 (Reuters) - SiteOne Landscape Supply Inc:
* SITEONE LANDSCAPE SUPPLY ANNOUNCES FIRST QUARTER 2018 EARNINGS * QTRLY LOSS PER SHARE $0.43
* FOR FISCAL 2018, CONTINUE TO EXPECT ADJUSTED EBITDA TO BE IN THE RANGE OF $180 MILLION TO $192 MILLION
* SITEONE LANDSCAPE SUPPLY - PARTIALLY OFFSETTING QTRLY SALES GROWTH WAS UNFAVORABLE WEATHER PATTERNS IN MARCH WHICH NEGATIVELY IMPACTED SOME PRODUCT SALES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-siteone-landscape-supply-reports-q/brief-siteone-landscape-supply-reports-q1-loss-per-share-of-0-43-idUSASC09YVT |
May 31, 2018 / 6:13 AM / Updated 13 hours ago Uber, Waymo in talks about self-driving partnership: Uber CEO David Ingram 2 Min Read
RANCHO PALOS VERDES, Calif. (Reuters) - Uber Technologies Inc [UBER.UL] is talking with Alphabet Inc’s autonomous driving unit Waymo about using its technology on Uber’s ride-hailing app, Uber Chief Executive Dara Khosrowshahi said on Wednesday, signaling a possible thaw in relations between the firms. FILE PHOTO: The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme/File Photo
Khosrowshahi said on stage at the Code Conference that Uber’s relationship with Waymo was “getting better” since Uber in February agreed to pay Waymo $245 million in shares to settle a legal dispute over trade secrets.
“We’re having discussions with Waymo. If something happens, great. If not, we can live with that, too,” Khosrowshahi said. FILE PHOTO: The Waymo logo is displayed during the company's unveiling of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid/File Picture
Waymo is an “incredible technology provider” and having it on Uber’s network would be a good thing, he added. FILE PHOTO: Uber's CEO Dara Khosrowshahi speaks at the Viva Tech start-up and technology summit in Paris, France, May 24, 2018. REUTERS/Charles Platiau
Waymo declined to comment. It has, though, proceeded with plans to operate without Uber’s help, developing a fleet of cars that it said has self-driven 6 million miles on public roads.
In a lawsuit filed last year, Waymo said that one of its former engineers who became chief of Uber’s self-driving car project took with him thousands of confidential documents. The lawsuit cost Uber both time and money in its self-driving car development.
Khosrowshahi said he believes the technology behind autonomous driving will be shared, and that any company such as Waymo that wants to lead the sector will need to partner with Uber because of Uber’s network of smartphone users.
Waymo plans to roll out an app-based service this year offering rides to passengers in a fully self-driving Waymo car with no driver. It also has a partnership with Lyft Inc, a rival of Uber.
Uber plans to restart its own self-driving car operation in the coming months, Khosrowshahi said. The company shut down testing in Arizona this month after a fatal crash involving one of its vehicles.
“We will get back on the road over the summer,” he said, adding that the fatal episode eventually “is going to make us a better company”. Reporting by David IngramEditing by Christopher Cushing | ashraq/financial-news-articles | https://www.reuters.com/article/us-tech-codeconference/uber-waymo-in-talks-about-self-driving-partnership-uber-ceo-idUSKCN1IW0HI |
(All amounts are expressed in U.S. dollars unless otherwise stated)
TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Slate Retail REIT (TSX:SRT.U) (TSX:SRT.UN) (the "REIT"), an owner of U.S. grocery-anchored real estate, today announced its financial results for the three months ended March 31, 2018. Senior management will host a conference call at 9:00 a.m. ET on Wednesday, May 2, 2018 to discuss the results and ongoing business initiatives of the REIT. The dial-in details can be found below.
“We have continued to make significant progress on leasing and the execution of our asset management plans that we believe will result in healthy net operating income growth for the REIT,” commented Greg Stevenson, Chief Executive Officer of the REIT. "Due to the timing of leasing and some of the REIT’s initiatives, we expect this growth to be weighted toward the second half of the year."
For the CEO's letter to unitholders for the quarter, please follow the link here .
First Quarter 2018 Highlights
Completed 294,408 square feet of leasing in the quarter, comprised of 227,627 square feet of lease renewals at a 4.2% weighted average spread above expiring rent and 66,781 square feet of new leasing which is $2.64 or 22.2% above the weighted average in-place rent for comparable space. The REIT repurchased for cancellation 0.3 million class U units under the REIT's normal course issuer bid for a total cost of $2.5 million at an average price of $9.49 per unit, resulting in $0.2 million of annual distribution savings. Subsequent to quarter end, including under the REIT’s automatic securities repurchase plan, 0.2 million additional class U units were repurchased for cancellation for a total cost of $2.0 million at an average price of $9.68 per unit. During 2018, Slate Asset Management L.P. has purchased an additional 0.2 million class U units of the REIT, increasing its current ownership in the REIT to 7.3% from 6.7% at December 31, 2017. Insiders now collectively own over 14% of the REIT. The REIT's net asset value per unit, calculated using IFRS amounts, decreased by 5.0% to $12.55 during the quarter. This decline is primarily related to fair value adjustments at a limited number of properties in response to market conditions. Overall, the REIT believes that the operating fundamentals of the REIT continue to improve. Occupancy remained stable at 93.7%, with a significant portion of the REIT's leasing activity expected to impact future periods. Rental revenue was $36.5 million, which is an increase of $9.3 million over the same period in the prior year. The increase is primarily due to rental rate growth from re-leasing at rates above in-place rents and new leasing in addition to net acquisitions. In the last 12 months, the REIT has acquired 15 properties and 1 property outparcel and disposed of 7 outparcels at certain properties. Funds from operations ("FFO") per unit increased by $0.01 to $0.33 per unit or $15.2 million when compared to the same period in the prior year. Adjusted funds from operations ("AFFO") was $11.0 million or $0.24 per unit, lower by $0.05 per unit compared to the same period in the prior year. AFFO was impacted by a $2.2 million increase in capital and leasing expenditures made to primarily support new leasing in addition to increased interest of $3.1 million. The REIT's AFFO payout ratio for the first quarter of 2018 was 88.7%. On a trailing twelve month basis the AFFO payout ratio was 85.4%.
The REIT increased net income by $18.1 million to $26.7 million compared to the same quarter in the prior year primarily due to the aforementioned increases in rental revenue and an increase in the fair value of REIT units and exchangeable units of subsidiaries of $34.6 million, partially offset by a decrease in the change in fair value of properties of $6.6 million and increased distributions of $1.4 million.
Summary of the First Quarter 2018 Results
Three months ended March 31, (in thousands of U.S. dollars except, per unit amounts) 2018
2017 Change % Rental revenue $ 36,544 $ 27,233 34.2 % NOI $ 24,724 $ 19,411 27.4 % Net income
$ 26,703 $ 8,652 208.6 % Leasing - shop space 184,509 100,926 82.8 % Leasing - anchor / junior anchor 109,899 175,384 (37.3 )% Total leasing activity (square feet) 294,408 276,310 6.5 % Weighted average number of units outstanding ("WA units") 46,479 39,847 16.6 % FFO (1) $ 15,227 $ 12,859 18.4 % FFO per WA units (1) $ 0.33 $ 0.32 3.1 % FFO payout ratio (1) 64.0 % 64.6 % (0.9 )% AFFO (1) $ 10,987 $ 11,587 (5.2 )% AFFO per WA units (1) $ 0.24 $ 0.29 (17.2 )% AFFO payout ratio (1) 88.7 % 71.7 % 23.7 % (in thousands of U.S. dollars) 2018
2017 Change % Same-property NOI (3 month period) $ 16,555 $ 16,761 (1.2 )% Same-property NOI (12 month period) 58,511 58,688 (0.3 )% As at March 31, (in thousands of U.S. dollars except, per unit amounts) 2018
2017 Change % Total assets $ 1,478,396 $ 1,158,102 27.7 % Total debt $ 872,263 $ 597,787 45.9 % Net asset value per unit $ 12.55 $ 13.21 (5.0 )% Portfolio occupancy 93.7 % 93.2 % 0.5 % Debt / GBV ratio 59.0 % 51.6 % 14.3 % Interest coverage ratio (1) 2.67x
3.72x (19.3 )% (1) Refer to “Non-IFRS Measures” section below. Amendment to the Declaration of Trust and Subdivision of Class A and I Units of the REIT
On May 1, 2018, unitholders approved a special resolution authorizing and approving an amendment and restatement of the declaration of trust of the REIT (the “Third A&R DOT”) for the purpose of making the features of the class A units, class I units and class U units consistent among all three classes, among other things. Also on May 1, 2018, the board of trustees of the REIT approved the subdivision of each of the: (i) class A units issued and outstanding on May 3, 2018 (the “Record Date”) on the basis of a subdivision ratio of one pre-subdivision class A unit for 1.0078 post-subdivision class A units; and (ii) class I units issued and outstanding on the Record Date on the basis of a subdivision ratio of one pre-subdivision class I unit for 1.0554 class I units (the "Subdivision"). The Third A&R DOT and the Subdivision will be undertaken contemporaneously and the impact of such actions will not change the relative economics of the different classes of units of the REIT. As a consequence of the Subdivision, the proportionate entitlement of the class A units and class I units with respect to distributions from the REIT will be adjusted to 1.0 and all class A units, class I units and class U units will have equal rights with respect to distributions from the REIT, redemptions of units and on the termination of the REIT. Upon completion of the Subdivision, each class A unit and each class I unit will remain convertible into a class U unit but the conversation ratio will be on a one-for-one-basis. Management of the REIT anticipates that the Subdivision and the Third A&R DOT will result in the class A units, class I units and class U units being treated as equity of the REIT under IFRS as opposed to their current presentation as a liability, which management of the REIT believes is appropriate. The Subdivision is expected to be completed at 8:00 a.m. (Toronto time) on May 11, 2018.
Conference Call and Webcast
Senior management will host a live conference call at 9:00 a.m. ET on Wednesday, May 2, 2018 to discuss the results and ongoing business initiatives.
The conference call can be accessed by dialing (647) 427-2311 or 1 (866) 521-4909. Additionally, the conference call will be available via simultaneous audio found at www.snwebcastcenter.com/webcast/slate/2018/0502 . A replay will be accessible until May 16, 2018 via the REIT’s website or by dialing (416) 621-4642 or 1 (800) 585-8367 (access code 4573507) approximately two hours after the live event.
About Slate Retail REIT (TSX: SRT.U / SRT.UN)
Slate Retail REIT is a real estate investment trust focused on U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $1.5 billion of assets located across the top 50 U.S. metro markets that are visited regularly by consumers for their everyday needs. The REIT’s conservative payout ratio, together with its diversified portfolio and quality tenant covenants, provides a strong basis to continue to grow unitholder distributions and the flexibility to capitalize on opportunities that drive value appreciation. Visit slateretailreit.com to learn more about the REIT.
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $5.5 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Supplemental Information
All interested parties can access Slate Retail’s Supplemental Information online at slateretailreit.com in the Investors section. These materials are also available on SEDAR or upon request to the REIT at [email protected] or (416) 644-4264.
Forward Looking Statements
Certain statements herein may be forward-looking statements applicable securities laws. These statements reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities of the REIT including expectations for the current financial year, and include, but are not limited to, statements with respect to management’s beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Statements that contain words such as “could”, “should”, “would”, “anticipate”, “expect”, “believe”, “plan”, “intend”, “will”, “may”, “might” and similar expressions or statements relating to matters that are not historical facts constitute forward-looking statements.
These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on the REIT’s current estimates and assumptions, which are subject to significant risks and uncertainties. Forward-looking statements contained herein are made as the date hereof and accordingly are subject to change after such date. The REIT does not undertake to update any forward-looking statements that are contained herein except as expressly required by applicable securities laws.
Non-IFRS Measures
This news release and accompanying financial statements are based on International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”).
The REIT discloses a number of financial measures in this news release that are not measures used under IFRS, including NOI, same-property NOI, FFO, FFO payout ratio, AFFO, AFFO payout ratio, adjusted EBITDA and the interest coverage ratio, in addition to certain measures on a per unit basis.
NOI is defined as rental revenue less operating expenses, prior to straight-line rent and IFRIC 21, Levies ("IFRIC 21") adjustments. Same-property NOI includes those properties owned by the REIT for each of the current period and the relevant comparative period excluding those properties under development. FFO is defined as net income adjusted for certain items including transaction costs, change in fair value of properties, deferred income taxes, unit expense and IFRIC 21 property tax adjustments. AFFO is defined as FFO adjusted for straight-line rental revenue and sustaining capital, leasing costs and tenant improvements. FFO payout ratio and AFFO payout ratio are defined as distributions declared divided by FFO and AFFO, respectively. FFO per WA unit and AFFO per WA unit are defined as FFO and AFFO divided by the weighted average class U equivalent units outstanding, respectively. Adjusted EBITDA is defined as earnings before interest, income taxes, distributions, fair value gains (losses) from both financial instruments and properties, while also excluding certain items not related to operations such as transaction costs from dispositions, acquisitions, debt termination costs, or other events. Interest coverage ratio is defined as adjusted EBITDA divided by cash interest paid.
The REIT utilizes these measures for a variety of reasons, including measuring performance, managing the business, capital allocation and the assessment of risk. Descriptions of why these non-IFRS measures are useful to investors and how management uses each measure are included in Management’s Discussion and Analysis. Management believes that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors in assessing the overall performance of our businesses in a manner similar to management. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS. Management cautions readers that these non-IFRS financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presented by others.
For Further Information
Investor Relations
Slate Retail REIT
Tel: +1 416 644 4264
E-mail: [email protected]
Calculation and Reconciliation of Non-IFRS Measures
The table below summarizes a calculation of non-IFRS measures based on IFRS financial information.
Three months ended March 31, (in thousands of U.S. dollars except, per unit amounts) 2018 2017 Rental revenue $ 36,544 $ 27,233 Straight-line rent revenue (1,135 ) (401 ) Property operating expenses (24,519 ) (16,907 ) IFRIC 21 property tax adjustment 13,834 9,486 NOI (1) $ 24,724 $ 19,411 Cash flow from operations $ 15,792 $ 13,728 Changes in non-cash working capital items (2,266 ) (1,602 ) Disposition and acquisition costs 722 354 Finance charge and mark-to-market adjustments (371 ) (208 ) Interest, net and TIF note adjustments 215 186 Capital (734 ) (526 ) Leasing costs (618 ) (101 ) Tenant improvements (1,753 ) (244 ) AFFO (1) $ 10,987 $ 11,587 Net income $ 26,703 $ 8,652 Disposition and acquisition costs 722 354 Change in fair value of properties 6,557 (14,638 ) Deferred income tax (recovery) expense (1,879 ) 6,552 Unit (income) expense (30,710 ) 2,453 IFRIC 21 property tax adjustment 13,834 9,486 FFO (1) $ 15,227 $ 12,859 Straight-line rental revenue (1,135 ) (401 ) Capital (734 ) (526 ) Leasing costs (618 ) (101 ) Tenant improvements (1,753 ) (244 ) AFFO (1) $ 10,987 $ 11,587 NOI (1) $ 24,724 $ 19,411 Other expenses (2,476 ) (2,019 ) Cash interest, net (7,785 ) (4,726 ) Finance charge and mark-to-market adjustments (371 ) (208 ) Capital (734 ) (526 ) Leasing costs (618 ) (101 ) Tenant improvements (1,753 ) (244 ) AFFO (1) $ 10,987 $ 11,587 Three months ended March 31, (in thousands of U.S. dollars except, per unit amounts) 2018 2017 NOI (1) $ 24,724 $ 19,411 Other expenses (2,476 ) (2,019 ) Adjusted EBITDA (1) $ 22,248 $ 17,392 Cash interest paid (8,342 ) (4,678 ) Interest coverage ratio (1) 2.67x
3.72x WA units 46,479 39,847 FFO per WA unit (1) $ 0.33 $ 0.32 FFO payout ratio (1) 64 % 64.6 % AFFO per WA unit (1) $ 0.24 $ 0.29 AFFO payout ratio (1) 88.7 % 71.7 % (1) Refer to “Non-IFRS Measures” section above.
Source: Slate Retail REIT | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-slate-retail-reit-reports-first-quarter-2018-results.html |
May 15 (Reuters) - Afterpay Touch Group Ltd:
* U.S. MARKET LAUNCH COMMENCES; U.S. LAUNCH PARTNERS INCLUDE URBAN OUTFITTERS, INC Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-afterpay-touch-group-says-us-marke/brief-afterpay-touch-group-says-u-s-market-launch-commences-idUSFWN1SL1BF |
VANCOUVER, British Columbia, May 04, 2018 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX:NCU) ("Nevada Copper" or “Company”) is pleased to announce the results from its 2018 Annual and Special Meeting (the “Meeting”), held on Friday, May 4 th in Vancouver, B.C. Shareholders holding a total of 350,494,527 common shares of the Company attended the meeting in person or were represented by proxy, representing 78.74% of the total 445,150,682 common shares of the Company outstanding as of the record date. Shareholders voted in favour of all items of business before the Meeting.
Matthew Gili, President and CEO, of Nevada Copper, commented, “ We are very pleased to have such a strong and experienced board of directors now in place as the company pushes towards initial production in 2019. Nevada Copper owns North America’s only fully-permitted, shovel-ready copper project of scale and, with supportive market fundamentals, including very few sources of new copper production, this is the right team to take this project forward and the right timing.”
1. Election of Directors
The following persons were elected as Directors of the Company until the next annual shareholder meeting of the Company, with the voting results shown below:
Director Votes For % For Votes Against % Against Tom Albanese 346,682,111 99.98 72,701 0.02 Michael Brown 346,652,276 99.97 102,836 0.03 Justin Cochrane 346,682,098 99.98 72,714 0.02 Raffaele (Lucio) Genovese 346,676,498 99.98 78,614 0.02 Stephen Gill 346,636,776 99.97 118,336 0.03 Evgenij Iorich 346,631,503 99.96 123,609 0.04 Abraham (Braam) Jonker 346,648,016 99.97 107,096 0.03 G. Ernest (Ernie) Nutter 346,682,098 99.98 72,714 0.02 2. Appointment of Auditor
PricewaterhouseCoopers LLP was appointed as the Company's auditor and the directors were authorized to fix the auditor's remuneration.
3. Determination of the Number of Directors
The number of directors was determined at eight.
4. Amendment to the Company’s Deferred Share Unit Plan
An ordinary resolution to approve the amendments to the Company’s Deferred Share Unit Plan passed. The ordinary resolution was approved by the shareholders of the Company with the following results:
Votes For Votes Against Total Shares Voted Shares Voted 346,596,574 158,538 346,755,112 % 99.95 0.05 77.89 The newly-appointed directors are:
Tom Albanese, Director
Currently a director of Franco Nevada Previously CEO of Rio Tinto plc and Vedanta Resources Limited Previously served on the boards of Ivanhoe Mines Limited, Palabora Mining Company and Turquoise Hill Resources Limited
Ernie Nutter, Director
Previously 13 years as Mining Analyst at Capital Group Prior to which spent 13 years with Royal Bank of Canada, as MD of RBC Capital Markets and Chairman of RBC Dominion Securities Strategic Planning Committee
Justin Cochrane, Director
President and COO of Cobalt27 Over 16 years of royalty and stream financing, M&A and corporate finance Former Executive VP and Head of Corporate Development for Sandstorm Gold Ltd
Nevada Copper wishes to thank Mr. Bonifacio, who did not stand for re-election at the Meeting, for his invaluable contributions to the Company since its inception in 2006. We wish Mr. Bonifacio all the best in his future endeavours.
NEVADA COPPER CORP.
Matthew Gili, President & CEO
For further information call :
Rich Matthews
VP, Marketing and Investor Relations
Phone: 604-683-8266
Email: [email protected]
Source: Nevada Copper Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-nevada-copper-agm-results-new-directors-join-board.html |
SOCHI, Russia, May 18 (Reuters) - Russian Prime Minister Dmitry Medvedev on Friday proposed Dmitry Kobylkin, the current governor of the gas producing Yamalo-Nenets region, as the new natural resources minister.
Medvedev named him as he read a list of new government ministers to President Vladimir Putin, seeking his approval for the new cabinet. (Reporting by Denis Pinchuk; writing by Polina Devitt; editing by Christian Lowe)
| ashraq/financial-news-articles | https://www.reuters.com/article/russia-government-putin-kobylkin/russias-pm-proposes-new-natural-resources-minister-idUSR4N1SN00D |
South Korea is a 'cheap market' going by valuations: Daniel Yoo of Kiwoom Securities says the dips in South Korea's stock market is a buying opportunity. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/south-korea-is-a-cheap-market-going-by-valuations-strategist.html |
May 23 (Reuters) - Canadian Imperial Bank of Commerce :
* CIBC RETAIL HEAD SAYS MORTGAGE SLOWDOWN IN LAST FEW MONTHS LIKELY DUE TO NEW MORTGAGE REGULATIONS
* CIBC RETAIL HEAD SAYS EXPECTS MORTGAGE LOAN GROWTH TO MODERATE IN SECOND HALF OF YEAR TO “LOW SINGLE DIGITS”
* CIBC RETAIL HEAD SAYS EXPECTS MORTGAGE ORIGINATION DECLINE OF AROUND 50 PERCENT IN SECOND HALF Further company coverage: (Reporting by Matt Scuffham)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cibc-expects-slowdown-in-new-mortg/brief-cibc-expects-slowdown-in-new-mortgages-in-second-half-idUSL2N1SU0I1 |
European markets open mixed amid rising oil prices 8 Hours Ago European markets open mixed on Monday, despite a solid session seen out of Asia and crude markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/european-markets-open-mixed-amid-rising-oil-prices.html |
May 6, 2018 / 11:10 AM / Updated 2 hours ago Support for German SPD drops to half that of Merkel's bloc - poll Reuters Staff 2 Min Read
BERLIN (Reuters) - Support for Germany’s Social Democrats (SPD), the country’s oldest party, has slumped to half that of Chancellor Angela Merkel’s conservatives just two weeks after the left-leaning party elected a new leader, a poll showed on Sunday. Andrea Nahles, leader of Social Democratic Party (SPD), addresses the lower house of parliament Bundestag in Berlin, Germany, April 26, 2018. REUTERS/Axel Schmidt
The SPD suffered its worst showing in last September’s national election since Germany became a republic in 1949, and only reluctantly agreed to go into coalition with Merkel again in March after a divisive internal debate.
Two weeks ago, the SPD elected Andrea Nahles as their first female leader, hoping she could reinvigorate the party.
Nahles has her work cut out.
The survey by pollster Emnid for the Bild am Sonntag weekly showed support for the SPD dropping one percentage point to 17 percent.
Support for Merkel’s conservative bloc - her Christian Democratic Union (CDU) and their Bavarian allies, the Christian Social Union (CSU) - rose by two points to 34 percent.
Third strongest, unchanged on 14 points, was the far-right Alternative for Germany (AfD), which surged into parliament for the first time at last year’s election as voters vented their anger at Merkel’s handling of the 2015 refugee crisis.
The Emnid poll put support for the environmentalist Greens at 12 points, unchanged, and for the far-left Left party at 10 points, down one. The business-friendly Free Democrats (FDP) also shed one point, falling to 8 points, the poll showed.
Emnid surveyed 1,507 voters between April 26 and May 2. Writing by Paul Carrel; Editing by Janet Lawrence | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-politics/support-for-german-spd-drops-to-half-that-of-merkels-bloc-poll-idUKKBN1I70AG |
May 10, 2018 / 3:50 AM / in an hour Shelvey can impress for England at World Cup, says Benitez Reuters Staff 2 Min Read
(Reuters) - Newcastle United midfielder Jonjo Shelvey has been impressive for the Premier League club this season and manager Rafa Benitez has backed the 26-year-old to continue his good form if he is included in England’s squad for the World Cup. Soccer Football - Premier League - Newcastle United v West Bromwich Albion - St James' Park, Newcastle, Britain - April 28, 2018 Newcastle United's Jonjo Shelvey REUTERS/Scott Heppell
Shelvey, who last played for England in 2015, continued his strong domestic form in Newcastle’s 1-0 league loss to Tottenham Hotspur on Wednesday.
The midfielder’s commanding performances have helped Newcastle flourish during Benitez’s reign with the Magpies set for a 10th-placed league finish this season.
“I think so. I think he’s a different kind of midfielder. So I am sure that when you talk about the squad, different players can give you different options in different games,” Benitez told reporters when asked if Shelvey would be a good prospect for England.
“If we have time on the ball for him, he can make the difference, but he needs players around him moving and doing the right things too, and they were doing that.”
Newcastle will be eager to end their four-game losing streak in the league when they host Chelsea in the final match of their campaign on Sunday.
England manager Gareth Southgate has to name his 23-man World Cup squad by June 4, ahead of their opening match in Russia against Tunisia on June 18. Reporting by Aditi Prakash in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-new-benitez/shelvey-can-impress-for-england-at-world-cup-says-benitez-idUKKBN1IB0DB |
May 16, 2018 / 8:41 PM / Updated 8 minutes ago Report: NBA won't discipline Cavs' Smith for Game 2 shove Reuters Staff 2 Min Read
Cleveland Cavaliers guard JR Smith will not face discipline from the NBA for his hard foul on Boston Celtics forward Al Horford in Game 2 of the Eastern Conference finals, according to a report from ESPN. Al Horford (42) attempts a free throw against the Cleveland Cavaliers after a technical on guard JR Smith (5) during the fourth quarter of Greg M. Cooper-USA TODAY Sports
Smith shoved an airborne Horford on a drive to the basket late in the fourth quarter. Smith was assessed a flagrant-1 following a review by the officials.
“It was a good call,” Smith said postgame.
Meanwhile, Marcus after the incident and
The Celtics lead the series 2-0. Game 3 is Saturday night in Cleveland.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-cle-bos-smith-horford/report-nba-wont-discipline-cavs-smith-for-game-2-shove-idUSKCN1IH2XU |
LONDON (Thomson Reuters Foundation) - Yemen’s rainy season will likely trigger another wave of cholera, putting millions at risk in the war-torn country, which is still reeling from one of the world’s worst outbreaks of the killer disease, scientists warned on Thursday.
Experts also called for a public health campaign during Ramadan, which begins mid-May, after research suggested that traditions linked to the holy month may have helped spread the disease last year.
More than 1 million suspected cases of cholera have been reported in Yemen since 2016, killing more than 2,000 people.
“We expect to see a surge of cases during the rainy season,” said Anton Camacho, lead author of a study on the epidemic published in The Lancet Global Health journal.
“If something is going to happen it will happen now so everyone should be aware and respond quickly. The risk is high,” he told the Thomson Reuters Foundation.
The rainy season runs from mid-April to the end of August.
The daily number of cholera cases increased 100-fold in the first four weeks of last year’s rainy season, leading to the disease spreading across the whole country, the study said.
The authors suggested contamination of water sources during the rainy season and changing levels of zooplankton and iron in water, which help cholera bacteria survive, may have contributed to the explosion of cases.
They predicted more than half Yemen’s districts - home to nearly 14 million - were at risk this year.
Cholera, which is spread by consuming contaminated food or water, is a diarrheal disease that can kill within hours.
Yemen’s epidemic has been exacerbated by years of conflict which has damaged health services and water supplies, uprooted more than 2 million people and driven the country to the brink of famine.
The research, which mapped the outbreak and analyzed rainfall patterns, has helped health officials and the World Health Organization to identify where to distribute cholera vaccinations.
The scientists said their data also showed a rise in cases after Ramadan, when people often gather for large shared evening meals and also eat more frequently from street vendors.
“We do not want people to think Ramadan brings cholera - that’s not the case,” said Camacho. “But small behavioral changes in a situation where you have a lot of cholera ... can have a huge effect.”
Yemen, one of the Arab world’s poorest countries, is embroiled in a proxy war between the Houthi armed movement, aligned with Iran, and a U.S.-backed military coalition headed by Saudi Arabia.
The United Nations says 22 million of Yemen’s 25 million population need humanitarian assistance.
Reporting by Emma Batha Editing by Claire Cozens Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women's rights, trafficking, corruption and climate change. Visit news.trust.org to see more stories.
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-cholera/yemen-risks-new-cholera-outbreak-as-rainy-season-begins-idUSKBN1I42T6 |
TORONTO, FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) announced today the appointment of Joan E. Sproul to its Board of Directors. Ms. Sproul’s appointment expands the Board to eight directors, six of whom are independent directors. Ms. Sproul will also serve as a member of the Audit Committee.
Ms. Sproul was most recently the Executive Vice President, Finance (CFO) & Chief Administrative Officer of the Sinai Health System in Toronto, Canada, which is comprised of Mount Sinai Hospital, Bridgepoint Active Healthcare, Lunenfeld-Tanenbaum Research Institute and Circle of Care. In addition to serving more than 20 years in various finance-related roles at Mount Sinai Hospital and its affiliated healthcare organizations, Ms. Sproul previously held a number of senior financial positions in the hospitality industry. Ms. Sproul holds a Chartered Professional Accountant (CPA) designation and a Bachelor of Commerce degree from the University of Toronto.
“We are extremely pleased to have Joan join the FirstService Board,” said Jay Hennick, Chairman of the Board of Directors of FirstService. “Joan’s tenure and expertise in accounting and finance-related areas will provide a valuable addition to both our Board and Audit Committee. We look forward to her contributions in driving continued success at our Company.”
About FirstService Corporation
FirstService Corporation is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential - North America’s largest manager of residential communities; and FirstService Brands - one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.
FirstService generates US$1.7 billion in annual revenues and has more than 19,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol “FSV.” More information is available at www.firstservice.com .
COMPANY CONTACTS:
D. Scott Patterson
CEO
(416) 960-9500
Jeremy Rakusin
CFO
(416) 960-9500
Source: FirstService Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-firstservice-appoints-joan-e-sproul-to-its-board-of-directors.html |
MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT) (“USAT”), a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today announced that on May 22, 2018, it priced its underwritten public offering consisting of 5,432,583 shares of its common stock to be sold by USAT and 553,187 shares of its common stock to be sold by certain selling shareholders, at a public offering price of $11.00 per share. The gross proceeds to USAT from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately $59.76 million. In addition, USAT has granted the underwriters a 30-day option to purchase up to an additional 897,866 shares of common stock from USAT on the same terms and conditions as the initial shares sold to the underwriters. The offering is expected to close on May 25, 2018, subject to customary closing conditions.
William Blair & Company, L.L.C. is acting as the sole book-running manager, and Craig-Hallum Capital Group LLC, Northland Securities, Inc., and Barrington Research Associates, Inc. are acting as co-managers for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 22, 2018. The offering of these securities will be made only by means of a prospectus, copies of which, when available, may be obtained from William Blair & Company, L.L.C., 150 North Riverside Plaza, Chicago, Illinois 60606, Attention: Prospectus Department, or by calling (800) 621-0687, or by email at [email protected] ; from Craig-Hallum Capital Group LLC, 222 South 9th Street, Suite 350, Minneapolis, Minnesota 55402, Attention: Anthony Humphrey, or by calling (612) 334-6300, or by email at [email protected] ; from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, Minnesota 55402, Attention: Heidi Fletcher, or by calling (612) 851-4918, or by email at [email protected] ; or from Barrington Research Associates, Inc., 161 North Clark Street, Suite 2950, Chicago, Illinois 60601, Attention: Craig Christensen, or by calling (312) 634-6356, or by email at [email protected] . Northland Capital Markets is the trade name for certain capital markets and investment banking services of Northland Securities, Inc., member FINRA/SIPC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About USA Technologies
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile® for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers. Through its recent acquisition of Cantaloupe Systems, Inc. (“Cantaloupe”), the company also offers logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management solutions. Cantaloupe is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee services.
Forward-Looking Statements
USAT cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding the timing, size, and nature of the public offering. The inclusion of forward-looking statements should not be regarded as a representation by USAT that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to conditions affecting the capital markets, general economic, industry, or political conditions, the satisfaction of customary closing conditions related to the proposed public offering, and other risks described in USAT’s prior press releases and in USAT’s filings with the Securities and Exchange Commission, including under the heading “Risk Factors” in the registration statement. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and USAT undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
F-USAT
News provided by Acquire Media
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005434/en/
The Blueshirt Group
Investors:
Monica Gould, 212-871-3927
[email protected]
or
Lindsay Savarese, 212-331-8417
[email protected]
Source: USA Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-usa-technologies-inc-announces-pricing-of-public-offering.html |
New 'Putin's bridge' links Russia with Crimea 10:16am BST - 01:13
Russian President Vladimir Putin, driving a truck, unveiled the auto section of a new road-and-rail bridge linking Russia to the annexed Crimean peninsula on Tuesday, defying Ukraine which said the move showed cynical disregard for international law. ▲ Hide Transcript ▶ View Transcript
Russian President Vladimir Putin, driving a truck, unveiled the auto section of a new road-and-rail bridge linking Russia to the annexed Crimean peninsula on Tuesday, defying Ukraine which said the move showed cynical disregard for international law. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/16/new-putins-bridge-links-russia-with-crim?videoId=427172725&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/new-putins-bridge-links-russia-with-crim?videoId=427172725 |
Getty Images Mark Zuckerberg, chief executive officer and founder of Facebook
A hedge fund that's spoken out against iPhone addiction sold all its holdings of Facebook stock in the first quarter, while taking a new stake in Apple .
Jana Partners sold 474,000 shares of Facebook, according to a required quarterly filing with the U.S. Securities and Exchange Commission on Tuesday. The data reflect changes made at some point in the first quarter.
It is not known whether Jana sold out before Facebook dropped more than 20 percent after revealing a consumer data scandal affected 87 million accounts . As of the end of December, Jana's Facebook stake was worth $84 million. show chapters 11:16 AM ET Thu, 10 May 2018 | 02:06
The hedge fund did not immediately respond to a CNBC request for comment.
In January, Jana Partners and the California State Teachers' Retirement System (CalSTRS) sent an open letter to Apple asking the tech giant to create software that would allow parents more control of what their children can access through an iPhone.
"It is also no secret that social media sites and applications for which the iPhone and iPad are a primary gateway are usually designed to be as addictive and time-consuming as possible, as many of their original creators have publicly acknowledged," the letter said.
Apple said in a statement at the time that since 2008, iPhone software has let parents decide which apps, movies, games and other content children can access.
Jana bought 271,000 shares of Apple in the first quarter, the filing showed. The stake was worth $45.5 million as of the end of March.
CalSTRS held 9.1 million shares of Apple, or 0.18 percent of shares outstanding, as of the end of the fourth quarter, according to FactSet. First-quarter data was not available as of Tuesday morning. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/hedge-fund-focused-on-fighting-tech-addiction-sells-stake-in-facebook.html |
May 18, 2018 / 11:26 AM / Updated 20 hours ago Meghan Markle to follow in thousand years of UK royal history at wedding Michael Holden 4 Min Read
WINDSOR, England (Reuters) - When Meghan Markle walks down the aisle at St George’s Chapel in Windsor to marry Prince Harry, she will be following in the footsteps trod by England’s royals for nearly a thousand years.
The American actress and Queen Elizabeth’s grandson marry on Saturday at the chapel at Windsor Castle, the oldest and largest inhabited fortress in the world.
Dripping with historical connections to the royals, the chapel at the castle contains the remains of 10 British monarchs, including the queen’s father George VI along with those of her mother and sister Princess Margaret.
Harry himself was baptized there in December 1984 while his father, heir-to-the-throne Prince Charles, had a blessing after his marriage to second wife Camilla in 2005.
“It is in a sense the chapel where the (royal) family go on very special family occasions, sometimes happy ones, sometimes sad ones,” royal historian Hugo Vickers said.
“As she (Markle) walks down from the altar, she will walk over the tomb of Henry VIII and Charles I and (Henry VIII’s third wife) Jane Seymour.”
The chapel was commissioned by Edward IV in 1475 and completed 53 later in the reign of Henry VIII. Throughout the building, its royal links are clear from vaults and tombs of long-dead monarchs to the 6ft 8inch long sword King Edward III was believed to have wielded in battle.
It is also the spiritual home of the Order of the Garter, the oldest chivalric order still in existence which dates back to 1348 and the reign of Edward III whose select group of members have included the likes of Britain’s World War Two leader Winston Churchill.
To this day, the banners and helmets of the knights of the order hang over the quire’s wooden stalls where each knight ever appointed has a small brass plaque.
“It’s a very beautiful place, it’s one of the finest examples of perpendicular architecture you will ever see,” Vickers said. “It’s very glorious with the banners of the knights of the garter which are very colorful in the quire all around them.” FILE PHOTO: St George's Chapel and the Round Tower of Windsor Castle, the location for the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle, are seen at sunrise in Windsor, Britain, May 16, 2018. REUTERS/Toby Melville/File Photo
The castle itself, on a huge site occupying the equivalent of 268 tennis courts, dominates Windsor and is just a short distance from the exclusive Eton College where Prince Harry and his elder brother William went to school.
It has been a royal residence since 1066 when William the Conqueror, the Norman king who invaded England and from whom all subsequent monarchs trace their lineage, built a castle. Forty monarchs since then have called it home.
In latter years, it has been a residence rather than a fortress, but remains close to the hearts of royals. Elizabeth’s great grandmother Queen Victoria, who ruled for 64 years, proposed to her husband Albert at the castle and they spent their honeymoon there.
The current 92-year-old queen and her husband still spend most of her weekends there.
Inside its thick walls, where the couple will hold their wedding reception, are grand state rooms where portraits of past monarchs and famous British war leaders adorn the walls along with large displays of weaponry and armor.
Part of the castle was badly damaged by fire on Nov. 20, 1992, the queen’s wedding anniversary.
It was part of a “annus horribilis” (horrible year) for the 92-year-old monarch, which saw the breakdown of three of her four children’s marriages and growing disapproval of what detractors called a royal soap opera.
But, similar to the reputation of the royals, which sank its lowest level in the aftermath of death of Harry’s mother Princess Diana in 1997, the castle has been restored to much of its former glory. FILE PHOTO: Statues are seen on the roof of St George's Chapel at Windsor Castle, the location for the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle, at sunrise in Windsor, Britain, May 16, 2018. REUTERS/Toby Melville/File Photo
The reception will take place in the castle’s huge and impressive St George’s Hall, one of the rooms that was badly damaged by the fire and which traditionally plays host to state banquets. Reporting by Michael Holden; Editing by Guy Faulconbridge and Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-royals-windsor/meghan-markle-to-follow-in-thousand-years-of-uk-royal-history-at-wedding-idUKKCN1IJ1EE |
PASADENA, Calif., April 30, 2018 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced financial and operating results for the first quarter ended March 31, 2018.
Key highlights
Increased common stock dividend
Common stock dividend for 1Q18 of $0.90 per common share, up 7 cents, or 8%, over 1Q17; continuation of our strategy to share growth in cash flows from operating activities with our stockholders while also retaining a significant portion for reinvestment.
Improvement in credit rating outlook
In February 2018, S&P Global Ratings raised its credit outlook for our corporate credit rating to BBB/Positive from BBB/Stable. The positive outlook reflects S&P's belief that "there is further ratings upside over the next couple of years stemming from the company's high quality operating portfolio and projects under development, combined with a prudent financial policy."
Strong internal growth
Total revenues of $320.1 million, up 18.2%, for 1Q18, compared to $270.9 million for 1Q17; Same property net operating income growth: 4.0% and 14.6% (cash basis) for 1Q18, compared to 1Q17; Continued solid leasing activity and strong rental rate growth, in light of modest contractual lease expirations at the beginning of 2018 and a highly leased value-creation pipeline:
1Q18
Total leasing activity – RSF
1,481,164
Lease renewals and re-leasing of space:
Rental rate increases
16.3%
Rental rate increases (cash basis)
19.0%
RSF (included in total leasing activity above)
234,548
Key leases executed during 1Q18 (included in total leasing activity above): Property
Submarket
RSF
Tenant
1655 and 1725 Third Street
Mission Bay/SoMa
593,765
Uber Technologies, Inc.
Summers Ridge Science Park
Sorrento Mesa
192,070
Quidel Corporation
399 Binney Street
Cambridge
123,403
Three life science entities
279 East Grand Avenue
South San Francisco
104,013
Verily Life Sciences, LLC
681 Gateway Boulevard
South San Francisco
60,963
Twist Bioscience Corp.
Strong external growth; disciplined allocation of capital to visible, multiyear, highly leased value-creation pipeline
Development and redevelopment projects placed into service in 1Q18: 91,155 RSF at our development project at 100 Binney Street in our Cambridge submarket, 100% leased to four high-quality biotechnology entities; and 27,315 RSF at our redevelopment project at 266 and 275 Second Avenue in our Route 128 submarket, leased to Visterra, Inc. Significant contractual near-term growth in annual cash rents of $76 million, of which $60 million will commence through 4Q18 ($35 million in 2Q18, $13 million in 3Q18, and $12 million in 4Q18). This is related to initial free rent granted on development and redevelopment projects recently placed into service (and no longer included in our value-creation pipeline) that are currently generating rental revenue. 1Q18 commencements of development and redevelopment projects aggregating 651,951 RSF, including: 593,765 RSF at 1655 and 1725 Third Street in our Mission Bay/SoMa submarket; and 58,186 RSF at 704 Quince Orchard Road in our Gaithersburg submarket. 81% leased on 2.3 million RSF of development and redevelopment projects undergoing construction (excludes RSF in service).
Completed strategic acquisitions
Acquisitions completed or under contract:
In 1Q18, we acquired 11 properties in four transactions for an aggregate purchase price of $320.5 million with current and future value-creation development and redevelopment opportunities.
Operating results
On January 1, 2018, we adopted a new accounting standard which requires us, on a prospective basis, to generally present our equity investments at fair value with changes in fair value reflected in earnings. In 1Q18, we recognized $72.2 million of unrealized gains from changes in fair value of our equity investments.
1Q18
1Q17
Change
Net income attributable to
Alexandria's common stockholders – diluted:
In millions
$
132.4
$
25.7
N/A
Per share
$
1.32
$
0.29
N/A
Funds from operations attributable to
Alexandria's common stockholders – diluted, as adjusted:
In millions
$
162.5
$
130.6
24.4%
Per share
$
1.62
$
1.48
9.5%
See "Items Included in Net Income Attributable to Alexandria's Common Stockholders" on the next page of this Earnings Press Release for additional information.
Items included in net income attributable to Alexandria's common stockholders:
(In millions, except per share amounts)
Amount
Per Share – Diluted
1Q18
1Q17
1Q18
1Q17
Realized gain on non-real estate investment (1)
$
8.3
$
—
$
0.08
$
—
Unrealized gains on non-real estate investments (2)
72.2
—
0.70
—
Loss on early extinguishment of debt
—
(0.7)
—
(0.01)
Preferred stock redemption charge
—
(11.3)
—
(0.12)
Total
$
80.5
$
(12.0)
$
0.78
$
(0.13)
Weighted-average shares of common stock outstanding for
calculation of earnings per share – diluted
100.1
88.2
(1) Relates to one publicly traded non-real estate investment in a life science entity. Excluding this gain, our realized investment gains were $5.1 million for 1Q18.
(2) See "Investments" on page 43 of our Supplemental Information for additional information.
Per share amounts above are shown net of the per share amounts allocable to unvested restricted stock awards.
Core operating metrics for 1Q18
High-quality revenue and cash flows and operational excellence
Percentage of annual rental revenue in effect from: Investment-grade or large cap tenants: 57% Class A properties in AAA locations: 79% Occupancy of operating properties in North America: 96.6% Operating margin: 71% Adjusted EBITDA margin: 69% Weighted-average remaining lease term: Total tenants: 8.7 years Top 20 tenants: 13.2 years See "Strong internal growth" in the key highlights section on the previous page for information on our total revenues, same property net operating income growth, leasing activity, and rental rate growth.
Balance sheet management
Key metrics
$17.9 billion of total market capitalization as of 1Q18 $2.3 billion of liquidity as of 1Q18
1Q18
Annualized
Trailing 12
Months
4Q18
Goal
Net debt to Adjusted EBITDA
5.4x
6.1x
Less than 5.5x
Fixed-charge coverage ratio
4.6x
4.3x
Greater than 4.0x
Unhedged variable-rate debt as a percentage of
total debt
15%
N/A
5%
Current and future value-creation pipeline as a
percentage of gross investments in real estate
in North America
9%
N/A
8% to 12%
Key capital events
In January 2018, we entered into forward equity sales agreements to sell an aggregate 6.9 million shares of our common stock (including the exercise of underwriters' option) at a public offering price of $123.50 per share, before underwriting discounts. In March 2018, we settled 843,600 shares from our forward equity sales agreements and received proceeds of $100.2 million, net of underwriting discounts and adjustments provided in the forward equity sales agreements. We expect to receive proceeds of $713.7 million upon settlement of the remaining outstanding forward equity sales agreements, to be further adjusted as provided in the sales agreements, which will fund current and near-term value-creation projects and acquisitions in 2018.
Corporate responsibility and industry leadership
50% of annual rental revenue expected from LEED ® certified projects upon completion of nine in-process projects. Two of our properties recently received LEED certifications, demonstrating our commitment to sustainability: In March 2018, 505 Brannan Street in our Mission Bay/SoMa submarket received LEED Platinum certification; and In April 2018, 100 Binney Street in our Cambridge submarket received LEED Gold certification. In January 2018, we were awarded a 2017 Governor's Environmental and Economic Leadership Award, California's highest environmental honor recognizing entities that have demonstrated exceptional leadership and made notable contributions to conserving precious natural resources while promoting economic growth. In January 2018, Alexandria Venture Investments launched the Alexandria Seed Capital Platform, an innovative seed-stage life science funding model and extension of Alexandria LaunchLabs ® , which provides seed-stage financing to transformative life science companies. Alexandria Seed Capital Platform drives the growth of seed- and early-stage companies in New York City and across the country. In February 2018, Joel S. Marcus, Executive Chairman and Founder, was appointed to the Navy SEAL Foundation board of directors. In February 2018, Menlo Gateway in our Greater Stanford submarket was awarded "Development of the Year" by NAIOP San Francisco at its "Best of the Bay" awards event. In March 2018, we announced elevations of key executive officers, effective in April 2018.
Subsequent events
During April 2018, we sold 782,967 shares of common stock under our at-the-market common stock offering program ("ATM program") for $122.20 per share and received net proceeds of $94.2 million. In April 2018, our real estate joint venture at Menlo Gateway in our Greater Stanford submarket closed a secured construction loan with commitments available for borrowing of $157.3 million, for the development of Phase II of the project. The loan matures on May 1, 2035, and bears interest at a fixed rate of 4.53%.
Sustainability
March 31, 2018
Acquisitions
March 31, 2018
(Dollars in thousands)
Property
Submarket/Market
Date of
Purchase
Number of
Properties
Anticipated
Use
Operating
Occupancy
Square Footage
Unlevered Yields
Purchase Price
Operating
Development/
Redevelopment
Future
Development
Initial
Stabilized
Initial
Stabilized
(Cash)
1Q18 Acquisitions
1655 and 1725 Third Street
(10% interest in unconsolidated JV)
Mission Bay/SoMa/
San Francisco
3/2/18
2
Office
N/A
—
593,765
—
7.8%
6.0%
$
31,950
Alexandria PARC
Greater Stanford/
San Francisco
1/25/18
4
Office/lab
100%
152,383
45,115
—
TBD
136,000
Summers Ridge Science Park
Sorrento Mesa/
San Diego
1/5/18
4
Office/lab
100%
316,531
—
50,000
8.2%
6.3%
148,650
704 Quince Orchard Road
(56.8% interest in unconsolidated JV)
Gaithersburg/
Maryland
3/16/18
1
Office/lab
100%
21,745
58,186
—
TBD
3,900
11
490,659
697,066
50,000
320,500
1455 and 1515 Third Street
(acquisition of remaining 49% interest) (1)
Mission Bay/SoMa/
San Francisco
N/A
N/A
Office
100%
N/A
—
—
N/A
N/A
18,900
339,400
2Q18 Acquisitions completed or under purchase agreements/letters of intent
100 Tech Drive
Route 128/
Greater Boston
4/13/18
1
Office/lab
100%
200,431
—
300,000
8.7%
7.3%
87,250
1455 and 1515 Third Street
(acquisition of remaining 49% interest) (1)
Mission Bay/SoMa/
San Francisco
N/A
N/A
Office
100%
N/A
—
—
N/A
N/A
18,900
Pending
Various
612,747
—
253,000
TBD
268,050
813,178
—
553,000
374,200
Total acquisitions
$
713,600
2018 Guidance range
$670,000 – $770,000
We expect to provide total estimated costs at completion and related yields of development and redevelopment projects in the future.
(1)
The first installment of $18.9 million related to our November 2016 acquisition of 1455 and 1515 Third Street was paid in 2Q17, and the second installment of $18.9 million was paid in January 2018. We expect to pay the third and final installment during 2Q18.
Guidance
March 31, 2018
(Dollars in millions, except per share amounts)
The following updated guidance is based on our current view of existing market conditions and assumptions for the year ending December 31, 2018. Updates to guidance include: a) two cent increases to the midpoints, and reduction of the ranges from 20 cents to 10 cents for EPS - diluted, FFO per share - diluted, and FFO per share - diluted, as adjusted, and b) updating the EPS and FFO per share - diluted guidance ranges to include an investment gain of $8.3 million related to one non-real estate investment in a life science entity and unrealized gains of $72.2 million related to non-real estate investments in 1Q18. There can be no assurance that actual amounts will be materially higher or lower than these expectations. See our discussion of "forward-looking statements" on page 6 of this Earnings Press Release.
Earnings per Share and Funds From Operations per Share Attributable to Alexandria's
Common Stockholders – Diluted
Earnings per share
$2.88 to $2.98
Depreciation and amortization
4.45
Allocation to unvested restricted stock awards
(0.05)
Funds from operations per share
$7.28 to $7.38
Realized gain on non-real estate investment in 1Q18
(0.08)
(1)
Unrealized gains on non-real estate investments in 1Q18
(0.70)
(2)
Allocation to unvested restricted stock awards
0.02
Funds from operations per share, as adjusted
$6.52 to $6.62
Key Assumptions
Low
High
Occupancy percentage in North America as of December 31, 2018
96.9%
97.5%
Lease renewals and re-leasing of space:
Rental rate increases
13.0%
16.0%
Rental rate increases (cash basis)
7.5%
10.5%
Same property performance:
Net operating income increase
2.5%
4.5%
Net operating income increase (cash basis)
9.0%
11.0%
Straight-line rent revenue
$
92
$
102
(4)
General and administrative expenses
$
85
$
90
Capitalization of interest
$
55
$
65
Interest expense
$
155
$
165
Key Credit Metrics
2018 Guidance
Net debt to Adjusted EBITDA – 4Q18 annualized
Less than 5.5x
Net debt and preferred stock to Adjusted EBITDA – 4Q18 annualized
Less than 5.5x
Fixed-charge coverage ratio – 4Q18 annualized
Greater than 4.0x
Unhedged variable-rate debt as a percentage of total debt
5%
Value-creation pipeline as a percentage of gross real estate as of
December 31, 2018
8% to 12%
Key Sources and Uses of Capital
Range
Midpoint
Certain
Completed
Items
Sources of capital:
Net cash provided by operating activities after dividends
$
140
$
180
$
160
Incremental debt
470
430
450
Real estate dispositions, partial interest sales, and common equity
1,110
1,310
1,210
$
908
(3)
Total sources of capital
$
1,720
$
1,920
$
1,820
Uses of capital:
Construction
$
1,050
$
1,150
$
1,100
Acquisitions
670
770
720
(5)
Total uses of capital
$
1,720
$
1,920
$
1,820
Incremental debt (included above):
Issuance of unsecured senior notes payable
$
550
$
650
$
600
Repayments of secured notes payable
(10)
(15)
(13)
Repayment of unsecured senior bank term loan
(200)
(200)
(200)
$1.65 billion unsecured senior line of credit/other
130
(5)
63
Incremental debt
$
470
$
430
$
450
(1)
Represents an investment gain of $8.3 million related to one non-real estate investment in a life science entity recognized in 1Q18.
(2)
Per share amounts of unrealized gains on non-real estate investments in 1Q18 may be different for the full year ended December 31, 2018,
depending on the weighted-average shares outstanding for the year ended December 31, 2018. Excludes future changes in fair value
for equity investments pursuant to a new accounting standard effective January 1, 2018. See page 43 of our Supplemental Information for additional information.
(3)
We have completed transactions aggregating $908 million through April 2018. This includes completed and projected settlement of our forward equity sales agreements and completed sales under our ATM program, including 6.9 million shares of our common stock subject to forward equity sales agreements executed in January 2018. Additionally, in March 2018, we settled 843,600 shares from the forward equity sales agreements and received proceeds of $100.2 million, net of underwriting discounts and adjustments provided in the forward equity sales agreements. We expect to receive proceeds of $713.7 million upon settlement of the remaining outstanding forward equity sales agreements, to be further adjusted as provided in the sales agreements, in 2018. Also, includes 782,967 shares of common stock sold in April 2018 under our ATM program at $122.20 per share, with net proceeds of $94.2 million.
(4)
Approximately 50% of straight-line rent revenue represents initial free rent on recently delivered and expected 2018 deliveries of new Class A properties from our development and redevelopment pipeline.
(5)
See "Acquisitions" on page 4 of this Earnings Press Release.
Earnings Call Information and About the Company
March 31, 2018
We will host a conference call on Tuesday, May 1, 2018, at 3:00 p.m. Eastern Time ("ET")/noon Pacific Time ("PT"), which is open to the general public to discuss our financial and operating results for the first quarter ended March 31, 2018. To participate in this conference call, dial (877) 270-2148 or (412) 902-6510 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the Alexandria Real Estate Equities, Inc. call. The audio webcast can be accessed at www.are.com in the "For Investors" section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on Tuesday, May 1, 2018. The replay number is (877) 344-7529 or (412) 317-0088, and the confirmation code is 10117375.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2018, is available in the "For Investors" section of our website at www.are.com or by following this link: http://www.are.com/fs/2018q1.pdf .
For any questions, please contact Joel S. Marcus, executive chairman and founder; Stephen A. Richardson, co-chief executive officer; Peter M. Moglia, co-chief executive officer and chief investment officer; Dean A. Shigenaga, co-president and chief financial officer; or Sara M. Kabakoff, senior manager – corporate communications, at (626) 578-0777.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500 ® company, is an urban office real estate investment trust ("REIT") uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, with a total market capitalization of $17.9 billion and an asset base in North America of 30.2 million SF as of March 31, 2018. The asset base in North America includes 20.8 million RSF of operating properties and 3.5 million RSF of development and redevelopment of new Class A properties currently undergoing construction and pre-construction activities with target delivery dates ranging from 2018 through 2020. Additionally, the asset base in North America includes 5.9 million SF of intermediate-term and future development projects, including 3.6 million SF of intermediate-term development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle Park. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology campuses that provide its innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science and technology companies through its venture capital arm. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For additional information on Alexandria, please visit www.are.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-alexandria-real-estate-equities-inc-reports-first-quarter-ended-march-31-2018-financial-and-operating-results-strong-internal.html |
North Korea says it may reconsider Trump summit 2:36pm BST - 02:08
North Korea throws next month’s summit between Kim Jong Un and U.S. President Donald Trump into doubt by threatening to pull out of the meeting if Washington continues to push it for denuclearization.
North Korea throws next month’s summit between Kim Jong Un and U.S. President Donald Trump into doubt by threatening to pull out of the meeting if Washington continues to push it for denuclearization. //uk.reuters.com/video/2018/05/16/north-korea-says-it-may-reconsider-trump?videoId=427410192&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/north-korea-says-it-may-reconsider-trump?videoId=427410192 |
May 7, 2018 / 8:11 PM / in 6 minutes Nigeria's Buhari says he will travel to Britain to see doctor Reuters Staff 1 Min Read
LAGOS (Reuters) - Nigerian President Muhammadu Buhari said on Monday he was traveling to Britain to see his doctor. FILE PHOTO: Nigerian President Muhammadu Buhari addresses the 72nd United Nations General Assembly at U.N. headquarters in New York, U.S., September 19, 2017. REUTERS/Shannon Stapleton/File Photo
“I will be traveling to the United Kingdom tomorrow, to see my doctor, at his request. Will be away for four days; back in Abuja on Saturday, May 12,” he said on his official Twitter feed. Buhari, 75, spent much of 2017 in London receiving treatment for an undisclosed ailment. Reporting by Alexis Akwagyiram; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/us-nigeria-politics/nigerias-buhari-says-he-will-travel-to-britain-to-see-doctor-idUSKBN1I82B3 |
LOUISVILLE, Ky.--(BUSINESS WIRE)--
Papa John’s International, Inc. (NASDAQ: PZZA) today announced that the Board of Directors has declared a quarterly dividend of $0.225 per common share, payable May 25, 2018, to shareholders of record at the close of business on May 14, 2018. At this quarterly dividend rate, the annual dividend is equivalent to $0.90 per common share.
Forward-Looking Statements
Certain matters discussed in this press release which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Part I. Item 1A. - Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2017. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
For more information about the Company, please visit www.papajohns.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006335/en/
Papa John’s International, Inc.
Joe Smith, 502-261-4593
Chief Financial Officer
Source: Papa John’s International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-papa-johnas-announces-quarterly-dividend.html |
Michigan State University’s governing board signed off on the school’s landmark $500 million settlement in the Larry Nassar case earlier this week without knowing how the school would pay, board members said.
Interim President John Engler laid out the need to reach a settlement on a conference call Tuesday night with the Board on Regents, and the board agreed. “But we haven’t discussed how we’re going to do it,” said Joel Ferguson, a trustee.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/university-agreed-to-settle-nassar-abuse-claims-without-knowing-how-it-would-pay-1526595512 |
MIAMI, May 03, 2018 (GLOBE NEWSWIRE) -- Veru Inc. (NASDAQ:VERU), a urology and oncology biopharmaceutical company, today announced that on May 9, 2018, the company will report financial results for its fiscal 2018 second quarter that ended March 31, 2018, before the market opens. Veru management will host a conference call that same day at 8 a.m. ET to review the company’s performance and answer questions.
Event Details
Interested investors may access the call by dialing 877-317-6789 from the U.S. or 412-317-6789 from outside the U.S. and asking to be joined into the Veru Inc. call.
In addition, investors may access a replay of the conference call the same day beginning at approximately noon ET by dialing 877-344-7529 for US callers, or 412-317-0088 from outside the U.S., passcode 10119574. The replay will be available for one week, after which the recording will be available via the company’s website at https://verupharma.com/investors .
About Veru Inc.
Veru Inc. (Veru) is a urology and oncology biopharmaceutical company. The company is currently developing drug product candidates: Tamsulosin DRS, slow release granules, and Tamsulosin XR capsules for lower urinary tract symptoms of benign prostatic hyperplasia (BPH) (NDA planned 2018), Solifenacin DRG, slow release granules, for overactive bladder (urge incontinence, urgency and frequency of urination) (NDA planned 2019), Tadalafil/finasteride combination capsule for restricted urination because of an enlarged prostate (NDA planned 2019), VERU-944 (cis-clomiphene citrate) for hot flashes in men associated with prostate cancer hormone treatment (planned Phase 2 in 2018), and VERU-111 a novel oral anti-tubulin cancer therapy targeting alpha & beta tubulin for a variety of malignancies, including metastatic prostate, breast, endometrial and ovarian cancers (planned Phase 1/2 in 2018).
To help support these clinical development programs, the company markets and sells the PREBOOST ® medicated individual wipe, which is a male genital desensitizing drug product for the prevention of premature ejaculation which is being co-promoted with Timm Medical Technologies, Inc. and the FC2 Female Condom ® (now available by prescription in the US including through the virtual doctor smartphone app “HeyDoctor” at www.fc2.us.com ) in the United States and through The Female Health Company Division in the Global Public Health Sector. The Female Health Company Division markets to entities, including ministries of health, government health agencies, U.N. agencies, nonprofit organizations and commercial partners, that work to support and improve the lives, health and well-being of women around the world. More information about Veru and its products can be found at www.verupharma.com , www.PREBOOST.com , www.fc2.us.com and www.fc2femalecondom.com . For corporate and investor-related information about the Company, please visit https://verupharma.com/investors .
Contact: Kevin Gilbert
786-322-2213
Source:Veru Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-veru-to-report-fiscal-2018-second-quarter-financial-results-host-conference-call-on-may-9th.html |
May 14, 2018 / 1:20 PM / Updated an hour ago Harry is most popular UK royal, but world not bothered by wedding: poll Reuters Staff 2 Min Read
LONDON (Reuters) - Prince Harry, who weds his U.S. fiancee Meghan Markle on Saturday, is the most liked British royal across the world along with his grandmother Queen Elizabeth, a new poll has suggested.
The Ipsos MORI survey, which was carried out in 28 countries, found the British royals were generally viewed well, with on average 35 percent holding a favorable view compared with 11 percent with an unfavorable one.
However, about half were either neutral or did not know, and the indifference was reflected in the numbers interested in Harry’s wedding at Windsor Castle on Saturday. While about one in four of those questioned were fairly interested in news about the upcoming ceremony, 67 percent were not.
The royals were most popular in Romania, Saudi Arabia, India and the United States and viewed most negatively in Spain and Argentina.
The poll found Harry, 33, and the 92-year-old queen were the most liked of the Windsors, with the prince the favorite among Britons.
They were followed by the prince’s elder brother William and his wife Kate, who was the most liked in the United States, while Harry’s father, heir-to-the-throne Prince Charles, had the lowest favourability score.
The survey found 29 percent felt favorably about Markle, compared with 10 percent who did not, although more than 60 percent had no opinion or did not know.
“The royal family’s international reputation is bolstered by the popularity of both the queen and members of the younger generation, which gives it a solid foundation for the future, and reflects the growing profile they have around the world,” said Gideon Skinner from Ipsos MORI.
The pollster said it has questioned 20,793 people aged under 65 across 28 countries for the survey. Reporting by Michael Holden; Editing by Guy Faulconbridge and Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-popularity/harry-is-most-popular-uk-royal-but-world-not-bothered-by-wedding-poll-idINKCN1IF1P5 |
May 23, 2018 / 5:13 PM / a few seconds ago Russia's VTB bank ready to allow Rusal to postpone loan repayments: TASS Reuters Staff 1 Min Read
MOSCOW (Reuters) - The CEO of Russia’s VTB Bank ( VTBR.MM ), Andrey Kostin, said on Wednesday the bank was ready to give aluminium producer Rusal more time to make repayments on its loans, TASS news agency reported. FILE PHOTO: A police officer stands guard near a sign with the logo of the Russian lender VTB at the Moscow International Business Centre also known as "Moskva-City" in Moscow, Russia November 21, 2017. REUTERS/Maxim Shemetov
Russian metals tycoon Oleg Deripaska, who was sanctioned by the United States in response to Moscow’s alleged meddling in the 2016 U.S. presidential election and other activities, owns a 48 percent stake in Rusal.
Kostin has said VTB stopped lending to Deripaska. Reporting by Vladimir Soldatkin; Editing by Adrian Croft | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-vtb-rusal-loans/russias-vtb-bank-ready-to-allow-rusal-to-postpone-loan-repayments-tass-idUSKCN1IO2OZ |
May 23, 2018 / 7:05 PM / Updated 11 minutes ago Trump threatens to cut aid to countries that do not stop MS-13 gang migrants Steve Holland 3 Min Read
BETHPAGE, N.Y. (Reuters) - President Donald Trump warned on Wednesday he was working on a plan to reduce U.S. aid to countries he says are doing nothing to stop MS-13 gang members from crossing into the United States illegally. speaks during a roundtable on immigration and the gang MS-13 at the Morrelly Homeland Security Center in Bethpage, New York, U.S., May 23, 2018. REUTERS/Kevin Lamarque
“We’re looking at our whole aid structure. It’s going to be changed very radically,” Trump told a roundtable discussion about the threat posed by the violent gang.
MS-13, or the Mara Salvatrucha gang, was founded in Los Angeles in the 1980s in part to protect immigrants from El Salvador and has since grown into a sprawling cross-border criminal organization.
Trump has made the fight against the gang a major part of his drive to stem the flow of immigrants illegally entering the United States.
Last week, he called gang members “animals,” drawing scorn from Democrats. On Wednesday, he defended his description.
“I called them ‘animals’ the other day and I was met with rebuke,” Trump said. “They said: ‘They are people.’ They’re not people. These are animals,” he said.
Trump was joined at the event by Deputy Attorney General Rod Rosenstein, who has drawn criticism from the president for his handling of a federal investigation into Russian interference in the 2016 presidential campaign.
Rosenstein said MS-13 gang members were preying on unaccompanied children who cross into the United States illegally, most of whom must be released from custody. U.S. president Trump supporters hold placards against MS-13 as New York Police stand guard at the street during a forum about Central American-based Mara Salvatrucha (MS-13) gang organization at the Morrelly Homeland Security Center in Bethpage, New York, U.S., May 23, 2018. REUTERS/Eduardo Munoz
“Some develop gang ties,” Rosenstein said.
Trump praised his homeland security secretary, Kirstjen Nielsen, whom the president has criticized privately for not doing enough in his view to stop illegal immigrants.
“You’re doing a really great job,” Trump told her, adding that her job was “not easy.”
Trump did not give details on his plan to cut funding for countries from which MS-13 gang members originate, but said the penalties would be large. He also did not identify any countries by name.
“We’re going to work out something where every time someone comes in from a certain country, we are going to deduct a rather large sum of money,” he said.
Illegal border crossings fell to record lows with about 15,700 immigrants arrested along the U.S.-Mexico border in April of last year. Slideshow (9 Images)
But those numbers soon began creeping back up and in recent months have surpassed levels seen during the administration of President Barack Obama. Trump has voiced increasing frustration with the trend as border apprehensions reached more than 50,900 in April 2018.
But longer-term, crossings have fallen sharply. So far in 2018, 212,000 immigrants have been arrested on the southwest border, a fraction of the more than 1 million caught during the same period in 2000. Reporting by Steve Holland; Additional reporting by Reade Levinson; Editing by Peter Cooney | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump/trump-mulls-cutting-aid-to-countries-over-illegal-immigration-idINKCN1IO31P |
May 15, 2018 / 6:34 AM / Updated 30 minutes ago Land Securities' FY NAV dips on refinancing costs, names new chairwoman Reuters Staff 1 Min Read
May 15 (Reuters) - Land Securities, Britain’s largest listed property developer, posted a slight fall in full-year adjusted net asset value per share on Tuesday, hurt by the cost of refinancing bonds, and said it named Cressida Hogg as new chairwoman.
The developer reported a 1 percent fall in adjusted diluted net asset value - a measure of a developer’s buildings - to 1,403 pence for the year to March 31.
“The cost of refinancing 1.5 billion pounds ($2.03 billion)of bonds is behind both the loss for the year of 251 million pounds and the slight fall in adjusted diluted net asset value per share to 1,403p,” the company said.
Separately, the company said it appointed Cressida Hogg as its non-executive chairwoman, succeeding Dame Alison Carnwath, who will retire on July 12. ($1 = 0.7383 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/land-secs-group-results/land-securities-fy-nav-dips-on-refinancing-costs-names-new-chairwoman-idUSL3N1SM348 |
WARSAW (Reuters) - Poland will take decisive steps to end illegal waste dumping after a string of highly-polluting fires of waste dumps that were likely to have been started on purpose, the prime minister said on Tuesday.
Polish Prime Minister Mateusz Morawiecki arrives for an informal dinner ahead of a summit with leaders of the six Western Balkans countries in Sofia, Bulgaria, May 16, 2018. REUTERS/Stoyan Nenov/Pool More than 60 fires took place at dumps in Poland this year and officials said many were likely to have been deliberately started so as to destroy illegal waste brought into Poland from other countries.
They linked the influx of waste into Poland to a decision this year by China to ban imports of many waste products.
“This is something that very seriously contributes to environmental pollution. And I want to say clearly, enough is enough,” Prime Minister Mateusz Morawiecki told a news conference.
Public opinion was particularly shocked by a fire at an illegal waste dump near the central city of Zgierz that started last week and sent plumes of toxic smoke into the air, triggering pollution warnings. It took about 250 firemen working more than two days to put it down.
“I have to concur with the opinion that the large majority of these fires is not caused by any spontaneous ignition, but by ... illegal and reprehensible acts that we will fight against,” Morawiecki.
Interior minister Joachim Brudzinski told the same news conference: “The rise in these strange accidents (fires) is really accelerating and this is obviously related to China’s decision to close its market to waste imports, either municipal waste or waste for recycling from Europe.
“What follows is that there has been a recorded increase in illegal imports to Poland of materials that should not be in our country.”There were 63 waste dump fires this year in Poland, including 27 large ones, environment ministry data show, compared with 37 such fires last year.
Environment Minister Henryk Kowalczyk said Poland would change the law to fight illegal waste imports and dumping. Up to now, many firms have imported waste they said would be used for recycling, but no recycling has ever taken place, he said.
“We cannot allow Poland to become an illegal waste dump for Europe,” said Environment Minister Henryk Kowalczyk, also present at the conference.
Reporting by Marcin Goettig; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-poland-waste/poland-vows-to-fight-illegal-waste-dumps-after-toxic-fires-idUSKCN1IU1QZ |
Sen. Barrasso: NAFTA's working, but Trump can get a better deal 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/sen-barrasso-naftas-working-but-trump-can-get-a-better-deal.html |
The "side hustle" is often framed as a way for people to embrace a hobby beyond their 9-to-5 job or to ride their way to becoming a millionaire .
In reality, most people pick up multiple jobs because they can't make ends meet.
Nearly 70 percent of people who become "side hustlers" are doing so for financial reasons, according to a new report by automated investing platform Betterment. The study was based on surveys with 1,000 people aged 25 and older who work in the "gig economy," in which people make money on projects like digital apps and work on their own schedules.
"This is something being forced on people. " -Kate Bronfenbrenner, director of labor education research at Cornell University "A lot of people hit on the freedom or flexibility of it, but for most of the people I speak with it's a means of income for them," said Nick Holeman, a senior financial planner at Betterment.
show chapters The highest-paying side hustles on Fiverr 10:55 AM ET Tue, 1 May 2018 | 01:00 A shortage in retirement savings is what drives 1 in 3 people to work more than one job, the survey found. Nearly a quarter of people who pick up side hustles on top of their full-time job say they have less than $1,000 saved for their golden years.
And as people age, those additional jobs become all the more crucial.
More than 75 percent of people over age 55 in the gig economy are leaning on their side jobs to save for old age, the findings reveal.
Fanatic Studio | Getty Images Even with working more than one job, 70 percent of people who work full-time in the gig economy say they're unprepared to maintain their current lifestyle in their later decades. In fact, 20 percent say they'll need to still put in some amount of work in their "retirement."
Debt is another major reason people clock into multiple jobs.
Over 70 percent of side hustlers are working to pay off debt, and more than 15 percent of them are more than $50,000 in arrears, excluding mortgages, Betterment found.
More than 40 percent of people take on second or third jobs to pay off their credit card debt and more than a third do so to repay their education.
Other people report needing to look for more than one paycheck because of their bills.
Holeman said it was positive that people were "leveraging" side hustles to meet their financial goals.
"Maybe picking up a side hustle in your spare time is easier than reducing your lifestyle or expenses," he said.
Kate Bronfenbrenner, director of labor education research at Cornell University, was less sanguine.
"This is not a choice," she said. "This is something being forced on people."
More from Personal Finance:
These gig jobs could boost your bottom line in retirement
The gig economy is lacking in this one important respect
Here's what you lose if you join the gig economy | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-real-reason-so-many-people-are-working-side-hustles.html |
In “Streetwise: ‘Quarterly Capitalism’ Doesn’t Add Up” (Business & Finance, May 11), James Mackintosh argues that concerns over short-termism in the U.S. economy are unfounded. While last quarter’s increased capital expenditures, largely driven by investments from the technology sector broadly, and Amazon specifically, are encouraging, it’s important not to extrapolate current trends and the leadership of one organization across the entire economy.
There remain many indications that executives feel pressure to make short-term,... | ashraq/financial-news-articles | https://www.wsj.com/articles/dont-write-off-corporate-short-termism-1526839954 |
MILAN (Reuters) - European shares bounced back on Friday as a flurry of good company results rolled in, although the heavyweight banking sector was left behind following poor updates from HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ) and Societe Generale ( SOGN.PA ).
While the European banking index, recently penalized by softening economic data and cooling expectations about monetary policy tightening, fell 0.7 percent to lead sectoral losers, broad-based gains across sectors lifted the pan-European STOXX 600 index up 0.3 percent in mid-morning trading.
The recent fall in the euro following a rally that started in the second half of last year however has helped Europe outperform Wall Street in the last few weeks, putting the euro zone index .STOXXE on track for six straight weeks of gains.
“The euro has remained under pressure this week on declining expectations about the timeline of an expected tapering of the ECB’s bond buying program. Yesterday the latest EU inflation numbers saw an unexpected decline in inflation on both the headline rate as well as on core prices,” said Michael Hewson, analyst at CMC Markets, in a note.
On Friday solid updates lifted shares in German specialty chemicals firm Lanxess ( LXSG.DE ), British Airways owner IAG ( ICAG.L ) and Swiss drug ingredients maker Lonza ( LONN.S ) to the top of the STOXX, while banking stocks were broadly lower.
Sports car maker Ferrari ( RACE.MI ) rose to a fresh record, up 5.6 percent, as brokers welcomed its better-than-expected quarterly update, providing more fuel to its stock price rally.
Slideshow (2 Images) HSBC declined 3.2 percent after it reported an unexpected 4 percent drop in first-quarter pre-tax profit due to a surge in investments, although its new CEO sought to cheer investors with a share buyback of up to $2 billion.
BNP Paribas and Societe Generale fell sharply, down 2.4 and 5.9 percent respectively, as traders and analysts expressed disappointment with a weak-looking set of first-quarter results from the French banks.
Their declines kept the French blue chip CAC .FCHI down 0.2 percent.
Still among financials, however, insurers Swiss Re ( SRENH.S ) Generali ( GASI.MI ) were supported by better than expected quarterly updates, while AXA ( AXAF.PA ) fell 0.3 percent after first-quarter revenues fell 2.7 percent, pressured by a stronger euro which impacted the value of its sales.
Forex headwinds were also blamed by BMW ( BMWG.DE ) for its 3 percent drop in quarterly operating profit. Shares in the German luxury carmaker were down 1.6 percent.
Air France ( AIRF.PA ) was the biggest loser on the STOXX, down 7.9 percent. The airline said it expected profits to fall this year due to the effect of strikes at its main French unit.
Reporting by Danilo Masoni
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/bank-shares-lag-european-rebound-as-poor-results-hit-hsbc-bnp-idUSKBN1I50O2 |
ST. PAUL, Minn.--(BUSINESS WIRE)-- 3M announced today that Mojdeh Poul is appointed executive vice president, Safety and Graphics Business Group, effective July 1, 2018. Poul will replace Frank Little, who has announced his intention to retire, effective July 1, 2018.
“Mojdeh is a strategic, results-driven leader with a proven track record of success at 3M,” said Inge Thulin, 3M chairman of the board, president and chief executive officer. “Her experience leading one of 3M’s largest subsidiaries, combined with her deep knowledge of managing global regulated businesses, make her an ideal choice to lead our Safety and Graphics Business Group.”
Poul currently is president and general manager, 3M Canada Company. She oversees 3M’s five business groups within Canada – including its largest businesses in that country, Industrial and Safety and Graphics – along with manufacturing, research and development, and sales and marketing. Poul joined 3M as director of global marketing in 2011 and subsequently held positions of increasing responsibility within the company’s Health Care Business Group. Previous to 3M, she held leadership roles at Medtronic and Boston Scientific.
Poul earned her MBA from UNC Kenan-Flagler Business School, and master’s and bachelor’s degrees in engineering from the University of Louisville.
Frank Little announced his intention to retire, effective July 1, 2018. “Frank has made significant contributions to 3M throughout his 16-year career, capped by four and a half years as head of the Safety and Graphics Business Group,” said Thulin. “We thank Frank for his service and wish him well in the future.”
About 3M
At 3M, we apply science in collaborative ways to improve lives daily. With $32 billion in sales, our 91,000 employees connect with customers all around the world. Learn more about 3M’s creative solutions to the world’s problems at www.3M.com or on Twitter @3M or @3MNews.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005707/en/
3M Investor Contacts:
Bruce Jermeland, 651-733-1807
or
Tony Riter, 651-733-1141
or
3M Media Contact:
Lori Anderson, 651-733-0831
Source: 3M | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-3m-announces-new-leadership-appointment.html |
BOCA RATON, Fla.--(BUSINESS WIRE)-- TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative women’s healthcare company, today announced that it will host a conference call and live audio webcast to discuss its first quarter financial and business results on Thursday, May 3. The conference call and webcast will take place at 4:30 p.m. Eastern Time (ET). TherapeuticsMD Chief Executive Officer Robert G. Finizio and Chief Financial Officer Dan Cartwright will host the call.
Details for the call and webcast are:
Date Thursday, May 3, 2018 Time 4:30 p.m. ET Telephone Access: U.S. and Canada 866-665-9531 Telephone Access: International 724-987-6977 Access Code For All Callers 9196916 Live Audio Webcast www.therapeuticsmd.com
See Home Page or “Investors & Media” Section Shortly after completion of the call and webcast, an audio replay will be available for at least 30 days on the company's website, www.therapeuticsmd.com , in the “Investors & Media” section. In addition, a digital recording of the conference call will be available for replay beginning two hours after the call's completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 9196916.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative healthcare company focused on developing and commercializing products exclusively for women. With its SYMBODA™ technology, TherapeuticsMD is developing advanced hormone therapy pharmaceutical products to enable delivery of bio-identical hormones through a variety of dosage forms and administration routes. The Company’s late stage clinical pipeline includes two product candidates that have completed phase 3 trials and are awaiting approval by the FDA: TX-001HR for treatment of moderate-to-severe vasomotor symptoms (VMS) due to menopause and TX-004HR for treatment of moderate-to-severe vaginal pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA) due to menopause. The Company also manufactures and distributes branded and generic prescription prenatal vitamins under the vitaMedMD® and BocaGreenMD® brands.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain . Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from are described in the sections titled “Risk Factors” in the company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the company’s ability to resolve the deficiencies identified by the FDA in the company’s new drug application for its TX-004HR product candidate and the time frame associated with such resolution; whether the FDA will approve the amended NDA for the company’s TX-004HR product candidate and whether such approval will occur by the PDUFA target action date; whether the FDA will approve the NDA for the company’s TX-001HR product candidate and whether such approval will occur by the PDUFA target action date; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize its hormone therapy drug candidates and obtain additional financing necessary therefor; the length, cost and uncertain results of the company’s clinical trials, including any additional clinical trials that the FDA may require in connection with TX-004HR; the potential of adverse side effects or other safety risks that could preclude the approval of the company’s hormone therapy drug candidates; the company’s reliance on third parties to conduct its clinical trials, research and development and manufacturing; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership. PDF copies of the company’s historical press releases and financial tables can be viewed and downloaded at its website: www.therapeuticsmd.com/pressreleases.aspx .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006207/en/
TherapeuticsMD, Inc.
Investor Contact
David DeLucia, 561-961-1900
Director, Investor Relations
[email protected]
Source: TherapeuticsMD, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-therapeuticsmd-to-host-first-quarter-financial-results-conference-call-and-webcast-on-may-3.html |
U.S. trade team arrives in Beijing for talks 02:00
A U.S. trade delegation lands in Beijing for key talks over tariffs. Trump tweeted out his support for the team, while Chinese state media weighed in saying Beijing will stand up to U.S. bullying, if needed. Reuters' John Ruwitch reports on what trade issues are up for discussion, and which are not.
A U.S. trade delegation lands in Beijing for key talks over tariffs. Trump tweeted out his support for the team, while Chinese state media weighed in saying Beijing will stand up to U.S. bullying, if needed. Reuters' John Ruwitch reports on what trade issues are up for discussion, and which are not. //reut.rs/2rhe8IV | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/us-trade-team-arrives-in-beijing-for-tal?videoId=423461631 |
May 14 (Reuters) - JetPay Corp:
* JETPAY® CORPORATION ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $15.9 MILLION VERSUS $14.5 MILLION Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jetpay-corp-q1-revenue-159-mln-vs/brief-jetpay-corp-q1-revenue-15-9-mln-vs-14-5-mln-idUSASC0A24W |
The currencies of places as diverse as Russia, Hong Kong and Kazakhstan slid last week, an alarming sign to some investors who worry that the geopolitical volatility affecting U.S. stocks is spreading to other markets.
Hong Kong’s dollar hit the lowest level allowed under a more than three-decade-old U.S. dollar-peg agreement, forcing the de facto central bank to step in to defend the currency and stabilize it. Russia’s ruble fell amid increased U.S. sanctions against the country and concern about a U.S. strike on Syria,... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/sharp-drops-in-currencies-hint-at-spreading-volatility-1523790000 |
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The U.S. is concerned that Chinese telecommunications firms could be used by the country’s government to spy on or disrupt U.S. networks. Bloomberg News Good morning. Decision-makers at Chinese telecommunications firms might soon have to search for alternative markets for their products, as the Trump administration is considering executive action that would restrict companies’ ability to sell in the U.S., reports the WSJ’s John McKinnon.
The move, if it happens, would represent a significant escalation of a growing feud between the U.S. and China over tech and telecommunications. The affected firms likely would include Huawei Technologies Co. and ZTE Corp. , two of the world’s leading telecommunications equipment makers.
Pentagon officials said this week that they are moving to halt the sale of phones made by the two companies on U.S. military bases around the world. U.S. officials are concerned that Beijing could order manufacturers to hack into products they make to spy or disable communications.
The latest action could come in the form of a White House executive order, possibly in the next few weeks, people familiar with the matter said. One possibility under consideration has been curbing the ability of companies doing business with the U.S. government from using network equipment made by companies that could pose a national-security risk.
THE DAY AHEAD
Mnuchin to talk trade in China. A U.S. delegation led by Treasury Secretary Steven Mnuchin arrives in China on Thursday to discuss the country’s trade surplus with the U.S., potential tariffs on Chinese imports and better protections for intellectual property.
Cigna Corp., DowDuPont Inc., Pandora Media Inc., PG&E Corp., Weight Watchers International Inc. and Xerox Corp. are among the companies slated to report earnings today.
CFO JOURNAL EXCLUSIVE
A tight rein on finances helps Bosch keep up with rivals. Stefan Asenkerschbaumer, the finance chief of German engineering group Robert Bosch GmbH , makes do with a smaller tool kit than his peers, reports CFO Journal’s Nina Trentmann.
Bosch relies primarily on its free cash flow to finance growth and acquisitions. The technology group can only access debt and capital markets on rare occasions. The limitation was imposed by company founder Robert Bosch in his testament in 1938 that stated Bosch must remain financially independent. He also stipulated that all company funds have to be spent on the “vigorous advancement” of the Stuttgart, Germany-based firm majority-owned by the Bosch family foundation.
Closely held European firms report higher revenues, leverage. Privately owned European companies are reporting higher revenues but also higher leverage ratios, according to a study by Intermediate Capital Group PLC. Revenues at over 400 middle-market firms based in Europe rose by 4.9% in the fourth quarter of 2017, up from 4.8% in the prior-year quarter. Leverage – the ratio between net debt and earnings before interest, tax, depreciation and amortization – increased to 4.9 times in the fourth quarter of 2017, up from 4.5 times in the fourth quarter of 2016, writes Ms. Trentmann.
ICG recorded the strongest sector increase in healthcare, with earnings rising at a 12.5% pace in the fourth quarter of 2017. Meanwhile, consumer-goods companies continue to suffer as retailers are under pressure from online competitors. At country level, French companies reported the biggest increases in ebitda, while British companies continue to be impacted by the country’s 2016 vote for Brexit.
CORPORATE NEWS
An Amazon package is seen on a conveyor belt with other small parcels at the United States Postal Service sorting center in Louisville, K.Y., U.S. Bloomberg More than a million U.S. small businesses sell on Amazon. Amazon.com Inc. said more than one million small businesses in the U.S. sell their wares on its online marketplace, providing the number for the first time amid criticism from some politicians over its business practices and economic impact.
Tesla continues to burn through cash. Tesla Inc. burned through cash at a greater rate than analysts expected during the first quarter, intensifying pressure on the Silicon Valley auto maker to raise more capital if it continues to struggle ramping up production of the Model 3 sedan. Meanwhile, CEO Elon Musk turned Wednesday’s conference call into a sparring session.
Xiaomi opts for Hong Kong IPO. Xiaomi Corp. , one of China’s top smartphone makers, said it would launch its initial public offering in Hong Kong – bringing to the city what is expected to be the world’s biggest IPO this year.
Sprint CEO to step aside. Sprint Corp.’s chief executive Marcelo Claure said he would step back from the company’s day-to-day management to take a senior role at its Japanese parent as he leads the campaign for regulatory approval of a $26 billion merger with rival T-Mobile US Inc. Chief Financial Officer Michel Combes will move into the CEO job.
U.S. car buyers to Japan: we don’t want your sedans anymore. April sales in the U.S. from Japan’s big three auto makers - Toyota Motor Corp. , Nissan Motor Co. and Honda Motor Co. - were down, with Nissan suffering a double-digit drop.
AIG posts 21% decline in net income. American International Group Inc. posted lower-than-expected first-quarter results as the company’s core business of selling property-casualty insurance to businesses remains a challenge to turn around.
Deutsche Bank to pay $6 million to former executive. Deutsche Bank AG agreed to pay former executive Colin Fan roughly $6 million to settle a lawsuit he filed over trades that bank lawyers concluded improperly earned him millions of dollars, according to people familiar with the settlement.
Cambridge Analytica is closing operations. Cambridge Analytica, a data firm that worked for President Donald Trump’s 2016 campaign, is shutting down following disclosures about its use of Facebook data and the campaign tactics it pitched to clients.
Bloomberg’s paywall will charge users $35 a month. Bloomberg LP , the global financial-news company, is launching a metered paywall that charges users for access to Bloomberg.com and the company’s news apps.
Starbucks, Philadelphia settle with men arrested at cafe. Starbucks Corp. and the City of Philadelphia announced separate settlements with two black men whose arrest at a downtown Starbucks in April sparked protests and prompted an apology from the Seattle-based company.
Fujifilm shouldn’t replicate Xerox deal, investors say. Beaten back in its bid for control of Xerox, Fujifilm Holdings Corp. now must decide whether it wants to keep trying to double down on copiers – plus potentially pay more to do so.
Berkshire Hathaway is coming to a yard sign near you. Warren Buffett’s Berkshire Hathaway Inc. was the U.S.’s second-largest residential real-estate brokerage last year, making Berkshire Hathaway a presence on neighborhood yard signs from Los Angeles to New York.
Spotify’s loss narrows. Spotify Technology SA’s shares took a hit after hours as its first earnings report as a publicly traded company met the company’s own guidance but fell short of Wall Street expectations.
Mastercard’s revenue boosted by consumer spending. Mastercard Inc. reported higher-than-expected profit and revenue for the first quarter due to increased consumer spending and confidence.
Telegram scraps plans for public coin offering. The popular messaging app Telegram Messenger LLP has brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public, according to a person familiar with the matter.
WeWork bonds fall. WeWork Cos.’s first bonds have dropped sharply in price since they were issued last week, raising new questions about the willingness of debt investors to support cash-burning startups.
REGULATION
The Federal Reserve last raised its benchmark interest rate in March 2018, to a range between 1.5% and 1.75%. AP Fed holds rates steady. The U.S. Federal Reserve held short-term interest rates steady Wednesday and indicated it remains on track to raise them gradually in coming months to keep the expanding economy on an even keel.
EU kicks off post-Brexit budget battle. The European Union kicked off the debate on its budget once the U.K. departs, setting up what is likely to be a long and pitched battle between wealthier countries and newer members who rely on funding from the bloc.
ECONOMY
A GM assembly worker at a collaborative robot station at the Lake Orion, Mich., U.S., plant in March 2018. Reuters Private sector posts another month of employment growth. Hiring at private U.S. employers grew more than expected in April, according to a report, as employment continued to grow despite signs of potential labor shortages.
Grain giants expect higher profits from bad weather. Poor weather in South America, changing trade policies and cost cuts are improving profitability for the world’s largest crop traders and processors after lean years that spurred deal talks and a reckoning with the consequences of bigger harvests around the world.
Energy firms to build U.S. gateway for world’s biggest tankers. New U.S. crude export facilities on the Gulf Coast may bring the world’s troubled business of operating big tankers a needed new market for transporting oil.
Treasury plans to slowly boost debt auctions. The Treasury Department is slowly ramping up its debt auctions to meet the federal government’s growing need for borrowed money.
Germany to reduce public-sector spending. Germany will cut public-sector investment to maintain a budget surplus while welfare spending soars, according to Berlin’s latest fiscal plans released on Wednesday.
CFO MOVES
SunPower Corp., a San Jose, Calif. energy company, named Manavendra Sial Chief Financial Officer, effective following the filing of the company’s first-quarter 10-Q. Mr. Sial succeeds Chuck Boynton who will leave SunPower to spend time with his family. Mr. Sial joins SunPower from Vectra, formerly OM Group Inc., where he served as CFO. Compensation details were not available.
The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Nina Trentmann contributed to today’s Ledger. Send tips, suggestions and complaints to the editor: [email protected].
Share this: THE MORNING LEDGER Previous A Tight Rein on Finances Helps Bosch Keep Up with Rivals Next CFOs Confident About U.S. Fundamentals But Fear Protectionism Content from our sponsor Deloitte CFO insight and analysis written and compiled by Deloitte Talent Shortages Create Risk of Missed Opportunities: CFO Signals Anticipating higher investment post tax reform, North American CFOs voiced very strong internal concerns about driving initiatives and securing the talent they need, according to Deloitte’s first-quarter 2018 CFO Signals™ survey. Talent concerns have topped CFOs’ list of internal risks for many quarters, and their focus on talent acquisition, quality, and retention seems to have intensified. Despite talent constraints, 69% of the 155 CFOs responding to the survey say now is a good time to be taking greater risk—up from 63% in Q4 2017, and a new survey high.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/03/the-morning-ledger-u-s-weighs-curbs-on-chinese-telecom-firms/ |
– Successfully Completed IPO and Concurrent Private Placement Raising $77 Million in Gross Proceeds –
– Initiated Cohort Expansion of ATTCK-20-2 Phase I Trial of ACTR087 in Combination with Rituximab in Patients with CD20+ r/r Non-Hodgkin Lymphoma; Updated Data Expected in 4Q 2018 –
– Phase I Trials of ACTR087 in Combination with SEA-BCMA in Patients with r/r Multiple Myeloma and ACTR707 in Combination with Rituximab in Patients with CD20+ r/r Non-Hodgkin Lymphoma Ongoing; Preliminary Data from Both Trials Expected in 4Q 2018 –
- On Track to File IND for First Solid Tumor Program, ACTR707 in Combination with Trastuzumab in Patients with HER2+ Advanced Malignancies, in 2H 2018 –
CAMBRIDGE, Mass., May 14, 2018 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a clinical-stage biopharmaceutical company focused on the development of cellular immunotherapies based on its novel, universal Antibody-Coupled T-cell Receptor (ACTR) technology platform, today reported financial results and provided a corporate update for the first quarter ended March 31, 2018 and recent activities.
“Following our successful initial public offering in April 2018 and concurrent private placement, we are in a strong financial position to continue developing our proprietary, universal ACTR technology platform and rapidly advancing our pipeline of cellular immunotherapies through clinical development,” said Chuck Wilson, CEO of Unum. “We are currently evaluating the potential of ACTR in combination with different tumor-targeting antibodies, in three ongoing multi-center Phase I trials, ATTCK-20-2 and ATTCK-20-03 evaluating ACTR087 and ACTR707, respectively, in combination with rituximab in patients with CD20+ r/r Non-Hodgkin Lymphoma (NHL), and ATTCK-17-01 evaluating ACTR087 in combination with SEA-BCMA in patients with r/r multiple myeloma. We expect to report preliminary data from these three trials late this year. In the second half of 2018 we also look forward to filing an IND and initiating clinical development of ACTR707 in combination with trastuzumab for the treatment of patients with HER2+ advanced cancers, our first solid tumor product candidate.”
Recent Business Highlights and Outlook
Successfully Completed IPO and Concurrent Private Placement: In April, 2018, Unum successfully completed an initial public offering (IPO) of 5,985,000 shares of common stock at a public offering price of $12.00 per share, including the exercise by the underwriters of 215,000 shares of their overallotment option, raising $66.8 million in net proceeds. In addition, with a private placement concurrent with the IPO, Seattle Genetics, Inc. purchased $5.0 million shares of common stock at the initial public offering price. The proceeds from the IPO and the concurrent private placement will be used primarily to advance Unum’s four lead ACTR development candidates.
Initiated Cohort Expansion Phase of ATTCK-20-2 Phase I trial; Plans to Expand Clinical Development: In May 2018, Unum initiated the cohort expansion phase of the ATTCK-20-2 trial evaluating safety and anti-lymphoma activity of ACTR087 at the preliminary recommended phase 2 dose (RP2D) level used in combination with rituximab in patients with CD20+ r/r NHL. Unum expects to report updated data, including preliminary data from this phase of the ATTCK-20-2 trial, in the fourth quarter of 2018.
These data will also inform the strategy for a planned multi-center Phase II clinical trial exploring ACTR T cells used in combination with rituximab in patients with CD20+ r/r NHL who received prior CD19 CAR T cell therapy.
In addition, Unum intends to file a protocol amendment to the ATTCK-20-2 trial in the second half of 2018 to explore ACTR087 in combination with an alternative rituximab dosing regimen from that currently being studied. Preclinical experiments have shown that the level of ACTR T cell activity depends upon the amount of the co-administered antibody. As such, ACTR087 safety and anti-tumor activity in combination with rituximab in CD20+ r/r NHL may be even further optimized by an alternative rituximab regimen. Testing the alternative regimen will complement the clinical data being generated to support additional clinical trials with the combination.
Initiated Patient Enrollment and Dosing in ATTCK-17-01 Phase I trial: In the first quarter, Unum initiated patient enrollment in ATTCK-17-01, a Phase I, multi-center, open-label clinical trial designed to test the safety, tolerability, and anti-myeloma activity of ACTR087 used in combination with SEA-BCMA in patients with r/r multiple myeloma. Unum is currently enrolling and dosing patients in this trial and expects to report preliminary data in the fourth quarter of 2018.
Continued Enrollment in ATTCK-20-03 Phase I trial: In the fourth quarter of 2017, Unum initiated patient enrollment in a Phase I, multi-center, open-label clinical trial called ATTCK-20-03, evaluating the safety, tolerability, and anti-lymphoma activity of ACTR707 used in combination with rituximab in patients with CD20+ r/r NHL. Unum has completed enrollment in the first dose level of this ongoing dose escalation study and expects to report preliminary data from the trial in the fourth quarter of 2018.
On Track to File IND for First Solid Tumor ACTR Product Candidate in the Second Half of 2018: Unum is on track to file an IND in the second half of 2018 for ACTR707 in combination with trastuzumab for the treatment of patients with HER2+ advanced cancers.
First Quarter 2018 Financial Results
Collaboration Revenue: Collaboration revenue recognized during the three months ended March 31, 2018 and 2017, of $2.2 million and $1.8 million, respectively, reflects the recognition of a portion of the $25.0 million upfront payment received from Seattle Genetics under Unum’s collaboration agreement as well as reimbursements of research and development costs by Seattle Genetics. Effective January 1, 2018, Unum adopted the new revenue recognition standard, ASC 606, which changed the manner in which the Company recognizes revenue from this collaboration agreement.
R&D Expenses: Research and development expenses were $8.1 million for the three months ended March 31, 2018, compared to $7.0 million for the same period last year. The increase reflects higher clinical trial costs for the three active Phase I clinical trials, as well as increased personnel-related costs, materials and facility-related costs related to scaling manufacturing processes, and increased consultant costs. This was partially offset primarily by a decrease in consulting and manufacturing costs incurred for the Phase I clinical trial of ACTR087 in combination with rituximab as there was no production activity in the first quarter of 2018.
G&A Expenses: General and administrative expenses for the three months ended March 31, 2018, were $1.1 million, compared to $0.9 million for the prior year period.
Net Loss: Net loss attributable to common stockholders was $6.8 million, or $0.66 per share, for the three months ended March 31, 2018, and $6.0 million, or $0.58 per share, for the three months ended March 31, 2017.
Cash, Cash Equivalents and Marketable Securities: As of March 31, 2018, Unum had cash, cash equivalents, and marketable securities of $32.4 million. This amount does not include the approximately $66.8 million in net proceeds from its IPO in April 2018, $5.0 million from the concurrent private placement, and available borrowings under its loan and security agreement of $15.0 million. The Company believes that the net proceeds from the IPO and concurrent private placement, together with its existing cash, cash equivalents, and marketable securities, will fund operating expenses and capital expenditure requirements through at least December 2019, without considering available borrowings under its loan and security agreement.
About Unum Therapeutics
Unum Therapeutics is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel immunotherapy products designed to harness the power of a patient’s immune system to cure cancer. Unum’s novel proprietary technology, antibody-coupled T cell receptor (ACTR), is a universal, engineered cell therapy intended to be used in combination with a wide range of tumor-specific antibodies to target different tumor types. Unum is actively building a pipeline of product candidates composed of ACTR T cells co-administered with antibodies for use in both hematologic and solid tumor cancers. The Company is headquartered in Cambridge, MA.
Forward looking Statements
This press release contains forward-looking statements. Statements in this press release about our future expectations, plans and prospects, including projections regarding future revenues and financing performance, our long-term growth, the anticipated timing of our clinical trials and regulatory filings, the development of our product candidates, including the four lead ACTR product candidates, as well as other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the accuracy of our estimates regarding expenses, future revenues, capital requirements, and the need for additional financing, the success, cost and timing of our product development activities and clinical trials, our ability to obtain and maintain regulatory approval for our product candidates, and the other risks and uncertainties described in the "Risk Factors" sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
Investor Contact:
Stern Investor Relations, Inc.
Stephanie Ascher, 212-362-1200
[email protected]
Media Contact:
Paul Kidwell, 617-680-1088
[email protected]
UNUM THERAPEUTICS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
( in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Collaboration revenue $ 2,220 $ 1,827 Operating expenses: Research and development 8,142 6,952 General and administrative 1,064 944 Total operating expenses 9,206 7,896 Loss from operations (6,986 ) (6,069 ) Other income (expense): Interest income 81 90 Other income, net 170 40 Total other income, net 251 130 Net loss (6,735 ) (5,939 ) Accretion of redeemable convertible preferred stock
to redemption value (16 ) (16 ) Net loss attributable to common stockholders $ (6,751 ) $ (5,955 ) Net loss per share attributable to common stockholders,
basic and diluted $ (0.66 ) $ (0.58 ) Weighted average common shares outstanding, basic
and diluted 10,204,591 10,190,228
UNUM THERAPEUTICS INC.
CONSOLIDATED BALANCE SHEET DATA
(unaudited)
( in thousands) March 31, 2018 December 31, 2017 Cash, cash equivalents and marketable securities $ 32,400 $ 40,961 Working capital 12,267 31,189 Total assets 43,415 49,115 Redeemable convertible preferred stock 77,167 77,151 Total stockholders' deficit (61,269 ) (48,846 )
Source:Unum Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-unum-therapeutics-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
KUALA LUMPUR (Reuters) - Amid mounting suspense in Malaysia, former leader Najib Razak is expected to give a statement to an anti-graft agency on Tuesday explaining what he knew about $10.6 million transferred into his bank account from a unit of a state fund he founded.
Malaysia's Prime Minister Najib Razak of Barisan Nasional (National Front) and his wife Rosmah Mansor show their ink-stained fingers after voting in Malaysia's general election in Pekan, Pahang, Malaysia, May 9, 2018. REUTERS/Athit Perawongmetha/Files The remorseless humiliation of Najib since his unexpected election defeat on May 9 has left Malaysians waiting to see what happens next to the urbane former prime minister, and his allegedly big-spending wife, Rosmah Mansor.
They have been barred from leaving the country, while their home and other properties have been searched, and Najib has been summoned to the Malaysian Anti-Corruption Commission (MACC) to give a statement on just one small part of a massive financial scandal.
Finding out what happened to billions of dollars that went missing from state-investment fund 1Malaysia Development Berhad (1MDB) is a priority for Malaysia’s new leader, Mahathir Mohamad, who at the age of 92 came out of political retirement and joined the opposition to topple his former protege.
New MACC chief Mohd Shukri Abdull told reporters to expect a “special briefing” on Tuesday.
Najib has consistently denied any wrongdoing related to 1MDB since the scandal erupted in 2015, but he replaced an attorney-general and several MACC officers to shut down an investigation.
Najib has said $681 million of funds deposited in his personal bank account were a donation from a Saudi royal, rebutting reports that the funds came from 1MDB.
Now answering to a different prime minister, the MACC has reopened its investigation, initially focusing on how 42 million ringgit ($10.6 million) went from SRC International to Najib’s account.
SRC was created in 2011 by Najib’s government to pursue overseas investments in energy resources, and was a unit of 1MDB until it was moved to the finance ministry in 2012.
Mahathir’s office also announced the establishment of a new task force made up of members of the anti-graft agency, police and the central bank, which would liaise with “enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries,” investigating 1MDB.
The U.S. Department of Justice refers to Najib as “Malaysian Official Number 1” in its anti-kleptocracy investigation into 1MDB.
DENIAL Addressing loyalists in his home state of Pahang on Sunday, Najib declared: “I did not steal from the people”.
He said the chorus of allegations was a smear campaign aimed at ruining the United Malays National Organisation, the party that until now has led every government since Malaysia’s independence six decades ago.
Police were filmed taking away at least 284 boxes of potential evidence, notably jewellery, cash, designer clothes and accessories. The publicity given to the search prompted Rosmah to issue a statement through her lawyers complaining of the danger of a “premature public trial”.
Speaking to staff at the prime minister’s office on Monday, Mahathir counted the cost of his predecessor’s alleged misgovernance.
“We find that the country’s finances, for example, was abused in a way that now we are facing trouble settling debts that have risen to a trillion ringgit,” he said.
The previous evening, Mahathir met Xavier Justo, a Swiss national who was the first whistleblower in the 1MDB affair. Justo posted a photograph of himself with Mahathir on his Facebook account.
It was documents leaked by Justo, a former director of energy group PetroSaudi International, which ran an energy joint venture with 1MDB from 2009 to 2012, that triggered investigations in at least six countries.
Justo was sentenced to three years in prison in Thailand in 2015 on charges of blackmail and attempted extortion after what he now says was a confession made under pressure. He was freed in an amnesty in 2016.
SRC came into focus after the Wall Street Journal reported that funds from the company were transferred using multiple companies as fronts, before eventually reaching Najib’s account.
As these funds were moved through Malaysian, rather than foreign, financial institutions it was easier for MACC investigators to establish the money trail.
Malaysia's outgoing Prime Minister Najib Razak leaves after a news conference following the general election in Kuala Lumpur, Malaysia, May 10, 2018. REUTERS/Athit Perawongmetha/Files Praveen Menon; Writing by Simon Cameron-Moore; Editing by Robert Birsel
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics/malaysia-in-suspense-ahead-of-najibs-visit-to-anti-graft-agency-idINKCN1IM0RS |
Euro zone inflation well above expectations in May 3:54pm BST - 01:12
Euro zone inflation jumped far more than expected in May on higher energy costs, offering relief to the European Central Bank after market turbulence that has jeopardized its planned exit from a lavish stimulus program. Laura Frykberg reports. ▲ Hide Transcript ▶ View Transcript
Euro zone inflation jumped far more than expected in May on higher energy costs, offering relief to the European Central Bank after market turbulence that has jeopardized its planned exit from a lavish stimulus program. Laura Frykberg reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2J02JJa | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/euro-zone-inflation-well-above-expectati?videoId=431941192 |
One person killed in Paris knife attack, attacker shot dead 1:55am BST - 00:59
French officials say an assailant shouting ''Allah Akbar'' killed at least one person and wounded four others in a knife attack in Paris late on Saturday before he was shot dead by police. Jillian Kitchener reports.
French officials say an assailant shouting "Allah Akbar" killed at least one person and wounded four others in a knife attack in Paris late on Saturday before he was shot dead by police. Jillian Kitchener reports. //reut.rs/2rFGgpn | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/13/one-person-killed-in-paris-knife-attack?videoId=426379796 |
BEIJING (Reuters) - China’s Commerce Ministry said on Thursday that it had not pledged to cut the country’s trade surplus with the United States by a certain figure, and hopes the United States implements measures promised during trade negotiations as soon as possible.
FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song/File Photo Ministry spokesman Gao Feng made the comments at a weekly news briefing.
Reporting by Yawen Chen and Michael Martina; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china/china-says-has-not-promised-to-cut-trade-surplus-with-u-s-by-a-certain-amount-idUSKCN1IP0CM |
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Tuesday that the Trump administration was prepared to levy tariffs on China if an American delegation heading to Beijing did not reach a negotiated settlement to reduce trade imbalances.
Ross, speaking to CNBC television before traveling to China for talks on Thursday and Friday with top Chinese officials, said he had “some hope” agreements could be reached to resolve the trade tensions between the world’s two largest economies.
But he added that U.S. President Donald Trump, who has made reducing the U.S. trade deficit with China a key part of his administration’s trade policy, would have to first approve any deals.
The U.S. delegation to Beijing also includes Trump’s top economic officials, including Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer, White House trade and manufacturing adviser Peter Navarro, and top White House economic adviser Larry Kudlow.
Ross said Trump was ready to impose tariffs on Chinese steel and aluminum imports and to further punish Beijing over its intellectual property practices under so-called Section 232 and Section 301 trade investigations.
“If we don’t make a negotiated settlement, we will pursue the 232s and impose them, we will pursue the 301 and impose them. So, one way or another, we are going to deal with this recurring problem of trade with China,” Ross told CNBC.
Ross did not provide details on the Trump administration’s specific demands on China but said, “We have a pretty good idea of what we need to come out with.”
Trump administration officials have called for a $100 billion reduction in the United States’ $375 billion trade deficit with China, a reduction in China’s car tariffs, and more U.S. access to the Asian nation’s vast markets.
“If they gave in on most of the things that we wanted, for sure there are some things that perhaps are not totally satisfactory, so this is going to come back to the president,” Ross said. “This won’t be, suddenly in Beijing, a breathtaking release (that) everything is solved.”
Reporting by Makini Brice and David Lawder; Editing by Chizu Nomiyama and Paul Simao
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china/u-s-commerce-secretary-says-deal-or-tariffs-to-solve-china-trade-dispute-idUSKBN1I23TE |
BERLIN, May 3 (Reuters) - Siemens Healthineers posted a 4 percent rise in adjusted second-quarter sales as strong growth in its core imaging business offset a flat quarter at its diagnostics unit in its first earnings report since making a stock market debut.
The medical imaging and diagnostics firm, which was spun off from its parent Siemens in mid-March, said on Thursday that sales came in at 3.23 billion euros ($3.87 billion) while adjusted net income jumped 26 percent to 428 million euros. (Reporting by Caroline Copley Editing by Edward Taylor)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/siemens-healthineers-results/siemens-healthineers-posts-4-pct-q2-sales-rise-idUSFWN1SA02W |
Trump welcomes prisoners released by North Korea 5:49am EDT - 02:03
U.S. President Donald Trump welcomes three former U.S. prisoners who landed at a military base near Washington on Thursday after being released by North Korea, thanking leader Kim Jong Un and sounding upbeat on a planned summit between the two.
U.S. President Donald Trump welcomes three former U.S. prisoners who landed at a military base near Washington on Thursday after being released by North Korea, thanking leader Kim Jong Un and sounding upbeat on a planned summit between the two. //reut.rs/2rA6WHV | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/trump-welcomes-prisoners-released-by-nor?videoId=425531182 |
TANGYAN, Myanmar (Reuters) - Zhou Xing Ci’s family have farmed poppies for as long as anyone remembers, scraping the flowers’ sticky brown sap to produce opium.
Ethnic Palaung workers collect mulberry leaves to feed silkworms in Wanpaolong village in Lashio District, northern Shan State, Myanmar, April 24, 2018. REUTERS/Ann Wang Along with many other farmers in the hills of eastern Myanmar, the crop – much of which ends up as heroin sold on foreign streets - has in recent years put Myanmar behind only Afghanistan as the world’s leading source of opium.
“That tradition stops with me,” Zhou, 42, told Reuters at his sturdy new timber house in Tangyan township, in the north of Shan State.
Zhou is now in his third year raising silkworms rather than poppies, and says quicker profits have enabled his family - with six children - to upgrade from a bamboo hut.
A Chinese company working with farmers like Zhou hopes the silk-producing larva can help the farmers, and their country, quit the drug.
“Growing opium is too tough. It’s only one harvest every year and a rain can easily destroy a whole year’s work,” said Zhou.
Silkworms are being fed with mulberry leaves in Wanpaolong village in Lashio District, northern Shan State, Myanmar, April 24, 2018. REUTERS/Ann Wang (Click reut.rs/2KIT46Y to see a picture package.)
The price for opium has fallen, he said, and growing poppies risked running afoul of heavy-handed eradication efforts by Myanmar authorities.
The price drop, alongside the rise of synthetic drugs like methamphetamine, has contributed to a 25 percent fall in the total area of Myanmar under poppy cultivation since 2015, according to the United Nations Office on Drugs and Crime (UNODC).
Slideshow (27 Images) The U.N. agency has assisted more than 1,000 farmers to switch from opium to another cash crop, coffee, since 2014, said Troels Vester, UNODC country manager for Myanmar.
Still, 41,000 hectares (101,313 acres) of poppy was planted in Myanmar last year, the agency said. Farmers in conflict areas were less likely to have moved to licit crops, it added.
In the corner of Myanmar where Zhou lives, bordering China’s Yunnan province, various armed groups operate and the law is barely enforced, providing a haven for opium traders, as well as heroin producers and meth-lab operators.
“It was nothing but poppy farms when we first arrived in this area in 2014,” said Wang Bing, 63, vice general manager of DH Silco Enterprise, the Chinese company working with farmers, navigating a winding dirt road in a four-wheel drive.
The company is working with more than 1,800 families, who grow mulberry bushes to feed the silkworms on 2,000 hectares (5,000 acres) of land, producing at least 288,000 kg of cocoons to be exported to China each year, Wang said.
About 50 sericulturalists from China help farmers to harvest as often as every two weeks between April and November, said Wang, a Zhejiang province native who’s spent more than 40 years in China’s silk trade.
Some villagers have moved to lower lying areas to take part. Others are now farming silkworms alongside other crops like watermelons.
But old habits are hard to break.
During Reuters’ last visit in April, Zhou’s children played with poppy-farming tools, and a small plot of poppy stalks grew next to his mulberry bushes. His neighbor was growing a small amount to feed his grandfather’s opium addiction, Zhou said.
Reporting By Ann Wang; Editing by Simon Lewis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-myanmar-silkworms/myanmar-hills-embrace-silkworms-over-poppies-idUSKBN1IA1ZH |
NEW YORK (AP) — A New York judge set a June 15 deadline Wednesday for lawyers for President Donald Trump's personal lawyer and Trump to make attorney-client privilege claims over data seized in April raids, saying it was important not to delay the criminal investigation.
U.S. District Judge Kimba Wood said a special taint team of prosecutors will make determinations after that date.
Wood presided over a hearing at which a prosecutor revealed that the contents of a shredder and two Blackberry devices were all that remained to be turned over to a court-appointed special master screening evidence for attorney-client privilege. Also reviewing the materials are lawyers for Trump's personal attorney, Michael Cohen, the president and the Trump Organization.
Cohen's lawyers asked to be allowed to review materials from the April 9 raids of Cohen's office and home until mid-July, but Wood said she had to balance their needs to protect their client with the need of prosecutors to pursue their criminal fraud case against Cohen.
Cohen did not speak during the court proceeding, which lasted more than an hour and featured a colorful argument between lawyers for Cohen and Trump on one side and California attorney Michael Avenatti on the other as they discussed Avenatti's public statements on behalf of his porn-star client, Stormy Daniels.
Daniels, whose real name is Stephanie Clifford, has said she had sex once with Trump in 2006. Trump denies it. Daniels was not in court Wednesday.
Stephen Ryan, an attorney for Cohen, argued that Avenatti had acted outrageously by releasing banking information related to Cohen publicly and by criticizing Cohen in dozens of television appearances.
Wood noted that Avenatti would have to stop making comments about his perception of what he believed was wrongdoing by Cohen if he wanted to formally intervene in Cohen's efforts to protect materials seized from violations of attorney-client privilege.
Cohen's lawyers said they had finished studying about a third of the materials that were seized and were working around the clock.
Special Master Barbara Jones said in a letter Tuesday that lawyers Cohen, Trump and the Trump Organization have designated more than 250 items as subject to the privilege. She said the material includes data from a video recorder.
Jones said more than a million pieces of data from three of Cohen's phones are ready to be given to criminal prosecutors, and more than 12,000 pages of documents from eight boxes that survived attorney-client privilege scrutiny already have been given back to prosecutors. More than a dozen electronic devices were seized or copied in the raids, and Jones said she has not yet received data from three seized items.
The raids on Cohen were triggered in part by a referral from special counsel Robert Mueller, who separately is looking into Russian interference in the 2016 U.S. presidential election.
Wood became involved after Cohen came to court, complaining that he feared attorney-client privilege would not be protected. Trump also expressed those concerns on Twitter.
Daniels, whose real name is Stephanie Clifford, has said she had sex once with Trump in 2006. Trump denies the affair. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-judge-june-15-deadline-in-study-of-materials-in-cohen-raids.html |
May 1 (Reuters) - AL RAJHI BANKING & INVESTMENT CORPORATION :
* Q1 NET PROFIT 2.38 BILLION RIYALS VERSUS 2.22 BILLION RIYALS YEAR AGO
* AS OF END-MARCH 2018, CUSTOMER DEPOSITS STAND AT 283.94 BILLION RIYALS, UP 4.66 PERCENT YOY
* AS AT END-MARCH 2018, LOANS AND ADVANCES PORTFOLIO 229.04 BILLION RIYALS, DOWN 0.16 PERCENT YEAR-ON-YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-saudis-al-rajhi-bank-q1-profit-ris/brief-saudis-al-rajhi-bank-q1-profit-rises-idUSFWN1S71GD |
Japan's economic growth for 2018 is 'not going to be that bad': Professor 4 Hours Ago Declining housing investments and sluggish consumption in Japan are likely to weigh on the country's economic growth this year, says Sayuri Shirai of Keio University and a former board member of the Bank of Japan. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/japans-economic-growth-for-2018-is-not-going-to-be-that-bad-professor.html |
SAN FRANCISCO, May 8, 2018 /PRNewswire/ -- Kindred Biosciences, Inc. (NASDAQ: KIN), a commercial-stage biopharmaceutical company focused on saving and improving the lives of pets, today announced financial results for the first quarter ended March 31, 2018 and provided updates on its programs.
"We are excited about the recent approval of our first product, Mirataz™, for the management of weight loss in cats. This first-in-class medicine, which is the only FDA-approved treatment for this indication, and the first transdermal product ever approved for cats by FDA, will help millions of cats with a serious and potentially fatal unmet medical need," stated Richard Chin, CEO of KindredBio. "In less than five years and at a cost of under $5 million, we have brought to market our first product, thereby validating our strategy of quickly and cost-efficiently developing therapeutics that improve the lives of pets. We are also very pleased with the progress across our rich pipeline, including epoCat™ and our monoclonal antibodies for atopic dermatitis, which represent large market opportunities."
Development and Corporate Milestones
On May 4, KindredBio received approval of Mirataz™ (mirtazapine transdermal ointment).
Mirataz is the first and only transdermal medication specifically developed, and Food and Drug Administration (FDA)-approved, for the management of weight loss in cats. Weight loss in cats is a serious and potentially fatal condition. The Company's research estimates that U.S. veterinarians see as many as 9 million cats each year with unintended weight loss, making this condition the leading cause of visits to the veterinarian for cats. Mirataz, which is formulated with KindredBio's proprietary Accusorb™ technology, is applied topically to the cat's inner ear (pinna) once a day, providing a more attractive application route compared to oral administration. The product is classified as a weight gain drug and can be used in cats with various underlying diseases associated with unintended weight loss.
The Company will commence taking Mirataz orders within the next two weeks via distributors and KindredBio's team of sales specialists. The product will then ship within the next two to three months, once packaging has been updated based with the final FDA-approved label.
The FDA has approved the safety and effectiveness technical sections for Zimeta™ (dipyrone injection) for the control of pyrexia (fever) in horses. The FDA has indicated it does not have any additional questions or requests from KindredBio regarding the CMC technical section. The approval is pending a pre-approval inspection, or PAI, at the contract manufacturer of Zimeta IV scheduled by the FDA in July 2018, and an acceptable resolution by the contract manufacturer of the active pharmaceutical ingredient (API) dipyrone of findings identified during an inspection last month. The Company believes that the findings at the API manufacturer are minor and addressable. Regulatory approval is subject to the typical risks inherent in such a process. Preparations for the commercial launch remain on track.
Zimeta IV is expected to be the first FDA-approved product for the control of fever in horses, a significant unmet medical condition that affects millions of horses each year.
The pivotal field effectiveness study for Zimeta™ (dipyrone oral gel) has been completed with positive results. The target animal safety study is also complete, and the Zimeta Oral was found to be well-tolerated. KindredBio is in discussions with the FDA regarding the data required for submission and is in the process of transferring the product to the commercial manufacturer.
Zimeta Oral, which is a proprietary oral gel, is expected to expand use of the drug and build upon the success of Zimeta IV.
KindredBio has initiated or is in the process of initiating pilot field effectiveness studies for several molecules for atopic dermatitis, including fully-caninized anti-IL31 antibody, fully-caninized anti-IL17 antibody, and canine anti-IL4/IL13 SINK molecule.
Atopic dermatitis is an immune-mediated inflammatory skin condition in dogs. It is one of the most common skin diseases in dogs and represents a significant unmet medical need, with the two lead products in the market expected to reach combined sales of over $500 million this year. KindredBio is pursuing a multi-pronged approach toward atopic dermatitis, with a portfolio of promising biologics.
The pilot field effectiveness study of the enhanced version of epoCat™ (long-acting feline recombinant erythropoietin) for the control of non-regenerative anemia in cats has been initiated and enrollment is ongoing.
Anemia is a common condition in older cats which is often associated with chronic kidney disease, resulting in decreased levels of endogenous erythropoietin. Chronic kidney disease can affect approximately half of older cats. epoCat is a recombinant protein that has been specially engineered by KindredBio with a prolonged half-life compared to endogenous feline erythropoietin. The PK data suggest that the molecule may have a sufficiently long half-life to allow for once-monthly dosing.
The pilot field safety study of KIND-014 for the treatment of equine gastric ulcers has been completed and KIND-014 was well-tolerated. KindredBio has completed dose range finding and palatability studies and, based on the study results, the Company has advanced two formulations into pilot field studies. The pilot studies have been initiated and enrollment for one of the formulation candidates has been completed. By the end of the second quarter, the Company expects to have completed the review of data to determine which formulation will move into a pivotal field study, assuming the data support further development.
The pilot field efficacy study of KIND-011, an anti-TNF monoclonal antibody targeting sick or septic foals, has been completed, with positive results.
Sepsis in foals can cause up to 50% mortality and is an important unmet medical need. There is currently no FDA-approved therapy. KindredBio has optimized this fully-equinized anti-TNF monoclonal antibody and intends to continue field studies during the 2019 foaling season, following discussion with FDA regarding the development plan.
A pilot field study assessing oral tolerability and palatability of KIND-015 for the management of clinical signs associated with equine metabolic syndrome has been completed. The Company has optimized the formulation for KIND-015 and has initiated a pilot field effectiveness study.
The Company has started construction on the biologics manufacturing lines in the Elwood, Kansas facility it acquired in August 2017. The facility includes approximately 180,000 square feet with clean rooms, utility, equipment, and related quality documentation suitable for small molecule and biologics manufacturing. Construction to support KindredBio's initial production lines is expected to be completed by mid-2019.
First Quarter 2018 Financial Results
For the quarter ended March 31, 2018, KindredBio reported a net loss of $10.0 million or $0.36 per share, as compared to a net loss of $6.5 million or $0.30 per share, for the same period in 2017.
Total research and development expenses for the quarter ended March 31, 2018 were $5.3 million, compared to $3.8 million for the same period in 2017. The $1.5 million year-over-year increase in research and development expenses was primarily due to higher headcount and related expenses as the company focuses on advancing its biologics programs, as well as increased biologics batch production and testing costs, including lab supplies.
Total general and administrative expenses for the 2018 and 2017 first quarters were $4.9 million and $2.8 million, respectively. Expenditures in the first quarter of 2018 increased across the board. The $2.1 million increase in the first quarter of 2018 over the same period in 2017 included a mix of higher payroll and related expenses, marketing, travel and conference expenses as a result of pre-launch activities and the build-out of a small commercial team. In addition, higher corporate infrastructure costs and stock-based compensation expense also contributed to the increase in expenses.
As of March 31, 2018, KindredBio had $70.8 million in cash, cash equivalents and investments, compared with $82.5 million as of December 31, 2017. Net cash used in operating activities for the first quarter of 2018 was approximately $11.2 million. The Company also invested approximately $0.4 million in capital expenditures for the build-out of its Elwood, Kansas manufacturing facility.
For the 2018 calendar year, the Company reiterates its previous guidance for operating expenses to be in the range of $44 million to $48 million, excluding the impact of stock-based compensation expense and the impact of acquisitions, if any. The Company is preparing for the commercial launches of Mirataz and Zimeta including the scale up of a commercial team and will continue to focus on the development of its core pipeline candidates and programs. Additionally, KindredBio plans to invest $14.0 to $16.0 million in capital expenditures on the construction and build-out of its Elwood, Kansas facility for its biologics programs. Revenues for Mirataz and Zimeta are expected to have a substantial impact on cash utilization and expenses.
Webcast and Conference Call
KindredBio will host a conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. Interested parties may access the call by dialing toll-free (855) 433-0927 from the US, or (484) 756-4262 internationally, and using conference ID 8967967. The call will be webcast live at https://edge.media-server.com/m6/p/nhw6xeop . A replay will also be available at that link for 30 days.
About Kindred Biosciences
Kindred Biosciences is a commercial-stage biopharmaceutical company focused on saving and improving the lives of pets. Its mission is to bring to pets the same kinds of safe and effective medicines that human family members enjoy. The Company's strategy is to identify compounds and targets that have already demonstrated safety and efficacy in humans and to develop therapeutics based on these validated compounds and targets for dogs, cats and horses. The Company has a deep pipeline of novel drugs and biologics in development across many therapeutic classes. KindredBio's first approved drug is Mirataz™ (mirtazapine transdermal ointment) for the management of weight loss in cats.
For more information or to download the corporate presentation, visit www.KindredBio.com/LearnMore . Stay connected with KindredBio on Facebook at www.Facebook.com/KindredBio .
Important Safety Information
Mirataz TM (mirtazapine transdermal ointment) is for topical use in cats only under veterinary supervision. Do not use in cats with a known hypersensitivity to mirtazapine or any of the excipients or in cats treated with monoamine oxidase inhibitors (MAOIs). Not for human use. Keep out of reach of children. Wear gloves to apply and wash hands after. Avoid contact with treated cat for 2 hours following application. The most common adverse reactions include application site reactions, behavioral abnormalities (vocalization and hyperactivity) and vomiting. Please see the full Prescribing Information .
Forward-Looking Statements
This press release contains within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered , including, but not limited to, statements regarding our expectations about the trials, regulatory approval, manufacturing, distribution and commercialization of our current and future product candidates, and statements regarding our anticipated revenues, expenses, margins, profits and use of cash.
These are based on our current expectations. These statements are not promises or guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results to be materially different from any future results expressed or implied by the . These risks include, but are not limited to, the following: our limited operating history and expectations of losses for the foreseeable future; the absence of significant revenue from our product candidates for the foreseeable future; our potential inability to obtain any necessary additional financing; our substantial dependence on the success of our lead product candidates, which may not be successfully commercialized even if they are approved for marketing; the effect of competition; our potential inability to obtain regulatory approval for our existing or future product candidates; our dependence on third parties to conduct some of our development activities; our dependence upon third-party manufacturers for supplies of our product candidates; uncertainties regarding the outcomes of trials regarding our product candidates; our potential failure to attract and retain senior management and key scientific personnel; uncertainty about our ability to develop a satisfactory sales organization; our significant costs of operating as a public company; our potential inability to obtain patent protection and other intellectual property protection for our product candidates; potential claims by third parties alleging our infringement of their patents and other intellectual property rights; our potential failure to comply with regulatory requirements, which are subject to change on an ongoing basis; the potential volatility of our stock price; and the significant control over our business by our principal stockholders and management.
For a further description of these risks and other risks that we face, please see the risk factors described in our filings with the U.S. Securities and Exchange Commission (the SEC), including the risk factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K and any subsequent updates that may be contained in our Quarterly Reports on Form 10-Q filed with the SEC. As a result of the risks described above and in our filings with the SEC, actual results may differ materially from those indicated by the made in this press release. Forward-looking statements contained in this press release speak only as of the date of this press release and we undertake no obligation to update or revise these statements, except as may be required by law.
Contact
Russell Radefeld
KindredBio
[email protected]
(650) 701-7904
Kindred Biosciences, Inc.
Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Operating costs and expenses:
Research and development
5,346
3,780
General and administrative
4,902
2,843
Total operating costs and expenses
10,248
6,623
Loss from operations
(10,248)
(6,623)
Interest and other income, net
277
131
Net loss
$ (9,971)
$ (6,492)
Basic and diluted net loss per share
$ (0.36)
$ (0.30)
Weighted average shares used to calculate basic
and diluted net loss per share
27,986
21,516
Selected Balance Sheet Data
(In thousands)
March 31,
December 31,
2018
2017
(unaudited)
Cash, cash equivalents and investments
$ 70,824
$ 82,519
Total assets
80,167
90,822
Stockholders' equity
76,157
84,680
View original content with multimedia: http://www.prnewswire.com/news-releases/kindred-biosciences-announces-first-quarter-2018-financial-results-300644509.html
SOURCE Kindred Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-kindred-biosciences-announces-first-quarter-2018-financial-results.html |
Qatar directed shopkeepers to clear their stores of contraband goods from Saudi Arabia and other neighboring countries, the latest salvo in the economic battle among former Middle East allies that shows no signs of easing.
The directive on Saturday came as the June 5 anniversary approaches of Saudi Arabia, Egypt, Bahrain and the United Arab Emirates severing diplomatic and business ties with Qatar, accusing the tiny but wealthy emirate of promoting extremism in the region and cozying up to Iran. Denying the charges, Qatar... | ashraq/financial-news-articles | https://www.wsj.com/articles/qatar-orders-contraband-saudi-products-off-store-shelves-1527431206 |
This Day in History, May 23, 2018 43 Mins Ago Among the events that happened on this day in history, in 1997 Mel Karmazin replaces Peter Lind as CEO of CBS. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/this-day-in-history-may-23-2018.html |
May 23, 2018 / 4:58 PM / Updated 10 minutes ago Laptops of slain Maltese journalist handed to German police Stephen Grey 2 Min Read
LONDON (Reuters) - German police said on Wednesday that relatives of murdered Maltese anti-corruption blogger Daphne Caruana Galizia had given them two of her laptops and three hard drives and these could be transferred to Maltese police investigating her killing. FILE PHOTO: A demonstrator carries a photo of murdered Maltese anti-corruption journalist Daphne Caruana Galizia in a protest in Valletta, Malta, April 29, 2018. REUTERS/Darrin Zammit Lupi/File Photo
The Caruana Galizia family declined to comment. They previously warned that the journalist’s sources could be compromised by handing over the laptops to Maltese authorities.
It was not clear why the family believed German involvement would protect sensitive information contained in her laptops.
Caruana Galizia was killed in October last year by a car bomb believed to have been triggered by a mobile phone signal and the U.S. Federal Bureau of Investigation (FBI) has been helping Maltese authorities to solve the case.
Widening international involvement in the murder case was revealed in a statement to Germany’s Sueddeutsche Zeitung newspaper by Oliver Kuhn, a spokesman for its Federal Prosecutors’ Office. He said representatives of Galizia’s family had handed over the laptops and hard drives to German federal police “for distribution to the Maltese authorities”.
Maltese detectives have been trying to obtain the laptops for their investigation into who ordered Caruana Galizia’s killing on Oct. 16 and why. Three local men have been charged with her murder. All deny the accusations.
Kuhn said Maltese legal authorities had been informed that German police were in possession of Caruana Galizia’s laptops and hard drives and it was for them to officially request access to or copies of the digital material. No inquiry into the laptops was being carried out in Germany, he said.
A spokesman for the Maltese government had no immediate reaction.
Since Caruana Galizia’s murder, Malta has come under pressure from European Union institutions, with an inquiry under way on its banking supervision and calls for investigations into the Mediterranean island country’s rule of law. Reporting by Stephen Grey and Philip Blenkinsop; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-malta-daphne-laptop/laptops-of-slain-maltese-journalist-handed-to-german-police-idUSKCN1IO2O0 |
Iraq's election outcome set to challenge Iran 2:03pm EDT - 01:56
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports.
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports. //www.reuters.com/video/2018/05/15/iraqs-election-outcome-set-to-challenge?videoId=427153405&videoChannel=13421 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/iraqs-election-outcome-set-to-challenge?videoId=427153405 |
May 4 (Reuters) - Sunac China Holdings Ltd:
* APRIL CONTRACTED SALES VALUE AMOUNTED TO RMB35.18 BILLION, UP 84 PERCENT
* APRIL SUBSCRIPTION VALUE OF RMB36.47 BILLION, UP 86 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sunac-china-holdings-ltd-says-apri/brief-sunac-china-holdings-ltd-says-april-contracted-sales-up-84-idUSFWN1SB0NU |
WASHINGTON/CALGARY, Alberta, May 3 (Reuters) - TransCanada Corp plans to start preliminary work on its Keystone XL pipeline project in Montana in the fall of 2018 ahead of full construction in 2019, according to a letter from the U.S. State Department to Native American tribes.
The letter, dated April 10, and seen by Reuters, states that the Assiniboine and Sioux tribes were being notified of the upcoming work as part of government consultation aimed at minimizing any adverse effect on their historic territory in northeast Montana.
The 1,180-mile (1,899 km) Keystone XL pipeline project has been a lightning rod of controversy for a decade, hotly contested by environmentalists but desperately needed by Canadian oil producers who face steeper-than-normal crude price discounts due to transportation bottlenecks.
"As you may be aware, TransCanada Keystone Pipeline, L.P. (Keystone) intends to begin vegetative clearing in preparation for the construction of the Keystone XL Pipeline (Project) this fall," the State Department letter said. TransCanada Keystone Pipeline, L.P. is a subsidiary of Calgary-based TransCanada.
Sent from the Bureau of Oceans and International Environmental and Scientific Affairs within the State Department, the letter added that the work would involve "clearing vegetation to build the construction camps and pipe yards this fall (2018) with pipeline construction to begin next year (2019)."
TransCanada has not yet made an official investment decision on the $8 billion pipeline, which would extend from Hardisty, Alberta, to Steele City, Nebraska, though the company has said previously that it expects to start construction in 2019.
When asked about the letter on Thursday, TransCanada said: "We are progressing towards a final investment decision. We expect construction to begin in 2019 and we are doing the necessary work to prepare for those activities."
The State Department did not immediately respond to a request for comment on the letter, which also notifies the Montana tribes that they will be consulted on new survey work to be done in the spring and summer of 2018, due to a route change in Nebraska.
U.S. President Donald Trump handed TransCanada a federal permit for the pipeline in March, reversing a 2015 refusal by former President Barack Obama. But the line has run into hurdles in Nebraska, where it was approved but not along TransCanada's preferred route, and the approval is now being appealed.
"The question is will they build a pipeline to nowhere?" said Brian Jorde, a lawyer who represents Nebraska landowners fighting the pipeline. "This is an investment risk analysis TransCanada must perform." (Reporting by Valerie Volcovici in Washington and Julie Gordon in Calgary; Editing by Tom Brown) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-transcanada-to-start-work-on-keystone-xl-in-montana-in-fall-2018-letter.html |
NEW DELHI (Reuters) - India wants nations that are party to the 2015 Iran nuclear deal to engage constructively with Tehran, a government statement said, after the withdrawal of the United States from the pact.
Iran's Foreign Minister Mohammad Javad Zarif and his Indian counterpart Sushma Swaraj walk after a photo opportunity in New Delhi, India, May 28, 2018. REUTERS/Altaf Hussain The statement was issued after a meeting of Indian Foreign Minister Sushma Swaraj with her Iranian counterpart Javad Zarif.
The statement said parties involved in the nuclear deal, known as the Joint Comprehensive Plan of Action, “should engage constructively for peaceful resolution of the issues that have arisen with respect to the agreement”.
Reporting by Nidhi Verma; Editing by Edmund Blair
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-india/india-wants-iran-nuclear-deal-partners-to-engage-after-u-s-pullout-idINKCN1IT1IP |
May 30, 2018 / 12:14 AM / Updated 26 minutes ago Islamic State claims Belgian attack as city mourns Verity Crane , Alissa de Carbonnel 5 Min Read
LIEGE, Belgium/BRUSSELS (Reuters) - Islamic State claimed responsibility on Wednesday for an attack the previous day in the Belgian city of Liege in which two policewomen and a bystander were killed, but provided no proof.
The militant group said in an online statement that a “soldier of the caliphate” had carried out what Belgian police called a terrorist attack. It has previously claimed similar “lone wolf” acts thought to be Islamist-inspired, often without providing evidence.
Belgian authorities meanwhile faced questions over why the attacker, a prison inmate who was suspected of links to radical Islamists in jail, was let out for a day. He was shot dead by police at a school near the scene.
Interior Minister Jan Jambon said authorities were still examining the motives of Benjamin Herman, a 31-year-old Belgian drug dealer who had been in jail for years but was let out for two days on Monday to prepare for an eventual release in 2020.
Herman had shouted “Allahu Akbar”, the Muslim affirmation of faith, during his attack and he had had contact with Islamist radicals in jail in 2016 and early 2017.
He also appeared to have followed online exhortations from Islamic State to stab police officers and use their service weapons to shoot others, prosecutors said.
A cleaning woman at the school who found herself “nose to face with the killer” told public broadcaster RTBF that he spared her because she was Muslim.
While he briefly held her hostage, he told her he wanted the police to “writhe; I want to make them stew”.
Justice Minister Koen Geens told RTBF radio he was having pangs of conscience over whether the man should have been allowed the furlough.
Still reeling from the attack, residents of Belgium’s third biggest city lay flowers and candles at the scene of the shooting on Wednesday, and officials held a moment of silence.
“We had all of the little ones from the high school who were evacuated,” said an emotional nursery school teacher, Joelle Chalon. “I walk this way to work every day.”
Authorities praised the quick-wittedness of the cafe owner outside whose bar Herman had killed the two policewomen, aged 54 and 44. By the time the killer, wielding two police pistols, came in looking for more victims, the cafe proprietor had got all of his customers into hiding.
Jambon described Herman as a psychologically unstable man who might have been on drugs, pointing to his murder of an acquaintance 50 km (30 miles) away on Monday night.
“There are signs he was radicalised in prison but is it that radicalisation which drove him to commit these acts?” Jambon said, adding that although Herman was flagged up in security reports in 2016 and early 2017, he had been a fringe figure. JAIL TO JIHAD?
In and out of jail for a variety of crimes since 2003, Herman may have found a path to violence that has heightened concerns that Europe’s prisons are incubators for jihadism.
It was the 14th time since his detention that he was granted temporary leave, Geens said. “Everyone in Belgium is asking the same question: how is it possible that someone convicted of such serious acts was allowed to leave prisons?” Deputy Prime Minister Alexander de Croo was quoted as saying.
The national crisis centre, on high alert since a Brussels-based Islamic State cell helped kill 130 people in Paris in 2015, did not raise its alert level, indicating no follow-up attacks were expected.
“I think it was just one individual who completely snapped,” said Pieter Van Ostaeyen, a specialist on jihadism. “I don’t think it was an organised attack.”
Convicts have been behind several Islamist militant attacks in Europe. In Belgium, around 450 prisoners are deemed radical, including 46 that are seen as a threat of radicalising others, according to lawmaker George Dallemagne, who sits on several Belgian parliamentary security committees.
“We have a tragic experience in Belgium, with people entering prison as petty criminals and leaving as terrorists,” he told Reuters. Police officers are seen after a shooting in Liege, Belgium, May 29, 2018. REUTERS/Thomas Van Ass. Additional reporting by Robert-Jan Bartunek, Alastair Macdonald and Robin Emmott in Brussels and Ali Abdelaty, John Davison in Cairo; Writing by Alissa de Carbonnel and Alastair Macdonald; Editing by Richard Balmforth/Mark Heinrich/Catherine Evans | ashraq/financial-news-articles | https://in.reuters.com/article/belgium-shooting/belgium-under-scrutiny-over-release-of-radicalised-convict-before-attack-idINKCN1IV00X |
Free agent safety Eric Reid filed a grievance against the NFL and all 32 teams alleging they have colluded to keep him unsigned, following in the footsteps of his former San Francisco 49ers teammate Colin Kaepernick.
Reid, along with Kaepernick, was at the forefront of the movement among players who knelt or sat during the national anthem beginning in 2016 to draw attention to racial inequality and social injustices. While Kaepernick remained unsigned throughout this past season, Reid continued to take a knee.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/free-agent-safety-eric-reed-files-collusion-grievance-against-the-nfl-1525278989 |
JOHANNESBURG (Reuters) - South African Internet and entertainment firm Naspers ( NPNJn.J ) sold its entire 11.18 percent stake in Indian e-commerce firm Flipkart to Walmart Inc ( WMT.N ) for $2.2 billion, it said on Wednesday.
Naspers said the proceeds will be used to reinforce its balance sheet and will be invested over time to accelerate the growth of Naspers’ classifieds, online food delivery and fintech businesses globally. The firm also said it would also pursue other growth opportunities when they arise.
Launched in October 2007, Flipkart is India’s largest e-commerce marketplace. Naspers initially invested in Flipkart in August 2012 and its cumulative investment to the point of sale amounts to $616 million.
Reporting by Nqobile Dludla; Editing by James Macharia
| ashraq/financial-news-articles | https://www.reuters.com/article/us-naspers-disposal-flipkart/south-africas-naspers-sells-flipkart-stake-to-walmart-for-2-2-billion-idUSKBN1IA1S6 |
Nicola Sturgeon says majority in Parliament favours customs union membership 12:19am IST - 00:31
Nicola Sturgeon says that she believes there is a majority in the UK Parliament that is in favour of remaining part of the European Union customs union.
Nicola Sturgeon says that she believes there is a majority in the UK Parliament that is in favour of remaining part of the European Union customs union. //reut.rs/2rGlWUN | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/nicola-sturgeon-says-majority-in-parliam?videoId=426905570 |
May 16 (Reuters) - Churchill Downs Inc:
* CHURCHILL DOWNS INCORPORATED ANNOUNCES AGREEMENT WITH GOLDEN NUGGET TO ENTER NEW JERSEY REAL MONEY ONLINE GAMING AND SPORTS BETTING MARKETS
* CHURCHILL DOWNS INC - CDI IS TARGETING Q1 2019 TO BEGIN ACCEPTING LEGAL WAGERS FOR IGAMING & SPORTS BETTING IN NEW JERSEY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-churchill-downs-inc-announces-agre/brief-churchill-downs-inc-announces-agreement-with-golden-nugget-idUSFWN1SN0MG |
MOSCOW (Reuters) - Rosneft ( ROSN.MM ) Chief Executive Igor Sechin said on Monday he welcomed Qatar as a direct shareholder in Rosneft, as the Qatari sovereign investment fund prepared to become the sole owner of a major stake in the Russian energy company.
FILE PHOTO: Rosneft Chief Executive Igor Sechin delivers a speech at the Zvezda shipyard in the far eastern town of Bolshoy Kamen, Russia September 8, 2017. REUTERS/Sergei Karpukhin/File Photo “The consortium presented by Qatar and Glencore was already a shareholder and now they have decided upon direct ownership (by Qatar)... We welcome this direct ownership,” Sechin said. He declined to say how much Qatar would pay under the deal.
The Qatar Investment Authority (QIA) is taking a stake in Rosneft of nearly 19 percent, after a deal to sell a 14.16 percent stake to China’s CEFC fell through. Swiss trading giant Glencore ( GLEN.L ) will hold some 0.57 percent.
Reporting by Darya Korsunskaya; Writing by Katya Golubkova; Editing by Polina Ivanova
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-rosneft-qatar-sechin/rosneft-ceo-sechin-says-welcomes-qatar-as-direct-shareholder-idUSKBN1I80YN |
May 21, 2018 / 11:35 PM / Updated an hour ago Microsoft, Google find fresh flaw in chips, but risk is low Reuters Staff 3 Min Read
(Reuters) - Cyber security researchers have found a new security flaw that affects a broad swath of modern computing chips and is related to the Spectre and Meltdown chip flaws that emerged in January. Silhouettes of mobile users are seen next to a screen projection of Microsoft logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration
The newest chip problem, known as Speculative Store Bypass or “Variant 4” because it’s in the same family as the original group of flaws, was disclosed by security researchers at Microsoft Corp ( MSFT.O ) and Alphabet Inc’s ( GOOGL.O ) Google on Monday. Though the flaw affects many chips from Intel Corp( INTC.O ), Advanced Micro Devices Inc ( AMD.O ) and Softbank Group’s ( 9984.T ) ARM Holdings, researchers described the risks as low, partly because of web browser patches already issued earlier this year to address Spectre.
The Meltdown and Spectre flaws, which emerged in January, can allow passwords and other sensitive data on chips to be read. The flaws result from the way computers try to guess what users are likely to do next, a process called speculative execution. FILE PHOTO: The Google logo is pictured atop an office building in Irvine, California, U.S., August 7, 2017. REUTERS/Mike Blake/File Photo
When the flaws emerged in January, researchers warned that they were likely to find new variants of Spectre in the future. Earlier this month, German computer science magazine c’t reported that a “next generation” of flaws had been found in Intel’s chips and was likely to be disclosed this month. Intel declined to comment on whether Monday’s announcement was related to the German magazine’s story.
In its research findings, Microsoft said that patches issued for common web browsers earlier this year greatly increased the difficulty of carrying out an attack with the newly discovered flaw.
Chips from Intel, AMD and ARM all have patches available, either directly from the makers or through software suppliers such as Microsoft. Intel said it expects a performance slowdown of between 2 percent and 8 percent from the patches, and ARM said it expects a slowdown of between 1 percent and 2 percent.
However, Intel said that because of the low risk of a real-world attack, it would ship its patches turned off by default, giving users the choice whether to turn them on. AMD also advised leaving the patches turned off due to the difficulty of carrying out an attack.
The security problems do not appear to have impacted chipmakers’ stock prices. Intel shares are up nearly 16 percent to since the start of the year to $54.32, and AMD shares are up 18.3 percent to $12.99 since the start of the year. Reporting by Stephen Nellis; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-cyber-chips/microsoft-google-find-fresh-flaw-in-chips-but-risk-is-low-idUKKCN1IM2IV |
TTWO CEO: Fortnite may draw younger gaming consumers for long term 8 Hours Ago Jim Cramer sits down with Take-Two Interactive Software Chairman and CEO Strauss Zelnick for an update on the video game space. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/ttwo-ceo-fortnite-may-draw-younger-gaming-consumers-for-long-term.html |
BERLIN (Reuters) - Germany’s BDI industry association on Tuesday said it deeply regretted the U.S. decision to pull out of the 2015 nuclear agreement with Iran after the long and difficult negotiations required to conclude the deal with Tehran.
FILE PHOTO: BDI president Dieter Kempf addresses a news conference before the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke The industry group said it was now important for the European Union, together with Russia and China, to send a clear signal about their continued commitment to the agreement.
“This is about maintaining credibility in foreign, security and economic policy,” the group’s president, Dieter Kempf said.
He added that German companies had great hopes for the opening of the Iranian market after the lifting of economic sanctions under the agreement, but added, “These hopes have now clearly been dimmed.”
Reporting by Andrea Shalal; Editing by Michelle Martin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-germany-bdi/germanys-bdi-laments-u-s-decision-to-quit-iran-nuclear-deal-idUSKBN1I92VL |
May 2, 2018 / 10:55 AM / Updated 16 minutes ago Fund manager Mobius, ex-Franklin colleagues, launch new firm Claire Milhench 4 Min Read
LONDON (Reuters) - Veteran emerging markets fund manager Mark Mobius has teamed up with two former colleagues from U.S. asset manager Franklin Templeton to launch investment firm Mobius Capital Partners. FILE PHOTO: Mark Mobius, when executive chairman at Templeton Emerging Markets Group, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian/File Photo
Carlos Hardenberg, who was lead manager for the flagship Templeton Emerging Markets Investment Trust, and Greg Konieczny, former manager of Romanian investment fund Fondul Proprietatea, which is managed by Franklin Templeton, will work with Mobius on a triumvirate investment committee.
The three will focus on companies where they can drive performance by raising corporate governance through active engagement, they said at the firm’s official launch in London on Wednesday.
The aim is to raise some $1 billion in about two to three years to invest in China, India, Latin America and other emerging and frontier markets.
Mobius, 81, who is regarded as a pioneer of emerging market investing, left Franklin Templeton earlier this year after over 30 years with the firm. But he said he wasn’t ready to retire.
“I love what I’m doing, it didn’t make sense to be really retired. It’s no fun to be sitting around,” he said, adding the aim with the new firm was to go “back to basics”.
Konieczny, who has a record of successful engagement with companies from his time at Fondul Proprietatea, said there would be an action plan for how each company’s governance could be improved.
“The best way to do this is through partnering with those companies and, from our experience, it delivers the best results in a relatively short period of time,” he said, adding this could also boost a company’s environmental and social ratings.
The aim is to launch a Luxembourg-based fund in June that will invest in 25-30 emerging and frontier market companies, initially targeting high-net-worth individuals via private banks and family offices.
Hardenberg said the fund would take fairly large stakes in companies, which might be in trouble or have fairly low ratings in terms of their governance and transparency.
He cited fintech, robotics, healthcare, e-commerce and education as potentially rich hunting grounds.
“We still see a lot of opportunities in those segments,” he said. “One of the reasons those very solid, very well-run companies are trading at discounts is because there is a general perception the risks are higher because of poorer governance and lack of transparency.”
He added the timing was good because emerging markets overall remain fairly attractively valued, trading at a discount of about 20-25 percent to developed markets.
Although the intention is to avoid the traditional “sin” stocks, such as tobacco, Mobius said he wouldn’t rule out investing in a listing of oil giant Saudi Aramco, depending on how the board was set up: “Yes, if the conditions are right.”
The three are currently hiring portfolio managers and analysts with an expertise in environmental, social and governance (ESG) investing. The aim is to build a team of about nine, including themselves by the end of the year, with a small office in Hong Kong also expected to open before the year-end. Reporting by Claire Milhench; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-emerging-funds-mobius/fund-manager-mobius-ex-franklin-colleagues-launch-new-firm-idUSKBN1I31D0 |
Phoenix, AZ, May 18, 2018 (GLOBE NEWSWIRE) -- No Borders, Inc. (NBDR) through its wholly-owned subsidiary Lannister Holdings, Inc. (the “Company”), announces that it is commencing the filing of its pre-merger financials with OTC Markets today, and that the Company will begin work on corporate actions with the State of Nevada & FINRA in order to institute Name and Ticker Symbol Changes.
Joseph Snyder, President and CEO of NBDR, commented that: “Getting to this day has taken more time, effort and capital than we originally anticipated, and we are very happy to begin uploading the financials on the OTC Markets today! We have an aggressive internal schedule of filing the remaining pieces as well as the required legal opinions in rapid succession as we take steps on our journey of not only removing the OTC stop sign, but also having these past two years of financials audited to achieve our goal of being a fully SEC reporting company and up-listing on the OTC Markets. We are immensely grateful for all of the effort and work that our financial and legal teams have put in to get us to this day, additionally the effort and time from the previous company management was vital to our being able to complete these pieces. At this time, we are comfortable announcing that we do intend to apply for a Name Change and Ticker Symbol Change with the State of Nevada and FINRA, to some extent we do not control the outcome of these efforts, but we believe we have done the proper steps to be successful barring any unknown issues that may arise. Through all these changes we hope to be able to keep on growing our company and to create strong shareholder value.”
Initial Batch Of Financial Filings
These initial filings cover the year of 2015 and the first Quarter of 2016 of the pre-merger financials of No Borders, Inc. Subsequent quarters through 2016, 2017 & 1st Qtr 2018 as well as the post-merger financials for Lannister Holdings, Inc. a wholly-owned subsidiary of No Borders, Inc. are being compiled and prepared at this time and will be uploaded along with relevant legal filings as soon as feasible. The company maintains a strategic focus on maintaining current, audited financials in the future with a goal of up listing on the OTC Market and becoming a fully reporting company with the Securities and Exchange Commission, as expediently as possible.
Name & Symbol Update
No Borders, Inc. intends to begin the process of applying with the State of Nevada and FINRA to change the company name from “No Borders, Inc.” to “Lannister Holdings, Inc.” as soon as the company is current with OTC Markets as well as requesting a Ticker Symbol change from “NBDR” to one of several Symbol options of which “LANN” and “LNHD” are both under consideration along with several other options should those be unavailable for any reason.
Tradename; Lannister Development
As previously disclosed, Lannister Holdings, Inc. an Arizona Corporation has been approved to use the Trade Name “Lannister Development” for the company’s client facing blockchain and software development/consulting divisions. The company’s goal, once and if the aforementioned name change with the State of Nevada and FINRA is approved will be to update the name of “Lannister Holdings, Inc.” in Arizona to “Lannister Development, Inc.” The company intends to maintain operations through our Arizona subsidiaries and maintain a corporate and community identity as “Based in Phoenix Arizona” for the foreseeable future. The company strives to maintain a strong community, political and physical presence in the State of Arizona due to the strong legislative support of emerging technologies and blockchain specifically in the State of Arizona.
Contact: Morissa Schwartz – Public Relations
Email: [email protected]
Website: www.LannisterHoldings.com
Forward-Looking Statement
This press release may include forward-looking information based on current expectations. Actual results may differ from those projected. The reader is cautioned not to place undue dependence on any forward-looking information. Except as required by law, the Company renounces any intention and accepts no obligation to update any forward-looking statements, be it a result of new information, future events or otherwise. Furthermore, the Company assumes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Source:No Borders, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-no-borders-inc-nbdr-begins-submitting-pre-merger-financials-to-otc-markets.html |
STAMFORD, Conn.--(BUSINESS WIRE)-- Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid packaging for consumer goods products, announced today that its Board of Directors has declared a quarterly cash dividend on its common stock. The Board of Directors approved a $0.10 per share quarterly cash dividend, payable on June 15, 2018 to the holders of record of common stock of the Company on June 1, 2018.
Silgan is a leading supplier of rigid packaging for consumer goods products with annual net sales of approximately $4.1 billion in 2017. Silgan operates 99 manufacturing facilities in North and South America, Europe and Asia. The Company is a leading supplier of metal containers in North America and Europe for food and general line products. The Company is also a leading worldwide supplier of metal and plastic closures and dispensing systems for food, beverage, health care, garden, personal care, home and beauty products. In addition, the Company is a leading supplier of plastic containers for shelf-stable food and personal care products in North America.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005289/en/
Silgan Holdings Inc.
Robert B. Lewis, 203-406-3160
Source: Silgan Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-silgan-declares-quarterly-dividend.html |
Comcast cash bid may spark Fox shareholder revolt 11:32am BST - 01:55
Comcast's planned all-cash offer for 21st Century Fox assets could drive a wedge between media mogul Rupert Murdoch who wants a stock deal so he can avoid a huge tax bill and his investors who prefer a higher dollar transaction.
Comcast's planned all-cash offer for 21st Century Fox assets could drive a wedge between media mogul Rupert Murdoch who wants a stock deal so he can avoid a huge tax bill and his investors who prefer a higher dollar transaction. //reut.rs/2GfV4jG | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/comcast-cash-bid-may-spark-fox-sharehold?videoId=427092861 |
NEWPORT BEACH, Calif., May 21, 2018 /PRNewswire/ -- CEO Coaching International , the leading firm for coaching growth-focused CEOs and entrepreneurs, announced today Bill Whitehead has joined the organization. Whitehead brings over 30 years' experience as an entrepreneur and has deep ties to the financial advisor world.
Bill Whitehead has been a successful entrepreneur for over thirty years. At twenty-two, Whitehead opened an award-winning restaurant franchise, ran it as the operating partner, and had a successful exit eight years later. Switching fields, Whitehead became one of Canada's leading financial advisor entrepreneurs. He recruited and trained a team that grew his financial advisory business into the number one region in the country. He later sold this business in stages as it had grown to over $2 billion in assets.
"Bill's deep history, phenomenal track record and strong reputation is well known," commented Mark Moses , CEO and Founder of CEO Coaching International. "We are thrilled to have found a great addition to our team who mirrors our culture and values."
CEO Coaching International is known globally for its success in coaching growth-focused Entrepreneurs in a data-driven and measurable way to meaningful exits. They coach over 160 entrepreneurs in 20 different countries. CEOs and entrepreneurs working with CEO Coaching International for 4 years or more have experienced an average CAGR in revenue of 40.1% during their time as a client, more than four times the national average. Additionally, clients have averaged 210% growth in profit while working with the firm.
About CEO Coaching International
CEO Coaching International is an executive coaching company that works with the world's top entrepreneurs, CEOs and companies to dramatically grow their business, develop their people, and elevate their own performance. For more information, please visit: http://www.ceocoachinginternational.com
Photo(s):
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View original content: http://www.prnewswire.com/news-releases/ceo-coaching-international-expands-international-footprint-by-adding-financial-expert-in-canada-300651895.html
SOURCE CEO Coaching International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-ceo-coaching-international-expands-international-footprint-by-adding-financial-expert-in-canada.html |
May 8, 2018 / 2:27 PM / Updated 4 hours ago Medvedev confirmed as Russian prime minister in parliament vote Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russia’s lower house of parliament confirmed Dmitry Medvedev as prime minister on Tuesday, voting 374 against 56 in favour of him remaining in the job he has held since 2012. Russian President Vladimir Putin (R) and Dmitry Medvedev, who was nominated as the candidate for the post of Prime Minister, attend a session of the State Duma, the lower house of parliament, in Moscow Russia May 8, 2018. REUTERS/Sergei Karpukhin
President Vladimir Putin, who was sworn in for a new six-year term in the Kremlin on Monday, had put forward Medvedev to be prime minister and asked lawmakers to support his nominee. Reporting by Denis Pinchuk; Editing by Katya Golubkova | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-medvedev-appointment/medvedev-confirmed-as-russian-prime-minister-in-parliament-vote-idUKKBN1I91XL |
May 2 (Reuters) - BANQUE CANTONALE DU VALAIS:
* PIERRE-ALAIN GRICHTING PROPOSED AS PRESIDENT OF BOARD OF DIRECTORS Source text - bit.ly/2HIVnt3 Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-banque-cantonale-du-valais-propose/brief-banque-cantonale-du-valais-proposes-pierre-alain-grichting-as-president-of-board-of-directors-idUSFWN1S912I |
Ford was downgraded by Piper Jaffray on Tuesday because the automaker is not doing enough to keep up with the technological disruptions in the auto industry.
"We appreciate the focus on 'fitness,' as well as Ford's newfound willingness to cull less profitable platforms," analyst Alexander Potter said in a note to clients. "But with U.S. vehicle sales slowly eroding, we think investors are looking for more fundamental changes from Ford — and from automotive companies in general. Ford may yet capture its share of the $1T+ market for autonomous rides, but in our view, the company isn't a leader in this market — at least not yet."
show chapters Ford is using bionic suits to help employees work safer 6:24 PM ET Fri, 20 April 2018 | 02:20 Potter downgraded Ford to neutral from overweight and lowered his 12-month price target to $12 from $14. The stock closed at $11.18 on Monday and was slightly lower in premarket trading Tuesday.
"Ford's valuation still appears low — and the stock's 7% yield (including special dividend) — still offers downside protection — but relative to other stocks in our coverage, we are less convinced that Ford can find compelling revenue drivers to offset secular threats," Potter added.
Ford shares are off by 10 percent this year even after the automaker said in April it would limit its passenger car lineup to just two models in order to focus on its more profitable truck and SUV business.
"All of these initiatives should deliver improved margins and help offset sluggish SAAR growth — but will this be enough to make Ford stand out against automotive peers? Probably not in our view," the Piper note stated. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/ford-downgraded-by-piper-jaffray-who-says-the-automaker-is-behind-the-times.html |
SAN FRANCISCO (AP) _ Castlight Health Inc. (CSLT) on Thursday reported a loss of $14.4 million in its first quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 11 cents. Losses, adjusted for stock option expense and amortization costs, were 6 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.
The online health care software company posted revenue of $36.5 million in the period.
Castlight expects full-year results to range from a loss of 15 cents per share to a loss of 11 cents per share, with revenue in the range of $150 million to $155 million.
In the final minutes of trading on Thursday, the company's shares hit $3.90. A year ago, they were trading at $4.45.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CSLT at https://www.zacks.com/ap/CSLT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-castlight-1q-earnings-snapshot.html |
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- Legend Power Systems Inc. (TSXV:LPS), a global leader in voltage reduction and management technology, today announced it will release its fiscal Q2 2018 financial results for the six months ended March 31, 2018, on Thursday, May 24, 2018 at 6:00am PT (9:00am ET). The Company has also scheduled a conference call to provide a business update and discuss its Q2 2018 financial results for Thursday, May 24, 2018 at 1:15pm PT (4:15pm ET). The call will be hosted by Randy Buchamer, President & Chief Executive Officer and Steve Vanry, Chief Financial Officer.
CONFERENCE CALL DETAILS:
DATE: Thursday, May 24, 2018 TIME: 1:15pm PT (4:15pm ET) DIAL-IN NUMBER: Toronto (647) 788-4901
Toll Free – North America (+1) (877) 201-0168 CONFERENCE ID: 2471189 REPLAY: Available at: www.legendpower.com About Legend Power Systems Inc.
Legend Power Systems Inc. ( www.legendpower.com ) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange.
For further information please contact:
Randy Buchamer, CEO and President
+ 1 778 945 1501
[email protected]
Sean Peasgood, Investor Relations
+ 1 647 503 1054
[email protected]
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such . Investors are cautioned that any such are not guarantees of future business activities or performance and involve , and that the Company’s future business activities may differ materially from those in the as a result of various factors. Such risks, uncertainties and factors are described in the periodic flings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com . Should one or more of these risks or uncertainties materialize, or should assumptions underlying the prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these other than as may be required by applicable law.
Source: Legend Power Systems Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-legend-power-schedules-fiscal-q2-2018-financial-results-release-and-conference-call.html |
May 14 (Reuters) - Traverse Energy Ltd:
* QTRLY AFFO EARNINGS PER SHARE $0.01 * QTRLY PETROLEUM AND NATURAL GAS REVENUE $1.98 MILLION VERSUS $3.03 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-traverse-energy-qtrly-petroleum-an/brief-traverse-energy-qtrly-petroleum-and-natural-gas-revenue-1-98-mln-vs-3-03-mln-idUSASC0A21I |
NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces the commencement of an investigation of Molina Healthcare, Inc. (NYSE: MOH) concerning possible violations of federal securities laws.
On April 28, 2016, Molina reported an earnings miss for the first quarter ended March 31, 2016 and reduced its full-year 2016 earnings guidance. On August 2, 2017, Molina withdrew its 2017 earnings projection, reported a net loss of $230 million for the second quarter ended June 30, 2017, and revealed it would exit certain ACA Health Exchange markets.
If you suffered a loss in Molina and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/molina-healthcare-inc .
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006069/en/
The Klein Law Firm
Joseph Klein, Esq.
Telephone: 212-616-4899
Fax: 347-558-9665
www.kleinstocklaw.com
Source: The Klein Law Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-the-klein-law-firm-notifies-investors-of-an-investigation-concerning-possible-violations-of-federal-securities-laws-by.html |
Announces Debt Refinancing with Wells Fargo Bank N.A.
SAN MATEO, Calif.--(BUSINESS WIRE)-- Model N, Inc., (NYSE: MODN), the leading provider of revenue management cloud solutions for the pharmaceutical, medical device, high tech, manufacturing and semiconductor industries, today announced financial results for the second quarter, which ended March 31, 2018.
“Model N exceeded its revenue and profitability guidance for the second quarter of fiscal 2018 and posted our third straight quarter of positive Adjusted EBITDA, with positive free cash flow of $4.7 million. In addition, I am excited to announce that we have refinanced our debt which will significantly reduce our interest payments and improve our cash flow,” said Zack Rinat, Founder, Chairman, and Chief Executive Officer of Model N. “Model N is in an exciting position to partner with our customers as they reinvent their business for the Digital Era.”
Second Quarter 2018 Financial Highlights:
Revenues : SaaS and maintenance revenues were $33.0 million compared to $27.3 million for the second quarter of fiscal 2017. Total revenues were $39.2 million, compared to $33.3 million for the second quarter of fiscal 2017. Gross Profit : Gross profit was $22.0 million compared to $17.2 million for the second quarter of fiscal 2017. Gross margins were 56% compared to 52% for the second quarter of fiscal 2017. Non-GAAP gross profit was $23.2 million, compared to $20.4 million for the second quarter of fiscal 2017. Non-GAAP gross margins were 59% compared to 58% for the second quarter of fiscal 2017. (Loss) income from operations : GAAP loss from operations was $(2.4) million compared to a GAAP loss from operations of $(15.0) million for the second quarter of fiscal 2017. Non-GAAP income from operations was $2.2 million compared to a Non-GAAP loss from operations of $(5.3) million for the second quarter of fiscal 2017. Net loss : GAAP net loss was $(3.9) million compared to net loss of $(12.5) million for the second quarter of fiscal 2017. GAAP basic and diluted net loss per share attributable to common stockholders was $(0.13) based upon weighted average shares outstanding of 30.0 million, as compared to net loss per share of $(0.44) for the second quarter of fiscal 2017 based upon weighted average shares outstanding of 28.5 million. Non-GAAP net income (loss) : Non-GAAP net income was $0.7 million as compared to Non-GAAP net loss of $(7.0) million for the second quarter of fiscal 2017. Non-GAAP net income per share was $0.02 based upon weighted average shares outstanding of 30.0 million, as compared to Non-GAAP net loss per share of $(0.25) for the second quarter of fiscal 2017 based upon weighted average shares outstanding of 28.5 million. Adjusted EBITDA : Adjusted EBITDA was $3.0 million compared to $(4.4) million for the second quarter of fiscal 2017.
Use of Non-GAAP Financial Measures
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial tables included in this press release.
Announces Debt Refinancing with Wells Fargo Bank N.A., Lowering Interest Rate:
Model N announced that it has completed the refinancing of its existing term loan under a new Credit Agreement with Wells Fargo Bank, N.A. The Wells Fargo Bank facility is comprised of a term loan of $50.0 million and a revolver of $5.0 million. The proceeds from the new loan were used in part to pay off the amounts outstanding under the existing term loan agreement, which bore an interest rate of LIBOR plus 8.25% during the second quarter of fiscal 2018. Borrowing under the new Credit Agreement will bear interest, at the Company’s selection, of either (i) Base Rate plus a margin of 3.5% to 2.0% or (ii) a LIBOR plus a margin of 4.5% to 3.0%, with margin steps down based upon on the Company’s leverage ratio. With this refinancing, Model N will have a 45% to 64% reduction in LIBOR margin.
Financial Impact of Debt Refinancing and Interest Rate
Excluding any prepayment penalty, Model N anticipates the new loan to reduce its cash interest payment by approximately $0.8 million for the remainder of fiscal 2018. In the third quarter of fiscal 2018, we expect to incur a one-time charge of approximately $3.2 million in connection with the refinancing, of which approximately $1.7 million is non-cash unamortized discounts and deferred financing costs write-off and $1.5 million in prepayment penalty. These amounts will be recorded as interest expense.
Business Highlights:
AstraZeneca subscribed to Revenue Cloud for Pharma for their U.S. business. Upon go-live, AstraZeneca will complete their On-Premise Transition (OPT) and become the first major pharmaceutical company to run their global business on Revenue Cloud for Pharma. Gedeon Richter, a specialty global pharmaceutical company headquartered in Budapest Hungary with operations in over 100 countries, subscribed to Model N’s Global Price Management. Sandoz, Swedish Orphan Biovitrum (Sobi), Novartis, and Takeda, among others, recently completed implementation projects and went live. Model N conducted a successful Rainmaker, our annual customer conference, focused on Digital Reinvention with approximately 500 participants.
Guidance:
As of May 8, 2018, we are providing guidance for the third quarter of fiscal 2018 and the full fiscal year ending September 30, 2018, which is inclusive of the debt refinancing.
(in $ millions, except per share outlook) Third Quarter Fiscal 2018 Full Year Fiscal 2018 Total GAAP Revenues 39.0 – 39.5 152.0 – 154.0 Non-GAAP income from operations 1.2 – 1.7 5.8 – 6.8 Non-GAAP net loss per share (0.11) – (0.09) (0.07) – (0.05) Adjusted EBITDA 2.0 – 2.5 9.0 – 10.0 Quarterly Results Conference Call
Model N will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the company’s financial results for the second quarter, which ended March 31, 2018. The conference call can be accessed by dialing (877) 407-4018 from the United States or (201) 689-8471 internationally with reference to the company name and conference title, and a live webcast and replay of the conference call can be accessed from the investor relations page of Model N’s website at investor.modeln.com . Following the completion of the call through 11:59 p.m. ET on May 15, 2018, a telephone replay will be available by dialing (844) 512-2921 from the United States or (412) 317-6671 internationally with recording access code 13678567.
About Model N
Model N is the leader in revenue management solutions. Driving mission critical business processes such as configure, price and Quote: , contract and rebate management, business intelligence, and regulatory compliance, Model N solutions transform the revenue lifecycle from a series of disjointed operations into a strategic end-to-end process. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical device, high tech, manufacturing and semiconductors across more than 120 countries, including Pfizer, AstraZeneca, Sanofi, Gilead, Abbott, Stryker, AMD, Micron, Seagate, STMicroelectronics, NXP, Sesotec, and Southern States. For more information, visit www.modeln.com
Model N® is the registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.
This press release contains including, among other things, statements regarding Model N’s third quarter and full year fiscal year 2018 revenue, the financial impact of Model N’s debt refinancing, and other financial results as well as outlook for fiscal year 2018 and future prospects. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify . These subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could the results implied by these . Risks include, but are not limited to: (i) delays in closing customer contracts; (ii) our ability to improve and sustain our sales execution; (iii) the timing of new orders and the associated revenue recognition; (iv) adverse changes in general economic or market conditions; (v) delays or reductions in information technology spending and resulting variability in customer orders from quarter to quarter; (vi) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by our competitors; (vii) our ability to manage our growth effectively; and (viii) acceptance of our applications and services by customers; (ix) success of new products; (x) the risk that the strategic initiatives that we may pursue will not result in significant future revenues; (xi) changes in health care regulation and policy and tax in the United States and worldwide; and (xii) our ability to retain customers, and (xiii) acquisition-related risks from our acquisition of Revitas. Further information on risks that could affect Model N’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our most recent quarterly report on Form 10-Q and our annual report on Form 10-K for the fiscal year ended September 30, 2017, and any current reports on Form 8-K that we may file from time to time. Should any of these risks or uncertainties materialize, actual results could expectations. Model N assumes no obligation to, and does not currently intend to, update any such after the date of this release.
Non-GAAP Financial Measures
We have provided in this release financial information that has not been prepared in accordance with accounting standards generally accepted in the United States of America (“GAAP”). We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Our reported results include certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP income (loss) from operations, non-GAAP net loss, non-GAAP net (loss) income per share, and adjusted EBITDA. Non-GAAP gross profit excludes stock-based compensation expense, acquisition & integration related expenses, deferred revenue adjustment and amortization of intangible assets. Non-GAAP loss from operations and non-GAAP net loss exclude stock-based compensation expense, amortization of intangible assets, and acquisition & integration related expenses, deferred revenue adjustment and valuation allowance resulting from Revitas acquisition as they are often excluded by other companies to help investors understand the operational performance of their business and, in the case of stock-based compensation, can be difficult to predict and therefore we have not provided a reconciliation of forecasted Non-GAAP results with GAAP. In addition, stock-based compensation expense varies from period to period and company to company due to such things as differing valuation methodologies and changes in stock price. Adjusted EBITDA is defined as net loss, adjusted depreciation and amortization, stock-based compensation expense, acquisition & integration related expenses, deferred revenue adjustment, interest (income) expense, net, and other (income) expenses, net, and provision (benefit) for income taxes. Reconciliation tables are provided in this press release.
Model N Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
As of March 31, 2018
As of September 31, 2017
Assets Current assets: Cash $ 55,229 $ 57,558 Accounts receivable, net 31,490 24,784 Prepaid expenses 4,242 3,733 Other current assets 571 1,013 Total current assets 91,532 87,088 Property and equipment, net 3,043 4,611 Goodwill 39,283 39,283 Intangible assets, net 37,358 40,156 Other assets 1,056 798 Total assets $ 172,272 $ 171,936 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,319 $ 3,002 Accrued employee compensation 9,521 14,996 Accrued liabilities 3,172 4,979 Deferred revenue, current portion 56,025 49,186 Long term debt, current portion 5,225 4,753 Total current liabilities 76,262 76,916 Long-term liabilities: Long term debt 52,458 52,452 Other long-term liabilities 1,369 1,307 Total long-term liabilities 53,827 53,759 Total liabilities 130,089 130,675 Stockholders' equity: Common Stock 5 4 Preferred Stock — — Additional paid-in capital 227,107 217,052 Accumulated other comprehensive loss (483 ) (502 ) Accumulated deficit (184,446 ) (175,293 ) Total stockholders' equity 42,183 41,261 Total liabilities and stockholders' equity $ 172,272 $ 171,936 Model N Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
Six months ended
March 31,
2018 2017 2018 2017 Revenues: SaaS and maintenance $ 32,997 $ 27,257 $ 65,320 $ 49,897 License and implementation 6,237 6,000 12,981 11,423 Total revenues 39,234 33,257 78,301 61,320 Cost of Revenues: SaaS and maintenance 12,866 11,880 25,890 22,088 License and implementation 4,387 4,159 8,172 7,773 Total cost of revenues 17,253 16,039 34,062 29,861 Gross profit 21,981 17,218 44,239 31,459 Operating Expenses: Research and development 8,047 8,934 17,115 14,909 Sales and marketing 9,015 11,608 17,507 20,342 General and administrative 7,324 11,668 16,055 18,853 Total operating expenses 24,386 32,210 50,677 54,104 Loss from operations (2,405 ) (14,992 ) (6,438 ) (22,645 ) Interest expense (income), net 1,449 1,380 2,872 1,347 Other expenses (income), net (87 ) 228 38 74 Loss before income taxes (3,767 ) (16,600 ) (9,348 ) (24,066 ) (Benefit) provision for income taxes 129 (4,110 ) (195 ) (3,976 ) Net loss $ (3,896 ) $ (12,490 ) $ (9,153 ) $ (20,090 ) Net loss per share attributable to common stockholders: Basic and diluted $ (0.13 ) $ (0.44 ) (0.31 ) $ (0.71 ) Weighted average number of shares used in computing net loss per share attributable to common stockholders: Basic and diluted 29,983 28,452 29,689 28,228 Model N Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended March 31, 2018 2017 Cash Flows From Operating Activities: Net loss $ (9,153 ) $ (20,090 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 4,427 3,493 Stock-based compensation 7,282 4,448 Amortization of debt discount and issuance cost 478 244 Deferred income taxes (572 ) (4,073 ) Other non-cash charges (22 ) 235 Changes in assets and liabilities, net of acquisition: Accounts receivable (6,622 ) (876 ) Prepaid expenses and other assets (608 ) 1,707 Deferred cost of implementation services 338 1,076 Accounts payable (685 ) (762 ) Accrued employee compensation (5,497 ) (818 ) Other accrued and long-term liabilities (1,525 ) (1,926 ) Deferred revenue
7,133 3,731 Net cash used in operating activities (5,026 ) (13,611 ) Cash Flows From Investing Activities: Purchases of property and equipment, net (91 ) (222 ) Acquisition of businesses, net of cash acquired — (47,773 ) Capitalization of software development costs — (285 ) Net cash used in investing activities (91 ) (48,280 ) Cash Flows From Financing Activities: Proceeds from exercise of stock options and issuance of employee stock purchase plan 2,773 1,548 Proceeds from term loan — 48,686 Debt issuance costs — (806 ) Net cash provided by financing activities 2,773 49,428 Effect of exchange rate changes on cash 15 (4 ) Net decrease in cash (2,329 ) (12,467 ) Cash Beginning of period 57,558 66,149 End of period $ 55,229 $ 53,682 Model N Inc.
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31, Six months ended March 31, 2018 2017 2018 2017 Reconciliation from GAAP net loss to adjusted EBITDA: GAAP net loss: $ (3,896 ) $ (12,490 ) $ (9,153 ) $ (20,090 ) Reversal of non-GAAP items: Stock-based compensation expense 3,246 2,553 7,282 4,448 Depreciation and amortization 2,162 2,399 4,427 3,493 Deferred revenue adjustment — 2,100 627 2,100 Acquisition and integration related costs — 3,563 — 4,765 Interest expense (income), net 1,449 1,380 2,872 1,347 Other expenses (income), net (87 ) 228 38 74 (Benefit) provision for income taxes 129 (4,110 ) (195 ) (3,976 ) Adjusted EBITDA $ 3,003 $ (4,377 ) $ 5,898 $ (7,839 ) Three Months Ended March 31, Six months ended March 31, 2018 2017 2018 2017 Reconciliation from GAAP revenue to revenue before deferred revenue adjustment: GAAP revenue: $ 39,234 $ 33,257 $ 78,301 $ 61,320 Deferred revenue adjustment (d) — 2,100 627 2,100 Revenue before deferred revenue adjustment $ 39,234 $ 35,357 $ 78,928 $ 63,420 Three Months Ended March 31, Six months ended March 31, 2018 2017 2018 2017 Reconciliation from GAAP gross profit to non-GAAP gross profit: GAAP gross profit: $ 21,981 $ 17,218 $ 44,239 $ 31,459 Reversal of non-GAAP expenses: Stock-based compensation (a) 703 416 1,273 896 Amortization of intangible assets (b) 476 487 952 742 Acquisition and integration related expenses (c) — 202 — 223 Deferred revenue adjustment (d) — 2,100 627 2,100 Non-GAAP gross profit $ 23,160 $ 20,423 $ 47,091 $ 35,420 Percentage of revenue before deferred revenue adjustment 59.0 % 57.8 % 59.7 % 55.8 % Three Months Ended March 31, Six months ended March 31, 2018 2017 2018 2017 Reconciliation from GAAP loss from operations to non-GAAP loss from operations:
GAAP net loss from operations: $ (2,405 ) $ (14,992 ) $ (6,438 ) $ (22,645 ) Reversal of non-GAAP expenses: Stock-based compensation (a) 3,246 2,553 7,282 4,448 Amortization of intangible assets (b) 1,382 1,429 2,800 1,793 Acquisition and integration related expenses (c) — 3,563 — 4,765 Deferred revenue adjustment (d) — 2,100 627 2,100 Non-GAAP income (loss) from operations $ 2,223 $ (5,347 ) $ 4,271 $ (9,539 ) Three Months Ended March 31, Six months ended March 31, 2018 2017 2018 2017 Numerator: Reconciliation between GAAP and non-GAAP net loss: GAAP net loss: $ (3,896 ) $ (12,490 ) $ (9,153 ) $ (20,090 ) Reversal of non-GAAP expenses: Stock-based compensation (a) 3,246 2,553 7,282 4,448 Amortization of intangible assets (b) 1,382 1,429 2,800 1,793 Acquisition and integration related expenses (c) — 3,563 — 4,765 Deferred revenue adjustment (d) — 2,100 627 2,100 Deferred tax valuation allowances (f) — (4,165 ) — (4,165 ) Non-GAAP net income (loss) attributable to Model N Inc.
common stockholders
$ 732 $ (7,010 ) $ 1,556 $ (11,149 ) Denominator: Reconciliation between GAAP and non-GAAP net loss per share attributable to Model N Inc.
common stockholders:
Weighted average number of shares used in computing GAAP dilutive net loss per share 29,983 28,452 29,689 28,228 GAAP dilutive net loss per share attributable to Model N Inc.
common stockholders
$ (0.13 ) $ (0.44 ) $ (0.31 ) $ (0.71 ) Non-GAAP net income (loss) per share attributable to Model N Inc.
common stockholders
0.02 (0.25 ) 0.05 (0.40 ) Three Months Ended March 31, Six months ended March 31, 2018 2017 2018 2017 Amortization of intangibles assets recorded in the statement of operations: Cost of revenues: SaaS and maintenance $ 476 $ 487 952 742 License and implementation — — Total amortization of intangibles assets in cost of revenue (b) 476 487 952 742 Operating expenses: Research and development — — — — Sales and marketing 906 942 1,848 1,051 General and administrative — — — — Total amortization of intangibles assets in operating expense (b) 906 942 1,848 1,051 Total amortization of intangibles assets (b) $ 1,382 $ 1,429 $ 2,800 $ 1,793 Three Months Ended March 31, Six months ended March 31, 2018 2017 2018 2017 Stock-based compensation recorded in the statement of operations: Cost of revenues: SaaS and maintenance $ 357 $ 206 635 452 License and implementation 346 210 638 444 Total stock-based compensation in cost of revenue (a) 703 416 1,273 896 Operating expenses: Research and development 743 357 1,400 761 Sales and marketing 660 356 1,531 909 General and administrative 1,140 1,424 3,078 1,882 Total stock-based compensation in operating expense (a) 2,543 2,137 6,009 3,552 Total stock-based compensation (a) $ 3,246 $ 2,553 $ 7,282 $ 4,448 Use of Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements presented on a GAAP basis, Model N uses non-GAAP measures of adjusted EBITDA, gross profit, loss from operations, net loss, weighted average shares outstanding and net loss per share, which are adjusted to exclude certain legal expenses, Channel Insight and Revitas acquisition related costs, deferred revenue adjustment and valuation allowance resulting from Revitas acquisition, stock-based compensation expense, amortization of intangible assets and includes dilutive shares where applicable. We believe these adjustments are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of Model N’s underlying operating results and trends and our marketplace performance. The non-GAAP results are an indication of our baseline performance that are considered by management for the purpose of making operational decisions. In addition, these non-GAAP results are the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for operating loss, net loss or basic and diluted net loss per share prepared in accordance with generally accepted accounting principles in the United States. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.
While a large component of our expenses incurred in certain periods, we believe investors may want to exclude the effects of these items in order to compare our financial performance with that of other companies and between time periods:
(a) Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. Stock-based compensation is a non-cash item. We believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies.
(b) Amortization of intangible assets resulted principally from acquisitions. Intangible asset amortization is a non-cash item. As such, we believe exclusion of these expenses provides for a better comparison of our operation results to prior periods and to our peer companies.
(c) In January 2017, we acquired Revitas, as part of the acquisition we incurred certain non-recurring integration costs. We believe that exclusion of these acquisition related adjustments and costs provides for a better comparison of our operation results to prior periods and to our peer companies.
(d) Represents deferred revenue adjustment resulting from purchase price accounting that is related to the Revitas acquisition and is a non-cash item. As such, we believe this adjustment provides for a better comparison of our operation results to prior periods and to our peer companies.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006570/en/
Investor Relations Contact:
ICR for Model N
Staci Mortenson, 650-610-4998
[email protected]
or
Media Contact:
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Source: Model N, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-model-n-announces-second-quarter-of-fiscal-year-2018-financial-results.html |
May 16, 2018 / 12:46 AM / Updated 7 minutes ago Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions Henning Gloystein 3 Min Read
SINGAPORE (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. A worker checks an oil pipe at the Lukoil-owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin
Brent crude futures LCOc1, the international benchmark for oil prices, were at $78.07 per barrel at 0024 GMT, down 36 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $71.02 a barrel, down 28 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.
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://uk.reuters.com/article/uk-global-oil/oil-dips-on-signs-of-ample-supply-despite-opec-cuts-iran-sanctions-idUKKCN1IH03F |
Nick Pivetta pitched five shutout innings, Maikel Franco homered and the Philadelphia Phillies handily defeated the San Francisco Giants 11-3 Wednesday night at Citizens Bank Park.
Pivetta allowed only four hits while striking out seven and walking none.
Carlos Santana had three hits and a career-high tying five RBIs while Franco added three hits as the Phillies won for the third straight game over the Giants. The series finale is Thursday afternoon.
The Phillies managed 10 hits and left only six runners on base.
Giants starter Chris Stratton struggled mightily, allowing five hits, five earned runs and four walks in 4 2/3 innings.
Evan Longoria and Brandon Crawford each had a pair of hits for the Giants.
Santana doubled in the first, scoring Odubel Herrera for a quick 1-0 lead.
Franco stayed hot with an RBI single in the first and a solo home run in the fourth for a 3-0 Phillies advantage.
The Giants had a runner on first with two outs in the fifth but Alen Hanson’s swinging bunt didn’t materialize into a hit and they still trailed by three runs.
Santana struck again in the fifth with a two-run single, extending the Philadelphia lead to 5-0. After Stratton walked the bases loaded, Santana singled to center, scoring Andrew Knapp and Aaron Altherr.
The Giants got on the board in the sixth when Longoria ripped a double down the left field line, scoring Brandon Belt and slicing the lead to 5-1.
Rhys Hoskins hit a sacrifice fly in the sixth off Giants reliever Pierce Johnson, scoring Nick Williams. Knapp followed with an RBI single and the lead ballooned to 7-1.
The Phillies scored two more runs on wild pitches by Johnson and Derek Law.
Santana then recorded his third hit of the game, a two-run single off Law for a commanding 11-1 lead. Santana’s five RBI tied his career-high originally set with the Cleveland Indians in 2012.
The Phillies sent 11 batters to the plate in the sixth to score six runs.
San Francisco picked up a pair of runs in the ninth to close out the scoring.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-phi-sf-recap/santana-phillies-pummel-giants-11-3-idUSMTZEE5AHRDMNQ |
FRANKFURT—The outlook for the eurozone economy is darkening at just the wrong time for the European Central Bank.
The world’s number two central bank is preparing to phase out its giant bond-buying program, four years after the Federal Reserve wound down its own quantitative easing program. But threats to the 19-nation currency union are mushrooming. They range from international trade conflicts to a recent economic slowdown to a new governing coalition in Italy that is putting investors on edge.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/europes-economy-throws-a-wrench-in-the-ecbs-plans-1527179356 |
NEW YORK, May 22 (Reuters) - U.S. President Donald Trump asked New York state’s highest court to delay a defamation lawsuit against him by a former contestant on “The Apprentice” television show who claimed he sexually harassed her.
In a filing on Monday, Trump told the state’s Court of Appeals that Summer Zervos’ lawsuit should be put on hold because a sitting U.S. president is immune from being sued in a state court during his term in the White House.
Zervos’ lawyer did not immediately respond on Tuesday to requests for comment.
Trump, who has denied Zervos’ allegations, is challenging a March 20 ruling by Justice Jennifer Schecter of the State Supreme Court in Manhattan allowing the case to proceed.
Saying “no one is above the law,” Schecter rejected Trump’s claim of immunity over private conduct predating his becoming president.
An intermediate state appeals court on May 17 refused to halt Zervos’ lawsuit, without ruling on its merits.
Trump said that refusal qualified as a “final appealable order” justifying intervention by the Court of Appeals.
A preliminary conference before Schecter is scheduled for June 5, court records show.
Zervos accused Trump of subjecting her to unwanted kissing and groping after she sought career advice in 2007.
She came forward during the 2016 presidential campaign, and Trump called such allegations by women “lies.” He also retweeted a post calling Zervos’ claims a “hoax.”
Zervos said Trump defamed her by branding her a liar. She is seeking a retraction or an apology, compensatory damages and punitive damages in her lawsuit. (Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-apprentice-lawsuit/trump-seeks-delay-in-summer-zervos-defamation-lawsuit-idUSL2N1ST0IT |
Gowdy defends FBI after Trump's 'Spygate' claim Wednesday, May 30, 2018 - 01:33
After receiving a briefing last week with intelligence officials, House Oversight Committee Chairman Trey Gowdy defended the FBI on Wednesday in response to President Donald Trump's unsubstantiated allegation that the agency placed a ''spy'' into his 2016 presidential campaign to help his Democratic rival Hillary Clinton. Rough Cut
After receiving a briefing last week with intelligence officials, House Oversight Committee Chairman Trey Gowdy defended the FBI on Wednesday in response to President Donald Trump's unsubstantiated allegation that the agency placed a "spy" into his 2016 presidential campaign to help his Democratic rival Hillary Clinton. Rough Cut //reut.rs/2H3eLM8 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/gowdy-defends-fbi-after-trumps-spygate-c?videoId=431713069 |