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Rudy Giuliani walks back statements about porn star hush money 1 Hour Ago Rudy Giuliani on Friday walked back statements about a $130,000 hush money payment to porn star Stormy Daniels as well as President Donald Trump's reason for firing former FBI Director James Comey. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/rudy-giuliani-walks-back-statements-about-porn-star-hush-money.html |
May 3, 2018 / 4:19 AM / Updated 15 hours ago GM bets on 3D printers for cheaper and lighter car parts Nick Carey 3 Min Read
DETROIT (Reuters) - General Motors Co said on Thursday it was working with design software company Autodesk Inc to manufacture new, lightweight 3D-printed parts that could help the automaker meet its goals to add alternative-fuel vehicles to its product lineup. FILE PHOTO - A Chevrolet Bolt EV vehicle is seen on the assembly line at General Motors Orion Assembly in Lake Orion, Michigan, U.S., March 19, 2018. Photo taken March 19, 2018. REUTERS/Rebecca Cook
Last year, the company announced ambitious plans to add 20 new electric battery and fuel cell vehicles to its global lineup by 2023. Chief Executive Mary Barra has made a bold promise to investors that the Detroit automaker will make money selling electric cars by 2021.
The ability to print lightweight parts could be a gamechanger for the electric vehicle industry. With consumer concerns over the limited range of electric vehicles a major obstacle to their mass adoption, making them lighter improves fuel efficiency and could help extend that range.
GM executives this week showed off a 3D-printed stainless steel seat bracket developed with Autodesk technology - which uses cloud computing and artificial intelligence-based algorithms to rapidly explore multiple permutations of a part design.
Using conventional technology, the part would require eight components and several suppliers. With this new system, the seat bracket consists of one part - which looks like a mix between abstract art and science fiction movie - that is 40 percent lighter and 20 percent stronger.
Other manufacturers such as General Electric Co have also beefed up their use of 3D printers in manufacturing. GM rival automaker Ford Motor Co said last year it was testing lightweight 3D printing for mass production.
GM has used 3D printers for prototyping for years, but Kevin Quinn, the automaker’s director of additive design and manufacturing, said within a year or so GM expects these new 3D-printed parts to appear in high-end, motorsports applications. Within five years, GM hopes to produce thousands or tens of thousands of parts at scale as the technology improves, Quinn said.
“That is our panacea,” Quinn said. “That’s what we want to get to.”
In the long run, Quinn said the 3D printed parts would help reduce tooling costs, cut the amount of material used, the number of suppliers needed for one part and logistics costs.
The 3D-printing based manufacturing industry is working toward mass production and trying to address issues with “repeatability and robustness,” said Bob Yancey, Autodesk’s director of manufacturing.
GM getting into the game “will put tremendous pressure” to make that happen, Yancey said. Reporting By Nick Carey, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-general-motors-parts/gm-bets-on-3d-printers-for-cheaper-and-lighter-car-parts-idUSKBN1I408K |
Steve Wynn does not have good luck with Picassos.
For the second time in twelve years, one of the artist’s works has suffered damage under the ownership of the billionaire collector. The auction house Christie’s withdrew “Le Marin,” one of Picasso’s self-portraits, from its Tuesday auction after the $70 million painting was damaged on Friday. The painting was one of three owned by Wynn scheduled to be auctioned by Christie’s this week. The total sale for the three was expected to be as high as $135 million.
In 2006, Wynn put his elbow through “Le Rêve,” another Picasso he owned, while showing it to friends. “Le Rêve,” a portrait of Picasso’s mistress Marie-Thérèse Walter, was also scheduled to be sold within days of the damage. In fact, a $139 million deal had already been signed with Steve Cohen, the hedge-fund manager and art collector, at the time the damage occurred. A restorer said the painting was only worth $85 million once it had been fixed, but that didn’t stop Steve Cohen from buying it for $155 million more than six years later, topping his original offer by $16 million.
Christie's previewed Pablo Picasso's 'Le Marin' in Hong Kong in March. Philip Fong—AFP/Getty Images Wynn suffers from a disease that affects his peripheral vision, which may have played a role in the incident with “Le Rêve.” In February Wynn was forced to resign from the company he founded, Wynn Resorts, amid sexual harassment allegations.
The nature and extent of the damage to “Le Marin” remains unclear. | ashraq/financial-news-articles | http://fortune.com/2018/05/14/steve-wynn-picasso-painting/ |
May 23 (Reuters) - NuCana PLC:
* NUCANA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 LOSS PER SHARE GBP 0.20 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nucana-q1-loss-per-share-gbp-020/brief-nucana-q1-loss-per-share-gbp-0-20-idUSASC0A3FP |
Bitcoin Scammers Are Demanding Ransom for Lost Dogs monicadoallo—Getty Images/iStockphoto By Carson Kessler 11:00 AM EDT
Online scams demanding bitcoin currency are far from unusual, but in a new stunt, scammers are preying upon the devoted owners of lost dogs in North Carolina.
On Sunday, Patricia Howell’s basset hound, Happy, went missing in Granville county. She immediately posted her phone number to Facebook , as well as on pet finder site, Pawboost.
Soon after, Howell received a threatening text message demanding $600 worth of bitcoin in exchange for the safe return of the lost dog — only one problem, Happy was already home.
The bitcoin scammer, who told Howell he was using a burner phone to avoid identification, claimed to have the lost basset hound. Howell would need to send the bitcoin ransom within five days, otherwise they would “sell it or kill it or whatever.”
“I knew it was a scam because I had Happy, but it was heartless and cold and it was so mean-spirited,” Howell told CBS 17 .
Howell filed a report with Granville County Sheriff’s Office for investigation. While this was the first reported case of this particular scam he’d personally encountered, the sheriff told CBS 17 news that he was familiar with similar bitcoin scams around the country.
Howell and Happy weren’t the only ones in North Carolina to encounter the lost dog bitcoin scam. Fuquay-Varina county resident Raymond Brunet and his two lost dogs were also targeted by a similar scam.
After posting his contact information on Triangle Pet Lost & Found, Brunet received an almost identical text from a burner phone, demanding $2,000 worth of bitcoin or else his two lost dogs would be killed within 10 days.
Like Howell, Brunet had already found both of his dogs before the scammer sent the text.
“They need to find a better way to make money,” Howell told CBS 17 news. “They need to leave people alone and realize that what they’re doing is hurtful and so cruel.” | ashraq/financial-news-articles | http://fortune.com/2018/05/25/bitcoin-scam-lost-dogs/ |
(Adds detail, background)
LONDON, May 10 (Reuters) - Britain’s biggest free-to-air commercial broadcaster said it expected net advertising to jump by around 15 percent in June as viewers tune in for the soccer World Cup, after it reported first-quarter trading in line with forecasts.
Net advertising revenue was down 15 percent in April and is forecast to be flat in May before an expected jump of 15 percent in June as the month-long World Cup kicks off on ITV and the publicly-owned BBC on June 14.
The company, which is in the middle of a strategic review under new CEO Carolyn McCall, said that while the economic environment remained uncertain, online advertising was growing strongly.
“We expect ITV total advertising to be up 2 percent over the first half, but profits will reflect the timing of the football World Cup,” McCall said before ITV’s annual shareholder meeting later on Thursday.
“Over the full year we are on track to deliver double digit growth in online revenue and good organic revenue growth in ITV Studios,” she added.
Shares in ITV traded up 2.4 percent at 154.8 pence at 0705 GMT, making the stock one of the top risers on the FTSE 100 .
ITV, under former boss Adam Crozier, rebuilt its business to grow revenues from online services and programme production to reduce its reliance on volatile advertising. Under McCall, the group wants to improve the way it sells its shows to other platforms to grow those revenues further.
McCall said that a “strategic refresh” was progressing well and she would provide investors with an update at the group’s half-year results in July.
The former boss of easyJet McCall has said ITV creates great shows in a market where broadcasters and online players such as Netflix are battling for content. But she has said it needs to make sure it is paid the appropriate amount by platforms for its content made by its studios.
Analysts have welcomed the new focus but the shares are still highly sensitive to any change in advertising trends. Net ad revenue fell 5 percent in 2017. (Reporting by Kate Holton; Editing by Adrian Croft and Sarah Young)
| ashraq/financial-news-articles | https://www.reuters.com/article/itv-outlook/update-1-broadcaster-itv-looks-to-world-cup-for-june-advertising-boost-idUSL8N1SH1DV |
NEW YORK--(BUSINESS WIRE)-- The Law Offices of Vincent Wong notifies investors of an investigation concerning whether PPG Industries, Inc. (“PPG” or the “Company”) (NYSE: PPG) violated federal securities laws.
Click here to learn about the case: http://www.wongesq.com/pslra-c/ppg-industries-inc . There is no cost or obligation to you.
On April 19, 2018, PPG disclosed it had received a report concerning possible violations of its accounting policies and the identification of approximately $1.4 million in expenses that should have been accrued in the first quarter. Then on May 10, 2018, PPG announced that certain previously issued financial statements could no longer be relied upon. As part of the investigation, the Company also determined that “certain improper accounting entries were made by certain employees at the direction of the Company’s former vice president and controller,” whose employment was terminated.
To learn more about the investigation of PPG contact Vincent Wong, Esq. either via email [email protected] , by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/ppg-industries-inc .
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006030/en/
The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-425-1140
Fax: 866-699-3880
E-Mail: [email protected]
Source: The Law Offices of Vincent Wong | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-ppg-shareholder-alert-the-law-offices-of-vincent-wong-notifies-investors-of-an-investigation-involving-possible-securities.html |
* Russia has been withholding supply with OPEC since 2017
* OPEC, non-OPEC producers to meet in June to discuss production
* Russia says supply restrictions could be eased "softly"
* OPEC, Russia are losing market share to other producers (Adds Jefferies bank comment, updates prices)
SINGAPORE, May 25 (Reuters) - Oil prices fell on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017.
Brent crude futures were at $78.43 per barrel at 0657 GMT, down 36 cents, or 0.5 percent, from their last close, and 2.6 percent below the $80.50 multi-year high they reached on May 17. Brent broke through $80 for the first time in more than three years earlier in May.
U.S. West Texas Intermediate (WTI) crude futures were at $70.44 a barrel, down 27, or 0.4 percent, cents from their last settlement.
"Oil prices are now starting to drift a little," said Greg McKenna, chief market strategist at futures brokerage AxiTrader, adding that this was due to OPEC's and Russia's "moves toward an increase in production" at a meeting scheduled for next month.
The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by Russia started withholding output in 2017 to tighten the market and prop up prices.
But Russia, in particular, has been floating a potential end to the production cuts, with energy minister Alexander Novak saying on Thursday that restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June.
"The Russians have always struck me as production cut tourists keen to get off the boat and crank up production as soon as inventories were stabilised and prices once again elevated ... That possibility is top of the mind for traders and as a result oil prices are slipping," McKenna said.
U.S. investment bank Jefferies said that increased barrels by Russia and OPEC "may be necessary to keep the market supplied", especially if U.S. sanctions lead to a fall of Iranian exports later this year.
HIGHER PRICES COME AT A COST
While Russia and OPEC benefit from higher oil prices, which have risen by almost 20 percent since the end of last year, their voluntary output cuts have opened the door to other producers to ramp up output and gain market share.
U.S. crude oil production <C-OUT-T-EIA> has risen by more than a quarter in the last two years, to 10.73 million barrels per day (bpd). Only Russia produces more, at around 11 million bpd.
Output by producers like the United States, Canada or Brazil which are not bound by the OPEC/Russian led agreement to cut, will likely rise further as higher crude prices improve their profitability.
"With oil prices rising more than costs, average industry profitability has turned positive this year," Bernstein Energy said in a note this week, adding that the 50 largest listed oil companies globally "need $47 per barrel oil prices to break even in aggregate".
(Additional reporting by Roslan Khasawneh Editing by Joseph Radford and Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-update-3-oil-prices-fall-as-russia-floats-gradual-production-increase.html |
Cantargia AB:
* CANTARGIA’S EUROPEAN PATENTS FOR BOTH LEUKEMIA AND SOLID TUMOURS REMAIN VALID AFTER APPEAL PERIOD ENDS
* CO’S EUROPEAN PATENTS COVERING ANTIBODY TREATMENT OF LEUKEMIA AS WELL AS SOLID TUMOURS WILL REMAIN IN FORCE BASED ON EPO COMMUNICATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cantargias-european-patents-for-bo/brief-cantargias-european-patents-for-both-leukemia-and-solid-tumours-remain-valid-after-appeal-period-ends-idUSFWN1SA1GO |
AMSTERDAM--(BUSINESS WIRE)-- Regulatory News:
Altice N.V. post-split of Altice USA (to be renamed “Altice Europe”) is delivering on its plan to improve operational performance - Q1 2018 showed the best subscriber trends Altice has ever reported France total fixed B2C customer base grew for the first time since Altice took control with +71k unique customer net additions in Q1 2018 (vs. -35k losses in Q1 2017), including the best fiber performance (+96k), supported by massive churn reduction and higher gross additions achieved through better operational processes; France B2C mobile postpaid customer base increased by +239k net additions in Q1 2018 (vs. +68k in Q1 2017), representing the best quarterly performance since Altice acquired SFR, achieved through better service quality leading to significant churn improvement; Significant improvement in overall customer satisfaction both in fiber and mobile demonstrating Altice fiber and content investments are key differentiators; Portugal total fixed B2C customer base grew for the second quarter in a row with unique customer net additions in Q1 2018 of +4k (vs. -28k in Q1 2017), supported by further reduction in churn to the lowest level ever. Fiber customer net additions were the highest ever in Q1 2018 with +49k new customers (vs. +31k in Q1 2017), supported by the rapid expansion of fiber coverage; MEO gained market share for the second quarter in a row demonstrating that Altice’s fiber and mobile infrastructure strategy is paying-off; Israel total fixed customer base grew for the first time since acquisition, adding +1k unique customer net additions in Q1 2018 (vs. -3k in Q1 2017) despite the intensification of competition in the market. Altice Europe revenue flat +0.0% YoY on a constant currency (CC) basis in Q1 2018. Altice Europe Adjusted EBITDA 2 declined -0.5% YoY on a CC basis in Q1 2018, a margin of 35.7% (-0.4% pts YoY vs. 36.1% in Q1 2017). Significant investment in networks, customer premise equipment and innovative new services with total capital expenditures for Altice Europe of €761m in Q1 2018 (an increase vs. €687m in Q1 2017): Leading fiber 3 operator in France reaching over 11 million homes passed as of Q1 2018 and 96% 4G mobile population coverage; Leading fiber operator in Portugal reaching 4.2 million homes passed as of Q1 2018 and 97% 4G mobile population coverage (65% 4G+ mobile population coverage). New management team for Altice Europe 4 once the split of Altice USA from Altice N.V. becomes effective: Team led by Patrick Drahi, heavily involved to enhance focus and execution; Alain Weill, currently Chairman and CEO of Altice France will become CEO of Altice Europe, given the increased prominence of the French business; Dennis Okhuijsen will remain CFO of Altice Europe while Malo Corbin, previously Altice Group Financial Controller, will assume the role of Finance Director, Gerrit Jan Bakker will remain Altice Europe Treasurer and Coralie Durbec will be in charge of Altice Europe Investor Relations; Natacha Marty will become Altice Europe General Counsel; Armando Pereira, currently SFR Telecom CEO, will serve as Altice Europe COO; Operating company CEOs remain unchanged. Continuing to execute on non-core asset disposal program to strengthen the company’s long-term balance sheet position: French and Portuguese towers – sale of c.10k French sites and c.3k Portuguese sites; Dominican Republic – strong position in an attractive market; Closing for towers and Dominican Republic transactions targeted in H2 2018. Announced separation of Altice USA Inc. (“Altice USA”) from Altice N.V. expected to be effective early June.
Patrick Drahi, founder of Altice N.V., said: “In the first quarter of 2018, Altice Europe has started to deliver on its operational turnaround plan, showing the best subscriber trends Altice has ever reported. Our strategy is paying off, focusing on making our customer experience better through improving processes, infrastructure investments, the best customer premise equipment such as Sofia, and renewed commercial offers with content as a key differentiator.
I am confident that these first initial significant improvements will be further enhanced in the coming quarters. We want to bring the best operational experience and drive the highest level of customer satisfaction which in turn will allow us to achieve our industrial and financial objectives. Altice Europe has tremendous opportunities. We have a unique asset base, fully converged, with premium infrastructure from networks to CPE and content assets, which is now allowing Altice Europe to firstly win back share across markets and consequently return to growth.
In parallel, we have made further progress on the execution of our non-core asset disposal program, which is well advanced and will strengthen our long-term balance sheet position.”
Altice N.V. (Euronext: ATC NA and ATCB NA), today announces financial and operating results for the quarter ended March 31, 2018.
FY 2018 Guidance (Updated for IFRS 15)
Altice N.V. has adopted the IFRS 15 accounting standard, required from January 2018, based on the full retrospective approach. As previously disclosed, Altice N.V. restated revenue and restated Adjusted EBITDA decreased by approximately €120m and €90m, respectively, for the year ended December 31, 2017 under IFRS 15 (restated revenue and restated Adjusted EBITDA in France for FY 2017 decreased by €95m and €78m, respectively). The impact of this accounting change is mainly linked to mobile handsets subsidies adjustments because of the effect of the change in amortization pattern and commission capitalization.
For the year ended December 31, 2018, under IFRS 15, Altice Europe is expected to generate Operating Free Cash Flow 5 of between €2.3bn to €2.5bn, excluding the Altice TV segment. The adoption of IFRS 15 is expected to reduce FY 2018 Adjusted EBITDA by approximately €50 to €100m compared to the prior accounting standard, mainly in France, and thus prior guidance (OpFCF for Altice Europe of between €2.4bn to €2.6bn) has been updated for this amount, although this change is not expected to impact net cash flow after working capital movements. Altice France is expected to generate operating free cash flow of between €1.5bn to €1.6bn (updated from prior guidance of between €1.6bn to €1.7bn due to this IFRS 15 accounting change).
Altice Europe reiterates plans to expand Adjusted EBITDA and cash flow margins over the medium- to long-term.
Update on Altice Reorganization Including Altice USA Separation (‘Spin-Off’ or ‘Split’)
On January 8, 2018, Altice N.V. announced that its Board of Directors approved plans for the separation of Altice USA from Altice N.V. to be effected by a spin-off of Altice N.V.’s 67.2% interest in Altice USA through a distribution in kind to Altice N.V. shareholders. The separation will enable each business to focus more on the distinct opportunities for value creation in their respective markets and ensure greater transparency for investors. The proposed transaction is designed to create simplified, independent and more focused US and European operations to the benefit of their respective customers, employees, investors and other stakeholders.
The separation is to be effected by a spin-off of Altice N.V.’s 67.2% interest in Altice USA through a distribution in kind to Altice N.V. shareholders. Altice N.V. expects to complete the proposed spin-off transaction early June 2018, following Altice N.V. shareholder approval (Altice N.V. AGM vote on May 18, 2018), AFM approval and publication of a prospectus in connection with the distribution. US regulatory approvals have already been obtained.
Simultaneously, on January 8, 2018, the Board of Directors of Altice USA approved in principle the payment of a $1.5 billion cash dividend to all shareholders immediately prior to completion of the separation. Thereafter, on May 15, 2018, the Board of Directors of Altice USA declared a one-time cash dividend of $2.035 per share of Altice USA Class A common stock and Class B common stock. The dividend is payable to stockholders of record at the close of business on May 22, 2018. The payment date for the one-time cash dividend Altice USA declared will be two business days prior to the separation date. If the Master Separation Agreement to be entered into by Altice N.V. and Altice USA in connection with the separation of Altice USA from Altice N.V. is terminated on or prior to the payment date of the dividend, the payment of the one-time cash dividend will not occur.
In the spirit of enhanced accountability and transparency, Altice N.V. also announced on January 8, 2018, that Altice Europe will reorganize its structure comprising Altice France (including French Overseas Territories), Altice International and a newly formed Altice TV subsidiary. This includes integrating Altice’s support services businesses into their respective markets and bundling Altice Europe’s premium content activities into one separately funded operating unit with its own P&L. This reorganization of Altice Europe is now almost complete as follows:
Following the announcement of the spin-off of Altice USA, Altice N.V.’s ownership of Altice Technical Services US was transferred to Altice USA for a nominal consideration (Altice USA now owns 100% of ATS US). In addition, in April 2018 Altice N.V. exercised its call option for the acquisition of 49% in Altice Technical Services Europe for a fixed price of €147 million (to be paid in November 2018). As a result of the exercise of this call option, Altice N.V.’s ownership in Altice Technical Services Europe increased to 100%. The closer integration of these suppliers will allow for further quality of service improvements. Subsequently, Altice Technical Services France and Altice Customer Services have been transferred from Altice International to Altice France in May 2018; The transfer of Altice N.V.’s ownership of i24 US and i24 Europe to Altice USA was completed in April 2018 for a minimal consideration as previously announced (Altice USA now owns 100% of i24 US and 100% of i24 Europe); The transfer of the Altice Content division from Altice International to Altice Europe and creation of Altice TV were completed in May 2018; The transfer of the French Overseas Territories (FOT) business from Altice International to Altice France is expected to complete in Q3 2018; The disposal of Altice Europe’s International wholesale voice business has been signed, with closing expected by year end 2018.
Conference call details
The company will host a conference call and webcast today, Thursday 17th of May 2018 at 2:00pm CEST (1:00pm BST, 8:00am EDT) to discuss the results.
Dial-in Access telephone numbers:
Participant Toll Free Dial-In Number: +1 (866) 393-4306
Participant International Dial-In Number: +1 (734) 385-2616
Conference ID 4459709
A live webcast of the presentation will be available on the following website:
https://event.on24.com/wcc/r/1670099/5E8F14FE61C4C863EEEE260BC18A7BF8
The presentation for the conference call will be made available prior to the call on Altice N.V.’s investor relations website:
http://altice.net/investor-relations
About Altice
Altice is a convergent global leader in telecoms, content, media, entertainment and advertising. Altice delivers innovative, customer-centric products and solutions that connect and unlock the limitless potential of its over 50 million customers over fiber networks and mobile broadband. The company enables millions of people to live out their passions by providing original content, high-quality and compelling TV shows, and international, national and local news channels. Altice delivers live broadcast premium sports events and enables millions of customers to enjoy the most well-known media and entertainment. Altice innovates with technology in its Altice Labs across the world. Altice links leading brands to audiences through premium advertising solutions. Altice is also a global provider of enterprise digital solutions to millions of business customers. Altice is present in 10 territories from New York to Paris, from Tel Aviv to Lisbon, from Santo Domingo to Geneva, from Amsterdam to Dallas. Altice (ATC & ATCB) is listed on Euronext Amsterdam. For more information, visit www.altice.net
Financial Presentation
Altice N.V. (Altice N.V., the “Company”, or the “Successor entity”) was created as a result of a cross-border merger with Altice S.A. as per a board resolution dated August 9, 2015. Altice N.V.’s shares started trading on Euronext Amsterdam from August 10, 2015 onwards. Altice N.V. is considered to be the successor entity of Altice S.A. and thus inherits the continuity of Altice S.A.’s consolidated business. Altice N.V. and its subsidiaries have operated for several years and have from time to time made significant equity investments in a number of cable and telecommunication businesses in various jurisdictions. Therefore, in order to facilitate an understanding of the Company’s results of operations, we have presented and discussed the pro-forma consolidated financial information of the Company – giving effect to each such significant acquisition and disposal as if such acquisitions and disposals had occurred by January 1, 2017; as if the planned spin-off of Altice USA had occurred on January 1, 2017, and excluding press titles within the AMG France business sold in April and October 2017, for the quarters ended March 31, 2017 and March 31, 2018 (the “Pro Forma Financial Information”). Financials include the contribution from Teads from Q3 2017 onwards. In addition, financials for Altice Europe exclude Altice N.V.’s international wholesale voice business (exclusivity for sale announced on March 12, 2018) and green.ch AG and Green Datacenter AG in Switzerland (following closing announced on February 12, 2018) for the quarters ended March 31, 2017 and March 31, 2018.
This press release contains measures and ratios (the “Non-GAAP Measures”), including Adjusted EBITDA, Capital Expenditure (“Capex”) and Operating Free Cash Flow, that are not required by, or presented in accordance with, IFRS or any other generally accepted accounting standards. We present Non-GAAP measures because we believe that they are of interest to the investors and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The Non-GAAP measures may not be comparable to similarly titled measures of other companies or, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our, or any of our subsidiaries’, operating results as reported under IFRS or other generally accepted accounting standards. Non-GAAP measures such as Adjusted EBITDA are not measurements of our, or any of our subsidiaries’, performance or liquidity under IFRS or any other generally accepted accounting principles, including U.S. GAAP. In particular, you should not consider Adjusted EBITDA as an alternative to (a) operating profit or profit for the period (as determined in accordance with IFRS) as a measure of our, or any of our operating entities’, operating performance, (b) cash flows from operating, investing and financing activities as a measure of our, or any of our subsidiaries’, ability to meet its cash needs or (c) any other measures of performance under IFRS or other generally accepted accounting standards. In addition, these measures may also be defined and calculated differently than the corresponding or similar terms under the terms governing our existing debt.
Adjusted EBITDA is defined as operating income before depreciation and amortization, non-recurring items (capital gains, non-recurring litigation, restructuring costs) and equity-based compensation expenses. This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating income as the effects of depreciation, amortization and impairment excluded from this measure do ultimately affect the operating results, which is also presented within the annual consolidated financial statements in accordance with IAS 1 - Presentation of Financial Statements.
Capital expenditure (Capex), while measured in accordance with IFRS principles, is not a term that is defined in IFRS nor is it presented separately in the financial statements. However, Altice’s management believe it is an important indicator for the Group as the profile varies greatly between activities:
The fixed business has fixed Capex requirements that are mainly discretionary (network, platforms, general), and variable capex requirements related to the connection of new customers and the purchase of Customer Premise Equipment (TV decoder, modem, etc.). Mobile Capex is mainly driven by investment in new mobile sites, upgrade to new mobile technology and licenses to operate; once engaged and operational, there are limited further Capex requirements. Other Capex: Mainly related to costs incurred in acquiring content rights.
Operating free cash flow (OpFCF) is defined as Adjusted EBITDA less Capex. This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating cash flow as presented in the consolidated statement of cash flows in accordance with IAS 1 - Presentation of Financial Statements. It is simply a calculation of the two above mentioned non-GAAP measures.
Adjusted EBITDA and similar measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing Adjusted EBITDA as reported by us to Adjusted EBITDA of other companies. Adjusted EBITDA as presented herein differs from the definition of “Consolidated Combined Adjusted EBITDA” for purposes of any of the indebtedness of the Altice Group. The information presented as Adjusted EBITDA is unaudited. In addition, the presentation of these measures is not intended to and does not comply with the reporting requirements of the U.S. Securities and Exchange Commission (the “SEC”) and will not be subject to review by the SEC; compliance with its requirements would require us to make changes to the presentation of this information.
Financial and Statistical Information and Comparisons
Financial and statistical information is for the quarter ended March 31, 2018, unless otherwise stated, and any year over year comparisons are for the quarter ended March 31, 2017.
Regulated Information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Altice Europe Summary Financials Pro Forma Information (New Perimeter)
Altice Europe - Quarter ended March 31, 2018 In EUR millions Altice
France Portugal Israel Dominican
Republic Teads Others Altice
TV Corporate
& Other Eliminations Altice Europe
Consolidated
Fixed - B2C 665.6 155.3 150.2 24.4 - - - - - 995.4 Mobile - B2C 1,055.5 134.9 61.8 86.0 - - - - - 1,338.1 B2B 453.8 145.4 29.6 20.1 - - - - - 648.7 Wholesale 250.5 39.0 - 1.8 - - - - - 291.3 Other 173.5 32.3 - 0.4 67.7 0.2 20.3 0.3 - 294.7 Standalone Revenue 2,598.8 506.7 241.5 132.7 67.7 0.2 20.3 0.3 - 3,568.3 Eliminations -11.2 -11.9 -0.2 -0.3 -0.5 - -15.8 -0.4 - -40.2 Consolidated Revenue 2,587.6 494.9 241.4 132.4 67.3 0.2 4.5 -0.1 - 3,528.1 Adjusted EBITDA 914.5 219.2 107.1 76.1 5.5 -0.1 -56.0 -6.2 -0.4 1,259.7 Margin (%) 35.2% 43.3% 44.4% 57.3% 8.1% nm nm nm nm 35.7% Capex 568.8 104.7 58.1 27.6 - - 3.8 - -2.3 760.7 Adjusted EBITDA - Capex 345.8 114.5 49.1 48.5 5.5 -0.1 -59.8 -6.2 1.9 499.1 Altice Europe - Quarter ended March 31, 2017 In EUR millions Altice
France Portugal Israel Dominican
Republic Teads Others Altice
TV Corporate
& Other Eliminations Altice Europe
Consolidated
Fixed - B2C 696.6 176.2 170.0 28.7 - - - - - 1,071.5 Mobile - B2C 1,026.8 140.5 55.9 107.6 - - - - - 1,330.8 B2B 492.5 151.9 35.3 23.9 - - - - - 703.6 Wholesale 256.7 41.3 - 4.2 - - - - - 302.2 Other 154.8 32.2 - -0.7 - 0.8 6.0 -0.4 - 192.7 Standalone Revenue 2,627.3 542.1 261.3 163.7 - 0.8 6.0 -0.3 - 3,600.9 Eliminations -12.3 -6.9 -0.3 -1.0 - - -6.3 -3.0 - -30.2 Consolidated Revenue 2,610.3 532.9 261.0 162.6 - 0.8 -0.3 -3.3 - 3,570.8 Adjusted EBITDA 908.1 256.6 118.7 97.7 - 0.2 -46.1 -45.1 -1.2 1,288.9 Margin (%) 34.6% 47.3% 45.4% 59.7% nm nm nm nm nm 36.1% Capex 486.2 107.5 62.3 23.1 - - 2.9 3.4 1.3 686.6 Adjusted EBITDA - Capex 421.9 149.1 56.5 74.6 - 0.2 -49.0 -48.5 -2.5 602.3 Notes to Summary Financials
(1) Financials shown in these tables are pro forma defined as results of the Altice N.V. Group New Perimeter ("Altice Europe") as if the
planned spin-off of Altice USA had occurred on 1/1/17 and excluding the press titles within the AMG France business ("France - Media"
segment) as if the disposals occurred on 1/1/17. Segments are shown on a pro forma standalone reporting basis, Group figures are
shown on a pro forma consolidated basis. Financials include the contribution from Teads from Q3 2017 onwards. In addition, financials
for Altice Europe exclude Altice N.V.’s international wholesale voice business (exclusivity for sale announced on March 12, 2018) and
green.ch AG and Green Datacenter AG in Switzerland (following closing announced on February 12, 2018).
(2) “Other” segment within Altice International includes datacentre operations in France (Auberimmo). (3) Adjusted EBITDA is defined as operating income before depreciation and amortization, non-recurring items (capital gains, non-
recurring litigation, restructuring costs) and other adjustment (equity-based compensation expenses).
(4) Capex shown on an accrued basis. Altice Europe KPIs
Q1-18 [3 months]
As and for the quarter ended March 31, 2018 Dominican France FOT Portugal Israel Republic Total Homes passed 24,599 178 5,066 2,525 788 28,089 Fiber / cable homes passed 11,239 172 4,168 2,525 750 18,853 FIXED B2C
Fiber / cable unique customers 2,327 59 669 1,002 200 4,257 Net adds 96 0 49 1 -4 143 Total fixed B2C unique customers 6,014 83 1,559 1,002 322 8,979 Net adds 71 0 4 1 -1 75 Fixed ARPU (€/month) € 34.7 € 45.6 € 32.7 € 51.6 € 25.2 - MOBILE B2C
Postpaid subscribers 12,774 198 2,851 1,159 530 17,513 Net adds 239 7 34 7 -5 282 Prepaid subscribers 1,666 54 3,504 150 2,688 8,062 Total mobile B2C subscribers 14,440 252 6,356 1,309 3,219 25,575 Mobile Postpaid ARPU (€/month) € 24.1 € 35.2 € 9.5 € 12.4 € 20.8 - Q1-17 [3 months]
As and for the quarter ended March 31, 2017 Dominican France FOT Portugal Israel Republic Total Homes passed 25,744 178 4,997 2,465 758 34,143 Fiber / cable homes passed 9,634 172 3,403 2,465 659 16,332 FIXED B2C
Fiber / cable unique customers 2,083 59 509 1,014 208 3,873 Net adds 45 0 31 -3 4 76 Total fixed B2C unique customers 6,079 85 1,571 1,014 319 9,068 Net adds -35 -3 -28 -3 -1 -70 Fixed ARPU (€/month) € 35.9 € 46.0 € 34.6 € 58.5 € 30.0 -
MOBILE B2C
Postpaid subscribers 12,405 170 2,708 1,104 557 16,943 Net adds 68 8 -15 22 -8 76 Prepaid subscribers 2,108 59 3,455 116 2,910 8,647 Total mobile B2C subscribers 14,514 228 6,162 1,220 3,466 25,590 Mobile Postpaid ARPU (€/month) € 25.5 € 36.7 € 10.0 € 12.7 € 22.7 - Notes to KPIs tables
(1) Total homes passed in France includes unbundled DSL homes outside of SFR’s fiber / cable (FTTH / FTTB) footprint. Portugal total
homes passed includes DSL homes enabled for IPTV outside of MEO’s fiber footprint and fiber homes passed figures include homes
where MEO has access through wholesale fiber operators (c.0.3m in Q1-18). In Israel, the total number of homes passed is equal to
the total number of Israeli homes.
(2) Fiber / cable unique customers represents the number of individual end users who have subscribed for one or more of our fiber / cable
based services (including pay television, broadband or telephony), without regard to how many services to which the end user
subscribed. It is calculated on a unique premises basis. Fiber / cable customers for France excludes white-label wholesale subscribers.
For Israel, it refers to the total number of unique customer relationships, including both B2C and B2B.
(3) ARPU is an average monthly measure that we use to evaluate how effectively we are realizing revenue from subscribers. ARPU is
calculated by dividing the revenue for the service provided after certain deductions for non-customer related revenue (such as hosting
fees paid by channels) for the respective period by the average number of customer relationships for that period and further by the
number of months in the period. The average number of customer relationships is calculated as the number of customer relationships
on the first day in the respective period plus the number of customer relationships on the last day of the respective period, divided by
two. For Israel and Dominican Republic, ARPU has been calculated by using the following exchange rates: average rate for Q1-18
€1.00 = ILS 4.2537, €1.00 = 60.1939 DOP.
(4) Mobile subscribers is equal to the net number of lines or SIM cards that have been activated on our mobile networks. In Israel, the split
between iDEN and UMTS (B2C only, including prepaid) services as follows: 7k iDEN and 1,302k UMTS as of March 31, 2018, and 9k
iDEN and 1,210k UMTS as of March 31, 2017.
Altice Europe 6 Financial and Operational Review by Segment – Pro Forma
For quarter ended March 31, 2018 compared to quarter ended March 31, 2017
France (Altice France including SFR)
Q1 2018 operational results in France were the best since Altice took control: continued infrastructure and customer premise equipment investments, new commercial offers and improving customer service all contributed to lower churn and higher customer gross additions.
Process improvements implemented since management changed at the end of 2017 are already demonstrating results at SFR, and this is just the beginning. SFR is now observing consistent improvements in customer service metrics which is being reflected by improvements in a series of customer satisfaction indicators. For example, SFR has made significant progress in customer installation processes, improving the installation completion rate and driving higher gross additions. The average days to install a fiber (FTTH) customer was down more than 30% YoY, while the installation rate was up +20% YoY, resulting from operational processes changes implemented since Q4 2017. On the fiber network side, incidents are being detected automatically and fixed more quickly, driving lower repeat calls to call centers and a significantly reduced number of calls related to technical service. As a result, fibre churn fell by more than 25% reaching a level comparable to some peers but still far from management’s target level. Further significant improvements will be seen in the following quarters.
SFR continued to invest in its infrastructure (network, IT and CPE) to further improve its customer satisfaction. On the fixed side, SFR remains the number one high-speed broadband infrastructure in France 7 now reaching more than 11 million homes passed 8 with +288k additional homes passed in Q1 2018 (including +224k new FTTH homes passed). On the mobile side, SFR continues to be the leader in terms of 4G mobile antennas in service in France (28,929 antennas) and covers 96% of the population with 4G at the end of the first quarter. In parallel, SFR is already preparing the arrival of the next generation of mobile telephony with 5G technology. After the first tests carried out in 2016 and 2017, SFR with one of its partners, Nokia, were the first in France to make a 5G New Radio connection using the 3.5 GHz frequency band.
In March 2018, SFR redesigned its offers, stripping out premium content, and making the telecom offers more simple and comparable to competitors. These offers are now built around two separate blocks: one centred around telecoms and one centred around premium content (Sport, Cinema/Series, etc.); these are offered as pay options, at a rate still preferential for SFR customers, for fixed and mobile offers. Altice France also announced the launch of a single brand this summer for all of its sports content: RMC Sport, set to replace SFR Sport with the Champion’s League launch this summer. This strategy is starting to pay off as there is a significant uplift on gross adds ARPU for customers taking content options and this trend is anticipated to strengthen as further key content is added with the Champion’s League from Q3 2018.
This solid operational turnaround and customer growth are expected to lead in the coming quarters to an inflection in revenue growth.
The following subscriber KPIs are based on the old reporting perimeter for SFR Group for comparability to previously reported figures in 2017 and 2016 (i.e. excluding FOT):
Total Altice France revenue declined -1.1% YoY in Q1 2018 to €2,599m. The total fixed B2C customer base in France grew for the first time since Altice took control with +71k unique customer net additions in Q1 2018 (vs. -35k losses in Q1 2017), including the best fiber performance and lowest level of DSL losses: Fiber net additions reached +96k in Q1 2018 (vs. +45k in Q1 2017) and DSL net losses were -25k in Q1 2018 (vs. -79k in Q1 2017); Fixed B2C ARPU declined -3.0% YoY ex-VAT benefit 9 , or -3.6% YoY on reported basis to €34.7 in Q1 2018 (vs. €35.9 in Q1 2017), partly impacted by more intense market competition following SFR’s successful churn reduction and more proactive retention activity. SFR’s new bundle offers with premium options were made available towards the end of the first quarter which is expected to partly offset the negative impact on ARPU from the VAT law change implemented from March 2018; Fixed B2C revenues declined -3.9% YoY ex-VAT benefit, or -4.5% YoY on a reported basis in Q1 2018, impacted by prior customer losses and the decline in ARPU. Mobile B2C postpaid customer growth in France in Q1 2018 was the highest since Altice bought SFR: The mobile B2C postpaid customer base increased by +239k net additions in Q1 2018 (vs. +68k in Q1 2017); B2C mobile postpaid ARPU declined -4.8% YoY ex-VAT benefit, or -5.3% YoY on a reported basis to €24.1 (vs. €25.5 in Q1 2017) due to increased customer retention and share of RED-branded customers within the mix of gross additions; Mobile B2C service revenue grew +1.6% YoY ex-VAT benefit, or +0.9% YoY on a reported basis, supported by better mobile postpaid customer trends; total mobile B2C revenue grew +3.4% YoY ex-VAT benefit or +2.8% YoY on a reported basis. B2B revenue declined -7.9% YoY in Q1 2018, impacted by backbook price reductions implemented in Q2 2017. Following a change to the B2B management team in H2 2017 and adoption of a new pricing and customer retention strategy, the underlying order book has improved, leading to an improvement in trend sequentially already. Wholesale revenues were down -2.4% YoY in Q1 2018, excluding the international wholesale voice business (exclusivity for sale announced on March 12, 2018). Other 10 revenue grew +12.1% YoY in Q1 2018, supported by continued strong growth at NextRadioTV.
Total Altice France’s Adjusted EBITDA grew by +0.7% in Q1 2018 YoY to €915m with margins expanding by +0.6% pts YoY to 35.2% reflecting cost savings being realised from the voluntary plan.
Total Altice France capex amounted to €569m in Q1 2018, an increase of €83m YoY reflecting continued network investments and significantly improved commercial trends.
Separately, on February 9, 2018, the “SFR Group”, which includes the telecoms operations of SFR and group media businesses (press titles, stake in NextRadioTV), was renamed “Altice France”.
Portugal (MEO)
MEO continues to see the benefits of its accelerated investment to expand its fiber coverage with the second consecutive quarter of growth for its fixed customer base, and a strong performance in the pay-TV segment. MEO has now reached 4.2 million fiber homes passed, on track for its target for nationwide coverage of 5.3 million homes. As MEO continues to invest in its mobile network – now reaching over 97% 4G mobile population coverage and 65% 4G+ mobile population coverage – the mobile postpaid customer base continues to grow.
This quarter, MEO pursued further initiatives as part of its digital transformation and to promote sustainability:
“My MEO” provides a new self-care user experience which is more mobile centric with a new design and user-friendly interface. This new multi-platform tool will allow customers to manage their accounts and find relevant information about their products & services, anytime and anywhere, in a simple and easy way; “Video Chat” is an integrated solution that recreates a real store experience which is 100% online, allowing customer service teams to engage in real time with customers in their homes; All the commercial post-paid offers began to include free electronic invoices.
These new products and services demonstrate once again MEO’s leadership when it comes to innovation and improving customer experience.
MEO’s successful infrastructure investment, new commercial strategy and improving quality of its customer service all contributed to better operational results with historically low churn and higher customer gross additions. This solid customer growth is expected to lead in the coming quarters to consistent market share growth and an inflection in revenue growth.
Total Altice Portugal revenue declined -4.5% YoY in Q1 2018 ex one-off 11 or -6.5% YoY on a reported basis to €507m, mainly impacted by prior fixed B2C customer losses and repricing in the B2B segment: MEO added a record number of fiber customers this quarter again, supported by the expansion of its fiber footprint: net additions in Q1 2018 of +49k (vs. +31k in Q1 2017); The acceleration in fiber growth supported total fixed net additions, positive for the second quarter in a row in Q1 2018 (+4k). DSL/DTH trends also improved YoY with customer losses of -45k in Q1 2018 (vs. -59k in Q1 2017). This better commercial performance was driven by higher gross additions and further churn improvements (reaching again this quarter record low levels, especially for the fiber customer base); B2C fixed revenues declined in Q4 -7.7% YoY ex one-off 11 or -11.9% YoY on a reported basis in Q1 2018, driven by prior fixed customer losses of -0.8% YoY and a decline in total fixed B2C ARPU of -5.5% YoY. ARPU pressure reflects the regulatory decision in Q3 2017 to open up MEO’s customer base for disconnections which required more retention activity, as well as the absence of an across the board price increase in 2018, leading to a more challenging YoY comparison; The postpaid B2C mobile subscriber trends improved again YoY in Q1 2018 with net additions of +34k (vs. -15k losses in Q1 2017), supported by MEO’s network investment and successful convergent strategy. Prepaid B2C mobile net losses were -154k in Q1 2018 (vs. +8k in Q1 2017), including the impact of greater prepaid to postpaid migrations; Mobile postpaid ARPU declined -5.1% YoY in Q1 2018 due to increased promotional offers to migrate prepaid to postpaid customers and retention activity following the disruption from the Q3 2017 regulatory decision on customer disconnections, contributing to the decline in B2C mobile revenues of -4.0% YoY; B2B revenues declined -2.0% YoY 11 or -4.3% YoY on a reported basis, due to the continued repricing of our legacy services facing intense competition; Wholesale revenue declined -5.7% YoY in Q1, mainly due to other Portuguese operators continuing to replace copper access lines and circuits leased from MEO by their own infrastructure; Other revenue was in line with the prior year (+0.3% YoY). Total Altice Portugal Adjusted EBITDA declined by -10.6% ex one-off 11 , or -14.6% YoY on a reported basis to €219m with margins reducing by -1.9% pts ex one-off 11 YoY to 43.3% (or -4.1% pts on a reported basis) reflecting the loss of higher margin revenue in both the B2C and B2B segments. Total Altice Portugal capex of €105m in Q1 2018, in line with the level of last year (€108m in Q1 2017) reflecting continued network investments. MEO gained market share for the second quarter in a row which is expected to contribute to revenue growth in the coming quarters.
Israel (HOT)
Total revenue in Israel declined -0.9% YoY in Q1 2018 on a CC basis, or -7.5% on a reported basis to €242m with continued strong mobile growth offset by declines in the fixed line business due to intensified competition in fixed and further in mobile: The cable customer base grew for the first time since Altice took control with +1k net additions in Q1, despite a very high level of promotions in the market. Fixed line ARPU declined -5.6% YoY in Q1 in local currency, mainly driven by greater competition in the TV market. Overall fixed revenues declined -4.1% YoY in Q1 in local currency. HOT remains a premium brand in the market, supported by its superior fixed network infrastructure, premium content packages, and superior customer service; The B2C mobile postpaid customer base continues to grow with net additions of +7k in Q1 and B2C mobile postpaid ARPU growing +4.5% YoY in local currency, reflecting HOT’s focus on high-value customers. Mobile revenues grew +7.8% YoY in Q1 in local currency. Total Adjusted EBITDA in Israel declined by -3.3% in Q1 2018 YoY in local currency, or -9.8% on a reported basis YoY to €107m with margins reducing by -1.1% pts YoY to 44.4%.
Dominican Republic (Altice Dominicana)
Total revenue in Dominican Republic declined -2.4% YoY in Q1 on a CC basis, or -18.9% YoY on a reported basis to €133m with continued fixed growth being offset by declines in the prepaid mobile business: The total fixed B2C customer base was stable in Q1 (-1k net additions) with a slight decline in the fiber customer base (-4k) being partially offset by growth of the DTH customer base. Total fixed B2C ARPU increased +1.4% YoY in Q1 in local currency; Total B2C mobile subscriber trends improved YoY, decreasing by -34k net losses in Q1 (vs. -44k in Q1 2017) with net mobile postpaid losses of -5k (vs. -8k in Q1 2017), mobile postpaid ARPU grew +10.5% YoY in Q1 in local currency. Subscribers trends have been impacted in recent quarters by continuous prepaid voice erosion and increased price competition for mobile data services. New offers focused on data and value were made available this quarter, which is expected to partially offset that impact going forward. Total Adjusted EBITDA in Dominican Republic declined by -6.2% in Q1 2018 YoY in local currency, or -22.1% on a reported basis YoY to €76m with margins reducing by -2.3% pts YoY to 57.3%.
Shares outstanding
As at March 31, 2018, Altice N.V. had 1,492,756,175 common shares A (including 531,025,305 treasury shares) and 228,272,075 common shares B outstanding.
On January 30, 2018, Altice announced its intention to cancel 370,000,000 common A shares. The cancellation of such shares will become effective in accordance with the provisions of Dutch law.
Altice Europe Consolidated Net Debt as of March 31, 2018, breakdown by credit silo 12
Altice Europe has a robust, diversified and long-term capital structure: Group weighted average debt maturity of 6.1 years; Group weighted average cost of debt of 5.5%; 84% fixed interest rate; No major maturities at SFR until 2022, and none at Altice International until 2023; Available liquidity of €3.0bn 13 . Total consolidated Altice Europe net debt was €32.2bn at the end of Q1 2018.
Altice Luxembourg (HoldCo) Amount
(local currency) Actual Coupon /
Margin
Maturity Senior Notes EUR 2,075 2,075 7.250% 2022 Senior Notes USD 2,900 2,353 7.750% 2022 Senior Notes EUR 750 750 6.250% 2025 Senior Notes USD 1,480 1,201 7.625% 2025 Swap Adjustment - -147 - - Altice Luxembourg Gross Debt 6,231 Total Cash -74 Altice Luxembourg Net Debt 6,157 Undrawn RCF 200 WACD (%) 7.0% Altice France (SFR) Amount
(local currency) Actual PF Coupon /
Margin
Maturity Senior Secured Notes USD 4,000 3,245 3,245 6.000% 2022 Senior Secured Notes EUR 1,000 1,000 1,000 5.375% 2022 Senior Secured Notes USD 1,375 1,115 1,115 6.250% 2024 Senior Secured Notes EUR 1,250 1,250 1,250 5.625% 2024 Senior Secured Notes USD 5,190 4,210 4,210 7.375% 2026 Term Loan EUR 1,136 1,136 1,136 E+3.00% 2025 Term Loan USD 1,409 1,143 1,143 L+2.75% 2025 Term Loan USD 2,145 1,740 1,740 L+300% 2026 Term Loan EUR 998 998 998 E+3.00% 2026 Drawn RCF - 330 630 E+3.25% 2021 Other debt & leases - 132 150 - - Swap adjustment - -256 -253 - - Altice France Gross Debt 16,044 16,362 Total Cash -354 -407 Altice France Net Debt 15,690 15,954 Undrawn RCF 795 495 WACD (%) 4.7% Altice International Amount
(local currency) Actual PF Coupon /
Margin
Maturity HOT Unsecured Notes ILS 814 189 189 3.90 - 6.90% 2018 Senior Secured Notes EUR 500 500 500 5.250% 2023 Senior Secured Notes USD 2,060 1,671 1,671 6.625% 2023 Senior Secured Notes USD 2,750 2,231 2,231 7.500% 2026 Term Loan USD 903 733 733 L+2.750% 2025 Term Loan USD 898 728 728 L+3.75% 2026 Term Loan EUR 299 299 299 E+2.75% 2026 Drawn RCF - 280 - E+3.50% 2021 Other debt & leases - 84 66 - - Swap Adjustment - 372 372 - - Altice International Senior Debt 7,088 6,789 Senior Notes EUR 250 250 250 9.000% 2023 Senior Notes USD 400 324 324 8.125% 2024 Senior Notes USD 385 312 312 7.625% 2025 Senior Unsecured Notes EUR 675 675 675 4.750% 2028 Swap Adjustment - 28 28 - - Altice International Total Debt 8,677 8,379 Total Cash -377 -340 Altice International Net Total Debt 8,300 8,040 Undrawn RCF 631 911 WACD (%) 5.6%
Total Altice Luxembourg Consolidated Debt 30,952 30,972 Total Cash -805 -821 Total Altice Luxembourg Consolidated Net Debt 30,147 30,151 WACD (%) 5.4% ACF Amount
(local currency) Actual PF Coupon /
Margin
Maturity Corporate Facility EUR 240 240 240 E+6.843% 2020 Corporate Facility EUR 2,113 2,113 1,488 E+6.843% 2021 ANV/ACF Gross Debt 2,353 1,728 Total Cash -132 -132 ANV/ACF Net Debt 2,221 1,596 WACD (%) 6.8% Altice Europe Pro Forma Net Leverage Reconciliation as of March 31, 2018
€m Altice Europe Reconciliation to Swap Adjusted Debt Actual PF Total Debenture and Loans from Financial Institutions 32,781 32,781 Value of Debenture and Loans from Financial Institutions in Foreign Currency converted at closing FX Rate -26,585 -26,585 Value of Debenture and Loans from Financial Institutions in Foreign Currency converted at hedged Rate 26,582 26,582 Transaction Costs 339 339 Fair Value Adjustments -4 -4 Total Swap Adjusted Value of Debenture and Loans from Financial Institutions 33,113 33,113 Overdraft 17 17 Other 174 174 PF New Organization - -605 Gross Debt Consolidated 33,305 32,700 Altice Europe (Actual) Altice
Luxembourg
Consolidated Altice
Corporate
Financing
Altice
TV ANV Altice N.V.
Post-split
TopCo
Gross Debt Consolidated 30,952 2,353 - - 33,305 Cash -805 -132 - -156 -1,093 Net Debt Consolidated 30,147 2,221 - -156 32,212
Altice Europe (Pro Forma)
Altice
Luxembourg
Consolidated Altice
Corporate
Financing
Altice
TV ANV Altice N.V.
Post-split
TopCo
Gross Debt Consolidated 30,972 1,728 - - 32,700 Cash -821 -132 -279 -156 -1,388 Net Debt Consolidated 30,151 1,596 -279 -156 31,312 €m Altice
Corporate
Financing
ANV Altice N.V.
Post-split
TopCo
Altice Europe (Pro Forma) Altice
France Altice
International
Altice
Luxembourg
Eliminations
Altice
Luxembourg
Consolidated
Altice
TV
Gross Debt Consolidated 16,362 8,379 6,231 - 30,972 1,728 - - 32,700 Cash -407 -340 -74 - -821 -132 -279 -156 -1,388 Net Debt Consolidated 15,954 8,040 6,157 - 30,151 1,596 -279 -156 31,312 LTM Standalone 4,167 1,794 - - 5,961 - -232 -64 5,665 Eliminations - -0 - -11 -0 - - 11 - Corporate Costs - -26 -5 - -42 - - 31 - LTM EBITDA Consolidated 4,167 1,768 -5 -11 5,919 - -232 -22 5,665 Gross Leverage 3.9x 4.7x 0.0x 0.0x 5.2x 0.0x 0.0x 0.0x 5.8x Net Leverage 3.8x 4.5x 0.0x 0.0x 5.1x 0.0x 0.0x 0.0x 5.5x Altice N.V. Non-GAAP Reconciliation to GAAP measures as of March 31, 2018 year to date 14
For the three months ended In million Euros March 31, 2018 Revenues 3,599.1 Purchasing and subcontracting costs -1,116.6 Other operating expenses -862.9 Staff costs and employee benefits -367.3 Total 1,252.2 Stock option expense 7.9 Adjusted EBITDA 1,260.1 Depreciation, amortisation and impairment -1,005.2 Stock option expense -7.9 Other expenses and income -106.1 Operating profit 141.0 Capital expenditure (accrued) 760.7 Capital expenditure - working capital items 60.9 Payments to acquire tangible and intangible assets 821.6 Operating free cash flow (OpFCF) 499.4 FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things: our future financial conditions and performance, results of operations and liquidity; our strategy, plans, objectives, prospects, growth, goals and targets; and future developments in the markets in which we participate or are seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “plan”, “project” or “will” or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will be achieved or accomplished. To the extent that statements in this press release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in our annual and quarterly reports. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-altice-n-v-altice-europe-first-quarter-2018-pro-formaa-results.html |
* China’s premier Li going to summit with Japan, South Korea
* China, Japan have been trying to get relations back on track
* Senior Chinese diplomat says N.Korea not high on agenda
By Ben Blanchard
BEIJING, May 4 (Reuters) - No areas will be off limits in talks next week when Chinese Premier Li Keqiang visits Japan, but North Korea is not going to be a focus, a senior Chinese diplomat said on Friday.
China and Japan, Asia’s two largest economies, have been trying to reset ties after years of increasingly bitter dispute over a group of uninhabited islets in the East China Sea and the legacy of Japan’s invasion of China before and during World War Two.
Japan will host a summit with Li and South Korea’s President Moon Jae-in in Tokyo on May 9 to discuss regional issues, where North Korea had been expected to be high on the agenda.
The meeting, which has been hosted in turn by each of the three nations since the first held in Japan in 2008, aims to strengthen dialogue and cooperation.
Chinese Vice Foreign Minister Kong Xuanyou said Li’s trip to Japan, the first by a Chinese premier in eight years, represented a “rare development opportunity”, though he admitted challenges remain.
“There will be no off-limits areas,” Kong told reporters, referring to the talks between Li and Abe.
“As long as there are subjects both are interested in, they can be put on the table for candid discussion. (We) hope to increase understanding through discussion, which is helpful to narrowing differences on certain problems.”
While North Korea and other regional issues would come up and would be discussed with both Japan and South Korea so that the three sides could better coordinate policy, the isolated country was not a focus.
“I personally think this China-Japan-South Korea meeting is not to mostly discuss the situation on the Korean peninsula. It’s mainly to discuss regional cooperation between the three,” said Kong, who is also China’s special envoy for the North Korean nuclear issue.
“So I think it will be hard for the three of them to have sufficient time to have deep talks on this issue.”
Bracketing the summit, Li will make a state visit to Japan from May 8 to 11, when he will meet Emperor Akihito, Japan has said.
At Moon’s summit last month with North Korean leader Kim Jong Un, both sides agreed to work towards denuclearisation of the Korean peninsula. Kim is also due to meet U.S. President Donald Trump in coming weeks.
Li will travel to Indonesia before going to Japan.
Indonesia is seeking ways to speed up a $5-billion high-speed rail project being built by a consortium of local and Chinese state firms which faces obstacles over land ownership issues. (Reporting by Ben Blanchard Editing by Clarence Fernandez)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-japan/china-says-summit-with-japan-s-korea-to-focus-on-cooperation-not-n-korea-idUSL3N1SA1S9 |
FBI chief "deeply concerned" about China's ZTE 6:17pm EDT - 01:21
FBI Director Christopher Wray told a Senate panel on Wednesday that the law enforcement agency is ''deeply concerned'' about any company like China's ZTE gaining positions of power in the U.S. telecommunications market. Rough Cut (no reporter narration).
FBI Director Christopher Wray told a Senate panel on Wednesday that the law enforcement agency is "deeply concerned" about any company like China's ZTE gaining positions of power in the U.S. telecommunications market. Rough Cut (no reporter narration). //reut.rs/2L7fBe6 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/fbi-chief-deeply-concerned-about-chinas?videoId=427524534 |
May 1, 2018 / 7:33 AM / Updated 4 hours ago Daily Briefing: Trump steel tariffs - a final reprieve Mark John , Mike Dolan 7 Min Read
LONDON (Reuters) - Hours before the deadline for a decision, U.S. President Donald Trump overnight extended exemptions from new tariffs on steel and aluminium imports from a number of allies, including in Europe. U.S. President Donald Trump gestures while addressing a joint news conference with Nigeria's President Muhammadu Buhari in the Rose Garden of the White House, April 30, 2018
However he gave to understand that this latest delay would be the final one, meaning the levies will kick in from June unless there is a deal in the meantime.
In a first reaction, the European Commission has complained that Trump is creating uncertaint y that is hitting business decisions; it continues to demand permanent exemptions on the grounds that overcapacity in steel and aluminium is not from Europe.
Given the likelihood of reprieves for Australia, Argentina and Brazil and movement in the NAFTA talks , the EU could be the only one of the U.S. allies that seriously risks losing its exemption.
Will today herald a new start for Armenia after street protesters cut short an attempt by the former leader to cling onto power beyond his time? Opposition leader Nikol Pashinyan, who played a starring role in the protests, is the sole candidate for interim prime minister in parliamentary elections today.
Pashinyan has received the support of all opposition parties in parliament, who hold 47 seats in the 105-seat legislature, but he will require a majority to win. He promises his main task as caretaker premier would be to organise new free and fair parliamentary elections for the post of prime minister.
With much of Europe closed for the May Day public holiday, the main economic numbers in the region today come from the UK. Britain's factories have so far had a weak start to 2018. A poor reading in the April purchasing managers index at 0830 GMT would further reduce the change of a Bank of England rate hike move on May 10, now put at barely 25 percent.
Separately, the BoE figures on mortgage approvals, consumer credit growth and business lending are expected to show a slowdown in lending in March, mirroring the weak start to the year for the economy overall.
MARKETS
May Day holidays in many centres across Asia and Europe are set to keep global markets trading under wraps for most of the day, with an upbeat mood at the margins despite Wall St’s retreat on Monday as U.S. President Trump extended the steel and aluminium tariffs exemption for the European Union, Canada and Mexico for another month. Supporters of Armenian opposition leader Nikol Pashinyan attend a rally as they wait for the results of the parliament's election of an interim prime minister in central Yerevan, Armenia May 1, 2018 “ Apple is like an A student with a bad report card. We’re not going to throw them out of the house just yet, but we want to see that number pick back up” Trip Miller, managing partner at Gullane Capital Partners
Apple’s quarterly result s after the bell tonight are the other big focus after several weeks of speculation about ebbing smartphone demand based on selective reports from companies in its supply chain.
Technology sector results so far – at least from the likes of Amazon, Alphabet, Microsoft, Samsung and SAP – have broadly beaten forecasts for Q1 and the overall aggregate U.S. earnings growth is tracking seven-year highs of almost 25 percent. Much of that seems largely priced, however, and the tax cut driven profit surge is struggling to give overall indices much of an additional lift.
The S&P500 closed 0.8 percent lower on Monday, led by big healthcare and pharma companies, with one eye on Apple and another on Wednesday’s Federal Reserve interest rate decision. Although no change in Fed policy rates is expected this week, eyes will be trained on its statement for acknowledgement of an acceleration in the central bank’s favoured inflation gauge close to target in March and for nods about whether as many as three more rate hikes are due over the rest of 2018. U.S. Treasury yields and the dollar were firmer, as were Brent crude prices on anxiety about the fate of the Iran nuclear deal.
Jitters about today’s steel tariff deadlines also weighed on Wall St overnight and news of the exemption extensions has already lifted S&P500 futures 0.2 percent. For the same reason, the Canadian dollar was one of the big overnight gainers on currency markets. With the Fed meeting in sight and euro zone April inflation numbers coming in soft, euro/dollar is slipping again and set to test Friday’s low of $1.2053.
Most major Asia bourses were closed, but Tokyo’s Nikkei closed 0.2 percent higher and Australia’s benchmark index hit its highest in six weeks as Trump was reported to have reached an agreement in principle on steel and aluminium imports with Australia, Brazil and Argentina alongside the other deadline extensions and the Reserve Bank of Australia left its key interest rates on hold at its latest policy meeting.
London is the only major European trading centre opened this morning and futures indicate a slightly positive open for the FTSE100, helped by a BP profits surge . Sterling continued to trade heavy as markets have revised back expectations of a UK interest rate rise this month since the poor first quarter GDP numbers on Friday.
Half an eye was kept on Brexit debates in parliament. Britain’s upper house on Monday voted to give parliament powers to block or delay a final deal on departure from the EU, defeating UK PM May’s government .
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-tuesday/daily-briefing-trump-steel-tariffs-a-final-reprieve-idUKKBN1I2306 |
Rosalind Brewer has been climbing the corporate ladder for more than 20 years, holding roles at Kimberly Clark, Walmart and Sam's Club, of which she was CEO. Today, she's the chief operating officer at Starbucks.
She's learning a new corporate culture at the coffee giant, one she says suits her well. "This culture matches who I am as an individual — it's amazing to bring my head and heart to work," she says.
Brewer is also on one of the most diverse boards in corporate America at Starbucks, and believes diversity is key to corporate success. Different voices at the table, she says, mean richer conversations and faster solutions.
She has one piece of advice for women looking to climb the corporate ladder: Stay the course.
"Stay steadfast," she says, "the opportunities are great. There are still situations that are quite complicated, but I am so encouraged when I meet young women, how much energy they have and how much they've learned growing up."
Don't miss: 3 things to know about Rosalind Brewer, Starbucks' first female and African-American COO
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show chapters Why 'hepeating' is making a big splash right now 8:30 AM ET Wed, 11 Oct 2017 | 01:00 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/starbucks-coo-rosalind-brewer-shares-what-makes-businesses-successful.html |
After similar S&P start to Q1 earnings 1 Hour Ago The S&P gained just one-quarter of a percent to kick off quarter one earnings. A similar subdued start to the season bodes well for the market with the major indices posting strong gains. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/after-similar-sp-start-to-q1-earnings.html |
May 11, 2018 / 10:02 PM / Updated 21 minutes ago China Three Gorges launches $10.8 billion bid for Portuguese power firm EDP Andrei Khalip , Sergio Goncalves 3 Min Read
LISBON (Reuters) - China’s state-owned utility China Three Gorges on Friday launched a bid to take control of Portugal’s biggest company EDP, offering a premium of just below 5 percent on the power firm’s closing stock price. FILE PHOTO: Banners bearing the logo of Energias de Portugal (EDP) are seen at the company headquarters in Lisbon, Portugal, December 13, 2011. REUTERS/Jose Manuel Ribeiro/FILE PHOTO
The total value of the proposed deal is 9.07 billion euros ($10.83 billion), excluding a 23 percent stake already owned by CTG [CYTGP.UL], the Chinese firm and largest EDP ( EDP.LS ) shareholder said in a statement issued late on Friday in Lisbon.
Reports that EDP may be an acquisition target of European foreign companies have been circulating for over a year, during which CTG continued to raise its stake, culminating in the 3.26 euros ($3.89) a share offer.
CTG said in its preliminary offer announcement that it seeks to reach at least a 50 percent voting stake plus one share in the company. It also offered 7.33 euros a share for EDP’s wind power unit, EDP Renovaveis ( EDPR.LS ), below its closing price of 7.84 euros.
EDP had no immediate comment. The online edition of the Expresso newspaper said earlier that EDP was likely to consider the offer hostile.
If the deal succeeds, it would be the latest in a series of acquisitions by Chinese companies in Portugal. They have been actively buying assets, from infrastructure to insurance and banking, since Portugal’s 2010-13 debt crisis.
EDP is an integrated generator, supplier and distributor of electricity, the largest company by assets in Portugal with businesses in Brazil ( ENBR3.SA ), Spain, and the United States.
CTG said it was “fully committed to preserving EDP’s Portuguese identity and autonomy as well as its current Portuguese public listing”.
Prime Minister Antonio Costa told reporters earlier that the Portuguese government had no objections to the bid.
“The government has nothing against it, no reservations,” Costa said, adding though that the government does not have to be consulted. “The Chinese have been good investors, be it in REN, EDP or in other sectors ... The important thing is that shareholders can ponder on the project. Let the market work.”
The proposed offer may test the European Union’s readiness to give control of major infrastructure firms in member states to China, however. It could also run into problems with U.S. authorities since EDP Renovaveis (EDP Renewables) is a major player in its wind energy market.
Another Chinese state company, CNIC, holds a nearly 5 percent stake in EDP, while other leading shareholders include U.S. financial services company Capital Group, with 12 percent, and U.S. private equity firm Blackrock.
EDP’s market capitalization was nearly 11.4 billion euros as of Friday. It has a net debt of 13.8 billion euros.
The company serves almost 10 million power market clients and 1.6 million natural gas customers and runs over 330,000 kilometers (205,000 miles) of power transmission lines. Reporting by Andrei Khalip; Editing by Alison Williams and Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/us-edp-m-a-china/china-three-gorges-launches-10-8-billion-bid-for-portuguese-power-firm-edp-idUKKBN1IC2NC |
May 10, 2018 / 10:48 AM / Updated 6 minutes ago BRIEF-New Senior Investment Group Reports Q1 Adjusted FFO Per Share Of $0.20 Reuters Staff
May 10 (Reuters) - New Senior Investment Group Inc: * Q1 ADJUSTED FFO PER SHARE $0.20
* NEW SENIOR INVESTMENT - QTRLY TOTAL NOI OF $47.1 MILLION * QTRLY AFFO $0.20 PER BASIC AND DILUTED SHARE
* NEW SENIOR INVESTMENT - QTRLY NORMALIZED FFO OF $17.6 MILLION, OR $0.21 PER SHARE * QTRLY TOTAL SAME STORE CASH NOI DECREASED 1.0%
* CO ENTERED INTO AGREEMENT TO TERMINATE ITS TRIPLE NET LEASES WITH AFFILIATES OF HOLIDAY RETIREMENT
* NEW SENIOR INVESTMENT- IN EXCHANGE TERMINATION OF TRIPLE NET LEASES WITH AFFILIATES OF HOLIDAY RETIREMENT, CO WILL RECEIVE $116 MILLION
* NEW SENIOR INVESTMENT - EXPECTS TO REFINANCE EXISTING DEBT WITH 1-YEAR $720 MILLION SECURED LOAN BEARING INTEREST AT LIBOR PLUS 4.0% FOR FIRST 6 MONTHS
* NEW SENIOR - IN LIGHT OF STRATEGIC REVIEW, QTRLY DIVIDEND MAY BE LESS THAN DIVIDENDS DECLARED IN PRIOR QUARTERS, SUCH DIFFERENCE COULD BE MATERIAL Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-senior-investment-group-report/brief-new-senior-investment-group-reports-q1-adjusted-ffo-per-share-of-0-20-idUSASC0A1BX |
May 25, 2018 / 8:13 AM / Updated 12 minutes ago Dutch minister: MH17 investigation points to Russian involvement Stephanie van den Berg 1 Min Read
THE HAGUE (Reuters) - Interim findings released this week by prosecutors investigating the downing of Malaysia Airlines Flight 17 point to Russian involvement, the Dutch foreign minister said on Friday. A damaged missile is displayed during a news conference in Bunnik, Netherlands, by members of the Joint Investigation Team, comprising of authorities from Australia, Belgium, Malaysia, the Netherlands and Ukraine, as they present interim results in the ongoing investigation of the 2014 MH17 crash that killed 298 people over eastern Ukraine. REUTERS/Francois Lenoir
The findings “point to direct involvement of Russia,” Stef Blok said on his way into a crisis meeting of the Dutch Cabinet over the matter. His words are the strongest to date by a Dutch politician linking Russia to the incident.
MH17 was shot down over rebel-held territory in Eastern Ukraine in 2014, killing all 298 aboard. Russia has denied any involvement.
Investigators on Thursday said the missile that shot down the plane was fired from a missile launcher in Russia’s 53rd Anti-Aircraft Brigade, but stopped short of saying who actually fired the fatal shot. Reporting by Toby Sterling, editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-crisis-mh17-foreign-minister/dutch-minister-mh17-investigation-points-to-russian-involvement-idUKKCN1IQ0VU |
TOKYO (Reuters) - Nissan Motor and its French automaking partner Renault SA are considering a range of options, including a more balanced equity structure, to ensure their alliance survives beyond its current leadership, the Japanese company said on Monday.
The logo of Nissan is seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Pierre Albouy/Files Speculation about the alliance’s future, including a possible merger, has been brewing since Reuters reported earlier this year the two companies were discussing plans for a closer tie-up in which Nissan could acquire the bulk of the French state’s 15 percent holding in Renault.
The partnership, which also includes Japan’s Mitsubishi Motors Corp, was the world’s top-selling passenger vehicle maker in 2017, but as the global auto industry consolidates, the group is looking to strengthen its alliance before chairman Carlos Ghosn retires in the coming years after overseeing the partnership for nearly 20 years.
“This could take many different shapes,” Nissan CEO Hiroto Saikawa told reporters at a results briefing, adding a change in equity structure to create a more equal balance between the two companies was one of the options being studied.
“We need to ensure that the alliance can operate as it does now, preserving the autonomy of each company while maximising efficiencies, in its future generations.”
While all options were on the table, Saikawa said media reports that Nissan and Renault were discussing a “full merger” were “absolutely untrue”. Ghosn has said a merger is a potential option, though not necessarily a goal.
Renault holds 43.4 percent of Nissan but agreed to limit formal control of its larger partner in a 2015 shareholder pact that defused a boardroom standoff with the French government. Nissan currently owns a 34 percent controlling stake in Mitsubishi and 15 percent of Renault, but no voting rights.
SAGGING U.S. SALES Nissan is forecasting a third straight year of lower operating profit on expectations a stronger yen and higher raw material prices will outweigh a rise in global vehicle sales to a record high.
Japan’s second-biggest automaker expects operating profit to fall 6 percent to 540 billion yen ($4.9 billion) in the year to March 2019, based on an assumption the yen will trade around 105 against the U.S. dollar during the year, from around 111 yen in the year just ended.
Currency swings will result in a 135 billion yen hit to annual operating profit, pushing earnings to their lowest since the year ended March 2014 and underperforming analyst forecasts.
Operating profit fell 22.6 percent to 574.8 billion yen in the year ended March 2018, weighed by costs from a domestic compliance scandal, weakness in North America, a key market, and higher materials costs.
Nissan expects a 2.7 percent rise in global sales to 5.93 million vehicles in the current year, its highest ever, as an expected 11.5 percent increase in Chinese sales outweighs a forecast 2.7 percent drop in the United States - which would also see China become Nissan’s biggest market again.
Nissan has seen U.S. sales slide 6.5 percent so far in 2018, partly due to sluggish demand for its high-volume Altima sedan, a revamped model of which will be released later this year.
Price discounts for the Altima, the popular Rogue crossover SUV and other models were a big factor in the 30.5 percent drop in Nissan’s North American operating profit in the year just ended.
The automaker has roughly doubled car sales in the region since 2010, in line with a target to corner around a 10 percent share of the U.S. vehicle market.
But achieving that has come at the cost of hefty discounting in the region, and Nissan has said it now plans to focus on improving profitability in North America, while also expanding sales in China, the world’s biggest car market.
($1 = 109.5000 yen)
Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman and Mark Potter
| ashraq/financial-news-articles | https://in.reuters.com/article/nissan-results/nissan-sees-lower-annual-profit-on-firmer-yen-idINKCN1IF0SH |
SEOUL (Reuters) - North Korea has declined to accept a list of South Korean journalists hoping to observe the closure of its nuclear test site, South Korea said on Friday, raising new questions about the North’s commitment to reducing tension.
A satellite photo of the Punggye-Ri nuclear test site in North Korea April 19, 2018. Planet Labs Inc/Handout via REUTERS North Korea had invited a limited number of journalists from South Korea and other countries to witness what it said will be the closing of its only nuclear weapons test site at Punggye-ri next week.
The North Korean offer to scrap the test site has been seen as major concession in months of easing tension between it, on the one hand, and South Korea and the United States on the other.
But the remarkable progress appears to have been checked in recent days with North Korea raising doubts about an unprecedented June 12 summit in Singapore between leader Kim Jong Un and U.S. President Donald Trump, and calling off talks with the South.
The South Korean Unification Ministry, which handles dealings with the North, said on Friday North Korea had “declined to accept” the list of journalists submitted by the South for the test site dismantling.
The ministry did not elaborate but the North Korean decision is likely to raise doubts about its plan for the test site.
Trump on Thursday sought to placate North Korea after it threatened to call off the June summit, saying Kim’s security would be guaranteed in any deal and his country would not suffer the fate of Muammar Gaddafi’s Libya, unless that could not be reached.
North Korea had said on Wednesday it might not attend the Singapore summit if the United States continued to demand it unilaterally abandon its nuclear arsenal, which it has developed in defiance of U.N. Security Council resolutions to counter perceived U.S. hostility.
On Thursday, North Korea’s chief negotiator called South Korea “ignorant and incompetent” and denounced U.S.-South Korean air combat drills and threatened to halt all talks with the South.
Trump, in rambling remarks in the White House’s Oval Office, said as far as he knew the summit was still on track, but that the North Korean leader was possibly being influenced by Beijing.
But he also stressed that North Korea would have to abandon its nuclear weapons and warned that if no deal was reached, North Korea could be “decimated” like Libya or Iraq.
‘PEACEFUL MEANS’ China, responding to U.S. President Donald Trump suggestion that Beijing may be influencing North Korea’s new hardline stance, said on Friday it stands for stability and peace on the Korean peninsula and for settlement of confrontation over its development of weapons through talks.
Chinese foreign ministry spokesman Lu Kang, asked about Trump’s comments, said China’s position had not changed and he reiterated that it supported the goal of denuclearisation on the Korean peninsula.
“We are consistently supporting all relevant parties in resolving the peninsula issue through political consultations and peaceful means,” Lu told a regular briefing.
Kim has made two visits to China recently for talks with President Xi Jinping, including a secretive train trip to Beijing in late March, his first known visit outside North Korea since coming to power.
He flew to the port city of Dalian this month.
Both times, Kim’s encounters with Xi were cast by Chinese state media as friendly. They included beachside strolls and Xi saying that previous generations of North Korean and Chinese leaders had visited each other as often as relatives.
The warmth between the two leaders marks a sharp reversal in what had been months of frosty ties, as China ratcheted up sanction pressure on North Korea in response to its relentless missiles and nuclear tests last year.
China is North Korea’s largest trading partner and considers it an important security buffer against the U.S. military presence in region.
What had seemed until this week to be rapidly warming ties between North Korea, on the one hand, and South Korea and the United States on the other, had fueled fears in Beijing that it might be left out of a new deal on the peninsula, according to analysts.
Additonal reporting by Micheal Martina, in BEIJING; Writing by Christian Shepherd; Editing by Josh Smith, Robert Birsel
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-missiles/north-korea-declines-south-korea-media-for-nuclear-site-event-china-urges-stability-idINKCN1IJ15B |
The following statements were posted to the verified Twitter accounts of U.S. President Donald Trump, @realDonaldTrump and @POTUS.
U.S. President Donald Trump waves at the conclusion of a joint news conference with Nigeria's President Muhammadu Buhari in the Rose Garden of the White House in Washington, U.S., April 30, 2018. REUTERS/Kevin Lamarque The opinions expressed are his own. Reuters has not edited the statements or confirmed their accuracy.
@realDonaldTrump :
- So disgraceful that the questions concerning the Russian Witch Hunt were “leaked” to the media. No questions on Collusion. Oh, I see...you have a made up, phony crime, Collusion, that never existed, and an investigation begun with illegally leaked classified information. Nice! [0647 EDT]
- Delegation heading to China to begin talks on the Massive Trade Deficit that has been created with our Country. Very much like North Korea, this should have been fixed years ago, not now. Same with other countries and NAFTA...but it will all get done. Great Potential for USA! [0700 EDT]
- It would seem very hard to obstruct justice for a crime that never happened! Witch Hunt! [0734 EDT]
- Yesterday, it was my great honor to welcome President @MBuhari of the Federal Republic of Nigeria to the @WhiteHouse! [1123 EDT]
- Today I had the great honor of awarding the Commander-in-Chief’s Trophy, for the first time in 21 years, to the @ArmyWP_Football Black Knights at the @WhiteHouse. Congratulations! [1257 EDT]
- Congratulations @ArmyWP_Football! [1414 EDT]
- Today, it was my great honor to thank and welcome heroic crew members and passengers of Southwest Airlines Flight 1380 at the @WhiteHouse! [1542 EDT]
-- Source link: ( bit.ly/2jBh4LU ) ( bit.ly/2jpEXYR )
Compiled by Bengaluru bureau
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-tweet-factbox/trump-on-twitter-trade-deficit-china-buhari-idUSKBN1I24GU |
PLANO, Texas, May 07, 2018 (GLOBE NEWSWIRE) -- Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today announced that the Company’s Winkler project in the Delaware Basin has begun with the drilling phase of the first project well, the UL 21 War-Wink 47 #2H. Torchlight’s operating partner, MECO IV has begun the pilot hole on the project and is currently drilling ahead at 3500 feet. The plan is to evaluate the various potential zones for a lateral leg to be drilled once logging is completed. The Company expects the most likely target to be the Wolfcamp A interval. The well is on 320 newly acquired acres offsetting the original leasehold Torchlight entered into in December, 2017. The additional acreage was leased by Torchlight’s operating partner under the Area of Mutual Interest Agreement (AMI) and Torchlight recently exercised its right to participate for its 12.5% in the additional 1080 gross acres. Torchlight’s carried interest in the first well, as outlined in the agreement, was originally planned to be on the first acreage acquired. That carried interest is being applied to this new well and will allow MECO IV to drill and produce potential revenues sooner than originally planned. The primary leasehold is a 320-acre block directly West of the current position and will allow for 5000-foot lateral wells to be drilled.
“We are excited to be entering the Delaware basin with our technically strong operating partner MECO IV out of Denver,” stated John Brda, CEO of Torchlight. “The well is in an excellent area with premier offset operators making excellent wells in multiple pay zones. We look forward to MECO executing on the technical and scientific aspects of the project, ultimately delivering a 5000’ lateral in the best pay zone identified.”
The Company will provide additional details once drilling results are available.
About Torchlight Energy
Torchlight Energy Resources, Inc. (NASDAQ:TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. For additional information on the Company, please visit www.torchlightenergy.com .
Forward Looking Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including risks associated with the Company's ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations Contact
Derek Gradwell
MZ Group
SVP Natural Resources
Phone: 512-270-6990
Email: [email protected]
Web: www.mzgroup.us
Source:Torchlight Energy Resources, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-torchlight-energy-acquires-additional-delaware-basin-acreage-and-announces-drilling-in-its-winkler-project.html |
May 31, 2018 / 6:36 PM / Updated an hour ago Golf-Tiger finishes strong but trails by seven at Memorial Reuters Staff 3 Min Read
May 31 (Reuters) - Five-times winner Tiger Woods overcome a rough start to his opening round at the Memorial Tournament but was still sitting a distant seven shots behind early clubhouse leaders Abraham Ancer and Joaquin Niemann in Dublin, Ohio, on Thursday.
Woods, who arrived this week at Muirfield Village Golf Club with increased expectations given his solid weekend at The Players Championship, shot an even-par 72 following a round that included a double-bogey, three bogeys and five birdies.
The former world number one, who began on the back nine, bogeyed the par-five 11th following a poor tee shot, made double-bogey at 15 after his drive went out of bounds and followed up with a bogey at 16 after missing a seven-foot putt.
But Woods, playing alongside Englishman Justin Rose (71) and defending champion Jason Dufner (75), responded immediately with a birdie at 17 and went three under over his final nine holes to salvage his round.
Still, the 14-times major champion was a shadow of the player who less than three weeks ago in his last start showed he might be close to winning again with a vintage 65-69 weekend performance at TPC Sawgrass.
The round marked the first time Woods, whose most recent victory at Muirfield came in 2012, competed in the Columbus suburb since 2015 when he carded a career-worst 85 during the third round en route to finishing in 71st place.
Mexican Ancer and Chilean Niemann, each seeking their maiden PGA Tour victories, were in a share of the early lead after mixing eight birdies with one bogey for matching seven-under-par 65s.
Ancer joined the PGA Tour in 2016 and has two top-10 finishes this season, including a career-best share of eighth place at the Houston Open while Niemann, 19, is the former number one ranked amateur in the world.
Rose, fresh off his convincing triumph at Colonial, mixed three bogeys with four birdies while Dufner, who has not won anywhere since earning his fifth PGA Tour win last year at Muirfield, was undone by four-hole stretch on his back nine that included three bogeys. (Reporting by Frank Pingue in Toronto, editing by Ed Osmond) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-memorial/golf-tiger-finishes-strong-but-trails-by-seven-at-memorial-idINL5N1T26GA |
NEW YORK--(BUSINESS WIRE)-- Quentis Therapeutics Inc., a biotechnology company pursuing first-in-class endoplasmic reticulum (ER) stress response-targeted therapies to address serious diseases such as cancer, announced today the appointment of Jeanne Magram, Ph.D. as Chief Scientific Officer. New York City-based Quentis launched in February 2017 with the completion of a $48 million Series A financing which was co-led by founding investor Versant Ventures and Polaris Partners and the affiliated LS Polaris Innovation Fund. The company is utilizing the proceeds to advance its lead immuno-oncology program, a small molecule IRE1α inhibitor, into the clinic in 2019, develop a pipeline of preclinical programs, and expand its team with key hires, such as industry veteran Magram.
“Jeanne is a welcome addition to Quentis given her experience and accomplishments across multiple therapeutic areas and modalities,” said Michael Aberman, M.D., president and CEO of Quentis Therapeutics. “This hire is an important step toward building a world-class team devoted to better understanding the role of the ER stress response in various diseases in order to discover and develop new medicines to help patients in need. This is also a homecoming for Jeanne as she rejoins the growing New York biotech ecosystem.”
Dr. Magram brings over 20 years of drug discovery and development experience to Quentis. Prior to joining Quentis, Dr. Magram was the founding Chief Scientific Officer of Northern Biologics, a Toronto Canada based biotechnology company. Prior to Northern Biologics, she served as the Site Head for Pfizer’s Centers for Therapeutic Innovation (CTI), New York, a model partnership between Pfizer and academic medical centers designed to accelerate the translation of innovative discoveries into differentiated new medicines to treat diseases of pressing unmet medical need. Previously, Dr. Magram was Vice President, Immunology & Inflammation Research at Boehringer Ingelheim, overseeing a department committed to drug discovery to address unmet medical needs in autoimmune disease. In this role, she delivered several candidates into clinical testing. Prior to Boehringer Ingelheim, Dr. Magram was an Associate Director of G Protein-Coupled Receptor (GPCR) Drug Discovery at OSI Pharmaceuticals after OSI’s acquisition of Cadus Pharmaceuticals’ Drug Discovery programs. She also previously spent over five years at Hoffmann-La Roche focused on using model systems to understand the pathophysiology of disease and to identify new therapies.
Dr. Magram completed her postdoctoral training in the laboratory of Nobel Laureate J. Michael Bishop, M.D. at the University of California, San Francisco School of Medicine and obtained her Ph.D. in the laboratory of Franklin Costantini, Ph.D. in the Department of Genetics and Development at Columbia University Irving Medical Center.
“I am excited to join Michael and the Quentis team, particularly at this time of growth and scale-up for the company,” said Dr. Magram. “With its focus on ER stress response-related drug discovery and development, Quentis is pioneering truly cutting-edge science and biology. I was attracted by the opportunity to join Quentis at this still-early stage of the company and build on its strong scientific foundation while guiding its future scientific direction as we explore applications in immuno-oncology and beyond.”
About the Endoplasmic Reticulum Stress Response and Quentis’ Lead Program
The endoplasmic reticulum (ER) is a structure within cells responsible for multiple functions, including serving as a sensor of cellular stress. Many diseases, including cancer, can cause persistent ER stress, triggering aberrant responses that disrupt normal cellular functions.
Quentis’ lead program is an inhibitor of IRE1α, a central enzyme in the ER stress response signaling pathway that activates the normally dormant XBP1 protein. Persistent IRE1α-XBP1 signaling in innate immune cells in the tumor microenvironment has been shown to disrupt the immune system’s ability to fight cancer in several ways:
Disabling dendritic cells’ ability to activate cancer-fighting T cells through inhibition of antigen presentation Driving formation of myeloid-derived suppressor cells (MDSCs), which suppress T cell function Causing macrophages (a type of white blood cell) to promote tumor cell metastases Increasing regulatory T cells that suppress the immune system
With anti-cancer immunity blocked, cancer can more easily grow and spread throughout the body.
Quentis has developed potent and selective small molecule inhibitors of IRE1α that suppress XBP1 activity in the tumor microenvironment and awaken the immune system’s ability to fight cancer.
About Quentis Therapeutics
Quentis Therapeutics is a preclinical stage biotechnology company that is pursuing first-in-class endoplasmic reticulum (ER) stress response-targeted therapies to address serious diseases such as cancer. Based on our deep expertise in ER stress biology and the tumor microenvironment, we are pioneering the use of ER stress response modulators to boost the immune system’s ability to fight cancer to help more cancer patients benefit from immunotherapy. Our lead program is a first-in-class, small molecule, IRE1α inhibitor. We are pursuing multiple additional ER stress pathway targets in the tumor micro-environment, as well as in other diseases where ER stress plays an important role. Privately held, Quentis is headquartered in New York City. To learn more, please visit www.quentistx.com and follow us on Twitter at @QuentisTx .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005406/en/
Quentis Therapeutics Inc.
Michael Aberman, MD
[email protected]
Source: Quentis Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-quentis-therapeutics-announces-the-appointment-of-jeanne-magram-ph-d-as-chief-scientific-officer.html |
President Trump's former doctor who stated his client would be the "healthiest individual ever elected to presidency" has now said the words weren't his.
A year before the presidential election in 2016, Harold Bornstein wrote that Trump had "extraordinary" physical strength and stamina, as well as "astonishingly excellent" blood pressure.
"He (Trump) dictated that whole letter. I didn't write that letter," said Bornstein in an interview with CNN Tuesday.
The doctor added that the claims over Trump's health were not based on his physical examination and were instead agreed with Trump over a phone call.
"I just made it up as I went along."
The White House has not yet responded to CNBC's request for a response to Bornstein's claims. In an earlier interview with NBC News, Bornstein said he felt "raped, frightened and sad" after Trump's personal bodyguard Keith Schiller visited his New York City surgery in early 2017.
The visit by Schiller, the Trump Organization's Chief Legal Officer Alan Garten and another unidentified man happened just two days after Bornstein told The New York Times that he had prescribed the hair-growth medicine Propecia to Trump for many years.
The doctor, who had been Trump's physician since 1980, was also quoted as saying that Trump severed contact with him after the Times story.
"I couldn't believe anybody was making a big deal out of a drug to grow his hair that seemed to be so important," Bornstein said. The White House denied the visit was in any way, unusual.
"As is standard operating procedure for a new president, the White House Medical Unit took possession of the president's medical records," said White House Press Secretary Sarah Huckabee Sanders, Tuesday.
Read the full CNN story here . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/trump-wrote-his-own-doctors-health-letter-claim-made.html |
May 15 (Reuters) - Questor Technology Inc:
* ANNOUNCES A 98 PERCENT REVENUE INCREASE IN FIRST QUARTER 2018
* Q1 REVENUE ROSE 98 PERCENT TO C$6.0 MILLION * QTRLY EARNINGS PER SHARE - BASIC AND DILUTED $0.07 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-questor-technology-reports-quarter/brief-questor-technology-reports-quarterly-basic-and-diluted-eps-of-0-07-idUSASC0A283 |
PRINCETON, N.J.--(BUSINESS WIRE)-- NRG Energy, Inc. (NYSE:NRG) has priced its offering of $500 million in aggregate principal amount of its 2.75% convertible senior notes due 2048 (the “Notes”). NRG has granted to the initial purchasers a 30-day option to purchase up to an additional $75 million in aggregate principal amount of the Notes. The Notes will be senior unsecured obligations of NRG and will be guaranteed by certain of its subsidiaries.
The Notes will be convertible, under certain circumstances, into cash, shares of NRG’s common stock or a combination thereof at NRG’s election. The initial conversion rate will be 20.9479 shares of common stock per $1,000 principal amount of Notes (representing an initial conversion price of approximately $47.74 per share of common stock), subject to customary adjustments. The initial conversion rate represents a premium of approximately 42.50% to the last reported sale price of $33.50 per share of NRG’s common stock on the New York Stock Exchange on May 21, 2018. Interest on the Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2018. The Notes will mature on June 1, 2048, unless earlier repurchased or converted in accordance with their terms. The Notes will be convertible only upon the occurrence of certain events and during certain periods, but will be freely convertible at any time from, and including, December 1, 2024 until the close of business on the second scheduled trading day immediately before June 1, 2025 and at any time from, and including, December 1, 2047 until the close of business on the second scheduled trading day immediately before the maturity date.
NRG will have the option to redeem the Notes, in whole or in part, at any time, on or after June 1, 2025, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest. Unless NRG has previously called all outstanding Notes for redemption, holders of the Notes may require NRG to repurchase their Notes on each of September 1, 2025, June 1, 2033 and June 1, 2040, at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest. In addition, if certain corporate events that constitute a “fundamental change” occur before the Notes mature, then holders of the Notes may require NRG to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest.
NRG intends to use cash on hand and the proceeds from the offering, including any proceeds from the exercise of the 30-day option, to repay a portion of its outstanding indebtedness and to pay fees and expenses related to the offering and incurred in connection with its repayment of indebtedness. As a result, the Notes offering is expected to be leverage neutral.
In connection with the offering of the Notes, NRG intends to use cash on hand to repurchase shares of its common stock in an aggregate amount to complete NRG’s previously announced $500 million share repurchase program. The transactions are expected to be effected (i) by repurchases from purchasers of the Notes in privately negotiated transactions (the “Private Repurchases”) concurrently with the closing of the Notes offering and (ii) through an accelerated share repurchase transaction (the “ASR”). NRG entered into the ASR with an affiliate of one of the initial purchasers (the “ASR Counterparty”) concurrently with the pricing of the Notes. The ASR is conditioned upon the closing of the Notes offering.
In connection with the ASR, NRG has been advised that the ASR Counterparty expects to purchase shares of NRG’s common stock in secondary market transactions, and may execute other transactions in NRG’s common stock, or in derivative transactions relating to NRG’s common stock, beginning on the first trading day immediately following the pricing of the Notes and during the term of the ASR (the “ASR Term”). These activities, including the ASR and the Private Repurchases, may increase, or prevent a decrease, in the market price of NRG’s common stock or the Notes, which could affect the ability of holders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that holders will receive upon conversion of the Notes.
NRG expects the purchase price per share of the common stock repurchased from certain purchasers of Notes in privately negotiated transactions concurrently with the closing of the offering of the Notes to equal $33.50, which was the closing price per share of NRG’s common stock on the New York Stock Exchange on the date of the pricing of the offering of the Notes. The purchase price per share of the common stock repurchased through the ASR will generally be equal to the average volume-weighted average price of NRG’s common stock during the ASR Term. The exact number of shares repurchased pursuant to the ASR will be determined based on such purchase price.
The Notes and related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offer and sale of the Notes, the related guarantees and any shares of common stock potentially issuable upon conversion of the Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction, and those securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell the Notes, nor a solicitation for an offer to purchase the Notes.
About NRG
At NRG, we’re redefining power by putting customers at the center of everything we do. We create value by generating electricity and serving nearly 3 million residential and commercial customers through our portfolio of retail electricity brands. A Fortune 500 company, NRG delivers customer-focused solutions for managing electricity, while enhancing energy choice and working towards a sustainable energy future.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. These statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “will,” “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, risks and uncertainties related to the capital markets generally and whether NRG will consummate the offering, the anticipated terms of the Notes and the anticipated use of proceeds.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006151/en/
For NRG Energy, Inc.
Media:
Marijke Shugrue, 609-524-5262
or
Investors:
Kevin L. Cole, CFA, 609-524-4526
or
Lindsey Puchyr, 609-524-4527
Source: NRG Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-nrg-energy-inc-prices-offering-of-500-million-convertible-senior-notes.html |
* Italian stocks slide in broader calm for European markets
* North Korean talks cancellation rattles Asian markets
* Euro hits new 2018 low with dollar close to new 5-month high
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Tommy Wilkes
LONDON, May 16 (Reuters) - Italian stocks slid on Wednesday after reports that the two parties seeking to form Italy’s next government might seek debt forgiveness, while the dollar ignored a pull-back in U.S. bond yields and rallied to a new 2018 high.
Asian markets had earlier dipped after Pyongyang abruptly called off talks with Seoul, throwing a U.S.-North Korean summit into doubt, but that failed to rattle European stocks.
Markets were also unfazed by Italian politics and the bigger focus was a rocketing dollar and rising U.S. borrowing costs, which have spooked investors in recent weeks and intensifed concern about damage to global demand, squeezing emerging markets.
The dollar resumed its rally in European trading and reached a high for the year. That gain left the euro below $1.18 , its lowest since Dec. 19.
However, with 10-year Treasury yields slipping back below 7-year highs reached earlier this week, most European stock markets traded close to flat.
The exception was Italy. Reports suggested the 5-Star and League parties, trying to form a government after inconclusive March 4 elections, had written a draft coalition deal asking for debt forgiveness from the European Central Bank (ECB), frightening investors in the euro zone’s third-largest economy.
“The proposal is surreal. Pretending the unilateral cancellation of 250 billion euros of debt bought by the ECB as part of the QE programme... would be absurd,” Anthilia Capital Partners fund manager Giuseppe Sersale said.
“Even if unfeasible, the tone of the debate bolsters expectations there will be a stormy relationship with Europe and a further relaxation of financial discipline,” he said.
Italian stocks fell more than 1.5 percent while the pan-European STOXX 600 slipped 0.12 percent.
Euro zone banks slid an even bigger 1.71 percent, extending losses despite a League spokesman saying the request for cancellation of the debt was not in the official draft of the government programme.
The difference in Italian 10-year government borrowing costs over German rose sharply to the highest since late March.
The MSCI world equity index, which tracks shares in 47 countries, slipped into negative territory.
U.S. stock futures traded down 1.25 percent.
TREASURY YIELDS PAUSE North Korea’s cancellation of a June 12 summit in Singapore added to geopolitical worries for financial markets, given it could see tensions on the Korean peninsula flare again and damage U.S.-China efforts to resolve an ongoing trade dispute.
“This will weigh on the Korean reconstruction beneficiaries that have had a strong run on peace and even reunification hopes recently,” JPMorgan analysts wrote in a note.
“The broader risk for the region if talks do break down is that Trump no longer feels the need to keep China on side and could escalate trade tensions again.”
Elsewhere, the 10-year yield slipped to 3.057 percent.
Strong U.S. retail sales and factory data on Tuesday pushed the U.S. 10-year yield as high as 3.095 percent, its highest since July 2011, raising worries about higher borrowing costs for companies worldwide.
The U.S. currency has enjoyed a blistering rally in recent weeks as investors focus on the Federal Reserve raising interest rates while central banks elsewhere push back policy tightening.
Rising U.S. borrowing costs and a stronger dollar hit hardest in emerging markets, where investors are withdrawing money - particularly from countries with large deficits and big dollar funding needs.
Argentina and Turkey have been at the centre of the sell-off, their weakness compounded by political frictions.
The Turkish lira had been testing record lows against both the dollar and the euro but clawed higher after officials from the central bank said they would be prepared to act to halt the rout.
President Tayyip Erdogan’s comments that he plans to take greater control of the economy have hammered the lira this week.
The Indonesian rupiah hit a 2-1/2-year low while the Malaysian ringgit touched a four-month low overnight.
In commodities markets, gold rebounded slightly after hitting a 4-1/2-month low the previous day on a strong dollar.
Crude oil prices declined but remained near recent highs amid concerns that U.S. sanctions on Iran may restrict crude exports from a major producer.
For Reuters Live Markets blog on European and UK stock markets open a news window on Reuters Eikon by pressing F9 and type in ‘Live Markets’ in the search bar
Additional reporting by Andrew Galbraith in SHANGHAI, Tomo Uetake in TOKYO, Swati Pandey in SYDNEY, Danilo Masoni in MILAN and Dhara Ranasinghe in LONDON Editing by Louise Ireland
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-italian-stocks-slide-dollar-powers-on-to-new-2018-high-idUSL5N1SN34N |
MOSCOW (Reuters) - U.S. President Donald Trump’s decision to leave the nuclear deal with Iran puts the Korean peninsula peace process in doubt, Yevgeny Serebrennikov, first deputy head of the defense and security committee in the Russian Upper House of Parliament, told the RIA news agency.
Vladimir Chizhov, Russian envoy to the European Union, was Quote: d separately by RIA as saying that Russia will continue its efforts to keep the Iran nuclear deal functioning.
Reporting by Katya Golubkova; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-reaction-russia/trumps-decision-to-leave-iran-deal-puts-korean-process-in-doubt-russian-lawmaker-to-ria-idUSKBN1I92XZ |
Officials say they still don't who sent a "zombie alert" to residents of a Florida city following a power outage.
Lake Worth spokesman Ben Kerr says an independent investigation is underway to determine who was behind the message sent to some 7,880 customers during a 27-minute power outage Sunday.
During the city's own investigation, Kerr says officials determined that no current or former employees edited the pre-prepared message to include the warning of a zombie invasion.
He tells the Palm Beach Post that "no one was fired for it."
Palm Beach Post tweet
Kerr said a hacking issue came up during Hurricane Irma last September. But that issue was dealt with quickly. He added that officials thought they got to all the messages, "but it turns out there was one hiding in the system." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/florida-city-looks-for-answers-after-a-zombie-alert-was-sent-to-residents.html |
May 14 (Reuters) - China Lodging Group Ltd:
* CHINA LODGING GROUP, LIMITED REPORTS FIRST QUARTER OF 2018 FINANCIAL RESULTS
* Q1 REVENUE RMB 2.091 BILLION VERSUS I/B/E/S VIEW RMB 2 BILLION
* QTRLY EARNINGS PER ADS RMB 1.75 * REVISES UPWARD FULL YEAR NET REVENUES GROWTH ESTIMATE RANGES FROM 16%-19% TO 18%-22% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-lodging-group-qtrly-earnings/brief-china-lodging-group-qtrly-earnings-per-ads-rmb-1-75-idUSASC0A24B |
UK advises Trump not to dump the Iran deal Monday, May 07, 2018 - 01:20
British Foreign Secretary Boris Johnson has appealed to U.S. President Donald Trump not to pull out of the Iran nuclear agreement, saying the deal had weaknesses but they could be addressed given time.
British Foreign Secretary Boris Johnson has appealed to U.S. President Donald Trump not to pull out of the Iran nuclear agreement, saying the deal had weaknesses but they could be addressed given time. //reut.rs/2rwH3sL | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/uk-advises-trump-not-to-dump-the-iran-de?videoId=424729176 |
Jailing and failing the mentally ill 7:19am EDT - 02:49
Across the U.S., jails have become the first line of treatment for many of the mentally ill. One Louisiana jail reveals the human toll.
Across the U.S., jails have become the first line of treatment for many of the mentally ill. One Louisiana jail reveals the human toll. //reut.rs/2H4NWqF | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/jailing-and-failing-the-mentally-ill?videoId=431902508 |
JERICHO, N.Y.--(BUSINESS WIRE)-- Getty Realty Corp. (NYSE:GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended March 31, 2018.
Highlights For The First Quarter
-- Net earnings of $0.25 per share
-- Funds From Operations (FFO) of $0.44 per share
-- Adjusted Funds From Operations (AFFO) of $0.42 per share
-- Entered into an amended and restated credit agreement
Christopher J. Constant, Getty’s President & Chief Executive Officer stated, “Our first quarter financial results continue to demonstrate the stability of our platform and the sustainability of our cash flows. Our performance was supported by the strength of the convenience and gas sector, which we believe continues to be one of the strongest consumer segments in the country. Additionally, we successfully completed the refinancing of our credit facility during the quarter, which extended our near-term debt maturities by four years. Also, subsequent to quarter end, we completed an accretive acquisition leaseback transaction that added 30 convenience store and gasoline station properties in the Southern United States to our portfolio. Finally, we are pleased to have been assigned a BBB- investment grade debt rating by Fitch Ratings, which should lead to an improved cost of capital over time, which further reinforces the confidence we have in our portfolio and in our ability to deliver returns for our shareholders.”
Net Earnings
The Company reported net earnings for the quarter ended March 31, 2018, of $10.0 million, or $0.25 per share, as compared to net earnings of $9.7 million, or $0.28 per share, for the same period in 2017.
Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)
FFO for the quarter ended March 31, 2018, was $17.8 million, or $0.44 per share, as compared to $18.2 million, or $0.52 per share, for the same period in 2017.
AFFO for the quarter ended March 31, 2018, was $16.8 million, or $0.42 per share, as compared to $14.2 million, or $0.40 per share, for the same period in 2017.
All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are defined and reconciled to net earnings in the financial tables at the end of this release. During the fourth quarter of 2017, the Company revised its definition of AFFO. See “Non-GAAP Financial Measures” below.
Results of Operations
Revenues from rental properties in continuing operations increased by $4.4 million to $28.3 million for the quarter ended March 31, 2018, as compared to $23.9 million for the same period in 2017. The increase in revenues from rental properties for the quarter ended March 31, 2018, was primarily due to revenue from the properties acquired during the year ended December 31, 2017.
Property costs from continuing operations were $4.9 million for the quarter ended March 31, 2018, as compared to $4.8 million for the same period in 2017. The increase in property costs for the quarter ended March 31, 2018, was principally due to an increase in reimbursable real estate taxes, offset by a decrease in maintenance expenses.
Environmental expenses from continuing operations were $1.2 million for the quarter ended March 31, 2018, as compared to a credit of $0.5 million for the same period in 2017. The increase in environmental expenses for the quarter ended March 31, 2018, was principally due to increases in environmental legal fees and net environmental remediation costs. Environmental expenses vary from period to period and, accordingly, undue reliance should not be placed on the magnitude or the direction of change in reported environmental expenses for one period, as compared to prior periods.
General and administrative expenses from continuing operations were $3.6 million for the quarter ended March 31, 2018, as compared to $3.5 million for the same period in 2017. The increase in general and administrative expenses for the quarter ended March 31, 2018, was principally due to an increase in employee related expenses.
Impairment charges in continuing operations were $2.4 million for the quarter ended March 31, 2018, as compared to $3.5 million for the same period in 2017. Impairment charges in continuing operations for the quarters ended March 31, 2018 and 2017, were primarily attributable to the effect of adding asset retirement costs due to changes in estimates associated with the Company’s environmental liabilities and reductions in estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids for certain properties.
Portfolio Activities
There were no property acquisitions during the three months ended March 31, 2018. Subsequent to March 31, 2018, the Company acquired fee simple interests in 30 properties for $52.2 million and entered into a unitary triple-net lease with GPM Investments, LLC. The Company expects the transaction to be immediately accretive to net earnings. Also, subsequent to March 31, 2018, the Company acquired fee simple interests in two properties for a purchase price of $2.7 million in the aggregate.
Redevelopment Activities
As of March 31, 2018, the Company is actively redeveloping 10 of its former convenience store and gasoline station properties either as a new convenience and gasoline use or for alternative single-tenant net lease retail uses. As of March 31, 2018, the Company had signed leases on six additional properties, that are currently part of its net lease portfolio. These properties are expected to be recaptured from their current leases and transferred to redevelopment when the appropriate entitlements, permits and approvals have been secured.
Balance Sheet
On March 23, 2018, the Company entered into an amended and restated credit agreement (the “Restated Credit Agreement”) amending and restating its prior credit agreement. Pursuant to the Restated Credit Agreement, the Company (a) increased its borrowing capacity under its unsecured revolving credit facility (the “Revolving Facility”) from $175.0 million to $250.0 million, (b) extended the maturity date of the Revolving Facility from June 2018 to March 2022, (c) extended the maturity date of its unsecured term loan (the “Term Loan”) from June 2020 to March 2023 and (d) amended certain financial covenants and provisions. The Restated Credit Agreement also reflects reductions in the interest rate for borrowings under each of the Revolving Facility and the Term Loan.
As of March 31, 2018, the Company had $375.0 million of outstanding indebtedness with a weighted average interest rate of 4.6%. The Company’s indebtedness consisted of $150.0 million in aggregate borrowings under the Restated Credit Agreement and an aggregate principal amount of $225.0 million of senior unsecured notes. Total cash and cash equivalents were $18.0 million as of March 31, 2018.
2018 Guidance
The Company reaffirms its 2018 AFFO guidance at a range of $1.68 to $1.74 per diluted share. The Company’s guidance does not assume any potential future acquisitions or capital markets activities. The guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company’s periodic reports filed with the Securities and Exchange Commission.
Conference Call Information
Getty will hold its First Quarter Earnings Conference Call on Wednesday, May 9, 2018, at 8:30 a.m. EDT. To participate in the call, please dial (888) 394-8218, or (323) 701-0225 for international participants, ten minutes before the scheduled start time. Participants may also access the call via live webcast by visiting the investors section of the Company's website at ir.gettyrealty.com .
A replay will be available on Wednesday, May 9, 2018, beginning at 11:30 a.m. EDT through 11:59 p.m. EDT, Wednesday, May 16, 2018. To access the replay, please dial (844) 512-2921, or (412) 317-6671 for international participants, and reference pass code 8688667.
About Getty Realty Corp.
Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. As of March 31, 2018, the Company owned 824 properties and leased 78 properties from third-party landlords in 28 states across the United States and Washington, D.C.
Non-GAAP Financial Measures
In addition to measurements defined by accounting principles generally accepted in the United States of America (“GAAP”), the Company also focuses on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure its performance. FFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate the Company’s performance in conjunction with corresponding GAAP measures.
FFO is defined by the National Association of Real Estate Investment Trusts as GAAP net earnings before depreciation and amortization of real estate assets, gains or losses on dispositions of real estate, impairment charges and cumulative effect of accounting change. The Company’s definition of AFFO is defined as FFO less (i) Revenue Recognition Adjustments (net of allowances), (ii) non-cash changes in environmental estimates, (iii) non-cash environmental accretion expense, (iv) environmental litigation accruals, (v) insurance reimbursements, (vi) legal settlements and judgments, (vii) acquisition costs expensed and (viii) other unusual items that are not reflective of the Company’s core operating performance. Other REITs may use definitions of FFO and/or AFFO that are different than the Company’s and, accordingly, may not be comparable.
Beginning in the fourth quarter of 2017, the Company revised its definition of AFFO to exclude three additional items – environmental litigation accruals, insurance reimbursements, and legal settlements and judgments – because the Company believes that these items are not indicative of its core operating performance. While the Company does not label excluded items as non-recurring, the Company believes that excluding items from its definition of AFFO that are either non-cash or not reflective of its core operating performance provides analysts and investors the ability to compare its core operating performance between periods. AFFO for the quarter ended March 31, 2017, has been restated to conform to the Company’s revised definition.
FFO excludes various items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate and impairment charges. In the Company’s case, however, GAAP net earnings and FFO typically include the impact of revenue recognition adjustments comprised of deferred rental revenue (straight-line rental revenue), the net amortization of above-market and below-market leases, adjustments recorded for recognition of rental income recognized from direct financing leases on revenues from rental properties and the amortization of deferred lease incentives, as offset by the impact of related collection reserves. Deferred rental revenue results primarily from fixed rental increases scheduled under certain leases with the Company’s tenants. In accordance with GAAP, the aggregate minimum rent due over the current term of these leases is recognized on a straight-line basis rather than when payment is contractually due. The present value of the difference between the fair market rent and the contractual rent for in-place leases at the time properties are acquired is amortized into revenue from rental properties over the remaining lives of the in-place leases. Income from direct financing leases is recognized over the lease terms using the effective interest method, which produces a constant periodic rate of return on the net investments in the leased properties. The amortization of deferred lease incentives represents the Company’s funding commitment in certain leases, which deferred expense is recognized on a straight-line basis as a reduction of rental revenue. GAAP net earnings and FFO include non-cash changes in environmental estimates and environmental accretion expense, which do not impact the Company’s recurring cash flow. GAAP net earnings and FFO also include environmental litigation accruals, insurance reimbursements, and legal settlements and judgments, which items are not indicative of the Company’s core operating performance. GAAP net earnings and FFO from time to time may also include acquisition costs expensed and other unusual items that are not reflective of the Company’s core operating performance. Acquisition costs are expensed, generally in the period when properties are acquired and are not reflective of our core operating performance.
The Company pays particular attention to AFFO, as the Company believes it best represents its core operating performance. In the Company’s view, AFFO provides a more accurate depiction than FFO of its core operating performance. By providing AFFO, the Company believes that it is presenting useful information that assists analysts and investors to better assess its core operating performance. Further, the Company believes that AFFO is useful in comparing the sustainability of its core operating performance with the sustainability of the core operating performance of other real estate companies.
Forward-Looking Statements
CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,” “ESTIMATES,” “ANTICIPATES,” “PREDICTS” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO, THOSE REGARDING THE COMPANY’S 2018 AFFO PER SHARE GUIDANCE, THOSE MADE BY MR. CONSTANT, STATEMENTS REGARDING THE RECAPTURE AND TRANSFER OF CERTAIN NET LEASE RETAIL PROPERTIES, STATEMENTS REGARDING THE ABILITY TO OBTAIN APPROPRIATE PERMITS AND APPROVALS, AND THOSE REGARDING THE EXPECTED ACCRETIVE NATURE OF THE POST QUARTER-END ACQUISITION AND LEASING TRANSACTION.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
GETTY REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except per share amounts)
March 31, 2018
December 31, 2017
ASSETS: Real estate: Land $ 587,511 $ 589,497 Buildings and improvements 377,875 379,785 Construction in progress 1,948 1,682 967,334 970,964 Less accumulated depreciation and amortization (136,723 ) (133,353 ) Real estate, net 830,611 837,611 Investment in direct financing leases, net 88,881 89,587 Notes and mortgages receivable 32,502 32,366 Cash and cash equivalents 18,013 19,992 Restricted cash 1,114 821 Deferred rent receivable 34,833 33,610 Accounts receivable, net of allowance of $1,962 and $1,840, respectively 1,110 3,712 Prepaid expenses and other assets 54,329 55,055 Total assets $ 1,061,393 $ 1,072,754 LIABILITIES AND SHAREHOLDERS’ EQUITY: Borrowings under credit agreement, net $ 146,969 $ 154,502 Senior unsecured notes, net 224,624 224,656 Environmental remediation obligations 63,364 63,565 Dividends payable 12,890 12,846 Accounts payable and accrued liabilities 62,028 63,490 Total liabilities 509,875 519,059 Commitments and contingencies — — Shareholders’ equity: Preferred stock, $0.01 par value; 10,000,000 shares authorized; unissued — — Common stock, $0.01 par value; 60,000,000 shares authorized; 39,710,297 and 39,696,110 shares issued and outstanding, respectively
397 397 Additional paid-in capital 605,553 604,872 Dividends paid in excess of earnings (54,432 ) (51,574 ) Total shareholders’ equity 551,518 553,695 Total liabilities and shareholders’ equity $ 1,061,393 $ 1,072,754 GETTY REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended March 31, 2018 2017 Revenues: Revenues from rental properties $ 28,284 $ 23,897 Tenant reimbursements 3,068 2,993 Interest on notes and mortgages receivable 764 758 Total revenues 32,116 27,648 Operating expenses: Property costs 4,935 4,810 Impairments 2,427 3,468 Environmental 1,247 (541 ) General and administrative 3,587 3,493 Allowance for uncollectible accounts 126 132 Depreciation and amortization 5,594 4,392 Total operating expenses 17,916 15,754 Operating income 14,200 11,894 Gain (loss) on dispositions of real estate 649 (331 ) Other income, net 363 234 Interest expense (5,050 ) (4,080 ) Earnings from continuing operations 10,162 7,717 Discontinued operations: (Loss) earnings from discontinued operations (130 ) 1,987 Net earnings $ 10,032 $ 9,704 Basic earnings per common share: Earnings from continuing operations $ 0.25 $ 0.22 Earnings from discontinued operations — 0.06 Net earnings $ 0.25 $ 0.28 Diluted earnings per common share: Earnings from continuing operations $ 0.25 $ 0.22 Earnings from discontinued operations — 0.06 Net earnings $ 0.25 $ 0.28 Weighted average common shares outstanding: Basic 39,710 34,555 Diluted 39,712 34,555 Dividends declared per common share $ 0.32 $ 0.28 GETTY REALTY CORP.
RECONCILIATION OF NET EARNINGS TO
FUNDS FROM OPERATIONS AND
ADJUSTED FUNDS FROM OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended March 31,
2018 2017 Net earnings $ 10,032 $ 9,704 Depreciation and amortization of real estate assets 5,594 4,392 (Gain) loss on dispositions of real estate (649 ) 331 Impairments 2,817 3,737 Funds from operations 17,794 18,164 Revenue recognition adjustments (782 ) (419 ) Changes in environmental estimates (512 ) (4,317 ) Accretion expense 691 1,033 Environmental litigation accruals - (73 ) Insurance reimbursements (215 ) (218 ) Legal settlements and judgments (147 ) - Adjusted funds from operations $ 16,829 $ 14,170 Basic per share amounts: Earnings per share $ 0.25 $ 0.28 Funds from operations per share 0.44 0.52 Adjusted funds from operations per share $ 0.42 $ 0.40 Basic weighted average common shares outstanding 39,710 34,555 Diluted per share amounts: Earnings per share $ 0.25 $ 0.28 Funds from operations per share 0.44 0.52 Adjusted funds from operations per share $ 0.42 $ 0.40 Diluted weighted average common shares outstanding 39,712 34,555
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006711/en/
Danion Fielding
Chief Financial Officer
516-478-5400
Investor Relations
516- 478-5418
[email protected]
Source: Getty Realty Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-getty-realty-corp-announces-first-quarter-2018-results.html |
Despite market fears, I'd still be adding to equities here, says market pro 3 Hours Ago Thomas Lee, Fundstrat Global Advisors managing partner, and James Liu, Clearnomics head of research, share their outlook on the markets and where they see investment opportunities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/despite-market-fears-id-still-be-adding-to-equities-here-says-market-pro.html |
LONDON (Reuters) - Britain’s foreign minister Boris Johnson said on Wednesday he was appalled by the murder of “another vocal Russian journalist” and it was vital that those responsible were brought to justice.
Britain's Foreign Secretary Boris Johnson attends a news conference in Buenos Aires, Argentina, May 22, 2018. REUTERS/Marcos Brindicci Arkady Babchenko, a prominent journalist and critic of President Vladimir Putin, was shot dead in Kiev, Ukraine’s capital, where he had fled into exile following threats, police said on Tuesday.
Russia has rejected Ukraine’s allegation that Moscow was behind the murder.
“Appalled to see another vocal Russian journalist, Arkady Babchenko, murdered,” Johnson said on Twitter. “We must defend freedom of speech and it is vital that those responsible are now held to account.”
Reporting by Alistair Smout; Editing by William Schomberg
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-russia-journalist-britain/uks-johnson-says-hes-appalled-by-murder-of-another-russian-journalist-idUSKCN1IV14P |
* Lilly offers to pay $50 per Armo share in cash
* Armo’s lead drug has presented data for several cancer types
* Lilly’s shares up 1.3 pct, Armo’s shares surge 66.7 pct (Adds analysts’ comments; updates share movement)
By Manas Mishra
May 10 (Reuters) - Eli Lilly and Co said on Thursday it would buy Armo BioSciences Inc for about $1.6 billion to expand its portfolio of drugs that helps body’s immune system fight cancer as the U.S. drugmaker chases rivals in a lucrative market.
Lilly’s offer of $50 per share in cash represents a premium of 68 percent to Armo’s Wednesday close. Armo’s shares were trading close to the offer price at $49.73, while Lilly’s shares rose 1.2 percent to $80.22.
The deal comes just four months after Armo went public and would give Lilly access to the smaller drug developer’s lead candidate, pegilodecakin.
“This is one of the fastest post-IPO exits we’ve seen in a long time,” said Jefferies analyst Biren Amin, adding that the deal value looked fair considering that Armo has presented data for the drug in different types of cancer.
The treatment is being evaluated in pancreatic cancer patients in a late-stage study as well as in earlier stage trials for other forms of cancer.
Armo’s lead treatment is a naturally occurring immune growth factor called a pegylated interleukin-10 that stimulates the survival, expansion and killing potential of a particular type of white blood cell in the immune system.
Armo has several other drugs in various stages of pre-clinical development and that would give Lilly “a path and footing” in the immuno-oncology space, according to Guggenheim Securities analyst Tony Butler. Immuno-oncology is one of the faster growing areas of cancer treatment with major players such as Merck & Co and Bristol-Myers Squibb closely competing for a bigger share of the market.
Last month, Lilly appointed the director of Thoracic Medical Oncology at New York University’s School of Medicine to lead its medical development in this area.
Lilly said it expected to close the deal by the end of the second quarter of 2018.
Credit Suisse was the exclusive financial adviser to Lilly and Wachtell, Lipton, Rosen & Katz its legal adviser.
Centerview Partners LLC was the lead financial adviser, while Jefferies LLC also advised Armo on the deal. Gunderson Dettmer was its legal adviser. (Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur)
| ashraq/financial-news-articles | https://www.reuters.com/article/armo-biosciences-ma/update-1-lilly-to-buy-armo-biosciences-for-1-6-bln-to-bolster-cancer-pipeline-idUSL3N1SH4ZH |
WASHINGTON (Reuters) - U.S. President Donald Trump said on Sunday his team arrived in North Korea to arrange for his possible meeting with North Korean leader Kim Jung Un.
U.S. President Donald Trump talks to the media in the Oval Office of the White House in Washington, U.S., May 26, 2018. REUTERS/Yuri Gripas In a message on Twitter, Trump said: “Our United States team has arrived in North Korea to make arrangements for the Summit between Kim Jong Un and myself. I truly believe North Korea has brilliant potential and will be a great economic and financial Nation one day. Kim Jong Un agrees with me on this. It will happen!”
Reporting by Joel Schectman; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-trump/trump-says-u-s-officials-arrive-in-north-korea-to-prepare-for-talks-idUSKCN1IS0SC |
May 2, 2018 / 1:30 PM / in 10 minutes BRIEF-GigaMedia Reports Q1 Revenue Of $2.2 Mln Reuters Staff
May 2 (Reuters) - Giga Media Ltd:
* GIGAMEDIA ANNOUNCES FIRST-QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $2.2 MILLION | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gigamedia-reports-q1-revenue-of-22/brief-gigamedia-reports-q1-revenue-of-2-2-mln-idUSASC09Z0R |
When Tara Gilad came across an empty Subway sandwich shop at the Nut Tree Plaza in Vacaville, Calif., she saw an opportunity.
Now Gilad, founder of the healthy food chain Vitality Bowls, will be selling her soups, acai meals and smoothies out of the former sandwich shop. And she has her eye on a few of the roughly 500 other locations Subway is planning to close this year.
"The space itself is desirable for us is because they're usually the same size,'' says Gilad. "It is an opportunity for us.''
In the world of retail, it's increasingly out with the old — traditional department stores or aging fast food chains — and in with new wellness-oriented gyms and eateries that are in vogue among consumers.
A growing number of Pilates studios, juice shops, and other fitness- and health-focused businesses are filling the void as companies like Sears , J.C. Penney , Toys R Us and Subway shutter locations.
"We are definitely seeing an increase in fitness and lifestyle-oriented tenants moving into space that was previously occupied by retail tenants,'' says Stephen Lebovitz, CEO of CBL & Associates which owns and manages 119 retail properties.
The shift is not only being spurred by retail owners catering to the changing tastes of customers who want to do more than shop when they hit the mall, but wellness businesses that desire the foot traffic and ready-made storefronts left behind when traditional stores and restaurants make an exit.
Gilad says that there are currently 50 Vitality Bowls around the country, and several have found a home in storefronts vacated by frozen yogurt and cupcake businesses.
"Typically they have all the plumbing and electrical we need,'' she says of such locations "so (as) a remodel, that can save us thousands of dollars.''
Read more from USA Today:
Sears is closing its last store in Chicago, its hometown
2 reasons why shopping malls may make a comeback
Grocery shopping is no longer a one-stop experience
Shaun Grove, president of the Club Pilates fitness chain, expects that in roughly the next year, 5% to 10% of their clubs will be located in spaces that once housed retailers.
At outdoor malls "We find more of these Toys R Us (stores) and the Sears' and the Blockbusters that have gone out of business,'' Grove says. "What we're seeing -- and we have been seeing over the last several years -- is these landlords wanting to break up those centers into four or five pieces and bring in different boutique fitness concepts that are all very complementary to each other.''
Fitness isn't the only non-traditional business moving into empty storefronts. Offices, apartments and family attractions like aquariums or restaurants that feature bowling and other activities are also sprouting in malls and outdoor shopping centers.
CBL Properties, which has real-estate holdings in 27 states, said that in the first quarter of this year, 70% of its new leasing activity was for non-retail uses. And a survey by the International Council of Shopping Centers found that 65% of shoppers generally visit non-retail tenants while at the mall.
But wellness oriented eateries and studios are definitely becoming a fixture. At CBL's York Galleria in York, Pa., a one-time J.C. Penney houses a Golds Gym along with the clothing stores Marshall's and H&M. And a Planet Fitness is being built as part of the redevelopment of another J.C. Penney at CBL's Eastland Mall in Bloomington, IL.
GGP, a real estate company with 125 retail properties throughout the U.S., estimates that nearly three-quarters of a million square feet of its retail space will be signed to fitness-oriented businesses like the cycling workout chain CycleBar or Fit Body Bootcamp by the end of 2018.
"Our job is to figure out . .. what does the American consumer want ,'' says Melinda Holland, senior vice president of business development at GGP. "Right now it's all about fitness, and it's about food, and it's about healthy lifestyle. So that's the type of retailer that we're going to try and bring into our shopping centers.''
It's not that clothing and accessory sellers aren't vying for--or wanted in-- vacant retail spaces, Holland says. Fast fashion giant Zara and casual clothing chain Uniqlo are among the businesses that have moved into GGP properties in the last year.
But fitness studios can be magnets for other lifestyle tenants, like apparel seller Lululemon, or the exercise bike business Peloton, Holland says, creating a mix that is particularly appealing to shoppers pursuing a healthier lifestyle.
At GGP's Otay Ranch Town Center in Chula Vista, Calif., five fitness retailers are either operating or preparing to open. Next, "we're working on the food and juice bars that go along with (them),'' Holland says, noting that GGP centers have more than 60 smoothie and juice bars.
Grove of Club Pilates says that when negotiating with mall owners, he will often bring up other chains that are under his parent company Xponential Fitness.
"We can go to our Cycle Bar franchisees . . . our Row House and Stretch Labs and tell the landlord, 'We can fill this whole space up ,'' Grove says. "So it becomes advantageous for these landlords to really work with us across the country because we have the potential to fill up a lot of these fitness rows just with the brands that we own.'' | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/from-toys-r-us-to-pilates-studios-malls-fill-empty-stores-with-latest-fitness-fads.html |
May 3 (Reuters) - SL Green Realty Corp:
* SL GREEN REALTY CORP - ON APRIL 27, STEPHEN GREEN INFORMED BOARD WILL RETIRE AS EXECUTIVE CHAIRMAN EFFECTIVE JANUARY 17, 2019 - SEC FILING Source text for Eikon: ( bit.ly/2KAR152 )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-stephen-green-of-sl-green-realty-c/brief-stephen-green-of-sl-green-realty-corp-informed-board-that-he-will-retire-as-executive-chairman-idUSFWN1SA1E4 |
Competition from Fortnite helps EA, Activision, says Ross Gerber Wednesday, May 09, 2018 - 04:58
Fortnite's growth expands the market for video games so it's a positive for Electronic Arts and Activision, Gerber Kawasaki's CEO says in an interview with Reuters' Fred Katayama. ▲ Hide Transcript ▶ View Transcript
Fortnite's growth expands the market for video games so it's a positive for Electronic Arts and Activision, Gerber Kawasaki's CEO says in an interview with Reuters' Fred Katayama. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KPFBdx | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/competition-from-fortnite-helps-ea-activ?videoId=425340910 |
A new weapon is emerging in the amenities arms race among office landlords: mobile apps for tenants.
Consider CIBC Square, a pair of office towers being developed in downtown Toronto by a partnership of Ivanhoé Cambridge and Hines. It will be anchored by the world headquarters of Canadian Imperial Bank of Commerce. The 3 million square-foot complex, to be completed in 2023, will offer the bank and other tenants many of the standard amenities of top-grade office developments these days, such as a gym, conference center, food... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/need-a-lunchtime-companion-at-work-check-the-office-app-1527623182 |
UK mosque accepts cryptocurrency for Ramadan donations 10:24am IST - 01:33
A mosque in London is hoping to double the amount of charity donations made during Ramadan month by accepting bitcoin payments. Rough cut
A mosque in London is hoping to double the amount of charity donations made during Ramadan month by accepting bitcoin payments. Rough cut //reut.rs/2GYxuIG | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/uk-mosque-accepts-cryptocurrency-for-ram?videoId=431179766 |
CALGARY, Alberta, May 30, 2018 (GLOBE NEWSWIRE) -- Strategic Oil & Gas Ltd. (TSXV:SOG) (“ Strategic ” or the “ Company ”) is pleased to announce that Amanda Reitenbach will be joining the Company as Vice-President, Development and Operations effective July 9, 2018. Ms. Reitenbach was most recently development manager for the Cardium and Deep Basin operating unit at an intermediate publicly traded oil and gas company, where she was successful in building a high performance technical team and delivering significant oil production and value growth at attractive metrics over the past three years. Ms. Reitenbach has over 20 years of engineering and development experience in the oil & gas industry, and Strategic looks forward to utilizing her skills and expertise as the Company moves forward with its value generation plan for the Muskeg light oil development at Marlowe.
The Company also announces that Chief Operating Officer Cody Smith has resigned to pursue other opportunities. Strategic wishes to thank Mr. Smith for his efforts over his six years with the Company and wishes him well in future endeavors. During his tenure Strategic has made significant progress in developing the Muskeg resource play.
About Strategic Oil & Gas
Strategic is a junior oil and gas company committed to becoming a premier northern oil and gas operator by exploiting its light oil assets primarily in northern Alberta. The Company maintains control over its resource base through high working interest ownership in wells, construction and operation of its own processing facilities and a significant undeveloped land and opportunity base. Strategic’s primary operating area is at Marlowe, Alberta. Strategic’s common shares trade on the TSX Venture Exchange under the symbol SOG.
The TSXV has in no way passed on the merits of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
ADDITIONAL INFORMATION
Additional information, including the Company’s recently updated corporate presentation, is also available at www.sogoil.com and at www.sedar.com .
For more information, please contact:
Tony Berthelet
President & Chief Executive Officer
Aaron Thompson
Chief Financial Officer
Strategic Oil & Gas Ltd.
1100, 645 7 th Avenue SW
Calgary, AB T2P 4G8
Telephone: 403.767.9000
Fax: 403.767.9122
Source: Strategic Oil & Gas Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-strategic-oil-gas-announces-management-changes.html |
By Chris Morris 12:27 PM EDT
The developer of Active Shooter , the video game that let players play as a school shooter , says he may still release the controversial title, despite its removal from Steam, the largest digital storefront for PC games.
Anton Makarevskiy, a 21-year old developer from Moscow, says he was surprised at the furor surrounding the game and he’s considering giving it away for free online, despite the protests from survivors and the families of victims.
“It’s not promoting violence, definitely no,” Makarevskiy told PC Magazine .
Active Shooter , which Valve Software removed from Steam earlier this week , describes itself as a simulation of an active shooter situation, where players can opt to be either the killer or the SWAT team tasked with neutralizing the situation. Screenshots from the game show attacks taking place in both an office and school environment.
Makarevskiy, though, says the game’s school setting levels exist only because the 3D model for them can be purchased by developers at an affordable price. And he believes the critics focusing on Active Shooter are ignoring the real issues behind the rash of tragedies in the U.S. this year. (On average, there has been nearly one school shooting per week in 2018.)
“From my point of view, they have to focus on the real issues rather than video games,” he said.
Makarevskiy says he began work on Active Shooter two months ago as a way to escape a “crappy job” printing posters for businesses and events. He claims to have left the job to focus full time on game development right before Valve and Steam banned him from the service.
“He didn’t think the game would be as controversial as it turned out to be,” said Ata Berdyev, who translated for Makarevskiy in the interview and was also banned by Steam for his role in the game. “He doesn’t like the idea of people fighting with each other over such a topic.”
That’s unlikely to win any sympathy among opponents, though. Ryan Petty, father of 14-year-old Alaina Petty, a 14-year-old who was slain during the fatal shooting at Marjory Stoneman Douglas High School in Florida , called the game “disgusting” on Facebook , adding “keeping our kids safe is a real issue affecting our communities and is in no way a ‘game.’” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/active-shooter-video-game-may-still-be-released/ |
May 28, 2018 / 4:50 PM / Updated 16 minutes ago Bank of England and UK finance ministry divided over city regulation after Brexit - FT Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s finance ministry and the Bank of England are at odds over how to regulate financial services in the City of London after Brexit, the Financial Times reported on Monday, citing unnamed officials. FILE PHOTO: The Bank of England is seen in London, Britain, April 9, 2018. Picture taken April 9, 2018. REUTERS/Hannah McKay/File Photo
Finance minister Philip Hammond favours an approach that would keep Britain close to the European Union after Britain leaves the bloc, but the central bank does not want to be left as a “rule-taker”, according to the report.
“It is very, very bad. The bank wants to have as much control as possible and doesn’t want to be a rule-taker,” the FT quoted one BoE official as saying. Another said there was a fear that the finance ministry “is going to give it all away”.
The Bank of England (BoE) declined to comment on the report.
The BoE and the finance ministry, known in Britain as the Treasury, had both backed “mutual recognition” as the basis of a deal in financial services, meaning close co-operation between regulators and financial policymakers would see British and EU regulations recognised by the other party. FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond arrives at a meeting of regional leaders of the financial and professional services in Halifax, Britain, May 17, 2018. REUTERS/Craig Brough
However, the EU’s chief negotiator on Brexit Michel Barnier said last month the bloc’s existing system of market access for foreign financial firms could work well for Britain after it leaves the European Union, reducing the chances that Britain’s financial sector will get the bespoke deal that London is hoping for.
The search for a plan B has exposed the divisions between the BoE’s deputy governor for financial stability Jon Cunliffe and the Treasury on the issue, the FT said.
A spokesman for the Treasury said it was united with the Bank of England in aiming to ensure the stability and prosperity of the economy.
“We are working together to ensure that the UK continues to remain the pre-eminent financial services centre of the world,” the spokesman said. “We agree the United Kingdom cannot be an automatic rule-taker.” Reporting by Alistair Smout; editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-banks-boe/bank-of-england-and-uk-finance-ministry-divided-over-city-regulation-after-brexit-ft-idUSKCN1IT1QJ |
SÃO PAULO, May 9, 2018 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, announces its consolidated results for the first quarter 2018 (1Q18). All information is presented in accordance with IFRS.
Financial and Operational Highlights:
Significantly improved operating indicators: for the quarter, RPKs increased by 4.5% (from 9.6 billion in 1Q17 to 10.0 billion in 1Q18), mainly due to a 1.8% increase in the number of transported passengers. Strong demand allowed GOL to continue driving revenue management; average yield per passenger increased by 10.3% in the quarter compared to 1Q17, reaching 28.02 cents (R$). Supply growth was measured, with ASKs increasing 3.3% compared to 1Q17 (driven by a 0.7% increase in take-offs and a 3.6% stage-length expansion). As a result, the average load factor in 1Q18 grew 0.8 pp compared to 1Q17, reaching 80.4%. GOL remained the industry leader in on-time performance, with 93.7% of flights on-time in 1Q18 according to Infraero. Strong revenue growth: the combination of higher demand and optimized pricing resulted in net revenue for the quarter of R$3.0 billion, an increase of 14.4% compared to 1Q17. Net RASK was 23.87 cents (R$) in 1Q18, an increase 10.7% over 1Q17. Net PRASK increased 11.5% over 1Q17, reaching 22.53 cents (R$). Average fare increased by 13.1% from R$296 to R$335. GOL's 2018 guidance is for net revenues of approximately R$11 billion. Controlled cost environment: total CASK in 1Q18 was 19.80 cents (R$), 1.9% higher than in 1Q17, in spite of a less benign jet fuel environment; on an ex-fuel basis, CASK fell by 4.8%. Excluding gains on aircraft sales CASK ex-fuel increased by 0.2%. GOL remains the cost leader in South America for the 17th consecutive year. Continued margin expansion: while the average price of jet fuel increased by 7.4% in 1Q18 over 4Q17, the combination of stronger pricing, higher demand, R$19 million of gains on fuel hedging gains, and R$82 million of gains on aircraft sales permitted GOL's EBIT margin to expand to 17.0% in 1Q18, the highest first quarter indicator since 2006 and a 7.1 pp improvement over 1Q17. Operating income (EBIT) in 1Q18 was R$504.3 million, an increase of 97.4% compared to 1Q17. EBITDA margin was 22.1% in 1Q18, a growth of 8.1 pp q-o-q. EBITDAR margin was 30.0% in 1Q18, an increase of 6.7 pp q-o-q over 1Q17. GOL's 2018 guidance is for an EBIT margin of approximately 11%. Balance sheet strengthening: net debt (excluding perpetual bonds) to LTM EBITDA was 2.5x as of March 31, 2018, improving versus the year-end (3.0x) and year-ago metrics (5.2x). Total liquidity, including cash, financial investments, restricted cash and accounts receivable, totaled R$3.1 billion, an increase of 104.9% versus a year ago.
"We expect to continually drive our efficiency and technology advantages this year, as well as incorporating the new Boeing 737 Max 8s in the second half of 2018," commented Paulo Kakinoff, CEO.
Access to 1Q18 earnings release, management videos, presentation and full financials already available on: www.voegol.com.br/ir
1Q18 Earnings Call: May 9, 2018, 11:00 a.m. (US EDT), Phone: +1 (412) 317-5453, Code: GOL
About GOL Linhas Aéreas Inteligentes S.A. ( www.voegol.com.br ): Brazil's largest airline group with three main businesses: passenger transportation, cargo transportation and coalition loyalty program.
View original content: http://www.prnewswire.com/news-releases/gols-operating-profit-increased-97-to-r504-million-in-1q18-operating-margin-of-17-is-the-highest-in-the-last-12-years-300645307.html
SOURCE GOL Linhas Aéreas Inteligentes S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-gols-operating-profit-increased-97-percent-to-r504-million-in-1q18-operating-margin-of-17-percent-is-the-highest-in-the-last.html |
May 25, 2018 / 3:00 AM / Updated 9 hours ago U.S. Commerce's Ross to visit China for trade talks in early June Reuters Staff 2 Min Read
BEIJING (Reuters) - U.S. Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world’s two largest economies. FILE PHOTO: U.S. Commerce Secretary Wilbur Ross arrives at a Senate Commerce, Justice, Science and Related Agencies Subcommittee holds a hearing on the FY2019 funding request and budget justification for the Commerce Department on Capitol Hill in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas
Ross will visit China from June 2 to June 4, the official Xinhua news agency reported on Friday, adding that Vice Premier Liu He, China’s chief negotiator in the trade dispute, had spoken with Ross over the phone. It gave no further details.
The trade dispute took on added complexity this week when U.S. President Donald Trump announced a national security investigation into imports of cars and trucks, a probe that could lead to tariffs against China as well as key U.S. allies such as Canada, Mexico, Japan and Germany.
U.S. Treasury Secretary Steven Mnuchin told CNBC on Monday that Ross is aiming to negotiate “a framework” that could then turn into “binding agreements ... between companies.”
In the last round of talks in Washington in mid-May, China agreed to ramp up purchases of U.S. agriculture and energy products, and the two sides worked towards a possible reprieve for ZTE Corp ( 000063.SZ )( 0763.HK ) from a U.S. ban on American companies supplying the Chinese maker of telecoms equipment.
The developments and constructive comments from both sides eased fears that the United States and China could plunge into a trade war, but President Donald Trump said this week that any deal would need “a different structure,” fueling uncertainty over the negotiations.
Trump has threatened to impose tariffs on up to $150 billion of Chinese goods to combat what he says is Beijing’s misappropriation of U.S. technology through joint venture requirements and other policies.
Beijing has threatened equal retaliation, including tariffs on some of its largest U.S. imports, including aircraft, soybeans and autos. Reporting by Stella Qiu and Tony Munroe; Editing by Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china/u-s-commerce-secretary-ross-to-visit-china-june-2-4-to-discuss-trade-xinhua-idUSKCN1IQ0AM |
American Water Works Company Inc:
* Q1 GAAP EARNINGS PER SHARE $0.59 * Q1 EARNINGS PER SHARE VIEW $0.55 — THOMSON REUTERS I/B/E/S
* QTRLY OPERATING REVENUES $761 MILLION VERSUS $756 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.55, REVENUE VIEW $739.1 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $3.29 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-water-works-company-q1-ga/brief-american-water-works-company-q1-gaap-earnings-per-share-0-59-idUSASC09Z84 |
NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Gridsum Holding Inc. (NASDAQ:GSUM). The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) Gridsum lacked effective internal control over financial reporting; (ii) consequently, Gridsum’s financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (iii) as a result of the foregoing, Gridsum’s public statements were materially false and misleading at all relevant times.
Shareholders have until June 25, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period 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/gridsum-holding-inc?wire=2 .
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/20180516006412/en/
The Klein Law Firm
Joseph Klein, Esq., 212-616-4899
Fax: 347-558-9665
www.kleinstocklaw.com
Source: The Klein Law Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-the-klein-law-firm-reminds-investors-of-a-class-action-commenced-on-behalf-of-gridsum-holding-inc-shareholders-and-a-lead.html |
A NEW STUDY IS SOUNDING the alarm about misuse of medication for attention deficit hyperactivity disorder .
There were 156,365 calls to poison control centers for people under 20 who were improperly exposed to ADHD medication from 2000 through 2014, according to the study published in the journal Pediatrics. The number of calls surged between 2000 and 2011 before declining slightly between 2011 and 2014.
Overall, call volume increased by 60 percent over the period, says the study's senior author, Gary Smith.
More from US News & World Report:
Is ADHD being oversold in America?
What are the signs my teen might be misusing ADHD medications?
Saving lives, losing themselves
"As the diagnoses and treatment with medication of ADHD have increased in the U.S., these exposures have also increased, which means we really do need to pay more attention … and for different age groups, come up with different strategies to prevent them," says Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.
As of 2016, an estimated 6.1 million children between the ages of 2 and 17 had at some point been diagnosed with ADHD, according to the Centers for Disease Control and Prevention and survey data . About 6 in 10 currently with ADHD took medication to treat the neurobehavioral disorder, which can make it extremely difficult for children to focus or sit still.
Between 2003 and 2011, the estimate of children and adolescents diagnosed at some point with ADHD rose from 4.4 million to 6.4 million, though those figures are based on a differently administered survey and represent a smaller age range of 4 to 17.
Brand-name medications for ADHD include Adderall, Concerta and Ritalin. According to the study, most of the more than 156,000 poison-control calls were for those who experienced unintentional exposure to such drugs – a category including young children who accessed poorly stored medications and those a bit older who may have taken too much or the wrong medication. Three-quarters of the calls involved children 12 years old or younger, and most didn't result in a trip to a health care facility.
But among teenagers, nearly a quarter of calls were for those intentionally abusing or misusing the pills, the study showed. Almost another quarter – nearly 9,000 calls – were related to those between 13 and 19 years old who may have been attempting suicide, which Smith says is "very concerning."
"They're taking bigger doses, it's resulting in more serious outcomes and it's not infrequent," he says. "Looking into the motivations behind these attempted suicides would be absolutely critical."
While the study only reported three deaths, all were tied to intentional exposure among teens, including one suspected suicide. Smith says it's unclear why so many teenagers abused or misused the medication, or whether the pills they took were prescribed to them or not.
The misuse of ADHD medication is fairly prevalent among college students, who may get the pills from friends and use the so-called study drugs to help them focus.
To prevent improper exposure to ADHD medication, parents and teenagers should be educated on the dangers of misuse, the report said. Other strategies include storing medication safely, packaging pills by dosage and considering the combination of medication and behavioral therapy for treating ADHD.
"When you have these kinds of medications in the home that can cause serious side effects, they need to be kept in their containers with a child-resistant closure so that they don't get into them," Smith says. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/study-shows-surge-in-calls-to-poison-control-for-adhd-meds.html |
Pictures | Wed May 16, 2018 | 7:40am EDT Editors Choice Pictures
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Malaysian politician Anwar Ibrahim leaves a hospital where he is receiving treatment, ahead of an audience with Malaysia's King Sultan Muhammad V, in Kuala Lumpur, Malaysia. REUTERS/Lai Seng Sin Reuters / Wednesday, May 16, 2018 Malaysian politician Anwar Ibrahim leaves a hospital where he is receiving treatment, ahead of an audience with Malaysia's King Sultan Muhammad V, in Kuala Lumpur, Malaysia. REUTERS/Lai Seng Sin Close 3 / 24
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A Palestinian demonstrator reacts as others run from tear gas fired by Israeli forces during a protest marking the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Reuters / Tuesday, May 15, 2018 A Palestinian demonstrator reacts as others run from tear gas fired by Israeli forces during a protest marking 6 / 24
An Israeli drone drops tear gas at Palestinian demonstrators during a protest marking the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Reuters / Tuesday, May 15, 2018 An Israeli drone drops tear gas at Palestinian demonstrators during a protest marking 7 / 24
Cast member Chewbacca poses with photographers at the photocall for "Solo: A Star Wars Story" at Cannes. REUTERS/Regis Duvignau Reuters / Tuesday, May 15, 2018 Cast member Chewbacca poses with photographers at the photocall for "Solo: A Star Wars Story" at Cannes. REUTERS/Regis Duvignau Close 8 / 24
A student at Meghan Markle's former Los Angeles high school wears British and American flags she takes part in a 'Here's to Meghan!' celebration ahead of her marriage to Prince Harry, as they celebrate at Immaculate Heart High School in Los Angeles,... more Reuters / Tuesday, May 15, 2018 A student at Meghan Markle's former Los Angeles high school wears British and American flags she takes part in a 'Here's to Meghan!' celebration ahead of her marriage to Prince Harry, as they celebrate at Immaculate Heart High School in Los Angeles, California. REUTERS/Mike Blake Close 9 / 24
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Linda Dee Souza, 72, of Kalapana-Seaview, kisses one of her parrots at a Red Cross evacuation center in Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii. REUTERS/Terray Sylvester Reuters / Tuesday, May 15, 2018 Linda Dee Souza, 72, of Kalapana-Seaview, kisses one of her parrots at a Red Cross evacuation center in Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii. REUTERS/Terray Sylvester Close 17 / 24
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Kanwariyas, or devotees, carry metal pots filled with holy water after taking a dip in the waters of the Ganges River, to offer it to Lord Shiva for the betterment of their families and society, in Allahabad, India. REUTERS/Jitendra Prakash Reuters / Wednesday, May 16, 2018 Kanwariyas, or devotees, carry metal pots filled with holy water after taking a dip in the waters of the Ganges River, to offer it to Lord Shiva for the betterment of their families and society, in Allahabad, India. REUTERS/Jitendra Prakash Close 20 / 24
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Security personnel uses a monocular while Venezuela's President Nicolas Maduro delivers his speech to supporters during a campaign rally in Charallave, Venezuela. REUTERS/Carlos Garcia Rawlins Reuters / Tuesday, May 15, 2018 Security personnel uses a monocular while Venezuela's President Nicolas Maduro delivers his speech to supporters during a campaign rally in Charallave, Venezuela. REUTERS/Carlos Garcia Rawlins Close 23 / 24
The son of one of the Egyptian Christians who were beheaded in Libya by Islamic State in 2015, touches his father's picture at a church in al-Our village south of Cairo, Egypt. REUTERS/Amr Abdallah Dalsh Reuters / Tuesday, May 15, 2018 The son of one of the Egyptian Christians who were beheaded in Libya by Islamic State in 2015, touches his father's picture at a church in al-Our village south of Cairo, Egypt. REUTERS/Amr Abdallah Dalsh Close | ashraq/financial-news-articles | https://www.reuters.com/news/picture/editors-choice-pictures-idUSRTS1ROQ0 |
Strong investment performance across all time periods, with 79%, 68% and 84% of assets under management (“AUM”) outperforming benchmarks on a 1, 3 and 5 year basis, respectively, as at 31 March 2018 Net outflows of US$2.7 billion compared to US$2.9 billion in the fourth quarter 2017 AUM increased to US$371.9 billion, supported by positive market performance and favourable foreign exchange moves Achieved US$96 million of run rate net cost synergies, exceeding target, ahead of schedule Quarterly dividend increased 13% to US$0.36 per share
LONDON--(BUSINESS WIRE)-- Janus Henderson Group plc (NYSE:JHG, ASX:JHG, “JHG” or “the Group”) published its first quarter results for the three month period ended 31 March 2018.
First quarter 2018 net income attributable to JHG was US$165.2 million compared to US$471.7 million in the fourth quarter 2017 and US$42.6 million in the first quarter 2017. Adjusted net income attributable to JHG, adjusted for one-time non-cash and acquisition and transaction related costs, of US$143.6 million decreased 3% compared to US$147.9 million in the fourth quarter 2017 and improved 40% compared to US$102.3 million on a pro forma adjusted basis in the first quarter 2017.
First quarter 2018 diluted earnings per share was US$0.82 compared to US$2.32 in the fourth quarter 2017 and US$0.38 in the first quarter 2017. Adjusted diluted earnings per share of US$0.71 decreased 3% compared to US$0.73 in the fourth quarter 2017 and improved 42% versus US$0.50 on a pro forma adjusted basis in the first quarter 2017.
As at 31 March 2018, the Group had achieved US$96 million of annualised run rate pre-tax net cost synergies, inclusive of the impact from the expanded strategic relationship with BNP Paribas, which closed at the end of the first quarter. The Group continues to expect it will be able to realise recurring annual run rate pre-tax net cost synergies of at least US$125 million within three years post merger close.
Andrew Formica and Dick Weil, co-Chief Executive Officers of Janus Henderson Group plc, said:
“Against the backdrop of elevated market volatility, we are pleased to have maintained robust investment performance through the quarter. As an active asset manager, dynamics like those seen in the first quarter allow us to demonstrate our value to clients in helping them achieve their long-term financial goals.
“As we approach our first anniversary as Janus Henderson, we are pleased with the pace of integration and that we have already exceeded our Year One target of US$90 million in run rate net cost synergies. We remain disciplined in our financial investment and focus on sustainable growth, and are delighted to announce an increase in the quarterly dividend, underlining the Board’s confidence in the future cash flow generating capabilities of our business”.
The Group presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”). However, in the opinion of Management, the profitability of the Group and its ongoing operations is best evaluated using additional non-GAAP financial measures on a pro forma adjusted basis. See adjusted statements of income reconciliation for additional information.
SUMMARY OF FINANCIAL RESULTS (unaudited)
Three months ended 31 Mar 31 Dec 31 Mar (in US$ millions, except per share data or as noted) 2018 2017 2017 GAAP basis:
Revenue 587.7 621.8 233.0 Operating expenses 411.5 425.2 182.2 Operating income 176.2 196.6 50.8 Operating margin 30.0 % 31.6 % 21.8% Net income attributable to JHG 165.2 471.7 42.6 Diluted earnings per share 0.82 2.32 0.38 Three months ended 31 Mar (in US$ millions, except per share data or as noted) 31 Mar
2018
31 Dec
2017
2017
(pro forma)
Adjusted basis 1 :
Revenue 470.4 505.3 406.0 Operating expenses 281.6 284.9 262.4 Operating income 188.8 220.4 143.6 Operating margin 40.1 % 43.6 % 35.4 % Net income attributable to JHG 143.6 147.9 102.3 Diluted earnings per share 0.71 0.73 0.50 As a result of revenue recognition accounting guidance that came into effect in 2018, the Group’s presentation of distribution expenses under US GAAP is now reported on a gross basis. As a consequence, the Group reclassified prior year amounts to conform to the 2018 presentation. The change in presentation does not affect the Group’s reporting on an adjusted basis as distribution expenses are netted against revenue.
First quarter 2018 adjusted revenue of US$470.4 million decreased from the fourth quarter 2017 result of US$505.3 million due to lower performance fees. Management fees grew 1% with the increase in assets under management through the period partially offset by two fewer business days in the quarter. First quarter 2018 adjusted operating income of US$188.8 million decreased from US$220.4 million in the fourth quarter 2017, driven by lower performance fees.
DIVIDEND
On 8 May 2018, the Board of Directors of Janus Henderson Group (the “Board”) declared a first quarter dividend in respect of the three months ended 31 March 2018 of US$0.36 per share, a 13% increase from the previous level. Shareholders on the register on the record date of 21 May 2018 will be paid the dividend on 1 June 2018. Janus Henderson does not offer a dividend reinvestment plan.
Net tangible assets/(liabilities) per share
US$ 31 Mar 2018 31 Dec 2017 Net tangible assets/(liabilities) per ordinary share 0.86 0.68 Net tangible assets/(liabilities) are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.
1 See adjusted statements of income reconciliation for additional information. AUM AND FLOWS
AUM and flows for periods prior to and including second quarter 2017 present pro forma flows of Janus Henderson as if the merger had occurred at the beginning of the period shown.
Total Group comparative AUM and flows
Three months ended (in US$ billions) 31 Mar
2018
31 Dec
2017
31 Mar
2017
(pro forma)
Opening AUM 370.8 360.5 319.2 Sales 19.7 20.0 19.4 Redemptions (22.4 ) (22.9 ) (26.4 ) Net sales/(redemptions) (2.7 ) (2.9 ) (7.0 ) Market/FX 3.8 13.2 18.6 Total AUM 371.9 370.8 330.8 First quarter 2018 AUM and flows by capability
(in US$ billions) Equities Fixed
Income Quantitative
Equities Multi-
Asset
Alternatives Total 31 December 2017 189.7 80.1 49.9 31.6 19.5 370.8 Sales 9.9 5.3 1.7 1.3 1.5 19.7 Redemptions (11.7 ) (5.6 ) (1.4 ) (1.2 ) (2.5 ) (22.4 ) Net sales/(redemptions) (1.8 ) (0.3 ) 0.3 0.1 (1.0 ) (2.7 ) Market/FX 2.8 0.2 0.2 0.1 0.5 3.8 31 March 2018 190.7 80.0 50.4 31.8 19.0 371.9 Average AUM
Three months ended (in US$ billions) 31 Mar
2018
31 Dec
2017
31 Mar
2017
(pro forma)
Average AUM: Equities 194.6 185.9 159.2 Fixed Income 79.7 80.2 75.1 Quantitative Equities 51.4 49.7 48.0 Multi-Asset 32.1 30.9 28.4 Alternatives 19.6 19.4 17.4 Total 377.4 366.1 328.1 INVESTMENT PERFORMANCE % of AUM outperforming benchmark (as at 31 March 2018) Capability 1 year 3 years 5 years Equities 68 % 59 % 76 % Fixed Income 96 % 96 % 97 % Quantitative Equities 91 % 46 % 88 % Multi-Asset 83 % 87 % 90 % Alternatives 95 % 76 % 100 % Total 79 % 68 % 84 % % of mutual fund AUM in top 2 Morningstar quartiles (as at 31 March 2018)
Capability 1 year 3 years 5 years Equities 64 % 62 % 82 % Fixed Income 48 % 32 % 62 % Quantitative Equities 57 % 55 % 51 % Multi-Asset 84 % 82 % 83 % Alternatives 53 % 53 % 53 % Total 63 % 59 % 76 % Note: Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes. The top two Morningstar quartiles represent funds in the top half of their category based on total return. On an asset-weighted basis, 67% of total mutual fund AUM was in the top 2 Morningstar quartiles for the 10 year period ended 31 March 2018. For the 1, 3, 5 and 10 year periods ending 31 March 2018, 51%, 48%, 57% and 60% of the 216, 202, 181 and 132 total mutual funds were in the top 2 Morningstar quartiles, respectively.
Analysis based on “primary” share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class.
ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by JHG. Data for periods prior to and including 2Q17 presents the pro forma assets as if the merger had occurred at the beginning of the period shown. © 2018 Morningstar, Inc. All Rights Reserved.
2018 FIRST QUARTER RESULTS: FORM 10-Q
Janus Henderson will publish its 2018 first quarter Form 10-Q, as prescribed by the Securities and Exchange Commission (“SEC”) after market close in the United States on Wednesday 9 May 2018.
2018 SECOND QUARTER AND HALF YEAR RESULTS
Janus Henderson intends to publish its 2018 second quarter and half year results on Wednesday 1 August 2018.
FIRST QUARTER 2018 EARNINGS CALL INFORMATION
Co-Chief Executive Officers, Andrew Formica, Dick Weil and Chief Financial Officer, Roger Thompson will present these results on 9 May 2018 on a conference call and webcast to be held at 1pm BST, 8am EDT, 10pm AEST.
Those wishing to participate should call:
United Kingdom 0800 404 7655 (toll free) US & Canada 888 471 3840 (toll free) Australia 1 800 093 472 (toll free) All other countries: +1 719 325 4763 (this is not a toll free number) Conference ID: 2331916 Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website ( www.janushenderson.com/IR ).
About Janus Henderson Group plc
Janus Henderson Group is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.
As at 31 March 2018, Janus Henderson had approximately US$372 billion in AUM, more than 2,000 employees and offices in 27 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).
FINANCIAL DISCLOSURES JANUS HENDERSON GROUP PLC CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three months ended (in US$ millions, except per share data or as noted) 31 Mar
2018
31 Dec
2017
31 Mar
2017
Revenue: Management fees 502.9 498.1 201.0 Performance fees (3.9 ) 33.5 14.8 Shareowner servicing fees 31.5 31.4 - Other revenue 57.2 58.8 17.2 Total revenue 587.7 621.8 233.0 Operating expenses: Employee compensation and benefits 146.7 172.6 70.4 Long-term incentive plans 40.0 36.2 16.4 Distribution expenses 117.3 116.5 50.6 Investment administration 11.4 12.2 10.2 Marketing 8.5 9.8 3.2 General, administrative and occupancy 72.2 55.6 25.1 Depreciation and amortisation 15.4 22.3 6.3 Total operating expenses 411.5 425.2 182.2 Operating income 176.2 196.6 50.8 Interest expense (3.8 ) (4.1 ) (1.1 ) Investment gains (losses), net (0.7 ) 3.0 (0.9 ) Other non-operating income (expenses), net 38.9 (9.0 ) 1.3 Income before taxes 210.6 186.5 50.1 Income tax provision (47.4 ) 285.6 (7.5 ) Net income 163.2 472.1 42.6 Net loss (income) attributable to noncontrolling interests 2.0 (0.4 ) - Net income attributable to JHG 165.2 471.7 42.6 Less: allocation of earnings to participating stock-based awards 4.2 12.9 0.9 Net income attributable to JHG common shareholders 161.0 458.8 41.7 Basic weighted-average shares outstanding (in millions) 195.9 196.3 109.2 Diluted weighted-average shares outstanding (in millions) 196.9 197.7 110.6 Diluted earnings per share (in US$) 0.82 2.32 0.38 Pro forma statements of income
The table below reflects the US GAAP basis results for the three months ended 31 March 2018 and 31 December 2017 and the pro forma results of Janus Henderson for the three months ended 31 March 2017, as though the merger had taken place at the beginning of the period shown:
Three months ended (in US$ millions) 31 Mar
2018
31 Dec
2017
31 Mar
2017
(pro forma)
Revenue: Management fees 502.9 498.1 431.1 Performance fees (3.9 ) 33.5 1.0 Shareowner servicing fees 31.5 31.4 28.6 Other revenue 57.2 58.8 52.7 Total revenue 587.7 621.8 513.4 Operating expenses: Employee compensation and benefits 146.7 172.6 163.3 Long-term incentive compensation 40.0 36.2 34.5 Distribution expenses 117.3 116.5 107.4 Investment administration 11.4 12.2 10.2 Marketing 8.5 9.8 21.7 General, administrative and occupancy 72.2 55.6 56.0 Depreciation and amortisation 15.4 22.3 14.4 Total operating expenses 411.5 425.2 407.5 Operating income 176.2 196.6 105.9 Interest expense (3.8 ) (4.1 ) (4.8 ) Investment gains (losses), net (0.7 ) 3.0 0.5 Other non-operating income (expenses), net 38.9 (9.0 ) 2.4 Income before taxes 210.6 186.5 104.0 Income tax provision (47.4 ) 285.6 (28.2 ) Net income 163.2 472.1 75.8 Net income attributable to noncontrolling interests 2.0 (0.4 ) (1.4 ) Net income attributable to JHG 165.2 471.7 74.4 Adjusted statements of income
The following are reconciliations of US GAAP basis and pro forma basis revenues, operating income, net income attributable to Janus Henderson and diluted earnings per share to adjusted revenues, adjusted operating income, adjusted net income attributable to Janus Henderson and adjusted diluted earnings per share. The results for the three months ended 31 March 2018 and 31 December 2017 reconcile US GAAP basis amounts to adjusted amounts while the three months ended 31 March 2017 reconcile pro forma amounts to adjusted amounts. Pro forma amounts are based on the combined results of Janus Henderson as though the merger had taken place at the beginning of the period shown:
Three months ended (in US$ millions, except per share data or as noted) 31 Mar
2018
31 Dec
2017
31 Mar
2017
(pro forma)
Reconciliation of revenue to adjusted revenue Revenue 587.7 621.8 513.4 Distribution expenses 1 (117.3 ) (116.5 ) (107.4 ) Adjusted revenue 470.4 505.3 406.0 Reconciliation of operating income to adjusted operating income Operating income 176.2 196.6 105.9 Employee compensation and benefits 2 2.9 9.6 3.6 Long term incentive plans 2 0.1 1.5 - Marketing 2 0.1 (0.7 ) 14.5 General, administration and occupancy 2 2.1 (0.7 ) 12.0 Depreciation and amortisation 3 7.4 14.1 7.6 Adjusted operating income 188.8 220.4 143.6 Operating margin 30.0 % 31.6 % 20.6 % Adjusted operating margin 40.1 % 43.6 % 35.4 % Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG Net income attributable to JHG 165.2 471.7 74.4 Employee compensation and benefits 2 2.9 9.6 3.6 Long-term incentive plans 2 0.1 1.5 - Marketing 2 0.1 (0.7 ) 14.5 General, administration and occupancy 2 2.1 (0.7 ) 12.0 Depreciation and amortisation 2,3 7.4 14.1 7.6 Investment gains (losses), net - (3.1 ) - Interest expense 4 0.7 0.7 - Other non-operating income (expenses), net 4 (44.8 ) 11.0 0.9 Income tax provision 5 9.9 (356.2 ) (10.7 ) Adjusted net income attributable to JHG 143.6 147.9 102.3 Less: allocation of earnings to participating stock-based awards (3.6 ) (4.0 ) (3.0 ) Adjusted net income attributable to JHG common shareholders 140.0 143.9 99.3 Weighted average diluted common shares outstanding – diluted (two class) (in millions) 196.9 197.7 196.5 Diluted earnings per share (two class) (in US$) 0.82 2.32 0.36 Adjusted diluted earnings per share (two class) (in US$) 0.71 0.73 0.50 1 Distribution expenses are paid to financial intermediaries for the distribution of Janus Henderson’s investment products. Janus Henderson Management believes that the deduction of third-party distribution, service and advisory expenses from revenues in the computation of net revenue reflects the nature of these expenses as revenue-sharing activities, as these costs are passed through to external parties who perform functions on behalf of, and distribute, the Group’s managed AUM. 2 Adjustments primarily represent deal and integration costs in relation to the merger. These costs primarily represent severance costs, legal costs, consulting fees and the write down of legacy IT systems. Janus Henderson Management believes these costs do not represent the ongoing operations of the Group. 3 Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. Janus Henderson Management believes these non-cash and acquisition related costs do not represent the ongoing operations of the Group. 4 Adjustments primarily represent the gain on the sale of JHG’s back office (including fund administration and fund accounting), middle office and custody functions in the US to BNP Paribas, fair value movements on options issued to Dai-ichi, adjustments to debt expense as a result of the fair value uplift on debt due to acquisition accounting and deferred consideration costs associated with acquisitions prior to the merger. Janus Henderson Management believes these costs do not represent the ongoing operations of the Group. 5 The tax impact of the adjustments are calculated based on the US or foreign statutory tax rate as they relate to each adjustment. Certain adjustments are either not taxable or not tax deductible. Balance sheet JANUS HENDERSON GROUP PLC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) 31 Mar 31 Dec (in US$ millions) 2018 2017 Assets Cash and cash equivalents 611.4 760.1 Investment securities 287.6 280.4 Property, equipment and software, net 69.4 70.6 Intangible assets and goodwill, net 4,754.1 4,738.7 Assets of consolidated variable interest entities 505.9 466.7 Other assets 875.6 956.2 Total assets 7,104.0 7,272.7 Liabilities, redeemable noncontrolling interests and equity Debt 330.8 379.2 Deferred tax liabilities, net 754.3 752.6 Liabilities of consolidated variable interest entities 21.8 21.5 Other liabilities 852.5 1,053.6 Redeemable noncontrolling interests 217.7 190.3 Total equity 4,926.9 4,875.5 Total liabilities, redeemable noncontrolling interests and equity 7,104.0 7,272.7 AUM
Data for periods prior to and including second quarter 2017 present pro forma AUM and flows of JHG as if the merger had occurred at the beginning of the period shown.
(in US$ billions) Equities Fixed
Income
Quantitative
Equities
Multi-Asset Alternatives Total 31 March 2017 (pro forma) 162.3 76.3 46.2 28.6 17.4 330.8 Sales 10.6 5.4 0.7 1.2 2.3 20.2 Redemptions 1 (9.4 ) (6.3 ) (2.5 ) (1.5 ) (1.5 ) (21.2 ) Net sales/(redemptions) 1.2 (0.9 ) (1.8 ) (0.3 ) 0.8 (1.0 ) Market/FX – (0.1 ) – – (0.6 ) (0.7 ) Acquisitions/(disposals) 9.9 1.9 2.1 1.1 0.8 15.8 30 June 2017 (pro forma) 173.4 77.2 46.5 29.4 18.4 344.9 Sales 9.6 5.3 0.7 0.9 1.8 18.3 Redemptions 1 (9.0 ) (4.9 ) (1.2 ) (1.2 ) (1.3 ) (17.6 ) Net sales/(redemptions) 0.6 0.4 (0.5 ) (0.3 ) 0.5 0.7 Market/FX 8.3 1.8 3.0 1.1 0.7 14.9 30 September 2017 182.3 79.4 49.0 30.2 19.6 360.5 Sales 10.8 5.2 0.7 1.1 2.2 20.0 Redemptions 1 (11.5 ) (5.0 ) (2.3 ) (1.3 ) (2.8 ) (22.9 ) Net sales/(redemptions) (0.7 ) 0.2 (1.6 ) (0.2 ) (0.6 ) (2.9 ) Market/FX 8.1 0.5 2.5 1.6 0.5 13.2 31 December 2017 189.7 80.1 49.9 31.6 19.5 370.8 Sales 9.9 5.3 1.7 1.3 1.5 19.7 Redemptions 1 (11.7 ) (5.6 ) (1.4 ) (1.2 ) (2.5 ) (22.4 ) Net sales/(redemptions) (1.8 ) (0.3 ) 0.3 0.1 (1.0 ) (2.7 ) Market/FX 2.8 0.2 0.2 0.1 0.5 3.8 31 March 2018 190.7 80.0 50.4 31.8 19.0 371.9 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-janus-henderson-group-plc-reports-first-quarter-2018-diluted-eps-of-us0-point-82-or-us0-point-71-on-an-adjusted-basis.html |
May 8 (Reuters) - Alder Biopharmaceuticals Inc:
* ALDER BIOPHARMACEUTICALS® REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 LOSS PER SHARE $1.73 * Q1 EARNINGS PER SHARE VIEW $-1.23 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alder-biopharmaceuticals-reports-q/brief-alder-biopharmaceuticals-reports-q1-loss-per-share-of-1-73-idUSASC0A0OR |
May 7(Reuters) - Antec Inc
* Says it plans to acquire 100 percent stake in Antec Europe B.V., at the price of 588,307.73 euros (about T$21.1 million)
Source text in Chinese: goo.gl/ZBJcZZ
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-antec-to-acquire-100-pct-stake-in/brief-antec-to-acquire-100-pct-stake-in-antec-europe-b-v-for-588307-73-euros-idUSL3N1SE3BE |
May 16, 2018 / 8:39 PM / Updated 9 minutes ago Trump will seek full funding soon for his border wall Reuters Staff 1 Min Read
WASHINGTON (Reuters) - President Donald Trump on Wednesday said he would soon push for full funding of his promised wall along the U.S. border with Mexico, which could spark budget battles in a Congress fractured over his immigration policy. U.S. President Donald Trump speaks while participating in a tour of U.S.-Mexico border wall prototypes near the Otay Mesa Port of Entry in San Diego, California. U.S., March 13, 2018. REUTERS/Kevin Lamarque
“Now we’re going for the full funding for the wall, and we’re going to try and get that as soon as possible,” Trump said at a roundtable with California municipal leaders who favor his idea of making the U.S. border impervious to illegal immigration. Reporting by Lisa Lambert and James Oliphant; editing by Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-trump-wall/trump-will-seek-full-funding-soon-for-his-border-wall-idUSKCN1IH2XC |
Cramer compares Disney to Apple: It's a 'hit machine' that deserves more credit 3 Hours Ago CNBC's Jim Cramer compares Disney's ability to produce blockbuster after blockbuster to Apple's record in consumer technology. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/cramer-compares-disney-to-apple-its-a-hit-machine-that-deserves-more-credit.html |
May 4, 2018 / 3:13 AM / Updated 7 minutes ago Buffett's Berkshire Hathaway bought 75 million more Apple shares in first quarter: CNBC Reuters Staff 1 Min Read
(Reuters) - Berkshire Hathaway Inc ( BRKa.N ) bought 75 million additional Apple Inc ( AAPL.O ) shares in the first quarter, CEO Warren Buffett told CNBC on Thursday. FILE PHOTO - Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking
“If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States.” CNBC quoted Buffett as saying.
Berkshire said in February its Apple stake grew by about 23 percent since the end of September to roughly 165.3 million shares worth $28 billion.
Berkshire Hathaway was not immediately available for comment. Apple did not immediately respond to a Reuters request for comment. Reporting by Philip George in Bengaluru; Editing by Amrutha Gayathri | ashraq/financial-news-articles | https://uk.reuters.com/article/us-berkshire-buffet-apple/buffetts-berkshire-hathaway-bought-75-million-more-apple-shares-in-first-quarter-cnbc-idUKKBN1I506R |
May 11 (Reuters) - Full House Resorts Inc:
* FULL HOUSE RESORTS ANNOUNCES FIRST QUARTER RESULTS * Q1 REVENUE $37.9 MILLION VERSUS I/B/E/S VIEW $41.5 MILLION
* Q1 LOSS PER SHARE $0.20 * Q1 EARNINGS PER SHARE VIEW $0.01 — THOMSON REUTERS I/B/E/S
* FLOODING IN RISING SUN AND A MEDIOCRE SKI SEASON IN LAKE TAHOE AFFECTED OPERATIONS IN QUARTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-full-house-resorts-reports-q1-loss/brief-full-house-resorts-reports-q1-loss-per-share-0-20-idUSASC0A1SO |
Reaffirms full year 2018 financial forecast and operational goals Provides Q2 2018 revenue forecast of $205M-$230M
GAITHERSBURG, Md., May 03, 2018 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE:EBS) reported financial results for the quarter and three months ended March 31, 2018.
FINANCIAL HIGHLIGHTS
(in millions, except per share value) Q1 2018
(unaudited) Q1 2017
(unaudited) Total Revenues $117.8 $116.9 Net Income (Loss)
Net Income (Loss) Per Diluted Share (1) ($4.9)
($0.10) $10.5
$0.23 Adjusted Net Income (Loss) (2)
Adjusted Net Income (Loss) Per Diluted Share (2) ($1.6)
($0.03) $14.3
$0.29 EBITDA (2)
EBITDA Per Diluted Share (2) $3.1
$0.06 $25.4
$0.51 Q1 2018 AND RECENT BUSINESS ACCOMPLISHMENTS
Procurement Contract
Awarded a contract valued at up to $26 million over 12 months by the Centers for Disease Control and Prevention for the continued supply of VIGIV [Vaccinia Immune Globulin Intravenous (Human)] into the U.S. Strategic National Stockpile. VIGIV is the only therapeutic licensed by the U.S. Food and Drug Administration for the treatment of complications due to smallpox vaccination.
Product Development
Completed Mutual Recognition Procedure for market authorization of BioThrax ® (Anthrax Vaccine Adsorbed) in five Concerned Member States within the European Union – Italy, the Netherlands, Poland, the U.K. and France. Initiated, together with Valneva, a Phase 1 clinical trial in the U.S. to evaluate the safety and immunogenicity of VLA1601, our vaccine candidate against Zika virus, using Valneva’s validated expression platform. Initial data from this trial is expected in late 2018 or early 2019. Initiated a Phase 2 dose-ranging study to evaluate the safety, pharmacokinetics, and clinical benefit of FLU-IGIV, an anti-influenza immune globulin being developed as an intravenous treatment for serious illness caused by influenza A infection in hospitalized patients, and developed on the Company’s hyperimmune platform, on which several marketed antibody therapeutics have been licensed, including Anthrasil ® [Anthrax Immune Globulin Intravenous (human)] and VIGIV. The clinical study will continue to enroll patients through the next influenza season and is expected to be completed in 2019.
2018 FINANCIAL PERFORMANCE
(I) Quarter Ended March 31, 2018 (Unaudited)
Revenues
Total Revenues
For Q1 2018, total revenues were $117.8 million, a slight increase over 2017. Total revenues reflect a delay in the timing of BioThrax deliveries as previously disclosed by the Company on February 22, 2018. In addition, Q1 2018 total revenues were impacted by the delay in the delivery of some ACAM2000 ® , (Smallpox (Vaccinia) Vaccine Live) shipments during the quarter. The Company has commenced delivery and expects to complete all delayed Q1 deliveries by the end of the second quarter.
Product Sales
For Q1 2018, product sales were $75.8 million, a decrease of 8% as compared to 2017. The decrease is principally attributable to lower BAT ® [Botulism Antitoxin Heptavalent (A, B, C, D, E, F, G) - (Equine)] and BioThrax ® sales, partially offset by an increase in other product sales, principally attributable to sales of ACAM2000 ® and Raxibacumab (Anthrax Monoclonal Antibody), both of which were acquired in Q4 2017.
(in millions)
(unaudited) Three Months Ended
March 31, 2018 2017 % Change Product Sales BioThrax ® $20.2 $43.8 (54%)
Other 55.6 38.2 46%
Total Product Sales $75.8 $82.0 (8%)
Contract Manufacturing
For Q1 2018, revenue from the Company’s contract manufacturing operations was $26.1 million, an increase of 48% as compared to 2017. The increase primarily reflects the completion of a milestone related to the expansion of certain contract manufacturing capabilities at the Company’s Lansing site.
Contracts and Grants
For Q1 2018, contracts and grants revenue was $15.9 million, a decrease of 8% as compared to 2017. The decrease primarily reflects a reduction in revenue associated with the successful completion of multiple U.S. government development contracts as well as reduced R&D activities related to certain ongoing funded development programs.
Operating Expenses
Cost of Product Sales and Contract Manufacturing
For Q1 2018, cost of product sales and contract manufacturing was $58.0 million, an increase of 25% as compared to 2017. The increase is primarily attributable to sales of ACAM2000 and Raxibacumab, both of which were acquired in Q4 2017, partially offset by lower sales of BAT and BioThrax.
Research and Development (Gross and Net)
For Q1 2018, gross R&D expenses were $29.1 million, an increase of 42% as compared to 2017. The increase primarily reflects increased contract development services performed for NuThrax TM (anthrax vaccine adsorbed with CPG 7909 adjuvant) and the introduction of costs associated with development work related to the technology transfer of the Raxibacumab manufacturing process to the Company’s Bayview manufacturing site in Baltimore.
For Q1 2018, net R&D expense (calculated as gross research and development expenses minus contracts and grants revenue) was $13.2 million, an increase of $10 million as compared to 2017, reflecting increased investment in countermeasure development programs not currently funded in whole or in part by third-party partners, notably costs associated with the Raxibacumab technology transfer, the FLU-IGIV flu therapeutic Phase 2 trial, the ZIKV-IG Zika therapeutic Phase 1 trial preparations, and the UNI-FLU universal flu vaccine preclinical effort, among others.
(in millions)
(unaudited) Three Months Ended
March 31, 2018 2017 % Change Research and Development Expenses $29.1 $20.5 42%
Adjustments: - Contracts and grants revenue $15.9 $17.3 (8%)
Net Research and Development Expenses $13.2 $3.2 313%
Selling, General and Administrative
For Q1 2018, selling, general and administrative expenses were $40.2 million, an increase of $5 million as compared to 2017, attributable primarily to increased stock compensation and professional services costs.
Income Taxes
For Q1 2018, the tax benefit in the amount of $4.5 million includes a discrete benefit of $2.3 million related to stock compensation activity resulting in an effective tax rate of 48%. Excluding the discrete benefit, the Q1 2018 effective tax rate was 24%.
Net Income (Loss) & Adjusted Net Income (Loss)
For Q1 2018, the Company recorded a net loss of $4.9 million, or $0.10 per diluted share, versus net income of $10.5 million, or $0.23 per diluted share, in 2017. (1)
For Q1 2018, the Company recorded an adjusted net loss of $1.6 million, or $0.03 per diluted share, versus net income of $14.3 million, or $0.29 per diluted share, in 2017. (1) (2)
2018 FINANCIAL FORECAST & OPERATIONAL GOALS
The Company is reaffirming its full year 2018 financial performance forecast:
Total Revenue $715 million to $755 million Pre-Tax Income $120 million to $140 million Net Income (3) $95 million to $110 million Adjusted Net Income (2) (3) $110 million to $125 million EBITDA (2) (3) $175 million to $190 million The Company is also reaffirming its full year 2018 operational goals:
Advance NuThrax development to enable Emergency Use Authorization filing with the FDA in 2018 Complete ACAM2000 deliveries; establish a multi-year follow-on contract with the U.S. government Deliver Raxibacumab doses under current contract; advance technology transfer to the Company’s Bayview facility in Baltimore, Maryland Progress pipeline to have at least four product candidates in advanced development Complete an acquisition that generates revenue within 12 months of closing
Q2 2018 FINANCIAL FORECAST
The Company forecast for Q2 2018 total revenue is $205 million to $230 million. This forecast reflects the deliveries of BioThrax and ACAM2000 previously expected in the first quarter as well as continued deliveries of both products in the second quarter.
FOOTNOTES
(1) See “Calculation of Diluted Earnings Per Share.”
(2) See “Reconciliation of Net Income to Adjusted Net Income and EBITDA” for a definition of terms and a reconciliation table.
(3) Reflects an estimated tax rate that includes the expected effects of the United States Tax Cuts and Jobs Act of 2017 on the Company’s 2018 income tax provision.
(4) “Net revenue” is computed as Total Revenue minus Contracts & Grants Revenue.
CONFERENCE CALL AND WEBCAST INFORMATION
Company management will host a conference call at 5:00 pm (Eastern Time) today, May 3, 2018, to discuss these financial results. This conference call can be accessed live by telephone or through Emergent’s website:
Live Teleconference Information :
Dial in: [US] (855) 766-6521 ; [International] (262) 912-6157
Conference ID: 93329114
Live Webcast Information :
Visit https://edge.media-server.com/m6/p/gyy8ca3t for the live webcast feed. A replay of the call can be accessed at www.emergentbiosolutions.com under “ Investors .”
ABOUT EMERGENT BIOSOLUTIONS INC.
Emergent BioSolutions Inc. is a global life sciences company seeking to protect and enhance life by focusing on providing specialty products for civilian and military populations that address accidental, intentional, and naturally occurring public health threats. Through our work, we envision protecting and enhancing 50 million lives with our products by 2025. Additional information about the company may be found at www.emergentbiosolutions.com . Follow us on Twitter @emergentbiosolu and Instagram @life_at_emergent.
SAFE HARBOR STATEMENT
This press release includes within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including, without limitation, our financial guidance, and any other statements containing the words "will," "believes," "expects," "anticipates," "intends," "plans," "targets," "forecasts," "estimates" and similar expressions in conjunction with, among other things, discussions of the Company's outlook, financial performance or financial condition, financial and operation goals, strategic goals, growth strategy, acquisition strategy, product sales, government development or procurement contracts or awards, government appropriations, manufacturing capabilities, product development and delivery timeline, and Emergency Use Authorization (EUA) and the timing of other regulatory approvals or expenditures are . These are based on our current intentions, beliefs and expectations regarding future events. We cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Investors are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, we do not undertake to update any forward-looking statement to reflect new information, events or circumstances.
There are a number of important factors that could cause the Company's actual results to differ materially from those indicated by such , including the availability of funding and the exercise of options under our BioThrax and NuThrax contracts; appropriations for the procurement of our products; our ability to secure EUA pre-authorization approval and licensure of NuThrax from the FDA within the anticipated timeframe, if at all; availability of funding for our U.S. government grants and contracts; our ability to complete expected deliveries of BioThrax and ACAM2000 by the end of the second quarter; our ability to identify and acquire or in-license products or product candidates that satisfy our selection criteria; our ability to successfully integrate and develop the products or product candidates, programs, operations and personnel of any entities, businesses or products that we acquire, including our acquisitions of the ACAM2000 business from Sanofi Pasteur Biologics, LLC and Raxibacumab from GlaxoSmithKline LLC and the timing and receipt of required FDA approvals for remaining actions contemplated in connection with our integration of these acquisitions; whether anticipated synergies and benefits from an acquisition or in-license are realized within expected time periods, if at all; our ability to utilize our manufacturing facilities and expand our capabilities; our ability and the ability of our contractors and suppliers to maintain compliance with Current Good Manufacturing Practices and other regulatory obligations; the results of regulatory inspections; the outcome of the purported class action lawsuit filed against us and possible other future material legal proceedings; the success of our ongoing and planned development programs; the timing and results of clinical trials; the timing of and our ability to obtain and maintain regulatory approvals for our product candidates; and our commercialization, marketing and manufacturing capabilities and strategy. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. Investors should consider this cautionary statement, as well as the risk factors identified in our periodic reports filed with the Securities and Exchange Commission, when evaluating our .
Investor Contact
Robert Burrows
Vice President, Investor Relations
(o) 240/631-3280; (m) 240/413-1917
[email protected] Media Contact
Lynn Kieffer
Vice President, Corporate Communications
(o) 240/631-3391
[email protected] FINANCIAL STATEMENTS FOLLOW
Emergent BioSolutions Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2018 December 31, 2017 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 163,606 $ 178,292 Restricted cash 1,043 1,043 Accounts receivable 122,090 143,653 Inventories 155,196 142,812 Income tax receivable, net 7,044 2,432 Prepaid expenses and other current assets 27,670 17,157 Total current assets 476,649 485,389 Property, plant and equipment, net 411,269 407,210 Intangible assets, net 115,685 119,597 Goodwill 49,130 49,130 Deferred tax assets, net 12,656 2,834 Other assets 3,078 6,046 Total assets $ 1,068,467 $ 1,070,206 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 46,216 $ 41,751 Accrued expenses and other current liabilities 6,840 4,831 Accrued compensation 24,513 37,882 Contingent consideration, current portion 2,337 2,372 Deferred revenue, current portion 6,964 13,232 Total current liabilities 86,870 100,068 Contingent consideration, net of current portion 10,133 9,902 Long-term indebtedness 13,469 13,457 Income taxes payable, net of current 12,500 12,500 Deferred revenue, net of current portion (1) 59,365 17,259 Other liabilities 4,850 4,675 Total liabilities 187,187 157,861 Stockholders’ equity: Preferred stock, $0.001 par value; 15,000,000 shares authorized, 0 shares issued and outstanding at both March 31, 2018 and December 31, 2017 - - Common stock, $0.001 par value; 200,000,000 shares authorized, 51,025,978 shares issued and 49,808,692 shares outstanding at March 31, 2018; 50,619,808 shares issued and 49,405,365 shares outstanding at December 31, 2017 50 50 Treasury stock, at cost, 1,217,286 and 1,214,443 common shares at March 31, 2018 and December 31, 2017, respectively (39,642 ) (39,497 ) Additional paid-in capital 624,484 618,416 Accumulated other comprehensive loss (3,251 ) (3,698 ) Retained earnings (2) 299,639 337,074 Total stockholders’ equity 881,280 912,345 Total liabilities and stockholders’ equity $ 1,068,467 $ 1,070,206 (1) The change in deferred revenue from December 31, 2017 to March 31, 2018 includes the impact of a $42.4 million increase related to the adoption of a new revenue recognition accounting standard effective January 1, 2018.
(2) The change in retained earnings from December 31, 2017 to March 31, 2018 includes the impact of a $32.5 million, net of tax, reduction related to the adoption of a new revenue recognition accounting standard effective January 1, 2018.
Emergent BioSolutions Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 (Unaudited) Revenues: Product sales $ 75,771 $ 81,969 Contract manufacturing 26,178 17,628 Contracts and grants 15,865 17,261 Total revenues 117,814 116,858 Operating expenses: Cost of product sales and contract manufacturing 58,044 46,322 Research and development 29,051 20,476 Selling, general and administrative 40,204 35,150 Income (loss) from operations (9,485 ) 14,910 Other income (expense): Interest income 222 373 Interest expense (234 ) (1,938 ) Other income, net 74 300 Total other income (expense), net 62 (1,265 ) Income (loss) before provision for (benefit from) income taxes (9,423 ) 13,645 Provision for (benefit from) income taxes (4,515 ) 3,160 Net income (loss) $ (4,908 ) $ 10,485 Net income (loss) per share - basic $ (0.10 ) $ 0.26 Net income (loss) per share - diluted (1) $ (0.10 ) $ 0.23 Weighted-average number of shares - basic 49,580,089 40,727,755 Weighted-average number of shares - diluted 49,580,089 49,718,426 CALCULATION OF DILUTED EARNINGS PER SHARE
Net income (loss) per diluted share is computed using the “if-converted” method for the three months ended March 31, 2017. Such a method only applies to results prior to November 14, 2017, the date the Company terminated conversion rights associated with the 2.875% Convertible Senior Notes due 2021 (the Notes). This method requires net income to be adjusted to add back interest expense and amortization of debt issuance cost, both net of tax, associated with the Notes. For the three months ended March 31, 2018, Net income (loss) per diluted share was calculated using the “treasury method.” The following table details the adjustments made in this calculation.
(in millions, except per share value)
(unaudited) Three Months Ended
March 31, 2018 2017 Net Income (Loss) ($4.9)
$10.5 Adjustments: + Interest expense, net of tax -- 0.9 + Amortization of debt issuance costs, net of tax -- 0.2 Net Income (Loss), adjusted (“if converted”)
Net Income (Loss) Per Diluted Share, adjusted (“if converted”) ($4.9)
($0.10) $11.6
$0.23 Weighted Average Diluted Shares 49.6 49.7 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME AND EBITDA
This press release contains two financial measures (Adjusted Net Income (Loss) and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)) that are considered “non-GAAP” financial measures under applicable Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with generally accepted accounting principles. The Company’s definition of these non-GAAP measures may differ from similarly titled measures used by others. Adjusted Net Income adjusts for specified items that can be highly variable or difficult to predict, or reflect the non-cash impact of charges resulting from purchase accounting. EBITDA reflects net income excluding the impact of depreciation, amortization, interest expense and provision for income taxes. The Company views these non-GAAP financial measures as a means to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results and comparison to competitors’ operating results. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to the corresponding GAAP financial measure, may provide a more complete understanding of factors and trends affecting the Company’s business.
The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety.
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) (Unaudited)
(in millions, except per share value) Three Months Ended
March 31, 2018 2017 Source Net Income (Loss) ($4.9)
$10.5 N/A Adjustments: + Acquisition-related costs (transaction & integration) 0.2 0.6 SG&A + Non-cash amortization charges 4.0 1.9 COGS, SG&A,
Other Income + Exit and disposal costs -- 1.4 SG&A + Impact of purchase accounting on inventory step-up -- 1.8 COGS Tax effect (0.9)
(2.0)
Total Adjustments: 3.3 3.7 Adjusted Net Income (Loss)
Adjusted Net Income (Loss) Per Diluted Share ($1.6)
($0.03) $14.2
$0.29 Reconciliation of Net Income (Loss) to EBITDA (Unaudited)
(in millions, except per share value) Three Months Ended
March 31, 2018 2017 Net Income (Loss) ($4.9)
$10.5 Adjustments: + Depreciation & Amortization 12.3 9.8 + Provision for (Benefit from) Income Taxes (4.5)
3.2 + Total Interest Expense 0.2 1.9 Total Adjustments 8.0 14.9 EBITDA
EBITDA per Diluted Share $3.1
$0.06 $25.4
$0.51
Source:Emergent BioSolutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-emergent-biosolutions-reports-first-quarter-2018-financial-results.html |
May 7 (Reuters) - Riverine China Holdings Ltd:
* JIA SHAOJUN APPOINTED AS AN EXECUTIVE DIRECTOR Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-riverine-china-holdings-appoints-j/brief-riverine-china-holdings-appoints-jia-shaojun-as-executive-director-idUSFWN1SE0U0 |
NEW YORK, May 14, 2018 (GLOBE NEWSWIRE) -- OHA Investment Corporation (NASDAQ:OHAI) (the “Company”) today announced its financial results for the quarter ended March 31, 2018. Management will discuss the Company's results summarized below on a conference call on Tuesday, May 15, 2018, at 10:00 a.m.(Eastern Time).
Summary results for the quarter ended March 31, 2018:
Total investment income: $2.3 million, or $0.11 per share
Net investment loss: $(0.1) million, or $(0.01) per share
Net realized and unrealized gains: $1.8 million, or $0.09 per share
Net asset value: $49.1 million, or $2.43 per share
New portfolio investments added during the quarter: $10.9 million (par value)
Fair value of portfolio investments: $65.0 million
Portfolio Activity
The fair value of our investment portfolio was $65.0 million at March 31, 2018, increasing 0.2% compared to December 31, 2017. In the first quarter of 2018, the Company added investments in six new portfolio companies, investing $10.8 million, and had realizations totaling $13.6 million. During the quarter, our energy exposure in our investment portfolio was reduced to 0% as of the result of the redemption of our $11.5 million investment in the Talos senior unsecured notes at par in February. The current weighted average yield of our portfolio based on the cost and fair value of our yielding investments was 13.6% and 14.1%, respectively, as of March 31, 2018.
In January 2018, we purchased $0.7 million of second lien term loan in Safe Fleet, a provider of safety products for fleet vehicles worldwide. The Safe Fleet second lien term loan was purchased at a 0.50% discount to par, earns interest payable in cash at a rate of LIBOR+6.75% with a 1% floor, and matures in February 2026.
Also in January 2018, we purchased $0.5 million of second lien term loan in MedRisk LLC., or MedRisk, a leading provider of managed care services for the workers' compensation industry and related market sectors. The MedRisk second lien term loan was purchased at a 0.50% discount to par, earns interest payable in cash at a rate of LIBOR+6.75%, and matures in December 2025.
In February 2018, our remaining position in Talos of $11.5 million was redeemed at par. This legacy energy investment was initiated in February 2013, generated a gross unlevered internal rate of return of 9.95%, and a return on investment of 1.30x.
Also in February 2018, we added $5.0 million of second lien term loan in CVS Holdings, I, LP., or MyEyeDr., a provider of vision care services, prescription eyeglasses and sunglasses, and contact lenses. The MyEyeDr. second lien term loan was purchased at a 0.50% discount to par, earns interest payable in cash at a rate of LIBOR+6.75% with a 1% floor, and matures in February 2026.
Also in February 2018, we purchased $0.3 million of second lien term loan in EaglePicher Technologies LLC., or EaglePicher, a leading provider of mission-critical power solutions for high-value applications within the defense, aerospace, and medical end-markets. The EaglePicher second lien term loan was purchased at a 0.75% discount to par, earns interest payable in cash at a rate of LIBOR+7.25%, and matures in March 2026.
In March 2018, we purchased $1.25 million of second lien term loan in AlliedUniversal HoldCo LLC., or AlliedUniversal, a provider of contract security services in the United States. The AlliedUniversal second lien term loan was purchased at par, earns interest payable in cash at a rate of LIBOR+8.50% with a 1% floor and matures in July 2023.
Also in March 2018, we purchased $1.6 million of first lien last out revolver and $0.5 million of first lien last out term loan to CC Dental Implants Intermediate, or ClearChoice, a provider of full-mouth dental restoration and dental implant services throughout the United States. The ClearChoice first lien last out revolver and term loan were purchased at a 1% discount to par, earn interest of LIBOR+6.50% with 1% floor, and mature in January 2023. At March 31, 2018, the funded portion balance of the ClearChoice revolver was $0.6 million. Both the first lien last out revolver and term loan are entitled to skim interest on the first lien first out term loan which will initially increase the interest rate spread by approximately 28 basis points.
Operating Results
Investment income totaled $2.3 million for the first quarter of 2018, decreasing 7.0% compared to $2.5 million in the corresponding quarter of 2017. The decrease was primarily attributable to a decrease in investment income due to a lower average portfolio balance partially offset by a higher weighted average yield on our investments 2018 compared to the three months ended March 31, 2017.
Operating expenses for the first quarter of 2018 were $2.4 million, an increase of $0.1 million, or 5.1%, compared to operating expenses for the first quarter of 2017. Interest expense and bank fees decreased by 15.5% to $0.8 million from $1.0 million compared to the same period in the prior year largely due to lower principal balance due to a partial repayment in December 2017. Management fees decreased by 29.8% to $0.4 million from $0.6 million due to lower base management fees as a result of lower average asset base subject to the base management fee. Professional fees increased by 137.3% to $0.6 million from $0.3 million primarily due to an increase in legal fees. Other general and administrative expenses decreased by 3.1% to $0.4 million from $0.4 million primarily due to a decrease in employee related expenses compared to the three months ended March 31, 2017.
The resulting net investment loss was $(0.1) million or $(0.01) per share, for the first quarter of 2018, compared to $0.2 million, or $0.01 per share, for the first quarter of 2017. The decrease in net investment income was driven by lower investment income and an increase in legal fees.
We recorded net realized and unrealized gain on investments totaling $1.8 million or $0.09 per share, for the first quarter of 2018, compared to $19.3 million loss, or $(0.96) per share, for the first quarter of 2017. A significant portion of the loss recognized in the first quarter of 2017 was the $21.2 million write-down in Castex, a legacy energy portfolio investment.
Overall, we experienced a net increase in net assets resulting from operations of $1.7 million, or $0.08 per share, for the first quarter of 2018. After declaring a quarterly dividend during the period of $0.02 per share, our net asset value increased 2.5% from $2.37 per share as of December 31, 2017 to $2.43 per share as of March 31, 2018.
Liquidity and Capital Resources
At March 31, 2018, we had cash and cash equivalents totaling $22.2 million. The total amount outstanding under our credit facility at March 31, 2018 was $36.0 million with $0.0 million available to draw.
On February 2, 2018, we exercised the option to extend the Credit Facility to September 9, 2018, as permitted in our existing Credit Agreement.
On May 7, 2018, the Company's Board of Directors declared a quarterly distribution of $0.02 per share, payable on July 9, 2018 to holders of record as of June 30, 2018.
Additional Disclosure
Investments are considered to be fully realized when the original investment at the security level has been fully exited. Internal rate of return, or IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in our investments is equal to the present value of all realized returns from the investments. Our IRR calculations are unaudited. Capital invested, with respect to an investment, represents the aggregate cost of the investment, net of any upfront fees paid at closing. Realized returns, with respect to an investment, represents the total cash received with respect to an investment, including all amortization payments, interest, dividends, prepayment fees, administrative fees, amendment fees, accrued interest, and other fees and proceeds. Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions. Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our stockholders, and would be lower if it did.
Webcast / Conference Call at 10:00 a.m. Eastern Time on May 15, 2018
We invite all interested persons to participate in our conference call on Tuesday, May 15, 2018, at 10:00 a.m. (Eastern Time). The dial-in number for the call is (877) 303-7617. International callers can access the conference by dialing (760) 666-3609. Conference ID is 7459767. Callers are encouraged to dial in at least 5-10 minutes prior to the call. The presentation materials for the call will be accessible on the Investor Relations page of the Company’s website at www.ohainvestmentcorporation.com .
OHA INVESTMENT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31, 2018 December 31, 2017 (unaudited) Assets Investments in portfolio securities at fair value Affiliate investments (cost: $24,267 and $23,263, respectively) $ 18,177 $ 18,179 Non-affiliate investments (cost: $129,681 and $132,429, respectively) 46,863 46,751 Total portfolio investments (cost: $153,948 and $155,692, respectively) 65,040 64,930 Investments in U.S. Treasury Bills at fair value (cost: $14,996 and $19,994, respectively) 14,996 19,994 Total investments 80,036 84,924 Cash and cash equivalents 22,235 19,939 Accounts receivable and other current assets 6 — Interest receivable 457 632 Due from broker 103 — Other prepaid assets 11 21 Deferred tax asset 591 632 Total current assets 23,403 21,224 Total assets $ 103,439 $ 106,148 Liabilities Current liabilities Distributions payable $ 403 $ 403 Accounts payable and accrued expenses 1,682 1,585 Due to broker 1,250 — Due to affiliate 96 562 Management and incentive fees payable 400 426 Income taxes payable 30 24 Repurchase agreement 14,695 19,592 Short-term debt, net of debt issuance costs 35,783 35,785 Total current liabilities 54,339 58,377 Long-term debt, net of debt issuance costs — — Total liabilities 54,339 58,377 Commitments and contingencies Net assets Common stock, $.001 par value, 250,000,000 shares authorized; 20,172,392 and 20,172,392 shares issued and outstanding, respectively 20 20 Paid-in capital in excess of par 234,553 234,553 Undistributed net investment loss (2,611 ) (2,113 ) Undistributed net realized capital loss (97,072 ) (97,043 ) Net unrealized depreciation on investments (85,790 ) (87,646 ) Total net assets 49,100 47,771 Total liabilities and net assets $ 103,439 $ 106,148 Net asset value per share $ 2.43 $ 2.37
OHA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the three months
ended March 31, 2018 2017 Investment income: Interest income: Interest income $ 2,228 $ 2,404 Dividend income — — Money market interest 49 — Other income 6 51 Total investment income 2,283 2,455 Operating expenses: Interest expense and bank fees 823 974 Management fees 400 570 Incentive fees 1 — Costs related to strategic alternatives review 75 — Professional fees 643 271 Other general and administrative expenses 370 382 Director fees 61 61 Total operating expenses 2,373 2,258 Waived incentive fees (1 ) — Income tax provision, net 6 4 Net investment income (loss) (95 ) 193 Net realized capital gain (loss) on investments, net of tax (29 ) 95 Total net realized capital gain (loss) on investments (29 ) 95 Net unrealized appreciation (depreciation) on investments, net of tax 1,856 (19,379 ) Total net unrealized appreciation (depreciation) on investments 1,856 (19,379 ) Net increase (decrease) in net assets resulting from operations $ 1,732 $ (19,091 ) Net increase (decrease) in net assets resulting from operations per common share $ 0.08 $ (0.95 ) Distributions declared per common share $ 0.02 $ 0.02 Weighted average shares outstanding - basic and diluted 20,172 20,172 Per Share Data Net asset value, beginning of period $ 2.37 $ 3.99 Net investment income (0.01 ) 0.01 Net realized and unrealized loss on investments 0.09 (0.96 ) Net increase (decrease) in net assets resulting from operations 0.08 (0.95 ) Distributions to common stockholders Distributions from net investment income (0.02 ) (0.02 ) Net decrease in net assets from distributions (0.02 ) (0.02 ) Net asset value, end of period $ 2.43 $ 3.02 About OHA Investment Corporation
OHA Investment Corporation (NASDAQ:OHAI) is a specialty finance company designed to provide its investors with current income and capital appreciation. OHAI focuses primarily on providing creative direct lending solutions to middle market private companies across industry sectors. OHAI is externally managed by Oak Hill Advisors, L.P., a leading independent investment firm ( www.oakhilladvisors.com ). Oak Hill Advisors has deep experience in direct lending, having invested over $5 billion in over 140 direct lending investments over the past 15 years.
Forward-Looking Statements
This press release may contain . We may use words such as "anticipates," "believes," "intends," "plans," "expects," "projects," "estimates," "will," "should," "may" and similar expressions to identify . These are subject to various risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with the timing or likelihood of transaction closings, changes in interest rates, availability of transactions, the future operating results of our portfolio companies, regulatory factors, changes in regional or national economic conditions and their impact on the industries in which we invest, other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the Securities and Exchange Commission (the "SEC"). You should not place undue reliance on such , which speak only as of the date they are made. We undertake no obligation to update our made herein, unless required by law.
CONTACTS:
Steven T. Wayne – President and Chief Executive Officer
Cory E. Gilbert –
Lisa R. Price - Chief Compliance Officer
[email protected]
For media inquiries, contact Kekst and Company, (212) 521-4800
Jeremy Fielding – [email protected]
Aduke Thelwell – [email protected]
Source:OHA Investment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-oha-investment-corporation-announcesafirst-quarter-2018-results.html |
100 COMMENTS Twenty cities are competing for Amazon’s second headquarters. Then there’s Seattle, Amazon’s current headquarters, which the city apparently wouldn’t mind driving away.
Seattle’s city council on Monday unanimously approved a $250 “tax” per full-time employee on businesses with more than $20 million in annual revenue. Progressive council members had originally proposed a $500 jobs tax that would have turned into a 0.7% payroll tax in 2021, but then Seattle’s businesses revolted.
Amazon suspended two building expansion projects. More than 100 large businesses including Expedia , Alaska Airlines and Redbox wrote a letter warning that the tax sends the message “to every business: if you are investing in growth, if you create too many jobs in Seattle, you will be punished,” which “will cause far greater damage to Seattle’s growth prospects than the direct impact on the businesses being taxed.”
Three hundred or so small businesses also warned that “continuing tax increases and regulations will only hurt the small business community and will vastly change our city.” Even trade unions begged the council “not to tax our jobs away.”
Foreign Edition Podcast
Foreign Edition podcast: Iraq’s election and the risk that Baghdad will tip toward Tehran. Foreign Edition Podcast After the council scaled back the head tax, Amazon said it plans to resume work on one of its expansion projects, but a spokesperson noted that “we remain very apprehensive about the future created by the council’s hostile approach and rhetoric toward larger businesses, which forces us to question our growth here.”
The head tax is merely the city council’s latest depredation against business. In 2015 the council allowed Uber drivers, who are independent contractors, to collectively bargain. A Ninth Circuit Court of Appeals panel on Friday declared that the ordinance violates antitrust laws. The council last year imposed a 2.25% income tax on high earners, which a state court has blocked.
Many businesses have located and expanded in Seattle because Washington state doesn’t impose an income tax. Last year Washington’s GDP growth led the country at 4.4%. But Seattle’s city council seems to think this growth will continue no matter what it does. Ask Connecticut how that turns out.
Liberals are bashing Amazon for wielding its political and economic clout to blunt a tax hike that would hurt all Seattle businesses and workers. Local leaders from Chicago, Denver, Dallas and Austin, among other cities, wrote a letter denouncing Amazon for “threatening Seattle over this tax.” Amazon should cross these cities off its second-headquarter list.
Seattle businesses deserve credit for promoting a pro-growth climate rather than seeking special treatment for themselves. Companies in Illinois, Connecticut and New Jersey have threatened to bolt to obtain lucrative tax subsidies. Businesses in those states would be better off if they collectively bargained with politicians for lower taxes and more favorable regulatory conditions. | ashraq/financial-news-articles | https://www.wsj.com/articles/seattle-to-business-drop-dead-1526425379 |
WASHINGTON—President Donald Trump is expected to tell senior lawmakers in a meeting Wednesday that he will veto the farm bill if it doesn’t include tighter work requirements for people receiving food stamps, according to two people familiar with his deliberations.
That stance would immediately intensify the fight around work requirements, the most controversial element of the farm bill, and start a new debate over spending on federal safety-net programs ahead of November’s midterm elections.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-expected-to-call-for-tightened-work-requirements-in-food-stamp-program-1525867817 |
May 16 (Reuters) - Input Capital Corp:
* . ANNOUNCES FY2018 Q2 RESULTS * Q2 ADJUSTED LOSS PER SHARE C$0.00 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-input-capital-corp-q2-adjusted-eps/brief-input-capital-corp-q2-adjusted-eps-c0-00-idUSASC0A2NV |
Prominent emerging markets investor Mark Mobius said he would "definitely" be interested in putting money into North Korea if he could.
South and North Korea is a "beautiful combination," he told CNBC's "Street Signs" on Monday.
"The South has technology, it has the know-how, it has the manufacturing ability and the North has resources," he said of the "reunification play."
Even though any reunification between South and North Korea will come at a huge cost, it will be "very, very beneficial from a longer point of view," said Mobius, founding partner at Mobius Capital Partners.
show chapters Mark Mobius would invest in North Korea if he could 13 Hours Ago | 00:45 "People who go in at the beginning in North Korea, given this combination of North and South, should do very well," he added.
Mobius' comments come ahead of a meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore on June 12.
Relations between the two countries had been tumultuous in the last year amid heated insults, against the backdrop of Pyongyang's frequent missile launches.
However, recent developments on the Korean peninsula have ignited hopes of peace — and new investment opportunities — in the region.
Kim in late April became the first North Korean leader to cross the border into South Korean territory since 1953, as he met with President Moon Jae-in. The two pledged to work together to achieve denuclearization .
On Saturday, Pyongyang said it will dismantle its nuclear test site on May 23-25.
show chapters Why the new Malaysian government is good for businesses: Mobius 12 Hours Ago | 02:47 Other markets to watch Mobius said recent developments in Malaysia and South Korea boded well for corporate governance in these countries.
Following Malaysia's shock election result , if its new prime minister Mahathir Mohamad is able to impose the rule of law as he said he would, it would be "incredible."
"Because it means that companies now have to comply with rules and regulations, and there's potential for improvement of governance," he said.
In South Korea, the public is now demanding for more accountability amid recent scandals involving large companies. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/one-korea-mark-mobius-calls-idea-of-reunification-beautiful.html |
3 Hours Ago | 00:34
Amazon is adding 2,000 jobs to its Boston tech hub in fields including cloud computing and speech science, the company announced Tuesday .
Boston is one of the tech giant's largest footholds and is a finalist to win the company's second headquarters. Amazon has been paying visits to each of the 20 North American finalists .
Amazon said Tuesday it's invested more than $400 million in Massachusetts since 2011, adding corporate offices and fulfillment centers.
"In just a few years, we've grown from a handful of software developers and scientists to a team of more than 1,200, inventing new capabilities and products on behalf of millions of customers around the world," Rohit Prasad, Amazon's Boston-based head scientist for Alexa, said in a statement.
The Amazon Alexa smart assistant faces growing competition from Google 's and Apple 's versions. Smart assistants are increasingly taking on new and complex tasks, with Amazon announcing last week that Alexa would soon gain memory and hold contextual conversations.
The Boston jobs news follows a similar announcement on Monday in which Canadian Prime Minister Justin Trudeau said Amazon would be adding 3,000 jobs in Vancouver, British Columbia. WATCH: Amazon is so much more than online shopping — here's how big its become show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/amazon-adds-2000-jobs-in-boston.html |
VANCOUVER, B.C., Novelion Therapeutics Inc. (NASDAQ:NVLN), a biopharmaceutical company dedicated to developing and commercializing therapies for individuals living with rare diseases (“Novelion” or the “Company”), today reported financial results for the first quarter ended March 31, 2018 and provided an overview of business activities.
Chief Operating Officer Jeff Hackman said, “Thus far in 2018 we have executed a number of important initiatives, including finalizing the settlements with the DOJ, reducing costs, strengthening our balance sheet with a $20 million term loan, and reviewing our holding and capital structure with a goal of optimizing our assets for shareholders. We have a strong rare disease product portfolio that carries the opportunity to expand metreleptin into new disease areas, and which we believe will deliver meaningful future sales growth. We remain focused on continuing to market important therapies that will bring value to our patients.”
Business Update
JUXTAPID : Novelion reported net revenues of JUXTAPID of $13.4 million in the first quarter of 2018, $8.6 million, or 64%, of which were from prescriptions written in the U.S.
MYALEPT : Novelion reported net revenues of MYALEPT of $14.1 million in the first quarter of 2018, $9.8 million, or 69%, of which were from prescriptions written in the U.S.
Novelion reported total consolidated net revenues of $27.5 million in the first quarter of 2018.
Novelion ended the first quarter of 2018 with $52.0 million in unrestricted cash, compared with $55.4 million at the end of 2017. The $52.0 million includes proceeds from a $20.0 million term loan to Aegerion Pharmaceuticals, Inc. ("Aegerion") provided by affiliates of Sarissa Capital Management and Broadfin Capital LLC, as announced in March 2018.
The Company expects the opinion of the European Medicines Agency’s Committee for Medicinal Products for Human Use (“CHMP”) on the metreleptin marketing authorization application in the second quarter of 2018, followed by a mid-2018 European Commission approval decision.
Novelion announced that a poster describing the results of a metreleptin study for weight loss in overweight and obese adults with low leptin levels will be presented at the American Diabetes Association’s 78 th Annual Scientific Sessions, which is being held from June 22 to June 26, 2018 in Orlando, Florida.
First Quarter 2018 Financial Results
GAAP total net revenues for the first quarter of 2018 were $27.5 million compared to $30.0 million for the same period of 2017. GAAP net revenues for JUXTAPID in the first quarter of 2018 were $13.4 million compared to $16.0 million for the same period in 2017. GAAP net revenues for MYALEPT in the first quarter of 2018 were $14.1 million compared to $14.0 million for the same period in 2017.
GAAP total operating expenses for the first quarter of 2018 were $35.5 million compared to total operating expenses of $35.2 million for the same period in 2017. GAAP SG&A expenses were $23.7 million in the first quarter of 2018 compared to $24.5 million for the same period in 2017. GAAP R&D expenses were $11.8 million in the first quarter of 2018 compared to $9.3 million for the same period in 2017.
On a pro forma basis, during the first quarter of 2018, SG&A expenses were $21.6 million compared to $23.0 million for the same period in 2017. The decrease in pro forma SG&A expenses in the first quarter of 2018 compared with the same period in 2017 was primarily related to a reduction in headcount and legal and consulting fees.
On a pro forma basis, during the first quarter of 2018, R&D expenses were $11.6 million compared to $9.0 million for the same period in 2017. The increase in pro forma R&D expenses in the first quarter of 2018 compared with the same period in 2017 was primarily related to additional spending in certain clinical activities.
GAAP net loss in the first quarter of 2018 was $32.8 million compared to GAAP net loss of $31.0 million during the same period in 2017.
On a pro forma basis, net loss in the first quarter of 2018 was $13.5 million, compared to a loss of $8.7 million for the same period in 2017.
As of March 31, 2018, the Company’s consolidated unrestricted cash balance was $52.0 million, compared to $55.4 million at December 31, 2017. As of March 31, 2018, there were18.7 million shares outstanding. Convertible debt principal is $325.0 million, reflecting the amount of convertible debt, before discount, issued by subsidiary Aegerion. In addition, as described above, in March 2018, Novelion’s subsidiary, Aegerion, entered into a secured financing facility with affiliates of Sarissa Capital Management and Broadfin Capital LLC providing for a $20.0 million term loan to Aegerion.
About Novelion Therapeutics
Novelion Therapeutics is a biopharmaceutical company dedicated to developing new standards of care for individuals living with rare diseases. Novelion has a rare disease product portfolio through its subsidiary, Aegerion Pharmaceuticals, Inc. The Company seeks to advance its portfolio of rare disease therapies by investing in science and clinical development.
Non-GAAP (“pro forma”) Results
The non-GAAP results in this press release, including, without limitation, non-GAAP net revenues, non-GAAP operating expenses, non-GAAP R&D expenses, non-GAAP SG&A expenses and non-GAAP net loss, are provided as a complement to results provided in accordance with GAAP because management believes, when considered together with the GAAP information, these non-GAAP financial measures help indicate underlying trends in the Company's business, are important in comparing current results with prior period results and provide additional information regarding the Company’s financial performance. Management also uses these non-GAAP financial measures to establish budgets and operational goals that are communicated internally and externally, and to manage the Company's business and evaluate its performance. The non-GAAP financial measures have no standardized meaning under GAAP and therefore may not be comparable to similar measures presented by other companies. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for, or superior to, the financial measures prepared and presented in accordance with GAAP and should be reviewed in conjunction with the relevant GAAP financial measures. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the attached financial information.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” of Novelion within the meaning of applicable laws and regulations and constitute “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein which do not describe historical facts, including statements regarding expectations and beliefs about the Company’s expectations for future sales growth; the goal of optimizing the Company’s assets for our shareholders; expectations as to the opinion of the CHMP and the European Commission’s approval decision, including timing; and expectations about expanding metreleptin into new disease areas are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, those risks identified in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in our Annual Report on Form 10-K filed on March 16, 2018, and subsequent filings, with the SEC, available on the SEC’s website at www.sec.gov . Any such risks and uncertainties could materially and adversely affect our results of operations, profitability and cash flows, which would, in turn, have a significant and adverse impact on our stock price. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Except as required by law, we undertake no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
This press release also contains “forward-looking information” that constitutes “financial outlooks” within the meaning of applicable Canadian securities laws. This information is provided to give investors general guidance on management’s current expectations of certain factors affecting our business, including our financial results. Given the uncertainties, assumptions and risk factors associated with this type of information, including those described above, investors are cautioned that the information may not be an appropriate subject of reliance for other purposes.
Investors and others should note that we communicate with our investors and the public using our company website, www.novelion.com , including, but not limited to, company disclosures, investor presentations and FAQs, SEC filings, press releases, public conference call transcripts and webcast transcripts. The information that we post on this website could be deemed to be material information. As a result, we encourage investors, the media and others interested to review the information that we post there on a regular basis. The contents of our website shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
U.S. INDICATIONS AND IMPORTANT SAFETY INFORMATION
JUXTAPID ® (lomitapide) capsules is a microsomal triglyceride transfer protein inhibitor indicated as an adjunct to a low-fat diet and other lipid-lowering treatments, including low-density lipoprotein (LDL) apheresis where available, to reduce LDL cholesterol, total cholesterol, apolipoprotein B, and non-high-density lipoprotein cholesterol in patients with homozygous familial hypercholesterolemia (HoFH). LIMITATIONS OF USE: The safety and effectiveness of JUXTAPID have not been established in patients with hypercholesterolemia who do not have HoFH, including those with heterozygous familial hypercholesterolemia (HeFH). The effect of JUXTAPID on cardiovascular morbidity and mortality has not been determined.
JUXTAPID can cause elevations in transaminases, as well as increases in hepatic fat, with or without concomitant increases in transaminases. Because of the risk of hepatotoxicity, JUXTAPID is available only through a restricted distribution program called the JUXTAPID REMS PROGRAM. For more detailed information, please see additional Important Safety Information and the Prescribing Information for JUXTAPID.
MYALEPT® (metreleptin) for injection is a leptin analog indicated as an adjunct to diet as replacement therapy to treat the complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy. LIMITATIONS OF USE: The safety and effectiveness of MYALEPT for the treatment of complications of partial lipodystrophy or for the treatment of liver disease, including nonalcoholic steatohepatitis (NASH), have not been established.
Anti-metreleptin antibodies with neutralizing activity have been identified in patients treated with MYALEPT. T-cell lymphoma has been reported in patients with acquired generalized lipodystrophy, both treated and not treated with MYALEPT. For more detailed information, please see additional Important Safety Information and the Prescribing Information for MYALEPT.
CONTACT:
Amanda Murphy, Director, Investor Relations & Corporate Communications
Novelion Therapeutics
857-242-5024
[email protected]
Novelion Therapeutics Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended March 31, 2018 2017 Net revenues $ 27,484 $ 29,984 Cost of product sales 13,505 16,445 Operating expenses: Selling, general and administrative 23,689 24,451 Research and development 11,766 9,300 Restructuring charges — 1,451 Total operating expenses 35,455 35,202 Loss from operations (21,476 ) (21,663 ) Interest expense, net (10,886 ) (9,212 ) Other (expense) income, net (307 ) 52 Loss before provision for income taxes (32,669 ) (30,823 ) Provision for income taxes (159 ) (139 ) Net loss $ (32,828 ) $ (30,962 ) Net loss per common share—basic and diluted $ (1.76 ) $ (1.67 ) Weighted-average common shares outstanding—basic and diluted 18,703 18,540
Novelion Therapeutics Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
March 31, 2018 December 31, 2017 Cash and cash equivalents $ 51,983 $ 55,430 Accounts receivable, net 16,065 22,191 Inventories 52,078 49,826 Prepaid expenses and other current assets 14,171 11,436 Property and equipment, net 2,766 2,920 Intangible assets, net 218,998 225,272 Other non-current assets 2,412 2,247 Total assets $ 358,473 $ 369,322 Accounts payable and accrued liabilities $ 50,291 $ 55,638 Provision for legal settlement 36,789 39,612 Long-term debt 15,218 — Convertible notes, net 267,651 258,538 Other non-current liabilities 1,579 596 Total liabilities 371,528 354,384 Total stockholders’ (deficit) equity (13,055 ) 14,938 Total liabilities and stockholders’ (deficit) equity $ 358,473 $ 369,322
Novelion Therapeutics Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31, 2018 2017 Net loss reconciliation: GAAP net loss $ (32,828 ) $ (30,962 ) Stock-based compensation 906 1,399 Amortization of acquired intangible assets 6,274 6,231 Amortization of debt discount 9,113 7,742 Inventory fair value step-up 3,001 5,452 Restructuring charge related to acquisition — 1,451 Non-GAAP net loss $ (13,534 ) $ (8,687 ) GAAP net loss per common share - basic and diluted $ (1.76 ) $ (1.67 ) Non-GAAP net loss per common share – basic and diluted $ (0.72 ) $ (0.47 ) GAAP and Non-GAAP weighted-average common shares outstanding — basic and diluted 18,703 18,540 Net revenues reconciliation: GAAP and Non-GAAP net revenues $ 27,484 $ 29,984 Cost of product sales reconciliation: GAAP cost of product sales $ 13,505 $ 16,445 Amortization of acquired intangible assets (6,274 ) (6,231 ) Inventory fair value step-up (1,704 ) (5,109 ) Non-GAAP cost of product sales $ 5,527 $ 5,105 Selling, general and administrative expense reconciliation: GAAP selling, general and administrative expenses $ 23,689 $ 24,451 Stock-based compensation (768 ) (1,124 ) Inventory fair value step-up (1,297 ) (343 ) Non-GAAP selling, general and administrative expenses $ 21,624 $ 22,984 Research and development expense reconciliation: GAAP research and development expenses $ 11,766 $ 9,300 Stock-based compensation (138 ) (275 ) Non-GAAP research and development expenses $ 11,628 $ 9,025
Source:Novelion Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-novelion-therapeutics-reports-first-quarter-2018afinancial-results.html |
Analyst: Italy about to have its first populist government in history 2 Hours Ago Valentin Marinov, head of G10 FX research at Credit Agricole CIB, discusses the significance of Italy's incoming government. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/analyst-italy-about-to-have-its-first-populist-government-in-history.html |
May 4 (Reuters) - ALK-ABELLO A/S:
* REG-THREE-MONTH INTERIM REPORT (Q1) 2018
* Q1 TOTAL REVENUE DKK 752 MILLION VERSUS DKK 789 MILLION YEAR AGO
* FULL-YEAR REVENUE IS NOW PROJECTED TO BE MORE THAN DKK 2.7 BILLION (PREVIOUSLY APPROXIMATELY DKK 2.7 BILLION)
* Q1 GLOBAL TABLET SALES GREW BY 22% TO DKK 168 MILLION (140)
* FREE CASH FLOW IS NOW EXPECTED AT MINUS DKK 600 MILLION OR BETTER (PREVIOUSLY APPROXIMATELY MINUS DKK 600 MILLION)
* INVENTORIES ARE SET TO RETURN TO NORMAL DURING 2018. * FY OPERATING PROFIT (EBITDA) IS NOW EXPECTED AT AROUND DKK 0 (PREVIOUSLY MINUS DKK 50 MILLION) Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alk-abello-q1-ebitda-falls-to-dkk/brief-alk-abello-q1-ebitda-falls-to-dkk-92-million-idUSASO000495 |
May 22, 2018 / 12:21 PM / Updated 2 hours ago Commentary: Hedge funds trapped in near-term Brent futures John Kemp 5 Min Read
LONDON (Reuters) - Hedge funds are rolling forward long positions in the Brent futures contract, and in the absence of offsetting factors this is depressing the value of expiring contracts, pushing futures prices into contango. File photo: Employees work on the BP Eastern Trough Area Project (ETAP) oil platform in the North Sea, around 100 miles east of Aberdeen in Scotland. REUTERS/Andy Buchanan/pool
Since the end of June 2017 hedge funds and other money managers have built up a near-record net long position in Brent in the expectation that prices will continue to rise.
Hedge funds held long futures and options positions equivalent to almost 615 million barrels on May 15, according to position reports published by the Intercontinental Exchange.
These were partially offset by short positions amounting to 66 million barrels, giving a net long of almost 549 million barrels.
Fund managers also held 374 million barrels of positions in the calendar spreads, offsetting long and short positions in different contract months.
Some positions were held in the form of options, but most were futures, with a net long position in futures alone amounting to 519 million barrels.
For the Brent contract as a whole, the total number of open positions in futures across all maturities and all market participants was equivalent to 2,704 million barrels.
Of all the open positions, almost 44 percent were concentrated in the first three contracts expiring in July 2018 (437 million barrels), August 2018 (463 million barrels) and September 2018 (281 million barrels).
Unless the hedge fund positions were distributed very differently to other market participants, a substantial number must have been held in the first three months.
In fact, many fund managers, especially those following momentum-based strategies, have a strong preference for liquidity, so they tend to hold their position in the closest and most liquid contract months.
But as those contracts approach expiry, positions must be rolled forward or allowed to terminate automatically with the passage of time ( tmsnrt.rs/2Ln8DBI ).
(Chart 2: tmsnrt.rs/2Ln8DBI )
The rolling forward of long positions tends to push the front end of the futures curve from backwardation towards contango because they involve the simultaneous sale of a near-term contract and purchase of one further forward.
Of course, for every long position there is a short, and the rolling of short positions tends to have the opposite effect, pushing the market from contango towards backwardation.
In theory, the impact of rolling forward long and short positions should be neutral. In practice, different groups of market participants employ different strategies and have a different impact on price formation.
Hedge funds and other money managers tend to be dynamic price-makers rather than passive price-takers because they trade on expectations of where prices will move in future.
The sheer number of hedge fund long positions already established in the market and needing to be rolled forward each month is now weighing on prices at the front end of the curve.
While fund managers were still accumulating net longs between June 2017 and March 2018, the negative impact on near-term calendar spreads was masked by the amount of new buying each month.
But hedge funds have been reducing their net position in Brent since the middle of April. The net position has been cut by 84 million barrels, or 13 percent, since April 10.
If the problem of rolled longs persists, many more hedge funds are likely to try to escape it by shifting positions further along the curve towards contracts expiring in 2019 or 2020.
John Kemp is a Reuters market analyst. The views expressed are his own.
Related columns: | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oil-prices-kemp/commentary-hedge-funds-trapped-in-near-term-brent-futures-idUKKCN1IN1IS |
Hires Alice Nolen, seasoned tax credit practice leader as Director of Sales and Special Projects
ATLANTA--(BUSINESS WIRE)-- Monarch Private Capital (MPC), the most diversified investor in tax credit projects, announces Alice Nolen has joined the company as Director of Sales and Special Projects. Nolen, who has extensive tax technical and legal experience, will assist in the development of initiatives for corporate and individual investors who can benefit from various state and federal tax credit programs that positively impact communities.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180531005310/en/
Monarch Private Capital hires Alice Nolen, a seasoned tax credit practice leader as Director of Sales and Special Projects. (Photo: Business Wire)
“The caliber of talent joining our team is remarkable,” said George Strobel , MPC’s co-CEO and Managing Director of Tax Credit Investments. “Alice Nolen brings world-class tax expertise from both a legal and a tax perspective that will enable us to continue providing our investors and leading companies with the very best tax credit programs and investment structures.”
Prior to MPC, Nolen was the national practice lead for tax credits and incentives at Experis (formerly Jefferson Wells) and has over 15 years of experience in Big 4 public accounting, law, and the tax credit industry. Her primary practice focus has been in the specialty area of multistate taxes, and includes securing credits and incentives for large corporate taxpayers.
“I’m excited to join a company that is focused on making innovative, dynamic and intelligent investments to differentiate itself from others in the industry, as well as position itself to be a leader in the future of tax supported industries,” Nolen said.
Previously, Nolen was a tax senior manager in Deloitte Tax LLP’s credits and incentives group where she secured statutory tax credits and negotiated state and local incentives and training grants in various states and localities on behalf of numerous multi-state companies. At Deloitte she also served as the Southeast leader for the multistate green/sustainability and R&D incentives initiative. Prior to Deloitte, Nolen was tax counsel with Alston & Bird LLP, where her practice included advising clients on various tax incentives issues as well as state tax controversy negotiations and appeals. Nolen holds a BA and a JD from the University of Alabama, and an MBA in finance and accounting from Tulane University. She is an active member of the Georgia Bar and previously worked as a licensed CPA in Georgia.
For more information on MPC’s programs and services, please contact George Strobel at 404-596-8032 or [email protected] .
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S. Please visit monarchprivate.com to learn more.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005310/en/
Monarch Private Capital
Jane Rafeedie, 470-283-8431
[email protected]
Source: Monarch Private Capital (MPC) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-monarch-private-capital-strengthens-tax-and-legal-expertise.html |
May 30, 2018 / 11:44 AM / Updated 28 minutes ago Huddersfield extend Wagner's contract to 2021 Reuters Staff 2 Min Read
LONDON (Reuters) - Huddersfield Town manager David Wagner and his assistants have signed new contracts keeping them at the Premier League club for the next three seasons. FILE PHOTO: Soccer Football - Premier League - Huddersfield Town vs Arsenal - John Smith's Stadium, Huddersfield, Britain - May 13, 2018 Huddersfield Town manager David Wagner applauds the fans at the end of the match Action Images via Reuters/Andrew Boyers
Huddersfield said Wagner, Christoph Buehler and Andrew Hughes agreed deals that will run until the summer of 2021.
“The decision to extend my stay at this club was not a difficult one,” Wagner told the Terriers’ website. (www.htafc.com)
“The relationship Christoph, Andy and I have with (chairman) Dean (Hoyle), the rest of the board, the staff and the supporters is special.
“We’ve achieved some incredible things together in two and a half years and now I’m excited about the future.”
Wagner, who joined the club from Borussia Dortmund II in 2015, kept Huddersfield in the Championship (second tier) before securing their top flight return through the playoffs in 2017 after a 45-year absence.
All three still had a year to run on their existing contracts with the club, who finished 16th in the Premier League last season, four points clear of the drop zone. Reporting by Alan Baldwin; Editing by David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-hdd-wagner/huddersfield-extend-wagners-contract-to-2021-idUKKCN1IV1F3 |
The cryptocurrency industry is getting so hot that dedicated career services are popping up.
On Thursday, CoinDesk, a leading source of cryptocurrency news and organizer of major industry conferences, launched an online "Career Center" with job listings.
It's "no secret demand for blockchain skills is high and that finding talent is a real difficulty," Jacob Donnelly, director of marketing, said in a statement. CoinDesk is also hosting a career fair along with its Consensus conference in New York this month.
Listings of "blockchain" skills skyrocketed more than 6,000 percent in the first quarter from a year ago, online freelancing database Upwork said in a report Tuesday. That's far and away the hottest skill on Upwork, and a slight change from the fourth quarter when "bitcoin" was the fastest-growing skill and blockchain wasn't even on the list.
"There's an explosion of activity around cryptocurrencies because of that extremely volatile, but extremely exciting, nature of bitcoin. There's a lot of millionaires made overnight and drawn a lot of people in," said Andy Challenger, vice president at placement firm Challenger, Gray and Christmas. "There's sort of a gold rush mentality."
Bitcoin grabbed public attention last year when the price of one coin shot up more than 2,000 percent in 12 months to above $19,000. The cryptocurrency was the first application of blockchain technology, which eliminates the need for a third-party intermediary, such as a bank, by quickly creating a permanent, secure record of transactions between two parties. Now, start-ups and corporations alike are testing ways to use blockchain in a host of areas such as energy distribution and supply chain management.
Last year, IBM , Microsoft and Accenture accounted for roughly half of $700 million in global revenues related to blockchain, according to Oppenheimer analysts Shaul Eyal and Tanner Hoban. They noted estimates that the size of the blockchain industry could grow into the tens of billions.
"As the technology matures, we think those blockchain engineers will see absolutely high demand," Eyal said in a phone interview. "Right now it's a little bit of a wild, Wild West with many entrepreneurs trying to jockey for position."
Some analysts say taking the risk in a cryptocurrency role could position someone for a key role in a major corporation down the road.
"If you enter the crypto start-up space and gain some experience in the underlying blockchain technology, it will serve you really well," Challenger said. "It's an industry that requires a certain amount of expertise, and that's a rare commodity."
The cryptocurrency industry is still small — the total market capitalization of all cryptocurrencies to date is about the size of one typical S&P 500 company, according to CoinMarketCap. And as with any nascent trend, the risks are high.
Sometimes a start-up has a good idea, brings people to work on a prototype, but doesn't get funding, said David Gadd, director at tech recruiting firm Proxime Solutions. So the company has to close down.
Still, the Canada-based recruiter said many people are coming out of government and insurance companies to work in blockchain and many financial institutions are also building up their own blockchain teams. Although "no one wants to be seen as the first company to come out with a blockchain project, they have a team ready to go sitting on the bench," Gadd said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/cryptocurrencies-and-blockchain-are-becoming-a-hot-trend-in-the-job-market.html |
SAN DIEGO (AP) _ Airgain Inc. (AIRG) on Thursday reported a first-quarter loss of $1.1 million, after reporting a profit in the same period a year earlier.
The San Diego-based company said it had a loss of 12 cents per share. Losses, adjusted for stock option expense and non-recurring costs, came to 7 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The antenna products developer posted revenue of $13.3 million in the period.
Airgain shares have decreased 11 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $8.04, a decline of 43 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on AIRG at https://www.zacks.com/ap/AIRG | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-airgain-1q-earnings-snapshot.html |
April 30 (Reuters) - U-Tech Co Ltd :
* Says it completed issuance of 9th series unregistered and unsecured private convertible bonds worth 5 billion won
Source text in Korean : goo.gl/Ae47BA
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-u-tech-issues-9th-series-convertib/brief-u-tech-issues-9th-series-convertible-bonds-worth-5-bln-won-idUSL3N1S73X3 |
A few weeks after leaving their jobs in April, Amber Baldet and Patrick Mylund Nielsen are eating deviled eggs at a bar in Brooklyn as they prepare to reveal details about their next act for the first time. On a building a few blocks north, the blue, octagonal logo of their former employer, JPMorgan Chase , is perfectly framed within the sliver of skyline that’s visible from the street.
Baldet, who most recently served as the bank’s blockchain program lead , is cofounding a new startup, Clovyr , that aims to help consumers, developers, and businesses explore the nascent, albeit burgeoning, world of blockchain-based, decentralized technologies, she tells Fortune . She is joined by Nielsen, former lead developer of Quorum , a JPMorgan Chase-built blockchain for business, who will serve as the concern’s chief technologist.
Baldet unveiled a Clovyr demo at the Consensus conference in Manhattan on Monday afternoon. The company is in the process of fundraising.
Clovyr’s product, now under development, is slated to take the form of something akin to an app store, where people and businesses can experiment with a multitude of decentralized apps and services, developer toolsets, and underlying distributed ledgers. The cofounders envision the platform serving as a neutral ground, offering a browser-like dashboard for the blockchain-curious, through which Clovyr can provide support and other services to customers according to their needs.
A screenshot of the Clovyr demo during Baldet and Nielsen's keynote address at Consensus, a cryptocurrency and blockchain conference. Informing the duo’s mission is a belief in the inevitable, creeping convergence of public (Bitcoin-like) and “permissioned” (private, business-friendly) blockchains. Baldet compares businesses’ cautious approach to this brave new world to their leeriness when evaluating public clouds, like Amazon Web Services and Microsoft Azure, in years past.
“When public cloud started to be a thing, a lot of businesses said, Oh, cloud, it’s a great idea architecturally, but we’re going to go ahead and build our own private cloud internally, because it’s safer and we know what we need,” Baldet says. “Now they’re spending millions of dollars to undo a lot of that work in an attempt to migrate to the public clouds that have evolved to the point where they are secure and robust and connected.”
With respect to blockchains, “the conversation on the enterprise side right now feels a little bit like that,” Baldet says.
Businesses have good reason to be cautious about the hype surrounding this new generation of cryptographically sealed databases and virtual moneys , and Baldet is the first person to admit that. But she is taking a long-term view with Clovyr, and aims to provide people with the tools to bridge these two worlds in preparation for their potential, gradual intersection.
As one example of how a traditional company might begin to dabble with a public blockchain, Baldet suggests that tech staff might wish to “pin” a bit of cryptographically secured code associated with the state of a company’s internal networks onto an immutable, public ledger, like Ethereum’s blockchain. This could provide extra security, quality assurance, and auditability for the business, she says, and it is “probably the lowest barrier to entry.”
In addition to Quorum, Baldet and Nielsen say Clovyr will initially be compatible with Parity and Geth, two popular Ethereum software clients. They plan to add other blockchain integrations into the mix as demand dictates, they say.
This theme of creating hybrid blockchain environments—not unlike the development of hybrid cloud environments—is one that Baldet has been hinting at in a spree of talks in recent weeks, including at a recent MIT Technology Review conference and Ethereal , a community-building event put on by the Brooklyn-based Ethereum startup studio ConsenSys.
“Sorry, there’s no ICO,” Baldet jokes, referring to an initial coin offering, a trendy, if legally dubious, way for cryptocurrency-related projects to raise money. But companies interested in interacting with public blockchains can expect Clovyr to help take care of conversions from traditional dollars to cryptocoins for them, should they desire, she says. | ashraq/financial-news-articles | http://fortune.com/2018/05/14/blockchain-jpmorgan-chase-amber-baldet-clovyr/ |
May 19, 2018 / 2:01 PM / Updated 34 minutes ago IPL Scoreboard Reuters Staff 3 Min Read May 19 (OPTA) - Scoreboard at close of play on the first day of match 53 between Rajasthan Royals and Royal Challengers Bangalore on Saturday at Jaipur, India Rajasthan Royals win by 30 runs Rajasthan Royals 1st innings Rahul Tripathi Not Out 80 Jofra Archer c Parthiv Patel b Umesh Yadav 0 Ajinkya Rahane lbw Umesh Yadav 33 Sanju Samson c Moeen Ali b Umesh Yadav 0 Heinrich Klaasen c Moeen Ali b Mohammed Siraj 32 Krishnappa Gowtham Run Out Parthiv Patel 14 Extras 0b 1lb 0nb 0pen 4w 5 Total (20.0 overs) 164-5 Fall of Wickets : 1-2 Archer, 2-101 Rahane, 3-101 Samson, 4-149 Klaasen, 5-164 Gowtham Did Not Bat : Binny, Laughlin, Gopal, Sodhi, Unadkat Bowling Ov Md Rn Wk Econ Ex Yuzvendra Chahal 4 0 26 0 6.50 Umesh Yadav 4 1 25 3 6.25 Moeen Ali 2 0 19 0 9.50 Tim Southee 4 0 37 0 9.25 1w Mohammed Siraj 4 0 33 1 8.25 Colin de Grandhomme 2 0 23 0 11.50 3w Royal Challengers Bangalore 1st innings Virat Kohli b Krishnappa Gowtham 4 Parthiv Patel st Heinrich Klaasen b Shreyas Gopal 33 AB de Villiers st Heinrich Klaasen b Shreyas Gopal 53 Moeen Ali c&b Shreyas Gopal 1 Mandeep Singh st Heinrich Klaasen b Shreyas Gopal 3 Colin de Grandhomme c Ajinkya Rahane b Ish Sodhi 2 Sarfaraz Khan c Heinrich Klaasen b Ben Laughlin 7 Tim Southee c Krishnappa Gowtham b Jaydev Unadkat 14 Umesh Yadav b Ben Laughlin 0 Mohammed Siraj c Krishnappa Gowtham b Jaydev Unadkat 14 Yuzvendra Chahal Not Out 0 Extras 1b 1lb 0nb 0pen 1w 3 Total (19.2 overs) 134 all out Fall of Wickets : 1-20 Kohli, 2-75 Patel, 3-77 Ali, 4-85 Singh, 5-96 de Grandhomme, 6-98 de Villiers, 7-108 Khan, 8-108 Yadav, 9-128 Southee, 10-134 Siraj Bowling Ov Md Rn Wk Econ Ex Krishnappa Gowtham 2 0 6 1 3.00 Jofra Archer 4 0 37 0 9.25 1w Ben Laughlin 2 0 15 2 7.50 Jaydev Unadkat 3.2 0 27 2 8.10 Shreyas Gopal 4 0 16 4 4.00 Ish Sodhi 4 0 31 1 7.75 Umpire Virender Sharma Umpire Bruce Oxenford Video Chettithody Shamsuddin Match Referee Andrew Pycroft | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idUKMTZXEE5JZAWDB1 |
May 2, 2018 / 10:16 AM / Updated 3 hours ago Netanyahu accuses Palestinian leader of anti-Semitism, Holocaust denial Stephen Farrell 4 Min Read
JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu accused Mahmoud Abbas of anti-Semitism and Holocaust denial on Wednesday after the Palestinian leader suggested in a speech that historic persecution of European Jews had been caused by their conduct. FILE PHOTO: Israeli Prime Minister Benjamin Netanyahu attends the weekly cabinet meeting at the Prime Minister's office in Jerusalem April 15, 2018. Gali Tibbon/Pool via Reuters/File Photo
Jewish groups and diplomats also condemned Abbas’ comments, made in a speech on Monday to the Palestinian National Council, that Jews had suffered historically not because of their religion but because they had served as bankers and money lenders.
“It would appear that, once a Holocaust denier, always a Holocaust denier,” Netanyahu said on Twitter.
“I call upon the international community to condemn the grave anti-Semitism of Abu Mazen (Abbas), which should have long since passed from this world.”
Abbas said in his speech that Jews living in Europe had suffered massacres “every 10 to 15 years in some country since the 11th century and until the Holocaust”.
Citing books written by various authors, Abbas argued: “They say hatred against Jews was not because of their religion, it was because of their social profession. So the Jewish issue that had spread against the Jews across Europe was not because of their religion, it was because of usury and banks.”
“CLASSIC ANTI-SEMITE”
Responding to the Israeli criticism, chief Palestinian negotiator Saeb Erekat said Abbas’ words had been “twisted” and that he had been citing the views of some historians.
“The president did not deny the massacres the Jews were subject to, including the Holocaust,” Erekat said in a statement published on the official Palestinian news agency WAFA. “President Abbas has stressed frequently his respect for the religion of Judaism, and that our problem is with who occupies our land.”
But Jewish leaders and others echoed Netanyahu’s criticism.
“Abbas’ speech in Ramallah are the words of a classic anti-Semite,” said Marvin Hier and Abraham Cooper of the U.S.-based Jewish human rights organization the Simon Wiesenthal Center.
“Instead of blaming the Jews, he should look in his own backyard to the role played by the Grand Mufti in supporting Adolf Hitler’s Final Solution,” they added.
They were referring to Muslim Grand Mufti Haj Amin Husseini, a World War Two ally of Adolf Hitler, whose “Final Solution” led to the killing of six million Jews in Europe.
In Jerusalem, U.N. Middle East envoy Nickolay Mladenov called Abbas’ comments “deeply disturbing”.
“Leaders have an obligation to confront anti-Semitism everywhere and always, not perpetuate the conspiracy theories that fuel it,” he said.
U.S. Ambassador to Israel David Friedman tweeted that Abbas had “reached a new low in attributing the cause of massacres of Jewish people over the years to their ‘social behavior’”.
German Foreign Minister Heiko Maas and the foreign service of the European Union, the biggest donor of aid to the Palestinians, also condemned the comments.
Abbas, 82, made his remarks in the West Bank city of Ramallah at a rare meeting of the Palestinian National Council, the de facto parliament of the Palestine Liberation Organisation (PLO), which Abbas heads.
A veteran member of Fatah, the dominant faction of the PLO, Abbas served for decades as a loyal deputy of his predecessor, Yasser Arafat. He assumed the leadership of Fatah, the PLO and the Palestinian Authority after Arafat died in 2004.
Abbas was born in 1935 in Safat, a town in the north of what was then British-ruled Palestine. His family became refugees in 1948, fleeing across the border to Syria as violence intensified between Jews and Arabs, culminating in war between the newly created State of Israel and its Arab neighbours in May 1948.
In 1982 Abbas obtained a doctorate in history at the Moscow Institute of Orientalism in the then-Soviet Union. His dissertation, entitled “The Secret Relationship between Nazism and the Zionist Movement”, drew widespread criticism from Jewish groups, who accused him of Holocaust denial. Palestinian President Mahmoud Abbas waves in Ramallah, in the occupied West Bank May 1, 2018. REUTERS/Mohamad Torokman Additional reporting by Berlin and Brussels bureaus; Reporting by Stephen Farrell, Nidal al-Mughrabi, Ali Sawfta, Ari Rabinovitch; Editing by Gareth Jones | ashraq/financial-news-articles | https://in.reuters.com/article/israel-palestinians-abbas-netanyahu/netanyahu-accuses-palestinian-leader-abbas-of-anti-semitism-holocaust-denial-idINKBN1I315W |
CORRECTED-GRAINS-Corn hits 6-day high as forecast rain expected to delay sowing Published 10 Hours Ago Reuters
sowing@ (Corrects headline to show that rain is forecast, not that it has already started to fall) SYDNEY, corn futures edged higher on Wednesday as forecasts for rains stoked concerns of planting delays, pushing prices to a six-day high.
FUNDAMENTALS
* The most active corn futures on the Chicago Board Of Trade were up 0.1 percent to $4.02-3/4 a bushel by 0140 GMT, near the session high of $4.03-1/4 a bushel - the highest since May 10. Corn gained 1.5 percent in the previous session.
* The most active soybean futures were down 0.4 percent to $10.14-1/4 a bushel, having firmed 0.1 percent on Tuesday.
* The most active wheat futures were up 0.2 percent to $4.92-1/4 a bushel, having closed up 0.5 percent on Wednesday.
* The U.S. Agriculture Department on Monday afternoon said the U.S. winter wheat crop was rated 36 percent good to excellent as of May 14, up 2 percentage points from a week earlier.
* USDA pegged corn planting progress at 62 percent, up from 39 percent a week earlier. The five-year average for mid-May is 63 percent.
* Forecasts call for rains across the U.S. Midwest, threatening sowing pace.
* The U.S. soybean crush in April jumped by almost 16 percent from the same month a year ago as soybean plants processed their largest-ever volume of beans for the month of April, the National Oilseed Processors Association said.
MARKET NEWS
* The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week.
* 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 surge in U.S. government bond yields to their highest level in almost seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.
DATA AHEAD (GMT)
0130 China House prices Apr 1230 U.S. Housing starts Apr 1230 U.S. Building permits Apr 1315 U.S. Industrial production Apr
Grains prices at 0140 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 494.25 0.75 +0.15% +0.61% 498.98 45 CBOT corn 402.75 0.50 +0.12% +1.58% 397.85 67 CBOT soy 1014.25 -4.50 -0.44% -0.34% 1040.58 47 CBOT rice 12.51 $0.03 +0.20% +0.04% $12.98 50 WTI crude 70.98 -$0.33 -0.46% +0.03% $68.08 64
Currencies
Euro/dlr $1.183 -$0.001 -0.10% -0.84% USD/AUD 0.7457 -0.001 -0.19% -0.90%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham Editing by Vyas Mohan) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-corrected-grains-corn-hits-6-day-high-as-forecast-rain-expected-to-delay-sowing.html |
May 22 (Reuters) - Red Hat Inc:
* SAYS TATA COMMUNICATIONS SELECTED RED HAT CLOUD SUITE TO HELP ENHANCE ITS IZO PRIVATE CLOUD SERVICE Source text: bit.ly/2s1Bwv2 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-red-hat-says-tata-communications-s/brief-red-hat-says-tata-communications-selects-red-hat-cloud-suite-idUSFWN1ST0KJ |
May 4, 2018 / 10:28 AM / in 4 minutes Sri Lanka to sign deals with Total, Schlumberger for seismic study Ranga Sirilal 2 Min Read
COLOMBO (Reuters) - Sri Lanka will sign agreements with French oil and gas major Total and a subsidiary of U.S. firm Schlumberger for a seismic study off its east coast to evaluate any prospective oil resources, a top official said on Friday. FILE PHOTO: The logo of French oil giant Total is pictured at its first gas station in Mexico City, Mexico January 25, 2018. REUTERS/Daniel Becerril/File Photo
Vajira Dassanayake, the director general at Petroleum Resources Development Secretariat (PRDS), said a first deal signed with Total in 2016 to conduct a study off the eastern coast did not take place due to “some issues”.
“We are hoping to sign a new agreement with Total later this month,” Dassanayake told Reuters.
Total had earlier signed a two-year agreement with PRDS to survey around 50,000 sq km off the east coast from the air, at a cost of $25 million to acquire data on unexplored areas.
Dassanayake said Total will invest $3 million to $10 million for the seismic study, while Eastern Echo Holding Ltd, a subsidiary of Schlumberger, will carry it out.
“It’s a marine survey. There will be more resources allocated this time compared to the previous agreement. They will have the marketing exclusivity for a certain period until they recover their cost,” Dassanayake said.
“Actual ownership of the data will be with the government of Sri Lanka. They (Total) have one year to negotiate with us and to give us a favorable contract for production and sharing.”
Officials from Total and Schlumberger did not immediately respond to requests for comment.
Sri Lanka produces no oil and is dependent on imports for all of its fuel requirements, despite trying to reinvigorate oil and gas exploration after the end nine years ago of its 25-year civil war with Tamil separatists.
Importing oil cost the island $3.2 billion in 2017. Reporting by Ranga Sirilal; Writing by Shihar Aneez; Editing by Tom Hogue | ashraq/financial-news-articles | https://www.reuters.com/article/us-sri-lanka-oil-exploration/sri-lanka-to-sign-deals-with-total-schlumberger-for-seismic-study-idUSKBN1I512V |
Asia KKR shares jump after private equity firm announces structuring change Private equity firm KKR says it plans to convert to a corporation from a partnership, effective July 1. As a corporation, KKR plans to pay an annualized dividend of 50 cents per common share and increase its authorized share repurchase amount to $500 million. Daniel Acker | Bloomberg | Getty Images Henry Kravis, co-founder of KKR
KKR shares jumped Thursday after the private equity firm announced a plan to convert to a corporation from a partnership.
Shares traded more than 3.5 percent higher Thursday morning. During the premarket, it had gained as much as 10 percent. A corporation allows shareholders to receive more of a company's profits than a partnership, in which the partners have a greater stake.
The conversion to a corporation will become effective July 1, the company said in an earnings release Thursday.
As a corporation, KKR plans to pay an annualized dividend of 50 cents per common share and increase its authorized share repurchase amount to $500 million.
"KKR's conversion from a partnership to a corporation is designed to broaden our investor base, simplify our structure and make it easier to invest in our shares," Henry R. Kravis and George R. Roberts, co-chairmen and co-CEOs of KKR, said in a statement.
"We believe this change, together with continued strong performance, will increase our ability to generate significant long-term equity value for all of our shareholders," they said.
The private equity firm also reported quarterly earnings that beat expectations on the top and bottom lines, according to FactSet.
Shares of other private equity companies rose Thursday morning. Blackstone traded just over half a percent higher, as did Apollo Global Management . Carlyle gained more than 2.5 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/kkr-shares-jumps-10-percent-after-private-equity-firm-announces-structuring-change.html |
May 31, 2018 / 7:59 AM / Updated 2 minutes ago Japan Post Insurance ready to buy short-term Italian debt: CIO Tomo Uetake , Hideyuki Sano 3 Min Read
TOKYO (Reuters) - Japan Post Insurance Co, one of the largest Japanese institutional investors, is looking to buy short-term Italian government bonds after the recent sell-off made them inexpensive, its chief investment officer said.
The firm, also known as Kampo, holds 76.8 trillion yen ($707 billion) of assets and has limited exposure to Italian debt after having reduced its holdings by two-thirds before the country’s election on March 4, Atsushi Tachibana told Reuters.
“We are looking to buy short-term Italian bonds now,” Tachibana said, adding that he expects volatility to remain high and present good buying opportunities when the market overreacts.
Kampo’s current Italian debt exposure amounts to 1 percent of its total foreign debt holdings. That would suggest about 70 billion yen ($644.5 million) based on its latest disclosure, which puts its holdings of foreign bonds at around 7 trillion yen.
“We thought Italian political risks were underestimated when the two-year Italian yield was so close to the German yields ahead of the election,” Tachibana said.
The two-year Italian debt yield was around minus 0.10-0.20 percent, compared to minus 0.60 percent, just before the inconclusive election.
It spiked to almost 3 percent on Tuesday, marking the biggest one-day rise since 1992, after the two anti-establishment parties clashed with the country’s president who rejected their choice of an eurosceptic economist as finance minister.
Tachibana said Japan Post sought to buy some Italian bonds on Wednesday only to be hindered by wide bid-offer spreads.
“The market seemed to be overreacting. I don’t think Italy would default on its debts.”
Kampo is the insurance arm of formerly state-owned conglomerate Japan Post Holdings and has been increasing investments in riskier assets since it was partially privatized in 2015.
In the last financial year, it was one of the most aggressive buyers of foreign bonds among Japanese insurers, boosting its holdings by 1 trillion yen.
Japan’s largest private insurer Nippon Life, which holds some 4.8 trillion yen ($44 billion) worth of euro zone bonds, said on Wednesday it had no plans for now to buy or sell its Italian debt holdings.
Since the middle of last year, many Japanese investors have been piling into European bonds because their yields after currency hedging are attractive.
From October to March, Japanese investors bought 1.57 trillion yen of German bonds, 2.09 trillion yen of French bonds, 695 billion yen of Spanish bonds and 266 billion yen of Irish bonds.
But Japanese investors have taken a cautious stance on Italian bonds in the past half year, buying only 52 billion yen.
($1 = 108.62 yen) | ashraq/financial-news-articles | https://www.reuters.com/article/us-japanpostinsurance-bonds-italy/japan-post-insurance-ready-to-buy-short-term-italian-debt-cio-idUSKCN1IW0S9 |
First-Quarter Financial Highlights
Strong net sales of $977 million; year-over-year growth of 13% Net income of $109 million and net income per diluted share of $2.01 Non-GAAP diluted EPS increased 87% year-over-year to $2.56 Adjusted EBITDA increased 37% year-over-year to $204 million; and adjusted EBITDA margin expanded 370 basis points year-over-year to 20.9% $116 million of cash from operations and $98 million of free cash flow; $95 million reduction of total debt
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)-- Zebra Technologies Corporation (NASDAQ: ZBRA), the market leader in rugged mobile computers, barcode scanners and barcode printers enhanced with software and services to enable real-time enterprise visibility, today announced results for the first quarter ended March 31, 2018.
“Our first quarter results were driven by strong broad-based market demand for our solutions and excellent operational execution by our team. We delivered net sales, EBITDA margin, and earnings per share above the respective guidance ranges. We also continued to aggressively retire debt, reducing our net leverage ratio to 2.8x,” said Anders Gustafsson, chief executive officer of Zebra Technologies. “Given our sales and margin outperformance, we are raising our full-year outlook for sales growth, EBITDA margin, and free cash flow. We continue to be laser focused on providing innovative solutions that give our customers a performance edge on the front lines of their business operations.”
$ in millions, except per share amounts 1Q18 1Q17 Change Select reported measures: Net sales $ 977 $ 865 12.9 % Gross profit 465 401 16.0 % Net income 109 8 NM Net income per diluted share $ 2.01 $ 0.16 NM Select Non-GAAP measures: Adjusted net sales $ 977 $ 866 12.8 % Organic net sales growth 9.8 % Adjusted gross profit 466 402 15.9 % Adjusted gross margin 47.7 % 46.4 % 130 bps Adjusted EBITDA 204 149 36.9 % Adjusted EBITDA margin 20.9 % 17.2 % 370 bps Non-GAAP net income $ 138 $ 72 91.7 % Non-GAAP earnings per diluted share $ 2.56 $ 1.37 86.9 % Reported (GAAP) results
Net sales were $977 million in the first quarter of 2018 compared to $865 million in the first quarter of 2017. Net sales in the Enterprise Visibility & Mobility ("EVM") segment were $625 million in the first quarter of 2018 compared with $544 million in the first quarter of 2017. Asset Intelligence & Tracking ("AIT") segment net sales were $352 million in the first quarter of 2018 compared to $322 million in the prior year period. First-quarter 2018 gross profit was $465 million compared to $401 million in the comparable prior year period. Net income for the first quarter of 2018 was $109 million, or $2.01 per diluted share, compared to net income of $8 million, or $0.16 per diluted share, for the first quarter of 2017.
As of January 1, 2018, the company adopted revenue standard ASC 606. Revenue would have been $1 million higher for the three-month period ended March 31, 2018 had the Company continued to follow our accounting policies under the previous revenue recognition guidance.
Adjusted (Non-GAAP) results
Consolidated adjusted net sales were $977 million in the first quarter of 2018 compared to $866 million in the prior year period, an increase of 12.8%. Consolidated organic net sales growth for the first quarter was 9.8% reflecting growth across all regions, most notably EMEA and North America. First-quarter year-over-year organic net sales growth was 11.7% in the EVM segment and 6.4% in the AIT segment.
Consolidated adjusted gross margin for the first quarter of 2018 was 47.7%, compared to 46.4% in the prior year period. This increase was due to favorable business mix and the favorable impact of currency changes, primarily in the EMEA region. Adjusted operating expenses increased in the first quarter of 2018 to $282 million from $272 million in the prior year period primarily due to growth in the business and increased incentive compensation expense related to improved operating results.
Adjusted EBITDA for the first quarter of 2018 increased to $204 million, or 20.9% of adjusted net sales, compared to $149 million, or 17.2% of adjusted net sales, for the first quarter of 2017 primarily due to higher sales and gross profit margin.
Non-GAAP net income for the first quarter of 2018 was $138 million, or $2.56 per diluted share, compared with $72 million, or $1.37 per diluted share, for the first quarter of 2017. Lower interest costs and a lower tax rate also drove year-over-year improvement.
Balance Sheet and Cash Flow
As of March 31, 2018, the company had cash and cash equivalents of $64 million and total debt of $2,133 million.
Free cash flow in the first quarter of 2018 was $98 million, consisting of $116 million of cash flow from operations and capital expenditures of $18 million. In the first quarter, the company made $95 million in long-term debt payments and $26 million in scheduled cash interest payments.
Outlook
Second Quarter 2018
The company entered the second quarter of 2018 with a strong order backlog and expects second-quarter 2018 net sales to increase approximately 9% to 12% from the second quarter of 2017. This expectation includes an approximately 3 percentage point positive impact from foreign currency translation.
Adjusted EBITDA margin is expected to be in the range of 18.5% to 19.0% for the second quarter 2018, favorable to the prior year period. Non-GAAP earnings per diluted share are expected to be in the range of $2.10 to $2.30. This assumes an effective tax rate of approximately 16% to 17%.
Full Year 2018
The company now expects full year 2018 net sales growth to increase approximately 6% to 9%, which is favorable to our prior outlook and includes an anticipated 2 percentage point positive impact from foreign currency translation.
Adjusted EBITDA margin is now expected to be approximately 20% for the full year 2018, which is favorable to our prior outlook and an improvement compared to the full year 2017.
For the full year 2018, the company expects free cash flow to exceed $500 million, which is favorable to our prior outlook, and to reduce financial leverage.
Conference Call Notification
Investors are invited to listen to a live webcast of Zebra’s conference call regarding the company’s financial results for the first quarter of 2018. The conference call will be held today, Tuesday, May 8, at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To view the webcast, visit the investor relations section of the company’s website at investors.zebra.com .
About Zebra
With the unparalleled operational visibility Zebra (NASDAQ: ZBRA) provides, enterprises become as smart and connected as the world we live in. Real-time information – gleaned from visionary solutions including hardware, software and services – gives organizations the competitive edge they need to simplify operations, know more about their businesses and customers, and empower their mobile workers to succeed in today’s data-centric world. For more information, visit www.zebra.com or sign up for our news alerts . Follow us on LinkedIn , Twitter and Facebook .
Forward-Looking Statements
This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company’s outlook. Actual results may differ from those expressed or implied in the company’s forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.
These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra’s industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra’s hardware and software products and competitors’ product offerings, and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the availability of credit and capital markets volatility may have adverse effects on Zebra, its suppliers and its customers. In addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will be affected by Zebra’s ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the large percentage of our international sales. The outcome of litigation in which Zebra may be involved is another factor. The success of integrating acquisitions could also affect profitability, reported results and the company’s competitive position in its industry. These and other factors could have an adverse effect on Zebra’s sales, gross profit margins and results of operations and increase the volatility of our financial results. When used in this release and documents referenced, the words “anticipate,” “believe,” “outlook,” and “expect” and similar expressions, as they relate to the company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could affect the company’s future operations and results can be found in Zebra’s filings with the Securities and Exchange Commission, including the company’s most recent Form 10-K.
Information regarding the impact of the TCJA consists of preliminary estimates, based on current calculations, interpretations, assumptions and expectations. These estimates may change materially as we learn additional information about and obtain additional guidance on the TCJA.
Use of Non-GAAP Financial Information
This press release contains certain Non-GAAP financial measures, consisting of “adjusted net sales,” “adjusted gross profit,” “EBITDA,” “Adjusted EBITDA,” “Non-GAAP net income,” “Non-GAAP earnings per share,” “free cash flow,” “organic net sales growth,” and “adjusted operating expenses.” Management presents these measures to focus on the on-going operations and believes it is useful to investors because they enable them to perform meaningful comparisons of past and present operating results. The company believes it is useful to present Non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its ongoing operations and how management views the business. Please see the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables and accompanying disclosures at the end of this press release for more detailed information regarding non-GAAP financial measures herein, including the items reflected in adjusted net earnings calculations. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.
The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis (including the information under “Outlook” above) where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, are out of the company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share, the most directly comparable forward-looking GAAP financial measure. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
As a global company, Zebra's operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations because the underlying foreign currencies in which the company transacts change in value over time compared to the U.S. dollar; accordingly, the company presents certain organic growth financial information, which includes impacts of foreign currency translation, to provide a framework to assess how the company’s businesses performed excluding the impact of foreign currency exchange rate fluctuations. Foreign currency impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S. dollar. This impact is calculated by translating, for certain currencies, current period results at the currency exchange rates used in the comparable period in the prior year, rather than the exchange rates in effect during the current period. In addition, the company excludes the impact of its foreign currency hedging program in both the current year and prior year periods. The company believes these measures should be considered a supplement to and not in lieu of the company’s performance measures calculated in accordance with GAAP.
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data)
March 31, December 31, 2018 2017 (Unaudited) Assets Current assets: Cash and cash equivalents $ 64 $ 62 Accounts receivable, net of allowances for doubtful accounts of $2 million and $3 million as of March 31, 2018 and December 31, 2017, respectively
471 479 Inventories, net 448 458 Income tax receivable 31 40 Prepaid expenses and other current assets 39 24 Total Current assets 1,053 1,063 Property, plant and equipment, net 262 264 Goodwill 2,463 2,465 Other intangibles, net 276 299 Long-term deferred income taxes 115 119 Other long-term assets 80 65 Total Assets $ 4,249 $ 4,275 Liabilities and Stockholders’ Equity Current liabilities: Current portion of long-term debt $ 43 $ 51 Accounts payable 411 424 Accrued liabilities 221 296 Deferred revenue 201 186 Income taxes payable 56 43 Total Current liabilities 932 1,000 Long-term debt 2,090 2,176 Long-term deferred revenue 144 148 Other long-term liabilities 102 117 Total Liabilities 3,268 3,441 Stockholders’ Equity: Preferred stock, $.01 par value; authorized 10,000,000 shares; none issued — — Class A common stock, $.01 par value; authorized 150,000,000 shares; issued 72,151,857 shares 1 1 Additional paid-in capital 266 257 Treasury stock at cost, 18,755,228 and 18,915,762 shares at March 31, 2018 and December 31, 2017, respectively (616 ) (620 ) Retained earnings 1,376 1,248 Accumulated other comprehensive loss (46 ) (52 ) Total Stockholders’ Equity 981 834 Total Liabilities and Stockholders’ Equity $ 4,249 $ 4,275 ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share data)
(Unaudited)
Three Months Ended March 31, April 1, 2018 2017 Net sales Net sales of tangible products $ 839 $ 735 Revenue from services and software 138 130 Total Net sales 977 865 Cost of sales: Cost of sales of tangible products 423 379 Cost of services and software 89 85
Total Cost of sales 512 464 Gross profit 465 401 Operating expenses: Selling and marketing 120 109 Research and development 101 96 General and administrative 71 75 Amortization of intangible assets 23 50 Acquisition and integration costs 2 27 Exit and restructuring costs 4 4 Total Operating expenses 321 361 Operating income 144 40 Other expenses: Foreign exchange loss — (1 ) Interest expense, net (11 ) (41 ) Total Other expenses (11 ) (42 ) Income (loss) before income taxes 133 (2 ) Income tax expense (benefit) 24 (10 ) Net income $ 109 $ 8 Basic earnings per share $ 2.04 $ 0.16 Diluted earnings per share $ 2.01 $ 0.16 Basic weighted average shares outstanding 53,286,249 51,842,025 Diluted weighted average and equivalent shares outstanding 53,985,755 52,946,883 ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)
(Unaudited)
Three Months Ended March 31, April 1, 2018 2017 Cash flows from operating activities: Net income $ 109 $ 8 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 43 69 Amortization of debt issuance costs and discounts 2 4 Share-based compensation 10 7 Deferred income taxes (2 ) (9 ) Unrealized gain on forward interest rate swaps (12 ) — Other, net (1 ) 1 Changes in operating assets and liabilities: Accounts receivable, net 9 79 Inventories, net 6 (31 ) Other assets (7 ) 17 Accounts payable (12 ) (52
) Accrued liabilities (74 ) —
Deferred revenue 19 30 Income taxes 22 (2 ) Other operating activities 4 (4 ) Net cash provided by operating activities 116 117 Cash flows from investing activities: Purchases of property, plant and equipment (18 ) (13 ) Purchases of long-term investments (2 ) —
Net cash used in investing activities (20 ) (13 ) Cash flows from financing activities: Payments of long-term debt (95 ) (80 ) Proceeds from exercise of stock options and stock purchase plan purchases 3 4 Taxes paid related to net share settlement of equity awards — (2 ) Net cash used in financing activities (92 ) (78 ) Effect of exchange rate changes on cash (2 ) (2 ) Net increase in cash and cash equivalents 2 24 Cash and cash equivalents at beginning of period 62 156 Cash and cash equivalents at end of period $ 64 $ 180 Supplemental disclosures of cash flow information: Income taxes paid $ 2 $ 5 Interest paid $ 26 $ 16 ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES RECONCILIATION OF ORGANIC NET SALES GROWTH (UNAUDITED)
Three Months Ended March 31, 2018 AIT EVM Consolidated Reported GAAP Consolidated Net sales growth 9.3 % 14.9 % 12.9 % Adjustments: Impact of foreign currency translation (1) (2.9 )% (3.2 )% (3.1 )% Organic Net sales growth 6.4 % 11.7 % 9.8 % (1) Operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations. Foreign currency translation impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S. dollar. This impact is calculated by translating, for certain currencies, the current period results at the currency exchange rates used in the comparable prior year period, rather than the exchange rates in effect during the current period. In addition, we exclude the impact of the company’s foreign currency hedging program in both the current and prior year periods. ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP GROSS MARGIN (In millions)
(Unaudited)
Three Months Ended March 31, 2018 April 1, 2017 AIT EVM Consolidated AIT EVM Consolidated (1) GAAP
Reported Net sales (1) $ 352 $ 625 $ 977 $ 322 $ 544 $ 865 Reported Gross profit 183 282 465 162 240 401 Gross Margin 52.0 % 45.1 % 47.6 % 50.3 % 44.1 % 46.4 % Non-GAAP
Adjusted Net sales $ 352 $ 625 $ 977 $ 322 $ 544 $ 866 Adjusted Gross profit (2) 183 283 466 162 240 402 Adjusted Gross Margin 52.0 % 45.3 % 47.7 % 50.3 % 44.1 % 46.4 % (1) Fiscal 2017 consolidated results include corporate eliminations which are related to the Enterprise Acquisition in October 2014 and are not reported in segment results. (2) Adjusted Gross profit excludes purchase accounting adjustments and share-based compensation expense. ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (In millions, except share data)
(Unaudited)
Three Months Ended March 31, April 1, 2018 2017 Net income $ 109 $ 8 Adjustments to Net sales (1) Purchase accounting adjustments — 1 Total adjustment to Net sales — 1 Adjustments to Cost of sales (1) Share-based compensation 1 — Total adjustments to Cost of sales 1 — Adjustments to Operating expenses (1) Amortization of intangible assets 23 50 Acquisition and integration costs 2 27 Share-based compensation 10 8 Exit and restructuring costs 4 4 Total adjustments to Operating expenses 39 89 Adjustments to Other expenses, net (1) Amortization of debt issuance costs and discounts 2 4 Foreign exchange loss — 1 Forward interest rate swaps gain (12 ) — Total adjustments to Other expenses, net (10 ) 5 Income tax effect of adjustments (2) Reported income tax expense (benefit) 24 (10 ) Adjusted income tax expense (25 ) (21 ) Total adjustments to income tax (1 ) (31 ) Total adjustments 29 64 Non-GAAP Net income $ 138 $ 72 GAAP earnings per share Basic $ 2.04 $ 0.16 Diluted $ 2.01 $ 0.16 Non-GAAP earnings per share Basic $ 2.59 $ 1.40 Diluted $ 2.56 $ 1.37 Non-GAAP weighted average shares outstanding (3) Basic 53,286,249 51,842,025 Diluted 53,985,755 52,946,883 (1) Presented on a pre-tax basis. (2) Represents the adjustment to the GAAP basis tax provision commensurate with non-GAAP adjustments. (3) In periods of loss, Non-GAAP weighted-average shares exclude restricted stock awards and performance stock awards within basic and dilutive weighted-average share computations. Share-based compensation awards that are dilutive in nature are included within weighted-average dilutive share computations. ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES GAAP to NON-GAAP RECONCILIATION (In millions)
(Unaudited)
EBITDA
Three Months Ended March 31, April 1, 2018 2017 Net income $ 109 $ 8 Add back: Depreciation 20 19 Amortization of intangible assets 23 50 Total Other expenses, net 11 42 Income tax expense 24 (10 ) EBITDA (Non-GAAP) 187 109 Adjustments to Net sales Purchase accounting adjustments — 1 Total adjustments to Net sales — 1 Adjustments to Cost of sales Share-based compensation 1 — Total adjustments to Cost of sales 1 — Adjustments to Operating expenses Acquisition and integration costs 2 27 Share-based compensation 10 8 Exit and restructuring costs 4 4 Total adjustments to Operating expenses 16 39 Total adjustments to EBITDA 17 40 Adjusted EBITDA (Non-GAAP) $ 204 $ 149 Adjusted EBITDA % of Adjusted Net Sales 20.9 % 17.2 % FREE CASH FLOW
Three Months Ended March 31, April 1, 2018 2017 Net cash provided by operating activities $ 116 $ 117 Less: Purchases of property, plant and equipment (18 ) (13 ) Free cash flow (Non-GAAP) (1) $ 98 $ 104 (1) Free cash flow is defined as Net cash provided by operating activities in a period minus purchases of property, plant and equipment (capital expenditures) made in that period. This measure does not represent residual cash flows available for discretionary expenditures as the measure does not deduct the payments required for debt service and other contractual obligations or payments for future business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statements of cash flows.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005442/en/
Zebra Technologies Corporation
Investors
Michael Steele, CFA, IRC
Vice President, Investor Relations
Phone: + 1 847 793 6707
[email protected]
or
Media
Therese Van Ryne
Director, Global Public Relations
Phone: + 1 847 370 2317
[email protected]
Source: Zebra Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-zebra-technologies-announces-first-quarter-2018-results.html |
OTTAWA—The Bank of Canada kept its benchmark interest rate unchanged at 1.25% on Wednesday and signaled the next rate increase could come soon, despite ongoing concerns over trade uncertainty.
In a statement that was largely positive about Canada’s domestic outlook, the central bank said first-quarter economic data was stronger than expected and inflation was close to its 2% target. The economic outlook for the U.S., Canada’s biggest trading partner, also may be improving, the bank said.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/bank-of-canada-holds-key-interest-rate-at-1-25-1527689488 |
April 30(Reuters) - Zhonghe Co Ltd
* Says no dividend payment for 2017
Source text in Chinese: goo.gl/HghLy7
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhonghe-announces-no-dividend-paym/brief-zhonghe-announces-no-dividend-payment-for-2017-idUSL3N1S72KO |
LONDON (Reuters) - Royal Bank of Scotland’s ( RBS.L ) shares rose as much as 6 percent on Thursday after the bank reached a $4.9 billion settlement with U.S. authorities, opening the way for its privatization and return of cash to taxpayers who bailed it out in the financial crisis.
The fine, much lower than expected, resolves a U.S. Department of Justice investigation into the British bank’s sale of mis-priced mortgage-backed securities in the run-up to the crisis and clears one of its most debilitating hangovers from that era.
“It’s very humbling to have to announce a settlement of this magnitude,” the bank’s finance director Ewen Stevenson told reporters.
The agreement clears the way for RBS to restore its dividend and for the government to start selling down its more than 70 percent stake.
RBS executives said that it would take a few weeks to finish the paperwork, but the total penalty was unlikely to increase. Analysts had estimated a DOJ fine of up to $12 billion.
“The number is a firm number,” Stevenson said.
RBS said it would be able to cover the bulk of the penalty out of existing provisions alongside a $1.44 billion charge it will take in the second quarter of this year.
“This marks a watershed for RBS – for as long as this investigation cast a pall over earnings and forecasts there was nowhere for investors to really go,” said Neil Wilson, chief analyst for Markets.com.
Related Coverage RBS to consider appeals for indirect losses to businesses in turnaround unit CRISIS CASUALTY The Department of Justice has previously settled with a whole list of banks including Citigroup ( C.N ), Deutsche Bank ( DBKGn.DE ), JPMorgan Chase ( JPM.N ), Credit Suisse ( CSGN.S ), Morgan Stanley ( MS.N ), Goldman Sachs ( GS.N ), Bank of America ( BAC.N ) and Barclays ( BARC.L ) for a total of more than $60 billion.
Bank of America paid the highest sum of $16.7 billion as part of an accord that also resolved claims by other federal agencies and several states. Barclays, which settled in March, had the smallest figure at $2 billion.
Once the world’s largest bank by assets, RBS was one of the biggest casualties of the crisis which crippled credit, stock and housing markets and upended the global economy.
It narrowly avoided insolvency in 2008 after the government agreed a 45 billion pound ($61 billion) bailout, just six months after it had raised 12 billion pounds of cash from shareholders.
Chief Executive Ross McEwan’s predecessor, Stephen Hester, who joined the bank following the bailout, said he had texted McEwan this morning to congratulate him and the team.
“That’s the last really big milestone before the bank can be seen to be fully normalized,” Hester, who is now CEO of RSA ( RSA.L ), said during a conference call on the insurer’s results.
The fine had been a big obstacle to the government’s plan, laid out in November, to begin reprivatising RBS before the end of the 2018-19 fiscal year - a much needed boost for finance minister Philip Hammond’s coffers.
FILE PHOTO: Morning commuters walk past a branch of the Royal Bank of Scotland (RBS) in London, Britain, November 4, 2011. REUTERS/Andrew Winning/File Photo BACK TO DIVIDENDS After ten years of restructuring, paying fines and shedding around 1.5 trillion pounds in assets, the DOJ settlement means RBS’s last large legacy issue is out of the way. It had already paid just over $7 billion in other settlements with various U.S. authorities.
McEwan also said the bank would now discuss with regulators paying RBS’s first dividend in a decade, leaving open the possibility the bank could start returning years’ worth of surplus capital to shareholders before its next annual results.
“The fact they can begin to think about how to return that to shareholders is a major and long-awaited change,” said Olivia Treharne, a fund manager at Legal & General Investment Management, RBS’s number 10 shareholder according to Thomson Reuters data.
One of the bank’s largest 20 investors said shareholders should be cautious about the prospects of getting their hands on the bank’s excess capital just yet.
“This is hardly a Silicon Valley company. I’d like to see much of that plowed into the bank’s IT systems,” said the investor, who asked not to be named.
McEwan had hoped for a settlement before the end of 2017, but changes at the DOJ following the inauguration of U.S. President Donald Trump saw negotiations slip back.
RBS may have benefited from settling under Trump’s administration, which has been softer on banks than that of his predecessor Barack Obama.
RBS executives said one reason for the settlement being below estimates was that RBS did not have to pay out billions of dollars in consumer relief, a staple of such settlements under the Obama administration.
($1 = 0.7372 pounds)
Additional reporting by Carolyn Cohn; Editing by Keith Weir and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-royal-bank-scot-settlement/humbling-u-s-settlement-clears-crisis-era-hangover-for-rbs-idUSKBN1IB14E |
NEW YORK (Reuters) - Some investors are betting on shares of homebuilders to outperform U.S. stocks at large, but with interest rates expected to rise they may have to wait several months before those bets pay off.
Traders work on floor of the New York Stock Exchange (NYSE) shortly before the close of trading in New York, U.S., December 13, 2016. REUTERS/Lucas Jackson/Files The U.S. economy looks ideal for homebuilding stocks to benefit. The unemployment rate has fallen to its lowest level in more than 17 years and consumer confidence is near the highest levels in 17 years, according to the Conference Board.
And demand for housing in an already tight market is being supported by the many millennials seeking to purchase their first home, several investors said.
The U.S. Commerce Department’s data on April housing starts will be released on Wednesday, followed by data on new-home sales on May 23.
But other factors could raise costs for home buyers, potentially hampering home sales. A sharp rise this year in U.S. Treasury yields reflects increasing worries about inflation and fears that the Federal Reserve will raise interest rates more aggressively than has been expected.
The yield on the 10-year Treasury note is used as the benchmark for mortgage interest rates; higher rates increase mortgage costs for home buyers.
“The continued rally in yields is a potential red flag,” said Jared Woodard, an investment strategist at Bank of America Merrill Lynch in New York.
The 10-year Treasury yield US10YR=RR has briefly exceeded the 3 percent mark, the highest level since January 2014 and more than 50 basis points higher than where it started the year.
The S&P Composite 1500 Homebuilding index .SPCOMHOME has lagged the broader market, falling 16.9 percent from its Jan. 22 peak, which is more than three times the percentage decline of the S&P 500 .SPX from its high that month. In 2017, the homebuilding index soared 74.8 percent from the previous year.
Other factors also cast a cloud on the housing market. Last year’s federal tax overhaul put a cap on deductions for state and local and property taxes and lowered the amount of mortgage interest that is deductible, all of which results in higher costs for many homeowners.
Homebuilders have also pointed to rising costs for materials and labor in their earnings calls, though so far they have had little impact on their margins.
“The factors indicate that there may be some headwinds going forward,” said Michael Cuggino, president and portfolio manager of Permanent Portfolio Funds in San Francisco, which owns shares of Lennar Corp ( LEN.N ), the largest U.S. homebuilder by market capitalization.
Shares of the five largest U.S. homebuilders by market capitalization jumped on April 4, when Lennar reported robust quarterly sales and raised its forecast for the year. Lennar’s shares climbed 10 percent that day, and PulteGroup Inc ( PHM.N ), D.R. Horton Inc ( DHI.N ), Toll Brothers Inc ( TOL.N ) and NVR Inc ( NVR.N ) rose between 4.1 percent and 6.4 percent.
The stocks have given up much of those gains since then, even though homebuilders have continued to deliver upbeat results. Lennar shares have tumbled 13.7 percent. D.R. Horton, NVR and Toll Brothers are down 3.9 percent, 3.3 percent and 3 percent, respectively. Only PulteGroup has added to its April 4 gains, rising 1.8 percent.
Homebuilders that sell units at multiple price points, from starter homes to luxury properties, and are active throughout the United States are best positioned to withstand investors’ skittishness over interest rates, Cuggino said.
Next up to report is Toll Brothers, which focuses on the luxury market and is scheduled to release its quarterly earnings on May 22.
Still, some investors say this year’s industry underperformance looks like a normal response to the 2017 run-up.
Though housing starts have risen, hitting 1.319 million units in March, demand among home buyers has outpaced the limited housing supply in part because of the many millennials are entering the market.
“This is just a pause,” said Brian Macauley, co-portfolio manager of the Hennessy Focus Fund in Arlington, Virginia, which owns shares of NVR. “As fundamentals come through, the stocks will behave better.”
Signs of worries about affordability among home buyers, such as a move toward smaller homes or an uptick in adjustable-rate mortgages, have not yet emerged, said Jack Micenko, an analyst at Susquehanna Financial Group in New York.
Low earnings multiples could also draw investors’ attention. The 12-month forward price-to-earnings ratio for the S&P 500 Homebuilding index .SPLRCHOME, which comprises just Lennar, PulteGroup and D.R. Horton, has fallen to 9.5 from 13.7 at the end of 2017. The price-to-earnings ratio for the S&P 500 is 16, down from 18.5 at the end of 2017.
“If (homebuilders) have solid orders and growth and hold their margins, they could work from here,” said Jonathan Woloshin, head of Americas equities and real estate at the chief investment office of UBS Global Wealth Management in New York. “There are some very attractive valuations out there.”
Reporting by April Joyner; Editing by Alden Bentley and Leslie Adler
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-stocks-weekahead/homebuilders-poised-for-gains-but-face-interest-rate-fears-idINKBN1IC185 |
Why do Ebola outbreaks keep happening? 2:31pm BST - 02:06
The latest Ebola outbreak in West Africa has now reached a major population center, meaning it may be about to get much harder to contain. Stopping these repeat manifestations of the virus cuts to questions of education and food sources in the region. ▲ Hide Transcript ▶ View Transcript
The latest Ebola outbreak in West Africa has now reached a major population center, meaning it may be about to get much harder to contain. Stopping these repeat manifestations of the virus cuts to questions of education and food sources in the region. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wKivCa | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/why-do-ebola-outbreaks-keep-happening?videoId=427636197 |
Taxes Russia quietly conducted the world's longest surface-to-air missile test Russia quietly conducted the world's longest surface-to-air missile test, according to sources with direct knowledge of U.S. intelligence about the weapons program. The S-500 surface-to-air missile system successfully struck a target 299 miles away. Russia claims that the ground-based missile system is capable of intercepting hypersonic missiles, drones, aircraft as well as stealth warplanes like the F-22 and the F-35. CNBC.com Alexander Zemlianichenko | Reuters Russian President Vladimir Putin listens to Defence Minister Sergei Shoigu as they attend the Navy Day parade in St. Petersburg, Russia, July 30, 2017. Picture taken July 30, 2017.
Russia quietly conducted the world's longest surface-to-air missile test, according to sources with direct knowledge of U.S. intelligence concerning the weapons program.
The S-500 surface-to-air missile system successfully struck a target 299 miles away, which the U.S. assessed is 50 miles further than any known test, said the sources, who spoke to CNBC on the condition of anonymity.
Russia claims that the ground-based missile system is capable of intercepting hypersonic missiles, drones, aircraft as well as stealth warplanes like the F-22 and the F-35. The S-500 system would expand the Kremlin's capabilities to engage multiple targets with precision strikes.
Russia also claims the system has a range capable of destroying objects flying at near-space ranges or 62 miles above the Earth's surface.
The developments about the new missile system emerge as investigators claim that a Russian-owned surface-to-air missile blew up Malaysia Airlines Flight 17 in 2014 over eastern Ukraine. Russia has denied involvement in the incident. On Thursday, Moscow's defense ministry said none of the country's air-defense missile systems crossed the Russia-Ukraine border.
A medium-range Buk surface-to-air missile system was reportedly used to down the plane, resulting in the deaths of nearly 300 people. The Buk system is from a different family of missile systems as the new S-500 and its predecessor, the S-300V4, which has been operational since the late 1970s. Sergei Bobylev | TASS | Getty Images Loading surface-to-air missiles for an S-300 anti-aircraft system at the Key to the Skies contest as part of the 2017 International Army Games held by Russias Defence Ministry at Ashuluk Firing Range.
The test of the new system used a modified variant of the missile used in the S-300V4 surface-to-air system.
The latest revelation comes one week after CNBC learned that multiple U.S. intelligence reports assess that Russia will be capable of fielding a hypersonic glide vehicle called Avangard, a weapon that no country can defend against, by 2020.
The hypersonic weapon is capable of carrying a nuclear warhead, is designed to sit atop an intercontinental ballistic missile. Once launched, it uses aerodynamic forces to sail on top of the atmosphere.
Sources, who spoke to CNBC on the condition of anonymity, said Russia successfully tested the weapon twice in 2016 . The third known test of the device was carried out in October 2017 and resulted in a failure when the platform crashed seconds before striking its target.
Meanwhile, Russia is expected to test their hypersonic glide vehicle again this summer. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/russia-quietly-conducted-the-worlds-longest-surface-to-air-missile-test.html |
May 10 (Reuters) - Immersion Corp:
* Q1 REVENUE $85.4 MILLION * Q1 NON-GAAP EARNINGS PER SHARE $2.34
* Q1 REVENUE VIEW $51 MILLION — THOMSON REUTERS I/B/E/S * Q1 EARNINGS PER SHARE VIEW $1.57 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-immersion-corp-reports-q1-earnings/brief-immersion-corp-reports-q1-earnings-per-share-2-29-idUSASC0A1MD |
May 25, 2018 / 2:31 AM / Updated 15 hours ago Apple blocks Steam's plan to extend its video games to iPhones Stephen Nellis 3 Min Read
(Reuters) - Apple Inc ( AAPL.O ) has blocked the plans of the biggest distributor of PC-based video games to extend its reach into iPhones, according to the game distributor, a sign that Apple is serious about protecting its ability to take a cut of digital purchases made inside games on its mobile devices. The Apple logo is seen on a computer screen in this illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo
Steam, the dominant online store for downloaded games played on Windows PCs, had planned to release a free mobile phone app called Steam Link so that gamers could continue playing on their mobile phones while away from their desktop machines. But Apple has rejected the app, blocking its release, according to a statement from Steam’s parent company, the Bellevue, Washington-based Valve Corp.
“The team here spent many hours on this project and the approval process, so we’re clearly disappointed,” Valve spokesman Doug Lombardi said in a statement to Reuters. “But we hope Apple will reconsider in the future.”
Apple did not immediately return a request for comment. The magazine Variety earlier reported Steam’s rejection from the App Store.
Bob O’Donnell, chief of TECHnalysis Research, said Apple’s move to block steam could hurt it with users between 18 and 24 years old, more than half of whom have iPhones, according to his research.
“What they’re doing is denying iPhone owners access to the most important gaming ecosystem there is,” he said. “Given that the younger demographic skews toward iPhones, it seems particularly damaging.”
Steam did not give a precise reason for the App Store denials, saying only that Apple cited “business conflicts with app guidelines.” But the conflict likely centers on what are known as in-app purchases or micro-transactions, in which gamers can spend small sums of money inside games to buy tokens, extra lives or others so-called digital goods.
Lombardi said Steam disabled purchasing its iOS app but did not elaborate on how the change was made.
Apple takes a 30 percent cut of such purchases made within apps distributed through its App Store. Analysts believe those purchases are among the primary drivers of revenue in Apple’s services business, which includes the App Store, iCloud and Apple Music. In Apple’s most recent quarter, services revenue hit $9.1 billion, beating Wall Street expectations and providing a bright spot for revenue growth as the smartphone market matures. [nL1N1S81KI]
Steam, however, also offers purchases within games distributed through its platform and also takes a cut of those purchases. Apple’s App Store guidelines ban such a store-within-a-store unless the purchases flow the Apple’s infrastructure and pay Apple’s cut. Reporting by Stephen Nellis; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-apple-steam/apple-blocks-steams-plan-to-extend-its-video-games-to-iphones-idUSKCN1IQ09D |
JERUSALEM, May 7 (Reuters) - International Flavors & Fragrances Inc. agreed to buy Israeli flavours and ingredients maker Frutarom for $7.1 billion in a cash and stock transaction that would create the leader in the sector, the companies said on Monday.
Under the deal, which has been approved by both boards, Frutarom’s shareholders will receive for each Frutarom share $71.19 in cash and 0.249 per share of IFF common stock for a total value of $106.25 per share.
IFF, which is paying an 11 percent premium to Frutarom’s May 6 close, also will assume Frutarom’s net debt while the two companies will have combined revenue of $5.3 billion in 2018.
IFF and Frutarom said they expect to realise some $145 million of cost synergies by the third full year after closing, with about 25 percent achieved in the first full year. The deal is expected to be neutral to adjusted cash earnings per share in the first year and double-digit accretive to adjusted cash earnings per share in the second year.
Reporting by Steven Scheer Editing by Tova Cohen
Our | ashraq/financial-news-articles | https://www.reuters.com/article/intl-flavors-frutarom-inds-acquisition/iff-to-buy-israels-frutarom-for-7-1-bln-in-cash-stock-idUSL8N1SE0VK |
SAN FRANCISCO, May 30, 2018 /PRNewswire/ -- Metal today announced it has entered into a definitive agreement to acquire Crumbs (Crumbs Technologies Inc.), an innovative micro investing app that allows users to invest in digital assets. The addition of Crumbs will seamlessly integrate into the ecosystem of Metal, delivering a single platform that not only rewards people for P2P transactions within Metal Pay, but also helps them invest in several types of digital assets with the Crumbs app.
In a world where many people are interested in digital assets, but only a few are able to invest comfortably, Crumbs allows its users to set aside spare change from daily purchases and use it to create their very own digital assets portfolio. Crumbs offers a user-friendly way to keep up with and invest in digital asset markets.
Metal is leading the way in designing and delivering a platform that makes digital assets accessible for the entire world. At the center of this platform is the belief that money should work for people and people shouldn't work for money. To this end, Metal reimagines money for those who want to create a better world.
Touching on Metal's vision for the future, CEO of Metal, Marshall Hayner said, "The current financial system excludes people from really exciting opportunities and that's why I am so excited about the Crumbs acquisition. We are eager to put this opportunity in every person's hands and allow anyone to be involved in this new financial system... and have a seat at the table."
"We are thrilled to join forces with Metal and provide retail investors with the ultimate on-ramp into the new financial world of digital assets and investments," said Patrick Mrozowski, CEO of Crumbs. "Together, Metal and Crumbs will build a suite of products to attract more newcomers into blockchain."
Crumbs will continue to operate independently within Metal and will co-launch with Metal's flagship product Metal Pay in the summer.
About Crumbs Technologies Inc.
Crumbs Technologies Inc. combines the power of micro-investing with the performance of digital assets in their app, Crumbs. Crumbs lets users invest in digital assets with their spare change from credit and debit cards. This game-changing app allows users to set aside spare change from daily purchases into their own customizable indexes of digital assets. Learn more at crumbsapp.io .
About Metal
Metal is reimagining money by putting digital assets in the hands of every person in the world. By creating an ecosystem of products, Metal meets the needs of all types of users. Whether you are completely new to digital assets, or are a seasoned investor, Metal's portfolio of products makes it simple, enjoyable and rewarding to participate in the new financial system. For more information, visit metalpay.com .
Contact:
Metal
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/metal-to-acquire-crumbs-technologies-inc-300656803.html
SOURCE Metallicus, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-metal-to-acquire-crumbs-technologies-inc.html |
VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : FORESHORE EXPLORATION PARTNERS CORP. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : FORE.P Reason / Motif : Pending Closing / En attente Halt Time (ET) / Heure de la suspension (HE) 8:00, May 29, 2018 Company / Société : RAINY HOLLOW VENTURES INC. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : RHV.P Reason / Motif : Pending Closing / En attente Halt Time (ET) / Heure de la suspension (HE) 8:00, May 29, 2018 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--fore-p-rhv-p.html |
ROCKVILLE, Md., May 31, 2018 /PRNewswire/ -- RRD International, a specialized product development company that provides strategic and operational support to biopharmaceutical companies and investors, today announced the appointment of Bridget Martell, M.D. as chief medical officer (CMO) and the promotion of Maryann Krane, earlier this year, to senior vice president, program leadership.
"The addition of Bridget to the RRD team and Maryann's promotion is a reflection of how we continue to strengthen our industry-leading team of product development experts", said Scott Tarrant, president of RRD International. "Both Bridget and Maryann contribute veteran expertise and strategic perspective as we help biopharmaceutical companies and investors make more efficient use of capital and accelerate product development."
Dr. Martell brings more than 18 years of experience in clinical development, regulatory, and medical affairs to RRD. She has served in leadership roles at companies including Pfizer, Purdue Pharma, and Juniper Pharmaceuticals with a track record of success that contributed to the approval of six products in immuno-oncology, oncology, orphan disease, sleep medicine, and cardiovascular medicine. She has broad therapeutic experience having brought small molecules, complex protein biologics, biosimilars, therapeutic vaccines, and combination products through various stages of development, including most recently, the in-licensing and development of three intravaginal ring products while serving as chief medical officer at Juniper Pharma. Dr. Martell holds a B.S. in microbiology from Cornell University, an M.A. in molecular immunology from Boston University, and an M.D. from The Chicago Medical School. She completed her internship and residency in internal medicine and was an internal medicine chief resident and Robert Wood Johnson Faculty Scholar at Yale University. She is board certified in both internal and addiction medicine.
As CMO, Martell will provide medical oversight and clinical development leadership in support of RRD's internal team on behalf of the Company's biopharmaceutical Product Development Team (PDT) partners.
An eleven-year veteran of RRD, Ms. Krane has more than 25 years of experience in drug development, including regulatory affairs and chemistry, manufacturing, and controls. At RRD, Ms. Krane has had a central role in guiding partners through early stage development challenges while helping foster significant growth in asset value. She is adept at working strategically with the leadership teams of biopharmaceutical companies, boards, and investors and is ideally suited for her new role. Prior to joining RRD, Ms. Krane was vice president of regulatory affairs and corporate quality at Ariad Pharmaceuticals and held management level positions at several biopharmaceutical companies, including Genetics Institute and Wyeth Pharmaceuticals where she was regulatory therapeutic head for the development of hematology and oncology investigational and marketed products.
Ms. Krane has product development experience in multiple therapeutic areas, has developed successful global product registration strategies for several products, and has extensive submission experience developing IND, BLA, MAA, NDA, NDS, Orphan Designation, Fast Track, Special Protocol Assessment, and European Scientific Advice applications. Ms. Krane holds a B.S. in microbiology from the University of Massachusetts.
About RRD International: RRD International is a product development company that provides integrated, expert-level strategic, regulatory, and operational support to biopharmaceutical companies and investors. The Company's unique Product Development Team model (PDT) provides an effective, asset-centric alternative to traditional industry practices. While comprehensive in value, structure, and function – encompassing all aspects of a development program including strategic planning, management, and execution – the PDT model is also highly resource efficient with an intense focus on minimizing cost, time, and risk to achieve human proof-of-concept (POC). Since 2002, RRD has worked with more than 100 organizations across all major classes and therapeutic areas. For more information, visit www.rrdintl.com .
View original content: http://www.prnewswire.com/news-releases/rrd-international-appoints-bridget-martell-md-as-chief-medical-officer-and-promotes-maryann-krane-to-senior-vice-president-program-leadership-300656837.html
SOURCE RRD International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-rrd-international-appoints-bridget-martell-m-d-as-chief-medical-officer-and-promotes-maryann-krane-to-senior-vice-president.html |
(Reuters) - Roku Inc ( ROKU.O ) shares were up nearly 7 percent premarket on Thursday after it posted smaller-than-expected first-quarter loss helped by its TV streaming platform.
A video sign displays the logo for Roku Inc, a Fox-backed video streaming firm, in Times Square after the company's IPO at the Nasdaq Market in New York, U.S., September 28, 2017. REUTERS/Brendan McDermid Roku, which makes devices for TV streaming, said bit.ly/2ryHWAN on Wednesday revenue from its platform more than doubled to $75.1 million, from strong growth across advertising and content distribution.
“The strong growth in Roku Channel usage highlights growing ad-supported content consumption,” Morgan Stanley analyst Benjamin Swinburne wrote in a client note.
Roku also beat Wall Street expectations with active accounts up 47 percent to 20.8 million at the end of March 31 and average revenue per user jumping 50 percent, fastest growth rate in 18 months.
“Roku reported an impressive quarter, validating our view that it is one of a handful of companies leading the transition to over-the-top video consumption,” said Tom Forte, an analyst at D. A. Davidson who also called the results “outstanding”.
Roku shares were last up 6.7 percent at $38.55 in premarket after having fallen nearly 30 percent this year.
Reporting by Sonam Rai in Bengaluru; Editing by Shailesh Kuber
| ashraq/financial-news-articles | https://www.reuters.com/article/us-roku-stocks/roku-shares-jump-after-co-posts-smaller-than-expected-loss-idUSKBN1IB1YE |
SINGAPORE (Reuters) - Singaporean sovereign wealth fund GIC, Frasers Property Ltd and co-working space provider JustCo will invest $177 million in a partnership that will help JustCo expand into more markets, the companies said in a statement.
JustCo operates in Singapore, Indonesia and Thailand. The company has plans to expand into Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia and India.
Demand for co-working spaces in the world’s largest cities has surged, drawing billions of dollars in capital into the sector.
Reporting by Aradhana Aravindan, Editing by Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://in.reuters.com/article/justco-partnership/gic-frasers-property-partner-with-co-working-space-provider-justco-idINKCN1IH0S2 |