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(Reuters) - U.S. President Donald Trump said on Wednesday that three Americans detained by North Korea have been released and are on their way home with Secretary of State Mike Pompeo.
Here is a look at the three men:
* Kim Dong Chul, a Korean-American missionary formerly of Fairfax, Virginia, and thought to be about 62, was sentenced in March 2016 to 10 years of hard labor for subversion. He admitted to committing “unpardonable espionage” under the direction of the U.S. and South Korean governments and deeply apologized for his crimes, the North’s KCNA news agency said. Other Americans taken captive by North Korea have said after their release they were forced into making confessions. In an interview with CNN conducted in Pyongyang in January 2016, Kim said he was arrested in October 2015 after spying on behalf of what he called “South Korean conservative elements” who approached him while he was working at a trading business in Rason, a city in northern North Korea near the Chinese border. A North Korean defector later said she had met Kim in the United States and that he had told church gatherings he was a missionary helping North Koreans.
* Kim Sang-duk, also known as Tony Kim, spent a month teaching accounting at the foreign-funded Pyongyang University of Science and Technology (PUST) before he was detained at Pyongyang International Airport in April 2017 while trying to leave the country. The university’s chancellor said the arrest was not connected to PUST and that Kim, 59, had been involved with other activities, including helping an orphanage. North Korean state media reported that he was arrested for committing “hostile acts” against the government.
* Kim Hak Song, thought to be about 55, also taught at PUST, which was founded by evangelical Christians and opened in 2010. The university’s co-founder said that Kim, who managed the school’s experimental farm at the college of agriculture and life sciences, was detained in May while traveling on a train from Pyongyang to the Chinese border town of Dandong. In February 2015, Kim wrote in a fundraising post on the website of a Korean-Brazilian church that he was a Christian missionary devoted to helping North Korea’s people learn to be self-sufficient. North Korean state media said he also was arrested on suspicion of committing “hostile acts” against the government.
Source: Reuters reports
Editing by Daniel Wallis, Cynthia Osterman and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-detainees-factbox/factbox-the-three-americans-imprisoned-by-north-korea-idUSKBN1IA24Q |
Commercial Real Estate City Planners, Property Developers Fuel Push for Driverless Vehicles Increasing autonomous ride-sharing could reduce the need for parking spaces—and make denser, more profitable developments possible
Real-Estate Firm Targets Aging Baby Boomers Health-care real-estate sector gains favor as baby-boomer population ages
Home Prices Continued to Rise in March
Key... | ashraq/financial-news-articles | https://www.wsj.com/articles/city-planners-property-developers-fuel-push-for-driverless-vehicles-1527698230 |
Medals and finish times drive some athletes. Deb Matz finds more satisfaction in her path to the starting line. Ms. Matz, 57, was one spot away from the podium in three events at the 2017 UCI Masters Track Cycling World Championships. “My reflection afterwards was that the event itself isn’t what motivates me,” she says. “I love the training much more than actually competing.”
So Ms. Matz, a hair stylist based in Plano, Texas, has decided to step away from track racing. She says she completed 80% of her race training alone.... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-cyclist-who-won-when-she-stopped-racing-1526727660 |
PHILADELPHIA, May 9, 2018 /PRNewswire/ -- Aberdeen Global Income Fund, Inc. ( NYSE American: FCO) (the "Fund"), a closed-end fund, today announced that it will pay on May 31, 2018, a distribution of US $0.07 per share to all shareholders of record as of May 23, 2018.
Your Fund's distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related Rules, the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.
The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles. The table includes estimated amounts and percentages for the distribution to be paid on May 31, 2018 as well as the estimated cumulative distributions declared fiscal year to date (11/01/2017 - 04/30/2018), from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated composition of the distributions may vary from month to month because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.
Estimated Amounts of Current Monthly Distribution per share ($)
Estimated Amounts of Current Monthly Distribution per share (%)
Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)
Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income
-
-
-
-
Net Realized Short-
Term Capital Gains*
-
-
-
-
Net Realized Long-
Term Capital Gains
$0.0007
1%
$0.0049
1%
Return of Capital
$0.0693
99%
$0.4851
99%
Total (per common share)
$0.0700
100%
$0.4900
100%
*includes currency gains
The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
As of April 30, 2018, after giving effect to this payment, the Fund estimates it has a net deficit of $891, 000. A net deficit results when the Fund has net unrealized losses that are in excess of any net realized gains that have not yet been distributed.
Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the Fund's current distributions or from the terms of the distribution policy (the "Distribution Policy").
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2018 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The following table provides the Fund's total return performance based on net asset value (NAV) over various time periods compared to the Fund's annualized and cumulative distribution rates.
Average Annual Total Return on NAV for the 5 Year Period Ending 04/30/2018 1
0.17%
Current Fiscal Period's Annualized Distribution Rate on NAV 2
9.52%
Fiscal Year to Date (11/01/2017 to 04/30/2018)
Cumulative Total Return on NAV 1
0.87%
Cumulative Distribution Rate on NAV 2
4.76%
1 Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan.
2 Based on the Fund's NAV as of April 30, 2018.
While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Pursuant to an exemptive order granted by Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund's investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.
The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expense ratio and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The Distribution Policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund's Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.
Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeenstandard.com
aberdeenfco.com
View original content with multimedia: http://www.prnewswire.com/news-releases/aberdeen-global-income-fund-inc-announces-record-date-and-payment-date-for-monthly-distribution-300645841.html
SOURCE Aberdeen Global Income Fund, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-aberdeen-global-income-fund-inc-announces-record-date-and-payment-date-for-monthly-distribution.html |
May 21 (Reuters) - Inpixon:
* INPIXON - ANNOUNCED COMPANY’S RESELLER PARTNERSHIP WITH CANADIAN-BASED WIRELESS INTEGRATION SPECIALIST GENWAVE TECHNOLOGIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-inpixon-announces-reseller-partner/brief-inpixon-announces-reseller-partnership-with-genwave-technologies-idUSFWN1SS0MC |
May 16, 2018 / 6:31 PM / in 16 minutes U.S. charges New York fund manager with Belize airport scam Jonathan Stempel 3 Min Read
NEW YORK, May 16 (Reuters) - A New York investment manager was arrested on Wednesday and charged with fraudulently raising about $21.9 million that he told his investors would be used to build an international airport in Belize, the U.S. Department of Justice said.
Brent Borland, a principal at Borland Capital Group, was accused of having promised double-digit rates of return on investments related to temporary “bridge” financing for the airport in Placencia, roughly 110 miles (177 km) south of Belize City, and secured by real property in Belize.
Instead, authorities said all investors in Borland’s Belize Infrastructure Fund lost money, while the 48-year-old resident of Sag Harbor, New York and Delray Beach, Florida diverted close to $6 million to fund a lavish lifestyle for his family.
This sum allegedly included $2.67 million of credit card bills, mortgage payments on a Florida mansion, a Mercedes-Benz SUV, membership dues at the Delray Beach Club, and private school tuition for Borland’s children.
The U.S. Securities and Exchange Commission said in a related civil case that Borland invoked his constitutional right against self-incrimination when questioned by that regulator.
A lawyer for Borland did not immediately respond to requests for comment on the alleged scheme, which prosecutors said ran from 2014 through March 2018.
“Cases such as this serve as a cautionary tale for investors - always carefully vet your investments - and if something seems too good to be true, it probably is,” U.S. Attorney Geoffrey Berman in Manhattan said in statement.
Borland was criminally charged with securities fraud, wire fraud and conspiracy counts. He faces up to 20 years in prison on each fraud count if convicted. The SEC is seeking to recoup illegal profit, impose civil fines, and obtain an asset freeze.
The cases are U.S. v. Borland, U.S. District Court, Southern District of New York, No. 18-mag-04035; and SEC v Borland et al in the same court, No. 18-04352. (Reporting by Jonathan Stempel in New York; Editing by Richard Chang) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-crime-borland/u-s-charges-new-york-fund-manager-with-belize-airport-scam-idUSL2N1SN1K5 |
Check out the companies making headlines before the bell:
Home Depot – Home Depot earned $2.08 per share for the first quarter , 3 cents a share above estimates. Both revenue and comparable-store sales were below Street forecasts, but the home improvement retailer attributes the shortfall to bad weather and is maintaining its full-year sales forecast.
Ulta Beauty – Oppenheimer upgraded the cosmetics retailer to "outperform" from "perform," noting the potential for improvement in comparable-store sales.
CBS – CBS was upgraded to "outperform" from "market perform" at Bernstein, based on what it sees as a "near zero" chance of a deal for Viacom .
Tesla – Morgan Stanley cut its price target on the stock to $291 from $376 per share , noting that recent management departures and the just-announced reorganization suggest the need to address various technical and fundamental hurdles that are weighing on the automaker's margins.
Ford Motor – Piper Jaffray downgraded the automaker's stock to "neutral" from "overweight," saying Ford will have difficulty finding compelling revenue drivers that will offset what it calls secular threats.
Wynn Resorts – The company announced that director John Hagenbuch will not stand for re-election , while Robert Miller submitted his resignation from the casino operator's board. Wynn's biggest shareholder, Elaine Wynn, had been campaigning against Hagenbuch's re-election.
Symantec – Symantec said an internal accounting probe would likely not result in any material impact on its past financial statement . The cybersecurity software maker also gave an upbeat forecast.
Vipshop – Vipshop earned $1.05 per share for the first quarter, 6 cents a share below estimates. The China-based discount retailer reported slightly better-than-expected revenue. Shares are under pressure after Vipshop issued a weaker-than-expected current quarter revenue forecast.
Switch – Switch earned 14 cents per share for its fiscal fourth quarter, compared to an expected loss of 14 cents per share. The data hosting company's revenue came in above estimates and it issued an in-line forecast for the current year.
STMicroelectronics – The company is forecasting stronger-than-expected 2018 revenue growth, as the chipmaker's business accelerates in the automotive, industrial, and other categories.
Vodafone — CEO Vittorio Colao will step down in October after 10 years on the job. The mobile operator said finance director Nick Read will replace Colao.
Amazon.com – Amazon and other Seattle companies will be hit by a new tax on the city's biggest businesses , which applies to companies grossing at least $20 million per year. Amazon said it would still go ahead with planning for a new major downtown office building.
Gap – The apparel retailer was upgraded to "outperform" from "market perform" at Telsey Advisory Group, which thinks Gap shares are at a compelling valuation and that any promotional pressures during the first half of this year are already known and reflected in the stock's price.
Agilent – Agilent reported adjusted quarterly profit of 65 cents per share, beating estimates by a penny a share. Revenue was in line with forecasts, but the medical device maker issued a lower-than-expected forecast for the current quarter and the full year.
Goldman Sachs — An executive shift at Goldman Sachs could mean that the firm may split its fixed income and equities arms, according to The Wall Street Journal. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/stocks-making-the-biggest-moves-premarket-hd-ulta-cbs-tsla-f-wynn-more.html |
May 5, 2018 / 11:03 PM / in 2 hours UPDATE 2-PGA Tour Wells Fargo Championship Scores Reuters Staff 5 Min Read May 6 (OPTA) - Scores from the PGA Tour Wells Fargo Championship on Saturday -10 Jason Day (Australia) 69 67 67 -8 Nick Watney (USA) 72 67 66 -7 Paul Casey (England) 69 68 69 Bryson DeChambeau (USA) 75 65 66 Peter Uihlein (USA) 72 72 62 Aaron Wise (USA) 68 68 70 -6 Sam Saunders (USA) 70 69 68 Charl Schwartzel (South Africa) 70 67 70 Johnson Wagner (USA) 67 71 69 -5 Phil Mickelson (USA) 72 72 64 -4 Rickie Fowler (USA) 72 69 68 Talor Gooch (USA) 71 72 66 Adam Hadwin (Canada) 73 71 65 Luke List (USA) 70 72 67 Patrick Reed (USA) 71 71 67 -3 Emiliano Grillo (Argentina) 68 71 71 Chesson Hadley (USA) 70 74 66 Charles Howell III (USA) 71 68 71 Peter Malnati (USA) 67 68 75 Rory McIlroy (Northern Ireland) 68 76 66 Francesco Molinari (Italy) 70 72 68 Kyle Stanley (USA) 67 72 71 Michael Thompson (USA) 68 73 69 Cameron Tringale (USA) 70 70 70 -2 Daniel Berger (USA) 73 69 69 Jonas Blixt (Sweden) 71 71 69 Greg Chalmers (Australia) 71 70 70 Joel Dahmen (USA) 70 71 70 Graeme McDowell (Northern Ireland) 71 73 67 Troy Merritt (USA) 72 69 70 -1 Sam Burns (USA) 69 70 73 Alex Cejka (Germany) 70 71 71 Austin Cook (USA) 71 72 69 Brandon Harkins (USA) 73 71 68 Tyrrell Hatton (England) 67 73 72 Ted Potter, Jr. (USA) 72 71 69 Justin Thomas (USA) 73 69 70 Harold Varner III (USA) 72 72 68 Tiger Woods (USA) 71 73 68 0 Byeong Hun An (Korea Republic) 73 70 70 Corey Conners (Canada) 75 69 69 Jason Dufner (USA) 68 72 73 Ross Fisher (England) 69 73 71 Brian Harman (USA) 72 73 68 J.B. Holmes (USA) 71 73 69 Beau Hossler (USA) 68 76 69 Martin Kaymer (Germany) 73 67 73 Seamus Power (Republic of Ireland) 74 71 68 Webb Simpson (USA) 72 70 71 Shawn Stefani (USA) 71 69 73 Vaughn Taylor (USA) 74 68 71 1 Blayne Barber (USA) 71 73 70 Mackenzie Hughes (Canada) 71 73 70 Sean O'Hair (USA) 72 70 72 John Peterson (USA) 65 77 72 Ollie Schniederjans (USA) 68 73 73 Robert Streb (USA) 73 72 69 Xinjun Zhang (China PR) 71 69 74 2 Stewart Cink (USA) 71 72 72 Brooks Koepka (USA) 72 72 71 Shane Lowry (Republic of Ireland) 74 70 71 Grayson Murray (USA) 73 71 71 Jonathan Randolph (USA) 74 69 72 Rory Sabbatini (South Africa) 71 71 73 T.J. Vogel (USA) 69 75 71 3 Bud Cauley (USA) 69 76 71 Tony Finau (USA) 69 76 71 Martin Flores (USA) 72 73 71 Brice Garnett (USA) 71 72 73 Tom Lovelady (USA) 68 76 72 Keith Mitchell (USA) 67 74 75 Patrick Rodgers (USA) 71 73 72 Xander Schauffele (USA) 74 71 71 Chris Stroud (USA) 73 72 71 Jhonattan Vegas (Venezuela) 70 74 72 4 Keegan Bradley (USA) 68 77 72 Tom Hoge (USA) 73 72 72 Hideki Matsuyama (Japan) 77 68 72 Adam Scott (Australia) 75 70 72 Cheng Tsung pan (China PR) 73 70 74 5 Billy Hurley III (USA) 71 74 73 6 Andrew Putnam (USA) 74 71 74 Tyrone Van Aswegen (South Africa) 72 73 74 7 Ryan Blaum (USA) 75 70 75 Tyler Duncan (USA) 73 72 75 Fabian Gomez (Argentina) 71 74 75 J.J. Henry (USA) 73 72 75 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-pga-scores/pga-tour-wells-fargo-championship-scores-idUKMTZXEE56A2KE2Z |
WASHINGTON (Reuters) - Israeli Prime Minister Benjamin Netanyahu said on Tuesday Israel was not seeking war with Iran, one day after unveiling what he said was evidence of a secret Iranian nuclear weapons program.
Netanyahu made his case as U.S. President Donald Trump considers whether to withdraw the United States from a 2015 deal between Iran and six major powers aimed at limiting Iran’s nuclear program.
Both Netanyahu and Trump have long criticized the agreement and in several U.S. television interviews on Tuesday, Netanyahu made his points directly to the American people. Trump himself is known to watch and tweet his reactions to early morning American programs.
Asked if Israel is prepared to go to war against Iran over the issue, Netanyahu told CNN: “Nobody’s seeking that kind of development. Iran is the one that’s changing the rules in the region.”
Iran, which has always said its nuclear program was for strictly peaceful means, dismissed Netanyahu’s presentation on Monday as propaganda.
Trump faces a May 12 deadline to decide whether to pull the United States out of the 2015 agreement, which offered Tehran relief from international sanctions in exchange for curbs on its nuclear program.
“I trust his judgment,” Netanyahu told Fox News’ “Fox & Friends” program, a show Trump has frequently praised. “He’ll do the right thing.”
Netanyahu said the nuclear deal would need “a major overhaul,” but that Trump would have to make that decision.
The prime minister also echoed Trump’s book “The Art of the Deal.”
“This regime had a secret nuclear weapons program and they’re trying under a very bad deal to get a nuclear arsenal. They shouldn’t get it,” he told Fox, adding: “It really needs a new deal.”
Reporting by Susan Heavey; Editing by Frances Kerry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-iran-netanyahu/netanyahu-says-not-seeking-war-with-iran-cnn-interview-idUSKBN1I23H0 |
* State seeks enforced acquisition of MCC’s Erdenet stake
* Mongolia’s administrative court rules move illegal
* Government expected to appeal
LONDON/ULAANBAATAR, May 2 (Reuters) - Mongolian Copper Corporation (MCC) is considering international arbitration ahead of an expected government appeal against a court ruling the state’s attempt to buy MCC’s stake in one of Asia’s biggest copper mines is illegal, the company said.
The corporation has been fighting for more than a year to stave off the Mongolian government’s push to gain full control of the Erdenet mine by buying MCC’s 49 percent holding for about $400 million.
The battle is being watched closely by international investors who are hoping that Mongolia’s copper potential can help to meet increasing demand linked to electric vehicles and electrification across the globe.
In the latest in a series of court hearings, Mongolia’s administrative court on Monday said that the government had no legal right to take over the Erdenet shares without any formal engagement with MCC.
MCC Chairman Munkhbaatar Myagmar issued a statement on Wednesday, saying the government had broken bilateral investment treaties as well as domestic laws.
“MCC is taking legal advice on commencing possible international arbitration proceedings,” the statement said.
A government spokesman referred to a constitutional court ruling in February that found MCC never had the right to the 49 percent stake.
“The administrative court’s decision cannot challenge or deny the constitutional court’s ruling,” he told Reuters.
MCC said it expects the government to appeal against Monday’s decision and the case could return to the supreme court.
MCC purchased the Erdenet mine from Russia in 2016 with the approval of then prime minister Chimed Saikhanbileg, though parliament says it never endorsed the sale.
Erdenet is one of the region’s largest copper mines, producing 530,000 tonnes of copper concentrate a year.
Mongolia’s proximity to China, the world’s biggest copper consumer, adds to its appeal to international investors who can provide foreign direct investment to help Mongolia to meet the terms of its IMF bailout deal.
Howevr, concerns over governance and rising resource nationalism are a deterrent, investors say. (Reporting by Barbara Lewis in London and Munkhchimeg Davaasharav in Ulaanbaatar Editing by David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/mongolia-erdenet-court/mongolian-copper-corp-considers-international-fight-for-erdenet-mine-idUSL8N1S952U |
April 30 (Reuters) - Sterling Bancorp Inc:
* STERLING BANCORP REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.30 * QTRLY NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES $28.2 MILLION VERSUS $21.9 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sterling-bancorp-q1-earnings-per-s/brief-sterling-bancorp-q1-earnings-per-share-0-30-idUSASC09YAR |
BERLIN (Reuters) - A stronger-than-expected rebound in German industrial output in March and an increase in exports in the same month helped to ease concern on Tuesday that growth in Europe’s biggest economy had come to a standstill at the start of the year.
An employee of German car manufacturer Mercedes Benz works on the interior of a Mercedes S-Class (S-Klasse) at a production line at the Mercedes Benz factory in Sindelfingen, Germany, January 24, 2018. REUTERS/Ralph Orlowski The Federal Statistics Office said industrial production rose 1.0 percent on the month, the strongest increase since November and above expectations for a 0.8 percent rise.
“The upswing remains intact,” the Economy Ministry said. The government expects growth of 2.3 percent this year, up from 2.2 percent in 2017.
Seasonally adjusted exports rose 1.7 percent while imports fell 0.9 percent, widening Germany’s trade surplus to 22 billion euros ($26.20 billion) in March, the data showed.
“German companies continue to do well on international markets,” said Holger Bingmann, head of the BGA trade body. In the first quarter, exports rose nearly 3 percent on the year, he said, adding: “Trade is still driving the German economy.”
U.S. President Donald Trump has repeatedly criticized Germany’s export strength, arguing that U.S. import tariffs would protect American manufacturing jobs and reduce the U.S. trade deficit with Germany and other EU countries.
The bullish output and export figures brought some relief after weak data for January and February pointed to a massive slowdown in the first quarter.
“Rebounding exports and industrial production show that talk of a downswing has been premature,” ING Bank economist Carsten Brzeski said.
But given the first two disappointing months, data on overall gross domestic product growth in the first quarter, due next week, are likely to come in weaker than the 0.6 percent registered in the final three months of 2017.
Unicredit economist Andreas Rees said the data pointed to a quarterly growth rate of up to 0.4 percent. “Maybe this is just a blip in the first quarter, but this weaker performance could also continue in spring,” Rees added.
The outlook for German exporters has clouded as factories face rising protectionism and a stronger euro. This was also reflected in data on Monday, which showed factory orders dropped for a third month running in March as foreign demand weakened.
A string of unexpectedly weak economic data had pointed to a cooling in the euro zone economy as a whole, possibly making it more difficult for the European Central Bank to begin scaling back its unprecedented monetary stimulus later this year.
CALM PHASE In the full first quarter, German industrial output edged up 0.1 percent on the quarter, the Economy Ministry said.
“After the strong performance in the course of 2017, production in manufacturing took a breather in the first quarter,” the ministry said.
The ministry blamed the slow start to the year on a flu epidemic, an unusually high number of strikes and an above-average number of holidays over Easter falling in March.
“After a calm phase, industrial output will gain momentum in the course of the year,” the ministry said, pointing to full order books and favorable economic conditions for trade.
The DIW economic institute has said it expected economic growth to slow to 0.4 percent in the first quarter and bounce back to around 0.7 percent in the second.
ING’s Brzeski agreed there was little reason to doubt the underlying strength of Germany’s current upswing, which is now in its ninth year.
The biggest domestic problem for the German economy is that factories are struggling to increase production, he said, pointing to record employment and widespread labor shortages as well as filled order books and capacity constraints.
“Against this background, more investment seems to be the best and easiest way forward. It would increase production capacity and could lift the current speed limits,” he added.
Chancellor Angela Merkel’s coalition government has promised to invest billions of euros in digital infrastructure, education and social housing in the coming four years.
Finance Minister Olaf Scholz from the center-left Social Democrats will present the government’s updated tax estimates on Wednesday, which could show additional room for fiscal spending.
($1 = 0.8397 euros)
Reporting by Michael Nienaber; editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-economy-industrialoutput/german-industrial-output-rises-more-than-expected-idUSKBN1I90HK |
May 2 (Reuters) - National Bank Holdings Corp:
* NATIONAL BANK HOLDINGS CORPORATION ANNOUNCES RETIREMENT OF BRIAN LILLY AND APPOINTMENT OF ALDIS BIRKANS AS CHIEF FINANCIAL OFFICER
* NATIONAL BANK HOLDINGS CORPORATION ANNOUNCES RETIREMENT OF BRIAN LILLY AND APPOINTMENT OF ALDIS BIRKANS AS CHIEF FINANCIAL OFFICER
* NATIONAL BANK HOLDINGS - ALDIS BIRKANS, SENIOR VICE PRESIDENT, TREASURER, WILL BECOME EXECUTIVE VP, CFO ON AUGUST 10, 2018 Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-national-bank-holdings-corp-announ/brief-national-bank-holdings-corp-announces-appointment-of-aldis-birkans-as-cfo-idUSASC09Z8O |
Tenet Healthcare up after earnings 1 Hour Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/tenet-healthcare-up-after-earnings.html |
CHICAGO, May 7 (Reuters) - Chicago Mercantile Exchange live cattle on Monday lost ground for a second straight session, hit by technical selling and the "roll" by funds out of June into deferred contracts, traders said. Funds in CME's livestock markets that track the Standard & Poor's Goldman Sachs Commodity Index sold, or rolled, June futures mainly into August on the first of five days for the process. June live cattle closed down 0.875 cent per pound at 105.175 cents, below the 10- and 40-day moving average convergence level of 105.749. August ended 0.975 cent lower at 104.100 cents, below the 20-day moving average of 104.332. Worries about increased supplies in the coming weeks kept prospective deferred-month futures buyers on the defensive. But declining cattle weights imply feedlots are rushing livestock to market - suggesting fewer animals later. "Weights are coming down fast. Along with that, if I've got cattle due to go to market in May and they're hedged in June, the basis, or spread between futures and cash prices, is a gift," said Agrivisor Services analyst Dale Durchholz. Rising beef packer profits and robust beef demand tempered nearby futures losses and could bode well for this week's cash cattle prices. Last week, packers paid $118 to $128 per cwt for slaughter-ready, or cash, cattle in the U.S. Plains that a week earlier brought $118 to $126.50. Market participants await the sale of 2,380 animals at Wednesday's Fed Cattle Exchange. Livestock there last week on average fetched $122.50 per cwt. Technical selling, live cattle future's selloff and steady to lower cash feeder steer prices pressured CME feeder cattle contracts. May closed 2.775 cents per pound lower at 137.625 cents. HOGS END MOSTLY HIGHER Fund rolling undercut the June CME hog contract while lifting back months, traders said. Future's price premium to the exchange's hog index for May 3 at 63.13 cents capped deferred-month market advances, they said. May closed down 1.000 cent per pound at 66.075 cents. Most actively traded June ended up 0.650 cent at 74.175 cents, and July closed up 0.325 cent at 75.900 cents. Retail spring grilling-related buying and preparation for the U.S. Memorial Day holiday cook outs supported wholesale pork prices, traders and analysts said. Some packers will continue to bid up hogs for the rest of this week's product, but one Midwest processor on Monday was idled by mechanical issues, a regional hog merchant said. (Reporting by Theopolis Waters Editing by Leslie Adler)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-cme-live-cattle-slide-funds-roll-june-positions-idUSL1N1SE1GC |
May 23, 2018 / 6:43 PM / Updated an hour ago Ukraine paid Trump lawyer Cohen to arrange White House talks - BBC Reuters Staff 3 Min Read
(Reuters) - U.S. President Donald Trump’s personal lawyer, Michael Cohen, received a secret payment of at least $400,000 (299,558.15 pounds) to arrange talks between Trump and Ukrainian President Petro Poroshenko last year, the British Broadcasting Corp reported on Wednesday. U.S. President Donald Trump's personal lawyer Michael Cohen departs federal court in the Manhattan borough of New York, U.S., April 26, 2018. REUTERS/Lucas Jackson
The payment was arranged by intermediaries acting for Poroshenko who wanted to open a back channel to the Republican U.S. president, the BBC said, citing unnamed sources in Kiev.
Cohen, who was not registered as a representative of Ukraine, was brought in because Ukraine’s registered lobbyists and its embassy in Washington could get Poroshenko little more than a photo op with Trump while the Ukrainian leader “needed something that could be portrayed as ‘talks,’” the broadcaster reported.
“This story is completely false,” Cohen said in a text message to Reuters. The White House did not immediately respond to a Reuters request for comment.
In an emailed statement to Reuters, Poroshenko’s office also said the story was false. “Blatant lie, slander and fake,” it said.
The two Ukrainians said to have opened the back channel denied the story, the BBC reported.
Trump met with Poroshenko at the White House on June 20, 2017, in what was officially called a “drop-by” visit after the Ukrainian leader’s separate talks with Vice President Mike Pence. Ukrainian President Petro Poroshenko speaks during a meeting of the country's Security and Defence Council in Kiev, Ukraine May 2, 2018. Mykola Lazarenko/Ukrainian Presidential Press Service/Handout via REUTERS
Poroshenko, speaking to reporters after his session with Trump, said he came away pleased with what he called a “full, detailed meeting.”
There is no suggestion that Trump was aware of the payment to Cohen, the BBC said.
Poroshenko was desperate to meet with Trump because of what had happened during the 2016 U.S. presidential campaign, the BBC said.
According to the BBC, several sources in Ukraine said Poroshenko, believing that Democratic candidate Hillary Clinton was sure to win the presidency, had authorized the leak of a document published by the New York Times in August 2016 that appeared to show Paul Manafort, Trump’s presidential campaign manager, had received millions of dollars from pro-Russian interests in Ukraine. Manafort resigned a few days later.
A week after Poroshenko returned home from the meeting with Trump, Ukraine’s National Anti-Corruption Bureau announced it was no longer investigating Manafort, the BBC said.
A Ukrainian official said Cohen was paid $400,000 while another source put the figure at $600,000, the BBC reported.
Cohen is being investigated for possible bank and tax fraud, possible campaign law violations linked to a hush-money payment to porn star Stormy Daniels, and perhaps other matters related to Trump’s presidential campaign, a person familiar with the probe has said. Reporting by Karen Freifeld in New York and James Oliphant in Washington and Alessandra Prentice in Kiev; Writing by Mohammad Zargham; Editing by Jeffrey Benkoe | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-cohen-ukraine/ukraine-paid-trump-lawyer-cohen-to-arrange-white-house-talks-bbc-idUKKCN1IO2ZG |
May 11 (Reuters) - General Motors:
* GM KOREA OUTLINES VIABILITY PLAN TO RETURN TO PROFITABILITY BY 2019
* GM AND KDB AGREED ON BALANCE SHEET RESTRUCTURING THAT WILL ALLOW GM KOREA TO REDUCE EXISTING DEBT BY ABOUT $2.8 BILLION
* GM KOREA’S VIABILITY PLAN INCLUDES $2.8 BILLION INVESTMENT IN TWO NEW GLOBAL VEHICLE PROGRAMS
* UNDER VIABILITY PLAN, CO WILL DESIGN, ENGINEER & MANUFACTURE ALL-NEW SMALL SUV FOR KOREA AND EXPORT MARKETS
* UNDER PLAN, GM WILL MANUFACTURE ALL-NEW CUV-TYPE VEHICLE FOR KOREA AND EXPORT MARKETS
* UNDER VIABILITY PLAN, CO WILL ENGINEER, MANUFACTURE SMALL THREE-CYLINDER GASOLINE ENGINE IN KOREA FOR NEXT GENERATION GLOBAL VEHICLES Source text: ( bit.ly/2KfEpzg ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gm-korea-outlines-viability-plan-t/brief-gm-korea-outlines-viability-plan-to-return-to-profitability-by-2019-idUSFWN1SI19O |
LONDON (Reuters) - Britain’s trade minister said on Tuesday that unelected lawmakers in parliament’s upper House of Lords were trying to block the will of the people over Brexit.
Britain's Secretary of State for International Trade Liam Fox leaves 10 Downing Street in London, May 1, 2018. REUTERS/Simon Dawson Britain’s upper house on Monday voted to give parliament powers to block or delay a final deal on departure from the European Union, defeating May’s government.
“Now we have the unelected house actually trying to block the democratic will of the British people,” Trade Secretary Liam Fox told Sky. “This is a question about whether the will of the British people will be respected or not, and it must be.”
The Lords’ amendments to the European Union (Withdrawal) Bill can be overturned in the lower house, where May has a working majority with the support of a small Northern Irish party, albeit a slim one.
Reporting by Guy Faulconbridge and Kate Holton; editing by Michael Holden
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-parliament-fox/liam-fox-says-unelected-peers-trying-to-block-the-peoples-will-over-brexit-idUSKBN1I22ZR |
FARMINGTON, Utah, May 1, 2018 /PRNewswire/ -- Vista Outdoor Inc. (NYSE: VSTO) today announced its strategic business transformation plan, designed to allow the company to focus resources on pursuing growth in its core product categories. The plan is a result of a comprehensive strategic review, which began in November 2017.
"Our review identified product categories that are core to the company's long-term business strategy," said Vista Outdoor Chief Executive Officer Chris Metz. "We believe future investment should focus on categories where Vista Outdoor can achieve sustainable growth, maximize operational efficiencies, deliver leadership economics, and drive shareholder value."
In conducting the strategic review, Vista Outdoor management defined several criteria to evaluate whether individual product categories are part of the company's core. Vista Outdoor evaluated brands within its current portfolio based on their ability to do the following:
Serve the company's target consumer – the outdoor enthusiast Create cross-selling and other similar synergy opportunities Achieve market leading positions and leadership economics Demonstrate omni-channel distribution capabilities
As a result of this evaluation, and with support from its board of directors, Vista Outdoor will focus on achieving growth through its market-leading brands in ammunition, hunting and shooting accessories, hydration bottles and packs, and outdoor cooking products.
"Vista Outdoor is excited about the potential of each of our core businesses, particularly ammunition, which is our largest core business." said Metz. "An increased focus on our heritage ammunition business will manifest itself in more innovative and breakthrough new products introduced over the next few years. We also anticipate that by prioritizing this business, we will be able to invest more capital to further enhance and expand our global leadership position."
The company plans to explore strategic options for assets that fall outside of these product categories, including its remaining Sports Protection brands (e.g. Bell, Giro, and Blackburn), Jimmy Styks paddle boards, and Savage and Stevens firearms. Vista Outdoor expects that the execution of this process will significantly reduce the company's leverage, improve financial flexibility and the efficiency of its capital structure, and provide additional resources to reinvest in core product categories, both organically and through acquisition.
"This transformation plan is a significant first step toward creating a portfolio of brands that is laser-focused on our target consumer and leverages the strengths of our combined platform," said Metz. "This renewed focus will allow us to invest in these categories and their natural adjacencies. Coupled with our previously announced sales and marketing reorganization to drive a founder's mentality back into our brands, this strategic orientation will also allow us to accelerate our efforts to expand e-commerce capabilities and increase our emphasis on market-leading product innovation. The end result will be a Vista Outdoor that lives up to the potential envisioned three years ago when the company was formed. We intend to begin the portfolio reshaping immediately, and anticipate executing any strategic alternatives by the end of Fiscal Year 2020."
Vista Outdoor also reported operating results for the fourth quarter and full Fiscal Year 2018 (FY18), both of which ended on March 31, 2018.
"We completed a strong fourth quarter," said Metz. "For the second consecutive quarter, the company delivered sales and free cash flow above, and EPS within, our Fiscal Year 2018 guidance range. For the year, we generated in excess of $200 million of free cash flow, allowing us to pay down $206 million of debt. Importantly, we are beginning to see evidence that the market for our shooting sports and related outdoor products is leveling out, and we anticipate a return to growth in the second half of our Fiscal Year 2019."
Fiscal Year 2018
For the fourth quarter ended March 31, 2018:
Sales were $571 million, down 1 percent from the prior-year quarter. The decline was caused by lower prices across all ammunition categories due to market conditions in the Shooting Sports segment, and lower sales in hydration, optics, and water sports in the Outdoor Products segment. These declines were partially offset by increased firearms sales due to a product refresh in Shooting Sports and improved sales in outdoor cooking and Sports Protection product categories. Gross profit was $109 million, down 24 percent from the prior-year quarter. Adjusted gross profit was $112 million, down 22 percent. The decrease was primarily caused by unfavorable pricing in all ammunition categories, increased promotional activity, and rebates within the Shooting Sports segment. These decreases were partially offset by favorable volume, product mix and cost savings within Outdoor Products. Operating expenses were $125 million, compared to $130 million in the prior-year quarter. Adjusted operating expenses were $123 million, compared to $129 million in the prior-year quarter. The decrease in operating expenses was driven by lower expenses for customer collections compared to the prior period and cost savings initiatives, partially offset by increased incentive accruals. Interest expense was $12 million for the quarter, compared to $11 million in the prior-year quarter. The increase was caused by a higher average borrowing rate, partially offset by a lower debt balance. Tax rate was 42 percent, compared to 71 percent in the prior-year quarter. The adjusted tax rate was 46 percent, compared to 56 percent in the prior-year quarter, primarily caused by lower operating earnings in the current period. Fully diluted earnings per share (EPS) was $(0.28), compared to $0.02 in the prior-year quarter. Adjusted EPS was $(0.22), compared to $0.03 in the prior-year quarter.
For the fiscal year ended March 31, 2018:
Sales were $2.3 billion, down 9 percent from the prior year. The decline was caused by lower volume in Shooting Sports across all ammunition categories, lower pricing across the portfolio, and lower firearms sales as a result of decreased demand impacting the shooting sports industry. Additionally, Outdoor Products declines were caused by market conditions affecting shooting-related categories, including hunting and shooting accessories, optics, and tactical products. In Outdoor Products, hydration and water sports were impacted by loss of retail space and lower demand. The declines in both Shooting Sports and Outdoor Products were partially offset by $33 million in sales related to the Camp Chef acquisition for periods in which they were not part of Vista Outdoor. Organic sales were down 11 percent compared to the prior year. Gross profit was $521 million, down 22 percent from the prior year. The decline was caused by lower sales volumes, lower pricing, increased promotional activity and unfavorable product mix in Shooting Sports. Outdoor Products declines were caused by lower sales, partially offset by $10 million in gross profit related to the Camp Chef acquisition. Organic gross profit was down 24 percent, compared to the prior year. Operating expenses were $606 million, compared to $876 million in the prior year. Adjusted operating expenses were $444 million, compared to $455 million in the prior year. The decline in operating expenses was driven by cost savings initiatives and lower expenses for customer collections, partially offset by increased incentive accruals. Interest expense was $49 million, compared to $44 million in the prior year. The increase was caused by a higher average borrowing rate, partially offset by a lower average debt balance and the lack of a prior-year write-off of debt issuance costs. Tax rate was 55 percent, compared to (9) percent in the prior year. The adjusted tax rate was 8 percent, compared to 35 percent in the prior year; the decrease was driven by a one-time tax benefit related to a prior acquisition, and by the lower operating earnings in the current year. Fully diluted EPS was $(1.05), compared to $(4.66) in the prior year. Adjusted EPS was $0.50 compared to $1.90 in the prior year. Cash flow provided by operating activities was $252 million, compared to $158 million in the prior year. Free cash flow generation was $206 million, compared to $41 million in the prior-year period. The year-over-year improvement was primarily driven by inventory reduction initiatives, timing of tax payments and lower capital expenditures.
The company will provide additional information in its Form 10-K, which will be filed this month. Please see the tables in the press release for a reconciliation of non-GAAP adjusted gross profit, operating profit, tax rate, fully diluted earnings per share, and free cash flow to the comparable GAAP measures.
Outlook for Fiscal Year 2019
"Fiscal Year 2019 will be an inflection point for our business, and our financial guidance reflects this reality," said Metz. "Increased commodity costs and lower volume will pressure both segments in the first half, and higher interest expense and unfavorable tax rate will pressure earnings for the full year. In response to these challenges, the company has taken several cost reduction actions and initiated targeted price increases, and we anticipate further actions if commodity pressures do not abate. As we move through the year, we anticipate sequential, quarter-over-quarter improvements in our gross profit percentages as a result of our actions. Our strategic transformation into a consumer-focused, less complex, and more agile business will position us to unlock the true value of Vista Outdoor and its market-leading brands."
Vista Outdoor FY19 financial guidance:
Sales in a range of $2.205 billion to $2.265 billion Interest expense of approximately $55 million Tax rate reported and adjusted of approximately 30 percent Earnings per share in a range of $0.10 to $0.30 Capital expenditures of approximately $60 million Free cash flow in a range of $55 million to $85 million
The company also expects FY19 EBITDA margins of approximately 7 percent. The guidance above does not include the impact of any future strategic acquisitions, divestitures, investments, business combinations or other significant transactions.
Earnings Conference Call Webcast Information
Vista Outdoor will hold an investor conference call to discuss its strategic business transformation plan, FY18 financial results and FY19 guidance on May 1, 2018, at 9 a.m. ET. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast and view and/or download the earnings press release, including a reconciliation of non-GAAP financial measures, and the related earnings release presentation slides, which will also include detailed segment information, via Vista Outdoor's website ( www.vistaoutdoor.com ). Choose "Investors" then "Events and Presentations." For those who cannot participate in the live webcast, a telephone recording of the conference call will be available for one month after the call. The telephone number is 719-457-0820, and the confirmation code is 8615122.
Reconciliation of Non-GAAP Financial Measures
The adjusted gross profit, adjusted operating expenses, adjusted operating profit (adjusted EBIT), adjusted tax rate, adjusted net income, and adjusted earnings per share (adjusted EPS) presented below are non-GAAP financial measures. Vista Outdoor defines these measures as gross profit, operating expenses, operating profit (EBIT), tax rate, net income, and EPS excluding, where applicable, the impact of costs incurred for contingent consideration, transaction costs, CEO/CFO transition costs, pension curtailment, goodwill and intangible asset impairment, transition costs, tax reform, reorganization, the impact of a gain recorded on an acquisition claim settlement, and acquisition inventory step-up. Vista Outdoor management is presenting these measures so a reader may compare gross profit, EBIT, tax rate, and EPS excluding these items, as the measures provide investors with an important perspective on the operating results of the company. Vista Outdoor management uses this measurement internally to assess business performance, and Vista Outdoor's definition may differ from those used by other companies.
Total Vista Outdoor for the Quarter Ended
March 31, 2018
Gross Profit
Operating
Expenses
Operating
Profit
Taxes
Tax Rate
Net Income
EPS
As reported
$
109,322
$
125,068
$
(15,746)
$
(11,582)
42.1
%
$
(15,922)
$
(0.28)
Contingent consideration
—
2,989
(2,989)
285
(3,274)
(0.06)
Transaction costs
—
(895)
895
303
592
0.01
CEO/CFO transition costs
—
(291)
291
86
205
—
Tax reform
—
—
—
(1,713)
1,713
0.03
Reorganization
2,901
(3,660)
6,561
2,218
4,343
0.08
As adjusted
$
112,223
$
123,211
$
(10,988)
$
(10,403)
45.7
%
$
(12,343)
$
(0.22)
March 31, 2017
Gross Profit
Operating
Expenses
Operating
Profit
Taxes
Tax Rate
Net Income
EPS
As reported
$
143,794
$
129,827
$
13,967
$
2,097
71.0
%
$
857
$
0.02
Transaction and transition costs
—
(490)
490
136
354
—
Contingent consideration
—
(382)
382
(87)
469
0.01
As adjusted
$
143,794
$
128,955
$
14,839
$
2,146
56.1
%
$
1,680
$
0.03
Total Vista Outdoor for the Year Ended
March 31, 2018
Gross Profit
Operating
Expenses
Operating
Profit
Taxes
Tax Rate
Net Income
EPS
As reported
$
520,962
$
605,537
$
(84,575)
$
(73,557)
55.0
%
$
(60,232)
$
(1.05)
Contingent consideration
—
1,515
(1,515)
1,197
(2,712)
(0.05)
Transaction costs
—
(1,893)
1,893
654
1,239
0.02
Pension curtailment
—
5,782
(5,782)
(2,154)
(3,628)
(0.06)
CEO/CFO transition costs
—
(9,747)
9,747
3,234
6,513
0.11
Impairment
—
(152,320)
152,320
23,392
128,928
2.25
Tax reform
—
—
—
47,087
(47,087)
(0.82)
Reorganization
2,901
(5,310)
8,211
2,775
5,436
0.09
As adjusted
$
523,863
$
443,564
$
80,299
$
2,628
8.5
%
$
28,457
$
0.50
March 31, 2017
Gross Profit
Operating
Expenses
Operating
Profit
Taxes
Tax Rate
Net Income
EPS
As reported
$
669,186
$
876,210
$
(207,024)
$
23,760
(9.5)
%
$
(274,454)
$
(4.66)
Goodwill and intangibles impairment
—
(449,199)
449,199
35,670
413,529
7.02
Acquisition claim settlement gain, net
—
30,027
(30,027)
143
(30,170)
(0.51)
Contingent consideration
—
2,171
(2,171)
(1,045)
(1,126)
(0.02)
Transaction and transition costs
—
(4,575)
4,575
1,035
3,540
0.06
Inventory step-up
817
—
817
310
507
0.01
As adjusted
$
670,003
$
454,634
$
215,369
$
59,873
34.9
%
$
111,826
$
1.90
*NOTE: Adjustments to "as reported" results are items that are excluded from reported GAAP results to arrive at the "as adjusted" results for the quarters and years ended March 31, 2018 and 2017.
Fiscal Year 2018 Adjustments
During the quarter and year ended March 31, 2018, Vista Outdoor recorded a portion of the approximately $10 million of compensation for the Camp Chef earn-out, which is paid over the three years following the acquisition, subject to continued Camp Chef leadership employment and the achievement of certain incremental growth milestones. Also, for the quarter and year ended March 31, 2018, as a result of not attaining the level of growth required to achieve the milestone earn-out for the Bell Powersports product line, the company revalued the contingent consideration based on expected incremental profitability growth milestones and reduced the liability by approximately $3.8 million. The tax effects of the contingent consideration adjustments related to Camp Chef were calculated based on a blended statutory rate of approximately 34 to 37 percent. The contingent consideration adjustment related to the Bell Powersports product line is not taxable. Given these contingent consideration amounts relate to the purchase prices of companies and are not normal ongoing compensation of the employees, Vista Outdoor believes these costs are not indicative of operations.
During the quarter and year ended March 31, 2018, Vista Outdoor incurred transaction costs associated with possible transactions, including advisory, legal, and accounting service fees. Given the nature of transaction costs, and differences in these amounts from one acquisition to another, the company feels these costs are not indicative of operations of the company. The tax effect of the transaction costs was calculated based on a blended statutory rate of approximately 34 to 37 percent.
During the year ended March 31, 2018, Vista Outdoor announced changes to its qualified and non-qualified defined benefit pension plans that resulted in a one-time pension curtailment gain of approximately $6 million. The curtailment was effective July 31, 2017, with employees receiving a pro-rated pay credit for 2017, and no future pay credits beginning in 2018. Given the nature of this item, Vista Outdoor believes the gain is not indicative of the ongoing operations of the company. The tax effect of the pension curtailment was calculated based on a blended statutory rate of approximately 37 percent.
During the year ended March 31, 2018, the company completed its search for a permanent CEO and announced the departure of the CFO. During the quarter ended March 31, 2018, Vista Outdoor incurred costs related to severance and executive search fees related to the CFO transition. The company believes the costs related to these transitions are not indicative of the ongoing operations of the company. The tax effect of the costs was calculated based on a blended statutory rate of approximately of 34 to 37 percent, partially offset by a tax deduction shortfall.
During the year ended March 31, 2018, Vista Outdoor recognized a $152 million total impairment of goodwill and identifiable intangible assets. The company previously anticipated a return to sales growth in Fiscal Year 2018 for the Hunting and Shooting Accessories and Sports Protection reporting units. However, during the quarter ended October 1, 2017, the company concluded that the return to growth for those reporting units would take longer than previously anticipated. As a result, management reduced the projected cash flows for these reporting units to reflect the lower expected sales volume and higher product discounting. This reduction in internal projections for these reporting units triggered an analysis of goodwill and tradename intangibles. Given the unusual and infrequent nature of this impairment, Vista Outdoor believes these costs are not indicative of operations of the company. The tax effect of the impairment charge reflects the fact that part of the goodwill impairment charge of $143 million was non-deductible for tax purposes, and the remaining goodwill and intangibles impairment charge was deductible at a rate of approximately 37 percent.
During the quarter and year ended March 31, 2018, Vista Outdoor recognized a tax benefit related to the revaluation of the balance sheet as a result of tax legislation, which has been enacted in the United States and France. Vista Outdoor believes the tax benefit related to the revaluation of the balance sheet is not indicative of the ongoing operations of the company.
During the quarter and year ended March 31, 2018, Vista Outdoor incurred costs related to reorganization. These costs relate primarily to consulting costs for the review of the company's organizational structure and portfolio of brands, as well as severance costs associated with positions that have been eliminated. In addition, as part of the portfolio review, Vista Outdoor decided to exit a specific product line within the Outdoor Products segment and therefore has written off the related inventory. Given the infrequent and unique nature of the reorganization, the company believes these costs are not indicative of ongoing operations. The tax effect of the transaction costs was calculated based on a blended statutory rate of approximately 37 percent.
Fiscal Year 2017 Adjustments
A challenging retail environment and other market pressures resulted in deeper discounting of Vista Outdoor's accessories products during the second half of the year ended March 31, 2017. The deeper discounting caused a reduction in the projected cash flows of the Hunting and Shooting Accessories reporting unit. Given this drop in projected cash flows and a continued challenging retail environment, the company determined a triggering event had occurred requiring an evaluation of goodwill. Upon completion of the analysis, an impairment of goodwill and identifiable intangible assets was determined to be necessary. Given the non-cash and unusual and infrequent nature of this intangible asset impairment, Vista Outdoor does not believe these costs are indicative of operations of the company. The tax effect of the goodwill and intangible impairment charge was determined based on the fact that the goodwill impairment charge of $354 million is non-deductible for tax purposes, and the remaining intangible asset impairment of $95 million was deductible at a rate of approximately 38 percent.
During the year ended March 31, 2017, the company finalized a settlement of claims that it brought against the previous owner of Bushnell Holdings, and third-party insurance providers relating to certain disputes arising under the purchase agreement with respect to the acquisition. The significant majority of the transaction was not taxable for income tax purposes.
For the quarter and year ended March 31, 2017, as result of not achieving the first growth milestone and the likelihood of not meeting any future growth milestone for the Jimmy Styks acquisition, and changes in expectations for remaining periods for the earnout related to the Bell Powersports product line, the company revalued the contingent consideration based on expected incremental profitability growth milestones and reduced the liability. In addition, Vista Outdoor recorded a portion of the $10 million of compensation for the Camp Chef earn-out, which will be paid over the next three years, subject to continued Camp Chef leadership employment and the achievement of certain incremental profitability growth milestones. Given this balance is related to the purchase price of the company, is not normal compensation of the employees, and will not be a continuing cost, Vista Outdoor does not believe these costs are indicative of operations of the company. The tax effect of the transaction and transition costs was calculated based on a blended statutory rate of 38 percent.
For the year ended March 31, 2017, as a result of the acquisition of Action Sports, Vista Outdoor recorded a step-up in the inventory balances, which is the purchase accounting fair value adjustment. The inventory step-up was expensed to the income statement over the first inventory cycle. The tax effect of the inventory step-up was calculated based on a blended statutory rate of 38 percent.
During the quarter and year ended March 31, 2017, Vista Outdoor incurred transaction and transition costs associated with the completed acquisitions of Action Sports and Camp Chef, as well as other possible transactions, including advisory, legal and accounting service fees. Transition costs for the Action Sports business include one-time costs related to the integration of the business into the company, including vendor change fees, insurance-related expenses, and severance costs. Given the nature of transaction and transition costs, and differences in these amounts from one acquisition to another, Vista Outdoor believes these costs are not indicative of operations of the company. The tax effect of the transaction and transition costs was calculated based on a blended statutory rate of 38 percent.
Free Cash Flow
Free cash flow is defined as cash provided by (used for) operating activities less capital expenditures and excluding transaction, contingent consideration, CEO/CFO transition, reorganization, and acquisition claim settlement costs net of taxes incurred to date. Vista Outdoor management believes free cash flow provides investors with an important perspective on the cash available for debt repayment, share repurchases and acquisitions after making the capital investments required to support ongoing business operations. Vista Outdoor management uses free cash flow internally to assess both business performance and overall liquidity.
(in thousands)
Year ended
March 31, 2018
Year ended
March 31, 2017
Projected Year Ending
March 31, 2019
Cash provided by operating activities
$
252,355
$
158,401
$115,000-145,000
Capital expenditures
(66,627)
(90,665)
~(60,000)
Contingent consideration
3,371
—
—
Acquisition claim settlement gain
—
(30,027)
—
CEO/CFO transition costs paid to date
12,388
—
—
Reorganization
3,515
—
—
Transaction costs paid to date
1,239
3,720
—
Free cash flow
$
206,241
$
41,429
$55,000-85,000
EBITDA Margin
EBITDA margin is defined as EBITDA (earnings before interest, taxation, depreciation and amortization) divided by net sales. Vista Outdoor management believes EBITDA margin provides investors with an important perspective on the company's core profitability and helps investors analyze underlying trends in the company's business and evaluate its performance on an absolute basis and relative to its peers. EBITDA margin should be considered in addition to, and not as a substitute for, GAAP net profit margin. Vista Outdoor's definition may differ from that used by other companies.
Vista Outdoor has not reconciled EBITDA margin guidance to GAAP net profit margin guidance because Vista Outdoor does not provide guidance for net income, which is a reconciling item between GAAP net profit margin and non-GAAP EBITDA margin. Accordingly, a reconciliation to net profit margin is not available without unreasonable effort.
About Vista Outdoor Inc.
Vista Outdoor is a leading global designer, manufacturer and marketer of consumer products in the growing outdoor sports and recreation markets. The company operates in two segments, Shooting Sports and Outdoor Products, and has a portfolio of well-recognized brands that provides consumers with a wide range of performance-driven, high-quality and innovative products for individual outdoor recreational pursuits. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. Vista Outdoor is headquartered in Utah and has manufacturing operations and facilities in 13 U.S. States, Canada, Mexico and Puerto Rico along with international customer service, sales and sourcing operations in Asia, Australia, Canada, and Europe.
Forward-Looking Statements
Certain statements in this press release and other oral and written statements made by Vista Outdoor from time to time are forward-looking statements, including those that discuss, among other things: Vista Outdoor's plans, objectives, expectations, intentions, strategies, goals, outlook or other non-historical matters; projections with respect to future revenues, income, earnings per share or other financial measures for Vista Outdoor; and the assumptions that underlie these matters. The words 'believe', 'expect', 'anticipate', 'intend', 'aim', 'should' and similar expressions are intended to identify such forward-looking statements. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous risks, uncertainties and other factors could cause Vista Outdoor's actual results to differ materially from expectations described in such forward-looking statements, including the following: general economic and business conditions in the U.S. and Vista Outdoor's other markets, including conditions affecting employment levels, consumer confidence and spending; Vista Outdoor's ability to attract and retain key personnel and maintain and grow its relationships with customers, suppliers and other business partners, including Vista Outdoor's ability to obtain acceptable third party licenses; Vista Outdoor's ability to adapt its products to changes in technology, the marketplace and customer preferences; Vista Outdoor's ability to maintain and enhance brand recognition and reputation; use of social media to disseminate negative commentary and boycotts; reductions, unexpected changes in or our inability to accurately forecast demand for ammunition, firearms or accessories or other outdoor sports and recreation products; risks associated with Vista Outdoor's sales to significant retail customers, including unexpected cancellations, delays and other changes to purchase orders; supplier capacity constraints, production disruptions or quality or price issues affecting Vista Outdoor's operating costs; Vista Outdoor's competitive environment; risks associated with compliance and diversification into international and commercial markets; the supply, availability and costs of raw materials and components; increases in commodity, energy and production costs; changes in laws, rules and regulations relating to Vista Outdoor's business, such as federal and state firearms and ammunition regulations; Vista Outdoor's ability to execute its long-term growth strategy, including our ability to complete and realize expected benefits from acquisitions and integrate acquired businesses; Vista Outdoor's ability to take advantage of growth opportunities in international and commercial markets; foreign currency exchange rates and fluctuations in those rates; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury and environmental remediation; risks associated with cybersecurity and other industrial and physical security threats; capital market volatility and the availability of financing; changes to accounting standards or policies; and changes in tax rules or pronouncements. Vista Outdoor undertakes no obligation to update any forward-looking statements. For further information on factors that could impact Vista Outdoor, and statements contained herein, please refer to Vista Outdoor's filings with the Securities and Exchange Commission.
VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(preliminary and unaudited)
QUARTERS ENDED
YEARS ENDED
(Amounts in thousands except per share data)
March 31,
2018
March 31,
2017
March 31,
2018
March 31,
2017
Sales, net
$
571,227
$
578,753
$
2,308,463
$
2,546,892
Cost of sales
461,905
434,959
1,787,501
1,877,706
Gross profit
109,322
143,794
520,962
669,186
Operating expenses:
Research and development
7,550
8,618
29,663
32,769
Selling, general, and administrative
117,394
121,209
423,430
424,269
Acquisition claim settlement gain, net
—
—
—
(30,027)
Goodwill and intangibles impairment
124
—
152,444
449,199
Income (loss) before interest and income taxes
(15,746)
13,967
(84,575)
(207,024)
Interest expense, net
(11,758)
(11,013)
(49,214)
(43,670)
Income (loss) before income taxes
(27,504)
2,954
(133,789)
(250,694)
Income tax provision (benefit)
(11,582)
2,097
(73,557)
23,760
Net income (loss)
$
(15,922)
$
857
$
(60,232)
$
(274,454)
Earnings (loss) per common share:
Basic
$
(0.28)
$
0.02
$
(1.05)
$
(4.66)
Diluted
$
(0.28)
$
0.02
$
(1.05)
$
(4.66)
Weighted-average number of common shares outstanding:
Basic
57,310
56,929
57,167
58,911
Diluted
57,310
57,021
57,167
58,911
VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(preliminary and unaudited)
(Amounts in thousands except share data)
March 31, 2018
March 31, 2017
ASSETS
Current assets:
Cash and cash equivalents
$
22,870
$
45,075
Net receivables
421,763
450,715
Net inventories
382,278
562,795
Income tax receivable
3,379
25,658
Assets held for sale
200,440
—
Other current assets
27,962
25,604
Total current assets
1,058,692
1,109,847
Net property, plant, and equipment
277,207
272,346
Goodwill
657,536
857,631
Net intangible assets
592,279
708,530
Deferred charges and other non-current assets
29,122
28,393
Total assets
$
2,614,836
$
2,976,747
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt
$
32,000
$
32,000
Accounts payable
114,549
127,718
Accrued compensation
36,346
33,663
Federal excise tax
22,701
30,082
Liabilities held for sale
42,177
—
Other accrued liabilities
97,447
122,926
Total current liabilities
345,220
346,389
Long-term debt
883,399
1,089,252
Deferred income tax liabilities
66,196
160,765
Accrued pension and postemployment benefits
38,196
64,230
Other long-term liabilities
64,335
71,046
Total liabilities
1,397,346
1,731,682
Commitments and contingencies
Common stock—$.01 par value:
Authorized—500,000,000 shares
Issued and outstanding—57,431,299 shares at March 31, 2018 and 57,014,319
shares at March 31, 2017
574
571
Additional paid-in-capital
1,746,182
1,752,903
Accumulated deficit
(156,526)
(108,033)
Accumulated other comprehensive loss
(104,296)
(112,992)
Common stock in treasury, at cost—6,533,140 shares held at March 31, 2018 and
6,950,120 shares held at March 31, 2017
(268,444)
(287,384)
Total stockholders' equity
1,217,490
1,245,065
Total liabilities and equity
$
2,614,836
$
2,976,747
VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(preliminary and unaudited)
Years Ended March 31
(Amounts in thousands)
2018
2017
Operating Activities
Net income (loss)
$
(60,232)
$
(274,454)
Adjustments to net income (loss) to arrive at cash provided by operating activities:
Depreciation
55,090
54,157
Amortization of intangible assets
34,669
39,622
Amortization of deferred financing costs
3,026
4,125
Goodwill and intangibles impairment
152,444
449,199
Deferred income taxes
(78,989)
(22,470)
Loss on disposal of property
129
239
Share-based compensation
9,299
12,648
Changes in assets and liabilities, net of acquisition of businesses:
Net receivables
5,733
63,101
Net inventories
155,526
(85,680)
Accounts payable
(1,633)
(54,055)
Accrued compensation
6,822
(17,928)
Accrued income taxes
24,915
(26,689)
Federal excise tax
(7,440)
2,437
Pension and other postretirement benefits
(22,850)
1,006
Other assets and liabilities
(24,154)
13,143
Cash provided by operating activities
252,355
158,401
Investing Activities
Capital expenditures
(66,627)
(90,665)
Acquisitions of businesses, net of cash acquired
—
(458,149)
Proceeds from the disposition of property, plant, and equipment
128
135
Cash used for investing activities
(66,499)
(548,679)
Financing Activities
Borrowings on line of credit
250,000
555,000
Repayments of line of credit
(425,000)
(380,000)
Proceeds from issuance of long-term debt
—
307,500
Payments made on long-term debt
(32,000)
(32,000)
Payments made for debt issue costs
(1,879)
(3,660)
Purchase of treasury shares
—
(151,850)
Deferred payments for acquisitions
(1,348)
(7,136)
Proceeds from employee stock compensation plans
4,824
75
Shares withheld for payroll taxes
(3,147)
(3,713)
Cash provided by (used for) financing activities
(208,550)
284,216
Effect of foreign currency exchange rate fluctuations on cash
489
(555)
Decrease in cash and cash equivalents
(22,205)
(106,617)
Cash and cash equivalents at beginning of year
45,075
151,692
Cash and cash equivalents at end of year
$
22,870
$
45,075
Media Contact:
Investor Contact:
Amanda Covington
Michael Pici
Phone: 801-447-3035
Phone: 801-447-3168
E-mail: media.relations@vistaoutdoor.com
E-mail: investor.relations@vistaoutdoor.com
View original content with multimedia: http://www.prnewswire.com/news-releases/vista-outdoor-announces-strategic-business-transformation-plan-300639641.html
SOURCE Vista Outdoor Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-vista-outdoor-announces-strategic-business-transformation-plan.html |
DUBLIN, May 10 (Reuters) - Interest rates are unlikely to move dramatically in the coming years, European Central Bank Governing Council member Philip Lane said on Thursday.
“I don’t think monetary policy rates are going to move dramatically in the years to come. The market doesn’t think monetary policy rates are going to move dramatically,” Lane told an Irish parliamentary committee.
Investors are wondering whether weaker growth and inflation in the euro zone this year will test the ECB’s resolve in dialling back its aggressive stimulus measures. (Reporting by Padraic Halpin, editing by Larry King)
| ashraq/financial-news-articles | https://www.reuters.com/article/ecb-policy/ecbs-lane-sees-no-dramatic-move-in-rates-in-coming-years-idUSS8N1NY01H |
LONDON (Reuters) - British Foreign Secretary Boris Johnson, who has described proposals for a customs partnership with the European Union after Brexit as “crazy”, said on Monday he backed Prime Minister Theresa May’s stance on the issue.
May has said Britain would leave the EU’s customs union and the “customs partnership” which would see Britain essentially collect tariffs on behalf of the EU in order to keep trade with the bloc flowing freely, is said to be her preferred plan for its replacement.
Writing in a newspaper on Sunday, May said she could be trusted to deliver Brexit, but that it could not be done without compromises on all sides.
“I thought the prime minister’s piece in the Sunday Times really set it out very clearly,” he said. “I think the prime minister’s position that I’ve now twice applauded is completely right.”
Reporting by Michael Holden. Editing by Andrew MacAskill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-johnson/uks-johnson-backs-pm-mays-position-over-eu-customs-plans-idUSKCN1IF1UW |
May 8, 2018 / 8:10 PM / Updated 40 minutes ago Heavy rains complicate harvest of Argentina's drought-hit soy Hugh Bronstein 4 Min Read
BUENOS AIRES (Reuters) - Soy harvesting machines are getting stuck in the mud as they try to move over water-logged fields in Argentina, threatening the country’s main cash crop as the government tries to stabilize its volatile peso currency and meet its new deficit target. Soy beans are seen at a Grobocopatel Hermanos company storage plant in Carlos Casares, Argentina, April 16, 2018. Picture taken April 16, 2018. REUTERS/Agustin Marcarian
The soy crop had already been hurt by a drought that ended last month, only to give way to near-constant rain storms that have turned once bone-dry fields into unharvestable mush.
The excessive wetness could cut soy yields by 5 percent to 15 percent, on top of the huge losses caused by hot, dry conditions that started in November and lasted through March.
In some areas, water-logged bean pods burst open or sprout before being harvested, hurting quality and lowering prices by up to 30 percent, according to the Rosario grains exchange.
“What’s most worrying is that the forecasts point to more strong rains over the days ahead,” said the exchange’s head of research, Emilce Terre.
The double hammer blow of drought followed by excessive rain comes as the government tries to calm its volatile financial markets in part by cutting its fiscal deficit target to 2.7 percent of gross domestic product. To hit that target it needs revenue from the 27.5 percent tax it imposes on soybean exports.
A smaller crop means less tax revenue for a country’s whose economy is already in trouble. The government and the International Monetary Fund said on Tuesday they are working on a financing deal aimed at bolstering confidence.
The harvesting combines that bring in the crop are meanwhile getting bogged down, said Gustavo Lopez, head of local farm consultancy Agritrend.
“People are talking about a soy crop of 37 or 38 million tonnes nationwide, and that the rains could reduce that by 1 to 1.5 million tonnes,” Lopez said. Soy beans are poured from a truck at a Grobocopatel Hermanos company storage plant in Carlos Casares, Argentina, April 16, 2018. Picture taken April 16, 2018. REUTERS/Agustin Marcarian CROP FORECASTS SLASHED
Argentina’s 2017/18 soy crop is projected at 40 million tonnes by the U.S. Department of Agriculture. That is down from the 57 million tonne estimate the USDA gave before the start of a five-month drought in November.
The USDA also chopped its 2017/18 Argentina corn harvest estimate to 33 million tonnes from 42 million in November.
“The current rains, added to previous ones and accumulated days with high humidity, are impacting on the quality of the soybean harvest and compromising its production,” said Esteban Copati, head analyst at the Buenos Aires Grains Exchange.
Corn harvesting has been halted in some areas.
“Because of weather conditions, they have stopped harvesting late-seeded corn in most areas,” said Alberto Morelli, president of Argentina’s Maizar corn industry chamber.
Analysts agreed the unusually strong rain has set the stage for a profitable wheat planting season, which starts this month.
“The rain has increased possibilities of having another good year in acreage, possibly well above 6 million hectares,” said David Hughes, a farmer in the bread basket province of Buenos Aires and head of the Argentrigo wheat industry chamber.
“Soil moisture is good, futures price are very good and fertilizer prices are at a good relationship versus wheat prices,” Hughes said. “We are optimistic and look forward to another very good year.” Additional reporting by Maximilian Heath; Editing by Bill Trott and Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-soy-weather/heavy-rains-complicate-harvest-of-argentinas-drought-hit-soy-idUSKBN1I931Z |
May 8 (Reuters) - INTL FCStone Inc:
* Q2 REVENUE ROSE 33 PERCENT TO $260.2 MILLION * QTRLY ADJUSTED DILUTED EARNINGS PER SHARE $ 1.15 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-intl-fcstone-q2-earnings-per-share/brief-intl-fcstone-q2-earnings-per-share-1-18-idUSASC0A0PQ |
May 21, 2018 / 12:34 AM / Updated 26 minutes ago Mexican rivals attack leftist in second debate, Trump hovers over exchanges Anthony Esposito 4 Min Read
MEXICO CITY (Reuters) - The chasing pack of Mexican presidential candidates attacked front-runner Andres Manuel Lopez Obrador in a second televised debate on Sunday without landing major blows in exchanges that often returned to fraught relations with the United States. (L-R) Independent candidate Jaime Rodriguez Calderon, Ricardo Anaya of the National Action Party (PAN), Jose Antonio Meade of the Institutional Revolutionary Party (PRI) and Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA) pose for a photo in their second televised debate in Tijuana, Mexico in this May 20, 2018 handout released to Reuters by the National Electoral Institute (INE). National Electoral Institute/Handout via REUTERS
Leftist Lopez Obrador sought to deflect questions, as he did in the first debate last month ahead of the July 1 election. He stuck to many of his stock responses to defend his sizeable opinion poll lead, rarely rising to the bait and occasionally mocking his rivals.
The debate, focussed principally on trade, migrants, the Mexico-U.S. border and the fight against criminal gangs, drew several rebukes of U.S. President Donald Trump, whose broadsides against Mexico have stirred widespread animosity.
The second-placed challenger, 39-year-old Ricardo Anaya, crossed the stage to address Lopez Obrador face to face in a bid to rile the former Mexico City mayor.
But the 64-year-old Lopez Obrador brushed off the attacks, dismissively calling Anaya a “liar and a fraud.”
“Anaya is a little bum demagogue,” Lopez Obrador said, at one point laughingly telling the audience in the northern city of Tijuana he was watching out for his wallet when Anaya approached him to challenge his record as mayor of the capital.
Anaya, who is heading a right-left coalition, emerged as the victor of the first debate in some polls.
He tried to paint Lopez Obrador as out of touch, ill-informed and beholden to outdated economic models. But Lopez Obrador showed fewer signs of irritation than in the first debate, remaining in good humor and rarely wandering from his script. Leftist front-runner Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA), waves while arriving with his wife Beatriz Gutierrez Muller for the second presidential debate in Tijuana, Mexico May 20, 2018. REUTERS/Ramon Blanco ‘ALLIANCE FOR PROGRESS’
Lopez Obrador, who in some polls has a lead of 20 percentage points over Anaya, recycled much of his campaign rhetoric, and pledged to make Trump respect Mexico if he is elected.
“I want a friendly relationship with the government of the United States, but not one of subordination. Mexico is a free country, it is a sovereign nation,” Lopez Obrador said. “We will not be subject to any foreign government.”
Lopez Obrador said he would propose an “alliance for progress” that included Mexico, the United States, Canada and Central America to foster job creation, grow the economy and pacify the region. He did not offer details on his plan.
In his third tilt at the top job, Lopez Obrador has capitalized on widespread disenchantment with the ruling Institutional Revolutionary Party (PRI) over corruption, rising levels of violence and sluggish economic growth.
The PRI candidate, former finance minister Jose Antonio Meade, has struggled to make an impact, and again found himself defending the unpopular government of President Enrique Pena Nieto.
Lopez Obrador came close to winning the presidency in 2006 and was runner-up again six years later.
This time around, Lopez Obrador has cut a more relaxed figure on the campaign trail, largely avoiding the kind of outbursts that in the past helped adversaries depict him as a threat to the stability in Latin America’s No. 2 economy.
Despite softening his tone, Lopez Obrador has butted heads with Mexico’s business community, calling several tycoons influence traffickers who benefit from corruption.
Lopez Obrador has already caused concerns with threats to walk back the liberalization of the country’s oil and gas business and to scrap a new $13 billion Mexico City airport. Additional reporting by Ana Isabel Martinez, Dave Graham and Adriana Barrera; Editing by Sandra Maler and Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mexico-election/mexico-presidency-rivals-tackle-foreign-policy-in-second-debate-idUKKCN1IM01J |
May 4, 2018 / 3:13 PM / Updated 42 minutes ago Burundi bans the BBC, VOA two weeks before referendum Reuters Staff 4 Min Read
NAIROBI (Reuters) - Burundi suspended operations by the British Broadcasting Corporation and Voice of America on Friday, two weeks before a referendum that could extend the president’s rule for at least a decade. FILE PHOTO: Burundi's President Pierre Nkurunziza bids farewell to his South African counterpart Jacob Zuma at the airport after an Africa Union-sponsored dialogue in an attempt to end months of violence in the capital Bujumbura, February 27, 2016. REUTERS/Evrard Ngendakumana/File Photo
The National Communication Council said it had suspended the international media organisations for six months, accusing them of breaching press laws and unprofessional conduct.
The regulator said in a statement the BBC had invited a Burundi national on its programme whose remarks were “inappropriate, exaggerated, non-verified, damaging the reputation of the head of state, to ethnic hatred, to political conflict and civil disobedience.”
VOA was suspended for broadcasting on a frequency banned by the regulator, according to the statement.
The French broadcaster Radio France International and the local station Isanganiro were also cited in the statement and warned about employing more rigorous verification of sources.
VOA said it was dismayed by the ban but that its content will continue to be available in Kirundi and Kinyarwanda via shortwave channels, on the Internet and on FM transmitters located in neighbouring countries.
“Our audience members count on VOA to provide factual, unbiased and objective coverage of current events, so this ban deprives the citizens of Burundi of a trusted news source during a critical time in that country,” VOA Director Amanda Bennett said in a statement.
There was no immediate comment from the BBC.
“This falls in line with the repression in Burundi as we head closer to the referendum,” said Lewis Mudge, a senior researcher in the Africa Division at Human Rights Watch. “The banning of two major sources of information for the Burundian people is worrying.
“This is happening in the context of journalists getting threatened, those reporting on some of the oppression are being muzzled.”
Burundi ranks 159th out of 180 countries on the World Press Freedom Index compiled by the advocacy group Reporters Without Borders, which says “journalists find it hard to work freely and are often harassed by security forces.”
The country is scheduled to hold a referendum on May 17 that would extend the presidential term to seven years from five. If the measure passes, President Pierre Nkurunziza, now 54 years old, would be free to run for office again in 2020.
The amendment would limit the president to two consecutive seven-year terms, but it would not take into account previous terms, potentially extending Nkurunziza’s rule to 2034.
“Conditions for holding a credible referendum deteriorate as days go by ... the regime is now afraid of the media’s force, which can derail their plan for the upcoming referendum and the 2020 elections,” said Léonce Ngendakumana, deputy chairman of the opposition party FRODEBU, the Front for Democracy in Burundi.
On Tuesday, the U.S. State Department condemned recent political violence in Burundi and expressed concern that the vote could hurt the country’s institutions. Human rights groups say they do not think the vote will take place in a free and fair climate.
Nearly 430,000 people, including opposition politicians, have fled the East African nation of 10.5 million people since Nkurunziza won a third term in a 2015 election that led to violent clashes. His foes said he had no right to run again. Writing by Omar Mohammed, editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-burundi-politics/burundi-bans-the-bbc-voa-two-weeks-before-referendum-idUKKBN1I51VN |
Underwater robots helping marine scientists map the oceans 1:59pm BST - 01:32
Marine scientists are listening to the oceans as never before using an autonomous submarine robot - a Seaglider - to record underwater noises. Jim Drury reports.
Marine scientists are listening to the oceans as never before using an autonomous submarine robot - a Seaglider - to record underwater noises. Jim Drury reports. //reut.rs/2FHfwJS | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/underwater-robots-helping-marine-scienti?videoId=423816025 |
Hawaii adventure tour operator on volcano-related cancellations 3:14 PM ET Wed, 23 May 2018 Gary Marrow, KapohoKine Adventures co-owner, discusses the tourism impact from the ongoing eruption of the Kilauea volcano. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/hawaii-adventure-tour-operator-on-volcano-related-cancellations.html |
May 1 (Reuters) - Chesapeake Lodging Trust:
* Q1 FFO PER SHARE VIEW $0.41 — THOMSON REUTERS I/B/E/S * Q2 FFO PER SHARE VIEW $0.75 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-chesapeake-lodging-trust-posts-q1/brief-chesapeake-lodging-trust-posts-q1-adj-ffo-per-share-0-43-idUSASC09YM6 |
Acquisition further enhances Deluxe’s suite of small business marketing solutions
SHOREVIEW, Minn.--(BUSINESS WIRE)-- Deluxe Corporation (NYSE: DLX) announced that it recently acquired 100 percent of privately held LogoMix, a Boston-based provider of logo design and other small business branding and marketing services.
Founded in 2006, LogoMix enables businesses and individuals to create and purchase custom marketing products for use online and offline. On LogoMaker.com , users can create a custom logo in minutes and, in one click, print their logo on business cards, signs, pens and other offline marketing products. LogoMix’s other marketing services include websites, business email, domains and Google Apps for Work.
The LogoMix acquisition strengthens Deluxe’s fast-growing suite of innovative small business marketing services. Those solutions include website development and hosting, email marketing, social media, search engine optimization and logo design, in addition to the company’s industry-leading checks and forms offerings. The move also improves Deluxe’s reach, as more than 60 percent of LogoMix’s customers are outside of the U.S.
“For more than a century, Deluxe has provided millions of small businesses with the products, services and advice they need to pursue their passion and achieve success,” said Malcolm McRoberts, senior vice president of Small Business Services for Deluxe. “LogoMix shares our commitment to helping small businesses market themselves, and this acquisition further enhances our ability to help our customers grow.”
Deluxe acquired LogoMix for $43 million in an all cash transaction. LogoMix founder Craig Bloem, will remain with Deluxe, taking a position as vice president in the small business services unit, reporting to McRoberts.
Deluxe will integrate LogoMix’s proprietary AI (Artificial Intellegence) capabilities across its business. These capabilities will give Deluxe the ability to better cross-sell Deluxe products to its customers. LogoMix currently sells more than 60 percent of its customers more than a single product.
“Our mission has been to revolutionize the way that small businesses market and brand their business,” said Bloem. “Joining forces with Deluxe, which has a long history of providing innovative marketing solutions to small businesses, will benefit both of our companies’ existing and future customers.”
LogoMix serves more than 900,000 customers in more than 120 countries. In addition to LogoMix.com , LogoMix also operates FreeLogoServices.com and LogoMarker.com . Deluxe will maintain the LogoMix name as it transitions its talent and tools into the Deluxe small business portfolio.
About Deluxe Corporation
Deluxe is a growth engine for small businesses and financial institutions. 4.4 million small business customers utilize Deluxe’s service and product solutions, including website development and hosting, email marketing, social media, search engine optimization and logo design, in addition to our industry-leading checks and forms offerings. Deluxe serves approximately 4,900 financial institutions with a diverse portfolio of financial technology solutions that enable them to grow revenue and manage their customers’ throughout their lifecycle, including our best-in-class check program solutions. Deluxe is also a leading provider of checks and accessories sold directly to consumers. For more information, visit us at www.deluxe.com , www.facebook.com/deluxecorp or www.twitter.com/deluxecorp .
About LogoMix
LogoMix is a self-service marketing and branding platform serving more than 900,000 customers in 120 countries. LogoMix believes that making a logo, business card or custom marketing product like a pen, polo, or sign should not only be easy, it should be fun. They give users the tools to brand their business during these crucial points of connection with customers, partners and the world.
LogoMix enables businesses around the world to create and purchase custom marketing products through websites LogoMix.com , FreeLogoServices.com , LogoMaker.com , and our partner applications with ADP and Google Apps for Work. For more information, visit LogoMix.com or LogoMaker.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005115/en/
Deluxe Corporation
Cameron Potts, 651-233-7735
cameron.potts@deluxe.com
Source: Deluxe Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-deluxe-corp-acquires-logomix-a-provider-of-custom-marketing-products-for-small-businesses.html |
Texas company recalls nearly 25 tons of smoked sausage items Published 8 Hours Ago The Associated Press
YOAKUM, Texas (AP) — A Texas company has recalled nearly 25 tons (23 metric tons) of smoked sausage products due to possible contamination with plastic.
The U.S. Department of Agriculture announced the recall by Eddy Packing Co. of Yoakum (YOH'-kum).
A USDA statement Friday says the recall involves smoked sausage products ranging from 2½ pounds (0.91 kilograms) to 30 pounds (14 kilograms) that were processed April 5 with packing dates of April 5-6.
The products have "EST. 4800" inside the USDA mark and were shipped to California, Georgia, Illinois, New Mexico, Oklahoma and Texas.
The problem was discovered when Eddy Packing Co. received complaints from a restaurant about white, hard plastic found in some sausage during slicing. No one has reported getting sick or hurt.
The recalled products should be discarded or returned to the store.
...
The recalled items include Eddy Fully Cooked Premium Smoked Sausage, Dickey's Barbeque Pit Original Smoked Fresh Polish Sausage Made With Pork and Beef, Lowe's Original Recipe Naturally Hardwood Smoked Sausage Made With Pork and Beef, Eddy Smoked Sausage Made With Pork and Beef, Carl's Pork and Beef Smoked Sausage, Eddy Southern Style Pork and Beef Smoked Sausage and Dickey Cheese/Jalapeno Pork and Beef Sausage Ring. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-texas-company-recalls-nearly-25-tons-of-smoked-sausage-items.html |
BOSTON--(BUSINESS WIRE)-- On May 22, 2018, Tekla Life Sciences Investors declared a stock distribution of $0.40 per share. The record date for the stock distribution is June 1, 2018 and the payable date is June 29, 2018. The Fund will trade ex-distribution on May 31, 2018.
This stock distribution will automatically be paid in newly issued shares of the Fund unless otherwise instructed by the shareholder. The shares will be valued at the lower of the net asset value or market price on the pricing date, June 21, 2018. Fractional shares will generally be settled in cash, except for registered shareholders with book entry accounts at the transfer agent who will have whole and fractional shares added to their account.
Shareholders may request to be paid in cash instead of shares by responding to the bank, brokerage or nominee who holds the shares if the shares are in “street name” or by filling out an election card received from Computershare Investor Services shortly after the record date if the shares are in registered form. The bank, brokerage or nominee who holds the shares must advise the Depository Trust Company ("DTC") as to their full and fractional share requirements by June 20, 2018. Written notification for the election of cash instead of stock by registered shareholders must be received by Computershare Investor Services prior to June 20, 2018.
Tekla Life Sciences Investors (NYSE: HQL) is a closed-end fund that invests in public and private companies in the life sciences industry. Tekla Capital Management LLC, based in Boston, serves as Investment Adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.
For additional information, please consult www.teklacap.com or call (877)-855-3434.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005996/en/
Tekla Life Sciences Investors
877-855-3434
www.teklacap.com
Source: Tekla Life Sciences Investors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-tekla-life-sciences-investors-declares-stock-distribution.html |
CANNES, France (Reuters) - Jean-Luc Godard is everywhere at Cannes this year, with an image from his 1965 New Wave classic “Pierrot le Fou” gracing the film festival’s poster. But the man himself was nowhere to be seen when his latest movie premiered on Friday.
71st Cannes Film Festival - Screening of the film The Picture Book (Le livre d'image) in competition - Red Carpet Arrivals - Cannes, France May 11, 2018. Editor Nicole Brenez, producers Fabrice Aragno, Mitra Farahani and Jean Paul Battaggia pose with Thierry Fremaux and Pierre Lescure. REUTERS/Eric Gaillard The 87-year-old French-Swiss director, revered as a living legend by film buffs but derided as pretentious and irrelevant by his detractors, is in competition for the Palme d’Or, Cannes top prize, which he has never won in his near 60-year career.
Having made his name by breaking cinematic rules in the 1960s by unconventional editing and having characters turn to address the camera, he has always strived for originality, with mixed success.
“Le Livre d’Image” (“Image Book”) is a collage of film clips and images with an often conflicting soundtrack of voiceover and dialogue that appears to address philosophical or political ideas, only to cut out halfway.
“No activity will become art until its epoch is over, then it will disappear,” says an old man’s voice in French.
71st Cannes Film Festival - Screening of the film The Picture Book (Le livre d'image) in competition - Red Carpet Arrivals - Cannes, France May 11, 2018. Mia Frye poses. REUTERS/Regis Duvignau A packed Cannes auditorium shed hundreds of viewers during the premiere of a movie that Variety magazine reported would become a travelling art installation, possibly a better setting for “Image Book”, as it would let the viewer move around a 500 to 600 square-metre space to dip in and out of the pictures and sounds.
“Now he’s like this old, semi-god who can do whatever he wants. He’s not making traditional cinema,” said Michel Hazanavicius, who last year brought the starkly satirical Godard biopic “Redoubtable” to Cannes.
“We should put him in the contemporary arts category. That’s where he belongs now,” Hazanavicius, director of “The Artist”, said in an interview with IndieWire.
71st Cannes Film Festival - Screening of the film The Picture Book (Le livre d'image) in competition - Red Carpet Arrivals - Cannes, France May 11, 2018. Mia Frye poses. REUTERS/Regis Duvignau The Cannes Film Festival runs from May 8 to May 19.
Reporting by Robin Pomeroy, editing by Louise Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/filmfestival-cannes-image-book/on-the-poster-but-not-the-carpet-godard-fails-to-show-up-in-cannes-idINKBN1IC28Y |
May 21 (Reuters) - Santos Ltd said on Monday it received a revised offer from U.S.-based suitor Harbour Energy, valuing it at $10.84 billion, up 4.6 percent from an earlier offer.
The revised proposal is conditional on Santos undertaking additional hedging of oil-linked production in 2018 of about 30 percent and changes to hedging in 2019, Santos said in a statement.
The new offer is equivalent to A$6.95 a share at an exchange rate of 0.75. Harbour said the offer price would be increased to a U.S. dollar amount equivalent to A$7.00 per share if Santos agreed to hedge 30 percent of oil-linked production in 2020. (Reporting by Chris Thomas in Bengaluru; editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/santos-ma-harbour/australias-santos-gets-10-8-bln-conditional-bid-from-harbour-energy-idUSL3N1SR0Z1 |
MUMBAI (Reuters) - An Indian trader body has raised objections to Walmart Inc’s $16 billion acquisition of e-commerce firm Flipkart, though lawyers and sources said the complaint to the country’s antitrust regulator is unlikely to threaten the deal.
FILE PHOTO: The logo of India's e-commerce firm Flipkart is seen on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo The Confederation of All India Traders (CAIT) filed an objection to the U.S. retail giant’s buyout of roughly 77 percent of Bengaluru-based Flipkart, the body said on Monday, adding that the deal would create unfair competition and result in predatory pricing.
However, multiple sources close to the deal said that CAIT’s filing with the Competition Commission of India (CCI) did not pose a challenge to the acquisition.
“It’s very unlikely the CCI will look into this complaint as both Flipkart and Walmart are not competing in India in relation to any products or services,” said a lawyer with knowledge of the deal.
A source with direct knowledge of the deal said the CAIT complaint was “not a matter of concern”.
Walmart’s bid is at aimed at competing with arch rival Amazon.com Inc in a major growth market and prompted protests from Indian trade and nationalist groups that say small traders will suffer.
Amazon’s presence in India means that a Walmart-Flipkart alliance would not be a threat to competition, a CCI official said. However, the deal could be politically sensitive because it might affect small and medium-sized traders, added the official, who declined to be named because he is not authorised to speak to the media.
M. M. Sharma, head of competition law and policy at law firm Vaish Associates, said: “Blocking (of the deal) is highly unlikely, but the CCI will keep checks and balances so that competition in the market is maintained.”
Reporting by Sankalp Phartiyal, Aditya Kalra and Abhirup Roy; Editing by David Goodman
| ashraq/financial-news-articles | https://in.reuters.com/article/flipkart-m-a-walmart-competition/indian-traders-group-files-objection-to-walmart-flipkart-deal-idINKCN1IT103 |
Snap’s stock cratered 15% on Tuesday after reporting disappointing revenue that it partly blamed on a misguided redesign of its flagship service, Snapchat.
Its shares tumbled $2.34 to $11.79 in after-hours trading, marking one of their lowest points since the company’s initial public offering in March 2017.
Snap said that its first quarter revenue was $230.7 million, up 54% from $149.7 million from a same quarter a year earlier. The amount fell short of analyst expectations of $244.5 million, partly because of the redesign
The redesign, announced in November but rolled out in January, separated users’ friends from brands, celebrities and influencers while moving posts from people that users communicate with often to another part of the app. In a sign of the user dissatisfaction, reality show star Kylie Jenner tweeted about her disappointment with the change in February, causing Snap’s stock fell sharply.
Snap has since partially revised the changes by announcing it was testing a new layout that moves some friends’ s tories, the photos and videos that users send to others and that appear for 24 hours, to the discover page, where content from celebrities and brands appear.
In addition to disappointing revenue, Snap also reported underwhelming user growth. The number of daily active users grew just 2% quarter-over-quarter. Snap reported 191 million daily active users in the quarter compared to the analyst forecast of 194.2 million.
Meanwhile, losses grew to $385.8 million, down from more than a $2 billion loss year-over-year. | ashraq/financial-news-articles | http://fortune.com/2018/05/01/snap-stock-earnings-report-redesign/ |
On tepid trading sessions that come after big market surges , CNBC's Jim Cramer likes to search for under-performing stocks of companies that still have strong underlying businesses.
"Most people prefer to chase what's hot in the hope that they can get in on the next big thing, not before it's happened, but while it's happening," the "Mad Money" host said on Tuesday.
"But the problem with hot stocks is that you're often late to the party," he continued. "The better approach? Find cold stocks of once-hot companies that could ignite again — that way you could potentially enjoy the whole run. In other words, find broken stocks of intact companies."
Cramer dubbed the recent action in shares of e-commerce giant Amazon "the quintessential example" of a once-downtrodden stock that bounced back to generate real returns.
In late March, President Donald Trump launched a Twitter attack on the online retailer, accusing the company of scamming the U.S. Postal Service and criticizing its tax treatment.
"Put aside the fact that, by all accounts , the post office is actually turning a profit from Amazon," Cramer said. "Forget that the president may have attacked Amazon because its CEO, Jeff Bezos , owns the Washington Post, which has been highly critical of this administration."
"Didn't matter, the tsunami of tweets crushed the stock," he said.
Cramer knew that shares of Amazon would be exceedingly difficult to buy after the five-tweet firestorm, which helped send the routine outperformer down some 200 basis points.
Still, had investors done their homework, they would have realized that the U.S. Postal Service was free to exit the contract with Amazon or to make a new deal, the "Mad Money" host said.
"I remember telling people when I was on vacation that they had to buy, buy, buy Amazon [and] that my charitable trust ... was picking it up every time the president tweeted," Cramer said. "Hardly anyone wanted to listen."
But what happened next proved Cramer right: Amazon reported what he called "the single best quarter of the year," boasting 43 percent revenue growth year over year and sending the stock up about 7 percent in after-hours trading.
"It was the perfect example of a broken stock, not a broken company," Cramer said.
For current broken-stock opportunities, Cramer flagged the stock of Raytheon , a massive defense company that makes missile defense systems and military electronics.
Shares of Raytheon slumped on Tuesday after Credit Suisse issued a downgrade on the stock, arguing that the defense sector has gotten too expensive and is nearing its peak.
"I don't know about whether [Credit Suisse is] right," Cramer said. "Raytheon's orders sure aren't peaking. I think this analyst broke the stock himself, but he didn't even dent the company, which has the hottest products in the entire universe of armaments. Wait a day, [then] buy some."
All things considered, the "Mad Money" host simply didn't want investors to dismiss sliding stocks of good companies simply because of short-lived declines — or chasing the cheap stocks of potentially broken companies like J.C. Penney .
"Remember, in Cramerica, we're looking for the stocks of very good companies that might have made a misstep or gotten downgraded or simply mispriced because of emotional, panicked selling," he said. "We don't want the stocks of companies that are genuinely in peril. As long you know the difference between a broken stock and a broken company, I think you can do very well for yourself by searching for unjustly marked-down merchandise."
WATCH: Cramer pinpoints buyable broken stocks across the tape show chapters Cramer: If you want bigger gains, buy stocks that are selling off on panic 21 Hours Ago | 11:11 Disclosure: Cramer's charitable trust owns shares of Amazon and Raytheon.
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
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Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/cramer-if-you-want-bigger-gains-buy-stocks-that-are-broken-by-panic.html |
Italy eyes possible eurosceptic government 3:27am EDT - 01:22
Global markets have shown signs of a rebound amid hints that Italy might be chasing a new political solution to its crisis that doesn't involve a snap election. ▲ Hide Transcript ▶ View Transcript
Global markets have shown signs of a rebound amid hints that Italy might be chasing a new political solution to its crisis that doesn't involve a snap election. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IXqmBX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/italy-eyes-possible-eurosceptic-governme?videoId=431857068 |
The dollar rose against a raft of emerging-market currencies Friday, as investors faced fallout from a recent rise in U.S. yields.
The U.S. currency strengthened 1.4% against the Argentine peso, paring gains after hitting an all-time high earlier in the session. The peso has continued to fall this week after the South American country announced earlier this week that it would seek aid from the International Monetary Fund to stabilize its economy. The dollar also rose 1.4% against the Brazilian real and gained 1.9% against... | ashraq/financial-news-articles | https://www.wsj.com/articles/dollar-rises-against-emerging-market-currencies-1526061509 |
BEIJING, May 9 (Reuters) - China’s special envoy for Middle East issues, Gong Xiaosheng, said all parties involved in the Iran nuclear pact should stick to the deal and use dialogue and negotiation to resolve the dispute, China’s official Xinhua agency reported on Wednesday.
The report, from Tehran and dated May 8, Quote: d Gong as telling reporters after meeting Iranian officials that China was willing to strengthen cooperation with all parties involved in the Iran nuclear pact.
U.S. President Donald Trump pulled the United States out of the 2015 international nuclear deal on Tuesday that was struck by his predecessor Barack Obama with five other world powers and Iran. It aimed to prevent stop Iran from obtaining a nuclear bomb. (Reporting by Beijing Monitoring Desk Editing by Paul Tait)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-china/chinese-diplomat-says-all-parties-should-stick-to-iran-nuclear-pact-xinhua-idUSS6N1NC053 |
ELMIRA, N.Y.--(BUSINESS WIRE)--
Hardinge Inc. (NASDAQ:HDNG), (“Hardinge” or the “Company”) a leading international provider of advanced metal-cutting solutions and accessories, today announced that Hardinge shareholders voted at a special meeting of shareholders held today to adopt the Agreement and Plan of Merger, dated as of February 12, 2018 (the “Merger Agreement”), by and among the Company, Hardinge Holdings, LLC, a Delaware limited liability company (“Parent”), and Hardinge Merger Sub, Inc., a New York corporation and a direct wholly owned subsidiary of Parent (“Acquisition Sub”), pursuant to which Acquisition Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Parent and Acquisition Sub are beneficially owned by affiliates of Privet Fund Management LLC and Privet Fund LP (collectively, “Privet”).
Based on a tabulation of the stockholder vote, approximately 98.91% of all votes cast, which represents approximately 78.36% of all outstanding shares on April 16, 2018, the record date for the special meeting, were voted in favor of the merger. Hardinge shareholders also approved the proposal to approve, on an advisory (non-binding) basis, certain compensation that may be paid or become payable to the Company’s named executive officers in connection with the merger.
Under the terms of the Merger Agreement, Hardinge shareholders (other than Privet Fund LP) will receive $18.50 per share in cash at the closing of the merger. The merger is expected to be completed on or about May 25, 2018, subject to customary closing conditions. Shares of Hardinge common stock will be delisted from the NASDAQ upon completion of the merger.
About Privet Fund Management LLC
Privet Fund Management LLC is a private investment firm focused on investing in and partnering with small capitalization companies. The firm has flexible, long-term capital with the ability to effectuate investments across all levels of the capital structure, including going-private transactions. Privet was founded in 2007 and is based in Atlanta, GA.
About Hardinge
Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard-to-machine metal parts and of technologically advanced workholding accessories. The Company’s strategy is to leverage its global brand strength to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable products Hardinge produces. With approximately two-thirds of its sales outside of North America, Hardinge serves the worldwide metal working market. Hardinge’s machine tool and accessory solutions can also be found in a broad base of industries to include aerospace, agricultural, automotive, construction, consumer products, defense, energy, medical, technology and transportation.
Hardinge applies its engineering design and manufacturing expertise in high performance machining centers, high-end cylindrical and jig grinding machines, SUPER-PRECISION® and precision CNC lathes and technologically advanced workholding accessories. Hardinge has manufacturing operations in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom and the United States.
The Company regularly posts information on its website: www.hardinge.com
Forward Looking Statements
This news release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Such statements are based on management's current expectations that involve risks and uncertainties. Any statements that are not statements of historical fact or that are about future events may be deemed to be For example, words such as “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue,” “strategy,” “believes,”" “anticipates,” “plans,” “expects,” “intends,” and similar expressions are intended to identify The Company's actual results or outcomes and the timing of certain events may differ significantly from those discussed in any
Certain factors could cause actual results to differ from those anticipated in the forward-looking statements in this release, including the possibility that the proposed transaction with Privet is delayed or does not close, including due to litigation in respect of the Merger, the taking of governmental action (including the passage of legislation) to block the transaction, the failure of Privet to obtain the equity and debt financing or other funds required to finance the transaction, or the failure of other closing conditions, disruptions of our business as a result of the announcement and pursuit of the Merger, the possibility that the expected financial impacts will not be realized, or will not be realized within the expected time period, including as a result of fluctuations in the machine tool business, the cyclical nature of our markets, changes in general economic conditions in the U.S. or internationally, the mix of products sold and the profit margins thereon, the relative success of our entry into new product and geographic markets, our ability to manage our operating costs and announced cost reduction initiatives, product liability claims, work stoppages or other labor issues, our ability to execute on our previously announced real estate sale and other restructuring activities, actions taken by customers such as order cancellations or reduced bookings by customers or distributors, competitors’ actions such as price discounting or new product introductions, governmental regulations and environmental matters, loss of key management or other personnel, failure of operating equipment or information technology infrastructure, changes in the availability and cost of materials and supplies, the implementation of new technologies and currency fluctuations, and other risks and factors described in our quarterly reports on Form 10-Q and annual reports on Form 10-K and in our other filings with the Securities and Exchange Commission or in materials incorporated therein by reference.
The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006293/en/
For more information:
Company:
Douglas J. Malone, 607-378-4140
Senior Vice President and Chief Financial Officer
or
Investor Relations:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
Source: Hardinge Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-hardinge-stockholders-approve-merger-with-privet.html |
* Italy debt outlook, broader risk aversion weigh
* Swiss franc, Yen set for big weekly gains
* Dollar holds near five-month highs
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Saikat Chatterjee
LONDON, May 25 (Reuters) - The euro weakened on Friday and is set for a sixth consecutive week of losses as rising bond yields in Italy triggered nervousness among investors, while brewing political instability in Spain also weighed on sentiment.
The Swedish crown was the surprise winner among G10 FX currencies in European trade after the country’s debt office said it plans to build up a position of up to 7 billion crowns ($803 million) as it reduces its buying of costly foreign currencies.
“Italy is still the focus for financial markets for now with Spanish news playing into the overall theme, though we are a long way from those concerns hitting the macro fundamentals,” said Lee Hardman, an FX strategist at MUFG in London.
Spain’s opposition socialist leader Pedro Sanchez said his party would force a snap election if it wins a no confidence vote against Prime Minister Mariano over a graft case involving members of his conservative People’s Party.
Italian prime minister-designate Giuseppe Conte met the governor of the Bank of Italy on Friday as markets fell on fears the incoming eurosceptic government will embark on a spending spree that will undermine fragile state finances.
The closely-watched Italy-Germany 10-year bond yield spread, seen by many investors as a proxy for investors’ sentiment on the euro zone, widened to 200 basis points (bps) for the first time since June.,.
Widening spreads have pulled the euro lower against the Swiss franc in recent days, with the franc set to post its fourth consecutive weekly gain against the single currency. On Friday, the euro was down 0.1 percent at 1.1601 francs.
Broader currencies remained in a range with investors digesting news this week including minutes from the Federal Reserve’s latest policy meeting which were perceived to be dovish, and mixed European data with the dollar index holding below a December 2017 high of 94.19 hit this week.
“The euro continues to be under pressure especially against the franc as Italian/German spreads are widening but markets are taking a ‘wait and see’ approach for now,” said Alvin Tan, an FX strategist at Societe Generale in London.
The single currency was down a fifth of a percent against the dollar at around $1.17. For the week it is down 0.6 percent and on track for six consecutive weeks of losses.
Data this week showed the German PMI fell to a 20-month low in May indicating that momentum in Europe’s biggest economy was faltering. Minutes of the European Central Bank’s April meeting showed policymakers were worried about a more pronounced slowdown in the euro zone and political uncertainty in Italy. and
SWEDISH SURPRISE The crown has been one of the currencies most heavily sold in recent months by speculators betting that monetary authorities in Sweden would significantly lag behind their peers in Europe in removing policy support.
The currency therefore jumped on the news from the Swedish National Debt Office (SNDO).
“The fact that the SNDO is taking a position for a stronger SEK vs EUR is a very good sign for crown bulls,” Richard Falkhenhall, a Stockholm-based senior FX strategist at SEB said on Twitter.
The crown rallied 1 percent to 10.16 per euro and by a similar margin against the dollar at 8.6750.
The yen and the safe-haven Swiss franc are set to notch up big weekly gains in response to heightened worries over global politics. However, traders were quick to lock in gains before long weekends in the United States and Britain.
The dollar had been rising for weeks on its widening yield advantage but lost some of its momentum after the Fed minutes on Wednesday were seen as more dovish than markets had expected.
Reporting by Saikat Chatterjee; Editing by Keith Weir/David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-euro-set-for-sixth-week-of-losses-as-european-yields-rise-idUSL3N1SW430 |
President Donald Trump 's withdrawal from the Iran nuclear deal is likely to exacerbate tensions between two of the world's biggest oil producers at next month's OPEC meeting, one analyst told CNBC Wednesday.
Global oil supplies were already tightening ahead of the U.S. president's decision to pull out of the landmark nuclear accord on Tuesday, while crude futures have since soared to multi-year highs.
Yet, in a move that defied pleas from close allies, Trump said he would seek to re-impose economic sanctions on Tehran, elevating concerns about the future of the supply-cutting deal between OPEC members and allies including Russia.
show chapters Meet Saudi Arabia’s crown prince 2:59 PM ET Wed, 21 March 2018 | 02:52 "I think it is hard to believe that there won't be some gamesmanship the next time that we gather in Vienna in June," Andy Critchlow, head of EMEA energy content at S&P Global Platts, told CNBC Wednesday.
"Is it really in (Iran's) interest now to sign up to a Saudi-led Russian deal to extend these cuts? Of course, the high oil price suits Saudi Arabia … But the Iranians can think 'now we will play the long game' and play hardball here," he added.
Oil prices 'on a path to $80 a barrel' Heinz-Peter Bader | Reuters Iran's Oil Minister Bijan Zangeneh. Alongside Russia and other allied partners, OPEC is in the midst of a production-cutting deal designed to curb a global supply overhang and prop up prices.
The output controls have widely been viewed as a success, with several major global producers honing in on achieving their original aim of reducing industrialized oil nations' back to their five-year average.
Ahead of Trump's decision to impose fresh sanctions on Tehran, analysts had warned it could wipe out up to 1 million barrels per day of Iranian crude exports and heighten geopolitical tensions in the Middle East — estimated to be the home of around one-third of the world's daily oil supply.
In response, Saudi Arabia quickly sought to try to offset any potential slump in production levels as a result of the looming sanctions. State news agency SPA reported the kingdom would work with major producers and consumers within and outside OPEC to limit the impact the prospect of a supply shortage.
OPEC next meets to review output policy in Vienna on June 23. The cartel is widely expected to continue with its supply-cutting deal until at least the end of 2018.
"While it is still early days, the return to the sanctions era will reinforce upward price pressures and put Brent on a path to $80 a barrel," Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Wednesday.
Global benchmark Brent traded at $76.94 on Wednesday afternoon, notching highs not seen since late 2014, while U.S. West Texas Intermediate (WTI) stood at $70.95. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/saudi-arabia-should-expect-iran-to-play-hardball-at-opecs-next-meeting.html |
ENGLEWOOD, Colo., May 1, 2018 /PRNewswire/ -- DISH Network Corp. (NASDAQ: DISH) will host a conference call at noon Eastern Time (ET) on Tuesday, May 8, 2018, to discuss its first quarter results. To attend the call, please use the information below for dial-in access. When prompted on dial-in, please utilize the conference ID and ask for the "DISH Network Q1 2018 Earnings Conference Call."
Participant conference numbers: (888) 394-8218 (U.S.) and (323) 701-0225, Conference ID: 9118252
Please dial in at least 10 minutes before the call to ensure timely participation.
A webcast replay will be available on DISH's Investor Relations website the day of the call and will remain available for 48 hours.
DISH will distribute a financial results news release prior to the call. It will be posted to the Investor Relations website at http://ir.dish.com .
About DISH
DISH Network Corporation is a connectivity company. Since 1980, it has served as the disruptive force in pay-TV, driving innovation and value on behalf of consumers. Through its subsidiaries, the company provides television entertainment and award-winning technology to millions of customers with its satellite DISH TV and streaming Sling TV services. DISH operates a national in-home installation workforce, as well as an advertising sales group delivering targeted advertising solutions on DISH TV and Sling TV. In addition to its TV services, DISH has commenced buildout of a national narrowband "Internet of Things" network to provide innovative connectivity solutions and applications through its strategic spectrum portfolio. DISH Network Corporation (NASDAQ: DISH) is a Fortune 200 company.
For more information on DISH TV products and services, visit www.dish.com
For more information on Sling TV products and services, visit www.sling.com
For company information, visit about.dish.com
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View original content with multimedia: http://www.prnewswire.com/news-releases/dish-announces-conference-call-for-first-quarter-2018-financial-results-300640500.html
SOURCE DISH Network Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-dish-announces-conference-call-for-first-quarter-2018-financial-results.html |
DEERFIELD, Ill., May 25, 2018 /PRNewswire/ -- Essendant Inc. (NASDAQ: ESND) announced that on May 24, 2018 its board of directors declared a $0.14 per share dividend payable on July 13, 2018 to stockholders of record at the close of business on June 15, 2018.
About Essendant
Essendant Inc. is a leading national distributor of workplace items, with 2017 net sales of $5.0 billion. The company provides access to a broad assortment of over 170,000 items, including janitorial and breakroom supplies, technology products, traditional office products, industrial supplies, cut sheet paper products, automotive products and office furniture. Essendant serves a diverse group of customers, including independent resellers, national resellers and e-commerce businesses. The Company's network of distribution centers enables the Company to ship most products overnight to more than ninety percent of the U.S. For more information, visit www.essendant.com .
Essendant's common stock trades on the NASDAQ Global Select Market under the symbol ESND.
For Investor Inquiries :
investorrelations@essendant.com
847.627.2900
View original content with multimedia: http://www.prnewswire.com/news-releases/essendants-board-declares-regular-dividend-300655143.html
SOURCE Essendant Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-essendants-board-declares-regular-dividend.html |
May 11, 2018 / 11:00 AM / Updated 6 minutes ago Bank of Canada, TMX say blockchain feasible for securities settlement Reuters Staff 3 Min Read
TORONTO, May 11 (Reuters) - Canada’s central bank, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada said on Friday that tests had shown blockchain technology can be used for automating instantaneous securities settlements.
The three organizations said that they had developed an integrated securities and payment settlement platform using a distributed ledger, the same technology that underpins cryptocurrencies like bitcoin, and found that cash and assets can be tokenized to complete an instant settlement.
“This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from buyers to sellers, resulting in instant settlements,” said Gerry Gaetz, president and CEO of Payments Canada, the body which ensures financial transactions in Canada are carried out securely.
However, Bank of Canada Senior Special Director Scott Hendry told a payments conference in Toronto on Thursday it was not yet clear if the use of blockchain technologies to settle securities transactions would lead to cost savings.
“We’re still uncertain after doing this work that there are significant savings possible for participants,” he said. “It’s not clear that all the participant dealers and banks are going to get a significant benefit out of this settlement system.”
The tests were the latest phase of an initiative called “Project Jasper” that the Bank of Canada launched last year in conjunction with TMX and Payments Canada.
Jasper is among dozens of fledgling efforts by financial institutions around the globe to find ways to use distributed ledger technology to boost the efficiency, transparency and security of financial transactions.
Other technologies are also being explored to enable instantaneous settlements. The European Central Bank is planning to launch a new settlement system in November which it says will allow transactions to be conducted in real-time, but does not use distributive ledger technology. (Reporting by Matt Scuffham, Editing by Rosalba O’Brien) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-tech-blockchain/bank-of-canada-tmx-say-blockchain-feasible-for-securities-settlement-idUSL1N1SH200 |
CAIRO (Reuters) - Libya is too divided to hold elections and risks partition if it goes ahead with a vote without security guarantees and a national consensus on building a state, a former rebel prime minister said on Tuesday.
Libyan former interim Prime Minister Mahmoud Jibril talks during an interview with Reuters in Cairo, Egypt May 22, 2018. REUTERS/Aidan Lewis Mahmoud Jibril, who led the National Transitional Council during the uprising that toppled Muammar Gaddafi after more than four decades in power, said a U.N.-endorsed target of holding national polls by the end of the year was unrealistic.
“The country is still not ready. More unity is needed, more consensus is needed,” Jibril said in an interview from his base in Cairo.
“To go for elections when the country is so divided – we are exposing the country to real partition.”
Jibril, 65, a U.S.-trained consultant, headed an economic reform body under Gaddafi from 2007 before siding with rebels in the 2011 uprising. He served as interim prime minister for about seven months, lobbying successfully for the NATO air campaign that provided the rebels with crucial support.
But he says the electoral success of his National Forces Alliance (NFA) was sabotaged by armed groups who have held the real power in Tripoli since the uprising, storming government buildings and abducting officials to enforce their will.
In 2012 the NFA won the most votes, though Jibril lost a parliamentary contest to become prime minister. In new elections two years later party lists were banned and the result of the vote was disputed, leading to rival parliaments and governments being set up in Tripoli and the east.
SECURITY VACUUM A security vacuum allowed militants and migrant smugglers to flourish, as competing alliances backed by rival regional powers battled for political power and control of Libya’s oil wealth.
Factions based in the east and aligned with Khalifa Haftar’s Libyan National Army (LNA) have rejected a U.N.-backed interim government in Tripoli. The LNA is now battling opponents in the far eastern city of Derna.
Jibril said that before any new elections, written commitments to accept election results must be obtained and Libyan and international authorities need to show they can ensure the outcome is respected — something currently impossible due to the lack of national security forces or an effective judiciary.
“If those conditions are not met I don’t think we can participate, because that means we are exposing ourselves to a third round of disappointment, a third round of unfulfilled dreams,” he said.
Jibril said the numbers reported in a recent round of voter registration had been inflated with fake names, and that these irregularities also needed to be addressed urgently, though he did not offer evidence. He said “very drastic, structural economic changes” were needed, including a reduction of Libya’s huge public salary bill.
Jibril spoke a day after U.N. Libya envoy Ghassan Salame told the U.N. Security Council that he had given up trying to amend a stalled 2015 peace deal and was instead focusing on holding elections this year.
Salame is also promoting a series of meetings to try to foster political discussion and consensus, which Jibril said could potentially produce a national charter for reuniting the country and rebuilding a properly functioning state.
On Tuesday Libya’s neighbors warned that security there could deteriorate further in the absence of any progress towards a political solution.
“Any delay for the resolution of the Libyan crisis could open the way for further escalation, violence, terrorism and conflicts,” the foreign ministers of Algeria, Egypt and Tunisia said in a joint statement.
Additional reporting by Hamid Ould Ahmed in Algiers; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-libya-security/former-pm-says-libya-risks-partition-if-it-rushes-to-elections-idUSKCN1IN27X |
May 11, 2018 / 6:07 PM / Updated 4 hours ago Takata's defective air bags linked to 278 injuries in U.S.: Senator Reuters Staff 2 Min Read
(Reuters) - Takata Corp’s defective air bags have been linked to 278 injuries across the United States, according to updated figures released by U.S. Democratic Senator Bill Nelson of Florida, in advance of a hearing next week on the nomination of Heidi King to head the National Highway Traffic Safety Administration. FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo
The air bags have also been linked to 15 deaths, according to the statement from the Senator.
The National Highway Traffic Safety Administration ordered the first recall in 2015, but Nelson said as of March 30 some 16.4 million unrepaired inflators remain in vehicles on the highways.
The defective inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, resulted in the auto industry’s biggest recall and pushed the Japanese company to file for bankruptcy protection in June 2017.
Florida had the highest number of injuries in the United States related to the inflators, according to the statement from Nelson, who heads the Senate committee that oversees the automakers. Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://uk.reuters.com/article/us-takata-injury/takatas-defective-air-bags-linked-to-278-injuries-in-u-s-senator-idUKKBN1IC29U |
DENVER, May 09, 2018 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE:DCP) (“DCP”) announced today that it has commenced, subject to market conditions, an underwritten public offering of Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference of $25.00 per unit, representing limited partner interests in DCP (the “Series B Preferred Units”). DCP expects to grant the underwriters a 30-day option to purchase additional Series B Preferred Units.
DCP intends to use the net proceeds from this offering, including the net proceeds from any exercise of an option to purchase additional Series B Preferred Units that may be granted to the underwriters, for general partnership purposes, including the funding of capital expenditures and the repayment of outstanding indebtedness under its revolving credit facility.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. When available, a copy of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained free of charge on the Securities and Exchange Commission's website at www.sec.gov or from any of the underwriters by contacting:
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
200 North College Street
NC1-004-03-43
Charlotte NC 28255-0001
Attention: Prospectus Department
Telephone: 1-800-294-1322
Email: dg.prospectus_requests@baml.com
Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street, 2nd Floor
New York, New York 10014
Telephone: 1-866-718-1649
Email: prospectus@morganstanley.com
RBC Capital Markets, LLC
Attn: DCM Transaction Management
200 Vesey Street
New York, New York 10281
Telephone: (866) 375-6829
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, Minnesota 55402
Attention: WFS Customer Service
Telephone: 800-645-3751
The Series B Preferred Units are being offered and will be sold pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This offering of Series B Preferred Units is being made only by means of a base prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
DCP Midstream, LP (NYSE:DCP) is a midstream master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; and producing, fractionating, transporting, storing and selling NGLS and recovering and selling condensate. Denver, Colorado based DCP is managed by its general partner, DCP Midstream GP, LP, which is managed by its general partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC is a joint venture between Enbridge Inc. and Phillips 66.
This press release may include forward-looking statements as defined under the federal securities laws regarding DCP Midstream, LP, including statements regarding the intended use of offering proceeds and other aspects of the Series B Preferred Unit offering. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond DCP's control, including market conditions, customary offering closing conditions and other factors described in the prospectus and accompanying prospectus supplement for the offering. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management anticipated, estimated, projected or expected.
Investors are encouraged to closely consider the disclosures and risk factors contained in DCP’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission and in the prospectus and related prospectus supplement for the Series B Preferred Units. The statements herein speak only as of the date of this press release. DCP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
DCP Midstream
Investor Relations:
Irene Lofland, 303-605-1822
Source: DCP Midstream, LP
Source:DCP Midstream LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-dcp-midstream-lp-announces-public-offering-of-series-b-preferred-units.html |
SYDNEY (Reuters) - France’s President Emmanuel Macron may have had le vin rouge on his mind when he thanked Australian Prime Minister Malcolm Turnbull and his “delicious wife” for their warm welcome on his official visit.
Macron and Turnbull had navigated their way through several sensitive diplomatic issues at a news conference in Sydney on Wednesday, only for the president to make the linguistic slip while making closing remarks in English.
He thanked Turnbull and his wife, Lucy, for being good hosts and acknowledged the fine food and wine he had enjoyed on his visit, before exclaiming: “I want to thank you for your welcome, you and your delicious wife for the warm welcome.”
The comment lit up social media, replacing discussion about the leaders’ deliberations on more weighty issues such as China’s growing influence in the region.
But what exactly did Macron try to say?
France's President Emmanuel Macron speaks with Australia's Prime Minister Malcolm Turnbull during a meeting at Admiralty House in Sydney, Australia May 2, 2018. AAP/Pool/Jason McCawley/via REUTERS He may have had the word “delicieux” in mind, which, though sounding similar to “delicious,” would better translate into “lovely” or “delightful.”
While more often used to describe a pastry or a meal, the word “delicieux” can also describe a person, even if it is a somewhat old-fashioned usage.
Though Macron speaks better English than several of his predecessors and often speaks the language when abroad, his only experience of living in an English-speaking country is six months in the French embassy in Nigeria.
President of France Emmanuel Macron meets Australia's Prime Minister Malcolm Turnbull and his wife Lucy Turnbull at the Sydney Opera House, Australia May 1, 2018. AAP/Mick Tsikas/via REUTERS It is not the first time a stray comment - in this case, unintentional - on a high-profile visit has overshadowed more official business.
Last year, U.S. President Donald Trump praised French first lady Brigitte Macron for being in “such good shape” on a state visit to France.
Additional reporting by Ingrid Melander and Michel Rose in Paris; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://in.reuters.com/article/australia-france/french-president-in-delicious-faux-pas-on-tour-down-under-idINKBN1I31A7 |
May 9, 2018 / 4:39 PM / Updated an hour ago Battaglin wins Giro stage five in Italian one-two Reuters Staff 1 Min Read
SANTA NINFA (Reuters) - Italian Enrico Battaglin launched a late attack to win the 153-kilometre fifth stage of the Giro d’Italia from Agrigento to Santa Ninfa on Wednesday. FILE PHOTO: Cycling – the 101st Giro d'Italia cycling race – The 9.7-km Stage 1 in Jerusalem – May 4, 2018 - Team Lotto rider Enrico Battaglin of Italy prepares at the start line. REUTERS/Ronen Zvulun
The LottoNL-Jumbo rider, who finished third in stage four on Tuesday, attacked on the last metres of the uphill finale and crossed the finish line ahead of compatriot Giovanni Visconti and Portugal’s Jose Goncalves.
It was the 28-year-old’s third stage win at the Giro d’Italia.
Australian Rohan Dennis managed to weather the storm to hold on to the pink jersey in Sicily ahead of Thursday’s mountain stage to Mount Etna. Reporting by Hardik Vyas in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro/battaglin-wins-giro-stage-five-in-italian-one-two-idUKKBN1IA2SE |
May 14, 2018 / 10:00 PM / Updated 8 hours ago Mexico's Marquez in line to play in fifth World Cup Reuters Staff 1 Min Read
MEXICO CITY (Reuters) - Rafael Marquez could become the third player ever to appear in five World Cup tournaments after he was included in Mexico’s preliminary 28-man squad for the finals in Russia. FILE PHOTO: Football Soccer - Mexico news conference - USA 2016 Centennial Copa America - Mexico City, Mexico - 24/05/16. Mexico's defender Rafael Marquez attends a news conference. REUTERS/Henry Romero Picture Supplied by Action Images
If Marquez, who can play as a centre back or defensive midfielder, walks out for Mexico during the June 14 to July 15 tournament, he would join German midfielder Lothar Matthaeus and Mexican goalkeeper Antonio Carbajal as a five-time World Cup veteran.
The 28-man squad named by coach Juan Carlos Osorio will be trimmed down to 23 by June 4.
Mexico kick off their campaign against champions Germany on June 17 before facing South Korea and Sweden in Group F.
Appearing in a fifth World Cup would be a fitting farewell for the 39-year-old Marquez, who had already announced his plans to retire from the sport following the tournament in Russia.
Marquez is one of the best-known athletes in Mexico and has enjoyed a long career playing for teams including Monaco, NY Red Bulls, Hellas Verona and now Atlas. Reporting by Andrew Downie, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-mex/mexicos-marquez-in-line-to-play-in-fifth-world-cup-idUKKCN1IF2ZX |
The industrials sector is enjoying its longest winning streak in six months, but one top technician warns the rally is running out of steam.
The XLI ETF , which tracks the sector, has been on a tear, rising for the eighth straight session and gaining more than 5 percent in that period. Furthermore, in the past 12 months, the ETF has rallied nearly 13 percent, just narrowly underperforming the S&P 500's gains of 14 percent. Despite the move higher, Carter Worth, head of technical analysis at Cornerstone Macro notes how the sector has been struggling to break above a key downtrend resistance level.
"The presumption would be that we're going to hit our head and get a little down arrow here," Worth said Friday on CNBC's " Options Action ." "So I'm going to make the bet that this consecutive rally right to a downtrend line is a rally to a difficult level where overhead supply comes into play."
Industrial stocks make up more than 10 percent of the broader S&P 500 index and tend to trade best in times of economic strength. However, growing concerns over a potential trade war with China have increased volatility in the space.
In the interview, Worth said that shares of the ETF were at a "critical juncture" where the downtrend resistance and 150-day moving average meet near the $75 level.
"I'm going to make a bet that it's going to fail here," Worth cautioned.
The XLI ETF, which top holdings include Dow giants like Boeing , Caterpillar and General Electric , hit an all all-time high of $80.96 in January but has fallen more than 7 percent since.
Worth also referred to a five-year chart of the industrials relative to the S&P 500, noting that despite hitting a postelection peak in November the sector has mainly been an underperformer.
"I'm going to make the bet that this rally, impressive as it is, is probably at a level where the next sequence is likely down not up," said Worth.
Shares of the XLI are down more than a 1 percent year-to-date and were trading higher Monday afternoon, around $74.50.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/chart-shows-the-industrials-rally-is-running-out-of-steam.html |
NEW YORK, May 14 (Reuters) - For details of the U.S. Treasury’s auction of 4-week bills on Tuesday, see:
here (Reuters New York newsroom)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-debt-bills/u-s-treasury-to-sell-45-bln-in-4-week-bills-idUSW1N1RW04Q |
LONDON, May 2 (Reuters) - Britain’s House of Fraser said it would close some of its stores as a condition of securing new funds from international retailer C.banner, which will become the majority owner of the department stores group with a 51 percent stake.
Existing shareholder Nanjing Cenbest, part of the Sanpower Group, will remain a minority shareholder, the retailer said on Wednesday.
House of Fraser said it would launch a Company Voluntary Agreement (CVA) next month to allow it to restructure its stores portfolio.
Reporting by Paul Sandle, editing by James Davey
| ashraq/financial-news-articles | https://www.reuters.com/article/houseoffraser-restructuring/uks-house-of-fraser-to-close-stores-secures-c-banner-investment-idUSL8N1S94DS |
CNBC.com Photo courtesy of Getty
Today, Canada's Prime Minister Justin Trudeau delivered a commencement speech to New York University's graduating class that encouraged students to be leaders who are accepting of diverse view points.
"Here's the challenge I'm offering you today," he told graduates at New York's Yankee Stadium. "Our celebration of difference needs to extend to differences of values and beliefs, too. Diversity includes political and cultural diversity. It includes diversity of perspectives and approaches to solving problems."
Trudeau explained to the students that in order to ease some of the political divisions we face today, they will have to step outside of their own "ideological bubble" and work together.
"As you go forward from this place, I would like you to make a point of reaching out to people whose beliefs and values differ from your own," he said. "Listen, truly listen, and try to understand them, and find that common ground."
He advised students to ask themselves one simple question when thinking about how they will impact the future: "Do you want to win an argument, or do you want to change the world?"
"There is no shortage of cynicism and selfishness in the world," he added. "Be their answer, their antidote. I am abundantly optimistic about the future because of you. It is yours to make and mold and shape."
In addition to addressing the class of 2018 students, 46-year-old Trudeau was also awarded with an honorary doctor of law degree from NYU.
The university praised him for being a prime minister who is focused on embracing "Canada's rich diversity, fighting climate change and achieving reconciliation with indigenous peoples." The institution also recognized him as a "proud feminist" and applauded him for appointing Canada's first gender-balanced cabinet. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/justin-trudeau-to-2018-grads-ask-yourselves-this-one-simple-question.html |
NEW YORK, May 15, 2018 /PRNewswire/ -- Namely, the leading HR platform for mid-sized companies, today announced the departure of Matt Straz as the company's CEO, effective immediately. The Board of Directors arrived at this decision after determining that his actions were inconsistent with that which is expected of Namely leadership.
Namely is a company that provides HR solutions, resources and best practices to help clients achieve their workplace goals. The company is steadfast in its goal to model the best workplace practices, including demonstrating commitment to its values by taking decisive action if or when anyone, including its CEO, acts contrary to those values.
Board member Elisa Steele will lead the Office of the CEO. Elisa has more than 25 years of leadership experience at several of the world's leading technology companies. She last served as President & CEO of Jive Software and has held senior positions at Microsoft, Skype, Yahoo!, NetApp and Sun Microsystems.
Along with Elisa Steele, the Office of the CEO will also include Dan Murphy, CFO; Paul Rogers, CTO; and Graham Younger, President and CRO – all of whom are recent additions to Namely's executive team as the company scales beyond $50M of ARR (annual recurring revenue).
"On behalf of the Board of Directors, I am confident that, together with the entire leadership team, we will ensure the company's operations are smooth during this transition and that we will continue to serve our customers well," said Elisa Steele. "Namely is a company with a great team of people and a great product. We are undoubtedly well-positioned to attract a stellar CEO to take the company into its next chapter."
The Board of Directors has begun a formal search to identify a permanent successor.
About Namely
Namely is the first HR platform that employees actually love to use. Namely's powerful, easy-to-use technology allows companies to handle all of their HR, payroll, time management, and benefits in one place. Coupled with dedicated account support, every Namely client gets the software and service they need to deliver great HR and a strong, engaged company culture.
Namely is used by over 1,000 clients with more than 175,000 employees globally. Headquartered in New York City, the company is backed by investors including Altimeter Capital, Scale Capital, Sequoia Capital, Matrix Partners, and True Ventures. For more information, visit www.namely.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/namely-announces-change-in-executive-leadership-300648835.html
SOURCE Namely | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-namely-announces-change-in-executive-leadership.html |
VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“ Stamper” or “the Company”) today announces the resignation of Dr. Waseem Rahman as a Director of Stamper effective immediately. At this time the Company will remain with a vacancy on the board until a suitable replacement is found.
The Company would like to thank Dr. Rahman for his many years of service and for his contributions to the Company wishes him all the best with his future endeavors.
About Stamper Oil and Gas
Stamper Oil and Gas Corp. (TSX.V:STMP) is an independent international oil and gas company, engaged in the acquisition, exploration and development of conventional oil and natural gas properties. The Company plans to identify and build out a portfolio of high-impact oil and gas prospects, with a focus on Africa. Stamper is committed to creating sustainable shareholder value by evaluating and developing future prospects into commercially viable assets.
Stamper announces the issuance of 300,000 stock options at $0.21 to directors, management, and consultants of the Company for a term of twelve (12) months.
For further information on Stamper Oil and Gas please visit www.stamperoilandgas.com
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway”
President & Director
For further information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Email: info@stamperoilandgas.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Source:Stamper Oil & Gas Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-stamper-oil-gas-announces-resignation-of-director.html |
LONDON (Reuters) - Sterling rose on Wednesday, extending gains from earlier in the day as better-than-expected construction PMI data calmed investors after a selloff that took the currency five percent lower against the dollar in two weeks.
FILE PHOTO: Pound coins are seen in this photo illustration taken in Manchester, Britain September 6, 2017. REUTERS/Phil Noble/Illustration The currency rose 0.3 percent to $1.3640 after survey data showed British construction activity rebounded faster than expected last month after succumbing to snow in March.
Wednesday’s IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) jumped to 52.5 in April from 47.0 in March. That was comfortably above the median expectation of 50.5 in a Reuters poll of economists and back above the 50 line denoting growth in activity.
With the dollar rallying and a weak manufacturing survey published on Tuesday, sterling had tumbled to its worst level since mid-January, extending a bruising fortnight for the pound which has seen a sudden collapse in rate rise expectations for May.
British government bond futures briefly extended losses to touch a two-day low of 122.02 after the data, down 42 ticks on the day, before recovering to trade broadly in line with their level before the data.
Reporting by Saikat Chatterjee; Editing by Sujata Rao
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-markets-pmi/sterling-extends-bounce-as-uk-construction-pmi-beats-estimates-idUSKBN1I30ZQ |
TORONTO--(BUSINESS WIRE)-- Home Capital Group (“Home Capital” or “the Company”) (TSX: HCG) today reported financial results for the three months ended March 31, 2018. This press release should be read in conjunction with the Company’s 2018 First Quarter Report including Financial Statements and Management’s Discussion and Analysis (MD&A), which are available on Home Capital’s website at www.homecapital.com and on SEDAR at www.sedar.com .
First Quarter 2018, compared with the Fourth Quarter 2017:
Net income of $34.6 million, an increase of 13.0% or $4.0 million from $30.6 million. Diluted earnings per share of $0.43, an increase of 13.2% from $0.38. Non-interest expense of $51.4 million, a decrease of $14.1 million and a 21.5% improvement from $65.5 million. Non-securitized single-family residential mortgages of $10.26 billion, an increase of 2.3% or $227.3 million from $10.04 billion. Total mortgage originations of $1.16 billion, an increase of 32.9% or $287.2 million from $872.1 million. Provision for credit losses as a percentage of gross uninsured loans of 0.20%, compared to 0.12%.
First Quarter 2018, compared with the First Quarter 2017:
Net income of $34.6 million, a decrease of 40.4% or $23.5 million from $58.0 million. Net income in Q1 2018 includes the impact of reduced loan balances and lower securitization income, partially offset by lower non-interest expenses. Diluted earnings per share of $0.43, a decrease of 52.2% from $0.90. Non-interest expenses were $51.4 million, a $13.1 million decline and a 20.3% improvement from $64.5 million. Total mortgage originations of $1.16 billion, a decrease of 50.6% or $1.19 billion from $2.35 billion. Provision for credit losses as a percentage of gross uninsured loans was 0.20% compared to 0.16%.
“We have taken another step forward on our journey to renewed growth. We had a good start to the year building on the momentum in our business from the past two quarters and our first quarter results demonstrate that Home is back," said Yousry Bissada, President and CEO, Home Capital Group. “We delivered growth in our residential and commercial lending business as result of our constant focus on improving our service to brokers and customers while building a sustainable risk culture.”
"Looking forward, we are ready to grow. Our capital and liquidity position provides flexibility to be competitive in our markets. As we work towards building shareholder value, we are following a responsible growth strategy to be the leading Canadian Alt-A lender, leading in service, technology and market share.”
First Quarter 2018 Financial Position
Total loans under administration of $22.54 billion, which includes securitized mortgages that qualify for off-balance sheet accounting, increased $22.4 million from $22.52 billion at the end of Q4 2017, and decreased $4.63 billion from $27.17 billion at the end of Q1 2017. Total loans of $15.22 billion increased 1.0% from $15.07 billion at the end of Q4 2017, and decreased 18.1% from $18.58 billion at the end of Q1 2017. Single-family residential mortgage originations of $869.7 million compared with $566.0 million in Q4 2017, and $1.71 billion in Q1 2017. Multi-unit residential mortgage originations of $104.9 million compared to $194.8 million in Q4 2017, and $294.8 million in Q1 2017. Most multi-unit residential mortgage originations are insured and subsequently securitized through programs that qualify for off-balance sheet accounting. Non-residential commercial mortgage originations , which include store and apartment mortgages, of $184.7 million compared to $111.2 million in Q4 2017, and $338.4 million in Q1 2017. Liquid assets were $1.45 billion, compared to $1.65 billion at the end of Q4 2017 and $2.10 billion at the end of Q1 2017. The Company maintains a prudent level of liquidity, given the current level of operations, loan balances and the Company’s obligations. Total deposits were $12.08 billion compared to $12.17 billion at the end of Q4 2017 and $16.25 billion at the end of Q1 2017.
Credit Quality
Effective January 1, 2018, the Company adopted IFRS 9 Financial Instruments (IFRS 9), which replaced IAS 39 Financial Instruments: Recognition and Measurement (IAS 39). Please see Note 2 of the unaudited interim consolidated financial statements included in the 2018 First Quarter Report for more information on the implementation of IFRS 9.
Credit losses and delinquencies are expected to remain low in 2018; however, the Company is prepared for volatility in this performance that may result from uncertainty in the macroeconomic environment.
Implementing the changes to OSFI Guideline B-20 could have a negative impact on the housing market and economic growth in the Company’s largest market of Ontario. This in turn could contribute to deterioration in credit performance in future quarters, if the extent of the impact is more severe than widely expected. The implementation of IFRS 9 requires consideration of forward-looking information, and may also add higher volatility to reported credit losses going forward.
The Company continues to have strong credit performance with total provision for credit losses of $6.0 million in Q1 2018. Provision as a percentage of gross uninsured loans remained low at 0.20% compared to 0.12% in Q4 2017 and 0.16% in Q1 2017. Provisions for credit losses were calculated under IFRS 9 for Q1 2018 and under IAS 39 for 2017. As provisions for credit losses for 2017 were not restated, comparability is reduced to some extent. Provision for credit losses for the quarter primarily related to the single-family residential mortgage portfolio, reflecting portfolio growth including volume of renewals and the impact of forward-looking macroeconomic information.
The provision on the commercial mortgage portfolio was a decrease of $0.3 million, comprising a reduction of the provision on performing loans of $3.4 million, offset by an increase of $3.0 million for a specific commercial loan. This increase was included in Stage 3 under IFRS 9.
The Company continues to observe strong credit profiles and stable loan-to-value ratios across its portfolio, which continues to support low delinquency and non-performing rates and ultimately low net write-offs. Net write-offs were $1.1 million and represented 0.03% of gross loans compared to 0.11% in Q4 2017 and unchanged from Q1 2017.
Net non-performing loans (represented by Stage 3 loans under IFRS 9) as a percentage of gross loans remained low at 0.29% at the end of Q1 2018 compared to 0.30% at the end of Q4 2017 and 0.24% at the end of Q1 2017.
Non-Interest Expenses
Non-interest expenses decreased by $14.1 million or 21.5% from Q4 2017, resulting primarily from a decrease in other operating expenses. Other operating expenses last quarter included $11.4 million of expenses comprising $6.3 million of impairment losses on intangible assets along with costs related to the exit of the PSiGate and prepaid card business and litigation-related costs.
The decrease in non-interest expenses over Q1 2017 represents a decrease in salaries and benefits expense mainly as a result of reduced staff levels. In addition, salaries and benefits expense in Q1 2017 included $7.4 million of Project EXPO restructuring provision.
Non-Interest Expenses Outlook
Overall non-interest expenses for 2018 are expected to decline from the elevated levels of 2017 as there were a number of significant expenses related to the liquidity event in last year’s results.
However, non-interest expenses are expected to increase for the remainder of 2018 principally due to salaries and benefits expense. It is expected to increase from the amount recorded in Q1 2018 as staffing levels have subsequently increased. It is expected that quarterly salaries and benefits expense will increase between $5 million to $6 million over Q1 2018 levels in subsequent quarters. Due to the lingering impact of certain costs stemming from the liquidity event other operating costs will remain at the current level and increase modestly in connection with new initiatives.
Capital Position
The Company maintained strong capital ratios well above Company targets and regulatory minimums at the end of Q1 2018. Management continues to review opportunities to deploy capital in the most efficient manner to maximize long-term shareholder value.
Home Trust’s Common Equity Tier 1 and Total capital ratios remained very strong at 23.64% and 24.12%, respectively, at March 31, 2018. The comparative balances were 23.17% and 23.68%, respectively, at December 31, 2017 and 16.34% and 16.77%, respectively, at March 31, 2017. Home Trust’s Leverage ratio was 9.02% at March 31, 2018, 8.70% at December 31, 2017 and 7.29% at March 31, 2017.
Corporate Update
Home Capital is ready to grow with a robust capital, liquidity and leverage position. The Company’s primary strategic objective is to grow sustainably and regain its leading market share position in Canada’s Alt-A mortgage market.
In the near term, management’s key areas of focus are:
1. Building a sustainable risk culture.
2. Being the leader in the Alt-A marketplace, in service, technology and solutions.
3. Developing robust and diverse liquidity sources and maintaining a strong balance sheet.
4. Profitably growing residential and commercial business lines and increasing market share, relative to market conditions.
5. Increasing renewal and retention rates.
6. Deepening broker relationships and increasing outreach to advance higher-quality applications.
7. Assessing opportunities for the business as it relates to operating in the context of an evolving regulatory environment.
Governance
In 2018, the Company is ready to grow under the direction of a revitalized management team and Board of Directors. Management and the Board are aligned and focused on ensuring that Home Capital regains its position as the leading Canadian Alt-A lender, with leading service, innovative solutions, strong financial performance, the highest ethical standards and the most rigorous risk management. The Board is also focused on leading in governance. Last year’s Board renewal began that process, which is being continued through the slate proposed at the Company’s upcoming annual shareholders’ meeting. The Board is committed to ongoing board renewal to add skills and expertise that will strengthen the Board’s important oversight capabilities.
Moving forward, management and the Board are following a strategy that will take advantage of the Company’s capital position and balance sheet to invest in sustainable and responsible growth. Investments in talent, training and technology will be key to driving profitable growth and creating long-term shareholder value.
YOUSRY BISSADA
President & Chief Executive Officer
BRENDA EPRILE
Chair of the Board
May 8, 2018
The Company’s 2018 First Quarter Financial Report, including Management’s Discussion and Analysis, for the three months ended March 31, 2018 is available at www.homecapital.com and on the Canadian Securities Administrators’ website at www.sedar.com .
First Quarter 2018 Results Conference Call and Webcast
The conference call will take place on Wednesday, May 9, 2018, at 8:00 a.m. ET. Participants are asked to call approximately 10 minutes in advance at 647-427-7450 in Toronto or toll-free 1-888-231-8191 throughout North America. The call will also be accessible in listen-only mode on Home Capital’s website at www.homecapital.com in the Investor Relations section of the website.
Conference Call Archive
A telephone replay of the call will be available between 11:00 a.m. ET Wednesday, May 9, 2018 and 12:00 a.m. ET Wednesday, May 16, 2018 by calling 416-849-0833 or 1-855-859-2056 (enter passcode 5991866). The archived audio webcast will be available for 90 days on Home Capital’s website at www.homecapital.com .
FINANCIAL HIGHLIGHTS
(Unaudited) For the three months ended (000s, except Percentage and Per Share Amounts) March 31 December 31 March 31 2018 2017 2017 OPERATING RESULTS 1
Net Income $ 34,586 $ 30,619 $ 58,041 Net Interest Income 88,100 91,718 125,857 Total Revenue 103,765 109,455 147,742 Diluted Earnings per Share $ 0.43 $ 0.38 $ 0.90 Return on Shareholders’ Equity (annualized)
7.6% 6.8% 14.0% Return on Average Assets (annualized) 0.8% 0.7% 1.1% Net Interest Margin (TEB) 2 2.02% 2.02% 2.44% Provision as a Percentage of Gross Uninsured Loans (annualized) 0.20% 0.12% 0.16% Provision as a Percentage of Gross Loans (annualized) 0.16% 0.09% 0.13% Efficiency Ratio (TEB) 2 49.5% 59.8% 43.4% As at March 31 December 31 March 31 2018 2017 2017 BALANCE SHEET HIGHLIGHTS 1 Total Assets $ 17,458,034 $ 17,591,143 $ 20,993,385 Total Assets Under Administration 3 24,776,803 25,040,182 29,583,545 Total Loans 4 15,222,310 15,069,636 18,578,969 Total Loans Under Administration 3,4 22,541,079 22,518,675 27,169,129 Liquid Assets 1,454,313 1,654,718 2,098,192 Deposits 12,084,408 12,170,454 16,249,611 Shareholders’ Equity 1,849,067 1,813,505 1,680,898 FINANCIAL STRENGTH 1 Capital Measures 5 Risk-Weighted Assets $ 6,604,744 $ 6,532,130 $ 9,086,886 Common Equity Tier 1 Capital Ratio 23.64% 23.17% 16.34% Tier 1 Capital Ratio 23.64% 23.17% 16.34% Total Capital Ratio 24.12% 23.68% 16.77% Leverage Ratio 9.02% 8.70% 7.29% Credit Quality Net Non-Performing Loans as a Percentage of Gross Loans 0.29% 0.30% 0.24% Allowance as a Percentage of Gross Non-Performing Loans 78.1% 79.5% 91.8% Share Information Book Value per Common Share $ 23.04 $ 22.60 $ 26.18 Common Share Price – Close $ 13.56 $ 17.31 $ 26.03 Dividend paid during the period ended $ - $ - $ 0.26 Dividend Payout Ratio - - 28.9% Market Capitalization $ 1,088,136 $ 1,389,058 $ 1,671,230 Number of Common Shares Outstanding 80,246 80,246 64,204 1 The amounts as at and for the period ended March 31, 2018 have been prepared in accordance with IFRS 9 Financial Instruments (IFRS 9); prior period amounts have not been restated and have been prepared in accordance with IAS 39 Financial Instruments: Recognition and Measurement (IAS 39). Please see Note 2 in the unaudited interim consolidated financial statements included in the 2018 First Quarter Report for further information. 2 See definition of Taxable Equivalent Basis (TEB) under Non-GAAP Measures in the 2018 First Quarter Report. 3 Total assets and loans under administration include both on- and off-balance sheet amounts. 4 Total loans include loans held for sale and are presented gross of allowance for credit losses, for all periods presented. 5 These figures relate to the Company’s operating subsidiary, Home Trust Company. Consolidated Statements of Income For the three months ended thousands of Canadian dollars, except per share amounts March 31 December 31 March 31 (Unaudited) 2018 2017 2017 Net Interest Income Non-Securitized Assets Interest from loans¹ $ 154,934 $ 158,938 $ 192,435 Dividends from securities 286 278 2,286 Other interest 4,480 6,417 2,920 159,700 165,633 197,641 Interest on deposits and other 68,367 70,330 77,252 Interest and fees on line of credit facility 6,007 6,215 - Net interest income non-securitized assets 85,326 89,088 120,389 Net Interest Income Securitized Loans and Assets Interest income from securitized loans and assets¹ 22,059 22,563 21,558 Interest expense on securitization liabilities 19,285 19,933 16,090 Net interest income securitized loans and assets 2,774 2,630 5,468 Total Net Interest Income 88,100 91,718 125,857 Provision for credit losses¹ 5,968 3,434 5,919 82,132 88,284 119,938 Non-Interest Income Fees and other income 12,041 16,346 16,331 Securitization income 2,691 1,695 6,432 Gain on sale of PSiGate 950 - - Net realized and unrealized gains (losses) on securities and loans 1,000 - (3) Net realized and unrealized losses on derivatives (1,017) (304) (875) 15,665 17,737 21,885 97,797 106,021 141,823 Non-Interest Expenses Salaries and benefits 16,229 17,063 29,619 Premises 2,402 3,478 3,752 Other operating expenses 32,756 44,949 31,094 51,387 65,490 64,465 Income Before Income Taxes 46,410 40,531 77,358 Income taxes Current 7,423 8,160 23,142 Deferred 4,401 1,752 (3,825) 11,824 9,912 19,317 NET INCOME $ 34,586 $ 30,619 $ 58,041 NET INCOME PER COMMON SHARE Basic $ 0.43 $ 0.38 $ 0.90 Diluted $ 0.43 $ 0.38 $ 0.90 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Basic 80,246 80,246 64,263 Diluted 80,246 80,286 64,294 Total number of outstanding common shares 80,246 80,246 64,204 Book value per common share $ 23.04 $ 22.60 $ 26.18 1 The amounts for the period ended March 31, 2018 have been prepared in accordance with IFRS 9 Financial Instruments (IFRS 9); prior period amounts have not been restated
and have been prepared in accordance with IAS 39 Financial Instruments: Recognition and Measurement (IAS 39). Please see Note 2 in the unaudited interim
consolidated financial statements included in the 2018 First Quarter Report for further information.
Consolidated Statements of Comprehensive Income For the three months ended March 31 December 31 March 31 thousands of Canadian dollars (Unaudited) 2018 2017 2017 NET INCOME $ 34,586 $ 30,619 $ 58,041 OTHER COMPREHENSIVE INCOME ITEMS THAT WILL NOT BE SUBSEQUENTLY RECLASSIFIED TO NET INCOME Equity Securities Designated at FVOCI 1 Change in net unrealized gains or losses 931 N/A N/A Income tax expense 248 N/A N/A 683 N/A N/A ITEMS THAT WILL BE SUBSEQUENTLY RECLASSIFIED TO NET INCOME Available for Sale Securities and Retained Interests 1 Net change in unrealized gains or losses N/A 1,431 16,414 Net losses reclassified to net income N/A - 3 N/A 1,431 16,417 Income tax expense N/A 378 4,358 N/A 1,053 12,059 Debt Instruments at FVOCI 1 Net change in unrealized gains or losses 1,018 N/A N/A Net gains or losses reclassified to net income - N/A N/A 1,018 N/A N/A Income tax expense 280 N/A N/A 738 N/A N/A Cash Flow Hedges Net change in net unrealized gains or losses (348) 356 (85) Net losses (gains) reclassified to net income 287 (68) 329 (61) 288 244 Income tax (recovery) expense (26) 78 72 (35) 210 172 Total other comprehensive income 1,386 1,263 12,231 COMPREHENSIVE INCOME $ 35,972 $ 31,882 $ 70,272 1 The amounts for the period ended March 31, 2018 have been prepared in accordance with IFRS 9; prior period amounts have not been restated and have been
prepared in accordance with IAS 39. N/A indicates not applicable under the accounting policy for the respective period. FVOCI indicates fair value through other comprehensive income.
Please see Note 2 in the unaudited interim consolidated financial statements included in the 2018 First Quarter Report for further information.
Consolidated Balance Sheets March 31 December 31 thousands of Canadian dollars (Unaudited) 2018 2017 ASSETS Cash and Cash Equivalents $ 1,013,945 $ 1,336,138 Securities 332,899 332,468 Loans Held for Sale 75,748 165,947 Loans Securitized mortgages 2,873,343 2,993,250 Non-securitized mortgages and loans 12,273,219 11,910,439 15,146,562 14,903,689 Allowance for credit losses¹ (45,140) (38,775) 15,101,422 14,864,914 Other Restricted assets 504,113 437,011 Derivative assets 4,069 7,325 Other assets 325,040 336,770 Deferred tax assets 3,107 9,577 Goodwill and intangible assets 97,691 100,993 934,020 891,676 $ 17,458,034 $ 17,591,143 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Deposits Deposits payable on demand $ 476,038 $ 539,364 Deposits payable on a fixed date 11,608,370 11,631,090 12,084,408 12,170,454 Securitization Liabilities CMHC-sponsored mortgage-backed security liabilities 1,550,183 1,562,152 CMHC-sponsored Canada Mortgage Bond liabilities 1,473,472 1,473,318 Bank-sponsored securitization conduit liabilities 106,192 142,279 3,129,847 3,177,749 Other Derivative liabilities 43,759 38,728 Other liabilities 322,792 360,477 Deferred tax liabilities 28,161 30,230 394,712 429,435 15,608,967 15,777,638 Shareholders’ Equity Capital stock 231,156 231,156 Contributed surplus 4,568 4,978 Retained earnings 1,617,851 1,583,265 Accumulated other comprehensive loss (4,508) (5,894) 1,849,067 1,813,505 $ 17,458,034 $ 17,591,143 1 The allowance for credit losses as at March 31, 2018 represents expected credit losses and have been prepared in accordance with IFRS 9. The allowance for credit losses as at
December 31, 2017 represents the total of individual and collective allowances on loan principal as prepared in accordance with the incurred loss model under IAS 39.
Please see Note 2 in the unaudited interim consolidated financial statements included in 2018 First Quarter Report for further information including information on reclassification of comparative balances.
Consolidated Statements of Changes in Shareholders' Equity¹ Net Unrealized Gains (Losses), After Tax, on: Total Total thousands of Canadian dollars Capital Contributed Retained Equity Securities Debt Instruments Cash Flow Accumulated Other Shareholders' (Unaudited) Stock Surplus Earnings Designated at FVOCI at FVOCI Hedges Comprehensive Loss Equity Balance at January 1, 2018 2 $ 231,156 $ 4,978 $ 1,583,265 $ (6,902) $ 2,197 $ (1,189) $ (5,894) $ 1,813,505 Comprehensive income - - 34,586 683 738 (35) 1,386 35,972 Amortization of fair value of employee stock options - (410) - - - - - (410) Balance at March 31, 2018 $ 231,156 $ 4,568 $ 1,617,851 $ (6,219) $ 2,935 $ (1,224) $ (4,508) $ 1,849,067 Net Unrealized Losses Net Unrealized Total on Securities and Losses on Accumulated Retained Interests Cash Flow Other Total thousands of Canadian dollars, Capital Contributed Retained Available for Sale, Hedges, Comprehensive Shareholders' except per share amounts (Unaudited) Stock Surplus Earnings After Tax after Tax Loss Equity Balance at December 31, 2016 $ 84,910 $ 4,562 $ 1,598,180 $ (53,589) $ (1,476) $ (55,065) $ 1,632,587 Comprehensive income - - 58,041 12,059 172 12,231 70,272 Stock options settled 548 (141) - - - - 407 Amortization of fair value of employee stock options - 304 - - - - 304 Repurchase of shares (264) - (5,698) - - - (5,962) Dividends ($0.26 per share) - - (16,710) - - - (16,710) Balance at March 31, 2017 $ 85,194 $ 4,725 $ 1,633,813 $ (41,530) $ (1,304) $ (42,834) $ 1,680,898 1 The amounts for the period ended March 31, 2018 have been prepared in accordance with IFRS 9; prior period amounts have not been restated and have been prepared in
accordance with IAS 39.
2 Please see Note 2 in the unaudited interim consolidated financial statements included in the 2018 First Quarter Report for further information on transition of balances as at
December 31, 2017 to balances as at January 1, 2018 upon adoption of IFRS 9.
Consolidated Statements of Cash Flows For the three months ended March 31 March 31 thousands of Canadian dollars (Unaudited) 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net income for the period $ 34,586 $ 58,041 Adjustments to determine cash flows relating to operating activities: Amortization of net premium (discount) on securities 111 (86) Provision for credit losses 5,968 5,919 Recovery on sale of loan portfolios (1,000) - Gain on sale of PSiGate (950) - Gain on sale of mortgages or residual interest (1,322) (4,738) Net realized and unrealized losses on securities - 3 Amortization and impairment losses¹ 5,333 6,219 Amortization of fair value of employee stock options (410) 304 Deferred income taxes 4,401 (3,825) Changes in operating assets and liabilities Loans, net of gains or losses on securitization and sales (150,955) (537,269) Restricted assets (67,102) 125,049 Derivative assets and liabilities 8,226 3,669 Accrued interest receivable (1,910) (512) Accrued interest payable 11,235 19,648 Deposits (86,046) 363,581 Securitization liabilities (47,902) (2,604) Taxes receivable or payable and other (33,872) 33,807 Cash flows (used in) provided by operating activities (321,609) 67,206 CASH FLOWS FROM FINANCING ACTIVITIES Repurchase of shares - (5,962) Exercise of employee stock options - 407 Dividends paid to shareholders - (16,710) Cash flows used in financing activities - (22,265) CASH FLOWS FROM INVESTING ACTIVITIES Activity in securities Purchases - (5,803) Proceeds from sales - - Proceeds from maturities 299 9,051 Net proceeds from sale of PSiGate 310 - Purchases of capital assets (22) (56) Capitalized intangible development costs (1,171) (2,337) Cash flows (used in) provided by investing activities (584) 855 Net (decrease) increase in cash and cash equivalents during the period (322,193) 45,796 Cash and cash equivalents at beginning of the period 1,336,138 1,205,394 Cash and Cash Equivalents at End of the Period $ 1,013,945 $ 1,251,190 Supplementary Disclosure of Cash Flow Information Dividends received on investments $ 273 $ 3,028 Interest received 179,687 215,644 Interest paid 82,424 73,694 Income taxes paid 13,081 20,222 1 Amortization and impairment losses include amortization on capital and intangible assets and impairment losses on intangible assets.
Caution Regarding Forward-looking Statements
From time to time Home Capital Group Inc. makes written and verbal forward-looking statements. These are included in the Annual Report, periodic reports to shareholders, regulatory filings, press releases, Company presentations and other Company communications. Forward-looking statements are made in connection with business objectives and targets, Company strategies, operations, anticipated financial results and the outlook for the Company, its industry, and the Canadian economy. These statements regarding expected future performance are “financial outlooks” within the meaning of National Instrument 51-102. Please see the risk factors, which are set forth in detail in the Risk Management section of the 2018 First Quarter Report, as well as the Company’s other publicly filed information, which is available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com , for the material factors that could cause the Company’s actual results to differ materially from these statements. These risk factors are material risk factors a reader should consider, and include credit risk, liquidity and funding risk, structural interest rate risk, operational risk, investment risk, strategic risk, reputational risk, compliance risk and capital adequacy risk along with additional risk factors that may affect future results. Forward-looking statements can be found in the Report to the Shareholders and the 2018 Outlook section in the 2018 First Quarter Report. Forward-looking statements are typically identified by words such as “will,” “believe,” “expect,” “anticipate,” “intend,” “should,” “estimate,” “plan,” “forecast,” “may,” and “could” or other similar expressions.
By their very nature, these statements require the Company to make assumptions and are subject to inherent risks and uncertainty, general and specific, which may cause actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, global capital market activity, changes in government monetary and economic policies, changes in interest rates, inflation levels and general economic conditions, legislative and regulatory developments, competition and technological change. The preceding list is not exhaustive of possible factors.
These and other factors should be considered carefully and readers are cautioned not to place undue reliance on these forward-looking statements. The Company presents forward-looking statements to assist shareholders in understanding the Company’s assumptions and expectations about the future that are relevant in management’s setting of performance goals, strategic priorities and outlook. The Company presents its outlook to assist shareholders in understanding management’s expectations on how the future will impact the financial performance of the Company. These forward-looking statements may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statements, whether written or verbal, that may be made from time to time by it or on its behalf, except as required by securities laws.
Assumptions about the performance of the Canadian economy in 2018 and its effect on Home Capital’s business are material factors the Company considers when setting its performance goals, strategic priorities and outlook. In determining expectations for economic growth, both broadly and in the financial services sector, the Company primarily considers historical and forecasted economic data provided by the Canadian government and its agencies. In setting and reviewing its strategic priorities and outlook for the remainder of 2018, management’s expectations continue to assume:
The Canadian economy is expected to be relatively stable in 2018. Generally the Company expects stable employment conditions in its established regions. Also, the Company expects inflation will generally be within the Bank of Canada’s target of 1% to 3%, leading to stable credit losses and demand for the Company’s lending products in its established regions. The Canadian economy will continue to be influenced by the economic conditions in the United States and global markets and further adjustments in commodity prices; as such, the Company is prepared for the variability that may result. While the Company is assuming that interest rates will experience increases in 2018, the impact of such increases is not expected to be material. The level of interest rates is expected to continue to support relatively low mortgage interest rates for the remainder of 2018. The Company believes that the current and expected levels of housing activity indicate a relatively stable real estate market overall. Please see Market Conditions under the 2018 Outlook in the Company’s 2018 First Quarter Report for more discussion on the Company’s expectations for the housing market. The Company expects that debt service levels will remain manageable by Canadian households in 2018, however high levels of consumer debt make the economy more vulnerable to rising interest rates. The Company will have access to the mortgage and deposit markets through broker networks.
Non-GAAP Measures
The Company has adopted IFRS as its accounting framework. IFRS are the generally accepted accounting principles (GAAP) for Canadian publicly accountable enterprises for years beginning on or after January 1, 2011. The Company uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with GAAP, are not defined by GAAP, and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. Definitions of non-GAAP measures can be found under Non-GAAP Measures in the Management’s Discussion and Analysis included in the Company’s 2018 First Quarter Report.
Regulatory Filings
The Company’s continuous disclosure materials, including interim filings, annual Management’s Discussion and Analysis and audited consolidated financial statements, Annual Information Form, Notice of Annual Meeting of Shareholders, and Proxy Circular are available on the Company’s website at www.homecapital.com and on the Canadian Securities Administrators’ website at www.sedar.com .
About Home Capital
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering deposits, residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct to consumer brand, Oaken Financial. Home Trust also conducts business through its wholly owned subsidiary, Home Bank. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006855/en/
FOR FURTHER INFORMATION:
Home Capital Group Inc.
Laura Lepore, 416-933-5652
Assistant Vice President, Investor Relations
laura.lepore@hometrust.ca
Source: Home Capital Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-home-capital-reports-first-quarter-2018-results.html |
May 2, 2018 / 1:55 PM / Updated an hour ago British peer appointed to dole out $1 billion in RBS grants Reuters Staff 4 Min Read
LONDON (Reuters) - The leadership team for a body set up to hand out 775 million pounds ($1.1 billion) in grants to Britain’s smaller banks was appointed on Wednesday, clearing the way for applications to open in the coming months. FILE PHOTO: A customer uses an ATM at a branch of RBS, September 4, 2017. REUTERS/Toby Melville/File Photo
Banking Competition Remedies (BCR) said Godfrey Cromwell, a member of the House of Lords, had been appointed its chairman. The search for appointees had taken months, with some small lenders complaining about the pace of progress.
Cromwell, who has industry experience, will be charged with overseeing the dispersal of the funds, intended to spur competition in a business banking market dominated by four large players.
Already small, so-called challenger banks are lining up to bid for their share, with some entering the market for the first time altogether, eager for help to compete with the likes of HSBC ( HSBA.L ), Barclays ( BARC.L ), Lloyds Banking Group ( LLOY.L ) and the Royal Bank of Scotland (RBS) ( RBS.L ).
The government and the European Commission ordered RBS to provide the money, comprised of two separate funds respectively intended to help smaller rivals build their offerings and encourage customers to switch providers.
It is meant to compensate for the taxpayer-owned bank’s 45.5 billion pound bailout during the financial crisis, seen as an unfair boost to already one of the biggest banks.
“This project combines resolving RBS’s state aid obligations with seeking to support greater competition in the SME (small- to medium-sized enterprise) banking market,” said Cromwell, who previously headed the All Party Parliamentary Group on Fair Business Banking and remains its vice chair, in a statement.
“I am looking forward to working on this with a range of stakeholders once BCR becomes operational.”
Brendan Peilow, a former Treasury official, crown representative for banking and payments and senior banker at Lloyds, has also been appointed executive director.
BCR said the project would launch some time in the summer of 2018, with one further executive director still to be appointed.
RBS first proposed the package in 2017, after its seven-year struggle to spin off its Williams & Glyn brand - the initial order from Brussels following the bank’s state-backed rescue - failed.
Eligibility for the money has also been a point of contention, with some industry players complaining relatively large banks are able to bid for certain pools of funding.
Santander UK, owned by Spain’s Banco Santander ( SAN.MC ), and listed banks Virgin Money ( VM.L ), Clydesdale and Yorkshire Bank (CYBG) ( CYBGC.L ) and Metro Bank ( MTRO.L ), are all expected to apply, as well as several smaller financial technology firms.
($1 = 0.7329 pounds)
(This story corrects title of Cromwell at APPG in paragraph 7) Reporting by Emma Rumney; Editing by MarkPotter | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-banking-grants/british-peer-appointed-to-dole-out-1-billion-in-rbs-grants-idUSKBN1I31W1 |
NEWTON, Mass.--(BUSINESS WIRE)-- Five Star Senior Living Inc. (Nasdaq: FVE) today announced that it will issue a press release containing its first quarter 2018 financial results before the Nasdaq opens on Tuesday, May 15, 2018. At 10:00 a.m. Eastern Time that morning, President and Chief Executive Officer Bruce Mackey, Chief Financial Officer and Treasurer Rick Doyle and Chief Operating Officer Scott Herzig will host a conference call to discuss these results.
The conference call telephone number is (877) 329-4332. Participants calling from outside the United States and Canada should dial (412) 317-5436. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time on Tuesday, May 22, 2018. To hear the replay, dial (412) 317-0088. The replay pass code is 10118605.
A live audio webcast of the conference call will also be available in a listen-only mode on the company’s website, which is located at www.fivestarseniorliving.com . Participants wanting to access the webcast should visit the company’s website about five minutes before the call. The archived webcast will be available for replay on the company’s website after the call.
Five Star Senior Living Inc. is a senior living and healthcare services company that owns, leases and manages senior living communities, including primarily private pay independent and assisted living communities located throughout the U.S. FVE is headquartered in Newton, Massachusetts.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006727/en/
Five Star Senior Living Inc.
Brad Shepherd, 617-796-8245
Director, Investor Relations
Source: Five Star Senior Living Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-five-star-senior-living-inc-first-quarter-2018-conference-call-scheduled-for-tuesday-may-15th.html |
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : CANNABIS WHEATON INCOME CORP
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
CBW Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 16:08 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/2018/05/22/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm-acbw.html |
NEDERLAND, Texas, May 7, 2018 /PRNewswire/ -- OCI Partners LP, a Delaware limited partnership ("we" or the "Partnership"), announced its results for the three months ended March 31, 2018. The Partnership owns and operates an integrated methanol and ammonia production facility that is strategically located on the Texas Gulf Coast near Beaumont.
Summary of Financial Results for the Three Months Ended March 31, 2018
Revenues increased 26% to $117 million compared to $93 million for the same period in 2017
Net income increased 114% to $30 million compared to $14 million for the same period in 2017
EBITDA increased 48% to $59 million compared to $40 million for the same period in 2017
EBITDA and net income margins were 50% and 26% respectively, compared to 43% and 15%, respectively, during the same period in 2017
Closing of New $455M Term Loan
On March 13, 2018, the Partnership successfully closed a new $455 million term loan facility (the "Term Loan Facility") and a $40 million revolving credit facility (the "Revolving Credit Facility"). The Term Loan Facility was priced at LIBOR + 425 bps and matures in 2025. The Revolving Credit Facility was priced at LIBOR + 375 bps, with a maturity in 2020. Both facilities include a leverage-based pricing stepdown provision.
The Partnership used the net proceeds of the Term Loan Facility primarily to repay in full the $232 million previous term loan B facility, and to repay in full $200 million outstanding intercompany loans from and other payables due to OCI N.V.
Changes in Corporate Credit Ratings
On February 13, 2018, Moody's Investors Service raised our corporate credit rating to B1 from B2. On February 15, 2018, Standard & Poor's Global Ratings affirmed our corporate credit rating of B- and revised its outlook to positive from stable. On April 11, 2018, Standard & Poor's Global Ratings revised its assessment and raised our corporate credit rating to B+ from B- and revised its outlook to stable.
Distributions
Based on the results of the three months ended March 31, 2018, the Board of Directors of the general partner of the Partnership has approved a cash distribution of $0.38 per common unit, or approximately $33.1 million in the aggregate. The cash distribution will be paid on June 8, 2018 to unitholders of record at the close of business on May 23, 2018.
The amount of any subsequent quarterly cash distributions will vary depending on our future earnings as well as our cash requirements for working capital, capital expenditures, debt service and other contractual obligations, and reserves for future operating or capital needs.
Run-Rate Quarterly Distribution Sensitivity
We have reviewed the assumptions underlying the cash distribution run-rate calculation to reflect more recent realized commodity prices as well as our revised capital structure and cost profile, among other factors. As a result, our cash distribution run-rate calculation is now based on an assumed average methanol selling price of $350 per metric ton, an assumed average ammonia selling price of $250 per metric ton, and an assumed average cost of natural gas of $3.00 per MMBtu. These assumptions result in a run-rate distribution of $1.40 per year. It should be noted that the run-rate commodity prices are not a reflection of management's expectations for commodity prices, but are intended as benchmarks to aid investors in estimating potential future distributions.
To assist investors with estimating potential future distributions, we provide below a sensitivity analysis assuming 94% capacity utilization:
A $0.50 per MMBtu change in annual average natural gas prices would result in an approximately $0.24 impact on annual distributions per common unit;
A $10 per metric ton change in annual average methanol prices would result in an approximately $0.10 impact on annual distributions per common unit; and
A $10 per metric ton change in annual average ammonia prices would result in an approximately $0.04 impact on annual distributions per common unit.
In addition to the impact of commodity prices, our distributions are subject to fluctuations in capacity utilization, working capital, capital expenditures, debt service and other contractual obligations, reserves for future operating or capital needs and other factors, including overall business, regulatory and financial considerations that may affect the availability of cash to distribute. Please see "Forward-Looking Statements" below.
Our distribution of $0.38 with respect to the three months ended March 31, 2018 reflects an average realized methanol price of $401 per metric ton, an average realized ammonia price of $317 per metric ton, and an average natural gas price of $3.30 per MMBtu. In addition, our distribution of $0.38 reflects one-time cash debt issuance costs incurred during the first quarter of 2018, which will allow the Partnership to benefit from lower financing costs going forward as reflected in the new run-rate quarterly distribution sensitivity.
Statement from President and Chief Executive Officer – Ahmed El-Hoshy
"I am very pleased with our achievements and milestones during the quarter. Most importantly, we continued our excellent safety track record and had a great start to the year with no OSHA recordable or lost time incidents. We also successfully closed the new credit facilities, which has greatly optimized our capital structure and which will allow us to markedly reduce our debt service costs. And finally, our financial performance was strong, benefiting from an excellent operational performance of our methanol unit and a continuation of healthy methanol markets.
Methanol prices increased compared to the same quarter last year and compared to the fourth quarter of 2017, with prices supported by solid demand and global outages keeping the market tight. Our average realized methanol price was $401 per metric ton in the first quarter, an increase of 14% from $353 per metric ton in the same quarter last year, and an increase of 26% from $319 per metric ton in the fourth quarter of 2017.
Ammonia prices also increased compared to the same quarter last year and compared to the fourth quarter of 2017. Our average realized ammonia price was $317 per metric ton in the first quarter, up 28% from $247 per metric ton in the same quarter last year and up 29% from $246 per metric ton in the fourth quarter of 2017.
Our methanol production unit operated efficiently and experienced no downtime during the quarter, resulting in a 99% capacity utilization and record high quarterly methanol sales volumes. However, the ammonia production unit experienced 17 days of unplanned downtime during the quarter due to an issue with the steam generator and subsequently required repairs to the pressure swing absorption unit feed gas cooler, both of which were addressed during the outage. This resulted in a capacity utilization of 84% for the ammonia unit compared to 102% in the first quarter last year. At some point in the coming six months, we are contemplating a shutdown to address certain operational deficits of our selective catalytic reduction unit. The shutdown is expected to last approximately two weeks.
In the first quarter, driven by the higher methanol sales volumes, comparatively higher realized methanol and ammonia prices during the quarter, and our continued focus on cost management, our EBITDA improved to $59 million, an increase of 48% compared to the same quarter last year, despite slightly higher natural gas costs and lower ammonia sales volumes.
Looking forward to the second quarter of 2018, methanol prices have remained at a steady level throughout the quarter so far, supported by continued strong demand and tight supply. The US weighted average methanol contract price in both April and May was maintained at $495 per metric ton, compared to $490 per metric ton on average in the first quarter of 2018. We continue to monitor the market as it absorbs new supply additions this year, and believe the outlook for methanol markets remains positive, with good visibility into the next years of limited new major capacity additions, combined with expected solid demand from MTO, fuel applications and core derivatives.
Ammonia prices recently declined due to the restart of previously shutdown supply in some exporting regions including Trinidad and North Africa, the recent start-up of new capacity in the United States and a delay in the spring application season in North America due to poor weather. The monthly Tampa CFR ammonia contract price decreased from $305 per metric ton in March to $255 per metric ton in May. Despite the near-term weakness, general nitrogen fertilizer markets are trending positively with the supply/demand growth outlook for downstream fertilizers."
Volume Weighted Average Price of
Volume Weighted Average Price of
Methanol and Ammonia
Natural Gas
($ per metric ton)
($ per MMBtu)
For Three-Months Ended March 31,
For Three-Months Ended March 31,
2018
2017
2018
2017
Ammonia
317
247
3.30
3.15
Methanol
401
353
Production
Capacity Utilization
(in '000 tons)
Rate %
For Three-Months Ended March 31,
For Three-Months Ended March 31,
2018
2017
2018
2017
Ammonia
68
83
84%
102%
Methanol
222
216
99%
96%
Non-GAAP Financial Measure
EBITDA is defined as net income (loss) plus (i) interest expense and other financing costs, (ii) loss on extinguishment of debt, (iii) income tax expense and (iv) depreciation expense. EBITDA is used as a supplemental financial measure by management and by external users of our unaudited financial statements, such as investors and commercial banks, to assess:
the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; and
our operating performance and return on invested capital compared to those of other publicly traded partnerships, without regard to financing methods and capital structure.
EBITDA should not be considered as an alternative to net income, operating income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA may have material limitations as a performance measure because it excludes items that are necessary elements of our costs and operations. In addition, EBITDA presented by other companies may not be comparable to our presentation because each company may define EBITDA differently.
EBITDA margin is defined as EBITDA divided by revenues. EBITDA margin is used as a supplemental financial measure by the Partnership's management in its analysis of our operating performance.
The tables below reconcile EBITDA to net income, its most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended March 31, 2018 (dollars in thousands).
Three-Months Ended March 31,
2018
2017
Net income
30,146
13,744
Add:
Interest expense
5,895
5,547
Interest expense – related party
3,468
4,530
Loss on extinguishment of debt
3,501
0
Income tax expense
357
466
Depreciation expense
15,223
15,244
EBITDA
58,590
39,531
Conference Call with Management
The Partnership will hold a conference call on May 7, 2018, at 10:00 a.m. ET, during which the Partnership's senior management will review the Partnership's financial results for the first quarter ended March 31, 2018 and provide an update on corporate developments. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing (816) 287-5664 and entering the conference code 4123129. A replay of the conference call will be made available until May 21, 2018 and the replay can be accessed by dialing (855) 859-2056 or (404) 537-3406 and entering the same conference code 4123129.
About OCI Partners LP
OCI Partners LP (NYSE: OCIP) owns and operates an integrated methanol and ammonia production facility that is strategically located on the Texas Gulf Coast near Beaumont. The Partnership is headquartered in Nederland, Texas and currently has a methanol production design capacity of 912,500 metric tons per year and an ammonia production design capacity of 331,000 metric tons per year.
Notice to Foreign Investors
This release is intended to be a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100% of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not the Partnership, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
Forward-Looking Statements
This press release contains forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "could," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These forward-looking statements involve certain risks and uncertainties, including, among others, the following: our business plans may change as the methanol and ammonia industry and markets warrant; the demand and sales prices for methanol, ammonia and their derivatives may decrease due to market, governmental and other factors; we may be unable to obtain economically priced natural gas and other feedstocks; we may be unable to successfully implement our business strategies, including the completion of significant capital programs; the occurrence of shutdowns (either temporary or permanent) or restarts of existing methanol and ammonia facilities (including our own facility); the timing and length of planned and unplanned downtime; and the occurrence of operating hazards from accidents, fire, severe weather, floods or other natural disasters. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2017 and in the Partnership's other filings with the Securities and Exchange Commission, copies of which are available to be viewed or downloaded at www.ocipartnerslp.com by selecting "SEC Filings" on the "Financial Reporting" sub-tab found under the "Investor and Media Relations" tab, as well as on the SEC's website at www.sec.gov . Interested investors may obtain a hard copy of the Partnership's Annual Report on Form 10-K, including the Partnership's financial statements, free of charge by selecting "Annual Report" on the "Financial Reporting" sub-tab found under the "Investor and Media Relations" tab. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
Contacts:
Hans Zayed
Director of Investor Relations
Phone: +1 917-817-5159
hans.zayed@oci.nl
View original content with multimedia: http://www.prnewswire.com/news-releases/oci-partners-lp-reports-2018-first-quarter-results-and-announces-0-38-quarterly-cash-distribution-300643392.html
SOURCE OCI Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-oci-partners-lp-reports-2018-first-quarter-results-and-announces-0-point-38-quarterly-cash-distribution.html |
May 18 (Reuters) - Youngevity International Inc:
* YOUNGEVITY INTERNATIONAL FILES FOR MIXED SHELF OFFERING OF UP TO $75 MILLION - SEC FILING Source bit.ly/2KE3Qup Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-youngevity-international-files-for/brief-youngevity-international-files-for-mixed-shelf-offering-of-up-to-75-mln-idUSFWN1SP0YJ |
A federal judge has dismissed four proposed class actions alleging Nestle Waters North America Inc engaged in a “massive fraud” by filling its Poland Spring bottles with nothing but ordinary groundwater from wells in Maine, tricking consumers into paying more for a water they thought came from “verdant hillsides.”
U.S. District Judge Jeffrey Meyer in New Haven, Connecticut, before whom the cases were consolidated, on Thursday found the plaintiffs’ claims that Nestle had fraudulently labeled and sold the product as “spring water” were preempted by federal law.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2INqmnt
| ashraq/financial-news-articles | https://www.reuters.com/article/products-nestle/nestle-escapes-poland-spring-water-class-action-lawsuits-idUSL2N1SP1VC |
May 2 (Reuters) - Snap Inc:
* SNAP INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING Source text ( bit.ly/2FAprRu ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-snap-inc-files-for-potential-mixed/brief-snap-inc-files-for-potential-mixed-shelf-offering-idUSFWN1S90JQ |
May 24, 2018 / 6:05 PM / Updated an hour ago Bollywood actress urges world to step up support for Rohingya women, children Ruma Paul 2 Min Read
DHAKA (Reuters) - Bollywood actress and UNICEF goodwill ambassador Priyanka Chopra called on the international community on Thursday to step up support for Rohingya women and children who fled to Bangladesh from a military crackdown in Myanmar. FILE PHOTO - Priyanka Chopra delivers remarks at the UNICEF 70th anniversary event at the United Nations Headquarters in Manhattan, New York City, U.S., December 12, 2016. REUTERS/Andrew Kelly
A military response to insurgent attacks on police posts and an army base in northern Rakhine state last August pushed almost 700,000 Rohingya Muslims across the border to Bangladesh, many accusing security forces of killings, rape and arson.
“Every child deserves a future, an opportunity to contribute to humanity,” Chopra told a news conference in Dhaka after a four-day visit to Rohingya refugee camps at Cox’s Bazar on the southern tip of Bangladesh.
“Refugee children are the world’s responsibility because they don’t have anywhere to go. They don’t have anything they can call their own,” she said.
The United Nations has described the military crackdown as “ethnic cleansing,” which Myanmar has denied, saying its security forces were conducting a legitimate counter-insurgency operation against “terrorists.”
Chopra urged the international community to tackle the issue of Rohingya childrene living without basic rights to food, clean water, shelter, proper sanitation and education.
“There’s so much more to be done. They need your money, time, compassion,” she said.
In March the United Nations launched an appeal for $951 million to help the Rohingya refugees for the rest of the year, but it remains less than 20 percent funded. Reporting by Ruma Paul; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-rohingya-bangladesh-un/bollywood-actress-urges-world-to-step-up-support-for-rohingya-women-children-idUKKCN1IP37C |
MOSCOW (Reuters) - Russian President Vladimir Putin is deeply concerned over the United States’ decision to pull out from the Iran nuclear deal, RIA news agency Quote: d a Kremlin spokesman as saying on Wednesday.
It also said that Putin and the Russian Security Council had discussed overnight missile strikes by Israel on Syria.
Reporting by Vladimir Soldatkin; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-putin/russias-putin-deeply-concerned-at-usa-leaving-iran-deal-ria-idUSKBN1IA1NL |
May 24 (Reuters) - Britain's FTSE 100 index is seen opening 5 points lower at 7,784 on Thursday, according to financial bookmakers. * BRITISH INFLATION: British inflation fell unexpectedly in April, according to data that prompted fresh questions about when the Bank of England would next raise interest rates and pushed sterling to its lowest level against the dollar this year. * BARCLAYS: Barclays Plc is not actively exploring a potential merger with rivals, two sources close to the bank said, as speculation mounts about how the British lender plans to defend itself against activist investor Edward Bramson. * PADDY POWER BETFAIR: Paddy Power Betfair, has agreed to merge its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market that is set to open up in the coming years, the Irish bookmaker said on Wednesday. * MARKS & SPENCER: Marks & Spencer is modernising rapidly to survive and has finally found a strategy that will deliver the profitable, growing business craved by investors, the British retailer said on Wednesday. * OIL: Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran. * EX-DIVS: Bunzl Plc, Carnival Plc, DCC Plc, Imperial Brands Plc, WM Morrison Supermarkets Plc and Whitbread Plc will trade without entitlement to their latest dividend pay-out on Thursday, trimming 3.2 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index closed 1.1 percent lower at 7,788.44 on Wednesday, as oil majors and commodity-related stocks fell but well-received results made Marks & Spencer a bright spot. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Tate & Lyle Plc Full Year 2018 Earnings Release United Utilities Group Full Year 2018 Earnings Plc Release Electrocomponents Plc Full Year 2018 Earnings Release Inchcape Plc Q1 2018 Trading Statement Release Caledonia Investments Plc Full Year 2017 Earnings Release Go-Ahead Group Plc Q3 2017 Trading Statement Release Renewi Plc Preliminary Q4 2018 Earnings Release PayPoint Plc Full Year 2017 Earnings Release Kingfisher Plc Q1 2018 Trading Statement Release Daily Mail and General Half Year 2018 Earnings Trust Plc Release Intertek Group Plc May 2018 Trading Statement Release Paragon Banking Group Plc Half Year 2018 Earnings Release Talktalk Telecom Group Preliminary FY 2018 Plc Earnings Release Mediclinic International Full Year 2018 Earnings Plc Release Newriver Reit Plc Full Year 2018 Earnings Release TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Radhika Rukmangadhan in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-24-idUSL3N1SV2I4 |
WASHINGTON—President Donald Trump said National Football League players who don’t want to stand for the national anthem perhaps “shouldn’t be in the country,” and spoke approvingly of a new league rule aimed at curbing protests on the field, in an interview that aired Thursday morning.
Mr. Trump taped remarks for Fox News Channel’s “Fox & Friends” Wednesday afternoon, soon after the NFL announced that teams could be fined if players were on the field during the national anthem and did not “stand and show respect.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-suggests-football-players-who-protest-anthem-shouldnt-be-in-the-country-1527165169 |
ISTANBUL (Reuters) - Turkey’s lira weakened more than 2 percent on Thursday, giving up some of the hefty gains it made after the central bank raised interest rates by 300 basis points on Wednesday in an emergency move to prop up the tumbling currency.
FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Diyarbakir, Turkey May 23, 2018. REUTERS/Sertac Kayar The central bank raised its top interest rate to 16.5 percent from 13.5 percent at an extraordinary meeting prompted by the lira’s relentless fall in recent weeks. It had depreciated as much as 23 percent so far this year before the bank’s move.
Investors have hammered the currency on concerns about the central bank’s ability to tame double-digit inflation, particularly after President Tayyip Erdogan — a self-described “enemy of interest rates” — said he expected to assert more policy control after June 24 elections.
After the initial bounce following the bank’s move — the currency swung from a 5 percent loss to a more than 2 percent gain — investors now appear to be concerned whether the rate increase was enough to put the currency on a steady footing.
“It might prove insufficient to stabilize the currency, as concerns about monetary policy-making in the post-election period will remain ... given the President’s vow to tighten his grip on economy policy,” said Gokce Celik, chief economist at QNB Finansbank, in a note to clients.
The lira TRYTOM=D3 was at 4.6880 against the dollar at 0845 GMT, versus its close of 4.5900. It hit a record low of 4.9290 on Wednesday before the rate hike. It is now down some 19 percent year-to-date.
The yield on Turkish 10-year government bonds TR10YT=RR fell to its lowest since May 15. Dollar bonds rose, and the cost of insuring Turkish debt against default fell to a one-week low.
Related Coverage Turkey's ruling party vows measures to ease cost pressures caused by interest rates FURTHER TIGHTENING Some analysts pointed out that the bank, in Wednesday’s statement, dropped its usual wording that “further monetary policy tightening will be delivered, if needed”. That sowed some concern that it may not increase rates at its next scheduled policy meeting, on June 7.
“We will need to see some further tightening in the regular scheduled (monetary policy committee) meeting on June 7 as well,” said Inan Demir, of Nomura International. “So that they can increase the real rate and go beyond catching up with inflation and actually move ahead of the curve.”
Following the bank’s move, Erdogan said “financial discipline will continue and the necessary things will be done for financial stability”.
But he also said the currency’s volatility did not reflect economic reality and, echoing his frequent references to foreign threats, warned that he would not let “global governance types” ruin the country.
Erdogan, an economic populist, wants to see lower borrowing rates to fuel credit growth and new construction. Investors, who fear the economy has overheated after a more than 7 percent expansion last year, want decisive rate hikes to cool inflation.
The president also said in his speech on Wednesday he would look to take action on inflation after the June 24 vote — although he did not say concretely what that might be.
“We will definitely take measures to lower the inflation and current account deficit in a very different way after the elections,” Erdogan said.
Additional reporting by Ezgi Erkoyun; Writing by Daren Butler and David Dolan; Editing by Dominic Evans and Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-currency/turkish-lira-weakens-sharply-surrendering-some-post-rate-hike-gains-idUSKCN1IP1Q9 |
May 3 (Reuters) - Mettler-Toledo International Inc:
* Q1 EARNINGS PER SHARE $3.58 * Q1 EARNINGS PER SHARE VIEW $3.73 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED EARNINGS PER SHARE $3.74 * Q1 SALES $660.8 MILLION VERSUS I/B/E/S VIEW $651.9 MILLION
* MANAGEMENT ANTICIPATES LOCAL CURRENCY SALES GROWTH IN 2018 WILL BE APPROXIMATELY 6%
* SEES FY 2018 ADJUSTED EPS IN RANGE OF $20.10 TO $20.25, WHICH REFLECTS GROWTH OF 14% TO 15%
* SEES Q2 2018 ADJUSTED EPS TO BE IN RANGE OF $4.55 TO $4.60
* Q2 EARNINGS PER SHARE VIEW $4.54 — THOMSON REUTERS I/B/E/S Source text for Eikon: (Reuters.Briefs@thomsonreuters.com)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mettler-toledo-q1-earnings-per-sha/brief-mettler-toledo-q1-earnings-per-share-3-58-idUSASC09ZR6 |
BEIJING (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's Premier Li Keqiang speaks with Japanese Association for the Promotion of International Trade head Yohei Kono (not pictured), at the Great Hall of People, in Beijing, China April 9, 2018. REUTERS/Parker Song/Pool China and Japan, Asia’s two largest economies, have been trying to reset ties after years of increasingly bitter disputes 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 Wednesday 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.”
In a later report, Chinese state media said President Xi Jinping had discussed bilateral ties and North Korea in a telephone call with Abe.
China and Japan should work together to get relations back on track, Xi told Abe.
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 and Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-japan/china-says-summit-with-japan-south-korea-to-focus-on-cooperation-not-north-korea-idUSKBN1I50EB |
Here are the sanctions that will snap back into place now that Trump has pulled the US out of the Iran nuclear deal President Trump signed an executive order that will withdraw the U.S. from the Iran nuclear deal. The presidential memo starts a 180-day countdown timer for the Trump administration to re-impose all of the sanctions on Iran that were relaxed under the Obama-era deal. The order specifies that many of the sanctions should be re-imposed in 90 days — by Aug. 6. Published 4:48 PM ET Tue, 8 May 2018 CNBC.com Jonathan Ernst | Reuters President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, May 8, 2018.
President Donald Trump signed an executive memorandum Tuesday kicking off the process for the U.S. to withdraw from the Iran nuclear deal .
The deal between Iran and a handful of world powers, brokered in 2015 during the Obama administration, lifted a bevy of sanctions and embargoes on Iran in exchange for the country significantly shrinking the scope of its nuclear capabilities. Iran also gave international inspectors access to its facilities as part of the deal.
The memo Trump signed on Tuesday triggers a 180-day countdown timer for Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin to re-impose all of the sanctions on Iran that were relaxed under the deal.
After passing a 90-day mark on Aug. 6, the following sanctions will snap back on Iran, according to the Treasury Department : Sanctions on Iran buying or acquiring U.S. dollars Sanctions on Iran trading gold and other precious metals Sanctions on Iran's sale, supply or trade of metals such as aluminum and steel, as well as graphite, coal and certain software for "integrating industrial processes" Sanctions on "significant" sales or purchases of Iranian rials, or the maintenance of significant funds or accounts outside the country using Iranian rials Sanctions on issuing Iranian debt Iranian auto sanctions
The U.S. will also revoke certain permissions, granted to Iran under the deal, on Aug. 6. These include halting Iran's ability to export its carpets and foods into the U.S., as well as ending certain licensing-related transactions.
At the end of the 180-day interval on Nov. 4, another set of sanctions will once again be clamped down on Iran: Sanctions on Iran's ports, as well as the country's shipping and shipping sectors Sanctions on buying petroleum and petrochemical products with a number of Iranian oil companies Sanctions on foreign financial institutions transacting with the Central Bank of Iran and other Iranian financial institutions Sanctions on the provision of certain financial messaging services to Iran's central bank and other Iranian financial institutions Sanctions on the provision of underwriting services, insurance, or reinsurance Sanctions on Iran's energy sector
The following day, on Nov. 5, the Trump administration will disallow U.S.-owned foreign entities from being allowed to engage in certain transactions with Iran. Sanctions on certain Iranian individuals will also be re-imposed on Nov. 5. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/here-are-iran-sanctions-returning-after-trump-leaves-nuclear-deal.html |
C.J. Cron broke a scoreless deadlock with a two-run homer in the top of the ninth and the Tampa Bay Rays held off the Detroit Tigers 3-2 on Monday night.
Cron crushed a 2-0 pitch to the opposite field off Tigers closer Shane Greene (1-2) after Greene issued a leadoff walk to Denard Span. Cron’s homer was his seventh this season. Brad Miller added a solo shot one out later off Greene as the Rays won for the ninth time in 10 games.
Jacob Faria tossed eight innings to pick up the win. Faria (2-1) gave up just three hits and a walk while striking out six. Jose Alvarado got the last two outs for his first major league save.
Rays reliever Chaz Roe couldn’t close the deal in the ninth. After retiring one batter, he hit two others with pitches, sandwiching an infield hit by Jeimer Candelario. Victor Martinez drove in two runs with a single off Alvarado.
James McCann flied out before John Hicks drew a walk to load the bases. Alvarado then retired Dixon Machado on a fielder’s choice ground ball to end the game.
Jordan Zimmermann matched Faria for seven innings, holding the Rays to two hits and a walk while striking out five.
Detroit first baseman Miguel Cabrera was not in the lineup after exiting Sunday’s game at Baltimore with a left bicep spasm.
The Tigers have been involved in an inordinate amount of low-scoring games this season. They’ve already had four 1-0 games, a 2-0 outcome and a 2-1 decision.
No one reached second base until the bottom of the third, when Detroit’s Jose Iglesias rapped a one-out, ground-rule double. He advanced to third on a groundout by Victor Reyes, but Faria then struck out JaCoby Jones.
The Tigers threatened the following inning on Nicholas Castellanos’ double to left. Martinez grounded out and, after Castellanos advanced to third on a wild pitch, Faria struck out McCann.
Tampa Bay finally got a runner into scoring position in the seventh when Matt Duffy led off with a single and moved up on a groundout. Daniel Robertson’s long fly advanced him to third but Zimmermann retired Joey Wendle on a groundout.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-det-tb-recap/cron-miller-lifts-rays-over-tigers-in-9th-idUSMTZEE5112HAI1 |
HOUSTON--(BUSINESS WIRE)-- Stage Stores, Inc. (NYSE:SSI) today reported results for the first quarter ended May 5, 2018, and reaffirmed guidance for fiscal year 2018. For the first quarter, comparable sales decreased 2.8%. Loss before income tax was $31.5 million, compared to a loss before income tax of $27.9 million in the first quarter 2017.
Michael Glazer, President and Chief Executive Officer commented, “While the first quarter began with positive comparable sales in February, results were negatively impacted by unseasonably cold temperatures in our geography in late March and early April. Once the weather normalized in the second half of April, comparable sales turned positive, and business has accelerated in May. Notably, the underlying trends that emerged in 2017, including recovery in our oil and gas states, double-digit ecommerce growth, and the outperforming non-apparel business, have continued into 2018. In fact, our non-apparel business, which is less weather sensitive, was up over 3% for the first quarter. Additionally, due to our strong inventory management efforts, we maintained a consistent flow of new merchandise to our stores, and ended the first quarter with department store inventory levels down 5% compared to the first quarter 2017.”
Mr. Glazer continued, “We remain confident that we will meet our 2018 sales and earnings guidance. We are especially excited about accelerating the growth of our off-price business, and the recent conversion of one of our department stores to Gordmans has exceeded our expectations. As a result, we plan to redeploy capital to convert six more department stores and open one new Gordmans location in 2018.”
The company also announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share on its common stock, payable on June 20, 2018 to shareholders of record at the close of business on June 5, 2018.
First Quarter Results
First quarter 2018 results compared to first quarter 2017 results were as follows:
Net sales were $344 million compared to $309 million Comparable sales decreased 2.8% Net loss was $31.7 million compared to $19.0 million Loss per share was $1.14 compared to a loss per share of $0.70 EBIT was $(29.3) million compared to $(26.3) million
2018 Guidance
For fiscal 2018, the company reaffirmed the following guidance:
Net sales between $1,610 million and $1,640 million Comparable sales of flat to an increase of 2.0% Net loss between $38 million and $27 million Tax rate of 0%, which, when compared to 2017, is expected to negatively impact 2018 EPS by $0.36 to $0.52 per diluted share within the comparable sales and EBIT guidance ranges Loss per diluted share between $1.35 and $0.95 Depreciation and amortization between $55 million and $60 million EBIT between $(29) million and $(18) million
Based on continued belief in the off-price model and the success of its first Gordmans conversion, the company has updated its capital expenditures and store portfolio guidance. The company now plans the following for fiscal 2018:
Capital expenditures of $30 million to $35 million compared to prior guidance of $30 million; and Opening 1 new Gordmans store, converting 5 to 10 department stores to Gordmans stores, and closing an additional 30 to 35 department stores versus closing 25 to 30 department stores.
Revenue Recognition
During the first quarter of 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The impact of the adoption on the condensed consolidated statements of operations reflects the reclassification of credit income from selling, general and administrative expense to revenue. The condensed consolidated balance sheets and cash flow statements reflect the reclassification of the asset related to the liability for sales returns to other current assets from inventory. The Company adopted the standard using the full retrospective method, and the condensed consolidated statements of operations, balance sheets and cash flows for the prior year periods have been restated.
Conference Call / Webcast Information
The company will post a pre-recorded conference call today at 8:30 a.m. Eastern Time to discuss its results and guidance. Interested parties may access the company’s call by dialing 866-393-5631 and providing conference ID 3989619. Alternatively, interested parties may listen to an audio webcast of the call through the Investor Relations section of the company’s website ( corporate.stage.com ) under the “Webcasts” caption. A replay of the call will be available online through June 28, 2018.
About Stage Stores
Stage Stores, Inc. is a leading retailer of trend-right, name-brand values for apparel, accessories, cosmetics, footwear and home goods. As of May 24, 2018, the company operates in 42 states through 772 BEALLS, GOODY'S, PALAIS ROYAL, PEEBLES and STAGE specialty department stores and 59 GORDMANS off-price stores, as well as an e-commerce website at www.stage.com . For more information about Stage Stores, visit the company’s website at corporate.stage.com .
Use of Non-GAAP / Adjusted Financial Measures
The company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures help to facilitate comparisons of company operating performance across periods. This release includes EBIT, which is a non-GAAP financial measure. The company may also present other non-GAAP financial measures which are identified as “adjusted” results. A reconciliation of all non-GAAP financial measures to the most comparable GAAP financial measures is provided in a table included with this release.
Caution Concerning Forward-Looking Statements
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words “anticipate,” “estimate,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “may,” “target,” “forecast,” “guidance,” “outlook” and similar expressions generally identify forward-looking statements. Similarly, descriptions of the company’s objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are based upon management’s then-current views and assumptions regarding future events and operating performance. Although management believes the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of its knowledge, forward-looking statements involve risks, uncertainties and other factors which may materially affect the company’s business, financial condition, results of operations or liquidity.
Forward-looking statements are not guarantees of future performance and actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, economic conditions, cost and availability of goods, inability to successfully execute strategic initiatives, competitive pressures, economic pressures on the company and its customers, freight costs, the risks discussed in the Risk Factors section of the company’s most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”), and other factors discussed from time to time in the company’s other SEC filings. This release should be read in conjunction with such filings, and you should consider all of such risks, uncertainties and other factors carefully in evaluating forward-looking statements.
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures the company makes on related subjects in its public announcements and SEC filings.
(Tables to follow)
Stage Stores, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data)
(Unaudited)
Three Months Ended May 5, 2018 April 29, 2017 Amount % to Sales (a) Amount % to Sales (a) Net sales $ 344,229 100.0% $ 308,607 100.0% Credit income 15,514 4.5% 12,928 4.2% Total revenues 359,743 104.5% 321,535 104.2% Cost of sales and related buying, occupancy and distribution expenses 281,741 81.8% 246,389 79.8% Selling, general and administrative expenses 107,277 31.2% 101,437 32.9% Interest expense 2,253 0.7% 1,586 0.5% Loss before income tax (31,528 ) (9.2)% (27,877 ) (9.0)% Income tax expense (benefit) 150 —% (8,890 ) (2.9)% Net loss $ (31,678 ) (9.2)% $ (18,987 ) (6.2)% Basic loss per share data: Basic loss per share $ (1.14 ) $ (0.70 ) Basic weighted average shares outstanding 27,765 27,268 Diluted loss per share data: Diluted loss per share $ (1.14 ) $ (0.70 ) Diluted weighted average shares outstanding 27,765 27,268 (a) Percentages may not foot due to rounding. Stage Stores, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value)
(Unaudited)
May 5, February 3, April 29, 2018 2018 2017 ASSETS
Cash and cash equivalents $ 29,091 $ 21,250 $ 21,688 Merchandise inventories, net 477,562 438,377 475,048 Prepaid expenses and other current assets 48,762 52,407 48,195 Total current assets 555,415 512,034 544,931 Property, equipment and leasehold improvements, net 244,214 252,788 277,285 Intangible assets 17,135 17,135 15,235 Other non-current assets, net 23,715 24,449 24,164 Total assets $ 840,479 $ 806,406 $ 861,615 LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 128,883 $ 145,991 $ 137,289 Accrued expenses and other current liabilities 67,513 67,427 71,897 Total current liabilities 196,396 213,418 209,186 Long-term debt obligations 265,469 180,350 219,756 Other long-term liabilities 66,029 68,524 73,610 Total liabilities 527,894 462,292 502,552 Commitments and contingencies Common stock, par value $0.01, 100,000 shares authorized, 33,111, 32,806 and 32,611 shares issued, respectively 331 328 326 Additional paid-in capital 420,091 418,658 412,548 Treasury stock, at cost, 5,175 shares, respectively (43,339 ) (43,298 ) (43,347 ) Accumulated other comprehensive loss (4,978 ) (5,177 ) (5,517 ) Accumulated deficit (59,520 ) (26,397 ) (4,947 ) Total stockholders' equity 312,585 344,114 359,063 Total liabilities and stockholders' equity $ 840,479 $ 806,406 $ 861,615 Stage Stores, Inc. Condensed Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
Three Months Ended May 5, 2018 April 29, 2017 Cash flows from operating activities: Net loss $ (31,678 ) $ (18,987 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization of long-lived assets 15,151 16,377 Gain on retirements of property, equipment and leasehold improvements (30 ) (452 ) Deferred income taxes — (1,117 ) Stock-based compensation expense 1,558 2,182 Amortization of debt issuance costs 74 72 Deferred compensation obligation 41 61 Amortization of employee benefit related costs 199 211 Construction allowances from landlords — 998 Other changes in operating assets and liabilities: Increase in merchandise inventories (39,185 ) (31,999 ) Decrease (increase) in other assets 4,303 (7,193 ) (Decrease) increase in accounts payable and other liabilities (19,088 ) 39,534 Net cash used in operating activities (68,655 ) (313 ) Cash flows from investing activities: Additions to property, equipment and leasehold improvements (6,930 ) (7,359 ) Proceeds from insurance and disposal of assets 45 1,223 Business acquisition — (33,843 ) Net cash used in investing activities (6,885 ) (39,979 ) Cash flows from financing activities: Proceeds from revolving credit facility borrowings 164,071 153,311 Payments of revolving credit facility borrowings (78,310 ) (96,559 ) Payments of long-term debt obligations (731 ) (4,083 ) Payments of debt issuance costs — (8 ) Payments for stock related compensation (204 ) (257 ) Cash dividends paid (1,445 ) (4,227 ) Net cash provided by financing activities 83,381 48,177 Net increase in cash and cash equivalents 7,841 7,885 Cash and cash equivalents: Beginning of period 21,250 13,803 End of period $ 29,091 $ 21,688 Stage Stores, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited) The following table reconciles EBIT, a non-GAAP financial measure, to the most directly comparable GAAP measure, net loss (amounts in thousands):
Three Months Ended May 5, 2018 April 29, 2017 Net loss (GAAP) $ (31,678 ) $ (18,987 ) Interest expense 2,253 1,586 Income tax expense (benefit) 150 (8,890 ) Earnings before interest and taxes (EBIT) (non-GAAP) (29,275 ) (26,291 ) The following table reconciles EBIT, a non-GAAP financial measure, to the most directly comparable GAAP measure, net loss (amounts in millions): 2018 Guidance Range Low High Net loss (GAAP) $ (38 ) $ (27 ) Interest expense 9 9 Income tax — — EBIT (non-GAAP) $ (29 ) $ (18 )
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005144/en/
Stage Stores, Inc.
Alysha Tawney, 713-331-4902
Manager, Strategy and Investor Relations
IR@stage.com
Source: Stage Stores, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-stage-stores-reports-first-quarter-results-and-declares-quarterly-cash-dividend.html |
LONDON (Reuters) - Hedge funds and speculators spent the first four months of the year betting heavily against the dollar. They’re now running for the hills.
An employee shows U.S. dollars banknotes at a money changer in Jakarta, Indonesia, April 24, 2018. Antara Foto/Hafidz Mubarak/via REUTERS The increasingly rapid rate at which they’re slashing their short dollar positions is creating a vicious cycle: short covering accelerates the dollar’s rally, which forces even more short covering, which pushes the dollar even higher.
The bad news for those clinging to the view that the dollar is heading lower is it looks like this “pain trade” has further to run because, historically, the overall short position remains large.
The latest Commodity Futures Trading Commission figures show that hedge funds and speculators cut their net short dollar position against a range of developed and emerging currencies by $5.5 billion in the week to May 1.
That was the biggest cut this year and brings the reduction in the last two weeks of April to nearly $10 billion. It’s a rapid reversal, which undoubtedly helped the dollar rally nearly 4 percent in that period.
But the net short position is still worth $18.32 billion, compared with the average weekly position over the past decade, which is a net long $5.4 billion. The dollar appreciated a further 1 percent in the first week of May, suggesting the short covering continues at pace.
A short position is effectively a bet that the price of an asset will fall, and a long position is a bet it will rise in value.
The biggest shifts in the latest week were against the euro and sterling.
Speculative accounts on the CFTC cut their net long euro position by just over 10,000 contracts to 120,568, the smallest long position of the year. Two weeks earlier, they held a record net long 151,476 contracts.
“As of last Tuesday, the net euro long hadn’t corrected enough to give a committed euro dip-buyer any encouragement at all,” reckons Societe Generale’s Kit Jukes.
Similarly, CFTC speculators cut their net long sterling position by nearly 11,000 contracts, which means they have almost halved the net long position in just a fortnight.
The euro is now trading below $1.20, down nearly 4 pct against the dollar since April 17, and the pound is down more than 6 pct at $1.35.
While the rise in U.S. bond yields appears to have stalled for now, with the 10-year yield back below 3 pct, the dollar is unlikely to lose its interest rate and yield advantage any time soon.
Surprisingly weak euro zone inflation data and UK economic data last week poured a bucket of cold water over expectations about when the ECB and Bank of England might raise rates.
Market pricing on the BoE, in particular, was whiplashed. The probability of a rate hike on May 10 stands at just 11 pct now, down from 90 pct late last month. Economists at HSBC say there may be no rate hike at all until 2020.
U.S. economic data, meanwhile, continue to come in reasonably strong, or at least broadly in line with forecasts. The Fed has raised rates six times since December 2015 and markets are pricing in at least two increases this year.
So while the dollar’s rebound has been pretty relentless, the last couple of weeks, it may still have some legs.
“If shorts still have not been squeezed, this dollar rally might have only just gotten started,” reckons Jasper Lawler at London Capital Group.
Reporting by Jamie McGeever; editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-markets-speculators/commentary-hedge-funds-slash-bearish-dollar-bets-and-theres-more-to-come-idUSKBN1I91JC |
Carbon Tracker: EU emission allowances are top performing commodity 4 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/carbon-tracker-eu-emission-allowances-are-top-performing-commodity.html |
(Adds details)
ABUJA, May 15 (Reuters) - Annual inflation in Nigeria stood at 12.48 percent in April, its lowest level in more than two years and its 15th straight monthly drop, the National Bureau of Statistics said on Tuesday.
It fell from 13.34 percent in March. A separate food price index showed inflation at 14.80 percent in April, compared with 16.08 percent in March.
Food inflation has been in double figures for nearly three years, but has slowed for the past six months.
The statistics office said the highest increases were recorded in potatoes, yam and other tubers, as well as bread and cereals, plus oil and fats.
The central bank’s monetary policy committee is due to meet later this month to set its main interest rate. It held the rate at 14 percent in April in an attempt to curb inflation, especially in food prices.
It has kept rates tight for more than a year to support the naira and attract foreign investors into the debt market. (Reporting by Paul Carsten; Additional reporting by Alexis Akwagyiram and Chijioke Ohuocha in Lagos Editing by Alison Williams/Keith Weir)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/nigeria-inflation/update-1-nigerian-annual-inflation-falls-to-more-than-two-year-low-in-april-idUSL5N1SM2YR |
Tech Guide Oath's Tim Armstrong is reportedly being considered to replace Martin Sorrell at WPP Tim Armstrong is being considered for the top job at WPP among multiple candidates, according to the Financial Times. Melody Hahm | CNBC Tim Armstrong, chairman and CEO of AOL
Oath CEO Tim Armstrong is reportedly one of the candidates being considered to replace Martin Sorrell at advertising conglomerate WPP, according to a report by the Financial Times .
A spokesperson for WPP said in an email that "no appointment has been made" and that the company "will not be making any comment on the identity of any candidates."
Armstrong is currently the CEO of Oath, the merged AOL-Yahoo media and advertising group. Oath is owned by Verizon . Oath declined to comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/oaths-tim-armstrong-is-reportedly-being-considered-to-replace-martin-sorrell-at-wpp.html |
May 14, 2018 / 4:56 PM / in 20 minutes Xerox shares plunges after scrapping Fuji deal Reuters Staff 2 Min Read
May 14 (Reuters) - Xerox Corp’s shares plunged 7.4 percent on Monday after the printer and copier maker put an end to months long proxy fight with its top two investors by scrapping a deal with Japan’s Fujifilm Holdings Corp.
Xerox had been battling activist shareholder Carl Icahn and investor Darwin Deason over the company’s plan to sell itself to Fujifilm and on Monday reached a settlement with them. Icahn and Deason own more than 15 percent of the company.
“The share price pressure imitates that people want to see that $9.80 cents special dividend which is now out of the question,” David Holt, analyst at CFRA research told Reuters.
The two companies agreed in January to a complex deal that would have merged Xerox into their Asia joint venture Fuji Xerox and given Fujifilm control. That prompted activist investors Icahn and Deason to launch a proxy fight.
Holt also said there are potential interests from other competitors as well such as HP Inc.
“When you put these two companies together, the value proposition looks attractive,”
Earlier in May, Reuters reported citing sources buyout firm Apollo Global Management LLC has approached Xerox for a possible acquisition.
Holt said there are still options on the table and it doesn’t have to be an either or situation which is good for Xerox in the long term but in the short term, Xerox does faces uncertainty.
Shares of the company down 7.4 percent at $27.82 in afternoon trade, hitting more than six-month low. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/xetox-stocks/xerox-shares-plunges-after-scrapping-fuji-deal-idUSL3N1SL5JN |
May 25, 2018 / 12:18 PM / Updated 15 minutes ago Australia's Suncorp tells inquiry of negligent lending, defends repayment pursuit Paulina Duran 3 Min Read
SYDNEY (Reuters) - Australia’s Suncorp Group Ltd ( SUN.AX ) told a powerful inquiry into financial sector misconduct on Friday that it had extended loans negligently in some cases, but that it acted fairly in pursuing customers struggling to make repayments.
The country’s sixth-largest bank by market value made the comments at the quasi-judicial Royal Commission which, under halfway into a year-long inquiry, has uncovered widespread malfeasance by Australia’s biggest lenders including fraud.
The Commission is due to report its findings in September and can recommend criminal charges and legislative change.
In its first appearance at the inquiry, Suncorp said it showed “good intent” when pursuing repayment from unemployed Jennifer Low for five loans to her husband, who died in a 2015 workplace accident. Head of banking David Carter said Suncorp had grounds to demand immediate repayment, but opted not to.
Her son, Rien Low, told the inquiry the bank had shown no compassion. Neither family member knew of the loans, and the woman, widowed at 62, had to sell her house to repay four of the five debts.
The family took the case to the Financial Ombudsman Service (FOS) which found Suncorp extended the fifth loan without checking the loan’s purpose or regard to whether the customer could repay, the inquiry heard.
Suncorp accepted the finding, but nevertheless requested the balance of over A$200,000 ($151,480) be paid within six months. It eventually agreed to a lengthier repayment period, with the first five years interest free.
“The impact we may have had has not always been right and perhaps some of our communication could have been better,” said Suncorp’s head of banking, David Carter. “But when I look at the way in which it (the widow’s case) has been approached, I see good intention.”
When asked by the barrister assisting the inquiry, Rowena Orr, why the widow was not allowed to repay the balance over a longer period of time without interest, Carter said repayment would have taken 17 years and that the option was unreasonable.
“I want to put to you that applicants may not proceed with applications to FOS if they realize that this is what success looks like,” said Orr. “You saying you now have six to 12 months to pay the entirety of the loan off even though it was lent irresponsibly to you?”
“I accept that,” Carter said. Reporting by Paulina Duran; Editing by Christopher Cushing | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-banks-inquiry-suncorp/australias-suncorp-tells-inquiry-of-negligent-lending-defends-repayment-pursuit-idUSKCN1IQ1MB |
KUALA LUMPUR (Reuters) - Amid mounting suspense in Malaysia, former leader Najib Razak is expected to give a statement to an anti-graft agency on Tuesday explaining what he knew about $10.6 million transferred into his bank account from a unit of a state fund he founded.
Malaysia's outgoing Prime Minister Najib Razak leaves after a news conference following the general election in Kuala Lumpur, Malaysia, May 10, 2018. REUTERS/Athit Perawongmetha/File Photo The remorseless humiliation of Najib since his unexpected election defeat on May 9 has left Malaysians waiting to see what happens next to the urbane former prime minister, and his allegedly big-spending wife, Rosmah Mansor.
They have been barred from leaving the country, while their home and other properties have been searched, and Najib has been summoned to the Malaysian Anti-Corruption Commission (MACC) to give a statement on just one small part of a massive financial scandal.
Finding out what happened to billions of dollars that went missing from state-investment fund 1Malaysia Development Berhad (1MDB) is a priority for Malaysia’s new leader, Mahathir Mohamad, who at the age of 92 came out of political retirement and joined the opposition to topple his former protege.
New MACC chief Mohd Shukri Abdull told reporters to expect a “special briefing” on Tuesday.
Najib has consistently denied any wrongdoing related to 1MDB since the scandal erupted in 2015, but he replaced an attorney-general and several MACC officers to shut down an investigation.
Najib has said $681 million of funds deposited in his personal bank account were a donation from a Saudi royal, rebutting reports that the funds came from 1MDB.
Now answering to a different prime minister, the MACC has reopened its investigation, initially focusing on how 42 million ringgit ($10.6 million) went from SRC International to Najib’s account.
SRC was created in 2011 by Najib’s government to pursue overseas investments in energy resources, and was a unit of 1MDB until it was moved to the finance ministry in 2012.
Mahathir’s office also announced the establishment of a new task force made up of members of the anti-graft agency, police and the central bank, which would liaise with “enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries,” investigating 1MDB.
The U.S. Department of Justice refers to Najib as “Malaysian Official Number 1” in its anti-kleptocracy investigation into 1MDB.
DENIAL Addressing loyalists in his home state of Pahang on Sunday, Najib declared: “I did not steal from the people”.
He said the chorus of allegations was a smear campaign aimed at ruining the United Malays National Organisation, the party that until now has led every government since Malaysia’s independence six decades ago.
Police were filmed taking away at least 284 boxes of potential evidence, notably jewelery, cash, designer clothes and accessories. The publicity given to the search prompted Rosmah to issue a statement through her lawyers complaining of the danger of a “premature public trial”.
Speaking to staff at the prime minister’s office on Monday, Mahathir counted the cost of his predecessor’s alleged misgovernance.
“We find that the country’s finances, for example, was abused in a way that now we are facing trouble settling debts that have risen to a trillion ringgit,” he said.
The previous evening, Mahathir met Xavier Justo, a Swiss national who was the first whistleblower in the 1MDB affair. Justo posted a photograph of himself with Mahathir on his Facebook account.
It was documents leaked by Justo, a former director of energy group PetroSaudi International, which ran an energy joint venture with 1MDB from 2009 to 2012, that triggered investigations in at least six countries.
Justo was sentenced to three years in prison in Thailand in 2015 on charges of blackmail and attempted extortion after what he now says was a confession made under pressure. He was freed in an amnesty in 2016.
SRC came into focus after the Wall Street Journal reported that funds from the company were transferred using multiple companies as fronts, before eventually reaching Najib’s account.
As these funds were moved through Malaysian, rather than foreign, financial institutions it was easier for MACC investigators to establish the money trail.
Additional reporting by Praveen Menon; Writing by Simon Cameron-Moore; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics/malaysia-in-suspense-ahead-of-najibs-visit-to-anti-graft-agency-idUSKCN1IM0RE |
LOS ANGELES (AP) _ CytRx Corp. (CYTR) on Tuesday reported a loss of $4.1 million in its first quarter.
On a per-share basis, the Los Angeles-based company said it had a loss of 15 cents.
The company's shares closed at $1.89. A year ago, they were trading at $2.95.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CYTR at https://www.zacks.com/ap/CYTR | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-cytrx-1q-earnings-snapshot.html |
How big of a global risk is Deutsche Bank? 1 Hour Ago Larry McDonald of ACG Analytics and the "Bear Traps Report" says there is a chance Deutsche Bank's stock could go to zero, which would be very bad in the short-term globally, but could also present a buying opportunity. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/how-big-of-a-global-risk-is-deutsche-bank.html |
By David Z. Morris 4:39 PM EDT
The U.S. Postal Service announced its second quarter financial results on Friday, a normally ho-hum moment made a lot more significant thanks to continuing criticism of USPS’s relationship with Amazon by U.S. President Donald Trump.
USPS said that its revenue for shipping and packages shot up by 9.5%, or $445 million, since the second quarter of last year. Meanwhile, letter and other mail volume dropped by 2.1%, and mail revenue was down $181 million. Overall revenue grew 1.4%, but the USPS still lost $1.3 billion in the quarter, compared to a $562 million loss this time last year, thanks to a 5.7% increase in operating expenses. USPS said rising expenses included the cost of retiree health benefits, increased labor costs for shipping packages, and higher transportation expenses.
If that all sounds complicated, it is — and that complexity has helped enable Trump’s campaign against the USPS’s partnership with Amazon. Trump has accused Amazon of benefiting from preferential USPS rates, and last month created a task force to review USPS business practices. But a former postmaster general has said that the USPS agreement with Amazon had been profitable for the Postal Service, which must offer competitive package pricing with services like UPS and FedEx , but can’t legally price package delivery below its cost .
Get Data Sheet , Fortune’s technology newsletter.
That supports the idea that criticism of Amazon’s USPS payments as just one front in Trump’s larger fight with Amazon’s owner, Jeff Bezos. Bezos also owns the Washington Post , which is among Trump’s favorite targets to slam as “fake news.” Some see Trump’s claims that Amazon is cheating the USPS, then, as an indirect attack on opposition media. That would be ironic, since the founding principle of universal postal service was increased freedom of information .
USPS’s biggest losses have been fueled not by Amazon, or even by the rise of ecommerce, but by the drastic decline in first-class letters and other light mail, thanks largely to the rise of e-mail. USPS has a monopoly over letter mail which is intended to compensate for requirements that it provide universal service even to remote or less populated parts of America. But first-class mail volume has plummeted by nearly half since its peak in 2000.
In a statement, Postmaster General and CEO Megan J. Brennan blamed growing losses not only on those technological changes, but also on “an inflexible, legistlatively mandated business model that limits our ability to generate sufficient revenue and imposes costs upon us that we cannot afford.”
Brennan was referring in part to a legislative mandate that USPS pre-fund retiree benefits, a requirement not shared by most private-sector companies, or even other federal employees . Lawmakers have also stopped some proposals that would have reduced USPS operating costs, including reducing deliveries from six days a week to five .
If it were a typical business, USPS could have made those needed changes years ago. That might have left Trump less able to use the Postal Service as a weapon in his broader crusade. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/12/donald-trump-post-office-usps/ |
YONKERS, N.Y. , May 10, 2018 (GLOBE NEWSWIRE) -- ContraFect Corporation (Nasdaq:CFRX), a clinical-stage biotechnology company focused on the discovery and development of protein and antibody therapeutics for life-threatening, drug-resistant infectious diseases, today announced results for the first quarter ended March 31, 2018.
“Throughout the quarter, we continued to progress towards our near-term corporate goals, while simultaneously laying the foundation for growth. In addition to advancing our ongoing Phase 2 study of our lead asset, CF-301, we also presented data from a number of in vitro and in vivo studies of CF-301 at scientific conferences,” said Steven C. Gilman, Ph.D., Chairman and Chief Executive Officer of ContraFect. “These data are a testament to our team’s commitment to building a robust scientific database for our ongoing and future clinical development programs. We remain on track to complete our Phase 2 study, and we look forward to continuing to contribute to the body of knowledge in support of CF-301, lysins and our broader anti-infective portfolio.”
Recent Highlights
During the quarter, the Company advanced its multi-center, multi-national Phase 2 clinical trial of its lead lysin product candidate, CF-301 (now also known as exebacase), for the treatment of Staph aureus bacteremia, including endocarditis, caused by methicillin-resistant or methicillin-susceptible Staph aureus . As of the end of the first quarter, after approximately one-half of study patient enrollment, there have been no serious adverse events which we have determined are related to study drug. The Company expects to report topline data from the study in the fourth quarter of 2018.
In March 2018, the Company presented data from its CF-301 (exebacase) program at the 20 th Annual Superbugs & Superdrugs Conference in London, UK, which included data on the hallmark features of lysins and the therapeutic potential of CF-301 used in addition to conventional antibiotics.
In April 2018, the Company presented data from its CF-301 (exebacase) program at the 28th European Congress of Clinical Microbiology and Infectious Diseases (ECCMID), which included data on CF-301’s anti-biofilm activity against ‘human’ biofilm; synergy with standard of care antibiotics (SOC) including optimal timing of CF-301 administration relative to SOC and suppression of resistance to SOC; and activity against contemporary clinical isolates of Staph aureus collected at centers in Europe.
During the quarter, the Company advanced preclinical discovery programs, with a focus on optimizing lysin drug candidates targeting Pseudomonas aeruginosa , a Gram-negative pathogen with urgent unmet medical need.
The Company also advanced its broader anti-infective scientific research, including publishing a paper titled “Native Human Monoclonal Antibodies with Potent Cross-Lineage Neutralization of Influenza B Viruses” in the American Society for Microbiology’s Antimicrobial Agents and Chemotherapy .
First Quarter 2018 Financial Results
Research and development expenses were $4.7 million for the first quarter of 2018 compared to $4.2 million in the comparable period in 2017. The increase was primarily due to increased spending on the actively enrolling Phase 2 clinical trial of CF-301 compared to the three months ended March 31, 2017, which was prior to initiation of the study. This increase was partially offset by decreases in expenditures on CF-404 and a reduction in expenses from an increase in grant funding received.
General and administrative expenses were $2.2 million for the first quarter of 2018 compared to $2.1 million in the comparable period in 2017. The increase was primarily due to the increase in costs incurred for financial filing fees and professional services.
Net loss was $19.1 million, or $0.26 per share, for the first quarter of 2018 compared to a net loss of $6.3 million, or $0.15 per share, for the comparable period in 2017. The increase in net loss was impacted by an increase of $12.2 million, or $0.17 per share, in the non-cash expense for the change in fair value of warrant liabilities.
As of March 31, 2018, ContraFect had cash, cash equivalents and marketable securities of $39.9 million, compared to $46.9 million as of December 31, 2017. The Company anticipates that current cash, cash equivalents and marketable securities are sufficient to fund operations through the second quarter of 2019.
About ContraFect
ContraFect is a biotechnology company focused on discovering and developing therapeutic protein and antibody products for life-threatening, drug-resistant infectious diseases, particularly those treated in hospital settings. An estimated 700,000 deaths worldwide each year are attributed to antimicrobial-resistant infections. We intend to address life-threatening infections using our therapeutic product candidates from our lysin and monoclonal antibody platforms to target conserved regions of either bacteria or viruses (regions that are not prone to mutation). ContraFect's initial product candidates include new agents to treat antibiotic-resistant infections such as MRSA (Methicillin-resistant Staph aureus) and influenza. ContraFect’s lead product candidate, CF-301 (exebacase), is currently in a Phase 2 clinical trial for the treatment of Staphylococcus aureus bacteremia, including endocarditis and is the first lysin to enter clinical studies in the U.S. ContraFect is also conducting research focused on the discovery of lysins to target Gram-negative bacteria.
Forward-Looking Statements
This press release contains, and our officers and representatives may make from time to time, “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. Examples of forward-looking statements in this release include, without limitation, statements regarding our ability to discover and develop protein and antibody therapeutics for life-threatening, drug-resistant infectious diseases, whether our team can continue to build a robust scientific database for ongoing and future clinical development programs and provide knowledge to support CF-301, lysins and our broader anti-infective portfolio, whether we continue to advance Phase 2 and remain on track for its completion, our ability to report topline data from the study in the fourth quarter of 2018, our ability to fund operations into the second quarter of 2019, our ability to address life threatening infections using our therapeutic product candidates from our lysin and monoclonal antibody platforms to target conserved regions of either bacteria or viruses, whether our initial product candidates can treat antibiotic-resistant infections such as MRSA (Methicillin-resistant Staph aureus ) and influenza, our ability to continue research focused on lysins targeting Gram-negative bacteria, and statements regarding the Phase 2 study, CF-301 data, Pseudomonas aeruginosa drug candidates, anti-infective scientific research, , our financial results, balance sheets and statements of operations . Forward-looking statements are statements that are not historical facts, nor assurances of future performance. Instead, they are based on ContraFect’s current beliefs, expectations and assumptions regarding the future of its business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict and many of which are beyond ContraFect’s control, including those detailed in ContraFect's filings with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, among others, our ability to develop treatments for drug-resistant infectious diseases. Any forward-looking statement made by ContraFect in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, ContraFect expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
CONTRAFECT CORPORATION
Condensed Balance Sheets March 31,
2018 December 31,
2017 (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 3,470,519 $ 6,995,046 Marketable securities 36,379,938 39,858,864 Prepaid expenses and other current assets 1,817,132 1,848,063 Total current assets 41,667,589 48,701,973 Property and equipment, net 1,138,824 1,093,903 Other assets 355,420 393,603 Total assets $ 43,161,833 $ 50,189,479 Liabilities and stockholders’ equity Current liabilities $ 3,922,947 $ 4,420,668 Warrant liabilities 26,727,166 14,575,366 Total liabilities 30,650,113 18,996,034 Total stockholders’ equity 12,511,720 31,193,445 Total liabilities and stockholders’ equity $ 43,161,833 $ 50,189,479
CONTRAFECT CORPORATION
Unaudited Statements of Operations Three Months Ended March 31, 2018 2017 Operating expenses Research and development $ 4,735,340 $ 4,201,698 General and administrative 2,248,829 2,143,315 Total operating expenses 6,984,169 6,345,013 Loss from operations (6,984,169 ) (6,345,013 ) Other income (expense): Interest income 152,247 76,650 Change in fair value of warrant liabilities (12,274,559 ) (79,801 ) Total other expense (12,122,312 ) (3,151 ) Net loss $ (19,106,481 ) $ (6,348,164 ) Per share information: Net loss per share of common stock, basic and diluted $ (0.26 ) $ (0.15 ) Basic and diluted weighted average shares outstanding 73,656,534 41,656,006 The comparability of basic and diluted net loss per share and weighted average shares outstanding was impacted by the Company's registered sale of securities on July 25, 2017.
The Company's financial position as of March 31, 2018 and results of operations for the three months ended March 31, 2018 and 2017 have been extracted from the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. The Company's financial position as of December 31, 2017 has been extracted from the Company's audited financial statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2018. You should refer to both the Company's Quarterly Report on Form 10-Q and its Annual Report on Form 10-K for a complete discussion of financial information.
Investor Relations Contact
Michael Messinger
ContraFect Corporation
Tel: 914-207-2300
Email: mmessinger@contrafect.com
Matthew Shinseki
Stern Investor Relations
Tel: 212-362-1200
Email: matthew@sternir.com
Source:ContraFect Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-contrafect-announces-first-quarter-2018-financial-results.html |
May 10, 2018 / 6:20 PM / Updated 34 minutes ago Hapless keeper counts his blessings after 10-goal nightmare Nelson Renteria 2 Min Read
SANTA TECLA, El Salvador (Reuters) - It was not just shots on the pitch that El Salvador goalkeeper Ricardo Guevara Mora had to contend with after becoming the only man to concede double figures in a single World Cup finals match.
The then 20-year-old had to contend with real shots, from real bullets, in the aftermath of his World Cup nightmare in Spain when Hungary beat his country 10-1.
The humiliation left its mark — even for a country with little World Cup tradition — and Guevara was ridiculed, abused and even attacked when he returned to Central America after his country’s first-round elimination.
“What happened was the saddest day in our history,” Guevara, now 56, said in a tearful interview with Reuters.
“I was attacked. On one occasion they shot at the car I was driving — 22 bullet holes with an assault rifle.”
“I wouldn’t wish on anyone the things that I went through, and the truth is that if there is a bigger scoreline one day, then I’m not going to be happy, I am going to feel solidarity with those that it happens to because I know what they are going to go through,” he said.
Guevara, who went on to play professionally in Spain, the United States and Guatemala, is now a youth coach at a sports centre near the capital San Salvador.
His focus now is on helping prevent the 8,000 or so youngsters who fall under his care from joining local gangs.
He has not forgotten that fateful day in Alicante but he is nevertheless thankful for the opportunity to play on football’s greatest stage.
“I am happy now. I am no longer bitter,” he said. “On the contrary, I am thankful that I was able to play for my country.” Writing by Andrew Downie,; Editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-slv-goalkeeper/hapless-keeper-counts-his-blessings-after-10-goal-nightmare-idUKKBN1IB2O7 |
(Reuters) - Justin Rose birdied his first three holes on the way to a third-round four-under-par 66 on Saturday to take a four-stroke lead at the Fort Worth Invitational in Texas.
May 26, 2018; Fort Worth, TX, USA; Justin Rose plays his shot from the eighth tee during the third round of the Fort Worth Invitational golf tournament at Colonial Country Club. Mandatory Credit: Jerome Miron-USA TODAY Sports Rose, the world number five, is on 14-under and leads Brooks Koepka (67) and Emiliano Grillo (69), who are both 10-under par.
Koepka appeared poised to challenge for the lead but ran into trouble on the par-five 11th with a costly double bogey.
Louis Oosthuizen, Jon Rahm, Ryan Armour, Corey Conners and J. T. Poston are all tied for fourth at eight-under par.
“I’m happy with the way I played,” Rose told CBS Sports.
May 26, 2018; Fort Worth, TX, USA; Justin Rose checks his scorecard on the fifth green during the third round of the Fort Worth Invitational golf tournament at Colonial Country Club. Mandatory Credit: Jerome Miron-USA TODAY Sports “It was nice to get going and to build up that lead. No one seemed to do too much behind me today so I felt like it was in my hands to get as far ahead as I could.”
The only blemish on his scorecard was a bogey on the par-three 16th on another sweltering day in Texas.
Rose managed to stay composed down the stretch but admitted the heat was a significant challenge.
May 26, 2018; Fort Worth, TX, USA; Justin Rose walks off the course after putting in the eighteenth hole during the third round of the Fort Worth Invitational golf tournament at Colonial Country Club. Mandatory Credit: Jerome Miron-USA TODAY Sports “I struggled toward the end,” he said.
“It was so hot out there I really felt I was battling the golf course and my concentration.
“It was tough to finish it off in that heat today but all in all, happy to be in the clubhouse. A good day’s work.”
2013 U.S. Open champion Rose will be paired on Sunday with Koepka, who won the U.S. Open last year.
“I don’t think I can just rest on my laurels and shoot even par tomorrow. I’ve got to go forward I think,” said Rose.
“I’m going to go out and just try to be doing what I’ve been doing that last few days and executing my shots and go from there.”
Reporting by Rory Carroll; Editing by Peter Rutherford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-ftworth/golf-rose-extends-lead-with-third-round-66-in-fort-worth-idUSKCN1IR0SJ |
This fund aims to help the world through investments 6 Hours Ago Vishal Vasishth of Obvious Ventures says the firm looks for investments that can change lives for the better. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/this-fund-aims-to-help-the-world-through-investments.html |
HOUSTON, May 04, 2018 (GLOBE NEWSWIRE) -- Vantage Drilling International ("Vantage" or the “Company”) reported a net loss of approximately $32.1 million or $6.43 per share for the three months ended March 31, 2018 as compared to a net loss of $36.5 million or $7.30 per share for the three months ended March 31, 2017.
As of March 31, 2018, Vantage had approximately $197.7 million of cash, including $5 million of restricted cash, compared to $195.5 million at December 31, 2017.
Ihab Toma, CEO, commented, “I am pleased to report our improved overall company performance, with revenues up 37% from the comparable quarter in the prior year. This increase is a direct result of our industry leading utilization with six of our seven high specification assets being contracted during the quarter. In addition, with the earlier announced follow on contract for the Topaz Driller in Gabon, we have added an additional $16.7 million in backlog.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships and four premium jackup drilling rigs. Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.
The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Public & Investor Relations Contact:
Thomas J. Cimino
Chief Financial Officer
Vantage Drilling International
(281) 404-4700
Vantage Drilling International Consolidated Statement of Operations (In thousands, except per share data) (Unaudited) Three Months Ended
March 31, 2018 2017 Revenue Contract drilling services $ 51,595 $ 38,056 Management fees 301 401 Reimbursables 5,767 3,592 Total revenue 57,663 42,049 Operating costs and expenses Operating costs 40,985 28,998 General and administrative 7,354 11,479 Depreciation 17,868 18,439 Total operating costs and expenses 66,207 58,916 Loss from operations (8,544 ) (16,867 ) Other income (expense) Interest income 221 141 Interest expense and other financing charges (19,271 ) (18,899 ) Other, net (570 ) 552 Total other expense (19,620 ) (18,206 ) Loss before income taxes (28,164 ) (35,073 ) Income tax provision 3,973 1,426 Net loss $ (32,137 ) $ (36,499 ) Net loss per share, basic and diluted $ (6.43 ) $ (7.30 ) Weighted average successor ordinary shares outstanding, basic and diluted 5,000 5,000 Vantage Drilling International Supplemental Operating Data (Unaudited, in thousands, except percentages) Three Months Ended
March 31, 2018 2017 Operating costs and expenses Jackups $ 14,463 $ 12,862 Deepwater 19,812 11,056 Operations support 3,127 2,969 Reimbursables 3,583 2,111 $ 40,985 $ 28,998 Utilization Jackups 86.2 % 50.0 % Deepwater 53.9 % 33.3 %
Vantage Drilling International Consolidated Balance Sheet (In thousands, except share and par value information) (Unaudited) March 31,
2018 December 31,
2017 ASSETS Current assets Cash and cash equivalents $ 192,739 $ 195,455 Restricted cash 5,000 - Trade receivables 38,881 45,379 Inventory 44,144 43,955 Prepaid expenses and other current assets 11,036 13,207 Total current assets 291,800 297,996 Property and equipment Property and equipment 904,111 904,584 Accumulated depreciation (158,942 ) (141,393 ) Property and equipment, net 745,169 763,191 Other assets 20,227 21,935 Total assets $ 1,057,196 $ 1,083,122 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 41,717 $ 39,666 Accrued liabilities 21,363 25,117 Current maturities of long-term debt 1,430 4,430 Total current liabilities 64,510 69,213 Long–term debt, net of discount and financing costs of $43,744 and $56,174 929,911 919,939 Other long-term liabilities 18,137 17,195 Commitments and contingencies Shareholders' equity Ordinary shares, $0.001 par value, 50 million shares authorized; 5,000,053 shares issued and outstanding 5 5 Additional paid-in capital 373,972 373,972 Accumulated deficit (329,339 ) (297,202 ) Total shareholders' equity 44,638 76,775 Total liabilities and shareholders’ equity $ 1,057,196 $ 1,083,122
Vantage Drilling International Consolidated Statement of Cash Flows (In thousands) (Unaudited) Three Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (32,137 ) $ (36,499 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation expense 17,868 18,439 Amortization of debt financing costs 117 117 Amortization of debt discount 12,313 12,191 Amortization of contract value 1,556 — PIK interest on the Convertible Notes 1,912 1,890 Share-based compensation expense 1,745 780 Deferred income tax (expense) benefit 419 (1,789 ) Gain on disposal of assets (2,682 ) — Changes in operating assets and liabilities: Trade receivables 6,498 1,207 Inventory (189 ) 293 Prepaid expenses and other current assets 120 (951 ) Other assets (383 ) 1,434 Accounts payable 2,051 1,668 Accrued liabilities and other long-term liabilities (6,292 ) (401 ) Net cash provided by (used in) operating activities 2,916 (1,621 ) CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (19 ) (2,156 ) Proceeds from sale of Vantage 260 4,845 — Net cash provided by (used in) investing activities 4,826 (2,156 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt (5,458 ) (358 ) Net cash used in financing activities (5,458 ) (358 ) Net (decrease) increase in cash and cash equivalents 2,284 (4,135 ) Cash and cash equivalents—beginning of period 195,455 231,727 Cash and cash equivalents—end of period $ 197,739 $ 227,592
Source:Vantage Drilling International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-vantage-drilling-international-reports-first-quarter-results-for-2018.html |
April 30 (Reuters) - Bemco Hydraulics Ltd:
* SAYS CO DECIDED TO DISCONTINUE THE BANKING FACILITIES / CONSORTIUM WITH STATE BANK OF INDIA
* SAYS CONSORTIUM BANKING SHALL TAKE PLACE IN BETWEEN BANK OF MAHARASHTRA (LEAD BANK) AND YES BANK CONSORTIUM MEMBER Source text - bit.ly/2Fu6AYf Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bemco-hydraulics-to-discontinue-ba/brief-bemco-hydraulics-to-discontinue-banking-facilities-with-sbi-idUSFWN1S70PB |
May 25, 2018 / 6:28 AM / Updated 18 minutes ago Cricket-Sri Lanka's De Silva grieving at home after father's death Reuters Staff 1 Min Read
May 25 (Reuters) - Sri Lanka batsman Dhananjaya de Silva will not travel with the team for their West Indies tour following his father’s killing, Sri Lanka Cricket (SLC) said on Friday.
Sri Lankan media reported local politician Ranjan De Silva, 62, was killed by an unidentified gunman on Thursday, just a day before his son was to depart to the Caribbean for the three-test tour starting June 6.
“We are extremely shocked, perturbed and saddened by the great loss suffered by Dhananjaya and his family,” SLC president Thilanga Sumathipala said in a statement.
“Sri Lanka Cricket will take every measure to support Dhananjaya at this time of sorrow and grief for him and his family, while giving him time to overcome the great pain and suffering caused by this tragedy.”
The first of three tests against the West Indies begins at Queen’s Park Oval, Port of Spain. (Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Ian Ransom) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-win-lka-de-silva/cricket-sri-lankas-de-silva-grieving-at-home-after-fathers-death-idINL3N1SW2F6 |
May 1 (Reuters) - Nexstar Media Group Inc:
* NEXSTAR MEDIA GROUP BOARD OF DIRECTORS AUTHORIZES $200 MILLION EXPANSION OF SHARE REPURCHASE PROGRAM
* NEXSTAR MEDIA GROUP INC - EXPANSION BRINGS TOTAL CAPACITY UNDER NEXSTAR’S SHARE REPURCHASE PROGRAM TO APPROXIMATELY $252.4 MILLION
* NEXSTAR MEDIA GROUP INC - COMPANY ANTICIPATES FUNDING ANY SHARE REPURCHASES FROM ITS CASH FLOW FROM OPERATIONS
* NEXSTAR MEDIA GROUP- REMAINS CONFIDENT IN MEETING TARGET FOR AVERAGE ANNUAL FREE CASH FLOW OF SLIGHTLY IN EXCESS OF $600 MILLION FOR 2018/2019 CYCLE Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nexstar-media-board-authorizes-200/brief-nexstar-media-board-authorizes-200-million-expansion-of-share-repurchase-program-idUSASC09YIL |
(Reuters) - IT services provider Roper Technologies Inc said on Monday it would buy software company PowerPlan for $1.1 billion in an all-cash deal from private equity firm Thoma Bravo.
This is Roper’s second billion-dollar deal with the private equity firm. In 2016, it bought business software firm Deltek for $2.8 billion.
Thoma Bravo bought PowerPlan, which provides tax, regulatory and budgeting solutions to businesses, in 2015 from investors JMI Equity and TPG Growth for an undisclosed price.
Roper’s current deal, which will immediately add to the company’s free cash flow, is likely to be funded by both existing credit and cash on hand.
During the first 12 months of ownership, Roper expects PowerPlan to generate about $150 million of revenue and $60 million of after-tax free cash flow.
The Lakewood Ranch, Florida-based Roper said the transaction is expected to close in the second quarter, subject to regulatory approval.
Reporting by Vibhuti Sharma in Bengaluru; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/us-powerplan-m-a-roper-technologies-inc/roper-technologies-to-buy-software-firm-powerplan-for-1-1-billion-idUSKCN1IM14B |
Apple CEO Tim Cook distanced himself from his tech peers in a commencement speech he delivered over the weekend, saying Apple takes a different path when it comes to data privacy.
Cook didn't give names, but his comments hinted at Facebook 's Cambridge Analytica data scandal, where the firm improperly gained access to data from more than 50 million user profiles.
"We reject the notion that getting the most out of technology means trading away your right to privacy, so we choose a different path: collecting as little of your data as possible, and being thoughtful and respectful when it's in our care. Because we know it belongs to you," Cook said in his address at Duke University in Durham, North Carolina.
Cook, who has previously called data privacy a human right and a civil liberty, hasn't been shy about his criticism of Facebook. When asked in March how he would handle the situation if he was Facebook CEO Mark Zuckerberg , he told Recode's Kara Swisher and MSNBC's Chris Hayes that he " wouldn't be in this situation."
Cook also applauded the anti-sexual harassment movement, telling graduates to be fearless like the women who say "Me Too." The Apple chief also tipped his hat to survivors of the Parkland school shooting, and those who defend immigrant rights.
"It's in those truly trying moments that the fearless inspire us," Cook said. "Fearless like the students of Parkland, Florida, who refused to be silent about the epidemic of gun violence have rallied millions to their cause. Fearless like the women who say 'me too' and 'time's up.' Women who pass light into dark places and move us into a just and equal worker."
He added: "Duke graduates, be fearless. Be the last people to accept things as they are and the first ones to stand up and change them for the better."
Cook received his Master of Business Administration from Duke's Fuqua School of Business in 1988. He joined the university's board of trustees in 2015. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/apple-ceo-tim-cook-says-apple-takes-different-path-on-privacy.html |
MOSCOW, May 25 (Reuters) - The Kremlin on Friday rejected allegations of any Russian involvement in the downing of Malaysia Airlines Flight 17 over eastern Ukraine in 2014, an incident in which 298 people were killed.
The Netherlands said on Friday it held the Russian state responsible and a Dutch cabinet statement said a “possible” next step would be presenting the case to an international court, adding Australia shared its assessment of Russia’s role.
Dutch prosecutors on Thursday identified a Russian military unit as the source of the missile that shot down the plane.
Kremlin spokesman Dmitry Peskov told reporters on a conference call on Friday that Russia had not been a fully-fledged participant in the Dutch investigation into the incident and could not therefore trust its findings.
When asked if the Kremlin denied allegations of Russian involvement, he said: “Absolutely.”
Peskov referred a question about possible compensation for families of the victims to the Russian Foreign Ministry. (Reporting by Maria Tsvetkova Writing by Tom Balmforth Editing by Andrew Osborn)
| ashraq/financial-news-articles | https://www.reuters.com/article/ukraine-crisis-mh17-kremlin/kremlin-rejects-blame-for-mh17-downing-says-distrusts-dutch-findings-idUSR4N1D303J |
example@ (Corrects 9th paragraph to show that past actions taken by NAACP LDF, not by the NAACP, a separate organization)
LOS ANGELES, May 28 (Reuters) - Black leaders who are advising Starbucks Corp on its anti-bias training program, which begins Tuesday, hope it will reinvigorate decades-old efforts to ensure minorities get equal treatment in restaurants and stores, setting an example for other corporations.
Starbucks committed to the training after a Philadelphia cafe manager's call to police resulted in the arrests of two black men who were waiting for a friend. The arrests sparked protests and accusations of racial profiling at the coffee chain known for its liberal stances on social issues such as same-sex marriage.
Anti-bias training is intended to get participants to recognize their own unconscious biases and avoid unintentional discrimination.
Starbucks is closing 8,000 company-owned U.S. stores at around 2 p.m. local time on Tuesday as a first step in training 175,000 employees on racial tolerance. Some 6,000 licensed Starbucks cafes will remain open in locations such as grocery stores and airports, and those employees will be trained at a later time.
Starbucks' training could have a lasting impact on its employees' behavior and pave the way for other companies to finally tackle racism in their own eateries and shops, said Heather McGhee, president of public policy group Demos.
McGhee said one of her earliest memories as a black girl was being chased from a penny candy store by a white store manager.
McGhee and NAACP Legal Defense and Educational Fund (NAACP LDF) President Sherrilyn Ifill, who are both advising Starbucks on its program, said they have been in regular contact with company executives, particularly Chief Operating Officer Rosalind Brewer, who also is African-American.
"People forget that the effort to be treated as full citizens with dignity in public spaces in this country was central to the civil rights movement, from the Freedom Riders to the Montgomery bus boycott to the lunch counter sit ins" of the 1950s and 1960s, said Ifill.
The NAACP LDF in the past sued Abercrombie & Fitch, Wet Seal and Denny's Corp for racial bias. Each of the companies reached multimillion-dollar settlements and vowed to change their practices.
Starbucks in a preview of Tuesday's four-hour program said employees will watch videos featuring company leaders, hip hop artist Common and experts from the Perception Institute as well as a short documentary on the history of racism in public spaces. They also will participate in discussion and problem-solving sessions on identifying and avoiding bias.
The company already has issued employee guidelines for addressing disruptive customer behavior, including sleeping, using abusive language or taking drugs. The guidelines encourage workers to ask if they would take the considered action with any customer, to verify the perceived situation with a co-worker and to dial 911 if the situation becomes unsafe.
Starbucks did not comment on future training plans. It has said it intends to eventually share its training program with other companies.
Corporate America began to embrace anti-bias training after the 2014 killing of Michael Brown, an unarmed black teenager, by a white police officer in Ferguson, Missouri.
Most anti-bias programs involve education on what unconscious bias is, why humans have it, its impact on social interactions and society and mitigation tools.
"Most people want to think of themselves as being fair ... if you give them the tools to do that, their better angels take over," said Howard Ross, author of "Everyday Bias" and founding partner of Cook Ross, which offers training on unconscious bias and gave Starbucks input on its program.
(Reporting by Lisa Baertlein in Los Angeles; editing by Peter Henderson and Cynthia Osterman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-corrected-civil-rights-advisers-hope-starbucks-anti-bias-training-sets-example.html |
May 5, 2018 / 5:22 PM / Updated 3 hours ago France's Macron extols New Caledonia ties in nod to independence vote Reuters Staff 3 Min Read
PARIS (Reuters) - President Emmanuel Macron on Saturday underscored New Caledonia’s importance to France, but stopped short of calling for the territory’s residents to vote against independence in a forthcoming referendum. FILE PHOTO: French President Emmanuel Macron delivers a speech during the AMF congress, the annual meeting of French mayors, in Paris, France, November 23, 2017. REUTERS/Charles Platiau/File Photo
The Indo-Pacific island, some 1,200 km (750 miles) off the east coast of Australia, will vote in November on whether to remain French, marking the culmination of long talks over its future.
As the referendum approaches, tensions have been simmering on the island, where fighting erupted in the 1980s between supporters and opponents of independence.
“It’s not for the head of state to take a position on a question that is only being put to the people of New Caledonia, and such a positioning would only disturb the debate,” Macron said in a speech at the end of a three-day visit to the territory.
He then added: “France would not be the same without New Caledonia.”
Denise Fisher, a former Australian consul-general in the territory, said on Thursday that some in the pro-independence camp had threatened to boycott the vote.
Recent polls show a majority of people against breaking with France.
Macron - who this week called for a new strategic alliance between France, India and Australia to respond to challenges in the Asia Pacific region - also highlighted the nickel-rich island’s strategic importance in the face of growing assertiveness from China.
“In this region of the world, China is building its hegemony, step by step. It’s not about fear-mongering, but about looking at reality,” Macron said, adding that China was a partner but that its dominance could impinge on opportunities for others.
Australia and New Zealand have separately warned that China is seeking to exert influence through its international aid programme in the Pacific, which China denies.
Earlier on Saturday, Macron paid homage to those killed in the “Ouvea cave massacre” 30 years ago, on one of the islands in the New Caledonia archipelago. Nineteen indigenous separatists and two French soldiers were killed after a hostage taking. Reporting by Jean-Baptiste Vey, Writing by Sarah White; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-newcaledonia/frances-macron-extols-new-caledonia-ties-in-nod-to-independence-vote-idUKKBN1I60OB |
May 31, 2018 / 3:39 AM / Updated 12 minutes ago KCNA says Russian foreign minister has arrived in North Korea Reuters Staff 1 Min Read
SEOUL (Reuters) - North Korea’s state-run news agency said Russian Foreign Minister Sergei Lavrov arrived in the North on Thursday at the invitation of North Korean Foreign Minister Ri Yong Ho. Russian Foreign Minister Sergei Lavrov attends a meeting with his counterpart from Mozambique Jose Pacheco in Moscow, Russia May 28, 2018. REUTERS/Sergei Karpukhin
The report did not elaborate on what Lavrov would be doing during his visit in North Korea. Reporting by Haejin Choi; Editing by Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-russia/kcna-says-russian-foreign-minister-has-arrived-in-north-korea-idUKKCN1IW0B4 |
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