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May 25 (Reuters) - Australian conglomerate Wesfarmers said on Friday it had agreed to divest its Homebase business in the United Kingdom and Ireland to a company associated with London-based Hilco Capital for an undisclosed amount.
Wesfarmers expects to record a loss on the disposal ranging from 200 million pounds to 230 million pounds ($267.54 million-$307.67 million) in fiscal 2018, it said in a statement. ($1 = 0.7476 pounds) (Reporting by Ambar Warrick in Bengaluru; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/wesfarmers-divestiture/australias-wesfarmers-to-sell-uk-home-improvement-business-idUSL3N1SW04K |
May 15, 2018 / 2:33 PM / Updated 23 minutes ago Russia to host Syria peace talks in July Reuters Staff 3 Min Read
ASTANA (Reuters) - Russia, Turkey and Iran will hold the next round of their Syrian peace talks in July in the Russian city of Sochi, not in the Kazakh capital Astana like their previous meetings, the three countries said on Tuesday. FILE PHOTO: Russian President Vladimir Putin's envoy for Syria Alexander Lavrentyev speaks during a news conference at the end of the Syrian Congress of National Dialogue in the Black Sea resort of Sochi, Russia January 30, 2018. REUTERS/Sergei Karpukhin
The Syrian rebels said they would boycott the talks due to Russia’s role as host. Since they began last year, the trilateral meetings have taken place in Kazakhstan, which is not involved in the Syrian war - unlike Russia which backs President Bashar Assad and has helped him turn the tide of war by deploying its own troops.
The July meeting announcement came from the latest round of Astana talks. The reason for the change in location for the next talks was unclear.
“We understand that this looks rather strange, but ... taking into account the situation on the ground, the new realities, we would like to give new momentum to further work, shifting the focus more towards the political and humanitarian components,” Russia’s chief negotiator Alexander Lavrentyev told reporters in Astana.
Rebel negotiator Yasser Abdul Rahim said the move was unacceptable.
“If they invite us, we will not go to Sochi, the armed rebels will not go to Sochi because we must respect our people,” he told a briefing in Astana. “Russian forces have not stopped killing Syrian people.”
Russia, Iran and Turkey began holding regular talks on the Syrian conflict in Astana at the start of 2017.
In a statement on this latest round, which ends on Tuesday, the Turkish Foreign Ministry said it had made clear its “reservations on the forced evacuation operations conducted in Eastern Ghouta and in the north of Homs, as well as on the law that paves the way for the confiscation of the properties of Syrian refugees and IDPs (internally displaced people).”
Also in attendance were representatives of the Syrian government, who, like the rebels, participate in the meetings but do not sign joint statements.
Damascus envoy Bashar al-Ja’afari, who also serves as Syria’s ambassador to the United Nations, said his delegations was “content” with the results of the latest talks, but took a jab at Turkey and the United States who back the rebels.
“We confirm that … the Syrian Arab Republic will continue its struggle to liberate every inch of our land, be it from terrorism or from states that are aggressors against our national sovereignty,” he said. Reporting by Raushan Nurshayeva; Additional reporting by Tom Perry in Beirut; Writing by Olzhas Auyezov; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-talks/russia-to-host-syria-peace-talks-in-july-idUSKCN1IG26P |
May 8, 2018 / 9:11 PM / Updated 13 hours ago Motor racing - Sale of NASCAR could be positive step-analysts Frank Pingue 3 Min Read
(Reuters) - A potential sale of NASCAR could be just the ticket the American auto racing circuit needs to return to its former glory after struggling for years with declining ratings and admissions revenues, according to sports industry analysts. FILE PHOTO: Competitors race past the U.S. flag in turn four on race day for NASCAR's Alabama 500 at Talladega Superspeedway in Lincoln, Alabama, U.S. October 15, 2017. REUTERS/Jonathan Ernst/File Photo
NASCAR’s jaw-dropping speed and collisions once attracted fans in droves but they have been racing away from the sport even faster over the last decade for a variety of reasons, including the failure to register with millennial viewers.
The France family, who own NASCAR, are now exploring options that include a sale of a majority stake of the sanctioning body, as Reuters first reported on Monday.
A sale could prove to be a much-needed positive step forward for stock-car racing’s premier circuit.
“The current ownership is maybe not the most forward thinking, maybe not the quickest to respond,” Bob Dorfman, a sports marketing expert at Baker Street Advertising in San Francisco, said in a telephone interview.
“So maybe it would be a good time for somebody new to be in there and try some new ideas and be a little edgier and see if there are ways to capture a younger market and try to make up for all the older folks that are going away.”
A little over 10 years ago NASCAR was dubbed “America’s Fastest Growing Sport” by Fortune given the mix of soaring TV ratings, packed stadiums and sponsors who flocked to make their brands visible on race cars.
But a slew of factors, including high ticket prices, a steady stream of top drivers retiring, and rule changes that alienated the older fanbase and failed to capture the interest of new fans, saw the once growing sport hit a roadblock. EMPTY SEATS
Attendance declined so much that grandstands built to accommodate the gathering masses were razed to avoid depressing images of swaths of deserted stands.
While empty seats are not uncommon in other sports, they have perhaps a greater impact on NASCAR given that its economic model relies on sponsorship and empty seats shine a light on a lack of interest.
“We’ve seen the price for pro U.S. sports franchises skyrocket but NASCAR’s fortunes have not been as good as the other sports leagues,” said Victor Matheson, a specialist in sports economics at the College of the Holy Cross in Massachusetts.
“As recently as 10 years ago we were starting to talk about maybe NASCAR as the fifth major league in the United States and nowadays no one is talking like that anymore.”
Despite the struggles, analysts say NASCAR remains a strong and recognizable brand that could enjoy better days if a suitable buyer with a vision surfaces.
Analysts say the France family should not shoulder all the blame for the current problems, suggesting part of NASCAR’s struggles are due simply to a younger market of potential viewers who are not into cars like the previous generation.
“Part of it is the times,” said Dorfman. “And part of it is maybe a little cooler, hipper ownership could make a difference.”
NASCAR declined to comment for this story. Reporting by Frank Pingue in Toronto | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-nascar/motor-racing-sale-of-nascar-could-be-positive-step-analysts-idUKKBN1I937P |
Hedge funds raking in money 1 Hour Ago CNBC's Leslie Picker reports on $17 billion in total hedge fund net inflows during the first quarter of 2018 and Commodity Trading Advisor (CTA) hedge funds. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/hedge-funds-raking-in-money-.html |
Last Friday’s upbeat jobs report was the latest sign that the Tax Cuts and Jobs Act has strengthened the American economy and helped working families. But this success hasn’t satisfied all the skeptics. My friend and colleague, Florida Sen. Marco Rubio, argued in a recent interview that a different approach to tax reform, including a smaller corporate rate cut, would have more directly benefited workers. Based on all the evidence—including the analysis of the Joint Economic Committee, which I chair—I must respectfully disagree.
When... | ashraq/financial-news-articles | https://www.wsj.com/articles/tax-reform-is-working-sen-rubio-1525634959 |
May 16, 2018 / 5:21 PM / Updated 26 minutes ago Nike, H&M and Burberry join forces for sustainable fashion Isabelle Gerretsen 3 Min Read
LONDON (Thomson Reuters Foundation) - Major global brands Nike, H&M, Burberry and Gap have signed up to an initiative that aims to improve the industry’s record on sustainability after a study found less than one percent of clothing is recycled. The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson
The Ellen MacArthur Foundation, set up by the record-breaking sailor, announced on Wednesday that the brands were joining its Make Fashion Circular scheme to reduce global waste from fashion by recycling raw materials and products.
The head of the Make Fashion Circular initiative, Francois Souchet, said the aim was to create a “unstoppable momentum” towards an economy in which clothes are never seen as waste.
“Over the past 15 years clothing production has doubled, while the amount of time we wear those clothes before throwing them away – usually to be landfilled or incinerated – has fallen dramatically,” Souchet told the Thomson Reuters Foundation. The exterior of a Burberry store is seen in central London, Britain, November 3, 2017. Picture taken November 3, 2017. REUTERS/Toby Melville
“We can change this ever faster model into one in which clothes are never seen as waste, through better design and new leasing and resale business models,” he said in an email.
The four brands will join British designer Stella McCartney, who last year became the first to sign up to the initiative, which aims to eliminate waste and pollution and ensure products and materials are reused. People walk past the windows of an H&M store in Barcelona, Spain, December 30, 2016. REUTERS/Regis Duvignau
At the time McCartney, a long-time advocate of sustainable fashion, said her industry was “incredibly wasteful and harmful to the environment”, urging other brands to join.
In a report published in November, the Foundation exposed the scale of waste and pollution in the fashion industry, revealing that less than one percent of clothing is recycled.
Half a million tonnes of plastic microfibres are released from washed clothing annually, equivalent to more than 50 billion plastic bottles, exacerbating ocean pollution, the report said.
The participating brands will spend three years developing practical ways in which the industry can move away from polluting materials and processes, working with HSBC bank.
“There is no single company that can solve the challenge of shifting the whole industry from a linear to a circular business model on its own, that is why a collaborative approach is crucial,” said H&M spokesman Iñigo Sáenz Maestre in an email.
H&M has set a target of only using recycled or other sustainably sourced materials by 2030, he said, and 35 percent of its garments are currently produced that way. Reporting by Isabelle Gerretsen, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-fashion-recycling/nike-hm-and-burberry-join-forces-for-sustainable-fashion-idUKKCN1IH2G2 |
VERO BEACH, Fla., May 07, 2018 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCBB:BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three month period ended March 31, 2018.
First Quarter 2018 Highlights
Net loss of $3.3 million, or $0.26 per common share Book value per share of $4.13 Company to discuss results on Tuesday, May 8, 2018, at 10:00 AM ET
Details of First Quarter 2018 Results of Operations
The Company reported net loss of $3.3 million for the three month period ended March 31, 2018. The results for the quarter included advisory services revenue of $2.1 million, interest and dividend income of $2.6 million, interest expense of $1.1 million, net realized and unrealized losses of $6.1 million, operating expenses of $1.7 million and an income tax benefit of $1.1 million.
Management of Orchid Island Capital, Inc.
Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel.
Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended March 31, 2018, Bimini’s statement of operations included a fair value adjustment of $(2.9) million and dividends of $0.5 million from its investment in Orchid common stock. Also during the three months ended March 31, 2018, Bimini recorded $2.1 million in advisory services revenue for managing Orchid’s portfolio consisting of $1.7 million of management fees and $0.4 million in overhead reimbursement.
Capital Allocation and Return on Invested Capital
The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio (“PT MBS”) and the structured MBS portfolio, consisting of interest only (“IO”) and inverse interest-only (“IIO”) securities. The table below details the changes to the respective sub-portfolios during the quarter.
Portfolio Activity for the Quarter Structured Security Portfolio Pass-Through Interest-Only Inverse Interest Portfolio Securities Only Securities Sub-total Total Market Value - December 31, 2017 $ 207,178,811 $ 1,476,697 $ 1,036,624 $ 2,513,321 $ 209,692,132 Securities purchased 5,080,712 - - - 5,080,712 Return of investment n/a (174,294 ) (62,109 ) (236,403 ) (236,403 ) Pay-downs (4,827,689 ) n/a n/a n/a (4,827,689 ) Premium lost due to pay-downs (357,075 ) n/a n/a n/a (357,075 ) Mark to market (losses) gains (4,681,273 ) 222,142 (63,600 ) 158,542 (4,522,731 ) Market Value - March 31, 2018 $ 202,393,486 $ 1,524,545 $ 910,915 $ 2,435,460 $ 204,828,946 The tables below present the allocation of capital between the respective portfolios at March 31, 2018 and December 31, 2017, and the return on invested capital for each sub-portfolio for the three month period ended March 31, 2018. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.
The returns on invested capital in the PT MBS and structured MBS portfolios were approximately (15.8)% and 7.4%, respectively, for the first quarter of 2018. The combined portfolio generated a return on invested capital of approximately (12.6)%.
Capital Allocation Structured Security Portfolio Pass-Through Interest-Only Inverse Interest Portfolio Securities Only Securities Sub-total Total March 31, 2018 Market value $ 202,393,486 $ 1,524,545 $ 910,915 $ 2,435,460 $ 204,828,946 Cash equivalents and restricted cash (1) 5,766,540 - - - 5,766,540 Repurchase agreement obligations (193,819,649 ) - - - (193,819,649 ) Total (2) $ 14,340,377 $ 1,524,545 $ 910,915 $ 2,435,460 $ 16,775,837 % of Total 85.5 % 9.1 % 5.4 % 14.5 % 100.0 % December 31, 2017 Market value $ 207,178,811 $ 1,476,697 $ 1,036,624 $ 2,513,321 $ 209,692,132 Cash equivalents and restricted cash (1) 8,619,350 - - - 8,619,350 Repurchase agreement obligations (200,182,751 ) - - - (200,182,751 ) Total (2) $ 15,615,410 $ 1,476,697 $ 1,036,624 $ 2,513,321 $ 18,128,731 % of Total 86.1 % 8.2 % 5.7 % 13.9 % 100.0 % (1) Amount excludes restricted cash of $118,430 and $133,510 at March 31, 2018 and December 31, 2017, respectively, related to trust preferred debt funding hedges. (2) Invested capital includes the value of the MBS portfolio and cash equivalents and restricted cash, reduced by repurchase agreement borrowings.
Returns for the Quarter Ended March 31, 2018 Structured Security Portfolio Pass-Through Interest-Only Inverse Interest Portfolio Securities Only Securities Sub-total Total Interest income (net of repo cost) $ 1,244,457 $ 1,576 $ 24,967 $ 26,543 $ 1,271,000 Realized and unrealized (losses) gains (5,038,348 ) 222,142 (63,600 ) 158,542 (4,879,806 ) Hedge gains (1) 1,325,687 n/a n/a n/a 1,325,687 Total Return $ (2,468,204 ) $ 223,718 $ (38,633 ) $ 185,085 $ (2,283,119 ) Beginning capital allocation $ 15,615,410 $ 1,476,697 $ 1,036,624 $ 2,513,321 $ 18,128,731 Return on invested capital for the quarter (2) (15.8 )% 15.1 % (3.7 )% 7.4 % (12.6 )% (1) Excludes gains of approximately $415,000 associated with trust preferred funding hedges. (2) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage. Prepayments
For the first quarter of 2018, the Company received approximately $5.1 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 8.6% for the first quarter of 2018. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):
PT Structured MBS Sub- MBS Sub- Total Three Months Ended Portfolio Portfolio Portfolio March 31, 2018 7.2 16.8 8.6 December 31, 2017 7.2 16.9 8.8 September 30, 2017 5.2 18.8 8.3 June 30, 2017 5.9 20.4 9.9 March 31, 2017 4.8 18.8 8.8 Portfolio
The following tables summarize the MBS portfolio as of March 31, 2018 and December 31, 2017:
($ in thousands) Weighted Percentage Average of Weighted Maturity Fair Entire Average in Longest Asset Category Value Portfolio Coupon Months Maturity March 31, 2018 Fixed Rate MBS $ 202,393 98.8 % 4.20 % 319 1-Jan-48 Interest-Only MBS 1,525 0.8 % 3.45 % 227 25-Dec-39 Inverse Interest-Only MBS 911 0.4 % 4.70 % 276 25-Apr-41 Total MBS Portfolio $ 204,829 100.0 % 4.20 % 318 1-Jan-48 December 31, 2017 Fixed Rate MBS $ 207,179 98.8 % 4.21 % 321 1-Dec-47 Interest-Only MBS 1,476 0.7 % 3.43 % 229 25-Dec-39 Inverse Interest-Only MBS 1,037 0.5 % 5.01 % 278 25-Apr-41 Total MBS Portfolio $ 209,692 100.0 % 4.21 % 320 1-Dec-47
($ in thousands) March 31, 2018 December 31, 2017 Percentage of Percentage of Agency Fair Value Entire Portfolio Fair Value Entire Portfolio Fannie Mae $ 179,874 87.8 % $ 178,581 85.2 % Freddie Mac 24,729 12.1 % 30,896 14.7 % Ginnie Mae 226 0.1 % 215 0.1 % Total Portfolio $ 204,829 100.0 % $ 209,692 100.0 %
March 31, 2018 December 31, 2017 Weighted Average Pass Through Purchase Price $ 109.00 $ 109.06 Weighted Average Structured Purchase Price $ 6.02 $ 6.02 Weighted Average Pass Through Current Price $ 104.68 $ 107.13 Weighted Average Structured Current Price $ 7.42 $ 7.06 Effective Duration (1) 4.712 3.832 (1) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 4.712 indicates that an interest rate increase of 1.0% would be expected to cause a 4.712% decrease in the value of the MBS in the Company’s investment portfolio at March 31, 2018. An effective duration of 3.832 indicates that an interest rate increase of 1.0% would be expected to cause a 3.832% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2017. These figures include the structured securities in the portfolio but not the effect of the Company’s funding cost hedges. Effective duration Quote: s for individual investments are obtained from The Yield Book, Inc. Financing and Liquidity
As of March 31, 2018, the Company had outstanding repurchase obligations of approximately $193.8 million with a net weighted average borrowing rate of 1.94%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $205.5 million, and cash pledged to counterparties of approximately $0.1. At March 31, 2018, the Company’s liquidity was approximately $5.1 million, consisting of unpledged MBS and cash and cash equivalents.
We may pledge more of our structured MBS as part of a repurchase agreement funding, but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at March 31, 2018.
($ in thousands) Repurchase Agreement Obligations Weighted Weighted Total Average Average Outstanding % of Borrowing Amount Maturity Counterparty Balances Total Rate at Risk (1) (in Days) ED&F Man Capital Markets, Inc. $ 76,593 39.5 % 1.96 % $ 4,607 34 Citigroup Global Markets, Inc. 34,427 17.8 % 1.92 % 2,622 34 Mirae Asset Securities (USA) Inc. 27,731 14.3 % 1.95 % 1,570 27 KGS - Alpha Capital Markets, L.P. 27,418 14.1 % 1.89 % 1,466 23 South Street Securities, LLC 26,563 13.7 % 1.92 % 1,437 46 JVB Financial Group, LLC 1,088 0.6 % 1.82 % 72 13 $ 193,820 100.0 % 1.94 % $ 11,774 33 (1) Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any). Hedging
In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding and also its junior subordinated notes by entering into derivative financial instrument contracts. The Company has not elected hedging treatment under U.S. generally accepted accounting principles (“GAAP”) in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election. As such, all gains or losses on these instruments are reflected in earnings for all periods presented. As of March 31, 2018, such instruments were comprised entirely of Eurodollar futures contracts.
The tables below present information related to outstanding Eurodollar futures contracts at March 31, 2018.
($ in thousands) As of March 31, 2018 Repurchase Agreement Funding Hedges Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) 2018 $ 73,333 2.03 % 2.41 % $ 206 2019 100,000 2.41 % 2.69 % 284 2020 100,000 2.64 % 2.81 % 166 2021 100,000 2.80 % 2.84 % 39 Total / Weighted Average $ 94,667 2.53 % 2.72 % $ 695
($ in thousands) As of March 31, 2018 Junior Subordinated Debt Funding Hedges Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) 2018 $ 26,000 1.71 % 2.39 % $ 133 2019 26,000 1.63 % 2.69 % 276 2020 26,000 1.95 % 2.81 % 225 2021 26,000 2.22 % 2.84 % 162 Total / Weighted Average $ 26,000 1.89 % 2.70 % $ 796 (1) Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. Book Value Per Share
The Company's Book Value Per Share at March 31, 2018 was $4.13. The Company computes Book Value Per Share by dividing total stockholders' equity by the total number of shares outstanding of the Company's Class A Common Stock. At March 31, 2018, the Company's stockholders’ equity was $52.6 million, with 12,743,959 Class A Common shares outstanding.
Stock Repurchase Plan
On March 26, 2018, the Board of Directors of Bimini Capital Management, Inc. (the “Company”) approved a Stock Repurchase Plan (“Repurchase Plan”). Pursuant to the Repurchase Plan, the Company may purchase up to 500,000 shares of its Class A Common Stock from time to time, subject to certain limitations imposed by Rule 10b-18 of the Securities Exchange Act of 1934. Share repurchases may be executed through various means, including, without limitation, open market transactions. The Repurchase Plan does not obligate the Company to purchase any shares, and it expires on November 15, 2018. The authorization for the Share Repurchase Plan may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time.
Through March 31, 2018, the Company had not repurchased any shares under the Repurchase Plan. Subsequent to that date, and through May 7, 2018, the Company has repurchased 11,900 shares for a net cost of approximately $26,000 and a weighted average price of $2.20 per share.
Management Commentary
Commenting on the first quarter, Robert E. Cauley, Chairman and Chief Executive Officer, said, “As 2018 got underway the market environment changed. Starting in January the specter of inflation may have finally appeared, and the rates market reacted forcefully. Evidence of pricing pressures in the economic data and legislation out of Washington that will add materially to the budget deficit over the next few years caught the market by surprise and interest rates rose quickly over the first six weeks of the quarter. The 10-year US treasury came within a few basis points of 3% for the first time since early 2014. The treasury curve steepened and market participants reconsidered their expectations for future rate hikes by the Federal Reserve. For their part, Fed officials were very consistent in support for continued gradual rate hikes. While last Labor Day the 10-year treasury was close to 2% and the market was only expecting one more rate hike by the end of 2018, the outlook was much different by February of 2018. As reflected in Fed funds futures, the market expects two more rate hikes in 2018, in addition to the hike in March. Funding pressures in the short-term funding markets emerged and Libor, the primary floating rate index, moved from less than 1.70% (3-month Libor) at the end of 2017 to approximately 2.31% by March 31, 2018.
“The sell-off in the rates market reversed in late February/early March as the Trump administration announced potential tariffs on imported steel and aluminum. This was followed in short order by counter-threats from essentially all US trading partners and in turn more threats from the administration. The latter were met with even more counter-threats. The prospect of a meaningful trade war spooked the markets and equities sold off as interest rates rallied. These fears diminished meaningfully in April and the markets have stabilized. With these fears reduced, and a potentially significant flare up in Syria that in the end was short lived, the markets have once again focused on the economic data. The data remains generally very strong and public pronouncements by Fed officials support market expectations of at least two more rate hikes in 2018. Equity markets have recovered and with early first quarter earnings announcements coming in quite strong, fear has receded from the market. Volatility – both in the equity market and rates market – spiked mid-quarter, but has since come back down, and in a substantial way in the case of the rates market.
“The mortgage market suffered throughout the quarter and most agency mortgages performed far worse than comparable duration treasuries. While the fourth quarter of 2017 was a great quarter for agency MBS, as other risk assets appeared quite rich on a relative basis and mortgages benefitted, this trend reversed in the first quarter of 2018. Going forward, prepayment fears are very benign and the resulting drop-off in the supply of new mortgages should help off-set reduced purchases by the Federal Reserve. However, as the yield curve continues to flatten, driven by progressively higher funding rates for levered mortgage investors, returns in the mortgage market are likely to remain weak.
“The performance of the Royal Palm portfolio was consistent with what we observed in the agency mortgage market generally. Our higher coupon, fixed rate pass-throughs under-performed our hedges and led to a 15.8% negative return for the quarter. The structured portfolio generated a 7.4% positive return but coupled with the fact the capital allocation was approximately 86%/14% in favor of pass-throughs the combined portfolio generated a negative 12.6% return. Because of the magnitude of the underperformance of pass-throughs portfolio the resulting margin call activity prevented us from growing the portfolio during the quarter, and on a mark to market basis the portfolio actually declined in market value from approximately $210 million at December 31, 2017 to approximately $205 million at March 31, 2018. The market has stabilized so far in the second quarter and we are hopeful to resume growing the portfolio soon as the Company is otherwise cash flow positive.
“Orchid Island did not raise additional capital during the quarter. None-the-less the advisory services segment generated approximately $2.1 million in revenue – our highest quarterly total to date.”
Summarized Financial Statements
The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2018, and December 31, 2017, and the unaudited consolidated statements of operations for the three months ended March 31, 2018 and 2017. Amounts presented are subject to change.
BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited - Amounts Subject To Change) March 31, 2018 December 31, 2017 ASSETS Mortgage-backed securities $ 204,828,946 $ 209,692,132 Cash equivalents and restricted cash 5,884,970 8,752,860 Investment in Orchid Island Capital, Inc. common stock 11,202,665 14,105,934 Accrued interest receivable 739,221 746,121 Retained interests in securitizations 271,738 653,380 Deferred tax assets, net 45,421,066 44,524,584 Other assets 6,620,449 6,113,786 Total Assets $ 274,969,055 $ 284,588,797 LIABILITIES AND STOCKHOLDERS' EQUITY Repurchase agreements $ 193,819,649 $ 200,182,751 Junior subordinated notes due to Bimini Capital Trust II 26,804,440 26,804,440 Other liabilities 1,723,618 1,909,358 Total Liabilities 222,347,707 228,896,549 Stockholders' equity 52,621,348 55,692,248 Total Liabilities and Stockholders' Equity $ 274,969,055 $ 284,588,797 Class A Common Shares outstanding 12,743,959 12,660,627 Book value per share $ 4.13 $ 4.40
BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - Amounts Subject to Change) Three Months Ended March 31, 2018 2017 Advisory services $ 2,093,465 $ 1,670,001 Interest and dividend income 2,551,477 1,896,091 Interest expense (1,146,599 ) (575,378 ) Net revenues 3,498,343 2,990,714 Losses (6,124,421 ) (1,737,104 ) Expenses 1,738,978 1,599,543 Net Loss before income tax benefit (4,365,056 ) (345,933 ) Income tax benefit (1,091,290 ) (131,716 ) Net loss $ (3,273,766 ) $ (214,217 ) Basic and Diluted Net Income (Loss) Per Share of: CLASS A COMMON STOCK $ (0.26 ) $ (0.02 ) CLASS B COMMON STOCK $ (0.26 ) $ (0.02 )
Three Months Ended March 31,
Key Balance Sheet Metrics 2018 2017 Average MBS (1) $ 207,260,539 $ 128,097,806 Average repurchase agreements (1) 197,001,200 119,938,271 Average stockholders' equity (1) 54,156,798 72,043,376 Key Performance Metrics Average yield on MBS (2) 4.01 % 4.04 % Average cost of funds (2) 1.64 % 0.94 % Average economic cost of funds (3) 1.96 % 1.33 % Average interest rate spread (4) 2.37 % 3.10 % Average economic interest rate spread (5) 2.05 % 2.71 % (1) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances. (2) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented. (3) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements. (4) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS. (5) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS. About Bimini Capital Management, Inc.
Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of Orchid Island Capital, Inc.
Forward Looking Statements
Statements herein relating to matters that are not historical facts are as defined in the Private 1995. The reader is cautioned that such are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such Important factors that could cause such differences are described in Bimini Capital Management, Inc.'s filings with the Commission, including Bimini Capital Management, Inc.'s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update to reflect subsequent results, changes in assumptions or changes in other factors affecting
Earnings Conference Call Details
An earnings conference call and live audio webcast will be hosted Tuesday, May 8, 2018, at 10:00 AM ET. The conference call may be accessed by dialing toll free (877) 312-5414. International callers dial (408) 940-3877. The conference passcode is 4663407. A live audio webcast of the conference call can be accessed via the investor relations section of the Company’s website at www.biminicapital.com , and an audio archive of the webcast will be available for approximately one year.
CONTACT:
Bimini Capital Management, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
www.biminicapital.com
Source:Bimini Capital Management, INC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-bimini-capital-management-announces-first-quarter-2018-results.html |
May 31 (Reuters) - Eastern Property Holdings Ltd:
* EASTERN PROPERTY HOLDINGS LIMITED (EPH): FIRST QUARTER 2018 FINANCIAL UPDATE
* DURING Q1 2018 EPH RENTAL PROPERTIES GENERATED $18.17 MILLION OF NET RENTAL INCOME Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eastern-property-holdings-says-in/brief-eastern-property-holdings-says-in-q1-eph-rental-properties-generated-18-17-mln-of-net-rental-income-idUSASO0005RD |
U.S. warships sail near islands claimed by Beijing 8:50pm IST - 01:06
Two U.S. Navy warships sailed near South China Sea islands claimed by China on Sunday, two U.S. officials told Reuters, in a move likely to anger Beijing as President Donald Trump seeks its continued cooperation on North Korea.
Two U.S. Navy warships sailed near South China Sea islands claimed by China on Sunday, two U.S. officials told Reuters, in a move likely to anger Beijing as President Donald Trump seeks its continued cooperation on North Korea. //reut.rs/2IOIDld | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/27/us-warships-sail-near-islands-claimed-by?videoId=430878754 |
* Saudi Arabia, Russia set to raise supplies by 1 million bpd
* U.S. output has surged by over 27 pct in two years
* But climbing supply from top producers comes amid record demand (Releads with lower prices, adds Shanghai crude futures, comment)
SINGAPORE, May 28 (Reuters) - Oil prices fell on Monday, extending a steep decline in the previous session, as the market eyed an increase in output from the world's three top crude producers, Russia, the United States and Saudi Arabia.
Brent crude futures were at $75.34 per barrel at 0124 GMT, down $1.10, or 1.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $66.31 a barrel, down $1.57, or 2.3 percent.
Brent and WTI have fallen by 6.4 percent and nearly 9 percent respectively from peaks reached earlier in May.
In China, Shanghai crude oil futures tumbled by 4.5 percent to 459 yuan ($71.83) per barrel.
The Organization of the Petroleum Exporting Countries (OPEC), as well as top producer but non-OPEC member Russia, started withholding supplies in 2017 to tighten the market and prop up prices, which in 2016 fell to a more than a decade low of under $30 per barrel.
But prices have soared since the start of the cuts, with Brent breaking through $80 per barrel earlier in May, triggering consumer concerns that high prices would crimp economic growth and stoke inflation.
"The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth," Chetan Ahya, Chief Economist at U.S. bank Morgan Stanley wrote over the weekend in a note.
To address potential supply shortfalls, Saudi Arabia, de-facto leader of producer cartel OPEC, as well as top producer Russia said on Friday they were discussing raising oil production by some 1 million bpd.
"Crude oil prices collapsed ... after reports emerged that Saudi Arabia and Russia had agreed to increase crude oil production in the second-half of the year to make up for losses elsewhere under the production cut agreement," ANZ bank said on Monday.
Meanwhile, surging U.S. crude production also showed no sign of abating as drillers continue to expand their search for new oil fields to exploit.
U.S. energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
U.S. crude production <C-OUT-T-EIA> has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to that of Russia, which pumps around 11 million bpd.
($1 = 6.3903 Chinese yuan renminbi)
(Reporting by Henning Gloystein Editing by Joseph Radford and Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/reuters-america-update-1-oil-prices-fall-as-top-3-producers-look-to-boost-supplies.html |
REDUCE-IT Study On-Track for Reporting Top-Line Results by the End of Q3 2018
Management to Host Conference Call at 7:30 a.m. ET Today
BEDMINSTER, N.J. and DUBLIN, Ireland, May 02, 2018 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN), a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health, today announced financial results for the three months ended March 31, 2018, and provided an update on company operations.
Key Amarin achievements through March 31, 2018 include:
R&D progress: The REDUCE-IT cardiovascular outcomes study, designed to provide data to support a significantly expanded market opportunity for Vascepa® (icosapent ethyl), is estimated to have reached the 100% mark for onset of the 1,612 target primary major adverse cardiovascular events (MACE) specified in the study design. Amarin anticipates that MACE from the study will be adjudicated through Q2 2018, consistent with the company's objective of reporting top-line results from this important study before the end of Q3 2018. U.S. revenue growth: Recognized $43.8 million in net product revenue from Vascepa sales in Q1 2018 compared to $34.3 million in Q1 2017, an increase of 27%. U.S. prescription growth: Increased normalized prescriptions for Vascepa by 25% and 27% compared to Q1 2017 based on data from Symphony Health Solutions and IQVIA, respectively. International development: Announced the first international approval for Vascepa with the regulatory approval of Vascepa in Lebanon. The clinical trial of Vascepa for approval in China is in process. Cash balance: As of March 31, 2018, Amarin had a cash balance of $129.0 million, which includes approximately $70.0 million in net cash proceeds from the equity offering announced in February 2018, compared to $73.6 million at December 31, 2017.
“There is tremendous energy and excitement within Amarin currently as we approach the results of the REDUCE-IT study and prepare for targeted future growth,” stated John F. Thero, president and chief executive officer. “The unmet medical need remains large for cost-effective therapies that lower cardiovascular risk beyond the risk reduction achieved with standard of care statin therapy alone. We are pleased that increasing numbers of physicians are prescribing Vascepa to help their patients and we are confident that the results from the REDUCE-IT study will lead to better informed decisions regarding patient care.”
REDUCE-IT Cardiovascular Outcomes Study
REDUCE-IT is designed to determine if intervention with 4 grams/day of prescription pure EPA Vascepa will lower rates of major adverse cardiovascular events in statin-treated patients with persistent hypertriglyceridemia and other cardiovascular risk factors. Motivated by the vision of Amarin and its scientific collaborators in identifying a large unmet medical need in this important patient population, and facilitated by the differentiation of Vascepa from earlier generation triglyceride-lowering therapies, this is the first ever prospective study of this population with any therapy.
The primary endpoint of this global, double-blind study is the time to the first occurrence of a composite of primary major adverse cardiovascular events (MACE). Results will be compared between the Vascepa and placebo groups. The study was designed to accumulate 1,612 MACE at which level the study was robustly designed to have 90% power to detect a 15% relative risk reduction in MACE between the Vascepa and placebo arms of the study. The study is being conducted under a Special Protocol Assessment (SPA) agreement with the FDA.
As previously reported, Amarin estimates that the onset of approximately 1,612 MACE has occurred. In March 2018, patients in the study began to complete their final clinical site visits, a key step towards study completion.
Amarin is intentionally blinded to the results of the study and will remain blinded to such results until after the study is completed and the database is locked. Final patient visits will be followed by completing data entry for the more than 35,000 patient years of study in REDUCE-IT, and typical database quality control measures, known as cleaning. In parallel, adjudication will be completed for all MACE which occurred during the study, including adjudication for certain events which, per protocol, cannot be finally adjudicated until patients complete their final site visit and results are available from certain non-invasive diagnostic testing conducted during such site visits. These steps will be followed by the database lock and final efficacy and safety analyses, including analysis of the trial's primary endpoint of first MACE events in the study, and the analyses of more than thirty pre-defined secondary and tertiary endpoints. Winding down a study of this magnitude to completion typically takes many months. The company believes that it is on track to achieve its objective of reporting top-line results from this important study before the end of Q3 2018.
Financial Update
Net product revenue for the three months ended March 31, 2018 and 2017 was $43.8 million and $34.3 million, respectively. The increase in net product revenue was primarily attributable to increases in new and recurring prescriptions of Vascepa.
During the first quarter, based on data from Symphony Health Solutions and IQVIA, Amarin experienced continued prescription growth and increase in Vascepa market share, particularly among detailed physicians. These sources reported estimated normalized total Vascepa prescriptions of approximately 381,000 and 392,000, respectively, for the three months ended March 31, 2018, representing growth of approximately 25% and 27%, respectively, over levels reported for the first three months of the prior year.
The company recognized licensing revenue of $0.1 million and $0.3 million in the three months ended March 31, 2018 and 2017, respectively, related to agreements for the commercialization of Vascepa outside the United States.
Cost of goods sold for the three months ended March 31, 2018 and 2017 was $10.6 million and $8.2 million, respectively. Gross margin on net product revenue was 76% for each of the three months ended March 31, 2018 and 2017.
Selling, general and administrative expenses in the three months ended March 31, 2018 and 2017 were $43.4 million and $34.2 million, respectively. This increase is due primarily to increased promotional activities, including commercial spend for anticipated expansion following successful REDUCE-IT results, and increased co-promotion fees, including an accrual for co-promotion tail payments as well as an increase in co-promotion fees calculated on increased gross margin resulting from higher net product revenue. The tail co-promotion fees, which are calculated as a percentage of the 2018 co-promotion fee, are payable in 2019 through 2021. Such tail co-promotion fees will be accrued throughout 2018.
Research and development expenses in the three months ended March 31, 2018 and 2017 were $11.8 million and $10.8 million, respectively. This increase in expense was primarily driven by the timing of REDUCE-IT and related costs.
Under U.S. GAAP, Amarin reported a net loss of $24.1 million in the first quarter of 2018, or basic and diluted loss per share of $0.08. This net loss included $3.8 million in non-cash stock-based compensation expense. Amarin reported a net loss of $20.9 million in the first quarter of 2017, or basic and diluted loss per share of $0.08. This net loss included $3.4 million in non-cash stock-based compensation expense.
Excluding non-cash gains or losses for stock-based compensation, non-GAAP adjusted net loss was $20.3 million for the first quarter of 2018, or non-GAAP adjusted basic and diluted loss per share of $0.07, compared to non-GAAP adjusted net loss of $17.6 million for the first quarter of 2017, or non-GAAP adjusted basic and diluted loss per share of $0.07.
Amarin reported cash and cash equivalents of $129.0 million as of March 31, 2018. Excluding proceeds from the equity financing completed in the first quarter and excluding other financing-related amounts (interest and royalty) and without the company’s high level of research and development payments, most of which relates to advancing the REDUCE-IT study to completion this year, net cash outflow in the quarter ended March 31, 2018 was approximately $0.1 million. Cash outflows relating to research and development in Q1 2018 totaled approximately $11.3 million and cash paid for interest and royalties, in aggregate, was approximately $5.9 million.
As of March 31, 2018, the company had $39.2 million in net accounts receivable ($57.6 million in gross accounts receivable before allowances and reserves) and $35.1 million in inventory.
As of March 31, 2018, Amarin had approximately 293.6 million American Depository Shares (ADSs) and ordinary shares outstanding, 32.8 million common share equivalents of Series A Convertible Preferred Shares outstanding and approximately 25.7 million equivalent shares underlying stock options at a weighted-average exercise price of $3.35, as well as 12.4 million equivalent shares underlying restricted or deferred stock units.
Amarin’s partner in the Middle East and North Africa, or MENA region, in the first quarter of 2018 obtained approval for Vascepa in Lebanon. Amarin anticipates additional approvals in the MENA region, including potential additional approvals in 2018. Amarin’s partner for China, Eddingpharm, is progressing in its clinical study of Vascepa in China. This study, which recently commenced, potentially positions Vascepa to be the first prescription grade EPA product to receive drug approval in China.
Conference call and webcast information
Amarin will host a conference call at 7:30 a.m. ET today, May 2, 2018. The call will be webcast live with slides and accessible through the investor relations section of the company’s website at www.amarincorp.com . The call can also be heard via telephone by dialing 877-407-8033. A replay of the call will be made available for a period of two weeks following the conference call. To hear a replay of the call, dial 877-481-4010 (inside the United States) or 919-882-2331 (outside the United States). A replay of the call will also be available through the company's website shortly after the call. For both dial-in numbers please use conference ID 27922.
Use of non-GAAP adjusted financial information
Included in this press release are non-GAAP adjusted financial information as defined by U.S. Securities and Exchange Commission Regulation G. The GAAP financial measure most directly comparable to each non-GAAP adjusted financial measure used or discussed, and a reconciliation of the differences between each non-GAAP adjusted financial measure and the comparable GAAP financial measure, is included in this press release after the condensed consolidated financial statements.
Non-GAAP adjusted net loss was derived by taking GAAP net loss and adjusting it for non-cash stock-based compensation expense. Management uses these non-GAAP adjusted financial measures for internal reporting and forecasting purposes, when publicly providing its business outlook, to evaluate the company’s performance and to evaluate and compensate the company’s executives. The company has provided these non-GAAP financial measures in addition to GAAP financial results because it believes that these non-GAAP adjusted financial measures provide investors with a better understanding of the company’s historical results from its core business operations.
While management believes that these non-GAAP adjusted financial measures provide useful supplemental information to investors regarding the underlying performance of the company’s business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future.
About Amarin
Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health. Amarin's product development program leverages its extensive experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. Vascepa ® (icosapent ethyl), Amarin's first FDA-approved product, is a highly-pure, omega-3 fatty acid product available by prescription. For more information about Vascepa visit www.vascepa.com . For more information about Amarin visit www.amarincorp.com .
About REDUCE-IT
Amarin's clinical development program for Vascepa includes a trial known as the REDUCE-IT cardiovascular outcomes study, an 8,175-patient study commenced in 2011. REDUCE-IT is the first multinational cardiovascular outcomes study evaluating the effect of prescription pure EPA therapy, or any triglyceride-lowering therapy, as an add-on to statins in patients with high cardiovascular risk who, despite stable statin therapy, have elevated triglyceride levels (150-499 mg/dL). A large portion of the male and female patients enrolled in this outcomes study are anticipated to also be diagnosed with type 2 diabetes. As reported previously, Amarin expects to announce top-line results of this important study before the end of Q3 2018. The REDUCE-IT trial is being conducted under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration.
Additional information on clinical studies of Vascepa can be found at www.clinicaltrials.gov .
About VASCEPA ® (icosapent ethyl) capsules
Vascepa® (icosapent ethyl) capsules are a single-molecule prescription product consisting of the omega-3 acid commonly known as EPA in ethyl-ester form. Vascepa is not fish oil, but is derived from fish through a stringent and complex FDA-regulated manufacturing process designed to effectively eliminate impurities and isolate and protect the single molecule active ingredient. Vascepa, known in scientific literature as AMR101, has been designated a new chemical entity by the FDA. Amarin has been issued multiple patents internationally based on the unique clinical profile of Vascepa, including the drug’s ability to lower triglyceride levels in relevant patient populations without raising LDL-cholesterol levels.
FDA-approved indication and usage
Vascepa (icosapent ethyl) is indicated as an adjunct to diet to reduce triglyceride (TG) levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. The effect of Vascepa on the risk for pancreatitis and cardiovascular mortality and morbidity in patients with severe hypertriglyceridemia has not been determined.
Important safety information for Vascepa
Vascepa is contraindicated in patients with known hypersensitivity (e.g., anaphylactic reaction) to Vascepa or any of its components. Use with caution in patients with known hypersensitivity to fish and/or shellfish. The most common reported adverse reaction (incidence > 2% and greater than placebo) was arthralgia (2.3% for Vascepa, 1.0% for placebo). There was no reported adverse reaction > 3% and greater than placebo. Patients receiving treatment with Vascepa and other drugs affecting coagulation (e.g., anti-platelet agents) should be monitored periodically. In patients with hepatic impairment, monitor ALT and AST levels periodically during therapy. Patients should be advised to swallow Vascepa capsules whole; not to break open, crush, dissolve, or chew Vascepa. Adverse events and product complaints may be reported by calling 1-855-VASCEPA or the FDA at 1-800-FDA-1088.
FULL VASCEPA PRESCRIBING INFORMATION CAN BE FOUND AT WWW.VASCEPA.COM .
Vascepa has been approved for use by the United States Food and Drug Administration (FDA) as an adjunct to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Nothing in this press release should be construed as promoting the use of Vascepa in any indication that has not been approved by the FDA.
About cardiovascular disease
Worldwide, cardiovascular disease (CVD) remains the #1 killer of men and women. In the United States, CVD leads to one in every three deaths – one death approximately every 38 seconds – with annual treatment cost in excess of $500 billion. 1, 2
Beyond the cardiovascular risk associated with LDL-C, genetic, epidemiologic, clinical and real-world data suggest that patients with elevated triglycerides (TG) (fats in the blood), and TG-rich lipoproteins, are at increased risk for cardiovascular disease. 3, 4, 5, 6
Leading clinical investigations seeking to address cardiovascular risk reduction beyond lowering LDL-C focus on interrupting the atherosclerotic process (e.g., plaque formation and instability) by beneficially affecting other lipid, lipoprotein and inflammation biomarkers and cellular functions thought to be related to atherosclerosis and cardiovascular events.
Forward-looking statements
This press release contains forward-looking statements, including expectations regarding adjudication of MACE events, results and related timing and announcements with respect to Amarin's REDUCE-IT cardiovascular outcomes study; expectations related to the final outcomes of the REDUCE-IT study and the anticipated successful completion of the REDUCE-IT study; and statements regarding the potential and therapeutic benefits of Vascepa. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. In particular, as disclosed in filings with the U.S. Securities and Exchange Commission, Amarin's ability to effectively develop and commercialize Vascepa will depend in part on its ability to continue to effectively finance its business, efforts of third parties, its ability to create market demand for Vascepa through education, marketing and sales activities, to achieve increased market acceptance of Vascepa, to receive adequate levels of reimbursement from third-party payers, to develop and maintain a consistent source of commercial supply at a competitive price, to comply with legal and regulatory requirements in connection with the sale and promotion of Vascepa and to maintain patent protection for Vascepa. Among the factors that could cause actual results to differ materially from those described or projected herein include the following: uncertainties associated generally with research and development, clinical trials and related regulatory approvals; the risk that historical REDUCE-IT event rates may not be predictive of future results and related cost may increase beyond expectations; the risk that regulatory reviews may impact the current design of the REDUCE-IT study or cause a change in strategic direction with respect to continuation of the study; the risk that future legal determinations and interactions with regulatory authorities may impact Vascepa marketing and sales rights and efforts; the risk that Vascepa may not show clinically meaningful effects in REDUCE-IT or support regulatory approvals for cardiovascular risk reduction; and the risk that patents may not be upheld in anticipated patent litigation. A further list and description of these risks, uncertainties and other risks associated with an investment in Amarin can be found in Amarin’s filings with the U.S. Securities and Exchange Commission, including its most recent Quarterly Report on Form 10-Q. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Amarin undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
Availability of other information about Amarin
Investors and others should note that Amarin communicates with its investors and the public using the company website ( www.amarincorp.com ), the investor relations website ( investor.amarincorp.com ), including but not limited to investor presentations and investor FAQs, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that Amarin posts on these channels and websites could be deemed to be material information. As a result, Amarin encourages investors, the media, and others interested in Amarin to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on Amarin’s investor relations website and may include social media channels. The contents of Amarin’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.
References
1 American Heart Association. 2018. Disease and Stroke Statistics-2018 Update.
2 American Heart Association. 2017. Cardiovascular disease: A costly burden for America projections through 2035.
3 Budoff M. Triglycerides and triglyceride-rich lipoproteins in the causal pathway of cardiovascular disease. Am J Cardiol . 2016;118:138-145.
4 Toth PP, Granowitz C, Hull M, et al. High triglycerides increase cardiovascular events, medical costs, and resource utilization in a real-world analysis of statin-treated patients with high cardiovascular risk and well-controlled low-density lipoprotein cholesterol [abstract]. Circulation . 2017;136(suppl 1):A15187.
5 Nordestgaard BG. Triglyceride-rich lipoproteins and atherosclerotic cardiovascular disease - New insights from epidemiology, genetics, and biology. Circ Res . 2016;118:547-563.
6 Nordestgaard BG, Varbo A. Triglycerides and cardiovascular disease. Lancet. 2014; 384: 626–635.
Amarin contact information
Investor Relations:
Elisabeth Schwartz
Investor Relations and Corporate Communications
Amarin Corporation plc
In U.S.: +1 (908) 719-1315
investor.relations@amarincorp.com
Lee M. Stern
Trout Group
In U.S.: +1 (646) 378-2992
lstern@troutgroup.com
Media Inquiries:
Kristie Kuhl
Finn Partners
In U.S.: +1 (212) 583-2791
Kristie.kuhl@finnpartners.com
CONSOLIDATED BALANCE SHEET DATA (U.S. GAAP) Unaudited March 31, 2018 December 31, 2017 (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 129,049 $ 73,637 Restricted cash 600 600 Accounts receivable, net 39,180 45,318 Inventory, net 35,104 30,260 Prepaid and other current assets 3,618 3,455 Total current assets 207,551 153,270 Property, plant and equipment, net 20 28 Other long-term assets 174 174 Intangible asset, net 7,964 8,126 TOTAL ASSETS $ 215,709 $ 161,598 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities: Accounts payable $ 31,877 $ 25,155 Accrued expenses and other current liabilities 61,311 58,902 Current portion of exchangeable senior notes, net of discount 219 481 Current portion of long-term debt from royalty-bearing instrument 24,370 22,348 Deferred revenue, current 1,453 1,644 Total current liabilities 119,230 108,530 Long-Term Liabilities: Exchangeable senior notes, net of discount 29,047 28,992 Long-term debt from royalty-bearing instrument 65,480 70,834 Deferred revenue, long-term 17,459 17,192 Other long-term liabilities 1,150 1,150 Total liabilities 232,366 226,698 Stockholders’ Deficit: Preferred Stock 24,364 24,364 Common stock 225,246 208,768 Additional paid-in capital 1,036,697 977,866 Treasury stock (6,782 ) (4,229 ) Accumulated deficit (1,296,182 ) (1,271,869 ) Total stockholders’ deficit (16,657 ) (65,100 ) TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 215,709 $ 161,598
CONSOLIDATED STATEMENTS OF OPERATIONS DATA (U.S. GAAP) Unaudited Three months ended March 31, (in thousands, except per share amounts) 2018 2017 Product revenue, net $ 43,777 $ 34,344 Licensing revenue 142 293 Total revenue, net 43,919 34,637 Less: Cost of goods sold 10,648 8,198 Gross margin 33,271 26,439 Operating expenses: Selling, general and administrative (1) 43,407 34,171 Research and development (1) 11,762 10,823 Total operating expenses 55,169 44,994 Operating loss (21,898 ) (18,555 ) Interest expense, net (2,252 ) (2,381 ) Other income (expense), net 55 (5 ) Loss from operations before taxes (24,095 ) (20,941 ) (Provision for) benefit from income taxes — — Net loss $ (24,095 ) $ (20,941 ) Loss per share: Basic $ (0.08 ) $ (0.08 ) Diluted $ (0.08 ) $ (0.08 ) Weighted average shares outstanding: Basic 285,207 270,163 Diluted 285,207 270,163 (1
)
Excluding non-cash stock-based compensation, selling, general and administrative expenses were $40,205 and $31,343 for the three months ended March 31, 2018 and 2017, respectively, and research and development expenses were $11,202 and $10,300, respectively, for the same periods. Excluding non-cash stock-based compensation as well as co-promotion fees paid to the company's U.S. co-promotion partner, selling, general and administrative expenses were $31,134 and $26,111 for the three months ended March 31, 2018 and 2017, respectively.
RECONCILIATION OF NON-GAAP NET LOSS Unaudited Three months ended March 31, (in thousands, except per share amounts) 2018 2017 Net loss for EPS 1 - GAAP $ (24,095 ) $ (20,941 ) Non-cash stock-based compensation expense 3,762 3,351 Adjusted net loss for EPS 1 - non-GAAP $ (20,333 ) $ (17,590 ) 1 basic and diluted Loss per share: Basic and diluted - non-GAAP $ (0.07 ) $ (0.07 ) Weighted average shares: Basic and diluted 285,207 270,163
Source:Amarin Corporation plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-amarin-reports-first-quarter-2018-financial-results-and-provides-update-on-operations.html |
May 10 (Reuters) - Aptose Biosciences Inc:
* APTOSE REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* Q1 LOSS PER SHARE $0.23 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aptose-reports-q1-loss-per-share-0/brief-aptose-reports-q1-loss-per-share-0-23-idUSASC0A1IM |
ANKARA (Reuters) - The ruling AK Party of Turkish President Tayyip Erdogan pledged to take measures to ease the cost pressure caused by interest rates in its manifesto for next month’s elections, published on Thursday.
FILE PHOTO: Turkish President Tayyip Erdogan makes a speech during a meeting of his ruling AK Party in Ankara, Turkey, May 11, 2018. Cem Oksuz/Presidential Palace/Handout via REUTERS The manifesto said the central bank will continue to determine monetary policy instruments itself and forex markets will be watched closely, with forex liquidity instruments continuing to be used when necessary.
Reporting by Gulsen Solaker; Writing by Daren Butler; Editing by Dominic Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-currency-akparty/turkeys-ruling-party-vows-measures-to-ease-cost-pressures-caused-by-interest-rates-idUSKCN1IP1Q5 |
Elon Musk snubs analysts, Tesla stocks tumble 6:34pm EDT - 02:03
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them. ▲ Hide Transcript ▶ View Transcript
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Kyuxla | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/elon-musk-snubs-analysts-tesla-stocks-tu?videoId=423334141 |
May 21, 2018 / 10:40 PM / Updated 10 hours ago Egg a day tied to lower risk of heart disease Lisa Rapaport 5 Min Read
(Reuters Health) - People who eat an egg just about every day may have a lower risk of heart attack and stroke than individuals who don’t eat eggs at all, a large Chinese study suggests.
Researchers examined survey data on egg consumption among 461,213 adults who were 51 years old on average. When they joined the study, none had a history of heart disease. Overall, they ate an average of half an egg daily; about 9 percent of them avoided eggs altogether while 13 percent ate roughly one egg every day.
At least half of the participants were followed for nine years or more. During that time, 83,977 people developed heart disease or had a heart attack or stroke, and 9,985 died from these conditions.
Compared to people who never ate eggs, individuals who ate an average of 0.76 eggs per day were 11 percent less likely to develop cardiovascular diseases and 18 percent less likely to die from these conditions, the study found.
“This is important to people, especially those in the part of the world where eggs are major sources of high-quality proteins and other important nutrients for the body,” said Dr. Luc Djousse, a researcher at Harvard Medical School in Boston who wasn’t involved in the study.
“The take-home message from this is that when consumed in moderation, there does not appear to be an elevated risk of developing heart disease or stroke,” Djousse said by email.
But that doesn’t mean people should be rushing to make a three-egg omelet every day for breakfast.
That’s because the study doesn’t offer any insight into the risk of heart disease or stroke associated with more than one egg a day, Djousse said.
“Eggs are not safe for anyone at risk of heart attacks or strokes, but particularly not for diabetics,” said Dr. J. David Spence of the Western University Stroke Prevention & Atherosclerosis Research Center in London, Ontario.
“Eggs increase the risk of vascular disease,” Spence, who wasn’t involved in the study, said by email. For example, egg yolks contain phosphatidylcholine, a chemical that can contribute to clogged arteries, he said.
Eggs are a primary source of dietary cholesterol, but they also contain high-quality lean protein and many vitamins, the study team notes in the journal Heart. Previous research on the link between eggs and heart disease have offered inconsistent results, with some pointing to a protective effect and others suggesting that eggs might make people more likely to have a heart attack or stroke.
Part of the issue revolves around cholesterol.
Eggs can contain around 200 milligrams of cholesterol, and scientists used to think that eating eggs would lead to higher levels of cholesterol in the blood, Djousse said.
Some more recent research, however, suggests that eggs might block the liver from making low-density lipoprotein (LDL), the bad kind of cholesterol that can build up in blood vessels and lead to clots and heart attacks, and boost production of high-density lipoprotein (HDL), the good kind needed for healthy blood flow.
The study wasn’t a controlled experiment designed to prove whether or how eggs might impact the risk of developing cardiovascular disease or dying from it. Senior study authors Canqing Yu and Liming Li of Peking University Health Science Center in Beijing didn’t respond to a request for comments.
Another limitation is that the results in China might not apply in other parts of the world. The study participants were typically a healthy weight, and most of them didn’t have high blood pressure or a family history of heart disease.
In the U.S. - where most adults are overweight or obese and eat a Western diet heavy on meat and potatoes and light on fruits and vegetables - the connection between eggs and heart disease might look quite different.
For optimal heart health, the AHA recommends the Dietary Approaches to Stop Hypertension (DASH) diet or a Mediterranean-style diet. Both diets emphasize unsaturated vegetable oils, nuts, fruits, vegetables, low-fat dairy products, whole grains, fish and poultry, and both limit red meat, as well as foods and drinks high in added sugars and salt.
SOURCE: bit.ly/1wavrqS Heart, online May 21, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-heart-eggs/egg-a-day-tied-to-lower-risk-of-heart-disease-idUKKCN1IM2G9 |
(Adds details from report)
OTTAWA, May 9 (Reuters) - The value of Canadian building permits rose more than expected in March on increased plans to build apartment buildings in the provinces of Quebec and British Columbia, data from Statistics Canada showed on Wednesday.
The 3.1-percent increase topped economists’ forecasts for a gain of 2.0 percent, while February was revised slightly downward to a decline of 2.8 percent from an initially reported 2.6 percent drop.
March residential building permits rose 2.3 percent, driven by a 12.2 percent jump in the multi-family sector on higher construction intentions for apartments. Quebec and British Columbia saw the biggest increases, as builders also planned row houses.
But building plans for single-family homes fell 7.9 percent as Toronto tumbled for the second month in a row. The Ontario government took a number of steps to rein in the hot Toronto housing market last year.
Permits for non-residential structures rose 4.5 percent, recovering some of the previous month’s decline as builders planned more commercial buildings.
Reporting by Leah Schnurr Editing by Nick Zieminski
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-economy-building/update-1-canada-building-permits-up-in-march-on-plans-for-apartments-idUSL1N1SG0FR |
April 30 (Reuters) - UNITED INSURANCE COMPANY:
* Q1 PROFIT 219,240 DINARS VERSUS 356,239 DINARS YEAR AGO * Q1 TOTAL REVENUE 4.1 MILLION DINARS VERSUS 4.5 MILLION DINARS YEAR AGO Source: ( bit.ly/2HzZCXA ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordans-united-insurance-q1-profit/brief-jordans-united-insurance-q1-profit-falls-idUSFWN1S7158 |
April 30(Reuters) - Guomai Technologies Inc
* Sees FY 2018 H1 net profit to increase by 30 percent to 80 percent, or to be 101.6 million yuan to 140.6 million yuan
* Says FY 2017 H1 net profit was 78.1 million yuan
Source text in Chinese: goo.gl/D52Uu7
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-guomai-technologies-sees-fy-2018-h/brief-guomai-technologies-sees-fy-2018-h1-net-profit-up-30-pct-to-80-pct-idUSL3N1S73V0 |
MT. PLEASANT, Mich., May 30, 2018 /PRNewswire/ -- Isabella Bank Corporation (OTCQX:ISBA), announced today that the Board of Directors of the Corporation declared a second quarter cash dividend of $0.26 per common share at its regular meeting held on May 23, 2018. The dividend will be payable on June 29, 2018 to shareholders of record as of June 27, 2018. Based on ISBA's closing stock price of $27.00 per share as of April 30, 2018, the annual dividend yield is 3.85%.
"I am pleased to announce our second quarter dividend of $0.26 per share which represents a 4.00% increase over the cash dividend paid for the second quarter of 2017. The Corporation continues to experience strong deposit and loan growth which is essential to our continued success and ability to increase shareholder value," commented Jae A. Evans, President and Chief Executive Officer of Isabella Bank Corporation.
Isabella Bank Corporation is headquartered in Mt. Pleasant, Michigan with total assets of $1.8 billion as of March 31, 2018. Isabella Bank, the banking subsidiary of Isabella Bank Corporation, was established in 1903 and has been committed to serving the local banking needs of its customers and communities for 115 years. Isabella Bank has 29 banking locations and a loan production office throughout seven Mid-Michigan counties, including Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw and has been recognized on the Detroit Free Press list of "Top Workplaces" for the past five years.
For more information about Isabella Bank Corporation, visit the Investors link at www.isabellabank.com . Isabella Bank Corporation common stock is Quote: d on the OTCQX tier of the OTC Markets Group, Inc.'s electronic quotation system ( www.otcmarkets.com ) under the symbol "ISBA." The Corporation's market maker is Boenning & Scattergood, Inc. ( www.boenninginc.com ).
Forward-Looking Statements
This press release includes forward-looking statements. To the extent that the foregoing information refers to matters that may occur in the future, please be aware that such forward-looking statements may actual results. Additional information concerning some of the factors that could cause materially different results is included in the sections entitled "Risk Factors" and "Forward-Looking Statements" set forth in Isabella Bank Corporation's filings with the Securities and Exchange Commission, which are available from the Securities and Exchange Commission's Public Reference facilities and from its website at www.sec.gov .
View original content: http://www.prnewswire.com/news-releases/isabella-bank-corporation-announces-second-quarter-2018-dividend-300656860.html
SOURCE Isabella Bank Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-isabella-bank-corporation-announces-second-quarter-2018-dividend.html |
May 30, 2018 / 7:19 AM / Updated 25 minutes ago Australian Catholic Church to enter into redress scheme for sex abuse survivors Reuters Staff 3 Min Read
MELBOURNE (Reuters) - The Australian Catholic Church has committed to taking part in a new national redress scheme for survivors of institutional child sexual abuse, two top religious groups said on Wednesday.
Australian Prime Minister Malcolm Turnbull said if all states and institutions across Australia opt in the scheme could provide support to around 60,000 people.
The scheme will target people sexually abused as children while in the care of a Commonwealth institution and follows a nationwide inquiry that found widespread institutionalized child sexual abuse in Australia.
Redress is offered as an alternative to taking compensation through the courts. It can include access to psychological counseling, a direct personal response such as an apology from the responsible institution for people who want it, and a monetary payment. Payments are capped at A$150,000.
“We support the Royal Commission’s recommendation for a national redress scheme, administered by the Commonwealth, and we are keen to participate,” said Archbishop Mark Coleridge, president of The Australian Catholic Bishops Conference (ACBC).
“Survivors deserve justice and healing and many have bravely come forward to tell their stories,” he said in the joint statement with Catholic Religious Australia (CRA).
The redress scheme, which is before parliament now, is slated to begin on 1 July and last for 10 years.
“We recognize that redress will not take away a survivor’s pain, but hope that it can provide some practical assistance in the journey toward recovery from abuse,” said Ruth Durick, president of Catholic Religious Australia, whose membership consists of more than 130 congregations country wide.
“We are committed to providing redress to survivors who were abused within the Catholic Church.”
Almost 2,500 survivors gave evidence to the Royal Commission into Institutional Responses to Child Sexual Abuse about sexual abuse in an institution managed by the Catholic Church.
According to the Royal Commission’s final report, 61.8 per cent of all survivors of sexual abuse in a religious institution were from a Catholic-managed institution.
Other institutions involved include places such as the Australian Defence Forces cadet schools and onshore immigration detention.
The Australian government welcomed the Catholic Church’s announcement.
“The Royal Commission put the horrific experiences of survivors on the public record and now the Redress Scheme will officially acknowledge them and continue the process of healing,” Turnbull said in a statement.
“Every government institution must take responsibility for the abuse that occurred on its watch, and pay the cost of providing redress.” Reporting by Melanie Burton; Editing by Michael Perry | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-church-abuse/australian-catholic-church-to-enter-into-redress-scheme-for-sex-abuse-survivors-idUSKCN1IV0OA |
LOS ANGELES (AP) — The estate of Michael Jackson sued ABC and parent company Disney on Wednesday, saying a two-hour documentary on the singer's last days improperly used the King of Pop's songs, music videos and movies.
The lawsuit filed in federal court in Los Angeles and obtained by The Associated Press alleges that last week's special, "The Last Days of Michael Jackson," illegally uses significant excerpts of his most valuable songs, including "Billie Jean" and "Bad," and music videos, including "Thriller" and "Black or White."
It also says ABC used clips from the estate's 2016 Spike Lee-directed documentary, "Michael Jackson's Journey from Motown to Off the Wall," and from the 2009 feature film "Michael Jackson's This is It."
The lawsuit alleges at least 30 violations and seeks unspecified damages and an injunction against further use of the estate's intellectual property.
It frequently cites Disney's aggressive defense of its own copyrights and its normally narrow view of "fair use," the doctrine in copyright law that says short excerpts can be used for news, criticism and research.
"Like Disney, the lifeblood of the estate's business is its intellectual property," the lawsuit says. "Yet for some reason, Disney decided it could just use the estate's most valuable intellectual property for free."
Representatives from ABC did not immediately respond to a request for comment. But when the Jackson camp first raised objections last week, the network defended the special as a legal work of journalism on a newsworthy subject that "does not infringe on his estate's rights."
The network said that as a courtesy it stopped using an image of Jackson to promote the show that the estate had objected to.
As a work of news, the special would be entitled to fair use of excerpts of Jackson's work, but the lawsuit dismisses the idea that the documentary had any news value, calling it "a mediocre look back at Michael Jackson's life and entertainment career."
The lawsuit says warning letters sent to Disney attorneys before the airing went unanswered.
The special focused on Jackson's apparent decline in the run-up to his death on June 25, 2009. The 50-year-old left behind heirs that include his mother and three children.
Jackson died of acute intoxication of propofol, a prescription anesthetic he had been taking as a sleep aid during preparations for a series of comeback concerts.
Former cardiologist Conrad Murray was convicted in 2011 of involuntary manslaughter for giving Jackson a fatal dose of the drug. He served two years in jail, and his conviction was upheld in 2014.
Follow Andrew Dalton on Twitter: https://twitter.com/andyjamesdalton . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-apnewsbreak-michael-jackson-estate-sues-abc-over-tv-special.html |
May 13, 2018 / 11:38 PM / Updated 15 hours ago Golf-Thomas replaces Johnson as world number one Reuters Staff 1 Min Read
PONTE VEDRA BEACH, Fla., May 13 (Reuters) - Justin Thomas became golf’s new world number one on Sunday, ending fellow American Dustin Johnson’s 15-month reign.
“It means a lot, but it’s something I want to have for a long time, not something I just want to have once,” Thomas said at the Players Championship where he tied for 11th.
Thomas won his first major at the PGA Championship last August.
The 25-year-old has won eight times on the PGA Tour. Reporting by Andrew Both; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-players-ranking/golf-thomas-replaces-johnson-as-world-number-one-idUKL3N1SK0Z1 |
Fourth Quarter and Fiscal Year 2018 Results Exceed Guidance
Appointment of Anne MacDonald to Board of Directors
IRVINE, Calif.--(BUSINESS WIRE)-- Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the fourth quarter and fiscal year ended March 31, 2018.
For the 13-week fourth quarter ended March 31, 2018:
Net sales increased to $170.8 million, driven by a 12.1% increase in same store sales, with double-digit same store sales growth in both retail stores and online. This compares to $163.0 million in the prior-year period, which was a 14-week quarter. Net income was $6.9 million, or $0.24 per diluted share, compared to net income of $2.6 million, or $0.10 per diluted share (and compared to adjusted net income of $3.3 million, or $0.12 per diluted share) in the prior-year period, which was a 14-week quarter.
For the 52-week fiscal year ended March 31, 2018:
Net sales increased 7.6% to $677.9 million, compared to $629.8 million in the prior year, which was a 53-week year. Same store sales increased 5.2%. Net income was $28.9 million, or $1.05 per diluted share, compared to net income of $14.2 million, or $0.53 per diluted share (and compared to adjusted net income of $14.9 million, or $0.55 per diluted share) in the prior-year, which was a 53-week year. Added 9 stores through new openings and acquisitions and closed two underperforming stores, bringing the total count at fiscal year-end to 226 stores.
Note: Adjusted net income is a non-GAAP measure. An explanation of the computation of this measure and a reconciliation to GAAP net income is included below. See also "Non-GAAP Financial Measures."
The Company announced that Anne MacDonald, an experienced branding and marketing executive, has been appointed to its Board of Directors. Ms. MacDonald will replace Fred Simmons, who has resigned from the Board.
Over the course of her career, Ms. MacDonald has served as Chief Marketing Officer for several global companies including Macy’s, Citigroup, and Travelers Insurance. In addition to her executive experience, Ms. MacDonald has had extensive agency experience advising iconic brands including, Procter & Gamble, AT&T and Pizza Hut. Presently she works as a strategic advisor to several clients through her own firm.
Jim Conroy, Chief Executive Officer, commented, “We are very pleased with the top-line momentum our business experienced across most of the country both in store and online during the fourth quarter. Our investments in merchandising, marketing and omni-channel fueled double-digit gains in retail comparable sales and helped return our e-commerce business to double-digit growth as well. Importantly, we held true to our full-price selling model, which combined with a meaningful increase in our exclusive brand penetration, yielded a 90 basis point improvement in merchandise margin. Our strong sales and margin performance enabled us to exceed our earnings guidance for the quarter and further solidify our industry leading position.”
Mr. Conroy continued, “I am equally excited about the business in April and May as our double-digit same store sales growth has continued. We are looking forward to fiscal 2019 and the opportunities we have to drive profitable growth, re-accelerate store expansion, build out our multi-brand e-commerce strategy, and further develop our exclusive brands.”
Regarding the change in the Board of Directors, Jim Conroy commented, “I am excited to welcome Anne MacDonald to the Board of Directors. She brings a world-class marketing background that will enhance our ability to develop both the Boot Barn brand and each of our exclusive brands. Anne’s combination of company and agency experience will further enhance the composition of our Board as we continue to grow the Boot Barn business across the country. I also want to take this opportunity to thank Fred Simmons for his contributions since December 2011. Fred’s guidance and strategic counsel have helped lead the growth of Boot Barn into a national lifestyle brand with revenue growing 300% during his tenure. On a personal note, Fred has been inspiring, motivational and uplifting to me and the entire management team.”
Operating Results for the Fourth Quarter Ended March 31, 2018
Net sales increased to $170.8 million in the fourth quarter of fiscal year 2018 (13 weeks), from $163.0 million in the fourth quarter of fiscal year 2017 (14 weeks). Net sales increased due to a 12.1% increase in same store sales, the sales contribution from 9 stores added over the past twelve months, and sales from the Country Outfitter site that was acquired in February 2017. Sales growth was partially offset by sales from the 14th week in the prior-year period. Gross profit was $52.9 million, or 31.0% of net sales, in the fourth quarter of fiscal year 2018, compared to gross profit of $49.3 million, or 30.3% of net sales, in the prior-year period. Gross profit increased primarily due to increased sales and an increase in merchandise margin rate. Gross profit rate increased primarily as a result of a 90 basis point increase in merchandise margin rate partially offset by a 20 basis point increase in buying and occupancy costs. The higher merchandise margin rate was driven by more full-price selling, fewer promotions, and increased exclusive brand penetration. The increase in buying and occupancy costs as a percentage of sales resulted from fixed costs deleveraging in a 13-week quarter in the current year compared to a 14-week quarter in the prior-year period. Selling, general and administrative expense was $41.6 million, or 24.4% of net sales, in the fourth quarter of fiscal year 2018 compared to $41.3 million, or 25.3% of net sales, in the prior-year period. Excluding $1.2 million of store impairment charges in the prior-year period, adjusted selling, general and administrative expense was $40.1 million, or 24.6% of net sales. Selling, general and administrative expenses increased primarily as a result of increased sales, compensation expense and additional costs for both new and acquired stores. Selling, general and administrative expenses as a percentage of sales decreased as a result of expense leverage on higher sales. Income from operations increased 39.9%, to $11.3 million, or 6.6% of net sales, in the fourth quarter of fiscal year 2018 (13 weeks), compared to $8.1 million, or 4.9% of net sales, in the prior-year period (14 weeks). Excluding the impact of the store impairment charges in the prior-year period, adjusted income from operations was $9.2 million, or 5.7% of net sales, in the fourth quarter of fiscal year 2017. Net income was $6.9 million, or $0.24 per diluted share, in the fourth quarter of fiscal year 2018 (13 weeks), compared to $2.6 million, or $0.10 per diluted share, in the prior-year period (14 weeks). Excluding the impact of the store impairment charges, adjusted net income was $3.3 million, or $0.12 per diluted share, in the fourth quarter of fiscal year 2017, which was a 14-week quarter. Net income per diluted share in the fourth quarter of fiscal 2018 includes approximately $0.06 per share of tax benefit related to stock option exercises and $0.02 per share related to improved tax rate, partially offset by $0.01 per share of secondary offering costs.
A reconciliation of adjusted selling, general and administrative expense, adjusted income from operations, adjusted net income and adjusted net income per diluted share, each a non-GAAP financial measure, to their most directly comparable GAAP financial measures is included in the accompanying financial data. See "Non-GAAP Financial Measures."
Operating Results for the Fiscal Year Ended March 31, 2018
Net sales for fiscal year 2018 (52 weeks) increased to $677.9 million from $629.8 million in fiscal year 2017 (53 weeks). Net sales increased due to a 5.2% increase in same store sales, the sales contribution from 9 stores added over the past twelve months and sales from the Country Outfitter site that was acquired in February 2017. Sales growth was partially offset by sales from the 53 rd week in the prior-year. Gross profit for fiscal year 2018 was $207.9 million, or 30.7% of net sales, compared to gross profit of $189.9 million, or 30.1% of net sales, in fiscal year 2017. Gross profit increased primarily due to increased sales. Gross profit rate increased as a result of a 50 basis point increase in merchandise margin rate. Selling, general and administrative expense for fiscal year 2018 was $161.7 million, or 23.8% of net sales, compared to $152.1 million, or 24.1% of net sales, in fiscal year 2017. Adjusted selling, general and administrative expense in fiscal year 2017 was $150.9 million, or 24.0% of net sales. Selling, general and administrative expenses increased as a result of additional costs associated with the opening of new and acquired stores over the last twelve months, compensation expense and incremental operating costs associated with the growth in the business. Selling, general and administrative expenses as a percentage of sales decreased as a result of expense leverage on higher sales. Income from operations for fiscal year 2018 (52 weeks) increased 22.3%, to $46.3 million, or 6.8% of net sales, compared to $37.8 million, or 6.0% of net sales, in fiscal year 2017 (53 weeks). Adjusted income from operations in fiscal year 2017 was $39.0 million, or 6.2% of net sales. Net income for fiscal year 2018 (52 weeks) was $28.9 million, or $1.05 per diluted share, compared to $14.2 million, or $0.53 per diluted share, in fiscal year 2017 (53 weeks). Adjusted net income in fiscal year 2017 was $14.9 million, or $0.55 per diluted share. Net income per diluted share in fiscal year 2018 includes approximately $0.25 per share of tax benefit from the revaluation of deferred tax liabilities, approximately $0.06 related to stock option exercises and $0.04 related to improved tax rate from tax reform. The Company added 9 stores through new openings and acquisitions and closed two underperforming stores, bringing the total count at year-end to 226 stores.
A reconciliation of adjusted selling, general and administrative expense, adjusted income from operations, adjusted net income and adjusted net income per diluted share, each a non-GAAP financial measure, to their most directly comparable GAAP financial measures is included in the accompanying financial data. See also "Non-GAAP Financial Measures."
Balance Sheet Highlights as of March 31, 2018
Cash of $9.0 million. Average inventory per store increased 4.4% on a comp store basis compared to April 1, 2017. Total net debt of $204.2 million, including $21.0 million drawn under the revolving credit facility.
Fiscal Year 2019 Outlook
For the fiscal year ending March 30, 2019 the Company expects:
To open 23 new stores. Same store sales growth of mid-single digits. Income from operations between $52.5 million and $56.5 million. Interest expense of $17.0 million to $18.0 million. Net income of $26.2 million to $29.2 million. Net income per diluted share of $0.92 to $1.02 based on 28.7 million weighted average diluted shares outstanding.
For the fiscal first quarter ending June 30, 2018 the Company expects:
Same store sales growth of approximately 10%. Net income per diluted share of $0.10 to $0.12 based on 28.5 million weighted average diluted shares outstanding.
Conference Call Information
A conference call to discuss the financial results for the fourth quarter of fiscal year 2018 is scheduled for today, May 15, 2018, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (800) 289-0438. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com . Please visit the website and select the “Events and Presentations” link at least 15 minutes prior to the start of the call to register and download any necessary software. A telephone replay of the call will be available until June 15, 2018, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 2347094. Please note participants must enter the conference identification number in order to access the replay.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 230 stores in 31 states, in addition to an e-commerce channel www.bootbarn.com . The Company also operates www.sheplers.com , the nation’s leading pure play online western and work retailer and www.countryoutfitter.com , an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com .
Non-GAAP Financial Measures
The Company presents adjusted selling, general and administrative expense, adjusted income from operations, adjusted net income and adjusted net income per diluted share to help the Company describe its operating and financial performance. These financial measures are non-GAAP financial measures and should not be construed in isolation or as an alternative to actual selling, general and administrative expense, actual income from operations, actual net income and actual earnings per diluted share and other income or cash flow statement data (as presented in the Company’s consolidated financial statements in accordance with generally accepted accounting principles in the United States, or GAAP), or as a better indicator of operating performance or as a measure of liquidity. These non-GAAP financial measures, as defined by the Company, may not be comparable to similar non-GAAP financial measures presented by other companies. The Company’s management believes that these non-GAAP financial measures provide investors with transparency and help illustrate financial results by excluding items that may not be indicative of, or are unrelated to, the Company’s core operating results, thereby providing a better baseline for analyzing trends in the underlying business. See the table at the end of this press release for a reconciliation of adjusted selling, general and administrative expense to selling, general and administrative expense, adjusted income from operations to income from operations, adjusted net income to net income, and adjusted net income per diluted share to net income per diluted share.
Forward Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to, by way of example and without limitation, our financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan“, "intend", "believe", “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences and the Company’s ability to effectively execute on its growth strategy; the failure to maintain and enhance its strong brand image; to compete effectively; to maintain good relationships with its key suppliers; and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.
Boot Barn Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
March 31, April 1, 2018 2017 Assets Current assets: Cash and cash equivalents $ 9,016 $ 8,035 Accounts receivable, net 4,389 4,354 Inventories 211,472 189,096 Prepaid expenses and other current assets 16,250 22,818 Total current assets 241,127 224,303 Property and equipment, net 89,208 82,711 Goodwill 193,095 193,095 Intangible assets, net 63,383 64,511 Other assets 1,128 961 Total assets $ 587,941 $ 565,581 Liabilities and stockholders’ equity Current liabilities: Line of credit $ 21,006 $ 33,274 Accounts payable 89,958 77,482 Accrued expenses and other current liabilities 40,034 35,983 Current portion of notes payable, net — 1,062 Total current liabilities 150,998 147,801 Deferred taxes 13,030 20,961 Long-term portion of notes payable, net 183,200 191,517 Capital lease obligation 7,303 7,825 Other liabilities 18,804 17,568 Total liabilities 373,335 385,672 Stockholders’ equity: Common stock, $0.0001 par value; March 31, 2018 - 100,000 shares authorized, 27,331 shares issued; April 1, 2017 - 100,000 shares authorized, 26,575 shares issued 3 3 Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding — — Additional paid-in capital 148,127 142,184 Retained earnings 66,670 37,791 Less: Common stock held in treasury, at cost, 31 and 14 shares at March 31, 2018 and April 1, 2017, respectively (194 ) (69 ) Total stockholders’ equity 214,606 179,909 Total liabilities and stockholders’ equity $ 587,941 $ 565,581
Boot Barn Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Thirteen Fourteen Fifty-Two Fifty-Three Weeks Ended Weeks Ended Weeks Ended Weeks Ended March 31, 2018
April 1, 2017
March 31, 2018
April 1, 2017
Net sales $ 170,766 $ 163,003 $ 677,949 $ 629,816 Cost of goods sold 117,870 113,675 470,034 439,930 Gross profit 52,896 49,328 207,915 189,886 Selling, general and administrative expenses 41,614 41,265 161,660 152,068 Income from operations 11,282 8,063 46,255 37,818 Interest expense, net 3,808 3,851 15,076 14,699 Income before income taxes 7,474 4,212 31,179 23,119 Income tax expense 619 1,624 2,300 8,922 Net income $ 6,855 $ 2,588 $ 28,879 $ 14,197 Earnings per share: Basic shares $ 0.25 $ 0.10 $ 1.08 $ 0.54 Diluted shares $ 0.24 $ 0.10 $ 1.05 $ 0.53 Weighted average shares outstanding: Basic shares 27,134 26,535 26,744 26,459 Diluted shares 28,245 27,068 27,528 26,939
Boot Barn Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Fiscal Year Ended March 31, April 1, March 26, 2018 2017 2016 Cash flows from operating activities Net income $ 28,879 $ 14,197 $ 9,868 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 16,000 14,555 11,480 Stock-based compensation 2,248 3,023 2,881 Excess tax benefit — — (3,621 ) Amortization of intangible assets 1,128 2,155 2,536 Amortization and write-off of debt issuance fees and debt discount 1,199 1,145 2,274 Loss on disposal of property and equipment 252 367 463 Hurricane-related asset write-off 2,357 — — Store impairment charge 83 1,164 — Accretion of above market leases (2 ) (36 ) (72 ) Deferred taxes 1,860 6,175 981 Amortization of inventory fair value adjustment — — (500 ) Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net (35 ) (223 ) 1,524 Inventories (24,598 ) (12,761 ) (16,087 ) Prepaid expenses and other current assets (3,281 ) (3,805 ) 7,543 Other assets (167 ) 5 (2,713 ) Accounts payable 13,062 10,501 6,835 Accrued expenses and other current liabilities 3,977 (483 ) 5,068 Other liabilities 1,238 5,172 4,469 Net cash provided by operating activities $ 44,200 $ 41,151 $ 32,929 Cash flows from investing activities Purchases of property and equipment $ (24,418 ) $ (22,293 ) $ (36,127 ) Hurricane-related insurance recoveries for property and equipment 865 — — Acquisition of business or assets, net of cash acquired — (1,305 ) (146,541 ) Net cash used in investing activities $ (23,553 ) $ (23,598 ) $ (182,668 ) Cash flows from financing activities Borrowings/(payments) on line of credit - net $ (12,268 ) $ (15,541 ) $ 32,615 Proceeds from loan borrowings — — 200,938 Repayments on debt and capital lease obligations (10,448 ) (2,378 ) (77,899 ) Debt issuance fees (520 ) — (6,487 ) Tax withholding payments for net share settlement (125 ) (69 ) — Excess tax benefits from stock options — — 3,621 Proceeds from the exercise of stock options 3,695 1,275 2,698 Net cash (used in)/provided by financing activities $ (19,666 ) $ (16,713 ) $ 155,486 Net increase in cash and cash equivalents 981 840 5,747 Cash and cash equivalents, beginning of period 8,035 7,195 1,448 Cash and cash equivalents, end of period $ 9,016 $ 8,035 $ 7,195 Supplemental disclosures of cash flow information: Cash paid for income taxes $ 614 $ 4,192 $ 3,296 Cash paid for interest $ 13,743 $ 13,646 $ 10,333 Supplemental disclosure of non-cash activities: Unpaid purchases of property and equipment $ 1,315 $ 2,421 $ 1,992 Equipment acquired through capital lease $ — $ — $ 38
Boot Barn Holdings, Inc. Supplemental Information - Consolidated Statements of Operations Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited) The tables below reconcile the non-GAAP financial measures of adjusted selling, general and administrative expense, adjusted income from operations, adjusted net income, and adjusted net income per diluted share, to the most directly comparable GAAP financial measures of selling, general and administrative expense, income from operations, net income, and net income per diluted share.
Thirteen Fourteen Fifty-Two Fifty-Three Weeks Ended Weeks Ended Weeks Ended Weeks Ended March 31, April 1, March 31, April 1, 2018 2017 2018 2017 Reconciliation of GAAP selling, general and administrative expense to adjusted selling, general and administrative expense Selling, general and administrative expense, as reported $ 41,614 $ 41,265 $ 161,660 $ 152,068 Store impairment charge (a) — 1,164 — 1,164 Adjusted selling, general and administrative expense $ 41,614 $ 40,101 $ 161,660 $ 150,904 Reconciliation of GAAP income from operations to adjusted income from operations Income from operations, as reported $ 11,282 $ 8,063 $ 46,255 $ 37,818 Store impairment charge (a) — 1,164 — 1,164 Adjusted income from operations $ 11,282 $ 9,227 $ 46,255 $ 38,982 Reconciliation of GAAP net income to adjusted net income Net income, as reported $ 6,855 $ 2,588 $ 28,879 $ 14,197 Store impairment charge (a) — 1,164 — 1,164 Provision for income taxes, as reported — 1,624 — 8,922 Adjusted provision for income taxes (b) — (2,073 ) — (9,371 ) Adjusted net income $ 6,855 $ 3,303 $ 28,879 $ 14,912 Reconciliation of GAAP net income per diluted share to adjusted net income per diluted share Net income per diluted share, as reported $ 0.24 $ 0.10 $ 1.05 $ 0.53 Adjustments for store impairment charge and related tax impact — 0.02 — 0.02 Adjusted net income per diluted share $ 0.24 $ 0.12 $ 1.05 $ 0.55 Weighted average diluted shares outstanding, as reported 28,245 27,068 27,528 26,939 (a) Represents the store impairment charge recorded at three stores in order to reduce the carrying amount of the assets to their estimated fair values. (b) The provision for income taxes uses an effective tax rate of 38.6% for both the fourteen-week and fifty-three week period ended April 1, 2017, and applies it to the non-GAAP income before taxes.
Boot Barn Holdings, Inc.
Store Count
Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 28, March 26, April 1, July 1, September 30, December 30, March 31, 2015 2016 2017 2017 2017 2017 2018 Store Count (BOP) 152 169 208 219 220 222 226 Opened/Acquired 18 47 12 1 4 4 — Relocated — — — — — —
— Closed Boot Barn Stores (1) (2) (1) — (2) — — Closed Sheplers Stores — (6) — — — — — Store Count (EOP) 169 208 219 220 222 226 226 Adjusted EBITDA Reconciliation
(In thousands)
(Unaudited)
Thirteen Weeks Ended Fourteen Weeks Ended March 31,
December 30, September 30, July 1,
April 1, 2018 2017 2017 2017 2017 Boot Barn's Net income $ 6,855 $ 20,149 $ 1,098 $ 777 $ 2,588 Income tax expense 619 425 751 506 1,624 Interest expense, net 3,808 3,821 3,789 3,658 3,851 Depreciation and intangible asset amortization 4,610 4,263 4,142 4,113 4,407 Boot Barn's EBITDA $ 15,892 $ 28,658 $ 9,780 $ 9,054 $ 12,470 Non-cash stock-based compensation (a) $ 398 $ 597 $ 678 $ 575 $ 763 Non-cash accrual for future award redemptions (b) (120 ) 47 (162 ) 5 (489 ) Loss on disposal of assets (c) 179 12 47 14 204 Store impairment charge (d) 83 - - - 1,164 Secondary offering costs (e) 294 - - - - Boot Barn's Adjusted EBITDA $ 16,726 $ 29,314 $ 10,343 $ 9,648 $ 14,112 Additional adjustments (f) 546 862 418 628 156 Consolidated EBITDA per Loan Agreements $ 17,272 $ 30,176 $ 10,761 $ 10,276 $ 14,268 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-boot-barn-holdings-inc-announces-fourth-quarter-and-fiscal-year-2018-financial-results.html |
SAN DIEGO, May 10, 2018 (GLOBE NEWSWIRE) -- La Jolla Pharmaceutical Company (Nasdaq:LJPC), a leader in the discovery, development and commercialization of innovative therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases, today announced financial results for the three months ended March 31, 2018 and highlighted recent corporate progress.
Recent Corporate Progress
In May 2018, La Jolla closed a $125 million royalty financing agreement with HealthCare Royalty Partners (HCR). Under the terms of the agreement, La Jolla will receive $125 million in exchange for tiered royalty payments on worldwide net sales of GIAPREZA. Payments under the agreement start annually at a maximum royalty rate, with step-downs based on the achievement of annual net sales thresholds. Through December 31, 2021, the royalty rate will be a maximum of 10%. Starting January 1, 2022, the maximum royalty rate may increase by 4% if an agreed-upon, cumulative sales threshold has not been met, and, starting January 1, 2024, the maximum royalty rate may increase by an additional 4% if a different agreed-upon, cumulative sales threshold has not been met. The agreement is subject to maximum aggregate royalty payments to HCR of 180% of the $125 million to be received by La Jolla, at which time the payment obligations under the agreement would expire. The agreement was entered into by La Jolla’s wholly owned subsidiary, La Jolla Pharma, LLC, and HCR has no recourse under the agreement against La Jolla or any assets other than GIAPREZA.
In March 2018, La Jolla announced the commercial availability of GIAPREZA™ (angiotensin II) injection for intravenous infusion (formerly known as LJPC-501). In December 2017, GIAPREZA was approved by the U.S. Food and Drug Administration (FDA) to increase blood pressure in adults with septic or other distributive shock. GIAPREZA mimics the body’s endogenous regulatory peptide that is central to the renin-angiotensin-aldosterone system to increase blood pressure. Prescribing information for GIAPREZA is available at www.giapreza.com .
In March 2018, an analysis, entitled “ Outcomes in Patients with Acute Kidney Injury Receiving Angiotensin II for Vasodilatory Shock ,” was presented at the 23rd International Conference on Advances in Critical Care Nephrology AKI & CRRT 2018. The manuscript of this analysis, entitled “Outcomes in patients with vasodilatory shock and renal replacement therapy treated with intravenous angiotensin II,” was published online in Critical Care Medicine . The presentation and manuscript detail the outcomes of patients with acute kidney injury (AKI) and vasodilatory shock enrolled in the ATHOS-3 (Angiotensin II for the Treatment of High-Output Shock) Phase 3 study of GIAPREZA. In this post-hoc analysis, the data from 105 AKI patients (GIAPREZA n=45; placebo n=60) requiring renal replacement therapy (RRT) at study drug initiation were analyzed. Survival through day 28 was 53% (95% CI: 38%-67%) for the GIAPREZA group compared to 30% (95% CI: 19%-41%) for the placebo group (p = 0.012). By day 7, 38% (95% CI: 25%-54%) of patients treated with GIAPREZA discontinued RRT compared to 15% (95% CI: 8%-27%) of patients treated with placebo (p = 0.007). Mean arterial pressure (MAP) response at hour 3 was achieved in 53% (95% CI: 38%-68%) of patients treated with GIAPREZA compared to 22% (95% CI: 12%-34%) of patients treated with placebo (p = 0.001).
In February 2018, an abstract, entitled “ Effect of Disease Severity on Survival in Patients Receiving Angiotensin II for Vasodilatory Shock ,” was presented at the Society of Critical Care Medicine’s (SCCM) 47th Critical Care Congress. The abstract, which was published in the January Supplement of Critical Care Medicine , includes results from a pre-specified analysis from the ATHOS-3 Phase 3 study of GIAPREZA in patients with high severity of illness, defined as an APACHE II (Acute Physiology and Chronic Health Evaluation II) score > 30 or baseline MAP < 65 mmHg, despite treatment with high-dose vasopressors. The authors presented data showing a lower 28-day mortality rate in patients with baseline APACHE II scores > 30 in the GIAPREZA group versus the placebo group: 28-day mortality was 51.8% (n = 58) for the GIAPREZA group compared to 70.8% (n = 65) for the placebo group (hazard ratio=0.62 [95% CI: 0.39, 0.98; p=0.037]). In patients with a baseline MAP < 65 mmHg, a trend towards improved 28-day mortality was seen in the GIAPREZA group compared to the placebo group: 28-day mortality was 54.2% (n = 52) for the GIAPREZA group compared to 70.4% (n = 50) for the placebo group (hazard ratio=0.66 [95% CI: 0.40, 1.09; p=0.10]).
“This first quarter was the start of an exciting and transformational year for La Jolla, highlighted by the commercial launch of GIAPREZA,” said George Tidmarsh, M.D., Ph.D., La Jolla’s President and Chief Executive Officer. “We are excited to bring this new treatment option to the many critically ill patients suffering from septic or other distributive shock.”
Results of Operations
As of March 31, 2018, La Jolla had $154.4 million in cash and cash equivalents, compared to $90.9 million as of December 31, 2017. On a pro-forma basis, adjusting for the net proceeds from the May 2018 royalty financing, La Jolla’s cash and cash equivalents as of March 31, 2018 were $279 million. Cash used for operating activities for the three months ended March 31, 2018 was $45.9 million, compared to $22.0 million for the same period in 2017. La Jolla recognized GIAPREZA net product sales of $0.8 million for the three months ended March 31, 2018. La Jolla launched GIAPREZA in March 2018. La Jolla’s net loss for the three months ended March 31, 2018 was $50.5 million, or $2.22 per share, compared to $23.2 million, or $1.26 per share, for the same period in 2017.
About Septic or Other Distributive Shock
Over one million Americans are affected by shock on an annual basis, with one in three patients being treated for shock in the intensive care unit. Distributive shock is the most common type of shock in the inpatient setting with approximately 800,000 distributive shock cases in the U.S. per year. Of these cases, an estimated 90% are septic shock patients. Approximately 300,000 do not achieve adequate blood pressure response with standard of care vasopressor therapy (catecholamines and vasopressin). The inability to achieve or maintain adequate blood pressure results in inadequate blood flow to the body’s organs and tissue and is associated with a mortality rate exceeding most acute conditions requiring hospitalization.
About GIAPREZA
In December 2017, GIAPREZA™ (angiotensin II) was approved by the U.S. Food and Drug Administration (FDA) to increase blood pressure in adults with septic or other distributive shock. GIAPREZA mimics the body’s endogenous regulatory peptide that is central to the renin-angiotensin-aldosterone system to increase blood pressure. Prescribing information for GIAPREZA is available at www.giapreza.com .
IMPORTANT SAFETY INFORMATION
Contraindications
None
Warnings and Precautions
There is a potential for venous and arterial thrombotic and thromboembolic events in patients who receive GIAPREZA. Use concurrent venous thromboembolism (VTE) prophylaxis.
Adverse Reactions
The most common adverse reactions that were reported in greater than 10% of GIAPREZA-treated patients were thromboembolic events.
Drug Interactions
Angiotensin converting enzyme (ACE) inhibitors may increase response to GIAPREZA. Angiotensin II receptor blockers (ARB) may reduce response to GIAPREZA.
You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.
For additional information, please see Full Prescribing Information .
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases. GIAPREZA™ (angiotensin II), formerly known as LJPC-501, was approved by the U.S. Food and Drug Administration (FDA) on December 21, 2017 as a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock. LJPC‑401 (synthetic human hepcidin), a clinical-stage investigational product, is being developed for the potential treatment of conditions characterized by iron overload, such as hereditary hemochromatosis, beta thalassemia, sickle cell disease and myelodysplastic syndrome. For more information, please visit www.ljpc.com .
Forward-looking Statements
This press release contains , as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to expectations regarding future events or La Jolla’s future results of operations. These statements are only predictions or statements of current expectations and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those anticipated by the . La Jolla cautions readers not to place undue reliance on any such , which speak only as of the date they were made. Certain of these risks, uncertainties and other factors are described in greater detail in La Jolla’s filings with the U.S. Commission (SEC), all of which are available free of charge on the SEC’s website www.sec.gov . These risks include, but are not limited to, risks relating to: our ability to successfully commercialize, market and achieve market acceptance of GIAPREZA and other product candidates; potential market sizes, including for septic or other distributive shock; the success of development activities for LJPC-401 and other product candidates, including post-approval studies for GIAPREZA; the successful and timely completion of clinical trials; unforeseen safety issues from the administration of product and product candidates in patients; and other risks and uncertainties identified in our filings with the SEC. Forward-looking statements are presented as of the date of this press release, and La Jolla expressly disclaims any intent to update any forward‑looking statements to reflect the outcome of subsequent events.
LA JOLLA PHARMACEUTICAL COMPANY
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31, 2018 2017 Revenue Net product sales $ 809 $ — Total revenue 809 — Operating expenses Cost of product sales 58 — Research and development 28,429 17,765 Selling, general and administrative 23,016 5,503 Total operating expenses 51,503 23,268 Loss from operations (50,694 ) (23,268 ) Other income, net 166 28 Net loss $ (50,528 ) $ (23,240 ) Net loss per share, basic and diluted $ (2.22 ) $ (1.26 ) Weighted-average common shares outstanding, basic and diluted 22,742 18,410
LA JOLLA PHARMACEUTICAL COMPANY
Condensed Consolidated Balance Sheets
(in thousands, except share and par value amounts)
March 31,
2018 December 31,
2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 154,408 $ 90,915 Inventory 820 — Prepaid expenses and other current assets 6,326 3,147 Total current assets 161,554 94,062 Property and equipment, net 24,438 24,568 Restricted cash 909 909 Total assets $ 186,901 $ 119,539 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 7,321 $ 11,484 Accrued clinical and other expenses 4,280 703 Accrued payroll and related expenses 3,044 4,995 Deferred rent, current portion 1,370 1,370 Total current liabilities 16,015 18,552 Deferred rent, less current portion 13,473 12,785 Total liabilities 29,488 31,337 Shareholders’ equity: Common Stock, $0.0001 par value; 100,000,000 shares authorized,
26,154,439 and 22,167,529 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 3 2 Series C-1 2 Convertible Preferred Stock, $0.0001 par value; 11,000 shares authorized, 3,906 shares issued and outstanding at March 31, 2018 and December 31, 2017, and liquidation preference of $3,906 at March 31, 2018 and December 31, 2017 3,906 3,906 Series F Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized,
2,737 shares issued and outstanding at March 31, 2018 and December 31, 2017, and liquidation preference of $2,737 at March 31, 2018 and December 31, 2017 2,737 2,737 Additional paid-in capital 922,809 803,071 Accumulated deficit (772,042 ) (721,514 ) Total shareholders’ equity 157,413 88,202 Total liabilities and shareholders’ equity $ 186,901 $ 119,539 Company Contacts
Sandra Vedrick
Director, Investor Relations & Human Resources
La Jolla Pharmaceutical Company
Phone: (858) 207-4264 Ext: 1135
Email: svedrick@ljpc.com
and
Dennis M. Mulroy
Chief Financial Officer
La Jolla Pharmaceutical Company
Phone: (858) 207-4264 Ext: 1040
Email: dmulroy@ljpc.com
Source:La Jolla Pharmaceutical Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-la-jolla-pharmaceutical-company-announces-financial-results-for-the-three-months-ended-march-31-2018-and-recent-corporate.html |
May 10, 2018 / 11:39 AM / in 13 minutes CANADA STOCKS-TSX futures dip on political uncertainty Reuters Staff 4 Min Read
May 10 (Reuters) - Stock futures pointed to a lower opening for Canada’s main stock index on Thursday amid political uncertainty after Israel said it attacked nearly all of Iran’s military infrastructure in Syria after Iranian forces fired rockets at Israeli-held territory for the first time.
It was the heaviest Israeli barrage in Syria since the start in 2011 of its civil war, in which Iranians, allied Shi’ite militias and Russian soldiers have deployed in support of President Bashar al-Assad.
June futures on the S&P TSX index were down 0.24 percent at 7:15 a.m. ET.
New housing price index data for March is due at 8:30 a.m. ET
The Toronto Stock Exchange’s S&P/TSX rose 68.10 points, or 0.43 percent, to 15,910.81 as oil prices rose in the wake of the decision by U.S. President Donald Trump to quit a nuclear deal with Iran.
Dow Jones Industrial Average e-mini futures were down 0.01 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.09 percent and Nasdaq 100 e-mini futures were up 0.14 percent.
(Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES
Enbridge Inc’s first-quarter profit handily topped analysts’ forecasts on Thursday, as Canada’s largest pipeline operator transported higher volumes of crude oil and natural gas.
Canadian auto parts maker Magna International Inc raised its full-year sales and profit forecasts on Thursday after posting higher sales across its businesses in the first quarter.
Canadian telecom provider Telus Corp reported a 2.4 percent drop in first-quarter profit on Thursday, hurt by higher operating expenses.
Retailer Canadian Tire Corp said on Thursday it would buy Norway-based sportswear and work-wear brand Helly Hansen for C$985 million, including debt. ANALYST RESEARCH HIGHLIGHTS
Alcanna Inc: CIBC cuts price target to C$10 from C$13
Franco-Nevada: National Bank of Canada raises target price to C$107.50 from C$105
Open Text Corp: Barclays raises target price to C$59 from C$57
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,316.5; +0.27 pct
U.S. crude: $71.51; +0.52 pct
Brent crude: $77.33; +0.16 pct
LME 3-month copper: $6,892.5; +1.21 pct U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Core CPI mm, SA for Apr: Expected 0.2 pct; Prior 0.2 pct
0830 Core CPI yy, NSA for Apr: Expected 2.2 pct; Prior 2.1 pct
0830 CPI Index, NSA for Apr: Expected 250.684; Prior 249.554
0830 Core CPI Index, SA for Apr: Prior 256.2
0830 CPI mm, SA for Apr: Expected 0.3 pct; Prior -0.1 pct
0830 CPI yy, NSA for Apr: Expected 2.5 pct; Prior 2.4 pct
0830 Real weekly earnings mm for Apr: Expected -0.1 pct; Prior 0.4 pct
0830 Initial jobless claims: Expected 218,000; Prior 211,000
0830 Jobless claims 4-week average: Prior 221,500
0830 Continued jobless claims: Expected 1.778 mln; Prior 1.756 mln
1100 Cleveland fed CPI for Apr: Prior 0.3 pct
1400 Federal Budget for Apr: Expected $193.75 bln; Prior -$209.00 bln FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.28) (Reporting by Nandi Kaul in Bengaluru; Editing by Bernard Orr) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-futures-dip-on-political-uncertainty-idUSL3N1SH4IT |
Pool | Getty Images Kristen Gibbons Feden
On April 26, Bill Cosby was found guilty of three counts of aggravated indecent assault for drugging and sexually assaulting former Temple University employee Andrea Constand.
The verdict was the first legal victory of the #MeToo movement , considered by many to be a watershed moment for survivors of sexual assault, and the woman responsible was 35-year-old prosecutor Kristen Gibbons Feden.
Feden, who worked on many sex crime trials as an assistant district attorney in Montgomery County, Pennsylvania, delivered a closing argument that The New York Times argues would have become a "viral moment" had cameras been permitted in the courtroom. Photo courtesy of Getty Prosecutor Kristen Gibbons Feden
Looking at 80-year-old Cosby from across the courtroom, Feden called the entertainer a "con artist" and shamed his lawyer, Kathleen Bliss, for her characterizations of the women testifying against Cosby as fame-seeking, promiscuous party girls.
"I'm a very loud person, and I don't like seeing people get picked on," Feden told The New York Times. "I'm also a very emotional person. That can be a flaw, but it can also be used as a tool."
Feden grew up in Willingboro, New Jersey, and attended law school at Temple University after working for two years as a financial analyst at Bloomberg in New York. While at Temple, she was a member of the Temple National Trial team and an editor for the Temple Political and Civil Rights Law Review.
After graduating in 2009, Feden started her legal career as a clerk for Hon. Garrett D. Page, a Montgomery County Court of Common Pleas judge. In 2012, she joined the office of the Montgomery County district attorney, where she focused on sex crimes and elder abuse cases.
It was in this role that she was assigned to work with District Attorney Kevin R. Steele on the case, which alleged that Cosby had sexually assaulted Constand in his home in 2004.
The case first went to trial in June 2017. Feden delivered the opening statement, and the trail ended with a deadlocked jury and a mistrial. Three months later, Feden left the district attorney's office to join Philadelphia law firm Stradley Ronon , but took a leave from the firm to serve as a prosecutor in Cosby's retrial. Bill Sasso, chairman of the law firm, says he recruited Feden after she was featured on Philadelphia Business Journal's "40 Under 40" list. Gilbert Carrasquillo | Getty Images Comedian/actor Bill Cosby arrives at Montgomery County Courthouse on July 7, 2016 in Norristown, Pennsylvania
Cosby's case is Feden's most notable one to date, and she says she hopes people who have followed the trial will understand that "as much as people like to judge and blame the victims, the victim is already judging and blaming herself."
After the mistrial in 2017, Feden says was determined to do all she could to ensure a guilt verdict at Cosby's retrial. She tells The New York Times that as she prepared to deliver her closing argument, she went back and made additional notes to her original statement after hearing Bliss speak.
"What I tried to do was contrast her character assassination with these very humane, very human emotions that had been flowing from the witness box," she said.
After Thursday's verdict, District Attorney Steele credited Feden with helping the jury reach its final decision.
"She was adamant, adamant about what to do," he said .
The morning after the verdict was announced, Constand took to Twitter to thank Feden and everyone else who worked tirelessly to bring Cosby to justice. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/meet-kristen-gibbons-feden-the-35-year-old-who-prosecuted-bill-cosby.html |
* Dollar eases vs basket of major currencies
* Profit-taking sets in after its recent rally
* Dollar index on track for third straight weekly gain (Updates prices, adds comments)
By Masayuki Kitano
SINGAPORE, May 4 (Reuters) - The dollar held steady against a basket of currencies on Friday, having retreated from four-month highs on profit-taking, with the focus on whether U.S. jobs data will provide the spark for another push higher.
The dollar has erased all its 2018 losses over the past few weeks on expectations the Federal Reserve will continue to raise interest rates while other central banks, including the European Central Bank, take longer to reduce stimulus.
Additional dollar gains will likely depend on data showing a further improvement in growth and inflation, which could fan speculation that the U.S. central bank will raise interest rates this year three more times.
The dollar’s index against a basket of six major currencies held steady at 92.417. That was down from a peak of 92.834 set on Wednesday, the greenback’s strongest level since late December.
The dollar index has climbed more than 0.9 percent so far this week, putting it on track for a third straight weekly gain.
The Fed held interest rates steady on Wednesday and expressed confidence that a recent quickening in inflation to near the central bank’s target would be sustained, leaving it on track to raise borrowing costs in June.
Some analysts interpreted the Fed’s comments on inflation as a signal it may allow price growth beyond its target, a stance that would limit the need for it to embark on a more aggressive path of tightening.
Friday’s employment report for April will be evaluated for further indications of the strength of the U.S. labour market and inflation pressures.
“Any slowdown in the pace of wage growth should re-energise dollar bears,” Christopher Wong, senior FX strategist for Maybank in Singapore, said in a note.
Key support for the dollar index lies at its 200-day moving average, which is now near 92, Wong added.
Nonfarm payrolls probably increased by 192,000 jobs last month, according to a Reuters survey of economists. Payrolls rose by 103,000 positions in March, the smallest gain in six months, which economists dismissed as payback after unseasonably mild weather boosted hiring in February.
Average hourly earnings are expected to have risen 0.2 percent last month. That would leave the annual increase in average hourly earnings at 2.7 percent, steady from the pace recorded in March.
If the U.S. data points to solid wage growth, the dollar is likely to rise, especially against the euro, said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
“If...wages come out a little bit stronger than expected, I think the euro tests $1.19,” Innes said.
The euro held steady at $1.1987, staying above a near four-month low of $1.1938 set on Wednesday.
The common currency had risen 0.3 percent on Thursday, shrugging off data showing an unexpected slowdown in euro zone inflation, as the dollar’s recent rally paused.
The U.S. dollar eased 0.1 percent to 109.08 yen, down from a three-month high of 110.05 yen struck on Wednesday.
The Australian dollar bounced modestly as speculators took profits on long U.S. dollar positions. The Aussie rose 0.2 percent to $0.7549, pulling away from an 11-month low near $0.7472 set earlier in the week. (Reporting by Masayuki Kitano Editing by Eric Meijer and Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-down-from-4-month-highs-ahead-of-u-s-jobs-data-idUSL3N1SB1EK |
May 3, 2018 / 11:05 AM / Updated an hour ago COLUMN-Low income shortens lives, putting Social Security in a bind Reuters Staff
(The opinions expressed here are those of the author, a columnist for Reuters.)
By Mark Miller
CHICAGO, May 3 (Reuters) - Americans are all living longer, so it only makes sense to push back the eligibility age for Social Security - right?
Pushing back the age when workers can claim their full benefit may sound like the fair thing to do in a era of rising longevity - and it would help fix Social Security’s long-range financial imbalance.
But this easy-sounding fix masks two crucial problems. It makes a higher retirement age sound painless - when it actually would cut everyone’s benefits by moving back the goal posts on when you can claim full benefits. Just as important, a higher retirement age would be especially unfair to lower-income workers.
Average longevity has been rising in the United States, but all of the gains have been experienced in higher-income households. A number of studies have reached this conclusion in recent years - but now comes a report from the horse’s mouth, so to speak - the actuaries at the Social Security Administration.
By using mortality and earnings data from the agency’s massive database on American workers, this report confirms that lifetime earnings have a profound impact on longevity. The findings should help put the brakes on any proposal to solve Social Security’s long-range financial imbalance by lifting retirement ages.
The study examines five income segments (quintiles) using Average Indexed Monthly Earnings (AIME), a Social Security measure that averages your top 35 years of earnings when you reach age 60, indexed to reflect average wage growth in the economy. The SSA actuaries compared mortality (death rates) by sex and age. They found lower mortality (death rates) for retired worker beneficiaries with higher-than-average AIME levels, and higher death rates for retired-worker beneficiaries with lower-than-average AIME levels.
The differences are expressed as mortality ratios. An AIME mortality of 1.00 means death rates for a given group were equal to the group as a whole; ratios lower than that number indicate lower mortality, while higher numbers indicate - well, earlier curtains.
Just one example of how this plays out: in 2015, retired men age 62-64 in the highest income quintile had a ratio of 0.52, while those in the lowest income quintile had a ratio of 1.77. The comparable figures for women were not much different - 0.73 for the highest income quintile, and 1.54 for the lowest.
A BENEFIT CUT - NO MATTER WHEN YOU RETIRE
Yet rising longevity is cited routinely as a justification for raising the Social Security full retirement age (FRA). Consider, for example, the Republican-sponsored Social Security Reform Act of 2016. It repeatedly references rising longevity, and a cornerstone element would gradually raise the FRA to 69.
Two years might not sound like much - but recall that we already have raised the FRA as part of the last set of Social Security reforms, enacted in 1983. At the time, Social Security faced a real crisis, with the program due to run out of funds within 18 months. The 1983 reforms gradually raised the FRA from 65 to 67 for workers born in 1960 or later.
Make no mistake - a higher FRA is a benefit cut, no matter when you retire. To understand how that occurs, it is helpful to take a quick refresher on how the timing of your claim affects benefits.
To determine your benefit amount, the SSA starts by translating your AIME into something called the primary insurance amount (PIA). This is a weighted formula that gives a higher benefit relative to career earnings for a lower earner than for a high earner - a bit like income tax brackets. You receive 90 percent of AIME for the first segment (up to $895 for 2018), 32 percent for the second bracket (up to $5,397) and 15 percent for any amount of remaining AIME.
If you wait until the full retirement age (currently 66), you would receive 100 percent of PIA. If you start at 62 (the earliest opportunity), you will receive a reduced benefit for the rest of your life - 25 percent lower. By waiting until after full retirement age (66), you would get the delayed retirement credit, which is 8 percent for each 12-month period that you delay. The credits are available until age 70.
But raising the FRA reduces benefits no matter when you claim. How does this play out? A 2015 report by a group of policy experts for the National Academy of Sciences (NAS) expresses it simply: If we raised the FRA from 67 to 70, a worker claiming benefits at age 67 would receive 100 percent of PIA before the reform, but 80 percent afterward - in other words, it is a 20 percent benefit cut.
How about workers with higher mortality rates?
The NAS study examined the impact of the changing gap in life expectancy by income over time, comparing workers born in 1930 and 1960. The researchers found that raising the FRA to 70 would fall disproportionately on lower-income workers. For men born in 1930, lifetime benefits would fall by 25 percent ($31,000) for the lowest-income workers, and 22 percent for the highest-income group ($50,000).
One solution is to revise the Social Security bend points to restore lost benefits to lower-income workers. But whatever solutions are considered should push beyond all the loose talk about averages. (Editing by Matthew Lewis) | ashraq/financial-news-articles | https://www.reuters.com/article/column-miller-socialsecurity/column-low-income-shortens-lives-putting-social-security-in-a-bind-idUSL1N1S90YW |
A Rare Eye Cancer Has Started to Appear in 2 States Peter A. Kemmer—Getty Images By Emily Price 3:24 PM EDT
Three friends who attended Auburn University in Alabama have all developed the same rare eye cancer — ocular melanoma, an eye cancer that typically only affects six in every 1 million people.
If that wasn’t strange enough: One of the girls created a Facebook page, where she found 36 more people who have been diagnosed with the eye cancer — 18 in Huntersville, North Carolina, CBS News reports .
The two groups with the rare eye cancer appear to be “cancer clusters.” Researchers at the Sidney Kimmel Cancer Center at Thomas Jefferson University in Philadelphia are currently attempting to figure out what has caused the two cancer groupings. But the Alabama Department of Health told CBS that “it would be premature to determine that a cancer cluster exists in the area.”
Many of the patients affected by the rare eye cancer travel to the Philadelphia center for treatment, according to the report, simply because ocular melanoma is so rare that many doctors aren’t trained on how to treat it.
There is currently no cure for ocular melanoma, and treatment typically involves the removal of the eye affected by the cancer.
| ashraq/financial-news-articles | http://fortune.com/2018/05/01/eye-cancer-ocular-melanoma-auburn/ |
May 15 (Reuters) - Immune Pharmaceuticals Inc:
* IMMUNE PHARMACEUTICALS PRESENTS UPDATED POSITIVE RESULTS FROM PHASE 2 TRIAL OF BERTILIMUMAB IN BULLOUS PEMPHIGOID
* IMMUNE PHARMACEUTICALS INC - POSITIVE DATA SUPPORT COMPANY’S PLANS TO COMMENCE PIVOTAL REGISTRATION STUDY IN 2019
* IMMUNE PHARMACEUTICALS INC - RESULTS FROM ALL SUBJECTS CONFIRM “EXCELLENT” SAFETY AND TOLERABILITY Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-immune-pharma-presents-positive-re/brief-immune-pharma-presents-positive-results-from-phase-2-trial-of-bullous-pemphigoid-treatment-idUSASC0A2BF |
* Exit polls see almost 70 pct backing change
* Anti-abortion campaigners say picture “bleak”
* Vote a landmark in Irish social history
* Official count begins
* Graphic on abortion policy tmsnrt.rs/2Lu7DM7
By Padraic Halpin and Conor Humphries
DUBLIN, May 26 (Reuters) - Ireland is set to liberalise some of the world’s most restrictive abortion laws after exit polls suggested a landslide vote for change in what was until recently one of Europe’s most socially conservative countries.
As the vote count began on Saturday morning, the official LoveBoth campaign against liberalisation conceded that the polls painted “a bleak picture” for their efforts to retain a constitutional ban imposed in a 1983 referendum.
“It’s a Yes” read a banner front-page headline in the country’s best-selling newspaper, the Irish Independent, which described it as “a massive moment in Ireland’s social history”.
An Irish Times/Ipsos MRBI exit poll suggested that voters in the once deeply Catholic nation had on Friday backed change by 68 percent to 32 percent. An RTE/Behaviour & Attitudes survey put the margin at 69 percent to 31 percent.
Voters were asked if they wish to scrap a 1983 amendment to the constitution that gives an unborn child and its mother equal rights to life. The consequent prohibition on abortion was partly lifted in 2013 for cases where the mother’s life was in danger.
If confirmed, the outcome will be the latest milestone on a path of change for a country which only legalised divorce by a razor thin majority in 1995 before becoming the first in the world to adopt gay marriage by popular vote three years ago.
“It’s looking like we will make history tomorrow,” Prime Minister Leo Varadkar, who was in favour of change, said on Friday night on Twitter.
Vote-counting began at 0800 GMT across the country on Saturday, with the first indication of results expected mid-morning. Campaigners for change, wearing “Repeal” jumpers and “Yes” badges, gathered at the main Dublin count centre, many in tears and hugging each other.
PARLIAMENTARY BATTLE A senator with the opposition Labour Party monitoring the count told Reuters that early tallies suggested the opinion polls were accurate.
“The exit poll I would say is bang on. We’ve done it,” said Kevin Humphries, a former junior minister who campaigned for more access to abortion.
No social issue has divided Ireland’s 4.8 million people as sharply as abortion, which was pushed up the political agenda by the death in 2012 of a 31-year-old Indian immigrant from a septic miscarriage after she was refused a termination.
Campaigners left flowers and candles at a large mural of the woman, Savita Halappanavar, in central Dublin.
The Irish Times exit poll showed overwhelming majorities in all age groups under 65 voted for change, including almost nine in every 10 voters under the age of 24.
The fiercely contested vote divided political parties, saw the once-mighty church take a back seat, with the campaign defined by women on both sides publicly describing their personal experiences of terminations.
Although not on the ballot paper, the “No” camp sought to seize on government plans to allow abortions with no restriction up to 12 weeks into a pregnancy if the referendum is carried, calling it a step too far for most voters.
The result is likely to be followed by a battle in parliament on how exactly access to abortion will be increased.
“We will hold the Taoiseach (prime minister) to his promise that repeal would only lead to abortion in very restrictive circumstances. He gave his word on this, now he must deliver on it,” Dr Ruth Cullen, an anti-abortion campaigner with LoveBoth said.
Additional reporting by Graham Fahy
| ashraq/financial-news-articles | https://www.reuters.com/article/ireland-abortion/ireland-set-to-end-abortion-ban-as-exit-polls-signal-landslide-vote-idUSL5N1SX04H |
EditorsNote: adds Quote: s from Saric, Simmons and Stevens
Dario Saric had a playoff-career-high 25 points, and T.J. McConnell contributed a career-best 19 points and seven assists as the host Philadelphia 76ers staved off elimination with a 103-92 win over the Boston Celtics in Game 4 on Monday night.
Ben Simmons totaled 19 points, 13 rebounds and five assists, and Joel Embiid finished with 15 points and 13 boards for the 76ers, who trail the best-of-seven Eastern Conference semifinals series 3-1.
Jayson Tatum had 20 points and Marcus Morris 17 for the Celtics. Boston won the first two games of the series at home before earning a 101-98 overtime victory in Game 3 on Saturday. The Celtics are 1-4 on the road in the playoffs.
No team in NBA history has won a series after trailing 3-0.
“We have nothing to lose,” McConnell told TNT after the game. “Our coach told us ... the team that’s winning (3-0) is 129-0, so we really have nothing to lose. We’re playing our hearts out and just trying to be that one team.”
Game 5 is Wednesday night in Boston.
The 76ers shot 40.4 percent (38 of 94) from the floor and outrebounded the visitors 53-43. The Celtics made 41.3 percent (31 of 75) of their field-goal attempts.
“After you’re down 3-0 (in the series), you come on the court and fight and try to follow the game plan. We did it,” Saric said. “We deserved this win.”
Philadelphia led by as many as 18 points in the third quarter and was up 76-65 after three. Boston couldn’t trim its deficit below 10 in the fourth.
Terry Rozier’s driving layup with 3:34 left in the third had the Celtics within 66-62 before an Ersan Ilyasova finger-roll layup sparked a game-turning 10-0 run for the 76ers.
Philadelphia led 47-43 at halftime.
Morris’ trey matched the Celtics’ biggest lead of six at 38-32 with 4:30 to play in the second quarter. Saric converted a three-point play on the next possession to spark a 15-5 Philadelphia run to end the first half.
“We knew this was the final opportunity to get back into the series and everyone is aware of that,” Simmons said. “The energy that T.J. brought was huge for us, and he stepped up. ... I think everyone fed off of that energy, we really took care of business and nobody was lacking. Everyone was picking each other up and playing together.”
Celtics coach Brad Stevens said of McConnell, “He was great. He was a tough guy. He’s a heck of a basketball player, and obviously, we didn’t do a great job of defending him and his impact was tremendous.”
Boston reserve Shane Larkin left the game with a left shoulder injury after colliding with Embiid in the first quarter. He did not return.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/basketball-nba-phi-bos-recap/76ers-dump-celtics-in-game-4-avoid-sweep-idUSMTZEE58DWITVI |
STOCKHOLM (Reuters) - The smallest nation ever to qualify for the World Cup will also be the tournament’s worst-kept secret as Iceland’s giant-killing performances in 2016 sent a loud and clear warning that they will not be in Russia just to make up the numbers.
Having come agonizingly close to reaching the 2014 World Cup finals in Brazil only to lose in a two-legged playoff to Croatia, Iceland made it to Euro 2016 where they went on a deep, thrilling run.
They drew with Portugal and Hungary before beating Austria to get out of their group, and claimed the scalp of England en route to the quarter-finals where they were knocked out by hosts France.
After years of gradual but continuous improvement, the gritty 2-1 win over 1966 World Cup winners England blew away any doubts that the tiny island nation could hold its own on the world stage.
Much of the credit for their success was given to Swedish coach Lars Lagerback, but even though he departed after the tournament, the team have continued to play the same brand of quick, rugged football that brought them so much success.
Replaced by his assistant Heimir Hallgrimsson, Iceland notched up seven wins, two draws and just a single defeat to top Group I ahead of Croatia, who booked their own berth by beating Greece in a playoff.
Their best performance in qualifying came in their first home game when they were 2-1 down to Finland, but two stoppage-time goals by Alfred Finnbogason and Ragnar Sigurdsson gave them all three points in a rip-roaring finish.
Perhaps unsurprisingly, given that there is a population of only just over 300,000 to choose from, the squad lacks depth, but every player who takes the field is very clear about their role in the team.
Their recent success is built on unrelenting defensive discipline to win the ball in their own half before counter-attacking at pace.
They are also not averse to stopping counter-attacks by conceding a cynical free kick when they lose possession to allow time to regroup.
Led by playmaker Gylfi Sigurdsson, the Icelandic squad may not be household names but, pitted against Argentina, Nigeria and their old foes Croatia, they will have plenty of opportunities to write their names in the World Cup history books this year.
Reporting by Philip O'Connor
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-ice-prospects/iceland-set-to-punch-above-world-cup-weight-in-russia-idUSKCN1IN2GK |
HONG KONG—Global investors looking to buy stakes in China’s most valuable private technology company are being forced to pick a side in the nation’s biggest business rivalry.
Ant Financial Services Group, a financial-technology juggernaut controlled by billionaire Jack Ma, is preparing to close a $10 billion private fundraising round that would value the Hangzhou-based company at $150 billion, according to people familiar with the matter. As part of the deal, investors putting money into Ant have to agree not to invest in... | ashraq/financial-news-articles | https://www.wsj.com/articles/want-to-invest-in-jack-ma-avoid-alibabas-rivals-1526814325 |
34% increase in fleet capacity YTD 2018
Acquired four containerships YTD 2018 for $129.0 million 59% increase in sequential quarterly EBITDA $15.7 million EBITDA for Q1 2018 vs. $9.9 million for Q4 2017 Raised $30.0 million equity in March 2018 $119.0 million sale and lease back agreement extending maturities to 2023 $61.0 million new term loan facilities
MONACO, May 08, 2018 (GLOBE NEWSWIRE) -- Navios Maritime Containers Inc. ("Navios Containers " or "the Company") (N-OTC:NMCI), a growth vehicle dedicated to the container sector of the maritime industry, today reported financial results for the first quarter ended March 31, 2018.
HIGHLIGHTS -- RECENT DEVELOPMENTS
Vessel Acquisitions
In April 2018, Navios Containers agreed to acquire from Navios Maritime Partners L.P. (“Navios Partners”) the YM Utmost and YM Unity, two 2006-built containerships each of 8,204 TEU for an aggregate purchase price of $67.0 million. These vessels are time chartered out at a net daily charter rate of $34,266 per vessel until August 2018 and October 2018, respectively. The acquisition of the YM Utmost and YM Unity was unanimously approved by a Special Committee of the independent members of the Board of Directors of Navios Containers. The acquisition of the vessels will be financed with a $36.0 million term loan facility and the balance with available cash. The term loan facility has an amortization profile of 7 years, matures in June 2022 and bears interest at LIBOR plus 325 bps per annum.
In March 2018, the Company agreed to acquire one 2010-built 10,000 TEU containership from an unrelated third party for a purchase price of $50.25 million. This vessel is employed on time charter with a net daily charter rate of $26,663 until March 2019. The acquisition of the vessel will be financed with a $25.0 million term loan facility and the balance with available cash. The facility has an amortization profile of 9 years, matures in June 2023 and bears interest at LIBOR plus 300 bps per annum.
The Company expects to take delivery of all three vessels within the second quarter of 2018.
As previously announced, in March 2018 the Company took delivery of a 2010-built 4,250 TEU containership for a purchase price of $11.78 million. Navios Containers financed the acquisition of the vessel with cash on its balance sheet and $6.0 million of bank debt under one of its existing term loan facilities. The vessel has been chartered out at a daily net rate of $10,468 until May 2019.
New Sale and Leaseback Agreement - Refinancing Existing Credit Facilities – Extending Maturities to 2023
In March 2018 the Company executed a term sheet for an up to $119.0 million sale and leaseback agreement with a leading Chinese institution in order to refinance its credit facilities maturing in the fourth quarter of 2019, which had an outstanding balance of $92.4 million as of March 31, 2018. The term sheet provides for 60 monthly payments of $1.4 million each. In the definitive agreements, Navios Containers will have an obligation to purchase the vessels at the end of fifth year for $59.5 million. The refinancing (if completed) is expected to release approximately $26.6 million of cash, before fees and expenses, and reduce the debt service cost for the remainder of 2018 by approximately $22.7 million, providing the Company with an aggregate $49.3 million of incremental cash during 2018. The transaction is expected to close within the second quarter of 2018. No assurances can be provided that the Company will successfully refinance these credit facilities or that the terms will be as described in this press release.
Fleet Development
Assuming the closing of these vessel acquisitions, Navios Containers will own a fleet of 25 vessels totaling 119,538 TEU. The current average age of the fleet is 10.1 years (See Exhibit II). As of May 4, 2018 and assuming closing of these vessel acquisitions, Navios Containers has chartered-out 69.3% and 20.4% of available days for the remaining nine months of 2018 and for 2019, respectively, which are expected to generate $87.3 million and $45.8 million in revenue, respectively. The average expected daily charter-out rate for the fleet is $18,780 and $24,644 for the remaining nine months of 2018 and for 2019, respectively and the total expected available days for the remaining nine months of 2018 and for 2019, are 6,707 days and 9,125 days, respectively.
Private Placement
On March 13, 2018, Navios Containers closed a private placement of 5,454,546 shares at a subscription price of $5.50 per share, resulting in gross proceeds of $30.0 million. Navios Partners and Navios Maritime Holdings Inc. (“Navios Holdings”) invested $15.0 million at the subscription price and received 2,720,004 shares. Navios Partners and Navios Holdings also received warrants for 370,909 shares and 92,727 shares, respectively, with a five-year term.
As of March 31, 2018, Navios Partners and Navios Holdings hold 13,538,186 common shares representing 39.1% of the equity of Navios Containers. Both Navios Partners and Navios Holdings hold warrants for 2,353,011 shares and 588,253 shares with a five-year term, representing 6.8% and 1.7% of the total equity of Navios Containers, respectively.
Earnings Highlights
EBITDA is a non-U.S. GAAP financial measure and should not be used in isolation or as substitute for Navios Containers’ results calculated in accordance with U.S. GAAP. See Exhibit I under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of EBITDA of Navios Containers and a reconciliation of this measure to the most comparable measures calculated under U.S. GAAP.
First Quarter 2018 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The first quarter 2018 information presented below was derived from the unaudited condensed consolidated financial statements for the respective period.
Three Month Period
Ended March 31,
2018 (unaudited) Revenue $ 29,917 Net Income $ 3,041 Net cash provided by operating activities $ 7,381 EBITDA $ 15,706 Basic Earnings per Share $ 0.10
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the Navios Containers' operations and its fleet performance for the three month period ended March 31, 2018 and December 31, 2017 respectively.
Three Month Period
Ended March 31, 2018 Three Month
Period Ended
December 31,
2017 Available Days (1) 1,907 1,434 Operating Days (2) 1,877 1,352 Fleet Utilization (3) 98.4 % 94.3 % Vessels operating at period end 22 21 TCE (4) $ 15,259 $ 14,232
(1 ) Available days for the fleet are total calendar days the vessels were in Navios Containers' possession for the relevant period after subtracting off-hire days associated with major repairs, drydocking or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues. (2 ) Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. (3 ) Fleet utilization is the percentage of time that Navios Containers' vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels. (4 ) TCE is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period.
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. (N-OTC:NMCI) is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit its website at www.navios-containers.com .
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit its website: www.navios.com .
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE:NMM) is a publicly traded master limited partnership which owns and operates container and dry bulk vessels. For more information, please visit its website at www.navios-mlp.com .
Forward Looking Statements - Safe Harbor
This press release contains forward-looking statements concerning future events, including future contracted revenues and rates, EBITDA, future available days, future financial performance of the fleet, timing of vessel deliveries, vessel acquisitions, financing activities, and Navios Containers' growth strategy and measures to implement such strategy, including future vessel acquisitions and the ability to secure or refinance related financing, the further growth of our containership fleet, and entering into further time charters. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Containers at the time these statements were made. Although Navios Containers believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Containers. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to the future vessel acquisitions, the quality of the fleet and the market for the fleet vessels, the uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the container shipping sector in general, fluctuations in charter rates for container carrier vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance, and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Containers operates, and risks associated with global operations. Navios Containers expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Containers' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or statement about the performance of its common stock.
Contact:
Navios Maritime Containers Inc.
+1.212.906.8648
investors@navios-containers.com
EXHIBIT I
NAVIOS MARITIME CONTAINERS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. dollars - except for share and per share data)
Three Month Period Ended
March 31, 2018
(unaudited) Revenue 29,917 Time charter and voyage expenses (811 ) Direct vessel expenses (228 ) Management fees (entirely through related parties transactions) (11,639 ) General and administrative expenses (1,690 ) Depreciation and amortization (10,566 ) Interest expense and finance cost, net (1,871 ) Other expense, net (71 ) Net income $ 3,041 Net earnings per share, basic and diluted $ 0.10 Weighted average number of shares, basic and diluted 30,239,463
NAVIOS MARITIME CONTAINERS INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Expressed in thousands of U.S. dollars – except for share data)
March 31, December 31,
2017
(unaudited) 2018 (unaudited) ASSETS Current assets Cash and cash equivalents $ 32,914 $ 14,221 Restricted cash 377 280 Accounts receivable, net 199 642 Balance due from related companies, current 12,648 5,643 Inventories 854 536 Prepaid and other current assets 1,554 49 Total current assets 48,546 21,371 Vessels, net 189,663 177,597 Intangible assets 48,651 58,496 Deferred dry dock and special survey costs, net 3,355 3,582 Balance due from related companies, non-current 6,314 5,765 Total non-current assets 247,983 245,440 Total assets $ 296,529 $ 266,811 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 1,416 $ 582 Accrued expenses 4,617 3,934 Deferred income and cash received in advance 3,235 2,544 Current portion of long-term debt, net 40,747 42,499 Total current liabilities 50,015 49,559 Long-term debt, net of current portion 73,700 76,534 Total non-current liabilities 73,700 76,534 Total liabilities $ 123,715 $ 126,093 Commitments and contingencies Stockholders’ equity Common stock — $0.0001 par value,
75,000,000 authorized registered ordinary
shares, 34,603,100 and 29,148,554 issued
and outstanding as of March 31, 2018 and
December 31, 2017. 3 3 Additional paid-in capital 167,132 138,077 Retained earnings 5,679 2,638 Total stockholders’ equity 172,814 140,718 Total liabilities and stockholders’ equity $ 296,529 $ 266,811
NAVIOS MARITIME CONTAINERS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. dollars – except for share data)
Three Month Period Ended
March 31, 2018
(unaudited) OPERATING ACTIVITIES: Net income $ 3,041 Adjustments to reconcile net income to net cash used in
operating activities: Depreciation and amortization 10,566 Amortization of deferred financing costs 271 Amortization of deferred drydock and special survey costs 228 Changes in operating assets and liabilities: Decrease in accounts receivable 443 Increase in balance due from related companies, current (7,005 ) Increase in inventories (318 ) Increase in prepaid and other current assets (1,505 ) Increase in balance due from related companies, non-current (549 ) Increase in accounts payable 834 Increase in accrued expenses 684 Increase in deferred income and cash received in advance 691 Net cash used in operating activities $ 7,381 INVESTING ACTIVITIES: Acquisition of vessels (12,788 ) Net cash used in investing activities $ (12,788 ) FINANCING ACTIVITIES: Repayment of long term debt (10,858 ) Proceeds from long-term debt 6,000 Proceeds from issuance of common shares, net of offering costs 29,055 Net cash provided by financing activities 24,197 Increase in cash and cash equivalents and restricted cash 18,790 Cash and cash equivalents and restricted cash, beginning of period 14,501 Cash and cash equivalents and restricted cash, end of period $ 33,291 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid for interest, net $ 1,486
NAVIOS MARITIME CONTAINERS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Expressed in thousands of U.S. dollars — except for share data)
For the period from December 31, 2017 to March 31, 2018
Number of
Common
Shares Common
Stock Additional
Paid-in
Capital Retained
Earnings Total
Stockholders’
Equity Balance December 3 1 , 2017 29,148,554 $ 3 138,077 $ 2,638 $ 140,718 Issuance of common stock, net
of offering costs 5,454,546 - 29,055 - 29,055 Net income - - - 3,041 3,041 Balance March 31, 2018 (unaudited) 34,603,100 $ 3 $ 5,679 $ 172,814 $ 167,132
Disclosure of Non-GAAP Financial Measures
EBITDA is a “non-U.S. GAAP financial measure” and should not be used in isolation or considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.
EBITDA represents net income before interest and finance costs, before depreciation and amortization. We use EBITDA as liquidity measure and reconcile EBITDA to net cash provided by/(used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of (i) net increase/(decrease) in operating assets, (ii) net (increase)/decrease in operating liabilities, (iii) net interest cost, (iv) deferred finance charges and (v) payments for drydock and special survey costs. Navios Containers believes that EBITDA is a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Containers’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Containers also believes that EBITDA is used (i) by prospective and current lessors as well as potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
EBITDA is presented to provide additional information with respect to the ability of Navios Containers to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to those used by other companies due to differences in methods of calculation.
EBITDA has limitations as an analytical tool, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Containers’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA does not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA should not be considered as a principal indicator of Navios Containers’ performance. Furthermore, our calculation of EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.
Navios Containers Reconciliation of EBITDA to Cash from Operations
Three Month Period
Ended March 31, 2018 (in thousands of U.S. dollars) (unaudited) Net cash provided by operating activities $ 7,381 Net increase in operating assets 8,934 Net increase in operating liabilities (2,209 ) Deferred finance charges (271 ) Net interest cost 1,871 EBITDA (1) $ 15,706
(1) Three Month Period
Ended March 31,
2018
(in thousands of U.S. dollars) (unaudited) Net cash provided by operating activities $ 7,381 Net cash used in investing activities $ (12,788 ) Net cash provided by financing activities $ 24,197
EXHIBIT II Owned Vessels Vessel Name TEU Year Built Navios Summer 3,450 2006 Navios Verano 3,450 2006 Navios Spring 3,450 2007 Navios Amaranth 4,250 2007 Navios Indigo 4,250 2007 Navios Vermilion 4,250 2007 Navios Verde 4,250 2007 Navios Amarillo 4,250 2007 Navios Azure 4,250 2007 Navios Domino (ex MOL Dominance) 4,250 2008 MOL Delight 4,250 2008 MOL Dedication 4,250 2008 MOL Devotion 4,250 2009 MOL Destiny 4,250 2009 Navios Lapis 4,250 2009 Navios Tempo 4,250 2009 Niledutch Okapi (ex Navios Dorado) 4,250 2010 Navios Felicitas 4,360 2010 APL Oakland 4,730 2008 APL Los Angeles 4,730 2008 APL Denver 4,730 2008 APL Atlanta 4,730 2008
Owned Vessels to be delivered Vessel Name TEU Year Built Navios Unison 10,000 2010 YM Utmost 8,204 2006 YM Unity 8,204 2006
Source:Navios Maritime Containers Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-navios-maritime-containers-inc-reports-financial-results-for-the-first-quarter-ended-march-31-2018.html |
From the deck of the Carnival Horizon, docked at New York City's Pier 88, Carnival Corp. CEO Arnold Donald told CNBC that, eventually, his cruise line's U.S. business would shy in comparison to China.
"China, someday, will be the largest cruise market in the world," the CEO told "Mad Money" host Jim Cramer on Wednesday. "It's in their five-year plan, so if cruising is in their five-year plan, ... they're going to make it happen."
Passenger volume from China has been increasing sharply over the last five years, with cruise capacity increasing across all metrics, according to a 2017 report from Cruise Lines International Association and Chart Management Consultants.
The same report pegged China as the "main driver of passenger growth in Asia," with Chinese customers accounting for two-thirds of the region's passenger volume in 2016.
"We just want to be a part of that," Donald said about China's anticipated growth. "We partnered ... with [the China State Shipbuilding Corporation] and the sovereign front, [China Investment Corporation], to establish a domestic cruise line there and to build the first ship in a Chinese ship yard, so that's in 2023."
The non-binding agreement establishes a joint venture between Carnival, CSSC and CIC to help build two new cruise ships in China, with the option of building two additional ships.
"Meanwhile, we have a number of ships home-ported there, and our ships are doing well. It's a challenging market, but it's embryonic," Donald told Cramer on Wednesday. "We are teeny-tiny in terms of accessing the total number of travelers that are from China."
Conservative estimates from a 2017 report by Cruise Industry News, an independent news and research organization, predicted that China would deliver more than 5.6 million domestic cruise passengers by 2024.
For context, Cruise Lines International Association estimates that 27.2 million passengers around the globe will go on a cruise in 2018.
"Every market in the world, Jim, is underpenetrated, including the United States," Donald said, adding that all of the ship cabins in the world add up to less than 2 percent of total hotel rooms.
"One of every two people who cruise cruise on one of our nine world-leading cruise line brands, so our competition ... is actually land-based vacations," he continued. "It's not other cruise lines. Because we're chasing the other 98 percent, not the 1 percent we don't have of the 2 percent penetration."
Watch Arnold Donald's full interview here: show chapters China will someday be the largest cruise market in the world, Carnival Corp CEO says 21 Hours Ago | 09:24 Questions for Cramer?
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Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/carnival-corp-ceo-china-to-be-the-largest-cruise-market-in-the-world.html |
'I am worried about NAFTA,' says CEO of major US railroad serving Mexico and Canada 38 Mins Ago Jim Cramer gets Union Pacific Chairman and CEO Lance Fritz's take on trade and the Trump administration's NAFTA talks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/union-pacific-ceo-i-am-worried-about-nafta.html |
May 24, 2018 / 6:06 PM / in 21 minutes German rightist calls for fasting Muslims to be banned from work during Ramadan Reuters Staff 2 Min Read
BERLIN (Reuters) - A lawmaker from the anti-immigrant Alternative for Germany (AfD) called on Thursday for Muslim doctors, nurses, pilots, bus and train drivers to be banned from working during Ramadan if they are fasting.
Germany is home to some four million Muslims - including Turks who have lived here for decades as well as migrants and asylum seekers who arrived in the past few years, many fleeing conflicts in Syria, Iraq and elsewhere.
AfD politician Martin Sichert said employers who were not able to give fasting Muslims a night or early shift should be able to make them use some of their annual leave during the Muslim holy month of Ramadan.
“What patient should have to be operated by a surgeon who has not drunk anything for 12 hours?” asked Sichert, a member of the parliamentary committee for labour and social issues.
“Why should people have to be transported around by other people who might face concentration problems and dehydration because they have been fasting for hours?”
A German government spokesman said he did not want to comment.
Chancellor Angela Merkel, who has faced strong criticism from some Germans for opening the borders to more than a million migrants over the last few years, wants an inclusive, multi-ethnic Germany. She has long stressed Islam is part of Germany and has called for tolerance.
Sichert’s comments came after Inger Stojberg, Denmark’s Integration Minister, caused furore on Monday by urging practising Muslims to take vacation during Ramadan to avoid a negative impact on society.
“It can simply be dangerous for all of us if the bus driver doesn’t eat or drink during a whole day, and you don’t perform at nearly the same level at the factory or the hospital if you don’t eat or drink during the bright hours of the day for a full month,” she said in a letter printed in Danish newspaper BT.
Her letter was met with widespread criticism, including from within her own Liberal Party. Reporting by Michelle Martin with additional reporting by Teis Jensen in Copenhagen; Editing by Mark Heinrich | ashraq/financial-news-articles | https://in.reuters.com/article/germany-afd/german-rightist-calls-for-fasting-muslims-to-be-banned-from-work-during-ramadan-idINKCN1IP37U |
Amazon.com said it has halted planning for a new office building in Seattle and might sub-lease rather than occupy another future tower downtown, pending a city council vote on a proposed tax on top businesses.
Amazon's decision puts a question mark on more than 7,000 new jobs at those buildings that council members might be loathe to cost the city. Construction work and other businesses that would have catered to the world's largest online retailer could be at risk too.
"Pending the outcome of the head tax vote by City Council, Amazon has paused all construction planning on our Block 18 project in downtown Seattle and is evaluating options to sub-lease all space in our recently leased Rainer Square building," Amazon's Vice President Drew Herdener said in a statement.
The council is scheduled to vote on the proposal on May 14.
"I'm deeply concerned about the impact this (Amazon's) decision will have on a large range of jobs," the Seattle Times Quote: d Mayor Jenny Durkan as saying on Wednesday.
Durkan's office did not immediately respond to a Reuters request for comment.
Amazon's rapid growth has transformed Seattle's South Lake Union district, replacing warehouses and parking lots with offices towers, highly paid tech workers and expensive eateries. The growth has contributed to an economic boom and rising rents.
show chapters Here are four of Amazon’s creepiest patents 4:24 PM ET Thu, 8 Feb 2018 | 02:21 Communities across North America are vying for a similar investment from Amazon. Amazon has said it will spend more than $5 billion and create up to 50,000 jobs in the city it chooses for its second headquarters, to be announced this year.
Seattle City Council in April proposed a tax plan affecting the city's roughly 500 largest businesses.
The proposal, an employee hours tax that would transition to a payroll tax in 2021, would generate $75 million per year for Seattle, most of which would go to building affordable housing.
The efficacy of the specific proposal is unclear.
Seattle has almost doubled its funding for affordable housing and homeless services programs since 2013 to $63 million per year, according to the report in the Seattle Times.
WATCH: Amazon is so much more than online shopping — here's how big its become show chapters Amazon is so much more than online shopping — here's how big its become 9:00 AM ET Sat, 14 April 2018 | 03:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/amazon-halts-plan-for-office-tower-in-seattle-over-proposed-tax.html |
May 18, 2018 / 12:57 AM / Updated 8 minutes ago China seeks investigation into University of Southern California abuse accusations Dan Whitcomb 3 Min Read
LOS ANGELES (Reuters) - The Chinese government has expressed “deep concern” over published reports that a University of Southern California gynecologist was allowed for years to treat students, many of them from China, despite accusations of sexual abuse and harassment.
The Los Angeles Times reported this week that Dr. George Tyndall, 71, resigned from USC last year after an internal investigation at the university found he performed unnecessary or unprofessional physical exams and made inappropriate comments to some of the young women in his care.
Tyndall was not suspended by the university until 2016 despite complaints dating to the 1990s, according to the article. He has not been arrested or charged with any crime, the newspaper reported.
Late on Wednesday, China’s state-owned news agency Xinhua quoted an unidentified official of the Consulate General of China in Los Angeles as saying, “We noticed the report and expressed our deep concern over the situation.”
“We request USC to take serious step to investigate the issue and protect Chinese students from illegal violation.”
The Chinese consul general in Los Angeles could not be reached for comment.
Tyndall could not be reached by Reuters for comment. In an interview with the Los Angeles Times, he denied any wrongdoing, saying, “I’m there to protect the health of Trojan women,” referring to the school’s mascot.
Emily Gersema, a spokeswoman for the university, said on Thursday that it was preparing a statement in response to the Chinese government. USC enrolled 5,101 students from China in 2017, according to its website.
In a “letter to the USC community” issued on Tuesday on the school’s website, its president C.L. Nikias said Tyndall was placed on administrative leave in June 2016 after a complaint by a staff member and since then had not been allowed contact with students.
The school acknowledged in the letter that it did not report accusations against Tyndall to the California Medical Board until this year, when he sought reinstatement at USC.
“On behalf of the university, I sincerely apologize to any student who may have visited the student health center and did not receive the respectful care each individual deserves,” Nikias said.
Earlier this year Larry Nassar, a former faculty member and physician at an on-campus clinic at Michigan State University and a doctor for USA Gymnastics, was sentenced to prison after pleading guilty to criminal sexual conduct. Reporting by Dan Whitcomb Editing by Bill Tarrant | ashraq/financial-news-articles | https://in.reuters.com/article/usc-gynecologist-china/china-seeks-investigation-into-university-of-southern-california-abuse-accusations-idINKCN1IJ028 |
April 30 (Reuters) - Fitch
* FITCH SAYS UK COVERED BONDS RISE AMID EU DIRECTIVE UNCERTAINTIES
* FITCH SAYS RESTRUCTURING OF UK BANKS ACTIVITIES TO COMPLY WITH UK RING-FENCING LEGISLATION HAS NOT AFFECTED COVERED BONDS RATINGS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fitch-says-uk-covered-bonds-rise-a/brief-fitch-says-uk-covered-bonds-rise-amid-eu-directive-uncertainties-idUSFWN1S718L |
* Cepsa, Eni say still buying Iranian oil
* Buyers have 180 days to reduce purchases
* Sources at other companies see banking as likely snag
By Ahmad Ghaddar, Julia Payne and Dmitry Zhdannikov
LONDON, May 11 (Reuters) - European oil companies are still buying Iranian oil even after the threat of new U.S. sanctions, although some expect volumes to decline as banking issues hinder trade.
U.S. President Donald Trump said on Tuesday the United States was exiting an international nuclear deal with Iran and would impose new sanctions that seek to reduce oil exports from OPEC’s third-largest producer.
But as of Friday, companies in Europe said they were still taking Iranian oil. Iran pumps about 4 percent of the world’s oil and exports about 450,000 barrels per day (bpd) of crude to Europe, according to tanker-tracking data.
“At this moment, our trading activity is business as usual,” said Marta Llorente, a spokeswoman for Spanish oil company Cepsa, one of Iran’s customers in Europe.
“We strictly conform with European Union and international laws and regulations, and scrupulously respect any trade restriction that could occur from any potential international sanctions or embargo.”
Another European buyer, Italy’s Eni, said it is buying 2 million barrels a month of Iranian crude as part of a contract running to year-end, adding any new sanctions would take six months to kick in.
The U.S. sanctions have a 180-day period during which buyers should “wind down” oil purchases, meaning any loss of supply will not be immediately felt - and companies don’t have to rush to find alternatives.
“We’re doing nothing,” said the head of trading at another European refiner. “It’s wait and see. If we’re forced to reduce, we will. Iranian is not the only crude.”
The bulk of Iran’s crude exports, about 1.8 million bpd, go to Asia.
A decline in volumes due to the sanctions will add to upward pressure on oil prices, which have gained this year because of an OPEC-led supply cutting deal and strong global demand. Crude has topped $78 a barrel, the highest since 2014, following Trump’s sanctions announcement.
BANKING ISSUES Sources at global trading companies predicted an imminent drop in Iranian exports due to banking issues, such as availability of trade finance.
A source at a trading company buying Iranian oil said it hoped to keep buying at least during the six-month “wind down” period before new sanctions take effect, but expected banking issues to put a stop to trade.
“It looks like you can still go on for six months,” the source, who declined to be identified, said. “The key is banks. If banks stop us, we might stop.”
A senior trader with another company said he expected banking to pose a major problem to Iranian oil trade and a third said even if waivers are granted, volumes would still decline.
“Waivers seem a sensible course of action,” the third source said, referring to potential exemptions from the latest U.S. sanctions.
“But you need to reduce your volume take over the grace period of 180 days to be favourably treated in the waiver discussion. You can’t just stay at current levels until then and get a waiver.” (Additional reporting by Shadia Nasralla, writing and additional reporting by Alex Lawler; editing by Jane Merriman)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-oil/irans-oil-customers-in-europe-keep-buying-but-expect-problems-with-financing-idUSL8N1SI2Y1 |
THE HAGUE (Reuters) - Interim findings released this week by prosecutors investigating the downing of Malaysia Airlines Flight 17 point to Russian involvement, the Dutch foreign minister said on Friday.
FILE PHOTO: Debris from the Malaysia Airlines Boeing 777 which crashed over Ukraine lies on the ground near the village of Rozsypne in the Donetsk region, Ukraine, July 18, 2014. REUTERS/Maxim Zmeyev/File Photo The findings “point to direct involvement of Russia,” Stef Blok said on his way into a crisis meeting of the Dutch Cabinet over the matter. His words are the strongest to date by a Dutch politician linking Russia to the incident.
MH17 was shot down over rebel-held territory in Eastern Ukraine in 2014, killing all 298 aboard. Russia has denied any involvement.
Investigators on Thursday said the missile that shot down the plane was fired from a missile launcher in Russia’s 53rd Anti-Aircraft Brigade, but stopped short of saying who actually fired the fatal shot.
Reporting by Toby Sterling, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-crisis-mh17-foreign-minister/dutch-minister-mh17-investigation-points-to-russian-involvement-idUSKCN1IQ0VM |
LONDON, May 16 (Reuters) - Britain’s Prince Harry and his U.S. fiancee Meghan Markle have chosen George and Charlotte, the children of the royal’s elder brother Prince William, to be among the bridesmaids and page boys for their wedding, his office said on Wednesday.
Also selected for the much-anticipated event at Windsor Castle on Saturday are the couple’s goddaughters and godson, and the children of one of her best friends.
Harry’s office said last week that all the bridesmaids would be children and that Markle had decided not to have a maid of honour because she could not choose between her friends.
Princess Charlotte, 3, will be joined as a bridesmaid by Florence van Cutsem, 3, and Zalie Warren, 2, Harry’s goddaughters; Remi and Rylan Litt, 6 and 7, who are Markle’s goddaughters; and Ivy Mulroney, the 4-year-old daughter of her friend Jessica Mulroney.
Mulroney’s sons Brian and John Mulroney, both 7, will also join Prince George as a page boy along with his godson Jasper Dyer, 6. (Reporting by Michael Holden; editing by Guy Faulconbridge)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-bridesmaids/prince-williams-children-get-starring-roles-at-brothers-wedding-idUSL9N1S101B |
By Jonathan Vanian 4:06 PM EDT
Amazon and Fidelity Labs believe that in the future, people may talk to financial advisors in virtual reality to learn about how their stock portfolios are doing.
The two companies debuted on Tuesday a virtual reality demonstration in which Fidelity Labs—the research lab of Fidelity Investments—created a digital financial advisor that people can interact with using a VR headset.
The VR demo is part of a broader pitch for Amazon’s Sumerian VR and augmented reality developer tools that are now available to the general public to create VR and AR apps.
Fidelity Labs created the VR demonstration using the Sumerian tools to learn possible ways the financial giant could realistically use VR if the technology becomes a hit with consumers, explained Fidelity Labs vice president Adam Schouela.
The hope is that if VR technology becomes big, the financial services firm won’t be caught off guard and will have the know-how to create VR apps that resonate with consumers, Schouela said.
In the VR demonstration, people can talk to a virtual financial planner named Cora who can listen to their requests to see the stock performance of a particular company. From there, Cora will conjure the stock chart to appear on a wall in her virtual office like she’s showing off a financial graph on virtual projector.
Schouela said one of the demonstration’s highlights is the ability for Cora to hear and respond to a person’s voice, which negates some of the need for people to fiddle with a VR controller to trigger certain commands.
Currently, the VR experiment is for Fidelity Labs only and is not intended for a wider release. That said, Schouela plans to show it to Fidelity customers to gauge their feedback.
For Amazon (amzn) , the VR experiment is a way the company is hoping to lure businesses to create VR apps using its tools and Amazon Web Services cloud computing features.
Amazon Sumerian General Manager Kyle Roche said that by working with businesses like Fidelity Labs, it could create VR coding tools that cater to the specific needs of companies, rather than video game developers.
One difference Roche has noticed between gamers and enterprises that use Amazon’s VR tools, is that video game developers tend to “push for photorealistic characters” in their VR apps, whereas companies don’t necessarily care.
“What we tried to do is make these characters approachable enough, and not too cartoony so they look like Tomb Raider ,” Roche said of the Fidelity Labs VR app.
One of the VR tidbits Schouela has learned trying out and building apps for headsets like the HTC Vive and Facebook’s Oculus Rift, is that some headsets are better suited for some tasks than others.
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For instance, if a company wants to use VR as a training exercise for employees, it’s probably better to use VR headsets that are powered by smartphones—like the Samsung Gear VR or Google Daydream View . In situations where a company is training large groups of people using VR, having each person strap on a mobile VR headset is less expensive and cumbersome.
“If you’re going to train a class of let’s say 50 people, you don’t want to set up like 50 HTC Vives,” Schouela said. | ashraq/financial-news-articles | http://fortune.com/2018/05/15/amazon-fidelity-labs-virtual-reality/ |
CNBC.com Jekesai Njikizana | AFP | Getty Images People cast letters of complaint to Zimbabwe's Vice President Constantino Chiwenga in Harare's Unity Square on April 20, 2018, after thousands of nurses were dismissed in a dispute over pay.
May 1 might be celebrated as International Workers' Day across the globe, but in Zimbabwe government employees have rallied together in protest in recent weeks by staging a series of strikes.
On Friday it was announced that members of the Zimbabwe Teachers' Association would strike on May 8 when schools re-open after the holidays. The 44,000-member group cited stagnant pay and restrictive annual leave as reasons for the action.
"No amount of threats or illegal declarations from individuals in government will stop or intimidate teachers from exercising their constitutional and legal right to participate in industrial job action," said a statement by the Zimbabwe Teachers Association Monday, addressed to the Education Ministry.
In mid-April, 16,000 nurses were fired by the Zimbabwean government following a multi-day walkout that began on April 16 over unpaid wages. The strike took place just one day after a month-long walkout by junior doctors ended.
Vice President Constantino Chiwenga described the nurses' strike as "politically motivated." Jekesai Njikizana | AFP | Getty Images People celebrate Zimbabwe Independence Day at the National Sports Stadium on April 18, 2018, in Harare.
The present wave of striking reflects malcontent that has "long simmered under (former President Robert) Mugabe's leadership," Charles Laurie, director and head of politics at consultancy firm Verisk Maplecroft, told CNBC Monday.
Zimbabwe's workforce has "seen a rot in their earnings under generally inhospitable investment conditions," he explained. Government workers were taking advantage of the "less authoritarian leadership under (new President Emmerson) Mnangagwa," and recognized that civil satisfaction would be under the spotlight as the country gears up for elections promised by the president in July.
Laurie described the "contagious effect" of the succession of strikes as different groups of government staff attempted to improve their working conditions.
Mugabe was ousted in a military coup in November last year after nearly four decades of rule. He was replaced by his deputy Mnangagwa, who has pledged "free and fair" elections this summer and pushed the mantra that "Zimbabwe is open for business" in an attempt to revive the country's economy.
But, "the man on the street has not benefited from the positive changes that are slowly taking hold in the country," Samir Shasha, chief executive of Zimbabwe-focused investment firm Cambria Africa, told CNBC Monday. "The promised investments by visiting entrepreneurs will only bring long-term benefits," he added. Jekesai Njikizana | AFP | Getty Images Zimbabwean President Emmerson Mnangagwa delivers a speech during Independence Day celebrations at the National Sports Stadium on April 18, 2018, in the capital Harare.
Zimbabwe's economy infamously suffered from hyperinflation in the 1990s and 2000s under Mugabe. Shasha referenced the decline in the purchasing power of money as a possible reason for the dissatisfaction which caused the strikes.
Zimbabwe's bloated civil service — an attempt to create jobs in the country — means that the government struggles to meet its wage bill every month, Laurie said.
Unemployment figures for Zimbabwe vary widely. The World Bank has measured the figure at 5.2 percent for 2017, though above 90 percent has been cited by other sources. This is down to the extent of Zimbabwe's informal economy, and the prevalence of subsistence farmers.
In December 2014, Zimbabwe's late opposition leader Morgan Tsvangirai accused Mugabe's government of creating a "poor nation of vendors; a country where everyone is trying to sell something to someone."
Laurie said that Zimbabwe's workforce was currently looking ahead to its brightest future in decades given the recent governmental upheaval. "Politicians need to be more receptive to their demands," he added. But, striking workers "need to be careful of settling for unrealistic promises from politicians that are ultimately unsustainable," he warned. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/zimbabwe-mass-strikes-trouble-president-mnangagwa-ahead-of-election.html |
11 COMMENTS Free agent safety Eric Reid filed a grievance against the NFL and all 32 teams alleging they have colluded to keep him unsigned, following in the footsteps of his former San Francisco 49ers teammate Colin Kaepernick.
Reid, along with Kaepernick, was at the forefront of the movement among players who knelt or sat during the national anthem beginning in 2016 to draw attention to racial inequality and social injustices. While Kaepernick remained unsigned throughout this past season, Reid continued to take a knee.
“Our union is aware that Eric Reid and his legal representatives filed a collusion claim,” the NFL Players Association said in a statement. “Our union supports Eric and we are considering other legal options to pursue.”
An NFL spokesman declined to comment, citing the confidentiality provision of the grievance process in the collective bargaining agreement.
Kaepernick, who was the 49ers quarterback, became the face of the protests that drew criticism from fans and politicians who believed the demonstrations to be unpatriotic. After the 2016 season, Kaepernick went unsigned and remains a free agent. In October, Kaepernick filed a grievance alleging that the league colluded to effectively blackball him from being signed because of his outspoken political views.
Meanwhile, Reid continued to kneel during the anthem during the 2017 season while playing for the 49ers when the protests took on a new life after President Donald Trump publicly assailed them in speeches and on Twitter, once referring to a generic player as a “son of a bitch.” In response, more players knelt than ever before in what was effectively a direct response to the president. A couple of weeks later, Vice President Mike Pence walked out of a Colts-49ers game because many players took a knee during the anthem.
All of this inflamed a headache that the league hoped would dissipate. Instead, the issue became only more polarizing. At league meetings during last season, there was discussion about adopting a rule to mandate that players stand during the national anthem. That was not implemented. Those discussions have continued this off-season and could be a focus during upcoming owners meetings in May.
Without having changed the rule, the league and owners have sought to work with players to address their concerns about these social and political issues. They worked with a group of players to advance those causes but some, including Reid, were critical of the Players Coalition group, saying it did not represent the views of all players.
Reid has hired the same lawyers as Kaepernick, Mark Geragos and Ben Meiselas of Geragos & Geragos. The NFLPA is working closely with Reid, as it has been during Kaepernick’s grievance process.
Reid could be entitled to compensatory damages should he win the claim, with teams potentially subject to fines if they are found to have colluded. But proving collusion isn’t simple. The collective bargaining agreement says “evidence about the playing skills” isn’t enough to prove teams have colluded to keep a player unsigned.
Kaepernick’s grievance has been going on for months with no clear end date in sight. His legal team has already taken depositions from some owners such as Jerry Jones and Bob McNair, in addition to NFL commissioner Roger Goodell, according to a person familiar with the matter.
Reid, 26 years old, was a first-round pick by the 49ers in 2013 and went to the Pro Bowl that season. He has recorded 10 career interceptions while also playing parts of last season at linebacker.
On NFL.com’s list of the top free agents this season, Reid ranked No. 27. He is one of three players in the top 30 who remain unsigned.
Corrections & Amplifications
Eric Reid’s last name was incorrectly spelled as Reed in a headline in an earlier version of this article.
Write to Andrew Beaton at andrew.beaton@wsj.com | ashraq/financial-news-articles | https://www.wsj.com/articles/free-agent-safety-eric-reid-files-collusion-grievance-against-the-nfl-1525278989 |
KABUL (Reuters) - Afghan forces on Wednesday reasserted control over the western city of Farah after a Taliban assault a day earlier but there was heavy fighting elsewhere, including Ghazni, south of the capital, Kabul, officials said.
Residents look at an Army vehicle which was damaged during battle between Afghan security forces and Taliban in Farah province, Afghanistan May 16, 2018. REUTERS/Stringer With security heightened to protect preparations for elections in October, the fighting underlined the problems faced by President Ashraf Ghani’s government, which has struggled to rein in the insurgency in the provinces and ensure security against suicide attacks in Kabul.
Afghan and U.S. officials said the Taliban fighters who attacked Farah on Tuesday had been driven out, but officials in Ghazni, on the other side of the country, said the insurgents were attacking in three districts and a key highway link, blocked for almost two weeks, remained severed.
Since the Taliban announced the start of their annual spring offensive last month, they have seized or threatened district centers in Baghlan and Badakhshan provinces in the northeast, Faryab in the northwest and Ghazni and Zabul south of Kabul.
Fighters overran a number of areas in Tuesday’s early morning assault on Farah, raising fears of a repeat of their capture of the northern city of Kunduz in 2015.
On Wednesday, defense ministry spokesman Mohammad Radmanish said Farah was completely under government control, with some fighting continuing in outlying areas, though the city still bore the scars of Tuesday’s fierce fighting.
“The Taliban burnt parts of the headquarters of the National Directorate of Security and the customs office, and according to my information, they reached the central provincial prison as well,” said Farid Haibat, a Farah civil activist.
Afghan forces were backed by U.S. air power and several drone strikes were conducted overnight but the Taliban denied having been pushed back, saying fighters pulled out after achieving their objectives of creating shock and capturing weapons and equipment.
“Without any disturbance, the mujahideen withdrew to their safe positions,” Qari Yousuf Ahmadi said in a statement, employing a term the Taliban uses for its fighters.
In Ghazni, where Taliban fighters have cut a key highway link with the neighboring province of Paktia for the past two weeks, fighters pressed a number of district centers.
Taliban fighters attacked the district of Zanakhan, just north of the city, district governor Zia Yaqoubi said, killing 13 police on Tuesday and capturing weapons and ammunition. The districts of Gero and Andar to the southeast were also attacked.
“There is no way of supplying Andar by road, so it has to be supplied by air,” said provincial council member Ahmad Faqiri. “If the district doesn’t get supplies and reinforcements, there will be a disaster.”
Reporting by Qadir Sediqi and James Mackenzie in KABUL, Mustafa Andalib in GHAZNI, Storay Karimi in HERAT and Abdul Malik in LASHKAR GAH; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-afghanistan-taliban/afghan-fighting-continues-as-taliban-cleared-from-western-city-idUSKCN1IH13F |
Good morning. Tesla’s CEO Elon Musk wipes off $2 billion in market value after ducking analysts’ questions, Trump praises China’s Xi Jinping as U.S. team arrives for trade talks and Reuters measures Macron’s pledge to reboot the French economy one year after taking office.
Chinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018. REUTERS/Jason Lee Highlights
U.S. President Donald Trump praised his relationship with Chinese President Xi Jinping as a U.S. delegation arrived in Beijing for talks on tariffs , with state media saying China will stand up to U.S. bullying.
At BP’s massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before “Maggie”, the dangerous inspection job was reserved for highly paid specialist technicians. The energy industry has turned to robots and drones to cut costs and improve safety. Find out more on the world at work .
The U.S. government is looking into reports that three Americans detained in North Korea have been relocated from a labor camp to a hotel near Pyongyang ahead of a planned summit between President Donald Trump and North Korean leader Kim Jong Un, a U.S. official said.
Iran
Trump has all but decided to withdraw from the 2015 Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two White House officials and a source familiar with the administration’s internal debate said.
Commentary: On May 12, Trump is expected to decide to re-impose sanctions on Iran under the Joint Comprehensive Plan of Action. That will significantly increase the chances of war – and may be exactly the outcome Washington seeks, writes Peter Van Buren . The nuclear deal’s 2030 agreement end date is to the Trump administration a ticking time bomb; it believes that Iran will lie in wait, springing into nuclear status 12 years from now. Yet the worry over an Iran of the future going nuclear is pure political theater.
World
French President-elect Emmanuel Macron celebrates on the stage at his victory rally near the Louvre in Paris, France May 7, 2017. REUTERS/Christian Hartmann French President Emmanuel Macron swept into office last May on a pledge to create jobs and improve the lives of workers by rebooting the country’s economy. A year on, annual economic growth has picked up - closing the gap with Germany and pulling away from other major European powers such as Britain and Italy. To measure Macron’s impact on the economy, Reuters has compiled a graphic showing a dashboard of indicators that will update as new data is released over the course of his presidency.
Electoral watchdog groups in Malaysia said the voter list for next week’s general election had major flaws , including the existence of a 121-year-old voter, raising the specter of possible fraud.
Two Reuters journalists, Wa Lone and Kyaw Soe Oo, have been detained in Myanmar for 143 days. Follow the latest updates here .
Business
Ducking analysts’ questions has a price: $2 billion. Tesla investors gave a rare rebuke to iconoclastic Chief Executive Elon Musk after he cut off analysts asking about profit potential , sending shares down 5 percent despite promises that production of the troubled Model 3 electric car was on track.
Cambridge Analytica, the firm embroiled in a controversy over its handling of Facebook user data, and its British parent SCL Elections, are shutting down immediately after suffering a sharp drop in business, the company said.
Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong , where it could raise about $10 billion in the largest listing globally in almost four years.
Amazon.com said it has halted planning for a new office building in Seattle and might sub-lease rather than occupy another future tower downtown, pending a city council vote on a proposed tax on top businesses.
Reuters TV
New Zealand has launched a tourism campaign featuring its Prime Minister Jacinda Ardern and comedian Rhys Darby questioning why the country is frequently left off world maps.
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-newsnow-may03/thursday-morning-briefing-idUSKBN1I41HY |
May 3, 2018 / 4:27 PM / Updated 31 minutes ago Slovakia demands Vietnam explain allegations of ex-oil executive's kidnapping Reuters Staff 3 Min Read
BRATISLAVA (Reuters) - Slovakia demanded on Thursday that Vietnam explain media reports that Vietnamese agents used a Slovak government plane to smuggle home an ex-oil executive they kidnapped from Berlin last year.
The German newspaper Frankfurter Allgemeine Zeitung reported last week that Vietnam may have used a Slovak plane to transport Trinh Xuan Thanh, who Germany said was kidnapped in a Berlin park last July.
Thanh, who had sought political asylum in Germany, was sentenced to life in prison in January for violating state regulations and embezzlement.
The Slovak Foreign Ministry said on Thursday it had summoned the Vietnamese ambassador to relay its questions and concern over the case.
“If these allegations are confirmed, we will see it as a serious incident with a negative impact on our bilateral relations,” the ministry said in a statement. “We strongly refuse that Slovakia had anything to do with such act ... “
It said it may take further diplomatic steps if Vietnam does not provide a credible explanation.
The Vietnamese government did not immediately respond to a Reuters request for comment outside office hours.
On Wednesday, Slovakia’s Prime Minister Peter Pellegrini distanced the government from the report that Slovakia helped Vietnam with the alleged kidnapping and also said there was no evidence that Thanh was on the plane.
“The only possible explanation would be an abuse of Slovakia’s hospitality, but nothing suggests that was the case so far,” Pellegrini told reporters before leaving for a meeting with German Chancellor Angela Merkel.
Slovakia lent a government plane to a Vietnamese delegation last year to fly to Moscow from Bratislava after a meeting between then-interior minister Robert Kalinak and Vietnam’s minister of public security, To Lam.
Kalinak told Slovak news website www.aktuality.sk that the Vietnamese delegation was supposed to fly out of Vienna, just 45 km (28 miles) west of Bratislava, but requested the plane after its itinerary changed unexpectedly.
According to Frankfurter Allgemeine Zeitung, the car supposedly used for the abduction was parked in front of the Slovak government hotel where the Slovak-Vietnamese meeting was held three days after the abduction, according to GPS records.
Thanh, a former high flyer in Vietnam who was accused of mismanagement and causing losses at PetroVietnam Construction JSC, has been given two life sentences in Vietnam since he was brought home.
A Vietnamese man has been brought to trial in Germany for allegedly helping in the kidnapping. Reporting By Tatiana Jancarikova, additional reporting by Mai Nguyen in Hanoi, editing by Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/us-slovakia-vietnam/slovakia-demands-vietnam-explain-allegations-of-ex-oil-executives-kidnapping-idUSKBN1I425G |
May 3, 2018 / 6:31 PM / Updated 9 minutes ago Top Sri Lanka officials arrested while taking bribe-anti-graft body Reuters Staff 3 Min Read
COLOMBO (Reuters) - Sri Lanka’s anti-graft body arrested President Maithripala Sirisena’s chief of staff and another state official on Thursday in the act of accepting a bribe, officials said.
Officials of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) arrested I.H.K. Mahanama, the president’s chief of staff, and P. Dissanayake, the head of the State Timber Corporation (STC), the commission said.
“Our officials arrested Mahanama and Dissanayake while accepting 20 million (rupees),” Sarath Jayamanna, the director general of CIABOC told Reuters, indicating a sum equivalent to $126,863.
He added that the officials were recording statements from Mahanama and Dissanayake, and later on Thursday or early on Friday the two individuals would be produced before the courts.
Jayamanna said Mahanama, the former secretary of the lands ministry, had asked for a bribe of 540 million Sri Lankan rupees ($3.43 million) from an Indian investor interested in acquiring a state-owned sugar factory.
The two were arrested at a car park of a luxury hotel in the capital Colombo while they were accepting a 20 million rupees bribe from the investor for the transfer of land, he said.
The President’s office said in a statement the service of both the officials had been suspended, and the president had instructed the CIABOC officials to enforce the law strictly against the two without any obstruction.
Representatives of Mahanama and Dissanayake available for comment.
The arrest comes as Sirisena’s government is under heavy criticism for not fulfilling his main 2015 election pledge to eliminate rampant corruption.
The previous government under former leader Mahinda Rajapaksa was defeated in the 2015 poll amid widespread allegations of corruption. However, Sirisena’s administration since coming to power has taken insufficient steps to deal with past corruption, his critics allege.
The governing coalition of the Sri Lanka Freedom Party (SLFP) led by Sirisena and the United National Party (UNP) of Prime Minister Ranil Wickremesinghe lost local government polls in February partly due to failure to fulfill promises to punish corrupt politicians and officials. Reporting by Ranga Sirilal, Writing by Shihar Aneez, Editing by William Maclean | ashraq/financial-news-articles | https://www.reuters.com/article/us-sri-lanka-corruption/top-sri-lanka-officials-arrested-while-taking-bribe-anti-graft-body-idUSKBN1I42D9 |
May 26, 2018 / 4:11 PM / Updated 18 minutes ago Rugby - Superb Saracens crowned English champions again Mitch Phillips 4 Min Read
LONDON (Reuters) - Saracens were crowned English champions for the third time in four years when they outclassed holders Exeter 27-10 in the Premiership final on Saturday as veteran American winger Chris Wyles marked his last game before retirement with two tries. Rugby Union - Premiership Final - Exeter Chiefs vs Saracens - Twickenham Stadium, London, Britain - May 26, 2018 Saracens' Brad Barritt lifts the trophy as they celebrate after winning the Premiership Final Action Images via Reuters/Andrew Couldridge
Having been deposed as back-to-back European champions it was a fitting way for Saracens to end the season as their superb defence absorbed everything Exeter threw at them while they also looked by far the more dangerous in attack.
After an early try by Billy Vunipola it was two more either side of halftime for Wyles, playing his last game for the club he has served so well for 10 years, that effectively settled the match.
Exeter, who finished top of the standings after the regular season, showed great heart but not enough variety and, though Gareth Steenson got them briefly back to within nine points after 63 minutes, a Ben Spencer penalty and a Nathan Earle try gave Saracens the deserved win.
“That was an absolutely brilliant performance - the effort the players put in was extraordinary,” said Saracens director of rugby Mark McCall. Related Coverage
“We were very good with the ball and we kept them away from our 22 for the most part. I think that’s our best performance in a final because of the effort the players put in.”
Exeter coach Rob Baxter had no complaints.
“I don’t think it was our best performance, but it would be churlish to focus on that as today was more about Saracens and the pressure they created that we didn’t really deal with,” he said. Rugby Union - Premiership Final - Exeter Chiefs vs Saracens - Twickenham Stadium, London, Britain - May 26, 2018 Saracens' Jamie George lifts the trophy as they celebrate after winning the Premiership Final Action Images via Reuters/Andrew Couldridge SHORT CARRIES
The first 12 minutes encapsulated much of Exeter’s season as they backed themselves in phase after phase of short carries, despite some massive hits from Saracens, but emerged only 3-0 ahead after Joe Simmonds slotted one and missed one of two breakdown penalties.
The favourites did not panic during the early onslaught and on their first attack, following two testing chipped kicks by Owen Farrell, Vunipola smashed his way through for the opening try.
Saracens then showed that they can cut loose too when they want to with a brilliantly worked try for 34-year-old Wyles.
That was enough to give them a 12-3 halftime lead and, having ‘won’ the second half of their last four regular season games by an aggregate of 149-0, few in the 75,000 crowd were bracing themselves for a big comeback. Slideshow (9 Images)
Exeter, whose team had only four survivors from the starting lineup in last year’s final, started the second half in the same way as the first. But they looked weary in the strength-sapping conditions and the Saracens players exchanged high-fives after preventing almost any forward progress through a 20-phase assault.
Straight away Saracens went into attack mode and looked sharper, keener and more aggressive than their opponents, eventually working the ball through the hands to Wyles to cap his dream finale with a second try, taking his tally to four in three finals – all victories.
At 19-3 down after 50 minutes, Baxter took radical action, making five changes in one hit.
The new men brought some much-needed energy and the next 10 minutes saw a monumental contest between Exeter’s relentless pick and go attack and Saracens’ peerless defence.
Eventually, with Saracens down to 14 after a yellow card for replacement hooker Schalk Brits, Exeter finally moved the ball through the backs and Steenson crossed in the corner.
Saracens, however, went straight down the other end and earned the key penalty that Spencer slotted, before Earle’s try put the icing on the cake.
The victory was a fitting farewell for Wyles and Brits, who is returning to South Africa, and also a landmark for scrumhalf Richard Wigglesworth, who is now the first player to win five Premiership titles – four with Saracens and one with Sale back in 2006. Reporting by Mitch Phillips, editing by Toby Davis and Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-england-exe-sar/superb-saracens-crowned-english-champions-again-idUKKCN1IR0JJ |
KUALA LUMPUR (Reuters) - Malaysia is saddled with over 1 trillion ringgit ($251.70 billion) in debt, Prime Minister Mahathir Mohamad said on Monday, blaming the previous government led by former protege Najib Razak who now faces domestic graft investigations.
Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer/File Photo Mahathir, 92, led an opposition coalition to a spectacular win over Najib’s previously undefeated ruling alliance in a general election on May 9, having campaigned aggressively over people’s rising living costs and a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB).
“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,” Mahathir said when speaking for the first time to staff of the prime minister’s office.
“We have never had to deal with this before. Before we never faced debts higher than 300 billion ringgit, but now it has climbed to 1 trillion ringgit,” Mahathir said.
In his first week in charge, Mahathir announced that a broad-based goods and services tax (GST) would be zero-rated from June 1, as his government works to replace it with a reinstated sales and services tax (SST).
Mahathir had also promised to reintroduce fuel subsidies besides doing away with GST, all part of his coalition’s pledge to tamp down rising living costs.
Mahathir’s fiscal measures, however, would widen Malaysia’s fiscal deficit and are credit negative without any offsetting measures, according to ratings agency Moody’s.
Related Coverage Malaysia sets up new 1MDB criminal taskforce Najib’s government had planned to collect 43.8 billion ringgit ($11.05 billion) in 2018 in GST, about 18 percent of total revenue.
During the election campaign, Najib had warned that Mahathir’s economic proposals would result in debt ballooning to over 1 trillion ringgit.
Najib also rebutted opposition claims that federal debt had risen to alarming levels under his governance, and said that debt amounted to about 50.9 percent of its GDP at June 2017, which was below the government’s limit of 55 percent.
Mahathir said last week that many of the figures recording the country’s financial position may be false.
Malaysia’s anti-graft agency has summoned Najib to give a statement on Tuesday in connection with a probe on SRC International, a former unit of 1MDB.
The summons came days after police raided six premises linked to the former prime minister as part of investigations into the state investment fund that Najib founded in 2009.
Among the items seized include 284 boxes of designer handbags and dozens of bags filled with cash and jewelery, from a luxury condominium in the center of Kuala Lumpur linked to Najib.
Reporting by Joseph Sipalan; editing by Praveen Menon and Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-debt/abuses-pushed-malaysias-debt-over-1-trillion-ringgit-says-mahathir-idUSKCN1IM0AI |
NEW YORK (Reuters) - Daniel Loeb’s hedge fund Third Point LLC plans to raise $400 million for a “blank check” company which will be run by outgoing stock market operator NYSE Group President Thomas Farley, according to a regulatory filing made on Tuesday.
The new company, referred to on Wall Street as a special purpose acquisition company (SPAC), will be called Far Point Acquisition Corp and plans to target companies in the financial technology sector, the filing said.
Farley and Loeb, who founded $18 billion Third Point in 1995, have known each other for years, and sources said that Farley brought the idea to create a SPAC to the hedge fund. Farley will be the SPAC’s chief executive officer, president and chairman of the board. Reuters first reported Third Point’s plans earlier this month. Far Point plans to make a purchase within 24 months.
But the SPAC is also bracing for competition from private investors and other blank check companies for attractive targets and is not required to put the money to work.
A SPAC uses proceeds from its initial public offering, together with borrowed funds, to acquire companies that are usually privately held. Investors in the IPO do not know in advance which company a SPAC will buy.
Third Point’s decision to create a SPAC is a low-risk way to add to its revenue stream, which has been largely generated by large, long-term activist campaigns including bets on Sotheby’s ( BID.N ) Dow Chemical Co and Nestle SA ( NESN.S ) over the last years.
Third Point is in the black for 2018 and has long generated some of the hedge fund industry’s highest returns, delivering an average 18.5 percent return per year over its lifetime.
The firm’s activist plays at large publicly traded companies can be time-consuming and difficult. But buying a privately held company might make for a simpler way to create strong returns.
David Bonanno, who has worked for Third Point since 2008, will become the SPAC’s chief financial officer and will spend time researching potential targets.
Retired U.S. Army general Stanley McChrystal, attorney and board director Nicole Seligman and former chief financial officer at home sharing company Airbnb Laurence Tosi will become board members at the SPAC.
Before sponsoring its own SPAC, Third Point invested in Nomad Foods Limited, a SPAC launched by consumer industry veterans Martin Franklin and Noam Gottesman in 2014. Hedge funds are often eager to invest in SPACs.
Reporting by Svea Herbst-Bayliss and Joshua Franklin; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hedgefunds-thirdpoint/third-point-to-raise-400-million-for-spac-farley-to-run-it-idUSKCN1IN2F7 |
May 3 (Reuters) - Adidas AG:
* ADIDAS CEO SAYS DOES NOT SEE ANY IMPROVEMENT IN RUSSIAN CONSUMER ENVIRONMENT UNTIL POLITICAL TENSIONS IMPROVED
* ADIDAS CEO SAYS DOES NOT SEE MAJOR IMPACT FROM ANY U.S. TARIFFS ON CHINA
* ADIDAS CEO DECLINES COMMENT ON RECENT CONTROVERSIAL REMARKS BY KANYE WEST; SAYS COMMITTED TO HIS YEEZY BRAND (Reporting by Frankfurt Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-adidas-says-committed-to-kanye-wes/brief-adidas-says-committed-to-kanye-wests-yeezy-brand-idUSF9N1RV019 |
May 15 (Reuters) - Aileron Therapeutics Inc:
* AILERON THERAPEUTICS ANNOUNCES CHANGES TO MANAGEMENT * AILERON THERAPEUTICS INC - JOHN P. LONGENECKER HAS BEEN NAMED INTERIM CHIEF EXECUTIVE OFFICER
* AILERON THERAPEUTICS INC - JOSEPH A. YANCHIK III HAS RESIGNED AS PRESIDENT AND CHIEF EXECUTIVE OFFICER AND AS A MEMBER OF CO’S BOARD Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aileron-therapeutics-names-john-lo/brief-aileron-therapeutics-names-john-longenecker-as-interim-ceo-idUSFWN1SM1C2 |
MILAN (Reuters) - Italy’s president appointed former International Monetary Fund official Carlo Cottarelli as interim prime minister on Monday with a task to try and form a new government and bring order to political and constitutional turmoil.
Former senior International Monetary Fund (IMF) official Carlo Cottarelli arrives for a meeting with the Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 28, 2018. Italian Presidential Press Office/Handout via REUTERS The euro zone’s third-largest economy has been seeking a new government since inconclusive March elections, with anti-establishment forces abandoning their efforts to form a ruling coalition at the weekend after a standoff with the president over their choice of economy minister.
Reporting by Giulia Segreti; Editing by Mark Bendeich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-pm/italy-president-names-ex-imf-official-as-interim-pm-to-form-government-idUSKCN1IT0VG |
May 14, 2018 / 11:26 AM / Updated 38 minutes ago MI5 chief: Not aware outside influence determined outcome of Brexit vote Reuters Staff 1 Min Read
BERLIN (Reuters) - Britain’s MI5 spy chief on Monday said he was not aware that outside influence determined the outcome of the British vote in 2016 to leave the European Union. Director General of MI5 Andrew Parker delivers a speech in central London, on the security threat facing Britain October 17, 2017. REUTERS/Stefan Rousseau/Pool
Andrew Parker, speaking to reporters in Berlin after the first public speech outside Britain by a serving head of MI5, underscored the importance of joining forces to combat what he called increasing cyber and propaganda attacks by Russia.
Asked if MI5 had concluded that Russia also targeted the Brexit vote, Parker said, “I’m not aware of any information suggesting that the outcome was determined by any sort of interference.” He declined to respond to a follow-up question about whether Russia had launched any such attempts. Reporting by Andrea Shalal; Editing by Joseph Nasr | ashraq/financial-news-articles | https://in.reuters.com/article/britain-eu-influence/mi5-chief-not-aware-outside-influence-determined-outcome-of-brexit-vote-idINKCN1IF1FA |
89 COMMENTS SANTA FE, Texas—As this grieving town searches for answers about a mass shooting by a 17-year-old student, an emotional and divisive debate has emerged over bullying at the high school where the rampage took place.
The alleged shooter’s father, Antonios Pagourtzis, said his son—a quiet former football player known for wearing a trench coat to school— had faced bullying and said he believed that was part of the trigger for the May 18 attack, which left 10 dead and 13 wounded.
With students returning to school Tuesday for the first time after the shooting, some here say bullying has long been a problem at this rural Texas town’s lone high school, but others don’t recall the suspected shooter, Dimitrios Pagourtzis, being picked on by his peers at all.
Related
Daughter Studying Abroad Killed at Texas School How the Texas School Shooting Unfolded Victims Remembered at Church Service Santa Fe High Takes the Field, and Takes a Bow Lives Lost in Three Decades of School Shootings Shooting Victims: Girl Scout, Substitute Teachers Grace Johnson, an 18-year-old Santa Fe High senior who sat next to Mr. Pagourtzis in class each day and hid with several others during the shooting, recalled him as always joking and “ a pretty normal student .” Ms. Johnson said she doesn’t think bullying is pervasive at Santa Fe High School, which she added has the sorts of social cliques commonly found in American high schools.
“I guess there was just normal bullying,” she said. “I don’t think it was bullying like you’ll see in a movie or anything with people being thrown into lockers. I didn’t see that. It was very, very minor.”
In many mass school-shooting cases in which the accused is a student, allegations have surfaced that the shooter was bullied, but whether there is a clear link between the two issues is the subject of contention.
Related Video A shooting at a high school in Santa Fe, Texas, in mid-May left at least 10 dead and others injured. The suspect identified as 17-year-old Dimitrios Pagourtzis, a student at the high school, is in custody. Photo: Associated Press. An analysis by The Wall Street Journal found that in 17 of 33 school-shooting cases since 1990 that resulted in at least three victims dead or injured, the accused shooters had a history of being bullied, according to court documents and news reports.
Dr. Nadine Connell, director of the Center for Crime and Justice Studies at the University of Texas at Dallas, who studies bullying and youth criminal behavior, said her research hasn’t shown any connection between bullying and mass school shootings. And some experts noted that kids are bullied without ever resorting to extreme violence like a mass shooting.
“There were certainly situations where they were shunned by classmates, but they weren’t bullied,” she said of the school shooters she has looked at. “Their peers were afraid of them or not interested in interacting with them.”
The shooting has left the small Texas community struggling with claims that bullying played a role in the alleged shooter’s decision to attack. Photo: Godofredo A. Vasquez/Associated Press John Nicoletti, a police psychologist who also works with schools and helped respond to the 1999 attack at Columbine High School in Colorado and other mass shootings, said that school shooters often feel a “perceived injustice” or feel victimized in some way. But Dr. Nicoletti said that simply because a student feels that way doesn’t necessarily mean they were bullied.
At Santa Fe High School, the local school district reported zero bullying incidents in four reporting cycles from 2009 to 2016, according to a Journal analysis of U.S. Education Department data. It isn’t alone in reporting zero bullying in the 2015-16 school year when roughly 72% out of about 24,250 public high schools also reported no bullying incidents.
The federal government’s definition of bullying includes actions such as making threats, spreading rumors, attacking someone physically or verbally and purposely excluding someone from a group. The types of bullying include verbal, social and physical.
The Education Department requires school districts to report such information biannually to ensure compliance with civil rights laws.
Officials with the Santa Fe school district didn’t respond to requests for comment.
Experts said it is unlikely that any high school wouldn’t have a single bullying incident over a seven-year span. But some schools track only the most serious cases, while others may intervene early in a case and not report every incident out of fear of federal or state intervention.
“They are supposed to report and they should, but many times they don’t,” said Ross Ellis, founder and chief executive of Stomp Out Bullying, a national antibullying group. “Some schools are not trained to properly deal with bullying, other times they may not consider it bullying, or they may just not want to deal with the problem.”
The day after the shooting, the Santa Fe district released a statement denying that Mr. Pagourtzis was bullied by coaches, following news reports where at least one student said that he was picked on by coaches and other students, including while on the football team.
That swift denial prompted a heated and varied reaction from current and former students, as well as parents.
Beretta Colt said she dropped out of Santa Fe High her senior year partly because she was being taunted by other students over family problems she was having and teased because she had dated another female student at the school.
At one point, Ms. Colt—who said her father named her after two gun makers —said she started an antibullying club at the school, which she said had the support of some teachers.
But she added that the smallness and homogeneity of Santa Fe made it difficult to be different. Ms. Colt, 20, described the town as conservative and largely white, a place where if you were “a kid who played football and went hunting” or a girl who was “pretty” you were popular.
“You can get singled out because basically everybody knows everything about you,” she said.
A parent whose child graduated last year said his son was picked on by fellow students and football coaches to the point where he quit the football team.
“It was a terrible situation,” said the parent, who still has ties to the school. “I was glad he graduated and got out of there.”
Other disputed the notion that the school was troubled by bullying.
Debbie Bowman, whose daughter attends Santa Fe High, said there is “absolutely” not a bullying problem at the school. Kids may pick on each other, she said, but it isn’t a place “where kids come home from school every day crying because kids are being mean to them.”
“We’re a really small community and everybody looks out for everybody, builds each other up,” she said.
Still, the mass shooting has left the community searching for answers. A teacher who works in the school district interacted with Mr. Pagourtzis several times this past school year. She described him as polite, “always yes ma’am, no ma’am,” and doing the work he was asked to do. She said he kept to himself but saw no evidence of him being picked on by other kids.
“I don’t think we’ll ever know why he did it,” said the teacher. “I’m not sure he knows.”
—Erin Ailworth, Jim Oberman and Tom McGinty contributed to this article.
Write to Tawnell D. Hobbs at Tawnell.Hobbs@wsj.com , Dan Frosch at dan.frosch@wsj.com and Scott Calvert at scott.calvert@wsj.com | ashraq/financial-news-articles | https://www.wsj.com/articles/after-shooting-texas-town-grapples-with-bullying-1527586200 |
Germany woos China trade as Trump tests both 6:01pm BST - 01:53
China says it will ''open its door wider'' to German business as Chancellor Angela Merkel visits Beijing. Both countries are targets of U.S. President Donald Trump's trade threats, and may now turn to each other to offset them.
China says it will "open its door wider" to German business as Chancellor Angela Merkel visits Beijing. Both countries are targets of U.S. President Donald Trump's trade threats, and may now turn to each other to offset them. //uk.reuters.com/video/2018/05/24/germany-woos-china-trade-as-trump-tests?videoId=429943625&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/germany-woos-china-trade-as-trump-tests?videoId=429943625 |
May 21, 2018 / 1:24 AM / Updated 13 hours ago ATP World Tour 250, Geneva Men's Singles Seeds Progress Reuters Staff 2 Min Read May 21 (OPTA) - Seeds Progress from the ATP World Tour 250, Geneva Men's Singles matches on Sunday .. Seeds .. Seed Round Rslt Opponent Score 1 Sam Querrey (USA) 2nd to play (start 08:00) 1st won (Bye) 2 Fabio Fognini (ITA) 2nd to play (start 08:00) 1st won (Bye) 3 Stanislas Wawrinka (SUI) 2nd to play (start 08:00) 1st won (Bye) 4 David Ferrer (ESP) 2nd to play (start 08:00) 1st won (Bye) 5 Albert Ramos-Vinolas (ESP) 1st to play Marton Fucsovics (HUN) (start 08:00) 6 Steve Johnson (USA) 1st to play Marius Copil (ROU) (start 08:00) 7 Andreas Seppi (ITA) 2nd to play (start 08:00) 1st won Marco Cecchinato (ITA) 7-5 6-4 8 Mischa Zverev (GER) 1st lost Mirza Basic (BIH) 5-7 6-3 6-4 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-seeds-mens-singles/atp-world-tour-250-geneva-mens-singles-seeds-progress-idUKMTZXEE5L211KLQ |
VANCOUVER, May 2, 2018 /PRNewswire/ - Mogo Finance Technology Inc. (TSX:MOGO)(NASDAQ:MOGO) ("Mogo" or the "Company"), one of Canada's leading financial technology companies, today announced that it has added financial services veteran, Matthew Bosrock, to its board of directors.
Bosrock is a seasoned global executive with more than 25 years of experience in the financial services and financial information technology industries. Bosrock was most recently at S&P Global Ratings, where he served as Executive Managing Director, Global Head of Developing Markets. Bosrock was also a member of the S&P Global Ratings Executive Committee. Previously, Bosrock spent 19 years in senior positions at HSBC Bank in several regions, including Deputy CEO & COO of HSBC Bank Canada, Canada's seventh largest bank with assets of $96 billion and 6,000 employees. He has an MBA from Duke and a BA from Boston College.
"We're pleased to welcome such a highly accomplished financial services executive to the Mogo board," said David Feller, Founder and CEO of Mogo. "We expect to benefit from Matthew's deep understanding of the industry as we continue to scale our suite of innovative products as well as evaluate new growth opportunities that further accelerate our vision to become the 'go-to' financial brand for the next generation of Canadians."
"Having spent the majority of my career in financial services, both in Canada and globally, I can clearly see the enormous opportunity for Mogo as the digital transformation of banking disrupts the competitive landscape," said Matthew Bosrock. "Over the last three years, Mogo has built what I believe is the leading consumer fintech platform in Canada. With their mobile first account, 600,000 members and multiple innovative products, including the launch of their newest product, MogoCrypto, I believe they are very well-positioned to be one of the winners in Canada's multi-billion-dollar financial services industry. I look forward to working with the Mogo team as they continue to execute on their vision and growth plan."
The Company also announced that, after four years of service on the board, Ron Patterson has retired as a board member, but will continue his involvement with the Company as a new member of Mogo's advisory board.
"Ron has a long history with Mogo and has made important contributions to the board, including with our initial public offering," added Feller. "On behalf of the board and the entire company, I want to thank Ron for his dedication to Mogo and look forward to continuing to work with him as an advisor to the company."
"It's been exciting and rewarding to be involved with the transformation of Mogo over the past several years and to work with such a committed team," said Patterson. "With a diversified digital product offering, growing brand and expanding member base, Mogo is in a great strategic position today, and I look forward to the next chapter in this new role."
About Mogo
Mogo — a Vancouver-based financial technology company — is focused on building the leading digital financial platform in Canada and empowering consumers with simple solutions to help them improve their financial health. Built mobile first, users can sign up for a free MogoAccount in only three minutes and get access to 6 products including free credit score monitoring, identity fraud protection, the Mogo Platinum Prepaid Visa® Card, mortgages, personal loans and the MogoCrypto account which enables the buying and selling of bitcoin. The platform is engineered to deliver multiple financial products at scale through one account and enable the rapid launch of new features and products. With more than 600,000 members and growing, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
View original content: http://www.prnewswire.com/news-releases/mogo-appoints-former-hsbc-and-sp-executive-matthew-bosrock-to-its-board-of-directors-300641043.html
SOURCE Mogo Finance Technology Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-mogo-appoints-former-hsbc-and-sp-executive-matthew-bosrock-to-its-board-of-directors.html |
May 1, 2018 / 11:21 AM / Updated 13 minutes ago BRIEF-DTE Electric Among First Energy Companies In Nation To Sell Green Bonds Reuters Staff
May 1 (Reuters) - DTE Energy Co:
* DTE ELECTRIC AMONG FIRST ENERGY COMPANIES IN NATION TO SELL GREEN BONDS
* DTE ENERGY - PRICED ITS INAUGURAL OFFERING OF $525 MILLION IN GREEN BONDS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dte-electric-among-first-energy-co/brief-dte-electric-among-first-energy-companies-in-nation-to-sell-green-bonds-idUSASC09YIZ |
April 30 (Reuters) - Synthorx Inc:
* SYNTHORX - ANNOUNCES COMPLETION OF $63 MILLION SERIES C FINANCING LED BY ORBIMED, TO ADVANCE PIPELINE OF SYNTHORIN CYTOKINES Source text: ( prn.to/2r90xE7 )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-synthorx-completes-63-mln-series-c/brief-synthorx-completes-63-mln-series-c-financing-led-by-orbimed-idUSFWN1S70QS |
4:30 AM EDT
Teachers across Arizona will return to school on Friday, six days after beginning their statewide strike .
The end to the strike follows the signing of new legislation by Gov. Doug Ducey that addresses some, but not all, of their demands. The state House and Senate “pulled an all-nighter” to get the bill to his desk, according to The Hill .
The measure will give teachers a 20% raise by 2020 and provide an additional $371 to education funding over the next five years, restoring in part the funding cut during the recession.
Nevertheless, the legislation did not include provisions for pay increases for other support staff such as librarians and counselors, nor does the increased funding reach the requested $1 billion.
Ralph Quintana, president of the Arizona American Federation of Teachers, told The Wall Street Journal that “even though the economy has recovered, they’re refusing to give us the restoration of our yearly funding. It’s a step in the right direction, but it’s not going to fix the problem.”
At the peak of the strike, more than 1,000 schools were closed, affecting more than 850,000 students. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/04/arizona-teacher-strike-ends/ |
May 4, 2018 / 4:43 AM / Updated 3 hours ago HSBC's $2 billion buyback fails to cheer investors as spending surges Sumeet Chatterjee , Lawrence White 4 Min Read
HONG KONG/LONDON (Reuters) - HSBC’s ( HSBA.L ) new chief executive sought to mollify investors with a share buyback of up to $2 billion, as the bank reported on Friday an unexpected 4 percent drop in first-quarter pre-tax profit due to a surge in spending. HSBC bank is pictured in Geneva, Switzerland, November 8, 2017. REUTERS/Denis Balibouse
Europe’s biggest bank by assets said that this would likely be the only share buyback this year, as CEO John Flint looks to invest instead in the bank’s twin homes of Britain and China in a bid to boost returns.
The bank’s shares fell 2.5 percent in London by 0750 GMT, in a sign of immediate investor scepticism that the bank’s new investments will pay off after years spent focusing on cutting unprofitable parts of the business.
“For us to get to a 10 percent return on equity, we will have to grow the business, it’s very hard to get there just by shrinking the cost base,” Flint told analysts on a conference call.
HSBC also took a surprise $897 million in provisions against expected settlements for past misconduct cases, which it said included a U.S. Department of Justice investigation into its sale of toxic mortgage-backed securities.
The provision is a sign the bank has advanced its talks with the U.S. authority, as it and others including Royal Bank of Scotland ( RBS.L ) inch towards settling their involvement in the sale of the products during the buildup to the 2007-2008 crisis.
In 2017, HSBC returned a total of $3 billion to shareholders through share buybacks and paid more in dividends than any other major European or American bank, while maintaining its capital buffers as revenue grew.
That came on the back of its restructuring strategy unveiled in 2015, which included boosting its presence in Asia, to turn around performance that had suffered from the consequences of a pre-2008 era of excessive empire-building.
The bank’s pre-tax profit of $4.76 billion for the three months ended March 31 compared to $4.96 billion in the same period a year ago, and was well below the $5.76 billion average of analysts’ estimates compiled by the bank.
The bank’s profit shrank mainly as a nearly 13 percent rise in operating expenses outpaced revenue growth of 5.5 percent. HSBC said the rise in costs was due to investment in its retail banking businesses in its core markets of Britain and China.
HSBC said in Britain it had increased the number of intermediaries that it sells mortgages through from 23 to 30 as it boosts its share of home loans.
Flint plans to double down on HSBC’s “pivot” to Asia and China in particular, despite some setbacks in the plan launched in June 2015. [nL3N1RM3B9]
The main pillar of that strategy is centered around the fast growing Pearl River Delta region in southern China that borders Hong Kong. HSBC seeks to make it its gateway to the world’s second-largest economy.
The bank made over 75 percent of its profits in Asia in 2017. NO QUICK FIX
The biggest question for HSBC investors looking forward is what strategy Flint will adopt to boost growth after years of restructuring and shrinking.
One of the biggest decisions he will have to make is over HSBC’s perennially underperforming U.S. business, which has been barely profitable in recent years as it suffers from being sub-scale relative to domestic rivals.
Flint said on Friday the bank would not look to acquire a domestic business in the United States to increase its scale there, contrary to media reports earlier this year.
“There is no straightforward inorganic solution, there’s no quick fix,” he told Reuters. Reporting by Sumeet Chatterjee and Lawrence White; Editing by Muralikumar Anantharaman/David Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hsbc-results/hsbc-first-quarter-profit-misses-estimate-unveils-2-billion-new-share-buyback-idUKKBN1I509Q |
* North says tunnels will be collapsed for dismantlement
* Journalists to be invited to event -KCNA
* North Korea-U.S. summit scheduled for June 12
* S.Korea official to visit UN nuclear watchdog this week (Updates with S.Korea presidential official, analyst comments)
SEOUL/WASHINGTON, May 14 (Reuters) - North Korea has scheduled the dismantlement of its nuclear bomb test site for sometime between May 23 and 25 in order to uphold its pledge to discontinue nuclear tests, the country's state media reported on Saturday a month ahead of a historic summit.
The official Korean Central New Agency said dismantlement of the Punggye-ri nuclear test ground would involve collapsing all of its tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.
"The Nuclear Weapon Institute and other concerned institutions are taking technical measures for dismantling the northern nuclear test ground ... in order to ensure transparency of discontinuance of the nuclear test," KCNA said.
U.S. President Donald Trump and North Korean leader Kim Jong Un will hold talks in Singapore on June 12, the first-ever meeting between a sitting U.S. president and a North Korean leader.
Trump's Secretary of State Mike Pompeo said on Friday that North Korea can look forward to "a future brimming with peace and prosperity" if it agrees to quickly give up its nuclear weapons.
Trump welcomed the North Korean announcement.
"North Korea has announced that they will dismantle Nuclear Test Site this month, ahead of the big Summit Meeting on June 12th," he tweeted. "Thank you, a very smart and gracious gesture! Thank you, a very smart and gracious gesture!"
South Korea's presidential office echoed the sentiment on Sunday, saying it shows Pyongyang's willingness to denuclearise through actions beyond words.
However, in spite of its pledge to stop testing, North Korea has given no indication it is willing to go beyond statements of broad conceptual support for denuclearization by unilaterally abandoning a nuclear weapons program its ruling family has seen as crucial to its survival.
In announcing the plan to shut Punggye-ri last month, Kim said North Korea no longer needed to conduct tests because it had completed its goal of developing nuclear weapons.
KCNA said journalists, including from the United States and South Korea, would be invited to cover the event, to "show in a transparent manner the dismantlement of the northern nuclear test ground to be carried out". The exact date of the closure will depend on weather conditions, the agency said.
To accommodate the travelling journalists, North Korea said various measures would be taken including "opening territorial air space".
NO MENTION OF EXPERTS
South Korean officials said in April that North Korea also planned to invite experts from the United States and South Korea for the Punggye-ri shutdown, but KCNA made no mention of this.
Last month, South Korean President Moon Jae-in had asked the United Nations to help verify the shutdown.
South Korea's deputy nuclear envoy Jeong Yeon-doo will visit the International Atomic Energy Agency (IAEA) in Vienna this week to discuss the "complete denuclearisation of North Korea" the foreign ministry said on Sunday.
All of North Korea's six known nuclear bomb tests have taken place at Punggye-ri, in the northeastern of North Korea where a system of tunnels have been dug under Mount Mantap.
North Korea has a total of four tunnels and while two were shut down following previous nuclear tests, one remained usable and the other was under construction until recently, a South Korean presidential official told reporters on Sunday under condition of anonymity.
According to Chinese academic reports, North Korea's most recent nuclear test in September of what Pyongyang said was a hydrogen bomb, was so large it triggered a collapse inside the mountain, rendering the entire site unusable for future tests.
But U.S. intelligence officials have said it remains usable and could be reactivated "in a relatively short period of time" if it was closed.
"I think theyre done testing. They have what they need so the way in which they collapse the tunnels is just show," said Melissa Hanham, senior research associate at the James Martin Center for Nonproliferation Studies.
Jeffrey Lewis, director of the East Asia Nonproliferation Program at California's Middlebury Institute of International Studies, said in a blog post this week that recent satellite images had shown the removal of some buildings from the site.
On Saturday, he told Reuters that closure of Punggye-ri did not mean much in terms of disarmament, given that the United States, for example, stopped nuclear testing in 1992.
"It would, however, require North Korea to clear out the test tunnels and rebuild any infrastructure that might be removed or dig new tunnels at the site or elsewhere. So, its a good confidence building measure, but not necessarily a sign of irreversible disarmament."
Siegfried Hecker, a former director of the Los Alamos National Laboratory in the United States and a leading expert on North Korea's nuclear program, said collapsing the Punggye-ri tunnels would be "a big and positive step," given his belief that North Korea still required more nuclear and missile tests to reach the U.S. mainland with a nuclear-tipped missile.
However, he said the other crucial steps North Korea needed to take to demilitarize its nuclear program were to shut its plutonium production reactor, and open its uranium processing to inspection.
(Reporting by Christine Kim and David Brunnstrom Additional reporting by Lucia Mutikani in WASHINGTON, Joori Roh and Josh Smith in SEOUL Editing by Alistair Bell & Simon Cameron-Moore) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/reuters-america-update-5-north-korea-details-plans-to-dismantle-nuclear-bomb-test-site.html |
SAN DIEGO, May 29, 2018 /PRNewswire/ -- RF Industries, Ltd. (NASDAQ: RFIL) today announced that it will release financial results for the second quarter ended April 30, 2018 on Monday, June 11, 2018 at approximately 8:30 a.m. EDT. RFI has scheduled a conference call that morning at 11:30 a.m. EDT to discuss its results for the quarter. The dial in numbers to participate in the conference call are (800) 239-9838 or (323) 994-2093. The conference ID is #2892918.
A simultaneous webcast of the conference call can be accessed from the Investor Information page at www.rfindustries.com . A replay of the call will be available after 1:00 p.m. EDT at this same Internet address. For a telephone replay, dial (844) 512-2921 or (412) 317-6671, replay pin #2892918, after 1:30 p.m. EDT.
About RF Industries
RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets including wireless/wireline telecom, data communications and industrial. The Company's products include RF connectors , coaxial cables, wire harnesses , fiber optic cables, custom cabling and data center equipment . The Company is headquartered in San Diego, California with operations in New York, Connecticut and New Jersey. Please visit the RF Industries website at www.rfindustries.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/rf-industries-to-release-second-quarter-fiscal-2018-results-monday-june-11-2018-at-approximately-830-am-edt-conference-call-and-webcast-scheduled-for-1130-am-edt-300655818.html
SOURCE RF Industries, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-rf-industries-to-release-second-quarter-fiscal-2018-results-monday-june-11-2018-at-approximately-830-a-m-edt-conference-call.html |
FAIRFAX, Va., May 9, 2018 /PRNewswire-USNewswire/ -- American Technology Services, Inc. (ATS®) announced that Stephen Goodwin has joined the company's Consulting CIO practice. Mr. Goodwin brings a unique combination of technology management and operational expertise in healthcare, nonprofits, and DoD services to ATS. Jeff Chandler, President of ATS, noted, "Stephen brings a wealth of knowledge about both technology and operations to ATS, especially in military healthcare and nonprofits. We are delighted to have him join our company and expect he will make a difference for our clients and our own internal operations."
Prior to joining ATS, Mr. Goodwin was Vice President of Operations at the Henry M. Jackson Foundation for the Advancement of Military Medicine, a 501c(3) based in Bethesda, Maryland. Mr. Goodwin completed his undergraduate degree at Johns Hopkins University and was commissioned through ROTC as a regular officer in the U.S. Army. Trained as an ammunition and chemical officer, he served in Explosive Ordnance Disposal (EOD) detachments in Europe and the U.S. After leaving the Army he studied mathematics at the University of Colorado and Dartmouth College before arriving in the Washington DC area to work in various information technology positions within the education, technology, GovCon, nonprofit, biomedical research and global health industries.
Mr. Goodwin's role at ATS includes serving as a senior advisor to clients as a Consulting CIO, as well as managing a team of consultants who work with clients for IT management. Mr. Goodwin's past responsibilities have included leading information technology, communications, and human resources functions in the U.S. and delivering information technology services in developing countries. His knowledge of HIPAA, NIST and GDPR requirements further add to ATS' services in those areas of compliance consulting for GovCon clients and organizations dealing with emerging security and privacy issues.
About ATS
American Technology Services, Inc. is a full-service IT management firm specializing in serving the needs of associations, nonprofits, financial institutions, and professional services firms. Based in Fairfax, Virginia, ATS provides managed services, development, security, hosting and operations support for hundreds of clients throughout the US. Founded in 1994, ATS is celebrating their 25 th year in business.
AMERICAN TECHNOLOGY SERVICES, INC.
2751 Prosperity Ave., Suite 600, Fairfax, VA 22031
Telephone 703-876-0300
ATS, American Technology Services, and the ATS logo are registered trademarks.
View original content with multimedia: http://www.prnewswire.com/news-releases/stephen-goodwin-joins-ats-as-consulting-cio-300645416.html
SOURCE American Technology Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-stephen-goodwin-joins-ats-as-consulting-cio.html |
HELSINKI, May 9 (Reuters) - Nordic financial holding company Sampo, the largest shareholder in Nordea Bank , reported on Wednesday a sharp drop in its mark-to-market results due to a devalued Swedish crown and weak investment markets.
Total comprehensive income, which takes changes in the market value of assets into account, fell to 108 million euros ($127 million) from 557 million euros a year earlier.
However, pretax profit rose 4 percent from a year ago to 445 million euros as operative results from Sampo’s property and casualty business If remained strong.
$1 = 0.8448 euros Reporting by Jussi Rosendahl; Editing by Simon Johnson
| ashraq/financial-news-articles | https://www.reuters.com/article/sampo-results/weak-swedish-crown-hits-sampos-mark-to-market-results-idUSFWN1SG0H9 |
HONG KONG (Reuters) - Chinese fashion-focused e-commerce platform Meili Inc is seeking $500 million in an initial public offering targeted for the second half of this year, people with direct knowledge told Reuters.
Meili, created through a 2016 merger between online fashion retailer Meilishuo and rival Mogujie, has mandated Morgan Stanley ( MS.N ) to lead the listing together with Credit Suisse CSAG.UL and China Renaissance, the people said.
The company, which was valued at around $3 billion at the time of the merger, will go public in the United States, according to two of the people, who declined to be named as the information is confidential.
Meili Inc did not respond to Reuters’ requests for comment. The three banks declined to comment.
The float will add to a busy pipeline of Chinese tech companies that are seeking to go public this year, including smartphone maker Xiaomi ( IPO-XMGP.HK ) and on-demand online services provider Meituan Dianping.
Most of the biggest deals are expected to take place in Hong Kong under new rules in the city designed to attract more tech and biotech IPOs, as competition for new floats heats up between Hong Kong, New York and the Chinese mainland.
But one of the sources said Meili still favors a U.S. listing as the company, which is not yet profitable, believes U.S. investors will be more familiar with its e-commerce business model, as e-commerce giants such as Amazon ( AMZN.O ), Alibaba ( BABA.N ) and JD.Com ( JD.O ) are all listed there.
Meilishuo, which means “beauty talk” in Chinese, and Mogujie, or “Mushroom Street”, both started out as online marketplaces and social sites targeting female consumers, highlighting and promoting items such as clothes, shoes, skincare products and handbags.
They evolved into shopping sites similar to Alibaba’s Taobao and merged in January 2016 to create a fashion services group including a platform for internet celebrities and models, and its own fashion brand.
Founded in 2009, Meilishuo’s backers include Tencent Holdings Ltd, GGV Capital and Sequoia Capital China.
Mogujie, established two years later by a former Alibaba executive, counts Ping An Ventures, a venture capital arm of Chinese insurer Ping An Insurance Co., Hillhouse Capital and Hopu Investment Management as investors.
Reporting by Kane Wu and Julie Zhu, and Fiona Lau of IFR; Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/us-meili-ipo/chinese-fashion-e-commerce-firm-meili-seeks-500-million-in-u-s-ipo-sources-idUSKBN1IA0B3 |
Wells Fargo did not violate the federal Truth in Lending Act (TILA) by charging customers to lock in interest rates when their mortgage applications were delayed, a judge in San Francisco ruled on Monday.
U.S. District Judge Maxine Chesney dismissed the TILA claims with prejudice from a proposed class action filed in August by Victor Muniz, who accused the bank of blaming “faultless” homeowners for its own delays so it could charge them extra money to extend their interest-rate locks.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2wLavRl
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/wellsfargo-ratelock/wells-fargo-dodges-truth-in-lending-claims-in-rate-lock-in-lawsuit-idUSL2N1SN00C |
May 4 (Reuters) - To-Win Global Co Ltd :
* Says it received patent on May 4, for social network service system and social network service method using the same
* Patent number is 10-2017-0022448
Source text in Korean : goo.gl/uS4Whc
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-to-win-global-received-patent/brief-to-win-global-received-patent-idUSL3N1SB2PI |
CHERRY HILL, N.J. (AP) — Many pension funds for public workers already owe far more in retirement benefits than they have in the bank, and the problem will only grow worse if the economy slows down, according to a report released Thursday.
The study from The Pew Charitable Trusts found that the New Jersey and Kentucky funds are in such perilous shape that they risk running dry.
"Even after eight years of economic recovery — eight straight years of stock market gains — the public pension plans are more vulnerable than they've ever been to the next recession," researcher Greg Mennis said in an interview.
Governments have been ramping up contributions to the funds to help cover the promises they've made to retirees, but that leaves less money to spend on schools, police, parks and other core government services.
Another option is reducing pension benefits. A plan to do that in Kentucky led to teacher walkouts earlier this year.
The Pew study, published by the Mossavar-Rahmani Center for Business and Government at Harvard University, examines what would happen to pension funds in 10 states under various economic scenarios.
If a fund doesn't bring in enough money to cover its promised retirement costs, the state would have to make up the difference. In New Jersey, that would mean spending at least $2 billion more a year.
"These findings don't come as a surprise and underscore the need to bolster the state's surplus," said Jennifer Sciortino, a spokeswoman for the state Treasury Department. She said Gov. Phil Murphy, a Democrat who took office in January, wants to increase the surplus by 50 percent.
New Jersey is gradually raising its contributions, but the Pew report says getting to full funding will be a challenge for the state.
Kentucky Gov. Matt Bevin, a Republican, signed a bill last month reducing some retirement benefits for current and future teachers, but not for those already retired.
On Thursday, Bevin spokeswoman Elizabeth Kuhn said the Pew findings echo warnings from the governor since he took office. She said addressing the pension fund's $60 billion unfunded liability is his top fiscal priority.
"After years of Kentucky governors underfunding and mismanaging the pension system, the report confirms that Gov. Bevin's commitment to fully fund the system will provide a stronger financial outlook for the state," she said in a statement.
The report said that even with changes, Kentucky could be in a situation similar to Connecticut and Pennsylvania. Both states have increased state pension contributions and might have to keep them high for decades to come, squeezing out funding for other priorities in the state budget.
The report also found that the relatively healthy pension systems in North Carolina and Wisconsin are more likely to weather downturns. Pew also looked at the funds in Colorado, Ohio, South Carolina and Virginia.
Notably absent from the report was California, which has the two largest public pension funds in the nation. They had a combined $168 billion in unfunded liabilities in 2016, according to another recent Pew report. Mennis said California's funds were not included in the stress test study because they are so large and uniquely structured.
Nevertheless, the issue has been on the mind of California Gov. Jerry Brown, a Democrat who is in his final year in office. Brown suggested earlier this year that when a recession hits, pensions "will be on the chopping block."
Follow Mulvihill at http://www.twitter.com/geoffmulvihill
This story has been updated to clarify that Kentucky's new law does not cut benefits for retirees. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-associated-press-study-some-public-pensions-funds-could-run-dry-in-downturn.html |
LONDON (Reuters) - Everton’s structural shake-up left no room for Sam Allardyce who was sacked as manager on Wednesday after a six-month reign in which he steered the Merseysiders to eighth place in the Premier League.
Soccer Football - Premier League - West Ham United vs Everton - London Stadium, London, Britain - May 13, 2018 Everton manager Sam Allardyce during the game Action Images via Reuters/Paul Childs Former England manager Allardyce replaced sacked Dutchman Ronald Koeman in November with the club 13th and five points above the relegation zone. He had a year to run on his contract.
Denise Barrett-Baxendale, who will officially replace Robert Elstone as the club’s CEO on June 1 as part of a raft of changes at the top, said the task of replacing Allardyce would begin immediately.
“On behalf of the Chairman, Board of Directors and (owner) Mr (Farhad) Moshiri, I’d like to thank Sam for the job he has done at Everton over the last seven months,” she told the club’s website.
“Sam was brought in at a challenging time last season to provide us with some stability and we are grateful to him for doing that.
“However, we have made the decision that, as part of our longer-term plan, we will be appointing a new manager this summer. We wish Sam well for the future.”
Allardyce was not a popular choice with the fans and the writing looked on the wall for the 63-year-old when he criticised the recent changes in the club’s hierarchy on Tuesday.
“I’m shocked, disappointed and disgusted that the football club didn’t have the decency to tell me, my Director of Football and my staff about the changes,” he told the Liverpool Post.
“They must have been in the pipeline for a considerable time but no-one thought to tell me and my staff.”
Since Moshiri took over the club in February 2016, Everton have spent around 300 million pounds ($404.3 million) in the transfer market but rather than mount a challenge to the top four they are treading water in the Premier League.
Koeman was sacked with the club in 18th place, although by the time Allardyce took charge caretaker manager David Unsworth had steadied the ship and they were 13th.
Allardyce was in charge for 26 games in all competitions, winning 10, drawing seven and losing nine.
His final match in charge was a 3-1 defeat at one of his former clubs West Ham United on Sunday.
Including Unsworth, Everton have had four managers since Moshiri came in and former Watford and Hull City manager Marco Silva is favourite to become the fifth.
Everton first targeted Silva when they were seeking a replacement for Koeman but then appointed Allardyce after Watford refused to give them permission to approach the Portuguese who was subsequently sacked in January.
Watford accused Everton of unsettling Silva which they say led to a downturn in form.
“The club is convinced the appointment of Silva was the right one and had it not been for the unwarranted approach by a Premier League rival for his services we would have continued to prosper under his leadership,” Watford said at the time.
($1 = 0.7421 pounds)
Reporting by Alan Baldwin and Martyn Herman; Editing by Amlan Chakraborty and Christian Radnedge
| ashraq/financial-news-articles | https://in.reuters.com/article/soccer-england-eve-allardyce/soccer-everton-sack-allardyce-as-manager-idINKCN1IH0Y3 |
A new study by Harvard researchers suggests that five lifestyle habits may be key to extending life expectancy by more than 10 years. But one of the longevity-boosting habits is especially important for living longer—staying away from smoking and tobacco.
The research published in the medical journal Circulation cites five behaviors associated with significantly longer life: not smoking, keeping a healthy Body Mass Index (BMI), avoiding excess alcohol consumption, moderate-to-vigorous exercise, and keeping a healthy diet. Sticking to all five of those healthy habits was associated with 12.2 years of longer life for men and 14 years of longer life expectancy for women, according to the researchers. (Ok, this is a good time to note the caveat that this was an observational study and not a randomized clinical trial, and that correlation isn’t the same as causation.) Out of all these behaviors, however, avoiding smoking and tobacco products has been proven time and time again to be the most effective way to live longer—or at the very least avoid dying at an unnecessarily premature age.
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Let’s let the Centers for Disease Control (CDC) explain exactly why . “Smoking causes cancer, heart disease, stroke, lung diseases, diabetes, and chronic obstructive pulmonary disease (COPD), which includes emphysema and chronic bronchitis,” writes the agency.
On a larger scale, that amounts to an estimated 16 million Americans living with a disease caused by smoking in some way or another. And it checks all of the big-name killing boxes : heart disease (the number one killer of Americans), cancer (the number two killer of Americans), and COPD (the number three killer of Americans).
That’s a likely reason why the criteria in the latest study included avoiding smoking altogether. While the other associations surrounding diet and exercise have also shown strong associations with longer life expectancy and more healthy lives, avoiding smoking remains the single most powerful way to prevent an early death and extend life, according to multiple large-scale analyses. | ashraq/financial-news-articles | http://fortune.com/2018/04/30/life-expectancy-habits-smoking/ |
Intent 'not to take baby': Accused kidnapper Friday, May 04, 2018 - 01:27
Gloria Williams, the woman who pled guilty earlier this year of kidnapping a newborn child in 1998, said during the second day of her sentencing hearing that her ''intent was not to take a baby'', but thought having the baby would make her boyfriend at the time, Charles Manigo, happy. Williams allegedly took Kamiyah Mobley, who is now 19 years old, and raised her in South Carolina. Rough Cut (no reporter narration).
Gloria Williams, the woman who pled guilty earlier this year of kidnapping a newborn child in 1998, said during the second day of her sentencing hearing that her "intent was not to take a baby", but thought having the baby would make her boyfriend at the time, Charles Manigo, happy. Williams allegedly took Kamiyah Mobley, who is now 19 years old, and raised her in South Carolina. Rough Cut (no reporter narration). //reut.rs/2KzSKr8 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/intent-not-to-take-baby-accused-kidnappe?videoId=423891956 |
Left behind: New Zealand's homeless crisis 10:09am EDT - 01:59
New Zealand's economic golden run has fueled an unexpected crisis: homelessness. Reuters’ Jonathan Barrett lays out the government’s challenges in trying to help the tens of thousands of people with nowhere to live. Eve Johnson reports.
New Zealand's economic golden run has fueled an unexpected crisis: homelessness. Reuters’ Jonathan Barrett lays out the government’s challenges in trying to help the tens of thousands of people with nowhere to live. Eve Johnson reports. //reut.rs/2Lgva2W | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/21/left-behind-new-zealands-homeless-crisis?videoId=429047225 |
HOUSTON, May 4, 2018 /PRNewswire/ -- Chesapeake Granite Wash Trust (NYSE:CHKR) (the "Trust") today announced that its common unit distribution for the quarter ended March 31, 2018 (which primarily relates to production attributable to the Trust's royalty interests from December 1, 2017 through February 28, 2018) will be $0.0469 per common unit. The distribution will be paid on May 31, 2018 to common unitholders of record at the close of business on May 21, 2018.
During the three-month production period ended February 28, 2018, sales volumes and realized prices were both lower than initial Trust estimates.
The following table provides supporting documentation, as provided by Chesapeake Energy Corporation ("Chesapeake") to the Trust, for the calculation of distributable income available to unitholders for the production period from December 1, 2017 through February 28, 2018.
Sales volumes:
Oil (mbbl)
24
Natural gas (mmcf)
608
Natural gas liquids (mbbl)
63
Total oil equivalent volumes (mboe)
189
Average price received per production unit: (1)
Oil
$
59.96
Natural gas
$
1.08
Natural gas liquids
$
21.22
Distributable income calculation (in thousands except per unit income):
Revenue less production taxes (1)
$
3,154
Trust administrative expenses
(961)
Distributable income available to unitholders
$
2,193
Calculated distributable income per unit (2)
$
0.0469
(1)
Includes the effect of certain marketing, gathering and transportation deductions.
(2)
Based on 46,750,000 common units issued and outstanding.
Due to the timing of the payment of production proceeds to the Trust, quarterly distributions generally include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.
The Trust was formed by Chesapeake Energy Corporation in June 2011 and owns royalty interests in certain oil and natural gas properties in the Colony Granite Wash play in Washita County, Oklahoma. The Trust is entitled to receive proceeds from the sale of production attributable to the royalty interests. As described in the Trust's filings with the Securities and Exchange Commission (the "SEC"), the amount of Trust revenues and the quarterly distributions to Trust unitholders will fluctuate from quarter to quarter, depending on the sales volume of oil, natural gas liquids and natural gas attributable to the Trust's royalty interests and the prices received for such sales and the amount of the Trust's administrative expenses, among other factors.
For additional information regarding the Trust and its results of operations and financial condition, please refer to the Trust's SEC filings.
ABOUT CHESAPEAKE GRANITE WASH TRUST:
Chesapeake Granite Wash Trust (NYSE:CHKR) is a Delaware statutory trust formed by Chesapeake to own certain royalty interests in oil, natural gas liquids and natural gas wells in Washita County, Oklahoma producing from the Colony Granite Wash play within the broader Granite Wash formation of the Anadarko Basin. The common units do not represent interests in and are not obligations of Chesapeake. The common units are listed on the New York Stock Exchange under the symbol CHKR. Further information is available at www.chkgranitewashtrust.com where the Trust routinely posts announcements, updates, investor information and news releases.
Pursuant to IRC Section 1446, withholding tax on income effectively connected to a U.S. trade or business allocated to foreign partners should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from U.S. sources allocated to foreign partners should be made at 30% of gross income unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by the Trust, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to foreign partners, nominees and brokers should withhold at the highest effective tax rate.
This news release contains statements that are " " 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. All statements contained in this news release, other than statements of historical facts, are " " for purposes of these provisions. The anticipated distribution discussed herein is based, in part, on the amount of cash received or expected to be received by the Trust from Chesapeake with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses. Neither Chesapeake nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this news release. An investment in common units issued by the Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2017, as well as other risks identified in the Trust's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. The Trust's annual, quarterly and other filed reports are or will be available at the SEC's website at www.sec.gov . The Trust does not intend, and assumes no obligations, to update any of the statements included in this news release.
TRUSTEE CONTACT INFORMATION:
Bank of New York Mellon Trust Company, N.A.
Sarah Newell
512-236-6555
sarah.newell@bnymellon.com
View original content: http://www.prnewswire.com/news-releases/chesapeake-granite-wash-trust-announces-distribution-of-0-0469-per-common-unit-300642447.html
SOURCE Chesapeake Granite Wash Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-chesapeake-granite-wash-trust-announces-distribution-of-0-point-0469-per-common-unit.html |
Sears CEO Eddie Lampert: We are still 'fighting like hell' Lauren Thomas Reblog Sears Holdings held its annual shareholders' meeting Wednesday at its headquarters in Hoffman Estates, Illinois. CEO Eddie Lampert spoke to how the department store chain is trying to improve liquidity and address pension liabilities. Sears also announced a new development in its relationship with Amazon. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/sears-ceo-eddie-lampert-we-are-still-fighting-like-hell.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
U.S. Navy reforms 'Second Fleet,' eyeing Russia 7:07pm IST - 01:09
The Pentagon is reestablishing a navy fleet that was disbanded seven years ago as it shifts more resources against Russia, part of a wider buildup that stretches from the North Atlantic to Eastern Europe. Matthew Larotonda reports
The Pentagon is reestablishing a navy fleet that was disbanded seven years ago as it shifts more resources against Russia, part of a wider buildup that stretches from the North Atlantic to Eastern Europe. Matthew Larotonda reports //reut.rs/2rlC3af | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/05/us-navy-reforms-second-fleet-eyeing-russ?videoId=424103484 |
HOUSTON--(BUSINESS WIRE)-- Stage Stores, Inc. (NYSE:SSI) today announced that it will release its first quarter fiscal 2018 financial results on Thursday, May 24, 2018. The release of the Company’s results will be followed by a pre-recorded conference call, which will occur at 8:30 a.m. Eastern Time on the same day.
Interested parties may access the Company’s pre-recorded conference call by dialing 866-393-5631 and providing the conference ID: 3989619. Alternatively, interested parties may listen to an audio webcast of the conference call through the Investor Relations section of Company's website ( corporate.stage.com ). A replay of the conference 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 10, 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 .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005283/en/
Alysha Tawney
Manager, 713-331-4902
Strategy and Investor Relations
IR@stage.com
Source: Stage Stores, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-stage-stores-announces-first-quarter-earnings-release-date-and-conference-call-information.html |
BUDAPEST (Reuters) - Hungary responded angrily on Thursday after the European Commission proposed cutting development funds to countries deemed to have undermined the rule of law, saying it would not yield to “blackmail”.
FILE PHOTO - Hungarian Foreign Minister Peter Szijjarto talks during a news conference with Australian Foreign Minister Julie Bishop (not pictured) in Budapest, Hungary, February 22, 2018. REUTERS/Bernadett Szabo The EU’s executive announced the plans in proposing a joint budget for 2021-27 on Wednesday, a move that could cost Hungary and Poland, two of the biggest net recipients of EU aid, millions of euros.
The funds have been a major driver of investments in Hungary over the past years, contributing to a rise in economic growth to 4 percent in 2017, the highest level in three years.
The Commission did not specify how much of that funding might be in jeopardy. It said any measures taken would be proportionate to the threat a country’s actions posed to the rule of law.
“There are treaties in force in the European Union that clearly specify the rights and obligations of EU member states,” Hungarian Foreign Minister Peter Szijjarto told a news conference.
“We do not agree with any proposal that would provide the potential for blackmail of anyone with regard to the payment of EU funds that are due to be given to countries based on the treaties,” he said.
The Commission has accused Prime Minister Viktor Orban’s right-wing government of undermining the independence of Hungary’s courts and curbing media freedom.
The European Anti-Fraud Office is also investigating projects run by a company once controlled by Orban’s son-in-law. Critics say Orban has presided over a downward slide in Hungary’s global corruption rankings.
Orban was re-elected in a landslide last month in an election campaign dominated by his fierce anti-migrant platform.
Szijjarto, who will remain Orban’s foreign minister in the new cabinet, rejected the view that EU funds were “humanitarian aid” provided to Central Europe. No subjective criteria should be introduced into how they are disbursed, he said.
“We have opened up our markets and Western European companies have pocketed enormous profits in Central European markets,” he said.
“This is not a one-way street that those in the West are being good lads and give us some EU funds. This is a two-way street and everybody must meet their commitments,” he said.
Siding with France, Szijjarto added that Hungary would oppose any reduction in agricultural subsidies that could hit its sizeable farm sector.
Reporting by Gergely Szakacs, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-budget-hungary/hungary-rejects-blackmail-over-eu-funds-minister-idUSKBN1I40V3 |
-- Strengthens GSE’s global leadership in technical engineering solutions for ASME code --
-- Projected to add more than $10 million to GSE’s annual revenue --
-- Transaction anticipated to be immediately accretive to GSE’s adjusted earnings --
-- GSE secures $25 million delayed draw term loan to fund acquisitions --
COLUMBIA, Md.--(BUSINESS WIRE)-- GSE Systems, Inc. (“GSE” or “the Company”) (Nasdaq: GVP) , a leader in real-time high-fidelity simulation systems, training/consulting and technology-enabled engineering solutions to the power and process industries, today announced that the Company acquired True North Consulting, LLC (“True North”), a respected provider of specialty engineering solutions to the nuclear power industry.
Founded in 1999 in Montrose, Colorado, True North generated revenue of approximately $11 million, of which over 85% came from the nuclear power industry, for the year-ended December 31, 2017. True North employs roughly 60 full-time and part-time professionals with expertise in areas such as in-service testing for engineering programs focused on ASME OM code including Appendix J, balance of plant programs, thermal performance, in-service inspection for specialty engineering including ASME Section XI, and software solutions.
Kyle Loudermilk, GSE’s President and Chief Executive Officer, commented, “The acquisition of True North Consulting broadens our engineering services offering, expands our relationships with several of the largest nuclear energy providers in the United States, and adds a highly specialized, complimentary talent pool to our employee base. True North has built a stellar reputation in the industry, particularly in technical areas such as ASME code expertise, and will expand the portfolio of services we can provide to our customers. We believe True North is a powerful strategic fit with GSE, strengthening our position as the ‘go to’ solutions provider to the power industry. The addition of True North advances our strategy to create value for our customers, employees and shareholders through consolidating a fragmented ecosystem of vendors serving the nuclear power industry.”
Transaction Details
GSE acquired 100% of the equity interest of True North for $9.75 million, subject to customary pre- and post-closing working capital adjustments. The transaction closed on May 11, 2018. GSE projects that True North will generate on an annualized basis revenue of approximately $10 million, add approximately $4 million to GSE’s backlog and, after identified synergies are implemented, contribute adjusted EBITDA of approximately $2 million. GSE also projects that the transaction will be immediately accretive to GSE’s adjusted earnings per share. For reporting purposes, True North will be included in GSE’s Performance Improvement Solutions segment.
Chris Sorrells, GSE’s Chief Operating Officer, commented, “Our purchase of True North is expected to be immediately accretive to GSE’s adjusted earnings per share and will add a stable revenue stream to the GSE platform with attractive EBITDA margins and strong cash flow potential. After completion of this transaction, GSE’s pro forma Adjusted EBITDA for the last twelve months approaches $8 million and our pro forma balance sheet remains strong with approximately $12.4 million in cash and $10 million in long-term debt. In the last eight months, through our strategic acquisitions of Absolute Consulting and True North, we project that we will have added an estimated $40-$50 million in annual revenue and an increase of $3.5-$4.0 million in annual adjusted EBITDA. We continue to work diligently to pursue other similar acquisition opportunities that can enhance shareholder value.”
Amended and Restated Credit and Security Agreement with Citizens Bank
On May 11, 2018, GSE entered into an amended and restated credit agreement with Citizens Bank (the “Lender”), consisting of a five-year $5 million revolving line of credit and a five-year $25 million delayed draw term loan facility to fund acquisitions approved by the Lender. GSE drew on the term loan facility to fund the acquisition of True North. Following the transactions associated with the acquisition, GSE will owe $9.75 million on the term loan facility.
“Providing acquisition financing that supports GSE’s growth strategy and longer-term Vision 2020 objectives is an example of how Citizens delivers substantial value for our clients,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region, and Head of National Industry Verticals Banking. “At Citizens, we try to think about the needs of our clients from their point of view and offer a range of solutions.”
ABOUT GSE SYSTEMS, INC .
GSE Systems, Inc. is a leader in real-time high-fidelity simulation systems, training/consulting and technology-enabled engineering solutions to the power and process industries. GSE’s products and services are tailored to help customers achieve performance excellence in design, training, compliance and operations. The Company has over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in Columbia, Maryland, Navarre, Florida, Montrose, Colorado, and Beijing, China. Information about GSE Systems is available at www.gses.com .
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered 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. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
NON-GAAP FINANCIAL STATEMENTS
Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles (“GAAP”). We believe that Adjusted EBITDA, in addition to operating profit, net income and other GAAP measures, is useful to investors to evaluate financial results because it excludes certain items not directly related to core operating performance that may, or could, have a disproportionate positive or negative impact on results for any particular period. Investors should recognize that Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. We define EBITDA as earnings before interest, taxes, depreciation and amortization (“EBITDA”). We define Adjusted EBITDA as EBITDA plus adjustments for consulting support for finance restructuring, stock-based compensation expense, restructuring charges, gain/loss from the changes in fair value of contingent consideration, acquisition-related expense, and bankruptcy related expenses. We define Adjusted Earnings Per Share as earnings per share plus adjustments for consulting support for finance restructuring, stock-based compensation expense, restructuring charges, gain/loss from the changes in fair value of contingent consideration, acquisition-related expense, bankruptcy related expenses, and tax reform impact. With respect to Adjusted EBITDA and Adjusted Earnings Per Share on a forward-looking basis and as a combined company with True North, a reconciliation of the difference between this non-GAAP expectation and the corresponding GAAP measure (expected net income and earnings per share) is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, adjustments to the provision for income taxes, depreciation of fixed assets, amortization of intangibles, costs related to restructuring actions and interest expense, and certain anticipated cost synergies, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP financial results.
//www.businesswire.com/news/home/20180514005307/en/
GSE Systems, Inc.
Chris Sorrells, 410-970-7802
Chief Operating Officer
or
The Equity Group Inc.
Kalle Ahl, CFA, 212-836-9614
kahl@equityny.com
Source: GSE Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-gse-systems-inc-acquires-true-north-consulting-llc.html |
VIENNA (Reuters) - Iran is continuing to implement its nuclear commitments under a deal with major powers, the U.N. atomic watchdog policing the deal said on Wednesday, a day after U.S. President Donald Trump said Washington was pulling out of the accord.
“Iran is subject to the world’s most robust nuclear verification regime under the JCPOA, which is a significant verification gain,” International Atomic Energy Agency (IAEA) chief Yukiya Amano said in a statement, using the deal’s official name, the Joint Comprehensive Plan of Action.
“As of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran,” he said, adding that the IAEA was “closely monitoring developments” related to the deal.
Reporting by Francois Murphy; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-iaea/iran-still-implementing-commitments-under-nuclear-deal-iaea-says-idUSKBN1IA1JV |
May 22, 2018 / 9:59 AM / Updated 44 minutes ago Investors turn up heat on Shell over climate targets Ron Bousso 3 Min Read
THE HAGUE (Reuters) - Top investors in Royal Dutch Shell on Tuesday stepped up pressure on the oil and gas giant to commit to hard targets to reduce greenhouse gas emissions to battle climate change. FILE PHOTO: A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci
Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables energy, which Chief Executive Officer Ben van Beurden said were ground breaking for the oil industry.
“Nobody else comes close, it is seriously ambitious,” van Beurden said of Shell’s plan at the company’s annual general meeting in The Hague.
While praising Shell for its plan, a growing number of major shareholders has urged the Anglo-Dutch company to commit to hard targets to reduce carbon emissions from its oil and gas production, as well as from fuels it sells around the world.
“We call for this ambition to be translated into firm medium and short term targets, aligned with the Paris Agreement,” a group of 27 investors managing $7.9 trillion (6 billion pounds) in assets said in a statement read at the AGM.
Shell’s board has urged shareholders to vote against a resolution brought forward for a vote at the AGM by activist group Follow This calling on Shell to set hard targets to reduce emissions in order to meet the 2015 Paris Climate Agreement goal to limit global warming to “well below” 2 degrees Celsius.
Van Beurden warned that doing so would hamper Shell’s efforts to adapt to the transition going on in energy.
“The reputation of our company is irrevocably linked to targets... Nobody can see how the energy transition will play out over this period,” van Beurden said.
The previous two climate resolutions tabled by Follow This in 2016 and 2017 won the support of 2.8 percent and 6.3 percent of the votes, respectively.
Last week, a group of 60 global investors urged companies to do more to reduce emissions and become more transparent about their plans.
Shell announced late last year an ambition to slash emissions of greenhouse gases by 20 percent by 2035 and by half by 2050. The targets will include all of Shell’s operations as well as emissions from products consumed by consumers.
Producing and burning of oil and gas account for around 50 percent of global carbon emissions. Reporting by Ron Bousso; editing by Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-shell-agm/investors-turn-up-heat-on-shell-over-climate-targets-idUKKCN1IN144 |
May 22 (Reuters) - Centene Corp:
* CENTENE AWARDED STATEWIDE MEDICAID CONTRACT IN IOWA * CENTENE CORP SAYS ITS IOWA SUBSIDIARY, IOWA TOTAL CARE, INC., HAS BEEN TENTATIVELY AWARDED A STATEWIDE CONTRACT FOR IA HEALTH LINK PROGRAM
* CENTENE CORP - PENDING REGULATORY APPROVAL, CONTRACT IS EXPECTED TO COMMENCE ON JULY 1, 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-centene-awarded-statewide-medicaid/brief-centene-awarded-statewide-medicaid-contract-in-iowa-idUSFWN1ST0EN |
May 25, 2018 / 8:20 PM / Updated 30 minutes ago 'We got you': Weinstein accusers relieved, elated at rape charges Jill Serjeant , Eric Kelsey 3 Min Read
LOS ANGELES (Reuters) - Women in Hollywood expressed relief, hope and vindication on Friday as movie producer Harvey Weinstein was charged with rape after decades of alleged sexual misconduct. FILE PHOTO: Actor Rose McGowan addresses the audience during the opening session of the three-day Women's Convention at Cobo Center in Detroit, Michigan, U.S., October 27, 2017. REUTERS/Rebecca Cook
Weinstein was met by dozens of photographers and camera crews as he walked into a New York City police station to be charged with two counts of rape and one count of a criminal sexual act involving two unidentified women. He was later released on a $1 million cash bond.
Weinstein, 66, denies having nonconsensual sex with anyone, and his attorney said his client would plead not guilty.
Italian actress Asia Argento, one of more than 70 women who have accused Weinstein of sexual misconduct, live-tweeted his surrender.
“This is the only movie Harvey Weinstein will be remembered for #perpwalk,” Argento wrote. “Today Harvey Weinstein will take his first step on his inevitable descent to hell.”
Weinstein was charged after a seven-month investigation in New York and more than 20 years of alleged misconduct.
Actress Rose McGowan, who has accused Weinstein of raping her in 1997, said on NBC’s “Megyn Kelly Today” program that she never believed this day would come.
“We got you, Harvey Weinstein, we got you,” McGowan later tweeted.
The accusations against the co-founder of the Miramax film studio helped give rise to the #MeToo movement, in which people shared stories of sexual abuse, and the Time’s Up campaign against workplace sexual harassment.
In a statement, the Time’s Up campaign welcomed the charges against “a man whose actions were so egregious that they spawned a global reckoning.”
“Boogie Nights” actress Heather Graham, who has spoken of unsettling encounters with Weinstein in the early 2000s, wrote on Twitter that, instead of focusing on him, she would be celebrating powerful women.
“This is just the beginning #TheFutureIsFemale,” Graham tweeted.
Among others weighing in: “Mighty Aphrodite” star Mira Sorvino, who tweeted “#Justice” next to a news report about Weinstein.
Louisette Geiss, another of Weinstein’s accusers, tweeted that it was about time. “Elated and so proud to stand next to the brave women & men who are creating a new normal.”
There was no immediate public reaction from other stars who have spoken of being harassed by Weinstein, including Gwyneth Paltrow, Angelina Jolie, Ashley Judd and Salma Hayek.
New York Times journalist Jodi Kantor, who shared a Pulitzer Prize for her reporting on the Weinstein allegations, on Twitter listed the reactions she had heard from victims. They included tears of relief and irreparable loss, outright joy and nausea.
“The common denominator: trouble sleeping last night,” Kantor wrote. Reporting by Eric Kelsey and Jill Serjeant; editing by Jonathan Oatis | ashraq/financial-news-articles | https://in.reuters.com/article/us-people-harvey-weinstein-reaction-elat/we-got-you-weinstein-accusers-relieved-elated-at-rape-charges-idINKCN1IQ2YF |
* Energy stocks recover some losses after Trump decision
* Indexes down: Dow 0.34 pct, S&P 500 0.38 pct, Nasdaq 0.27 pct (Updates with detail after Trump Iran announcement)
By Noel Randewich
May 8 (Reuters) - Wall Street remained in negative territory on Tuesday while energy stocks cut earlier losses after U.S. President Donald Trump said the United States would quit the Iran nuclear deal, confirming what many investors had expected.
In a televised speech, Trump said the United States would withdraw from a 2015 international agreement designed to deny Tehran the ability to build nuclear weapons, and also reinstate sanctions on Iran.
The S&P energy sector trimmed earlier losses to trade down 0.1 percent.
Major stock indexes recovered but then fell again to levels prior to Trump’s speech.
At 2:32 p.m. ET, the Dow Jones Industrial Average was down 0.34 percent at 24,273.85 points, while the S&P 500 had lost 0.38 percent to 2,662.39.
The Nasdaq Composite dropped 0.27 percent to 7,245.33.
Reporting by Noel Randewich, Additional reporting by Medha Singh and Sruthi Shankar in Bengaluru Editing by Nick Zieminski
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-remains-lower-after-trump-quits-iran-deal-idUSL1N1SF1UR |
WINSTON-SALEM, N.C., Primo Water Corporation (Nasdaq:PRMW) (“Primo” or “the Company”), the leading provider of multi-gallon purified bottled water, self-service refill water and water dispensers, today announced the closing of its underwritten follow-on public offering of 5,339,450 shares of its common stock at a price of $14.00 per share to the public, which included the exercise in full by the underwriters of their option to purchase 696,450 additional shares of Primo’s common stock on the same terms and conditions. All of the shares were offered and sold by Primo. Net proceeds to Primo after deducting the underwriting discounts and commissions and estimated offering expenses payable by Primo were approximately $70.8 million. Primo intends to use the net proceeds from the offering to pay down existing indebtedness. Upon completion of the offering, the Company intends to refinance its remaining outstanding senior indebtedness. There can be no assurance as to whether or when Primo will be able to refinance its remaining outstanding senior indebtedness.
William Blair & Company, L.L.C., and BMO Capital Markets Corp. acted as joint book-running managers for the proposed offering. B. Riley FBR, Inc., Northland Securities, Inc., Barrington Research Associates, Inc. and Lake Street Capital Markets, LLC acted as co-managers for the offering.
The offering was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-221938) that was initially filed with the Securities and Exchange Commission (“SEC”) on December 7, 2017. A final prospectus supplement relating to the offering has also been filed and is available on the SEC’s website at www.sec.gov . Copies of the final prospectus supplement may also be obtained from: William Blair & Company, L.L.C., Attention: Prospectus Department, The William Blair Building, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800)-621-0687, or by email at prospectus@williamblair.com ; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, New York, NY 10036, telephone: (800) 414-3627, or by email at: bmoprospectus@bmo.com .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Primo Water Corporation
Primo Water Corporation (Nasdaq:PRMW) (“Primo” or “the Company”) is an environmentally and ethically responsible company with a purpose of inspiring healthier lives through better water. Primo is North America's leading single source provider of water dispensers, multi-gallon purified bottled water, and self-service refill water. Primo's Dispensers, Exchange and Refill products are available in over 45,000 retail locations and online throughout the United States and Canada. For more information and to learn more about Primo Water, please visit our website at www.primowater.com .
Forward-Looking Statements
Certain statements contained herein are not based on historical fact and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those provisions. These statements include the Company's financial guidance and statements regarding our belief that we have a robust runway for future growth in net sales and profitability, particularly as we begin to accelerate our brand marketing activation initiatives in 2018, the terms of the offering or its completion, if at all and the proposed refinancing of our senior debt. These statements can otherwise be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "forecast," "intend," "may," "plan," "potential," "project," "seek," "should," "would," "will," and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated herein. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the loss of major retail customers of the Company or the reduction in volume or change in timing of purchases by major retail customers; the consolidation of retail customers and disruption of the retail business model; lower than anticipated consumer and retailer acceptance of and demand for the Company's products and services; difficulties realizing the anticipated benefits and synergies from the Glacier Water acquisition and managing our expanded operations following the acquisition; the highly competitive environment in which we operate and the entry of a competitor with greater resources into the marketplace; competition and other business conditions in the water and water dispenser industries in general; adverse changes in the Company's relationships with its independent bottlers, distributors and suppliers in its Exchange business; the loss of key Company personnel; risks associated with the Company's potential expansion into international markets, and the risk that the current U.S. presidential administration may implement changes to international trade relations, particularly with China, that could be harmful to our business and operations; the Company's experiencing product liability, product recall or higher than anticipated rates of sales returns associated with product quality or safety issues; dependence on key management information systems; the Company's inability to efficiently expand operations and capacity to meet growth; the Company's inability to develop, introduce and produce new product offerings within the anticipated timeframe or at all; general economic conditions; the possible adverse effects that decreased discretionary consumer spending may have on the Company's business; changes in the regulatory framework governing the Company's business; significant liabilities or costs associated with litigation or other legal proceedings; the possibility that our ability to use our net operating loss carryforwards in the United States may be limited; the restrictions imposed upon our business as a result the restrictive covenants contained in our credit agreements; the Company's inability to comply with its covenants in its credit facility; the possibility that we may fail to generate sufficient cash flow to service our debt obligations; the negative effects that global capital and credit market issues may have on our liquidity; the costs of borrowing on our operations; our inability to refinance our senior debt as well as other risks described more fully in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2017, filed on March 7, 2018, its Quarterly Report on Form 10-Q for the period ended March 31, 2018 filed on May 9, 2018 and its subsequent filings under the Securities Exchange Act of 1934. Forward-looking statements reflect management's analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases or as otherwise required by applicable securities laws.
Contact:
Primo Water Corporation
David Mills, Chief Financial Officer
(336) 331-4000
ICR Inc.
Katie Turner
(646) 277-1228
Source:Primo Water Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-primo-water-announces-closing-of-follow-on-offering-and-full-exercise-of-underwritersa-option-to-purchase-additional-shares.html |
* Broadband firm beats expectations for net adds
* Agrees to sell direct B2B business to Daisy
* Names chairman and CEO of its new fibre company
* Shares up 0.4 pct (Adds further comments, reaction)
By Paul Sandle
LONDON, May 24 (Reuters) - British broadband company TalkTalk added a record number of customers in its fourth quarter, although the cost of winning those customers with cheaper deals along with its ongoing restructuring saw full-year profits fall 35 percent on Thursday.
Chief Executive Tristia Harrison and company founder Charles Dunstone reset TalkTalk’s strategy a year ago, prioritising customer growth above all else.
TalkTalk had been losing customers after it was hit by a high profile cyber attack in late 2015, while its position as a value player had slipped in an increasingly competitive market, where bigger and better funded players like BT, Virgin Media and Sky, were increasingly offering bundles of services.
But the shift in strategy at TalkTalk, which aimed to take the company back to its value-for-money foundations, has come at a price.
Having originally anticipated earnings as high as 300 million pounds in 2017, profit dropped to 233 million pounds ($311 million) after the company warned investors in February to expect no more than 230-245 million pounds.
The firm also announced the sale of its direct business-to-business unit to Daisy Group for 175 million pounds on Thursday as it overhauls its business strategy.
The 109,000 record customer additions in its final quarter helped achieve a better-than-expected increase of 192,000 to 4.1 million customers for the full year. Its guidance was for 150,000 to 160,000 net additions.
“We have been very deliberately focused on growth, we delivered that growth in both consumer and in B2B,” Harrison said in an interview on Thursday.
The hit to earnings came from restructuring costs and an increase of 48 million pounds in marketing costs year-on-year.
Harrison said churn - a measure of the number of customers switching to other providers - had fallen to its lowest ever level of 1.22 percent against 1.45 percent a year ago, thanks to the popularity of its fixed low price contracts.
The first of the price plans, which typically last 18-24 months, had recently ended, and Harrison said early renewals were encouraging.
“The churn is better than we expected and really importantly on that cohort we are seeing a circa 2-3 percent ARPU (average revenue per user) increase,” she said.
Shares in the company, which have lost 46 percent of their value in the last 12 months, were trading up 0.4 percent at 121.8 pence at 1306 GMT.
CURRENT YEAR ON TRACK Investors were encouraged by the subscriber numbers, which analysts at Royal Bank of Canada said were “exceptionally strong” and the company stuck to its guidance that it would grow earnings by 15 percent in the current year.
Harrison said TalkTalk was also making good progress on simplifying its business through the sale of its business-to-business unit to specialist Daisy.
The deal will see about the 80,000 of TalkTalk’s 1 million business customers that it bills directly move to Daisy.
TalkTalk said it would continue to grow its wholesale business base, which it serves indirectly through partners such as Fujitsu and Verizon as well as Daisy.
The operator announced an ambition in February to build its own ultrafast fibre-to-the-premise network, connecting three million homes in the next five years.
It is teaming up with M&G Prudential, which is providing some 80 percent of the capital, to build the network. Harrison said on Thursday Paul Reynolds, a former BT and Telecom New Zealand executive, will chair the new company while TalkTalk’s chief operating officer Charles Bligh will be chief executive.
Harrison said the company was talking to other operators and investors about the opportunities in full-fibre networks.
“We are having lots of conversations with lots of people,” she said.
A report in the Daily Telegraph earlier this month said the TalkTalk had held discussions with Virgin Media about sharing some of the costs of building new networks.
$1 = 0.7483 pounds Editing by Keith Weir and Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/talktalk-tlcm-gp-results/update-1-talktalk-adds-1090000-customers-in-q4-sells-direct-b2b-unit-idUSL5N1SV1DW |
May 18, 2018 / 1:28 PM / Updated 2 hours ago Russia's Putin says counter-sanctions should not damage economy Reuters Staff 1 Min Read
SOCHI, Russia, May 18 (Reuters) - Russian President Vladimir Putin said on Friday that Russian counter-sanctions legislation should be balanced and should not damage the economy of the country or its commercial partners. Reporting by Denis Pinchuk; Writing by Maria Tsvetkova; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/russia-germany-sanctions-usa/russias-putin-says-counter-sanctions-should-not-damage-economy-idUSR4N1SN00O |
May 10, 2018 / 6:02 AM / in 9 minutes Chinese banks, pitching safety and returns (maybe), lure customers into deposits Samuel Shen , John Ruwitch 5 Min Read
SHANGHAI, May 10 (Reuters) - At a Hua Xia Bank branch in Shanghai’s financial district, Wang Shujuan, a 72-year-old retired doctor, is looking at moving her money out of a high-yielding wealth management product into a bank deposit bearing an indefinite rate of return.
For Wang and other Chinese retail investors opting for this new, aggressively-marketed “Wisdom & Reward” product the decision seems perfectly rational.
Under China’s new rules for its asset management industry, banks’ wealth management products (WMP) are no longer allowed to offer guarantees on the principal and returns. “Wisdom & Reward”, a principal-protected structured deposit product, is seen by investors like Wang as a fine alternative.
“I’m thinking of moving my money into ‘Wisdom & Reward’ so that I can sleep sound at night,” Wang said. “I can live with lower returns.”
Risk-averse customers such as Wang are sought-after trophies in an escalating deposit war between banks, whose wealth management businesses face an existential threat from the tougher asset management rules, which were published last month.
According to the rules, designed to reduce risks in China’s $15 trillion asset management sector, explicit or implicit guarantees, a common practice used by banks to woo customers seeking higher returns than deposits, are banned.
Fearful of a client exodus, banks are aggressively marketing structured deposits - a combination of mundane savings and risky derivative trading - to retain customers.
Compared to the guaranteed 5-percent-plus returns on wealth management products, these deposits simply guarantee the principal and an undefined yield of anywhere between 1.5 and 8 percent. But they are selling well.
Bank of Communications (BoComm) has launched a series of structured deposits that indicate annualized returns exceeding 4 percent - much higher than the benchmark one-year deposit rate of 1.5 percent.
“Many clients like this product, because it’s principal-guaranteed,” said Chen Chen, a BoComm customer manager, adding that several tranches of the products had been sold out soon after launching.
WHACK-A-MOLE
The structured deposit is further evidence of China’s struggle to regulate its massive banking sector, where every regulatory attempt to reduce risk leads to innovative products to circumvent curbs.
Investors are attracted by these new bank deposits because they offer them a sense of safety as well as the possibility of high returns - actual yields are linked to the performance of the underlying assets the banks use derivatives to bet on.
Banks are embedding derivatives into regular savings deposits to generate higher yields for clients. China Merchants Bank has pegged its deposit rates to gold prices. Bank of China is marketing a deposit product that bets on the exchange rates of the U.S. dollar and Japanese yen.
Central bank data shows these products have caught on. Outstanding structured deposits at Chinese banks jumped 47 percent from a year earlier to 8.8 trillion yuan ($1.38 trillion) at the end of March.
In contrast, bank WMPs, most of which are off their balance-sheets and hence the target of the government crackdown on shadow banking, grew less than 2 percent last year to 29.54 trillion yuan. WMPs are expected to shrink further this year, snapping a streak of breakneck growth averaging 50 percent during the 2011-2015 period.
As their role as intermediaries in wealth management products diminishes, banks are desperate to retain clients and deposits. The intense competition has however seen heavy inflows of retail cash into bond funds and money market funds this year. PRICE TO PAY
While it’s early days, the risk is that these new deposits push up bank funding costs and threaten their margins.
“Life would be especially tough at smaller lenders whose rapid growth was driven by aggressive expansion” in WMPs, said Qiu Gaoqing, chief analyst at BoComm. “They really need to tighten their belts.”
Lenders such as Ping An Bank and China Merchants Bank have already seen shrinking margins during the first quarter, despite higher loan demand in a recovering economy.
Another concern is that banks will use these structured deposits as a new tool to circumvent regulations, particularly as there are no dedicated rules governing these products.
Some of the products don’t specify how much of a client’s money will be diverted to derivatives trading, and how gains are distributed.
“Structured products could be quite tricky,” said Zhou Liang, fund manager at Minority Asset Management, who holds shares in Chinese lenders.
“You don’t know how much you’ve paid for those expensive derivative transactions. The prospects of high returns, could be quite elusive.”
($1 = 6.3633 Chinese yuan renminbi) Editing by Vidya Ranganathan and Philip McClellan | ashraq/financial-news-articles | https://www.reuters.com/article/china-banks-deposits/chinese-banks-pitching-safety-and-returns-lure-customers-into-deposits-idUSL3N1SG1RT |
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- StarTek, Inc. (NYSE: SRT) (STARTEK), a provider of business process outsourcing services, will hold a conference call on Tuesday, May 8, 2018 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2018. The company will report its results in a press release prior to the conference call.
STARTEK management will host the call, followed by a question and answer period.
Date: Tuesday, May 8, 2018
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-844-239-5283
International dial-in number: 1-574-990-1022
Conference ID: 2092918
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the STARTEK website .
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 15, 2018.
Toll-free replay number: 1-855-859-2056
International replay number: 1-404-537-3406
Replay ID: 2092918
About STARTEK
STARTEK strives to be the most trusted BPO service provider delivering comprehensive contact center and customer engagement solutions. Our employees, whom we call Brand Warriors, are enabled and empowered to promote and protect our clients’ brands. For over 30 years, these Brand Warriors have been committed to making a positive impact for our clients’ business results, enhancing the customer experience while reducing costs for our clients. With the latest technology in the BPO industry and our STARTEK Advantage System, our Brand Warriors instill customer loyalty through a variety of multi-channel customer interactions, including voice, chat, email and IVR. Our service offerings include sales support, order processing, customer care and receivables management and customer analytics. For more information, please visit www.STARTEK.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005858/en/
Investor Relations
Liolios Group, Inc.
Sean Mansouri or Cody Slach
949-574-3860
Investor@STARTEK.com
Source: StarTek, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-startek-sets-first-quarter-2018-conference-call-for-tuesday-may-8-at-430-p-m-et.html |
May 3, 2018 / 8:25 PM / Updated 7 minutes ago UPDATE 1-Pandora Media reports smaller-than-expected quarterly loss Reuters Staff 2 Min Read
(Compares with estimates, adds shares)
May 3 (Reuters) - Pandora Media Inc reported a smaller-than-expected quarterly loss on Thursday as the music streaming service provider benefited from higher subscription revenue.
Shares of the Oakland, California-based company rose 7.8 percent to $6.21 after the bell.
The company said total subscription and other revenue surged 61.3 percent to $104.7 million, slightly above analysts’ estimate of $104.6 million, according to Thomson Reuters I/B/E/S.
Pandora’s advertising revenue fell 3.9 percent to $214.6 million, but topped analysts’ estimate of $198.7 million.
The company faces stiff competition from deep-pocketed music streaming rivals such as Apple Inc’s Apple Music and Sweden’s Spotify Technology SA, whose results on Wednesday failed to enthuse investors.
Net loss available to common stockholders widened to $139.1 million, or 55 cents per share, in the first quarter ended March 31, from $132.3 million, or 56 cents per share, a year earlier.
Excluding items, Pandora posted a loss of 27 cents per share.
Total revenue increased to $319.2 million from $316.0 million.
Analysts on average had expected a loss of 38 cents per share and revenue of $304.3 million. (Reporting by Sonam Rai in Bengaluru; Editing by Sriraj Kalluvila) | ashraq/financial-news-articles | https://www.reuters.com/article/pandora-media-results/update-1-pandora-media-reports-smaller-than-expected-quarterly-loss-idUSL3N1SA5HU |
Comedian Samantha Bee apologized Thursday for using vulgar language to describe Ivanka Trump , President Donald Trump 's elder daughter and a top White House aide.
In a tweet, Bee said she "crossed a line" when she used the expletive on her TBS comedy show, "Full Frontal," calling it "inappropriate and inexcusable."
@iamsambee: I would like to sincerely apologize to Ivanka Trump and to my viewers for using an expletive on my show to describe her last night. It was inappropriate and inexcusable. I crossed a line, and I deeply regret it.
The incident comes on the heels of ABC canceling "Roseanne," after Roseanne Barr compared black Obama aide Valerie Jarrett to an ape. While the actress later apologized for her remarks , Barr also retweeted messages supporting her tweet that led to the cancellation of her show.
On Wednesday night, Bee called the president's daughter a "feckless c---" during her show. The comedian used the slur as she urged Ivanka Trump to talk to her father about immigration policies that separate children from their parents .
"Let me just say, one mother to another, do something about your dad's immigration practices, you feckless c---! He listens to you," Bee said. "Put on something tight and low cut and tell your father to f---ing stop it. Tell him it was an Obama thing and see how it goes, OK?"
TBS said in a statement that it regrets airing that language.
In the fallout, AutoTrader.com said it was suspending its sponsorship of "Full Frontal" after Bee's use of "offensive and unacceptable language."
@AutoTrader_com: Thank you to those who reached out regarding our sponsorship of Full Frontal. The comments expressed by Samantha Bee were offensive and unacceptable and do not reflect the views of our company. As a result, we have suspended our sponsorship of Full Frontal with Samantha Bee.
First lady Melania Trump also ripped the media, accusing the press of an "astounding" double standard.
"Time and again the Trump family and members of this Administration are subjected to false reporting, hateful rhetoric and outrageous lies all in the name of freedom of speech or comedy, yet the main stream media stays silent," she said in a statement.
Over the years, Donald Trump has rarely apologized for his use of derogatory and crude remarks in describing women. Trump said then-Fox News host Megyn Kelly had "blood coming out of her whatever" when she challenged his language toward women during the first Republican primary debate.
He did apologize, however, for crude comments he made in 2005 to Billy Bush about groping women after a tape of the conversation was made public during the final stretch of the 2016 campaign.
White House press secretary Sarah Huckabee Sanders said Bee's language was "vile and vicious."
"The collective silence by the left and its media allies is appalling. Her disgusting comments and show are not fit for broadcast, and executives at Time Warner and TBS must demonstrate that such explicit profanity about female members of this administration will not be condoned on its network," Sanders said in a statement. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/samantha-bee-apologizes-for-using-vulgar-insult-to-describe-ivanka-trump.html |
May 14, 2018 / 9:39 Yemen's Houthis say they fired missile at Saudi Aramco centre Reuters Staff 1 Min Read
RIYADH (Reuters) - Yemen’s armed Houthi movement launched a missile at a distribution centre belonging to oil giant Saudi Aramco in Saudi Arabia’s southwestern Jizan province on Monday, the group’s al-Masirah TV reported.
The Houthis, an Iran-allied group that holds much of Yemen including the capital Sanaa, have fired a series of missiles into the kingdom in recent months, part of a three-year-old conflict in Yemen widely seen as a proxy battle between Saudi Arabia and Iran.
There was no immediate confirmation of the report from Saudi authorities. Reporting by Sarah Dadouch, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-security/yemens-houthis-say-they-fired-missile-at-saudi-aramco-centre-idUKKCN1IF121 |
Today's Bell Ringers, May 24, 2018 1 Hour Ago Ringing today's opening bells are Arlen Nordhagen, National Storage Affiliates Trust chairman of the board and CEO, at the NYSE, and David Zalik, GreenSky founder and CEO, celebrating the company's IPO at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/todays-bell-ringers-may-24-2018.html |
Nvidia Corp. is scheduled to announce earnings for its first quarter after the market closes Thursday. Here’s what to look for:
EARNINGS FORECAST: Analysts expect Nvidia to report per-share earnings of $1.47, according to a survey by Thomson Reuters, up 86% from the same quarter a year earlier. A year ago, the graphics-chip maker reported net income of $507 million.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/nvidia-earnings-what-to-watch-1525944600 |
NEW YORK--(BUSINESS WIRE)-- The Board of Directors of JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) declared a quarterly dividend on the outstanding shares of the common stock of JPMorgan Chase. Information can be found on the Firm’s Investor Relations website at jpmorganchase.com/press-releases .
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006642/en/
JPMorgan Chase & Co.
Investor:
Jason Scott, 212-270-7325
or
Media:
Joseph Evangelisti, 212-270-7438
Source: JPMorgan Chase & Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-jpmorgan-chase-declares-common-stock-dividend.html |
Subsets and Splits