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TORONTO, May 22, 2018 /PRNewswire/ - TakeOver , Canada's largest one-day innovation conference, announces an impressive line-up of industry-trailblazing, C-Suite speakers, and multiple keynotes, including Joe Jackman (CEO, Jackman Reinvention Inc.) for their 2018 Conference. TakeOver Innovation Conference, hosted by TribalScale , takes place on Monday, June 11th 2018, at the Arcadian Court and Loft in Toronto, Canada. The innovation conference pulls on TribalScale's global network and attracts an audience of over 800 business executives and industry experts.
TakeOver 2018 speakers will bring fresh, actionable, and forward-thinking perspectives on a wide variety of technology and innovation topics; including the challenges and strategies for sustained innovation, the role of emerging technologies, and ongoing disruption in varied industries–media, sports, retail, financial services, automotive, healthcare, and more.
"Last year, TakeOver explored innovation and why businesses today need to evolve and innovate to survive. This year, we will focus on the how: how do large enterprises around the world approach innovation? What strategies and initiatives are they adopting?" said Sheetal Jaitly, Founder and CEO of TribalScale. "The word 'innovation' is everywhere but no one really knows what it means. We're going to be the ones that ignite that discussion."
TribalScale advocates diversity. At last year's TakeOver Innovation Conference, 53% of speakers were female, which demonstrated that diversity in background, gender, age, and other ascriptive categories leads to better thought leadership and more innovative approaches to business. TakeOver 2018 programming and speaker-set mirrors this viewpoint.
TakeOver 2018 will have three full stages with panels throughout the day, hands-on workshops, lightning talks, interactive demos, and networking opportunities. The first cohort of disruptive startups created by TribalScale Venture Studios program will also be showcased and launched at TakeOver. Venture Studios is now accepting applicants for their second cohort–interested candidates can apply here . And a portion of TakeOver proceeds will go towards a visually impaired individual's eSight–a pair of electronic glasses that will allow them to see.
In addition to Joe Jackman, TakeOver boasts multiple keynote speakers who will discuss the need for innovation, the "hows" and "whens", and they will share their own successes and failures. TakeOver participants will also hear from global C-suite business executives and thought leaders that represent organizations from all verticals, including; BBC News, Nissan, Karma Automotive, NextVR, OneWay Ventures, Salesforce, Amadeus IT Group, and Citigroup. Toronto-based firms and innovators will also be on stage, such as; Sun Life Financial, Shaftesbury VR, Maple Leaf Sports & Entertainment, and Adbank.
Speakers include the following executives and more:
Michael Bayle, Head of Mobile, Amadeus IT Group Denise Barfuss, Head of Connected Vehicle Services, Nissan Kirstine Stewart, President and CRO, TribalScale Brian Wong, Co-Founder and CEO, Kiip Dana Randall, Former Head of Global Innovation, Coach David Hopkinson, COO, MLSE Laura Vidal Borrell, Global Head of Marketing, HP Danielle Kayembe, CEO and Founder, GreyFire Eveline Buchatskiy, Managing Partner, One Way Ventures Dr. Jason Fischer, Chief of Emergency Medicine, The Hospital for Sick Children Sabarish Gnanamoorthy, 14-year old Founder, WaypointAR Amit Bhatia, Head, Manulife Innovation Labs Danny Keens, VP of Content, NextVR Cathy Hackl, Emmy-nominated communicator Syd Lawrence, Co-Founder and CEO, the Bot Platform Peter Aceto, Executive-in-Residence, TribalScale Venture Studios Kelsey Cole, Co-Founder and CSO, Adbank Neelay Patel, Director of TV, Radio & Digital Products, BBC Alexandra Nuth, Managing Director, ATB Financial Andrew Tai, CEO, Motoinsight Michael Katz, Co-Founder and CEO, mParticle
About TribalScale's TakeOver Innovation Conference
TakeOver Innovation Conference is Canada's largest one-day innovation conference and attracts over 800 business executives and thought leaders from around the world. TakeOver delegates come together from a range of industries to discuss current and future trends that will enable individuals and companies to grow and thrive. Through hands-on learning, networking opportunities, and exposure to emerging technologies, participants will discover how to transform and innovate for long-term success. With truly diverse and inclusive aims, brand new panel sessions, interactive workshops and demos, TribalScale's TakeOver Conference is the ultimate place for innovation. For more information on TakeOver's programming, speakers, and sponsorship opportunities please visit https://takeoverinnovationconference.com/
View original content with multimedia: http://www.prnewswire.com/news-releases/takeover-2018-announces-40-speaker-lineup-for-their-second-annual-conference-300652122.html
SOURCE TribalScale
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ashraq/financial-news-articles
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MOSCOW, May 15 (Reuters) - The Russian stock market edged lower on Tuesday after a planned revision of the MSCI Emerging Index led to a rebalancing of some major players’s positions, including those of Russia’s second-largest lender VTB and the Moscow Exchange.
MSCI, the U.S. index publisher, included global depositary receipts (GDRs) of Russian retailer X5 Retail Group in the MSCI index family, X5 said.
X5 GDRs were up 2.9 percent as of 0804 GMT.
“While details remain unclear, we expect significant inflows to the stock on the back of the announcement which should support the stock’s performance,” Aton brokerage said in a note.
MSCI also reduced the weight of VTB and of the Moscow Exchange in its indexes, VTB Capital said in a note.
Shares in VTB were down 1.6 percent, while shares in the Moscow Exchange fell 2.1 percent, underperforming the broader market.
The rouble-based MOEX Russian index was 0.6 percent lower at 2,342.7 points after finishing at its highest closing level of 2,357.62 on Monday.
The Russian market “has neither new reasons nor fresh money” that would cause it to rise any further, Alor Brokerage said in a note.
The dollar-denominated RTS index was down 0.9 percent at 1,191 points.
Oil prices climbed higher amid concerns about tensions in the Middle East, boosting Russian assets. Oil is Russia’s key export.
Brent crude oil was up 0.3 percent at $78.45 a barrel after briefly hitting $78.60, its highest since 2014.
The rouble, however, shrugged off any support from higher oil prices, shedding 0.1 percent to 61.93 versus the dollar .
The rouble has been struggling to recover to levels before the U.S. imposed its latest round of sanctions against Russia in early April, weighed down by the resulting uncertainty and by the Finance Ministry that stepped up its dollar purchases this month.
Versus the euro, the rouble was 0.1 percent weaker at 73.86 .
For Russian equities guide see
For Russian treasury bonds see
Reporting by Andrey Ostroukh Editing by Raissa Kasolowsky
Our Standards: The Thomson Reuters Trust Principles.
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https://www.reuters.com/article/russia-markets/russian-stocks-edge-lower-after-msci-revision-rouble-eases-idUSL5N1SM325
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- Sold the Sheraton Philadelphia Society Hill Hotel for $95.5 million
- Redeemed $524.0 million of Senior Secured Notes
- Strengthened balance sheet with successful amendment of three unsecured term loans
BETHESDA, Md.--(BUSINESS WIRE)-- RLJ Lodging Trust (the “Company”) (NYSE:RLJ) today reported results for the three months ended March 31, 2018.
Highlights
Sold the Sheraton Philadelphia Society Hill Hotel for $95.5 million, representing a 14.7x EBITDA multiple and a 5.6% cap rate on 2017 results Redeemed $524.0 million of 5.625% Senior Secured Notes due 2023 Improved debt maturity profile and reduced pricing by amending three unsecured term loans with an aggregate principal amount of $775.0 million Pro forma RevPAR decreased 0.7%, Pro forma ADR decreased 0.8%, and Pro forma Occupancy increased 0.1% Net income of $23.9 million Adjusted EBITDA of $115.8 million Adjusted FFO per diluted common share and unit of $0.47
“We are pleased with our start to 2018, as our first quarter operating and financial results exceeded our expectations driven by strengthening leisure and corporate transient demand,” commented Ross H. Bierkan, President and Chief Executive Officer. “We also made significant progress on our key strategic initiatives, particularly in terms of asset sales and debt reduction. During the quarter, we completed the sale of the Sheraton Philadelphia at an attractive valuation and successfully redeemed the legacy FelCor secured bonds. With an active disposition pipeline and other key initiatives on track, we expect to build on this momentum as we continue to unlock meaningful value going forward.”
Financial and Operating Results
Performance metrics such as Occupancy, Average Daily Rate (“ADR”), Revenue Per Available Room (“RevPAR”), Hotel EBITDA, and Hotel EBITDA Margin are Pro forma. The prefix “Pro forma” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude any hotels sold during the period and non-comparable hotels that were not open for operation or were closed for renovation for comparable periods. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.
Net income for the three months ended March 31, 2018, increased $2.1 million to $23.9 million, representing a 9.7% increase over the comparable period in 2017.
Pro forma RevPAR for the three months ended March 31, 2018, decreased 0.7% over the comparable period in 2017, driven by a Pro forma ADR decrease of 0.8%, and by a Pro forma Occupancy increase of 0.1%. Excluding the headwinds from the Super Bowl in Houston, inauguration events in Washington DC, and renovation displacement, RevPAR would have been up 170 basis points. Three of the Company's markets achieved double digit RevPAR growth, Philadelphia, Orlando, and Chicago, which experienced RevPAR growth of 16.8%, 11.7%, 11.0%, respectively.
Pro forma Hotel EBITDA Margin for the three months ended March 31, 2018, decreased 177 basis points over the comparable period in 2017 to 29.3%. Increases in real estate taxes and insurance impacted Pro forma Hotel EBITDA Margin by approximately 80 basis points.
Pro forma Hotel EBITDA for the three months ended March 31, 2018, decreased $8.3 million to $124.0 million, representing a 6.3% decrease over the comparable period in 2017. For the three months ended March 31, 2017, Pro forma Hotel EBITDA includes prior ownership of $46.8 million from the hotel properties acquired pursuant to the FelCor merger.
Adjusted FFO for the three months ended March 31, 2018, increased $17.0 million to $81.5 million, representing a 26.4% increase over the comparable period in 2017.
Adjusted FFO per diluted common share and unit for the three months ended March 31, 2018, decreased $0.05 to $0.47, representing a 9.6% decrease over the comparable period in 2017.
Adjusted EBITDA for the three months ended March 31, 2018, increased $36.8 million to $115.8 million, representing a 46.7% increase over the comparable period in 2017.
Non-recurring items and other adjustments which were noteworthy for the three months ended March 31, 2018, include a gain on extinguishment of indebtedness of $7.7 million.
Non-recurring items are included in net income but are excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing of non-recurring items is provided in the Non-GAAP reconciliation tables located in this press release.
Net cash flow from operating activities for the three months ended March 31, 2018, totaled $51.0 million, compared to $49.9 million for the comparable period in 2017.
Dispositions
During the three months ended March 31, 2018, the Company sold the 229-room Embassy Suites Boston - Marlborough for $23.7 million in February 2018 and the 364-room Sheraton Philadelphia Society Hill for $95.5 million in March 2018. In aggregate, the Company has sold three legacy FelCor hotel properties since the merger with FelCor closed for almost $300 million at a combined 2017 EBITDA multiple of 15.2x.
Balance Sheet
On January 25, 2018, the Company amended three of its unsecured term loans with an aggregate amount of $775.0 million. The maturity dates on the Company's $400.0 million unsecured term loan initially due March 2019, and $225.0 million unsecured term loan initially due November 2019, were extended to January 2023 and both term loans were amended with more favorable pricing. The Company's $150.0 million unsecured term loan due January 2022 was also amended with more favorable pricing.
On March 9, 2018, the Company completed the early redemption of all of the outstanding 5.625% Senior Secured Notes due 2023 issued by FelCor Lodging Limited Partnership in the principal amount of $524.0 million.
As of March 31, 2018, the Company had $401.9 million of unrestricted cash on its balance sheet, $300.0 million available on its revolving credit facility, and $2.6 billion of debt outstanding.
The Company’s ratio of net debt to Adjusted EBITDA for the trailing twelve-month period ended March 31, 2018, was 4.0 times (excluding preferred equity).
Dividends
The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the first quarter. The dividend was paid on April 13, 2018, to shareholders of record as of March 29, 2018.
The Company's Board of Trustees declared a preferred dividend of $0.4875 on its Series A cumulative convertible preferred shares. The dividend was paid on April 30, 2018, to shareholders of record as of March 29, 2018.
Subsequent Events
On April 6, 2018, the Company paid down its revolving credit facility by $50.0 million. Following the payment, the remaining outstanding balance on the revolving credit facility was $250.0 million.
On April 10, 2018, the Company announced that President and Chief Executive Officer Ross H. Bierkan will retire from the Company, effective at the end of the term of his existing employment agreement on August 22, 2018. In alignment with the Board’s executive succession planning, the Board of Trustees has named Leslie D. Hale as President and Chief Executive Officer, effective August 22, 2018.
2018 Outlook
The Company’s outlook includes all hotels owned as of May 9, 2018. Potential future acquisitions or dispositions could result in a material change to the Company’s outlook. The 2018 outlook is also based on a number of other assumptions, many of which are outside the Company’s control and all of which are subject to change.
Key revisions to the Company's full year 2018 guidance reflect:
An increase to the low-end of the Pro forma RevPAR growth range by 50 basis points based on first quarter operating performance. A net reduction to Pro forma Consolidated Hotel EBITDA and Adjusted EBITDA by $5 million at the midpoint driven by: A $4 million increase to the low-end of Pro forma Consolidated Hotel EBITDA and Adjusted EBITDA based on first quarter operating performance. A $7 million reduction to Pro forma Consolidated Hotel EBITDA and Adjusted EBITDA due to the sale of the Sheraton Philadelphia Society Hill Hotel.
Additionally, key assumptions underlying the Company's full year 2018 guidance that remain unchanged:
Approximately 100 basis points of renovation related RevPAR disruption. RevPAR headwinds related to tough comps from last year's hurricane recovery efforts of approximately 50 basis points. Margin impact from property real estate taxes and insurance increases, partially driven by the impact from Proposition 13 on FelCor's California hotels, of approximately 60 to 70 basis points.
For the full year 2018, the Company anticipates:
Current Outlook Prior Outlook Pro forma RevPAR growth -0.5% to +1.0% -1.0% to +1.0% Pro forma Hotel EBITDA Margin 31.25% to 32.5% 31.25% to 32.5% Pro forma Consolidated Hotel EBITDA $562M to $593M
$565M to $600M
Adjusted EBITDA $524M to $555M
$527M to $562M
Corporate Cash General & Administrative $37M to $39M
$37M to $39M
Earnings Call
The Company will conduct its quarterly analyst and investor conference call on May 10, 2018, at 9:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust’s first quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://www.rljlodgingtrust.com . A replay of the conference call webcast will be archived and available online through the Investor Relations page of the Company’s website.
About Us
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company's portfolio consists of 155 hotels with approximately 30,200 rooms located in 26 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.
Forward Looking Statements
The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are “ ” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These generally are identified by the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,” “intend,” “should,” or similar expressions. Although the Company believes that the expectations reflected in such are based upon reasonable assumptions, beliefs, and expectations, such are not predictions of future events or guarantees of future performance and the Company’s actual results could differ materially from those set forth in the . Some factors that might cause such a difference include the following: the current global economic uncertainty, increased direct competition, changes in government regulations or accounting rules, changes in local, national, and global real estate conditions, declines in the lodging industry, seasonality of the lodging industry, risks related to natural disasters, such as earthquakes and hurricanes, hostilities, including future terrorist attacks or fear of hostilities that affect travel, the Company’s ability to obtain lines of credit or permanent financing on satisfactory terms, changes in interest rates, access to capital through offerings of the Company’s common and preferred shares of beneficial interest, or debt, the Company’s ability to identify suitable acquisitions, the Company’s ability to close on identified acquisitions and integrate those businesses, and inaccuracies of the Company’s accounting estimates. Given these uncertainties, undue reliance should not be placed on such statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any , whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.
For additional information or to receive press releases via email, please visit our website:
http://www.rljlodgingtrust.com
RLJ Lodging Trust
Non-GAAP and Accounting Commentary
Non-Generally Accepted Accounting Principles (“GAAP”) Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.
FFO
The Company calculates Funds from Operations (“FFO”) in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.
The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.
EBITDA and EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA") is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.
In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated partnerships and joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”).
Adjustments to FFO and EBITDAre
The Company adjusts FFO and EBITDAre for certain items that the Company considers outside the normal course of operations or extraordinary. The Company believes that Adjusted FFO and Adjusted EBITDA provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, are beneficial to an investor’s understanding of its operating performance. The Company adjusts FFO and EBITDAre for the following items:
Transaction Costs: The Company excludes transaction costs expensed during the period. Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation and non-cash income taxes. Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses. The Company excludes hurricane-related costs not reimbursed by insurance, property-level severance costs, debt modification and extinguishment costs, and other income and expenses outside the normal course of operations.
The Company previously presented Adjusted EBITDA in a similar manner, with the exception of the adjustments for noncontrolling interests in consolidated joint ventures, which totaled less than $0.1 million for the three months ended March 31, 2017. The rationale for including 100% of Adjusted EBITDA for consolidated joint ventures with noncontrolling interests is that the full amount of any debt of these consolidated joint ventures is reported in our consolidated balance sheet and metrics using debt to EBITDA provide a better understanding of the Company’s leverage. This is also consistent with NAREIT’s definition of EBITDAre.
Hotel EBITDA and Hotel EBITDA Margin
With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of its third-party management companies.
Pro forma Consolidated Hotel EBITDA includes prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels, which has not been audited and excludes results from sold hotels as applicable. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of any non-comparable hotels that were under renovation or not open for the entirety of the comparable periods. The following is a summary of pro forma hotel adjustments:
Pro forma adjustments: Acquired hotels
For the three months ended March 31, 2018, no hotels were acquired.
The Company acquired the following hotels in August 2017 in conjunction with the FelCor merger:
DoubleTree Suites by Hilton Austin DoubleTree Suites by Hilton Orlando - Lake Buena Vista Embassy Suites Atlanta - Buckhead Embassy Suites Birmingham Embassy Suites Boston - Marlborough Embassy Suites Dallas - Love Field Embassy Suites Deerfield Beach - Resort & Spa Embassy Suites Fort Lauderdale 17th Street Embassy Suites Los Angeles - International Airport/South Embassy Suites Mandalay Beach - Hotel & Resort Embassy Suites Miami - International Airport Embassy Suites Milpitas Silicon Valley Embassy Suites Minneapolis - Airport Embassy Suites Myrtle Beach - Oceanfront Resort Embassy Suites Napa Valley Embassy Suites Orlando - International Drive South/Convention Center Embassy Suites Phoenix - Biltmore Embassy Suites San Francisco Airport - South San Francisco Embassy Suites San Francisco Airport - Waterfront Embassy Suites Secaucus - Meadowlands Hilton Myrtle Beach Resort Holiday Inn San Francisco - Fisherman's Wharf San Francisco Marriott Union Square DoubleTree by Hilton Burlington Vermont, formerly the Sheraton Burlington Hotel & Conference Center Sheraton Philadelphia Society Hill Hotel The Fairmont Copley Plaza The Knickerbocker, New York The Mills House Wyndham Grand Hotel, Charleston The Vinoy Renaissance St. Petersburg Resort & Golf Club Wyndham Boston Beacon Hill Wyndham Houston - Medical Center Hotel & Suites Wyndham New Orleans - French Quarter Wyndham Philadelphia Historic District Wyndham Pittsburgh University Center Wyndham San Diego Bayside Wyndham Santa Monica At the Pier
Pro forma adjustments: Sold hotels
For the three months ended March 31, 2018, the following hotels were sold:
Embassy Suites Boston - Marlborough was sold in February 2018 Sheraton Philadelphia Society Hill Hotel was sold in March 2018
For the year ended December 31, 2017, the following hotel was sold:
The Fairmont Copley Plaza was sold in December 2017
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
March 31,
2018
December 31,
2017
(unaudited) Assets Investment in hotel properties, net $ 5,636,933 $ 5,791,925 Investment in unconsolidated joint ventures 23,254 23,885 Cash and cash equivalents 401,943 586,470 Restricted cash reserves 76,380 72,606 Hotel and other receivables, net of allowance of $577 and $510, respectively 76,833 60,011 Deferred income tax asset, net 57,457 56,761 Intangible assets, net 128,794 133,211 Prepaid expense and other assets 85,412 69,936 Total assets $ 6,487,006 $ 6,794,805 Liabilities and Equity Debt, net $ 2,621,737 $ 2,880,488 Accounts payable and other liabilities 192,352 225,664 Deferred income tax liability 5,547 5,547 Advance deposits and deferred revenue 37,337 30,463 Accrued interest 15,059 17,081 Distributions payable 65,574 65,284 Total liabilities 2,937,606 3,224,527 Equity Shareholders’ equity: Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at March 31, 2018 and December 31, 2017 366,936 366,936 Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 175,205,952 and 174,869,046 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 1,752 1,749 Additional paid-in capital 3,210,185 3,208,002 Accumulated other comprehensive income 26,703 8,846 Distributions in excess of net earnings (123,144 ) (82,566 ) Total shareholders’ equity 3,482,432 3,502,967 Noncontrolling interest: Noncontrolling interest in consolidated joint ventures 11,540 11,700 Noncontrolling interest in the Operating Partnership 10,998 11,181 Total noncontrolling interest 22,538 22,881 Preferred equity in a consolidated joint venture, liquidation value of $45,458 and $45,430 at March 31, 2018 and December 31, 2017, respectively 44,430 44,430 Total equity 3,549,400 3,570,278 Total liabilities and equity $ 6,487,006 $ 6,794,805 Note:
The corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q. RLJ Lodging Trust
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(unaudited)
For the three months ended
March 31,
2018 2017 Revenue Operating revenue Room revenue $ 357,645 $ 224,965 Food and beverage revenue 52,195 26,691 Other revenue 19,753 8,576 Total revenue
$ 429,593 $ 260,232 Expense Operating expense Room expense $ 89,969 $ 51,922 Food and beverage expense 41,263 19,297 Management and franchise fee expense 35,676 26,913 Other operating expense 106,123 57,823 Total property operating expense 273,031 155,955 Depreciation and amortization 61,408 38,665 Property tax, insurance and other 34,499 19,158 General and administrative 10,913 9,123 Transaction costs 1,672 625 Total operating expense 381,523 223,526 Operating income 48,070 36,706 Other income 1,093 140 Interest income 1,230 485 Interest expense (28,701 ) (14,328 ) Gain on extinguishment of indebtedness 7,659 — Income before equity in loss from unconsolidated joint ventures 29,351 23,003 Equity in loss from unconsolidated joint ventures (381 ) — Income before income tax expense 28,970 23,003 Income tax expense (1,342 ) (1,166 ) Income from operations 27,628 21,837 Loss on sale of hotel properties (3,734 ) (60 ) Net income 23,894 21,777 Net loss (income) attributable to noncontrolling interests: Noncontrolling interest in consolidated joint ventures 234 66 Noncontrolling interest in the Operating Partnership (73 ) (85 ) Preferred distributions - consolidated joint venture (366 ) — Net income attributable to RLJ 23,689 21,758 Preferred dividends (6,279 ) — Net income attributable to common shareholders $ 17,410 $ 21,758 Basic per common share data: Net income per share attributable to common shareholders $ 0.10 $ 0.17 Weighted-average number of common shares 174,193,671 123,734,173 Diluted per common share data: Net income per share attributable to common shareholders $ 0.10 $ 0.17 Weighted-average number of common shares 174,268,815 123,841,400 Note:
The Statements of Comprehensive Income and corresponding notes can be found in the Company’s Quarterly Report on Form 10-Q. RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands, except per share data)
(unaudited)
FFO Attributable to Common Shareholders and Unitholders
For the three months ended
March 31,
2018 2017 Net income $ 23,894 $ 21,777 Preferred dividends (6,279 ) — Preferred distributions - consolidated joint venture (366 ) — Depreciation and amortization 61,408 38,665 Loss on sale of hotel properties 3,734 60 Noncontrolling interest in consolidated joint ventures 234 66 Adjustments related to consolidated joint ventures (1) (75 ) (33 ) Adjustments related to unconsolidated joint ventures (2) 668 — FFO 83,218 60,535 Transaction costs 1,672 625 Gain on extinguishment of indebtedness (7,659 ) — Amortization of share-based compensation 2,514 2,334 Non-cash income tax expense 1,103 938 Other expenses (3) 622 — Adjusted FFO $ 81,470 $ 64,432 Adjusted FFO per common share and unit-basic $ 0.47 $ 0.52 Adjusted FFO per common share and unit-diluted $ 0.47 $ 0.52 Basic weighted-average common shares and units outstanding (4) 174,968 124,293 Diluted weighted-average common shares and units outstanding (4) 175,043 124,400 Note:
(1) Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint ventures. (2) Includes our ownership interest of the depreciation and amortization expense of the unconsolidated joint ventures. (3) Represents income and expenses outside of the normal course of operations, including debt modification costs, hurricane-related costs that are not reimbursed by insurance, and activist shareholder costs. (4) Includes 0.8 million and 0.6 million weighted-average operating partnership units for the three month periods ended March 31, 2018 and 2017, respectively. RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
For the three months ended
March 31,
2018 2017 Net income $ 23,894 $ 21,777 Depreciation and amortization 61,408 38,665 Interest expense, net (1) 27,471 14,317 Income tax expense 1,342 1,166 Adjustments related to unconsolidated joint ventures (2) 795 — EBITDA 114,910 75,925 Loss on sale of hotel properties 3,734 60 EBITDAre 118,644 75,985 Transaction costs 1,672 625 Gain on extinguishment of indebtedness (7,659 ) — Amortization of share-based compensation 2,514 2,334 Other expenses (3) 622 — Adjusted EBITDA 115,793 78,944 General and administrative (4) 8,399 6,789 Other corporate adjustments 381 1 Consolidated Hotel EBITDA 124,573 85,734 Pro forma adjustments - income from sold hotels (579 ) (173 ) Pro forma adjustments - income from prior ownership of acquired hotels (5) — 46,758 Pro forma Consolidated Hotel EBITDA 123,994 132,319 Pro forma adjustments - income from non-comparable hotels — — Pro forma Hotel EBITDA $ 123,994 $ 132,319 Note:
(1) Excludes amounts attributable to investment in loans of $0.5 million for the three months ended March 31, 2017. (2) Includes our ownership share of the interest, depreciation, and amortization expense of the unconsolidated joint ventures. (3) Represents income and expenses outside of the normal course of operations, including debt modification costs, hurricane-related costs that are not reimbursed by insurance, and activist shareholder costs. (4) General and administrative expenses exclude amortization of share-based compensation reflected in Adjusted EBITDA. (5) The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes. RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
Pro forma Hotel EBITDA Margin
For the three months ended
March 31,
2018 2017 Total revenue $ 429,593 $ 260,232 Pro forma adjustments - revenue from sold hotels (5,897 ) (10 ) Pro forma adjustments - revenue from prior ownership of acquired hotels (1) — 165,779 Other corporate adjustments / non-hotel revenue (413 ) (15 ) Pro forma Hotel Revenue $ 423,283 $ 425,986 Pro forma Hotel EBITDA $ 123,994 $ 132,319 Pro forma Hotel EBITDA Margin 29.3 % 31.1 % (1) The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.
RLJ Lodging Trust
Consolidated Debt Summary
(Amounts in thousands)
(unaudited)
Loan Base Term
(Years)
Maturity
(incl. extensions)
Floating /
Fixed
Interest
Rate (1)
Balance as of
March 31, 2018 (2)
Secured Debt Scotiabank - 1 hotel 4 Nov 2018 Floating 4.61 % $ 85,000 Wells Fargo - 4 hotels 3 Oct 2021 Floating (3) 4.06 % 150,000 Wells Fargo - 4 hotels 2 Mar 2022 Floating (3) 4.04 % 142,500 Wells Fargo - 1 hotel 10 Jun 2022 Fixed 5.25 % 31,892 PNC - 3 hotels 10 Oct 2022 Fixed 4.95 % 83,947 Wells Fargo - 1 hotel 10 Oct 2022 Fixed 4.95 % 33,305 Prudential - 1 hotel 10 Oct 2022 Fixed 4.94 % 29,422 PNC - 5 hotels 5 Mar 2023 Floating 3.98 % 85,000 Weighted-Average / Secured Total 4.38 % $ 641,066 Unsecured Debt Revolver (4) 4 Apr 2021 Floating 3.38 % $ 300,000 $400 Million Term Loan Maturing 2021 5 Apr 2021 Floating (3)(5) 3.03 % 400,000 $150 Million Term Loan Maturing 2022 7 Jan 2022 Floating (3) 3.43 % 150,000 $400 Million Term Loan Maturing 2023 5 Jan 2023 Floating (3)(5)
3.14 % 400,000 $225 Million Term Loan Maturing 2023 5 Jan 2023 Floating (3) 3.44 % 225,000 Senior Unsecured Notes 10 Jun 2025 Fixed 6.00 % 475,000 Weighted-Average / Unsecured Total 3.91 % $ 1,950,000 Weighted-Average / Gross Debt 4.02 % $ 2,591,066 Note:
(1) Interest rates as of March 31, 2018. (2) Excludes the impact of fair value adjustments and deferred financing costs. (3) The floating interest rate is hedged with an interest rate swap. (4) As of March 31, 2018, there was $300.0 million of borrowing capacity on the revolver, which is charged an unused commitment fee of 0.30% annually.
(5) Reflects interest rate swap on $350.0 million. RLJ Lodging Trust
Pro forma Operating Statistics - Top 60 Assets
(unaudited)
Property City/State # of Rooms Pro forma Consolidated
Hotel EBITDA
Marriott Louisville Downtown Louisville, KY 616 $ 13,108 The Knickerbocker New York New York, NY 330 12,125 San Francisco Marriott Union Square San Francisco, CA 401 9,749 Wyndham San Diego Bayside San Diego, CA 600 9,611 The Vinoy Renaissance St. Petersburg Resort & Golf Club St Petersburg, FL 362 9,177 Wyndham Boston Beacon Hill Boston, MA 304 9,160 DoubleTree Metropolitan Hotel New York City New York, NY 764 9,145 Embassy Suites San Francisco Airport - Waterfront Burlingame, CA 340 8,850 Embassy Suites Los Angeles - International Airport South El Segundo, CA 349 8,809 Courtyard Austin Downtown Convention Center Austin, TX 270 8,794 The Mills House Wyndham Grand Hotel Charleston, SC 216 8,713 Courtyard Portland City Center Portland, OR 256 8,295 Embassy Suites Mandalay Beach - Hotel & Resort Oxnard, CA 250 8,252 Embassy Suites Tampa Downtown Convention Center Tampa, FL 360 8,196 DoubleTree Grand Key Resort Key West, FL 216 7,767 Hilton Myrtle Beach Resort Myrtle Beach, SC 385 7,705 Embassy Suites Fort Lauderdale 17th Street Fort Lauderdale, FL 361 7,628 Wyndham New Orleans - French Quarter New Orleans, LA 374 7,591 Embassy Suites Myrtle Beach - Oceanfront Resort Myrtle Beach, SC 255 6,976 Embassy Suites Napa Valley Napa, CA 205 6,945 Wyndham Philadelphia Historic District Philadelphia, PA 364 6,927 Residence Inn Palo Alto Los Altos Los Altos, CA 156 6,717 Embassy Suites San Francisco Airport - South San Francisco South San Francisco, CA 312 6,595 Courtyard Chicago Downtown Magnificent Mile Chicago, IL 306 6,513 Wyndham Santa Monica At the Pier Santa Monica, CA 132 6,390 Courtyard San Francisco San Francisco, CA 166 6,343 Hyatt House Emeryville San Francisco Bay Area Emeryville, CA 234 6,289 Embassy Suites Deerfield Beach - Resort & Spa Deerfield Beach, FL 244 6,168 Fairfield Inn & Suites Washington DC Downtown Washington, DC 198 6,118 Renaissance Pittsburgh Hotel Pittsburgh, PA 300 6,098 Hilton Cabana Miami Beach Miami Beach, FL 231 5,946 Hilton Garden Inn San Francisco Oakland Bay Brg Emeryville, CA 278 5,847 Hyatt House San Jose Silicon Valley San Jose, CA 164 5,812 Embassy Suites Milpitas Silicon Valley Milpitas, CA 266 5,666 DoubleTree Suites by Hilton Austin Austin, TX 188 5,623 Wyndham Houston - Medical Center Hotel & Suites Houston, TX 287 5,582 Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,550 Hyatt House Santa Clara Santa Clara, CA 150 5,548 Embassy Suites Boston Waltham Waltham, MA 275 5,488 Embassy Suites Los Angeles Downey Downey, CA 220 5,287 Courtyard Waikiki Beach Honolulu, HI 403 5,236 Renaissance Fort Lauderdale Plantation Hotel Plantation, FL 250 5,184 Residence Inn Bethesda Downtown Bethesda, MD 188 5,131 Embassy Suites Atlanta - Buckhead Atlanta, GA 316 5,088 Embassy Suites Irvine Orange County Irvine, CA 293 4,963 Residence Inn Austin Downtown Convention Center Austin, TX 179 4,858 Marriott Denver Airport @ Gateway Park Aurora, CO 238 4,838 Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 4,812 Homewood Suites Washington DC Downtown Washington, DC 175 4,692 Courtyard Charleston Historic District Charleston, SC 176 4,660 Renaissance Boulder Flatiron Hotel Broomfield, CO 232 4,644 Hyatt House San Diego Sorrento Mesa San Diego, CA 193 4,641 Embassy Suites Orlando - International Drive South/Convention Center Orlando, FL 244 4,440 Embassy Suites Dallas - Love Field Dallas, TX 248 4,171 Hyatt Place Washington DC Downtown K Street Washington, DC 164 4,122 Hyatt Place Fremont Silicon Valley Fremont, CA 151 4,019 Hilton Garden Inn New Orleans Convention Center New Orleans, LA 286 3,984 Residence Inn National Harbor Washington DC Oxon Hill, MD 162 3,909 Wyndham Pittsburgh University Center Pittsburgh, PA 251 3,892 Embassy Suites Phoenix - Biltmore Phoenix, AZ 232 3,733 Top 60 Assets 16,505 388,120 Other (95 Assets) 13,705 199,992 Total Portfolio 30,210 $ 588,112 Note:
For the trailing twelve months ended March 31, 2018. Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Amounts in thousands, except rooms. The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.
RLJ Lodging Trust
Pro forma Operating Statistics
For the three months ended March 31, 2018 and March 31, 2017
Top Markets # of
Hotels
Occupancy ADR RevPAR 2018 2017 Var 2018 2017 Var 2018 2017 Var South Florida 13 91.6 % 88.1 % 4.0 % $ 224.98 $ 216.86 3.7 % $ 206.18 $ 191.01 7.9 % Northern California 14 78.8 % 80.8 % (2.5 )% 215.57 219.97 (2.0 )% 169.85 177.79 (4.5 )% Southern California 9 84.0 % 83.4 % 0.8 % 172.02 172.93 (0.5 )% 144.47 144.14 0.2 % Austin 14 76.6 % 79.5 % (3.7 )% 178.24 183.11 (2.7 )% 136.58 145.66 (6.2 )% Houston 11 73.2 % 72.4 % 1.1 % 144.90 164.68 (12.0 )% 106.06 119.26 (11.1 )% Washington, DC 8 74.6 % 70.2 % 6.4 % 172.66 191.63 (9.9 )% 128.85 134.44 (4.2 )% Denver 13 67.6 % 69.3 % (2.4 )% 129.22 127.32 1.5 % 87.41 88.24 (0.9 )% Chicago 14 59.5 % 54.1 % 10.0 % 121.87 120.81 0.9 % 72.49 65.30 11.0 % Louisville 5 58.7 % 60.6 % (3.2 )% 140.42 148.82 (5.6 )% 82.37 90.22 (8.7 )% New York City 5 83.6 % 79.8 % 4.7 % 174.62 172.28 1.4 % 145.91 137.55 6.1 % Other 49 72.8 % 74.2 % (1.9 )% 162.61 161.03 1.0 % 118.43 119.49 (0.9 )% Total 155 75.2 % 75.1 % 0.1 % $ 172.89 $ 174.37 (0.8 )% $ 130.01 $ 130.97 (0.7 )% Service Level # of Hotels Occupancy ADR RevPAR 2018 2017 Var 2018 2017 Var 2018 2017 Var Focused-Service 102 74.1 % 73.3 % 1.0 % $ 156.87 $ 161.43 (2.8 )% $ 116.20 $ 118.40 (1.9 )% Compact Full-Service 48 78.7 % 78.9 % (0.2 )% 189.38 188.19 0.6 % 149.03 148.39 0.4 % Full-Service 5 59.1 % 62.2 % (5.0 )% 171.17 167.23 2.4 % 101.15 104.00 (2.7 )% Total 155 75.2 % 75.1 % 0.1 % $ 172.89 $ 174.37 (0.8 )% $ 130.01 $ 130.97 (0.7 )% Chain Scale # of Hotels Occupancy ADR RevPAR 2018 2017 Var 2018 2017 Var 2018 2017 Var Upper Upscale 39 75.8 % 76.0 % (0.3 )% $ 194.42 $ 192.64 0.9 % $ 147.39 $ 146.42 0.7 % Upscale 98 75.3 % 75.1 % 0.2 % 159.76 162.60 (1.8 )% 120.24 122.14 (1.6 )% Upper Midscale 16 73.0 % 73.4 % (0.5 )% 158.95 165.67 (4.1 )% 116.01 121.54 (4.5 )% Other 2 70.4 % 63.4 % 11.2 % 229.53 233.83 (1.8 )% 161.63 148.13 9.1 % Total 155 75.2 % 75.1 % 0.1 % $ 172.89 $ 174.37 (0.8 )% $ 130.01 $ 130.97 (0.7 )% Flags # of Hotels Occupancy ADR RevPAR 2018 2017 Var 2018 2017 Var 2018 2017 Var Residence Inn 29 75.9 % 75.3 % 0.8 % $ 154.55 $ 157.58 (1.9 )% $ 117.36 $ 118.69 (1.1 )% Courtyard 24 74.6 % 74.4 % 0.4 % 157.14 162.82 (3.5 )% 117.29 121.07 (3.1 )% Embassy Suites 23 79.9 % 80.1 % (0.2 )% 191.30 189.02 1.2 % 152.93 151.39 1.0 % Hyatt House 11 81.5 % 78.1 % 4.3 % 173.64 173.94 (0.2 )% 141.47 135.91 4.1 % Hilton Garden Inn 8 73.6 % 70.8 % 4.0 % 162.10 164.30 (1.3 )% 119.31 116.28 2.6 % SpringHill Suites 8 63.6 % 67.6 % (5.9 )% 125.60 134.72 (6.8 )% 79.92 91.12 (12.3 )% Wyndham 8 74.2 % 73.6 % 0.9 % 160.66 163.14 (1.5 )% 119.25 120.05 (0.7 )% Fairfield Inn & Suites 7 72.5 % 72.4 % 0.2 % 159.73 173.57 (8.0 )% 115.81 125.60 (7.8 )% Hampton Inn 7 74.0 % 70.8 % 4.5 % 144.10 145.09 (0.7 )% 106.59 102.75 3.7 % Marriott 6 64.8 % 67.8 % (4.5 )% 196.25 201.09 (2.4 )% 127.09 136.35 (6.8 )% DoubleTree 6 80.2 % 83.7 % (4.2 )% 177.51 171.02 3.8 % 142.32 143.13 (0.6 )% Renaissance 4 77.8 % 75.3 % 3.4 % 206.64 204.02 1.3 % 160.80 153.54 4.7 % Hyatt Place 3 75.4 % 77.6 % (2.8 )% 169.51 177.76 (4.6 )% 127.82 137.96 (7.3 )% Homewood Suites 2 66.9 % 71.5 % (6.3 )% 162.11 179.28 (9.6 )% 108.51 128.12 (15.3 )% Hilton 2 64.4 % 61.4 % 4.8 % 186.11 170.11 9.4 % 119.83 104.49 14.7 % Hyatt 2 81.8 % 80.0 % 2.2 % 200.37 201.14 (0.4 )% 163.86 160.96 1.8 % Other 5 71.4 % 71.9 % (0.7 )% 197.16 199.01 (0.9 )% 140.69 143.00 (1.6 )% Total 155 75.2 % 75.1 % 0.1 % $ 172.89 $ 174.37 (0.8 )% $ 130.01 $ 130.97 (0.7 )% Note:
Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information above includes results for periods prior to the Company's ownership. Wyndham hotels reclassified to Upscale to conform with Smith Travel Research chain scale definitions. The information has not been audited and is presented only for comparison purposes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006487/en/
RLJ Lodging Trust
Leslie D. Hale, 301-280-7774
Chief Operating Officer and Chief Financial Officer
Source: RLJ Lodging Trust
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/09/business-wire-rlj-lodging-trust-reports-first-quarter-2018-results.html
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* Oil rallies as Israel PM says “Iran lied” on nuclear deal
* Industrials drop, led by Boeing, GE and United Tech
* McDonald’s jumps as global same-store sales beat estimates
* Indexes dip: Dow 0.05 pct, S&P 0.31 pct, Nasdaq 0.39 pct (Changes comment, adds details, updates prices)
By Sruthi Shankar and Savio D’Souza
April 30 (Reuters) - Wall Street dipped on Monday afternoon, reversing gains from earlier in the session, weighed down by healthcare stocks, while surging oil prices added to worries about rising costs for companies.
Oil prices rallied after Israeli Prime Minister Benjamin Netanyahu said that Iran had lied about not pursuing nuclear weapons and had continued to preserve and expand its nuclear weapons knowledge after signing a 2015 deal with global powers.
U.S. President Donald Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after a 2015 international agreement over its nuclear program.
Oil has risen this month to the highest since late 2014, driven by concerns over potential disruptions to Iranian crude flows, but analysts said the market is extremely sensitive to any developments on the nuclear deal and sanctions due to the high degree of uncertainty.
The energy index rallied 0.8 percent, with seven other S&P sectors in the red and three up 0.05 percent or less.
“You get a move in oil stocks, that’s moving the index,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.
The industrials sector, already under pressure after some marquee names warned of rising costs, was down 0.8 percent.
Arconic fell 19.8 percent after the aluminum products maker slashed its 2018 forecasts.
At 14:03 ET, the Dow Jones Industrial Average was down 12.42 points, or 0.05 percent, at 24,298.77, the S&P 500 was down 8.31 points, or 0.31 percent, at 2,661.60 and the Nasdaq Composite was down 27.97 points, or 0.39 percent, at 7,091.83.
The healthcare sector dropped 0.9 percent.
Allergan fell 4 percent after its chief executive officer said he was opposed to fundamental changes to the drug company’s business strategy.
Celgene fell 5 percent. Morgan Stanley said it expects a delay of up to three years for Celgene’s key multiple sclerosis drug, ozanimod.
The markets had gotten off to a positive start as strong earnings reports from McDonald’s and a number of merger announcements lifted sentiment, while inflation worries were kept in check after tepid data on U.S. income and spending.
McDonald’s jumped 4.5 percent after the world’s biggest fast food chain by revenue topped analysts’ forecasts for profit and sales.
T-Mobile agreed to buy Sprint for $26 billion, but Sprint shares sank 15 percent, while T-Mobile tumbled 7.4 percent on worries whether the latest attempt to merge would past regulatory muster.
Data showed U.S. personal income rose 0.3 percent in March, compared with expectations of 0.4 percent. On the consumption side, personal spending in February was revised lower to 0.3 percent, instead of the previously reported 0.4 percent.
The data comes a day ahead of the start of the Federal Reserve’s meeting at which it is expected to maintain the benchmark U.S. interest rates.
“Price action can be sloppy going into the Fed meeting,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.
“It’s also the end of the month. The last day of the month can have some funky price action as people square up their books.”
Declining issues outnumbered advancers for a 1.18-to-1 ratio on the NYSE and for a 1.50-to-1 ratio on the Nasdaq.
The S&P index recorded 22 new 52-week highs and 10 new lows, while the Nasdaq recorded 48 new highs and 31 new lows. (Reporting by Sruthi Shankar in Bengaluru; Additional reporting by April Joyner in New York; Editing by Shounak Dasgupta)
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ashraq/financial-news-articles
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https://www.reuters.com/article/usa-stocks/us-stocks-health-industrials-weigh-on-wall-st-oil-gains-on-israel-comments-idUSL3N1S757F
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Soros NGO closing Hungary office amid crackdown 1:47pm BST - 01:07
George Soros' Open Society Foundations will close their office in Budapest and move to Berlin, leaving what it called an increasingly repressive political environment.
George Soros' Open Society Foundations will close their office in Budapest and move to Berlin, leaving what it called an increasingly repressive political environment. //uk.reuters.com/video/2018/05/15/soros-ngo-closing-hungary-office-amid-cr?videoId=427075920&videoChannel=13422
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ashraq/financial-news-articles
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https://uk.reuters.com/video/2018/05/15/soros-ngo-closing-hungary-office-amid-cr?videoId=427075920
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May 16, 2018 / 9:24 PM / Updated 2 hours ago From Madrid to Miami, Venezuelan migrants seethe at Maduro yet sit out vote Alexandra Ulmer , Angus Berwick , Mitra Taj 8 Min Read
CARACAS/MADRID/LIMA (Reuters) - Often arriving thin and penniless in South American capitals after long bus trips across the continent, many Venezuelan migrants blame President Nicolas Maduro for the crushing economic crisis that forced them to flee. A migrant from Venezuela, sells clothing at Gamarra textile cluster in Lima's district of La Victoria in Lima, Peru, May 10, 2018. REUTERS/Guadalupe Pardo
Yet, despite their anger, many in Venezuela’s fast-growing diaspora plan to abstain from Sunday’s presidential election, saying it is a sham vote designed to legitimize another six years in power for Maduro’s socialist government.
In dozens of interviews from Spain to the United States, Venezuelans abroad said they were pessimistic that Maduro would accept defeat at the ballot box. The former union leader has ruled the OPEC nation with an increasingly authoritarian hand since 2013, crushing opposition protests and jailing opponents.
Some of those who hoped to vote for Maduro’s low-profile challenger, former state governor Henri Falcon, said they were facing ever more obstacles to register at consulates, including a requirement that they prove residency in their adoptive country.
Venezuela’s Information Ministry, which handles media requests for the government, did not respond to a request for comment on voting conditions abroad.
Some opponents and academics say up to 4 million people - from a population of around 30 million - have fled Venezuela since Maduro’s predecessor and mentor, Hugo Chavez, won power two decades ago. The government dismisses that as exaggeration.
Yet despite their swelling numbers, Venezuelan emigres are unlikely to have a major impact on the election, which has been boycotted by the mainstream opposition parties and condemned by Washington.
“I have not heard of anyone trying to register,” said Garrinzon Gonzalez, executive director at the Venezuelan Union in Peru, which provides assistance to migrants.
Critics say Maduro has used state handouts of food to sway the vote of Venezuelans living hand-to-mouth due to salary-destroying hyperinflation, as well as coercing roughly 2.8 million state employees to vote for his government.
A compliant electoral council and a ban on the most prominent opposition politicians have further boosted Maduro.
Venezuela’s socialist government says a succession of electoral victories since 1998 indicate it has popular support. Officials say the opposition’s boycott is anti-democratic and accuse Maduro’s rivals of sitting out the vote because they would lose. “HARDEST TIME TO VOTE”
There is no official data on the numbers of Venezuelans who have emigrated since Chavez launched a leftist “revolution” two decades ago in the once-prosperous nation.
According to the United Nations, nearly 1 million Venezuelans left between 2015 and 2017. Anecdotally, the trend seems to have accelerated this year. Samuel Gomez, a migrant from Venezuela, carries food for his restaurant 'Areperu' at Gamarra textile cluster in Lima's district of la Victoria in Lima, Peru, May 10, 2018. REUTERS/Guadalupe Pardo
An earlier wave of emigration saw many professionals leave by plane to Miami or Madrid with their savings intact.
But increasingly impoverished Venezuelans are fleeing by bus or on foot to neighbouring Colombia and Brazil, as well as Argentina, Chile and Peru, where they often take here low-paid jobs as waiters, construction workers or drivers.
Ignacio Avalos, one of the directors of the Venezuelan Electoral Observatory, an independent local election monitoring group, estimates that less than 10 percent of Venezuelans abroad are registered to vote.
Authorities did not respond to questions about how many overseas voters are registered. Authorities said earlier this year that more than 100,000 Venezuelans were registered to vote abroad.
In a report this month, the Observatory cited numerous obstacles hindering Venezuelans overseas from voting, including short opening hours at consulates, long backlogs and arbitrary conditions not demanded by law.
“Without a doubt this is the hardest time to be voting from abroad,” Avalos said.
Maduro did order in February the reopening of Venezuela’s consulate in Miami, saying that he wanted the local Venezuelan community to able to enrol to vote. Chavez had shuttered the consulate in 2012 just before his final presidential election.
The consulate did not respond to a request for information about whether it had reopened.
Two of the Venezuelans Reuters spoke to said they had no trouble registering to vote from abroad, although both did the process well before this electoral cycle.
In Madrid, several Venezuelans interviewed said the electoral register did not allow them to change their old addresses and that appointments at the embassy were near impossible to get.
“No-one goes in there, not even God,” said Vanessa Pineda, the head of a Spain-based Venezuelan opposition group.
The embassy did not respond to an emailed request for information. Slideshow (16 Images) “THOUSANDS OF HURDLES”
Maduro often disparages Venezuelans abroad, accusing them of being part of a “squalid” right-wing plot vying to discredit his brand of “21st century socialism.” He has mocked emigres for working in low-paying jobs.
“You don’t know how many of them are washing toilets in Miami. Would you wash toilets in Miami? Would you leave our beloved country?” Maduro said last month during a speech in the central state of Lara.
“I would never leave,” he added.
A minority of Venezuelan opposition figures think it is a mistake not to fight Maduro at the polls, as that almost certainly hands him a fresh six-year term.
“This could be our last chance to halt the crisis that keeps catapulting more and more Venezuelans into exile,” said lawyer Victor Sulbaran, 28, who in January emigrated to the U.S. state of Georgia.
A long-time activist for opposition candidate Falcon, Sulbaran was determined to cast a ballot.
But when in March he travelled to the Venezuelan consulate in New York, he was asked to submit a utilities bill proving that he resides in the United States. He eventually produced one but was then told internal systems were down.
It was only on his third attempt this month that consular officials told him he was successfully registered - but he has yet to receive a formal notification of a change of residency.
“They put down thousands of hurdles so that you can’t change your residency,” said Sulbaran, who is still unsure whether he will be able to vote for Falcon on Sunday. The Venezuelan consulate in New York responded that “requirements have always been the same. And all those who are registered must exercise the right to vote.”
One former engineer at Venezuelan state oil company PDVSA, who asked not to be identified to avoid repercussions for his family back home, said he missed the deadline to change his voting centre after he emigrated to Colombia last month.
But the former mid-level manager - who now works at a used cars and motorbikes store - said he had no interest in voting.
During past elections in Venezuela, he received text messages and calls from PDVSA pressuring him to vote for the government, a common experience for state employees.
“The government has taken control of all institutions and controls the electoral council so I don’t think it makes any difference whether we vote or not,” said the former manager, who now earns 28 times what he did back home in dollar terms.
“I’m carving out a new path for myself, starting again from the bottom to climb up slowly, and I want to leave Venezuela in the past.”
Graphic on Latin America's upcoming elections - tmsnrt.rs/2rAQ4l1 Reporting by Alexandra Ulmer in Caracas, Angus Berwick in Madrid and Mitra Taj in Lima, additional reporting by Leon Wietfeld in Caracas, Zachary Fagenson in Miami and Fabian Cambero in Santiago; Writing by Alexandra Ulmer; Editing by Daniel Flynn and Rosalba O'Brien
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ashraq/financial-news-articles
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https://uk.reuters.com/article/uk-venezuela-election-migrants/from-madrid-to-miami-venezuelan-migrants-seethe-at-maduro-yet-sit-out-vote-idUKKCN1IH31C
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5:44 AM EDT
Ashley Judd is suing for damages.
In a lawsuit filed on Monday in a Santa Monica, Calif., court, Judd claims Harvey Weinstein held her back in her career by telling directors not to cast her in their movies after she refused his sexual advances . Specifically, the lawsuit alleges that Weinstein told Lord of the Rings director Peter Jackson and Fran Walsh, his production partner, that Judd was a “nightmare” to work with and she should be avoided “at all costs.”
News of the alleged blacklisting of Judd and fellow actress Mira Sorvino first broke in Dec. 2017, when Jackson told Stuff , a publication in New Zealand, that Weinstein had warned him away from the actresses, both of whom have now accused Weinstein of sexual harassment. Jackson said that at the time he had no reason to be skeptical about Weinstein’s comments, but he now believes it was “the Miramax smear campaign in full swing.” He also said that both actresses’ names were removed from the casting list as a “ direct result ” of the conversation with Weinstein.
A spokesperson for Weinstein said in a statement that a “basic investigation of the facts” would reveal that Weinstein acted as Judd’s champion rather than her detractor. The spokesperson cited Weinstein’s advocacy for Judd to play the lead role in Good Will Hunting and the fact that he cast her in two subsequent movies as evidence that he was not acting against her best interest.
On Twitter, Judd said any compensation won through the lawsuit would go to the Time’s Up Legal Defense Fund in order to help other American workers who face harassment and discrimination at work. My legal complaint. I am suing for economic remedy due to damage done to my career as a result of sexual harassment. Financial recuperation goes to @TIMESUPNOW @TIMESUPLDF so that American workers who experince sexual harassment & retaliation have help. https://t.co/Nod3fXgVk3
— ashley judd (@AshleyJudd) April 30, 2018
Actresses Reese Witherspoon and Amber Tamblyn and activist Tarana Burke tweeted their support for Judd. SPONSORED FINANCIAL CONTENT
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http://fortune.com/2018/05/01/ashley-judd-suing-harvey-weinestein-blacklisting/
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Prince Harry, Meghan Markle make final pre-wedding appearances Friday, May 18, 2018 - 01:17
With just a day to go until the royal wedding, Prince Harry greets well-wishers in Windsor while Meghan Markle arrives at her hotel. Rough cut (no reporter narration)
With just a day to go until the royal wedding, Prince Harry greets well-wishers in Windsor while Meghan Markle arrives at her hotel. Rough cut (no reporter narration) //reut.rs/2KzXvQC
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https://in.reuters.com/video/2018/05/18/prince-harry-meghan-markle-make-final-pr?videoId=428166039
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* AGL sticks to plan to shut Liddell plant in 2022
* Chinese-owned Alinta to look for other cheap power generation
* Government urges AGL to commit funds to replace Liddell (Adds comment from government, Alinta)
May 21 (Reuters) - Australia’s top power producer AGL Energy on Monday turned down a A$250 million ($188 million) offer for an ageing coal-fired energy plant from Chinese-owned Alinta Energy and shunned government pleas to keep the facility open beyond 2022.
AGL’s Liddell power plant, which supplies 10 percent of the electricity used in Australia’s most populous state, New South Wales, is seen as crucial for energy security as the grid becomes more reliant on intermittent wind and solar power.
A sale to Alinta would have kept the plant open for longer and increased competition in the market, keeping a lid on soaring electricity prices - a hot political potato with state and federal elections looming in the next 12 months.
“AGL’s decision is disappointing,” Australian energy minister Josh Frydenberg said in a statement.
He said AGL’s chief executive had first raised the prospect of selling Liddell in a meeting with the prime minister last year, although AGL has long said it had no plan to sell the plant as it needs the power to meet its customers’ needs.
Alinta said it was disappointed with AGL’s decision but was not going to raise its offer.
“We will now move on and progress other opporutnities to acquire low-cost generation sources in order to provide affordable and reliable energy to our customers,” an Alinta spokesman said.
AGL paid virtually nothing when it acquired Liddell in 2014, but has since spent around A$920 million to keep the plant running reliably until 2022, when it will be 50 years old.
It said the offer from Alinta was too low, based on the cash it could make running the plant for another four years and then converting the site for a battery installation.
AGL last year outlined a A$1.36 billion plan to replace Liddell’s capacity after 2022, including building two new gas-fired plants, upgrading its Bayswater coal-fired plant, and building 1,600 megawatts of wind and solar farms.
So far, it has only committed funding for a small portion of the total plan.
“The government calls on AGL to financially commit to all other stages of its replacement plan,” Frydenberg said.
$1 = 1.3291 Australian dollars Reporting by Sonali Paul in Melbourne and Ambar Warrick in Bengaluru; Editing by Peter Cooney and Joseph Radford
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https://www.reuters.com/article/australia-power-agl-energy/update-1-australias-agl-turns-down-alinta-offer-to-shut-down-liddell-in-2022-idUSL3N1SR0OX
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Warren Buffett's holding company, Berkshire Hathaway, is anything but lousy: In 2017, it generated net income of $44.94 billion . But there are advantages to being exposed to struggling businesses, the Berkshire chairman and CEO said at the 2017 Berkshire Hathaway Annual Meeting , adding that it may even make you a better investor: "I really think, if you want to be a good evaluator of businesses — an investor — you really ought to figure out a way, without too much personal damage, to run a lousy business for a while.
"I think you'd learn a whole lot more about business by actually struggling with a terrible business for a of couple years than you learn by getting into a very good one where the business itself is so good that you can't mess it up."
Buffett's longtime business partner Charlie Munger, who has been around for many mistakes and failures , agreed. "It was very useful to us," Munger said of their early days, when they were involved with some bad businesses. "There's nothing like personal, painful experience, if you want to learn. And we certainly had our share of it."
Still, while running a lousy company can be a "useful experience," Buffett said, "I wouldn't advise too much of it."
"There's nothing like personal, painful experience, if you want to learn." -Charlie Munger There are other ways to become a smart investor. For starters, consider the three things the Oracle of Omaha looks for when deciding to invest in a company : a unique product, strong leadership and a good price.
If he doesn't come across a company that meets all three of his criteria, he doesn't invest. Buffett is always "looking for the exception," he says . "But the nice thing is, if there is thousands of companies out there, I really only have to be right on a couple."
He's in no rush to find them, either, and once he does, he buys and holds . "If you aren't willing to own a stock for 10 years," Buffett has famously said, "don't even think about owning it for 10 minutes."
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Don't miss: Warren Buffett simplifies investing with a baseball analogy
show chapters Warren Buffett keeps his breakfast under $3.17 11:37 AM ET Mon, 30 Jan 2017 | 00:50
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https://www.cnbc.com/2018/05/24/warren-buffett-if-you-want-to-be-a-good-investor-run-a-lousy-business.html
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BUENOS AIRES (Reuters) - Amazon.com Inc aims to expand cloud computing operations in Latin America, a company executive said on Monday, after its Amazon Web Services unit opened an office in Buenos Aires on April 8.
FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. Chinnappa/File Photo That added to Amazon offices in Brazil, Chile, Colombia and Mexico, Teresa Carlson, company vice president, worldwide public sector, said at a conference.
Amazon Web Services handles data and computing for large enterprises in the cloud. The team in Argentina works to promote the use and innovation of cloud-based technologies, its website says.
“We have to be partners of Latin America. There’s lots of opportunities, amazing talent,” Carlson said.
“We also have a cloud region in Brazil and will be expanding to more countries for sure in Latin America.”
Argentina’s President Mauricio Macri met with Amazon’s Elaine Feeney, vice president for infrastructure global expansion for Amazon Web Services, late last year and discussed installing a data center in Argentina, according to the Argentine government.
The Argentina office appears to have opened with little fanfare. In February, AWS executives who work on energy supply for data centers met with Argentina’s Energy Minister Juan Jose Aranguren in a sign Argentina’s move to develop renewable energy may be attractive to Amazon.
An energy ministry spokesman said they discussed energy supply, the evolution of energy prices and the impact of renewables on the national grid.
Reporting by Eliana Raszewski; Additional reporting by Luc Cohen; Writing by Caroline Stauffer; Editing by Bill Berkrot and Richard Chang
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https://www.reuters.com/article/us-amazon-com-argentina/amazon-eyes-latam-expansion-opens-argentina-office-idUSKCN1IM1VZ
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Dow stages 400-point swing 2 Hours Ago Discussing the winners and losers at the closing bell with Stephanie Link, TIAA Investments, and Marc Harris, RBC Capital Markets.
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ashraq/financial-news-articles
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https://www.cnbc.com/video/2018/05/03/dow-stages-400-point-swing.html
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President Donald Trump's decision to pull the U.S. out of the Iran nuclear deal on Tuesday could have widespread global implications ranging from the price of oil to the future of Tehran's nuclear ambitions.
A U.S. withdrawal from the deal could stress already strained diplomatic relations with a number of key allies, including European Union leaders in Germany, France and the United Kingdom, all original parties in the 2015 accord.
President Emmanuel Macron of France and British Foreign Secretary Boris Johnson have both implored Trump in recent days to stay in the landmark deal brokered under President Barack Obama. Macron later tweeted Tuesday his disappointment with Trump's decision to exit the deal, formally known as the Joint Comprehensive Plan of Action.
"France, Germany, and the UK regret the U.S. decision to leave the JCPOA," Macron said in a tweet. "The nuclear non-proliferation regime is at stake."
tweet
As part of the original deal, a host of countries, including Russia and China, agreed to periodically suspend sanctions on Iran so long as the Iranians complied with the terms of the deal, including regular international inspections.
But the U.S. departure from the international pact isn't the first time Trump has split with overseas allies or his presidential predecessors. The U.S. ruffled the feathers of European partners earlier this year after Trump approved 25 percent tariffs on foreign steel and 10 percent tariffs on foreign aluminum.
In response, the European Commission said it would respond "firmly" to proposed U.S. import duties, with goods like clothing, orange juice and blue jeans as likely targets.
"We will put tariffs on Harley-Davidson, on bourbon and on blue jeans — Levis," European Commission President Jean-Claude Juncker told German television in March.
"We are here and they will get to know us. We would like a reasonable relationship to the United States, but we cannot simply put our head in the sand."
Jonathan Ernst | Reuters President Donald Trump announces his intention to withdraw from the JCPOA Iran nuclear agreement during a statement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. Pulling out of the deal could also have ripple effects on the oil market, given Iran's role as OPEC's third-largest oil producer. Though Brent crude has posted a sharp rally in recent days on speculation of a withdrawal and tighter supply, the severity of any sanctions could affect how much crude fluctuates in the coming weeks.
Possibly calming fears, the Treasury Department clarified that the forthcoming sanctions will be reimposed subject to certain 90-day and 180-day wind-down periods.
"President Trump has been consistent and clear that this Administration is resolved to addressing the totality of Iran's destabilizing activities," said Treasury Secretary Steven Mnuchin.
"We will continue to work with our allies to build an agreement that is truly in the best interest of our long-term national security."
Finally, a U.S. exit could leave the future of Iran's nuclear program in limbo. By refusing to waive sanctions without proving that Iran is violating the deal, Trump would effectively drop the agreement made by the United States.
Iran had explored aspects of a nuclear program, including enriching uranium, gathering plutonium and researching methods of bomb-making before the 2015 agreement. Though Tehran contends that its nuclear program was always designed for peaceful purposes, its building of a plutonium reactor in northwestern Iran also drew red flags.
In spite of the U.S. incumbent's threats to withdraw, President Hassan Rouhani stated that Iran had a plan to counter any move made by Trump when it comes to the deal, Reuters reported. Though Trump was widely expected to withdraw, Rouhani said on Tuesday that Iran would continue to seek "constructive relations with the world," despite potential sanctions.
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https://www.cnbc.com/2018/05/08/heres-why-its-a-big-deal-for-the-us-to-leave-the-iran-nuclear-pact.html
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May 18, 2018 / 7:49 AM / Updated 25 minutes ago RPT-UPDATE 1-U.S. driven by self-interest in wanting to block Russia pipeline -German minister Reuters Staff 2 Min Read
(Repeats to additional codes. No changes to text)
BERLIN, May 18 (Reuters) - A close ally of German Chancellor Angela Merkel issued a stark warning about the risks of placing “America First”, accusing Washington of seeking to block a planned Russia-Germany gas pipeline to shore up its own exports.
Economy minister Peter Altmaier defended the Nord Stream 2 pipeline, which is strongly opposed by many East European countries as well as the U.S., who say that by circumventing Ukraine the pipeline will increase Russia’s leverage over countries that rely on Moscow’s energy sales.
Ahead of a summit due later on Friday between Merkel and Russian President Vladimir Putin, Altmaier said the European Union should guarantee that Ukraine will continue to receive gas transit fees, even after the pipeline is built under the Baltic.
But he accused Washington of wanting to block the pipeline, built by Russia’s state-controlled energy giant Gazprom and a consortium of European energy companies, in order to boost its own shale gas exports.
“They are looking for markets, which we can understand, and they can land it here easily,” he said. “But it is much more expensive than pipeline gas, so blocking Nord Stream 2 on its own won’t guarantee exports.”
He added that Europe would respond firmly to U.S. attempts to place its own economic interests before those of partners. “The U.S. are our friends and partners, and we want to defend our common values.
“But if it’s America first, and they put their economic interest before others, then they have to expect Europe to define their own interests and fight for them.” (Reporting by Thomas Escritt Editing by Matthew Mpoke Bigg)
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https://www.reuters.com/article/germany-russia-pipeline/rpt-update-1-u-s-driven-by-self-interest-in-wanting-to-block-russia-pipeline-german-minister-idUSL5N1SP1JX
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United Continental Holdings has selected former Federal Aviation Administration chief Jane Garvey as board chair, making her the first woman to lead the company's directors, the carrier said on Thursday.
"Jane steps into this critical role bringing with her decades of experience as both a leader and pioneer in our industry," United Chief Executive Oscar Munoz said in a statement.
Garvey's appointment to the non-executive role comes a month after the previous board chairman, Robert Milton, and a director, Laurence Simmons, announced their resignations.
United's executive suite has been plagued by internal turmoil, with chief financial officer Andrew Levy last month stepping down from the role.
Garvey brings regulatory experience to her new role. She was the first woman to lead the FAA and headed the agency during the Sept. 11, 2001 attacks.
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https://www.cnbc.com/2018/05/24/united-continental-appoints-first-female-board-chair.html
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VANCOUVER, British Columbia, Nanotech Security Corp. (TSXV:NTS) (OTCQX:NTSFF) (“Nanotech” or the “Company”), a leading innovator in the research, creation and production of nano-optic structures and colour-shifting materials used in authentication and brand enhancement, today released its financial results for the three and six months ended March 31, 2018. Unless otherwise stated, all dollar amounts are expressed in Canadian dollars.
Highlights during the Second Quarter
Revenue of $1.9 million was 37% higher than the same period last year. Paid development contracts continue to drive period over period revenue growth. Gross margins were 74%, up from 66% in the same period last year. Gross margins continue to reflect strong margins from development contracts. Adjusted EBITDA (1) reached $133,000. The Company recorded its fourth consecutive quarter of positive Adjusted EBITDA, a notable improvement from the negative $268,000 Adjusted EBITDA reported for the same period last year. Cash balance of $10.3 million at quarter-end. The Company finished the quarter with a strong cash position and no debt outstanding.
Recent Developments
Paid development contracts are progressing. The Company currently derives a significant portion of its revenue from paid authentication development projects with major issuing authorities. During 2017, the Company announced a development contract for up to $30.0 million over a period of up to five years. These development activities incorporate both nano-optic and optical thin film (“OTF”) technologies and are focused on developing authentication features for future banknotes. All projects are progressing well and the Company continues to pursue additional development contract revenue as a growth area for the business. Tax stamps and commercial markets. During the second quarter of 2018, the Company announced a distribution agreement appointing Holostik India Limited and Kumbhat Holographics Co. Limited as Nanotech’s authorized distributors and converters for the non-banknote market in India, with an initial focus on the tax stamp and pharmaceutical markets. Outside of India, the Company is pursuing opportunities in the luxury brand, cosmetics and pharmaceutical markets. Thurso OTF opportunities. The Company invested in a research and development casting line for its Thurso facility during the second quarter of 2018. Management expects this equipment to expand development opportunities and product offerings available from this facility. The Company continues to pursue opportunities to deliver OTF for new denominations within our existing customer base and with new customers. The Thurso operation also participates in researching OTF and production applications for development contracts. Volume OTF opportunities. The Company continues to work with its European production partner, Hueck Folien, to help them become a qualified volume OTF supplier. Overall, management believes volume colour-shifting OTF is a growth opportunity; however, at this point in time, management cannot specify when or if Hueck Folien will be successful. Expansion of Nanotech team and facility. During the second quarter of 2018, Nanotech added two key members to its leadership team, with Joe Vosburgh and Monika Russell joining as Vice President Marketing and Vice President Finance, respectively. The Company also added additional support staff, expanded its head office lab space and invested in an electron beam lithography system. These expansion initiatives support Nanotech’s growth strategy and enhance the Company’s development and marketing capabilities. Divestiture of non-core business. The Company is actively pursuing strategic options with respect to its subsidiary, Tactical Technologies Inc. (“Tactical”), including potential purchasers or closing the operation. The Company has restructured Tactical’s operations and it currently operates with four employees and a limited cash burn. Management expects that Tactical will either be sold or wound down over the next few months.
Doug Blakeway, Nanotech’s Chairman and CEO, commented, “Our continued revenue growth and consistently strong margins have led to our fourth consecutive quarter of positive Adjusted EBITDA. This strong financial performance has enabled us to invest in equipment, staff and facilities that will be required to implement our growth strategy. With our solid balance sheet, increased development contract revenue, and advancing customer relationships, we are very well positioned to deliver on our 2018 revenue and Adjusted EBITDA goals and pursue further growth in markets outside of banknotes.”
Select Financial Information
All results are reported in Canadian dollars and are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.
Three months ended
March 31, Six months ended
March 31, % % 2018 2017 Change 2018 2017 Change Revenue $ 1,943,095 $ 1,418,644 37 % $ 4,176,322 $ 2,113,115 98 % Gross margin 1,445,391 935,800 54 % 3,114,767 1,513,802 106 % Gross margin % 74 % 66 % 75 % 72 % Adjusted EBITDA (1) 132,955 (267,640 ) 150 % 592,600 (823,221 ) 172 % Net loss (284,710 ) (1,694,890 ) (83 %) (188,890 ) (3,548,170 ) (95 %) Earnings (loss) per share
Basic and diluted 0.00 (0.03 ) 0.00 (0.07 ) Weighted average number
of common shares Basic and diluted 68,395,825 54,122,396 68,395,825 53,995,433 (1) Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Financial Measures section of this News Release.
Financial Position as at: March 31, September 30, % 2018 2017 Change Cash $ 10,286,702 $ 10,883,919 (5 %) Total assets $ 31,620,266 $ 30,059,624 5 % Total liabilities 3,346,947 1,860,086 80 % Total equity 28,273,319 28,199,538 0 % Revenue
Revenues for the three months ended March 31, 2018 increased by $524,451 or 37% to $1,943,095, compared to $1,418,644 in the same period last year. Revenue growth was primarily due to increased revenue from the Thurso operation and paid development contracts.
Revenues for the six months ended March 31, 2018 increased by $2,063,207 or 98% to $4,176,322, compared to $2,113,115 in the same period last year. Revenue growth was primarily due to an increase in paid development activity, as well as increased revenue from the Thurso operation.
Gross Margin
Gross margin for the three months ended March 31, 2018 increased by $509,591 or 54% to $1,445,391, compared to $935,800 in the same period last year. Overall, the gross margin percentage was 74% for the three months ended March 31, 2018, up from 66% in the same period last year. This increase reflects a shift to higher margin development projects.
Gross margin for the six months ended March 31, 2018 increased by $1,600,965 or 106% to $3,114,767, compared to $1,513,802 in the same period last year. Overall, the gross margin percentage was 75% for the six months ended March 31, 2018, similar to the same period last year at 72%.
Operating Costs
Research and development expenditures for the three months ended March 31, 2018 were $392,489 which is consistent with $388,803 in the same period last year.
Research and development expenditures for the six months ended March 31, 2018 decreased by $25,123 or 3% to $738,676, compared to $763,799 in the same period last year. Salaries allocated to R&D expense decreased in the current year, as certain development efforts involved capital projects, resulting in the capitalization of $97,353 of labour costs. This reduction in salaries expense was partially offset by increased investment in patent applications.
General and administration expenditures for the three and six months ended March 31, 2018 were $690,494 and $1,232,113, respectively, compared to $642,835 and $1,185,536 in the same periods last year, respectively. These increases were due to salaries for additional staff hired in the second quarter of 2018 and higher utilities costs at our Thurso operation.
Sales and marketing expenditures for the three months ended March 31, 2018 were $489,767, a decrease of $29,865 or 6%, compared to $519,632 in the same period last year. This mainly relates to a decrease in non-cash share-based compensation expense in the current period.
Sales and marketing expenditures for the six months ended March 31, 2018 were $946,517, consistent with $945,136 in the same period last year.
Depreciation and amortization expenditures for the three and six months ended March 31, 2018 were $408,655 and $718,698, respectively, compared to $693,189 and $1,414,026 in the same periods last year, respectively. The decrease in both periods reflects the Company’s declining balance depreciation policy and the intangible assets being completely amortized as at September 30, 2017.
Other income for the three months ended March 31, 2018 was $203,084, an increase of $453,305, compared to other expenses of $250,221 in the same period last year. The increase is primarily due to the repayment of the convertible debentures and long-term debt in 2017, which reduced interest expense by $232,519 in the current quarter compared to the same period last year, while increased cash on hand in the current quarter resulted in a $26,537 increase in interest income. In addition, foreign exchange gains recorded during the quarter were $194,071 higher than in the second quarter of 2017.
Other income for the six months ended March 31, 2018 was $284,127, an increase of $721,073, compared to other expenses of $436,946 in the same period last year. The increase is primarily due to the repayment of the convertible debentures and long-term debt in 2017, which reduced interest expense by $465,138 for the year to date compared to the same period last year, while increased cash on hand resulted in a $59,137 increase in interest income for the year to date. In addition, foreign exchange gains recorded for the year to date were $196,678 higher than in the same period last year.
Adjusted EBITDA
Adjusted EBITDA for the three and six months ended March 31, 2018 was $132,955 and $592,600, respectively, compared to negative $267,640 and negative $823,221 during the same periods last year, respectively. The improvement reflects an increase in revenues and gross margin.
Net Income (Loss) from Discontinued Operations
Net income from discontinued operations for the three months ended March 31, 2018 was $48,220, compared to a net loss of $136,010 during the same period last year. The increase in net income was primarily due to an increase in revenue associated with the delivery of surveillance vans during the quarter, which did not occur in the second quarter of 2017. In addition, there was a reduction in overall expenses in the current quarter as Tactical was restructured following the Company’s decision to sell or close the business.
Net income from discontinued operations for the six months ended March 31, 2018 was $48,220, compared to a net loss of $316,529 during the same period last year. The increase in net income was primarily due to an increase in revenue associated with the delivery of surveillance vans during the year to date, which did not occur in the same period last year. In addition, there was a reduction in overall expenses for the year to date as Tactical was restructured following the Company’s decision to sell or close the business.
Net Loss
Net loss for the three months ended March 31, 2018 was $284,710, compared to $1,694,890 during the same period last year. The decrease in net loss reflects an increase in revenues in combination with reduced depreciation and amortization expense and lower interest expense.
Net loss for the six months ended March 31, 2018 was $188,890, compared to $3,548,170 during the same period last year. The decrease in net loss reflects an increase in revenues in combination with reduced depreciation and amortization expense and lower interest expense.
Capital Resources
The Company’s objectives when managing capital are to safeguard the ability to continue as a going concern, to provide adequate return to shareholders, to meet external capital requirements, and to preserve financial flexibility in order to benefit from potential opportunities that may arise. Our principal cash requirements are for operations, working capital, and capital expenditures.
The Company’s officers are responsible for managing the Company’s capital and do so through quarterly meetings and regular reviews of financial information. The Board of Directors is responsible for overseeing this process. In managing its capital, the Company considers changes in economic conditions, risks that impact consolidated operations, and future significant capital investment opportunities. For the six months ended March 31, 2018, there were no changes in our approach to capital management.
As at March 31, 2018, cash and cash equivalents amounted to $10,286,702, compared to $10,883,919 as at September 30, 2017.
The Company had no lines of credit and no exposure to asset backed commercial paper.
The Company had commitments of $852,607 as at March 31, 2018.
Management has reviewed its projected funding requirements and expects that, through the generation and collection of revenues, the Company will maintain sufficient liquidity to meet its requirements through March 31, 2019.
Non-IFRS Financial Measures
In addition to results reported in accordance with IFRS, the Company discloses Adjusted EBITDA as a supplemental indicator of its financial performance.
The Company defines Adjusted EBITDA as net income (loss) excluding the impact of interest and financing costs (net of interest income), foreign exchange gain (loss), income taxes, depreciation and amortization, share-based compensation, and net income (loss) from discontinued operations. The Company believes Adjusted EBITDA is a useful measure because it provides information to management about the operating and financial performance of the Company and its ability to generate operating cash flow to fund future working capital needs, and fund future growth. Adjusted EBITDA may also be used by investors and analysts for the purpose of valuing the Company.
Readers are cautioned that these non-IFRS definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to net earnings determined in accordance with IFRS or as indicators of performance or liquidity or cash flows. The Company’s method of calculating these measures may differ from methods used by other entities and accordingly our measures may not be comparable to similarly titled measures used by other entities or in other jurisdictions. The Company uses these measures because it believes they provide useful information to both management and investors with respect to the operating and financial performance of the Company.
Three months ended
March 31, Six months ended
March 31, 2018 2017 2018 2017 Net loss $ (284,710 ) $ (1,694,890 ) $ (188,890 ) $ (3,548,170 ) Finance (income) expense (26,226 ) 233,008 (60,268 ) 464,127 Foreign exchange (gain) loss (176,858 ) 17,213 (223,859 ) (27,181 ) Depreciation and amortization 423,635 730,723 780,398 1,457,227 Share-based compensation 245,334 310,296 333,439 514,247 Net (income) loss from
discontinued operations (48,220 ) 136,010 (48,220 ) 316,529 Adjusted EBITDA $ 132,955 $ (267,640 ) $ 592,600 $ (823,221 ) Outlook
With a strong balance sheet, including $10,286,702 in cash and no debt, management continues to be on track to deliver strong annual revenue growth between 20% and 40% and 15% to 20% Adjusted EBITDA margins. A further update on the goals that management established for the 2018 fiscal year is as follows:
Grow revenues by 20% to 40% (which excludes any potential volume OTF order). Revenues have grown 98% in the first half of fiscal 2018 compared to the same period last year; Begin to collect licensing revenue from the tax stamp and commercial markets. We have entered into distribution agreements in India and are pursuing both tax stamp and commercial market revenue from this geographic market; Maintain a strong focus on earnings with a target of 15% to 20% Adjusted EBITDA margin. Adjusted EBITDA margin for the first six months of fiscal 2018 was 14%; Continue to pursue a volume OTF partnering opportunity with Hueck Folien for banknotes . Management continues to support manufacturing partner Hueck Folien in an ongoing effort to improve the quality of its production; Invest in several key marketing hires to ensure internal resources are in place to develop the products, sales channels, and marketing materials necessary to penetrate commercial markets . Joe Vosburgh joined the Company as Vice President Marketing, bringing over 20 years' experience in the successful development and commercialization of breakthrough technologies. Monika Russell, who has 15 years public company experience, also joined as Vice President Finance, which will allow Troy Bullock, our President and CFO, to expand his responsibilities; and Continue to open new corporate development opportunities by partnering with established companies to enable Nanotech to enter new markets . The Company announced a distribution agreement appointing Holostik India Limited and Kumbhat Holographics Co. Limited as Nanotech’s authorized distributors and converters for the non-banknote market in India.
Nanotech is well positioned financially to pursue opportunities in the banknote, tax stamp and commercial markets in the years ahead. In addition to developing further business with its established customer base, including the expansion of its authentication development contract revenue, the Company continues to develop new nano-optic and OTF opportunities.
Achieving these results is not certain and involves known and unknown risks that may cause actual results to differ materially from this goal. These risks and uncertainties include, among other things, the loss of a key customer, risks related to uncertainty of amount and timing of purchase orders, the ability of Hueck Folien to successfully become a qualified volume OTF supplier, the Company’s ability to expand its development revenue and its ability to maintain sufficient liquidity through March 31, 2019 to facilitate any business ramp-up. These and other risk factors are further discussed under the “Business Risks and Uncertainties” segment of the September 30, 2017 management’s discussion and analysis.
Nanotech Security Corp. Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) Three and six months ended March 31, 2018 and 2017 (In Canadian dollars) Three months ended Six months ended March 31, March 31, 2018 2017 2018 2017 Revenue $ 1,943,095 $ 1,418,644 $ 4,176,322 $ 2,113,115 Cost of sales 497,704 482,844 1,061,555 599,313 1,445,391 935,800 3,114,767 1,513,802 Expenses Research and development 392,489 388,803 738,676 763,799 General and administration 690,494 642,835 1,232,113 1,185,536 Sales and marketing 489,767 519,632 946,517 945,136 Depreciation and amortization 408,655 693,189 718,698 1,414,026 1,981,405 2,244,459 3,636,004 4,308,497 Loss from continuing operations before other expenses (536,014 ) (1,308,659 ) (521,237 ) (2,794,695 ) Other (income) expenses Foreign exchange (gain) loss (176,858 ) 17,213 (223,859 ) (27,181 ) Finance (income) expense (26,226 ) 233,008 (60,268 ) 464,127 (203,084 ) 250,221 (284,127 ) 436,946 Net loss from continuing operations (332,930 ) (1,558,880 ) (237,110 ) (3,231,641 ) Net income (loss) from discontinued operations 48,220 (136,010 ) 48,220 (316,529 ) Net loss (284,710 ) (1,694,890 ) (188,890 ) (3,548,170 ) Other comprehensive loss: Items that may be subsequently reclassified to earnings: Unrealized foreign exchange gain (loss) on translation of foreign operation (45,766 ) 10,867 (70,768 ) (14,102 ) Total comprehensive loss $ (330,476 ) $ (1,684,023 ) $ (259,658 ) $ (3,562,272 ) Basic and diluted earnings (loss) per share: Continuing operations $ 0.00 $ (0.03 ) $ 0.00 $ (0.06 ) Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ (0.01 ) Net loss $ 0.00 $ (0.03 ) $ 0.00 $ (0.07 ) Weighted average number of common shares Basic and diluted 68,395,825 54,122,396 68,395,825 53,995,433
Nanotech Security Corp. Condensed Consolidated Interim Statements of Financial Position (Unaudited) (In Canadian dollars) March 31, September 30, 2018
2017
Assets Current assets: Cash and cash equivalents $ 10,286,702 $ 10,883,919 Accounts receivable 1,859,014 1,374,442 Inventory 147,062 151,708 Prepaid expenses and other assets 91,902 187,874 Assets held for sale 176,252 216,225 12,560,932 12,814,168 Property, plant and equipment 17,670,876 15,856,998 Goodwill 1,388,458 1,388,458 $ 31,620,266 $ 30,059,624 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 2,727,811 $ 1,431,466 Deferred revenue 352,029 157,171 Liabilities directly associated with assets held for sale 209,669 200,226 3,289,509 1,788,863 Non-current liabilities: Tenant inducement 57,438 71,223 3,346,947 1,860,086 Shareholders’ equity Share capital 61,426,483 61,426,483 Contributed surplus 3,048,576 2,715,137 Deficit (36,062,067 ) (35,873,177 ) Accumulated other comprehensive loss (139,673 ) (68,905 ) 28,273,319 28,199,538 $ 31,620,266 $ 30,059,624
Nanotech Security Corp. Condensed Consolidated Interim Statements of Cash Flows (Unaudited) Three and six months ended March 31, 2018 and 2017 (in Canadian Dollars) Three months ended Six months ended March 31, March 31, 2018 2017 2018 2017 Cash flows provided by (used in): Operating activities: Net loss from continuing operations $ (332,930 ) $ (1,558,880 ) $ (237,110 ) $ (3,231,641 ) Items not involving cash: Depreciation and amortization 423,635 730,723 780,398 1,457,227 Share-based compensation 245,334 310,296 333,439 514,247 Accretion of convertible debentures - 78,563 - 154,587 Other (6,892 ) (6,892 ) (13,785 ) (13,785 ) Non-cash working capital changes (78,656 ) (405,449 ) (499,120 ) (506,802 ) 250,491 (851,639 ) 363,822 (1,626,167 ) Net cash provided by (used in) discontinued operations 2,307 (199,909 ) 97,636 (413,729 ) Cash provided by (used in) operating activities 252,798 (1,051,548 ) 461,458 (2,039,896 )
Investing activities: Purchase of property and equipment (819,366 ) (73,946 ) (987,907 ) (90,179 ) Cash used in investing activities (819,366 ) (73,946 ) (987,907 ) (90,179 ) Financing activities: Issuance of shares for options exercised - 200,000 - 223,000 Cash provided by financing activities - 200,000 - 223,000 Effect of foreign exchange on cash and cash equivalents (45,643 ) 10,867 (70,768 ) (14,102 ) Decrease in cash and cash equivalents (612,211 ) (914,627 ) (597,217 ) (1,921,177 ) Cash and cash equivalents, beginning of period 10,898,913 2,306,141 10,883,919 3,312,691 Cash and cash equivalents, end of period $ 10,286,702 $ 1,391,514 $ 10,286,702 $ 1,391,514 Conference Call Details:
DATE: Thursday, May 10, 2018 Time: 5:00 PM Eastern DIAL IN NUMBER: Toll free (Canada and US): 1-800-263-0877
Conference ID: 1697009 Alternate number:
1-323-794-2094 TAPED REPLAY: Toll free (Canada and US): 1-844-512-2921
Replay available until June 10, 2018
Replay Pin number: 1697009 Alternate number:
1-412-317-6671
Replay Pin number: 1697009 WEBCAST: http://public.viavid.com/index.php?id=129657
FORWARD-LOOKING STATEMENTS
The discussion and analysis in this news release contains concerning anticipated developments in the Company’s operations in future periods, the adequacy of Nanotech’s financial resources, and the events or conditions that may occur in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “predicts”, “potential”, “targeted”, “plans”, “possible” and similar expressions, or statements that events, conditions, or results “will”, “may”, “could” or “should” occur or be achieved.
These include, without limitation, statements about the Company’s market opportunities, strategies, competition, and the Company’s views that its optics-based technologies will continue to show promise for large-scale production. Other imply that the Company will remain capable of being financed and/or will be able to partner in development until profitability is eventually realized. The principal risks related to these are the loss of a key customer, that the Company’s products receive market acceptance, and that its intellectual property claims will be sufficiently broad or enforceable to provide the necessary protection or attract the necessary capital.
These are based on the beliefs, expectations and opinions of management on the date the statements are made. Consequently, all made in the discussion and analysis of the financial conditions and results of operations or the documents incorporated by reference, are qualified by this cautionary statement and there can be no certainty that actual results or developments the Company anticipates will be realized. For additional information with respect to certain of these risks or factors reference should be made to the “Business Risks and Uncertainties” section of the management’s discussion and analysis and the notes to the audited consolidated financial statements for the year ended September 30, 2017, as well as with the Company’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online at www.sedar.com . Nanotech disclaims any intention or obligation to update or revise any , whether as a result of new information, future events or otherwise, other than as required by law. Caution needs to be used when taking into account when evaluating the Company.
About Nanotech
Nanotech researches, creates and produces nano-optic structures and colour-shifting materials used in authentication and brand enhancement applications across a wide range of markets including banknotes, tax stamps, secure government documents, commercial branding, and the pharmaceutical industry.
The Company’s nano-optic technology employs arrays of billions of nano-indentations that are impressed or embossed onto a substrate material such as polymer, paper, metal, or fabric. By using sophisticated algorithms to direct an electron beam lithography system, the Company creates visual images with colour-shifting effects such as 3D, perceived movement, and can also display high-definition colours including skin tones, and whites and blacks, which are not possible using holographic technology.
Additional information about Nanotech can be found at the Company’s website www.nanosecurity.ca , the Canadian disclosure filings website www.sedar.com or the OTCMarkets disclosure filings website www.otcmarkets.com .
Nanotech Security Corp: Canada Investor Relations: U.S. Investor Relations: Shana Chow Sean Peasgood Matthew Selinger info@nanosecurity.ca all@SophicCapital.com mselinger@threepa.com +1.604.678.5775 +1.647.699.9845 +1.817.310.8776 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Nanotech Security Corp.
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http://www.cnbc.com/2018/05/10/globe-newswire-nanotech-announces-second-quarter-fiscal-2018-results.html
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May 24, 2018 / 11:43 AM / Updated 33 minutes ago Rattled by bombings, Indonesia set to pass tough anti-terror laws Tabita Diela 4 Min Read
JAKARTA (Reuters) - Indonesia’s parliament is expected to adopt tough anti-terrorism laws on Friday as it seeks to combat a surge in homegrown Islamist militancy days after the deadliest attacks since 2002 bombings on the tourist island of Bali. FILE PHOTO: A policeman stands guard outside a church, one of the three hit by suicide bombers in Surabaya, Indonesia May 13, 2018. Picture taken May 13, 2018. REUTERS/Beawiharta/File Photo
Revising a 2003 law became a top priority for the world’s biggest Muslim-majority after suicide bombings claimed by Islamic State killed more than 30 people in the country’s second-biggest city of Surabaya this month.
The death toll was the highest since 2002 bomb attacks on nightclubs in Bali, when 202 people, most of them foreign tourists, were killed.
Indonesia subsequently scored some major successes tackling militancy.
But in recent years there has been a resurgence of militant violence and scores of Indonesians have gone to the Middle East to fight for Islamic State, with thousands more believed to be drawing inspiration from the group at home.
The revised law will allow police to preemptively detain suspects for longer and prosecute those who join or recruit for militant groups, according to a draft reviewed by Reuters.
Law enforcement agencies have complained that they lack the power to detain militants suspected of plotting attacks unless a threat is made or an attack actually carried out.
Under the revised law, anyone suspected of planning an attack can be held for up to 21 days, instead of a week, for an initial investigation.
Suspects can then be detained for a formal investigation for up to 120 days without trial and up to 200 days with court approval, compared with 180 days now.
Suspects will also be open to prosecution for joining a “terrorist” organization, disseminating their teachings, or taking part in military-style training. FILE PHOTO: Indonesia President Joko Widodo (R) visits a church following an attack, in Surabaya, Indonesia May 13, 2018. REUTERS/Beawiharta/File Photo
Those convicted of smuggling explosives or other chemicals and weapons into or out of the country for “terrorism” will face jail of up to 20 years. MILITARY INVOLVEMENT
The revised bill was proposed by President Joko Widodo’s government in early 2016, after a gun and suicide-bomb attack in Jakarta, which at the time was the first Islamic State-linked attack in Southeast Asia.
But the bill languished in parliament amid concern over intrusions on human rights and after some parties objected to clauses that could mean greater military involvement in internal security.
The new bill is expected to retain a clause stipulating the military can get involved in anti-terrorism operations only on a request by police and with the approval of the president.
Separately, Widodo’s government has also proposed setting up a special military task force to boost the efforts of the elite counter-terrorism police squad, Detachment, or “Densus”, 88.
Widodo has pledged to use his executive powers to override parliament if it failed to pass the bill by the end of June.
The attacks this month, in which two families, including children as young as eight, carried out suicide attacks on churches and a police station in Surabaya, have added a sense of urgency to the legislation.
Even so, the laws will still not be as tough as some other countries in the region.
Malaysia in 2015 reintroduced a law under which suspects can be detained without trial for up to two years with two-year extensions thereafter. Additional reporting by Agustinus Beo Da Costa and Gayatri Suroyo; Writing by Kanupriya Kapoor; Editing by Ed Davies and Robert Birsel
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https://www.reuters.com/article/us-indonesia-security-bill/rattled-by-bombings-indonesia-set-to-pass-tough-anti-terror-laws-idUSKCN1IP1RI
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Paris attacker was Frenchman born in Chechnya 11:14am EDT - 01:19
Police on Sunday scoured the background of a Frenchman born in Russia's Chechnya region who killed one man in a knife attack in Paris as the government said the 21-year old had been flagged previously as a potential security risk. ▲ Hide Transcript ▶ View Transcript
Police on Sunday scoured the background of a Frenchman born in Russia's Chechnya region who killed one man in a knife attack in Paris as the government said the 21-year old had been flagged previously as a potential security risk. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KYoxlY
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https://www.reuters.com/video/2018/05/13/paris-attacker-was-frenchman-born-in-che?videoId=426547990
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May 14, 2018 / 10:45 AM / Updated 8 hours ago Malaysia's Mahathir vows to investigate toppled government Joseph Sipalan , Liz Lee 4 Min Read
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad vowed on Monday to investigate faults that may have been committed by the government toppled in last week’s general election, and said all ministries had been instructed not to destroy any documents.
Mahathir announced that he would appoint a new anti-corruption commission chief and replace the attorney-general who had cleared former Prime Minister Najib Razak of wrongdoing in a multi-billion-dollar scandal linked to the 1MDB state fund.
He also told a news conference that his government had a rough idea of the whereabouts of Malaysian financier Low Taek Jho, who is accused of links to a plot to siphon billions of dollars from the fund, 1Malaysia Development Berhad (1MDB).
Najib set up 1MDB in 2009 and previously served as chairman of its advisory board. He and the fund have denied wrongdoing.
Asked about other possible crimes, Mahathir said: “We cannot do everything at the same time at one go.”
“We have to take time. There are many faults committed by the previous government, but we cannot do everything in one day, so you have to be patient.”
Mahathir, who was Malaysia’s prime minister from 1981 to 2003, led his four-party alliance to victory against Barisan Nasional in last week’s general election, ousting a coalition that had ruled the Southeast Asian nation for six decades. MOODY’S DOWNBEAT
Malaysia’s stock market fell sharply after opening on Monday, the first day of trading since Mahathir’s stunning triumph in the May 9 election. But it later recovered to close the day slightly higher.
Some analysts are concerned over populist promises that Mahathir’s alliance made during the election campaign, including plans to remove a goods and services tax, scrap toll fees, reinstate fuel subsidies and review Chinese investment deals.
Ratings agency Moody’s said on Monday that there was “little clarity” on the new government’s economic policy agenda and it fulfilled its campaign promises without adjustments, it would be credit negative for the economy. Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer
The main share index was initially dragged lower by falls in financial, telecom and airline shares, especially those with links to the former government, but closed to end the day 0.21 percent higher.
Shares in AirAsia Group Bhd fell as much as 10 percent after its chief Tony Fernandes apologised for endorsing former prime minister Najib Razak in the election.
The ringgit currency hit a four-month low of 3.9850 per dollar, but stabilised off those lows.
Mahathir said last week that there was enough evidence to investigate Najib’s links to the 1MDB scandal, and had moved to prevent his predecessor from leaving the country.
News broke in 2015 that about $700 million allegedly stolen from 1MDB had made its way into Najib’s personal bank accounts. Najib has said the deposit was a donation by an unnamed member of the Saudi royal family which had been largely returned.
Earlier, state news agency Bernama and other media reported that a former official of the anti-graft agency, MACC, had lodged a report against Najib on suspicion of blocking probes in cases involving 1MDB and a government pension fund.
Mahathir said he would appoint a new MACC chief on Tuesday.
The attorney-general who cleared Najib of wrongdoing in the 1MDB affair, Mohamed Apandi Ali, would be put on leave and replaced by the solicitor-general, he said.
Mohamed Apandi did not respond to a request for comment. Slideshow (2 Images)
The government has also transferred the top bureaucrat in the finance ministry while the chairman of the state palm oil plantation agency, Felda, has resigned. Writing by John Chalmers, Editing by Raju Gopalakrishnan
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https://in.reuters.com/article/malaysia-politics/malaysias-mahathir-vows-to-investigate-toppled-government-idINKCN1IF18C
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Fmr. Microsoft CEO: There are real issues in tech right now 1 Hour Ago CNBC's Brian Sullivan speaks with Steve Ballmer, Los Angeles Clippers owner & former Microsoft CEO, about what regulations he wants to see in the tech space following Facebook's data privacy scandal.
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https://www.cnbc.com/video/2018/05/01/fmr-microsoft-ceo-there-are-real-issues-in-tech-right-now.html
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ROLLING MEADOWS, Ill., May 10, 2018 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced that it has signed a definitive agreement to acquire 100% of the equity interests of Pronto Holdco LLC, the parent company of Pronto Insurance (Pronto). The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2018.
Founded in 1997 and headquartered in Brownsville, Texas, Pronto is a full-service Managing General Agency (MGA), broker and claims administrator. Pronto's primary business is the placement of personal automobile insurance for consumers throughout Texas, California and Florida, with a special focus on serving the rapidly growing Hispanic market. Pronto operates an omni-channel distribution network of Pronto-owned agencies, franchise agents, independent agents and a direct-to-consumer eCommerce platform.
Jorge Barcena, Wendy Knight, Clemente Rendon and Pronto's entire corporate management team will continue to operate from their current locations under the direction of Joel Cavaness, President of Risk Placement Services, Inc. (RPS), Gallagher's wholesale and MGA operation.
"Pronto's deep product expertise and data-driven marketing will provide a great addition to RPS's product offerings and will further expand our capabilities as one of the largest MGAs in the U.S.," Mr. Cavaness said.
"Pronto provides us a terrific opportunity to significantly expand into the rapidly growing Hispanic market," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We look forward to welcoming Jorge, Wendy, Clemente and their colleagues to Gallagher."
"Gallagher and RPS are the right partners for us — we admire their culture and way of conducting business," said Jorge Barcena, President and CEO of Pronto Insurance. "We are extremely excited about the opportunity to continue to serve the Hispanic community as part of such an exemplary organization."
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 33 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Investors: Ray Iardella
Media: Linda J. Collins
VP – Investor Relations
VP – Corporate Communications
630-285-3661/ ray_iardella@ajg.com
630-285-4009/ linda_collins@ajg.com
View original content: http://www.prnewswire.com/news-releases/arthur-j-gallagher--co-signs-definitive-agreement-to-acquire-pronto-insurance-300646375.html
SOURCE Arthur J. Gallagher & Co.
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http://www.cnbc.com/2018/05/10/pr-newswire-arthur-j-gallagher-co-signs-definitive-agreement-to-acquire-pronto-insurance.html
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Heatstroke is the leading cause of non-crash vehicular deaths for children under 15 years old, according to the American Academy of Pediatrics. Most cases involve a parent or caretaker who unintentionally leaves the child in the car.
The number of deaths—an annual average of 37—has remained consistent over the years, despite efforts from child-safety advocacy groups, hospital education programs, product developers and a steady stream of media coverage. The efforts face the same challenge: Many people don’t believe this could...
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https://www.wsj.com/articles/long-efforts-to-stop-hot-car-deaths-1525274729
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SAN FRANCISCO, May 9, 2018 /PRNewswire/ - Customer experience solutions and software company McorpCX, Inc. (TSXV: MCX, OTCQB: MCCX) ("McorpCX" or the "Company") today reported its financial results for the quarter ended March 31, 2018.
"We are pleased that our clients see the value in our services, as our results for this quarter demonstrated our ability to add new projects for existing clients while adding new clients, allowing us to double year-over-year quarterly revenue. And while focused on increasing services revenue, we are keeping a focus on expense management as well." said Michael Hinshaw, McorpCX President and CEO.
First Quarter 2018 Corporate Highlights:
Revenue increased by 106% from $297,291 in the first quarter of 2017 to $613,854 in the first quarter of 2018. Gross profit increased by 101% to $316,439 in the first quarter of 2018 from $157,518 in the first quarter of 2017. The Company had a cash balance of $1,490,050 at March 31, 2018 compared to a cash balance of $1,616,076 at December 31, 2017.
Gregg Budoi, the Company's Chief Financial Officer, stated: "While our investments in sales and marketing have helped improve consulting services performance, we are assessing ways to improve our existing products and services offerings, as well as exploring the potential of new technology platforms which may drive longer term, and deeper engagements with, our clients."
For a complete discussion of the Company's financial condition and operating results, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our audited and unaudited financial statements and the accompanying notes in our Form 10-Q for the three months ending March 31, 2018 and our Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission on EDGAR and with Canadian securities regulators on SEDAR.
About McorpCX
McorpCX ( http://mcorp.cx ) is a customer experience services company targeting the Global Customer Experience Management (CEM) market estimated by marketsandmarkets to grow from USD 5.06 Billion in 2016 to USD 13.18 Billion by 2021. Customers range from Fortune 100 brands to fast-moving mid-market leaders and other customer-centric companies. McorpCX is focused on pursuing value-enhancing growth opportunities for its shareholders.
For more information, please contact:
General Information: 1-866-526-2655 toll free in the U.S., or +1-415-526-2655
Investors: ir@mcorp.cx
Website: http://mcorp.cx
Twitter: @McorpCX ( https://twitter.com/mcorpcx )
Forward-Looking Statements
Certain statements contained in this press release may constitute " " within the meaning of the United States securities laws and applicable Canadian securities legislation. These statements are, in effect, management's attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on , which reflect management's views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management's plans and objectives for future operations are . When used in this press release, the words "anticipate," "believe," "estimate," "expect," and "intend" and words or phrases of similar meaning, as they relate to the Company and its management are intended to help identify . Although we believe that management's expectations as reflected in are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements include statements relating to the Company's business and operations as well as the anticipated growth Global Customer Experience Management (CEM) market. Such statements involve assumptions relating to the Company's business, the ability of the Company to execute on its business plan, the competitive environment of the Company's products and services and the future development and pricing of the Company's products and services. Such involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for the Company's products and services, changes in the competitive environment and the introduction of competing software solutions by competitors, the Company's ability to complete any future required financing and the Company's dependence upon and availability of qualified personnel. In light of these and other uncertainties, the included in this press release should not be regarded as a representation by the Company that its plans and objectives will be achieved. These speak only as of the date of this press release, and the Company undertakes no obligation to update or revise the statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content: http://www.prnewswire.com/news-releases/mcorpcx-inc-reports-first-quarter-2018-financial-and-operating-results-300645884.html
SOURCE McorpCX, Inc.
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http://www.cnbc.com/2018/05/09/pr-newswire-mcorpcx-inc-reports-first-quarter-2018-financial-and-operating-results.html
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May 31, 2018 / 10:18 AM / Updated 22 minutes ago BlackRock EM fund has bought Turkey's lira, dollar-bonds Reuters Staff 2 Min Read
LONDON, May 31 (Reuters) - Asset manager BlackRock has raised its exposure to Turkey’s battered currency and hard-currency bonds in the wake of the recent sell-off, Sergio Trigo Paz, the firm’s head of emerging markets portfolio management, said on Thursday.
“We have lately invested in Turkey over the last week,” said Trigo Paz, whose firm has $29 billion under management across emerging debt markets.
“We like the currency now and the dollar debt, but we don’t like rates because...(with) rates there is still a situation where inflation needs to be stabilised, it’s too early to go there.”
Investors have hammered the lira in May - at one point sending it down by as much as 20 percent this year - on concerns about President Tayyip Erdogan’s drive for lower interest rates in the face of rampant inflation.
The selling accelerated this month after Erdogan said he would look to take greater control over monetary policy following June 24 presidential and parliamentary elections.
The market rout last week forced the central bank to hike rates by 3 percentage points at an emergency meeting. The bank has also announced plans to move to a single policy rate.
Asked how much a risk he thought the upcoming election could pose to investors, Trigo Paz said he would take it “one thing at a time.”
BlackRock is the world’s largest asset manager. (Reporting by Karin Strohecker; Editing by Toby Chopra)
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https://www.reuters.com/article/turkey-markets-investors/blackrock-em-fund-has-bought-turkeys-lira-dollar-bonds-idUSL5N1T22JM
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May 31, 2018 / 11:32 AM / Updated 15 minutes ago Germany's AfD calls for parliamentary inquiry into Merkel's migrant policy Reuters Staff 3 Min Read
BERLIN (Reuters) - The far-right Alternative for Germany (AfD) party called on Thursday for a parliamentary inquiry into Chancellor Angela Merkel’s migrant policy amid a scandal over irregular asylum rulings during an influx of more than 1.6 million migrants.
The wave of migrants since 2014, many of them Muslims fleeing Middle East conflict, raised concerns about security and integration and helped push the anti-immigrant AfD into the national parliament for the first time in September’s election.
The Federal Office for Migration and Refugees (BAMF) is engulfed in uproar after an internal review of 4,568 asylum rulings found the Bremen branch had knowingly and regularly disregarded legal regulations and internal rules.
On Thursday, the AfD’s parliamentary group filed a motion
to set up an inquiry committee, which would require 25 percent support from lawmakers. AfD co-leader Alexander Gauland said it would lobby other parties to try to get their support.
They generally refuse to work with the AfD but the liberal Free Democrats (FDP) have called for a committee to investigate the BAMF scandal.
The AfD and FDP would not have enough votes together but Gauland said he hoped the conservative CSU ally of Merkel’s Christian Democrats would back an inquiry committee as its leader had shown he wanted to tackle the BAMF scandal.
The AfD had called for a committee to investigate Merkel over her refugee policy during its 2017 election campaign - a move that helped it poach votes from disgruntled conservatives.
Senior AfD parliamentarian Beatrix von Storch, referring on Thursday to the catchphrase “wir schaffen das” (“we can do this”) that Merkel used during the height of the refugee crisis in 2015, said: “The BAMF example shows we can’t do this. The BAMF can’t do this ... It wasn’t possible to do this and it won’t be in future either.”
Conservatives fear the BAMF scandal could boost support for the AfD in a regional vote in Bavaria in October. In a bid to prove he is tough on migration, Interior Minister and leader of the Bavarian conservatives (CSU) Horst Seehofer has stopped the Bremen branch from making further asylum decisions.
In its motion the AfD described the BAMF scandal as part of a “broad government failure” on asylum policy. The AfD said it wanted to investigate the government policy since 2014, the legal basis for the government’s 2015 decision to open the borders to migrants, the impact the influx had on security and social security systems, and the costs involved. Reporting by Michelle Martin; Editing by Mark Heinrich
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https://www.reuters.com/article/us-germany-afd/germanys-afd-calls-for-parliamentary-inquiry-into-merkels-migrant-policy-idUSKCN1IW1HX
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PALO ALTO, Calif.--(BUSINESS WIRE)-- The Gordon and Betty Moore Foundation today announced the election of Paul Gray, Ph.D., as chairman of the board of trustees. Gordon Moore, the founder and original chairman of the organization, will continue to serve on the board as chairman emeritus.
Paul Gray joined the foundation’s board of trustees in March 2008 , became vice chairman of the board in 2013, and served as interim president in 2014. He is the former executive vice chancellor and provost at the University of California, Berkeley and former dean and professor emeritus in Berkeley’s College of Engineering. In 2015, Gordon and Betty endowed the Paul R. Gray Distinguished Chair in the College of Engineering at U.C. Berkeley to acknowledge Gray’s contributions to engineering and thank him for the leadership he provided to the Gordon and Betty Moore Foundation as a longtime trustee and as interim president.
“Recognizing that age and health won't allow me to continue as chairman forever, the time is right for this transition,” said Gordon Moore. “Both Betty and I are deeply grateful for the leadership Paul has offered the foundation over the past decade and are especially thankful that he will assume the role of chairman now. We share a belief in the importance of the work the foundation supports and its potential to make the world a better place for future generations.”
Gordon and Betty Moore established the foundation in 2000 to create positive outcomes for future generations. They are committed to tackling large, important issues at a scale where it can achieve significant and measurable impacts. Perhaps best known for his 1965 rule-of-thumb prediction that later became known as Moore’s Law , Gordon was a founder of Intel and Fairchild Semiconductor. He helped shape what we now recognize as Silicon Valley and the technology sector.
“I’m deeply honored to accept this position and enthusiastic about the opportunity to continue to work with Gordon and the organization in this capacity,” said Gray. “In creating the foundation, Gordon and Betty set an ambitious goal to create significant and measurable positive impact in the world. My goal is to do all I can to help the organization achieve that in the most thoughtful, meaningful and effective way.”
“The foundation is fortunate to have Paul’s leadership and Gordon’s continuing engagement on the board,” said Harvey V. Fineberg, M.D., Ph.D., president of the foundation. “Paul’s ten years of experience with the organization as both a trustee and interim president will ensure a high-level of continuity, allowing us to stay focused on our programmatic goals.”
Gray assumes the role of chairman immediately.
The Gordon and Betty Moore Foundation fosters path-breaking scientific discovery, environmental conservation, patient care improvements and the preservation of the special character of the Bay Area.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005446/en/
Gordon and Betty Moore Foundation
Genny Biggs
genny.biggs@moore.org
Source: Gordon and Betty Moore Foundation
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http://www.cnbc.com/2018/05/23/business-wire-gordon-and-betty-moore-foundation-names-paul-gray-chairman.html
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May 30, 2018 / 11:08 PM / Updated 8 hours ago UK car output ends run of declines to rise 5 percent in April Reuters Staff 2 British car production overturned several months of declines to rise 5.2 percent in April, boosted by new and updated models and a comparatively poor performance in the same month last year due to the timing of Easter, a car industry body said on Thursday. FILE PHOTO: New Land Rover cars are seen in a parking lot at the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble/File Photo
Output had slumped since November in response to falling domestic demand, especially for diesel models, and due to the changeover between older and newer cars.
Production for both domestic and overseas buyers rose in April, pushing total volumes to 127,952 units, according to data from the Society of Motor Manufacturers and Traders (SMMT).
“While April’s growth isn’t altogether surprising given the significant decline in output this time last year, it is good to see earlier planned investment into new models delivering results,” said SMMT Chief Executive Mike Hawes.
The British automotive industry is concerned, however, that Brexit could see the loss of frictionless, tariff-free trade with its biggest export market.
“The ability of UK plants to attract the next wave of new models and drive future growth depends upon maintaining these competitive conditions after Brexit,” said Hawes. Reporting by Costas Pitas; editing by Stephen Addison
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https://uk.reuters.com/article/uk-britain-economy-autos/uk-car-output-ends-run-of-declines-to-rise-5-percent-in-april-idUKKCN1IV2YL
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0 COMMENTS Paul Manafort, President Donald Trump's former campaign chairman, leaves the federal courthouse in Washington on Nov. 6, 2017. Photo: Associated Press
A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk & compliance stories vi a our daily newsletter, The Morning Risk Report, which readers can sign up for here . Follow us on Twitter at @WSJRisk.
Bribery:
Bombardier confirmed that Russian authorities visited the offices of its joint venture in the country, but it didn’t address a report that the raid was due to corruption allegations. (CP)
A Portuguese soccer team allegedly bribed an opposing club’s goalkeeper. The article didn’t contain a response from the team. (SI)
Is another NCAA basketball program about to be named in the bribery scandal ? (CJ, Law360, AL)
Sri Lanka may give its anti-bribery commission the power to probe companies. (CP)
Australian executives think bribery is common. (AFR)
Local cases: A former Arkansas lawmaker pleaded guilty to taking bribes from lobbyists . Maryland’s governor appointed a new state lawmaker after the seat was vacated following a guilty plea. A retired New York police officer continues working on Long Island despite bribery allegations. The man declined to comment.(WT, release, AT, AP, NYDN)
Cybercrime:
Digital vigilantes are hacking back against those committing cyberattacks. (NY)
There’s nothing stopping the 2018 elections from being hacked. (Atlantic)
The U.K. parliament is t hreatening to force Facebook CEO Mark Zuckerberg to appear for questioning about the company’s data practices. Cambridge Analytica’s new defense: It didn’t do the things it claimed it could. (AdWeek, MJ)
Fraud:
There was a “ massive ” increase in fraud reports in Malta in 2017. Did Maltese police tip off the alleged killers of a journalist? The Maltese government denied that police did so. (ToM, OCCRP)
The former CFO of Autonomy Corp. was convicted of accounting fraud . (Bloomberg, FT)
Money Laundering:
Questions about money laundering for President Donald Trump were absent from the leaked topics of discussion from the U.S. special counsel. Meanwhile, the U.S. special counsel’s probe continues as investigators sought another delay in the sentencing of one defendant and lawmakers try to derail the official overseeing it. The special counsel brought up the idea of subpoenaing the president, which led to a harsh reaction from his lawyers. (Yahoo, Yahoo, Atlatnic, NPR, Politico, Politico, Politico, CNN, Politico, HuffPost, Vox, BuzzFeed, WP)
Australia’s largest bank suffered from a “widespread case of complacency,” according to a government report issued in the wake of a money-laundering scandal . (Bloomberg, SMH, Guardian, Reuters)
Nigeria’s new anti-money-laundering regime led to brainstorming sessions at banks. Tests revealed holes in bank controls. (EC, Vanguard, Punch)
Hong Kong officials vowed to fix gaps in the anti-money-laundering regime following the release of a risk assessment. (SCMP)
U.S. Treasury officials were cleared of allegations that they used anti-money-laundering intelligence access to spy on Americans. (BuzzFeed)
As the U.K. passed anti-money-laundering reforms, Canada is seen as lagging . (Guardian, CBC)
The money-laundering trial of Coinbase must be public , a court ruled. (CT)
Will unexplained-wealth orders really work ? (FT)
A gold dealer was charged with money laundering. The article didn’t contain a response. (CW)
Lawyers for a former prosecutor seek to dismiss money-laundering charges against him. (Advocate)
Indian authorities opposed bail for a bank executive arrested in a money-laundering case. They continue their work pursuing such issues. (PTI, HT, Hitavada)
Sanctions:
Nixing the Iran nuclear deal wouldn’t affect any denuclearization talks with North Korea, President Trump said. The U.K. and former U.S. officials still back the deal. How can Europe save the deal ? Typos confuse U.S. policy plans. (Reuters, DB, Reuters, BBC, AP, CG, MSNBC)
A woman selling baby pacifiers received questions from her bank about transactions concerning North Korea. (BB)
Iran joined Russia in banning Telegram. (NYT, BBC, Reuters)
Sudan has to end all ties to North Korea before the U.S. would remove its listing as a state sponsor or terrorism, an official said. (AFP)
UBS shut the bank accounts of the world governing body for chess after the group’s leader was put on the U.S. sanctions list. (FT)
A Taiwanese chipmaker is seeking an export permit to continue sales to China’s ZTE Corp. (TT)
Whistleblowers:
A whistleblower said EPA Administrator Scott Pruitt lied during his Congressional testimony over various scandals relating to his time at the agency. Lobbyists arranged a trip he took to Morocco. Mr. Pruitt has called the allegations lies. (ABC, ABC, WP, WP, Axios, NYT, NPR)
General Anti-Corruption:
Ukraine halted corruption investigations into Paul Manafort, the former Trump campaign chair, as the Trump administration approved the sale of anti-tank missiles to Kiev. Mr. Manafort asked a judge to investigate leaks about the U.S. investigations . (NYT, RFE/RL, BuzzFeed, Guardian, Reuters, WP, ABC)
Swiss authorities said they were investigating two Saudi oil officials as part of their inquiry into 1MDB. The Saudi oil group said it wasn’t subject to any criminal investigations, denied wrongdoing linked to its venture with 1MDB and said none of its officials were involved in corruption. (Reuters, WSJ)
The Nepalese premier won’t tolerate corruption. (KP)
The corruption watchdog in Prague raised questions about a fast-tracked rail project. (RadioCZ)
The Trump campaign has paid some of Michael Cohen’s legal fees as Mr. Cohen faces assorted financial troubles amid a criminal investigation . Mr. Cohen denies wrongdoing. (ABC, Bloomberg, DB)
Mr. Trump reiterated his threats over the U.S. World Cup bid. (Guardian)
Share this: Previous The Morning Risk Report: Panasonic Case Highlights Limits to Due Diligence Next Survey Roundup: Lack of Investment Exposes Critical Infrastructure Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Six Ways to Prepare for the EU’s GDPR A new regulation set to take effect May 25 adds unprecedented urgency to organizations' data protection imperative. The General Data Protection Regulation will affect virtually any company in any sector around the world that processes the personal data of EU residents. Further, the penalties for noncompliance are daunting, reaching as high as 4% of global revenue or 20 million euros, whichever is greater. Learn the six areas that will likely require significant attention as executives get their organizations prepared.
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https://blogs.wsj.com/riskandcompliance/2018/05/02/corruption-currents-ukraine-halted-probes-into-manafort-as-it-sought-u-s-missiles/
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NEW YORK--(BUSINESS WIRE)-- American International Group, Inc. (NYSE: AIG) today announced that Lisa Sun will join the company as Chief Executive Officer of AIG Insurance Company China, Ltd. Ms. Sun joins AIG from Mercer, where most recently she was CEO of Mercer’s Hong Kong & South and East Asia Zone.
Ms. Sun will report to Chris Townsend, Chief Executive Officer, International General Insurance, and her appointment is subject to regulatory approval by the China Banking and Insurance Regulatory Commission. She will be based in Shanghai.
Commenting on Ms. Sun’s appointment, Mr. Townsend said: “China is a core growth market for AIG. I am pleased to welcome Lisa back to AIG to take on the important role of leading our China business. I look forward to working closely with Lisa and the team in this dynamic region.”
A recognized industry leader with more than 20 years of experience, Lisa previously held executive roles at Zurich and Liberty Mutual. Earlier in her career, Lisa was Deputy Chief Actuary and Vice President for Worldwide Accident and Health for AIG Life Companies, and Regional Actuary and Assistant Vice President for AIU Accident and Health SEA and Greater China Region.
Ms. Sun is replacing Eric Zheng who is leaving AIG to pursue other opportunities. Mr. Townsend added: “We thank Eric for his hard work with AIG China over the last 14 years and we wish him well in his next endeavor.”
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig . These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com . All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005658/en/
American International Group, Inc.
Investors:
Liz Werner, 212-770-7074
elizabeth.werner@aig.com
or
Media:
Matt Gallagher, 212-458-3247
matthew.gallagher2@aig.com
Source: American International Group, Inc.
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http://www.cnbc.com/2018/05/24/business-wire-aig-names-lisa-sun-as-chief-executive-officer-of-aig-insurance-company-china-ltd.html
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May 23 (Reuters) - CREATIVEFORGE GAMES SA (CFG)
* WARSAW STOCK EXCHANGE (WSE) RESOLVED ON TUESDAY TO SET DEBUT DAY OF CREATIVEFORGE GAMES SA ON NEWCONNECT MARKET ON MAY 25
* CFG IS UNIT OF PLAYWAY SA, AT 2017-END PLAYWAY HELD 63.75% STAKE IN SHARE CAPITAL OF CFG
* CFG ISSUED NEW 667,000 SERIES K SHARES IN PRIVATE SUBSCRIPTION WHICH WERE ACQUIRED BY INSTITUTIONAL AND INDIVIDUAL INVESTORS AT 12 ZLOTYS PER SHARE
* TOTAL AMOUNT PAID BY NEW SHAREHOLDERS FOR CFG’S SHARES EXCEEDED 8 MILLION ZLOTYS AND MARKET CAPITALIZATION OF CFG EXCEEDED 32 MILLION ZLOTYS
* NEW SERIES K SHARES STAND FOR 25% STAKE IN CFG’S INCREASED SHARE CAPITAL
* FUNDS RAISED FROM ISSUANCE WILL PARTLY FINANCE PRODUCTION OF A GAME
Source texts: bit.ly/2LpImCS , bit.ly/2IIBMFQ , bit.ly/2x58bF2
Gdynia Newsroom
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https://www.reuters.com/article/idUSL5N1SU24M
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May 3, 2018 / 2:44 PM / Updated 9 minutes ago BRIEF-Dollar Tree Inc Says CEO Gary Philbin's FY 2017 Total Compensation Was $7.7 Mln Reuters Staff 1 Min Read
May 3 (Reuters) - Dollar Tree Inc:
* DOLLAR TREE INC SAYS GARY PHILBIN’S FY 2017 TOTAL COMPENSATION WAS $7.7 MILLION VERSUS $9.7 MILLION IN FY 2016 - SEC FILING
* DOLLAR TREE INC SAYS EXECUTIVE CHAIRMAN AND FORMER CEO BOB SASSER’S FY 2017 TOTAL COMPENSATION WAS $12.7 MILLION VERSUS $10.6 MILLION IN FY 2016
* DOLLAR TREE INC SAYS FAMILY DOLLAR STORES' PRESIDENT, DUNCAN MAC NAUGHTON'S FY 2017 TOTAL COMPENSATION WAS $4.2 MILLION VERSUS $6.6 MILLION IN FY 2016 Source text : ( bit.ly/2FHJWfm ) Further company coverage:
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https://www.reuters.com/article/brief-dollar-tree-inc-says-ceo-gary-phil/brief-dollar-tree-inc-says-ceo-gary-philbins-fy-2017-total-compensation-was-7-7-mln-idUSFWN1SA174
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May 23, 2018 / 5:31 PM / a minute ago Trump says will know next week if North Korea summit to go ahead James Oliphant , Lesley Wroughton 4 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said on Wednesday he would know next week whether his summit with North Korean leader Kim Jong Un would take place on June 12 in Singapore as scheduled, casting further doubt on plans for the unprecedented meeting. U.S. President Donald Trump waves as he boards Air Force One to travel to New York from Joint Base Andrews in Maryland, U.S., May 23, 2018. REUTERS/Kevin Lamarque
White House aides are preparing to travel to Singapore this weekend for a crucial meeting with North Korean officials to discuss the agenda and logistics for the summit, U.S. officials said, speaking on condition of anonymity.
The delegation, which includes White House Deputy Chief of Staff Joseph Hagin and deputy national security adviser Mira Ricardel, was being dispatched after Trump said on Tuesday there was a “substantial chance” the summit would be called off amid concerns Pyongyang is not prepared to give up its nuclear arsenal.
Asked on Wednesday whether the summit would go ahead, Trump told reporters: “It could very well happen. Whatever it is, we’ll know next week about Singapore. And if we go, I think it will be a great thing for North Korea.”
But he added: “We’ll see.”
Trump did not say, however, whether the preparatory talks between U.S. and North Korean officials in coming days were expected to clarify the situation.
U.S. Secretary of State Mike Pompeo said on Wednesday the United States is prepared to walk away from nuclear negotiations with North Korea if the summit heads in the wrong direction.
Pompeo said he was “very hopeful” the summit would take place but said the decision was ultimately up to Kim.
Trump raised doubts about the summit in talks on Tuesday with South Korean President Moon Jae-in, who came to Washington to urge Trump not to let a rare opportunity with reclusive North Korea slip away.
It was unclear whether Trump was truly backing away from the summit or whether he was strategically coaxing North Korea to the table after decades of tension on the Korean peninsula and antagonism with Washington over its nuclear weapons program. Related Coverage
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https://uk.reuters.com/article/uk-northkorea-usa/trump-says-will-know-next-week-if-north-korea-summit-to-go-ahead-idUKKCN1IO2S7
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Salesforce CEO Marc Benioff: The economy is really ripping 17 Hours Ago Jim Cramer sits down with Salesforce founder, Chairman and CEO Marc Benioff to discuss the company's earnings results.
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https://www.cnbc.com/video/2018/05/29/salesforce-ceo-marc-benioff-the-economy-is-really-ripping.html
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May 21, 2018 / 10:50 AM / Updated 14 minutes ago Fifth Third Bancorp pays $4.7 billion for MB Financial's Chicago muscle Reuters Staff 2 Min Read
(Reuters) - U.S. regional bank Fifth Third Bancorp ( FITB.O ) has agreed to buy smaller rival MB Financial Inc ( MBFI.O ) in a stock-and-cash deal valued at about $4.7 billion (3.5 billion pounds) as it looks to expand in Chicago and broaden its middle market customer base.
A windfall from last year’s Republican tax overhaul has encouraged more investment among mid-sized U.S. lenders and banks are also hopeful that legislative moves to roll back some rules on capital requirements will free up more cash.
That runs contrary to the several years of minimal merger activity in the sector due to stricter rules brought in after the 2008 financial crisis which effectively put limits on expansion.
As part of the deal announced on Monday, each MB Financial shareholder will get $54.20, comprising 1.45 shares of Fifth Third common stock and $5.54 in cash, a 24 percent premium to MB Financial’s last close.
The merger with Chicago-based MB Financial will result in the combined entity having a total Chicago deposit market share of 6.5 percent, ranking it fourth in total deposits among the nearly 200 banks in the marketplace, Fifth Third said.
Fifth Third Bank, which operates 1,300 branches and 2,600 ATMs across 12 states, said the deal is expected to reduce it’s regulatory common equity Tier 1 (CET1) ratio by about 45 basis points.
Fifth Third also said once the deal closes, two members of MB Financial’s Board of Directors were expected to join the Fifth Third Bancorp Board.
Citi served as financial adviser to Fifth Third, while Sandler O’Neill + Partners advised MB Financial. Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber
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https://uk.reuters.com/article/uk-mb-financial-m-a-fifth-third-bancorp/fifth-third-bancorp-to-buy-mb-financial-for-about-4-7-billion-idUKKCN1IM0ZD
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May 8, 2018 / 9:00 PM / Updated 12 minutes ago UPDATE 2-LendingClub reports 1st qtr earnings above expectations Reuters Staff
(Adds details from earnings call)
By Diptendu Lahiri and Anna Irrera
May 8 (Reuters) - U.S. online lender LendingClub Corp beat analyst expectations for earnings in the first quarter on Tuesday, as it originated more loans through its platform and transaction fees rose.
Excluding one-time items, LendingClub earned 1 cent per share, while analysts on average had expected a loss of 1 cent per share, according to Thomson Reuters I/B/E/S.
LendingClub’s transaction fees rose 12.7 percent in the first quarter ended March 31, helping lift total revenue by 22 percent to $151.7 million.
The San Francisco-based startup originated $2.3 billion in loans in the period, up 18 percent from a year earlier.
The company took in $12.7 million in revenue from the sale of loans, compared with $1.9 million a year earlier.
“We are pleased with our position as we start 2018,” Chief Executive Officer Scott Sanborn said on a call with analysts. “Last year was a time of rebuilding and transforming LendingClub.”
LendingClub, one of the largest companies known as peer-to-peer lenders, runs a website where consumers can apply for loans that are funded either by individual investors or by institutions such as banks.
The company has been restoring its business since May 2016 when it acknowledged issues including the way it had sold loans to an investor, leading to the ouster of its founder and then chief executive.
As with other online lenders, it has also been facing concerns from investors about the quality of its loans and its ability to grow at a fast pace.
The U.S. Federal Trade Commission sued the company last month for allegedly overcharging consumers and misleading them on hidden fees.
LendingClub said that including $17 million of expenses related to ongoing legal costs from government investigations, its net loss for the first quarter widened from the same period last year to $31.2 million.
Sanborn said the company could not yet indicate what changes to its business might result from the lawsuit. “We made pretty clear in our public response, we believe our practices are currently in compliance,” Sanborn said.
The company on Tuesday also maintained its 2018 revenue forecast of between $680 million and $705 million.
Shares of the company rose around 1 percent to $2.85 in after-hours trading on Tuesday. (Reporting by Diptendu Lahiri in Bengaluru and Anna Irrera in New York; Editing by Shounak Dasgupta and Sai Sachin Ravikumar)
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https://www.reuters.com/article/lendingclub-results/update-1-lendingclub-reports-surprise-profit-as-transaction-fees-rise-idUSL3N1SF6BN
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Roger Ferguson has moved with ease through a life in exclusive circles—first as a scholarship student at the Sidwell Friends School, later at Harvard University, McKinsey & Co. and the Federal Reserve. So, as chief executive of TIAA, he is no stranger to being the only African-American in the room.
But when his good friend Kenneth Chenault retired as chief executive of American Express in February, the exit left Mr. Ferguson as one of three black CEOs of Fortune 500 companies, along with Kenneth C. Frazier of Merck &... To Read the Full Story Subscribe Sign In
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https://www.wsj.com/articles/where-are-all-the-black-ceo-1526868360
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May 4, 2018 / 7:28 AM / in 10 minutes U.S. asks China to reduce trade imbalance immediately: WSJ reporter on Twitter Reuters Staff 1 Min Read
BEIJING (Reuters) - A U.S. trade delegation wants China to cut a bilateral trade imbalance immediately and to stop subsidizing advanced technology, a Wall Street Journal reporter wrote on Twitter on Friday, citing a document issued to the Chinese before talks. A staff member sets up Chinese and U.S. flags for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018. Picture taken April 27, 2018. REUTERS/Jason Lee
In the document, the United States asked China to reduce its trade surplus with the U.S. by $200 billion by 2020 and to cut tariffs on all products to levels no higher than those of the U.S., according to the tweet.
A U.S. trade delegation is in Beijing this week to discuss a wide range of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development. Reporting by Beijing Monitoring Desk; Editing by Kim Coghill
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https://www.reuters.com/article/us-usa-trade-china-imbalance/u-s-asks-china-to-reduce-trade-imbalance-immediately-wsj-reporter-on-twitter-idUSKBN1I50N8
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April 30 (Reuters) - CURETIS NV:
* DR. HOLGER REITHINGER RESIGNS AS MEMBER OF SUPERVISORY BOARD Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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https://www.reuters.com/article/brief-curetis-dr-holger-reithinger-resig/brief-curetis-dr-holger-reithinger-resigns-as-member-of-supervisory-board-idUSFWN1S701C
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SAN FRANCISCO, May 2, 2018 /PRNewswire/ -- Audentes Therapeutics, Inc. (Nasdaq: BOLD), a biotechnology company focused on developing and commercializing innovative gene therapy products for patients living with serious, life-threatening rare diseases, will host a conference call to report its first quarter 2018 financial results and provide a corporate update on Wednesday, May 9, 2018.
The conference call will be held at 4:30 p.m. ET, after the market closes. To access a live webcast of the conference call, please visit the Events & Presentations page within the Investor + Media section of the Audentes website at www.audentestx.com . Alternatively, please call 1-833-659-8620 (U.S.) or 1-409-767-9247 (international) and dial the conference ID 9789828 to access the call.
A replay of the live webcast will be available on the Audentes website for approximately 30 days.
About Audentes Therapeutics, Inc.
Audentes Therapeutics (Nasdaq: BOLD) is a biotechnology company focused on developing and commercializing innovative gene therapy products for patients living with serious, life-threatening rare diseases. We are currently conducting Phase 1/2 clinical studies of our lead product candidates AT132 for the treatment of X-Linked Myotubular Myopathy (XLMTM), and AT342 for the treatment of Crigler-Najjar Syndrome. We have two additional product candidates in development, including AT982 for the treatment of Pompe disease, and AT307 for the treatment of the CASQ2 subtype of Catecholaminergic Polymorphic Ventricular Tachycardia (CASQ2-CPVT). We are a focused, experienced and passionate team committed to forging strong, global relationships with the patient, research and medical communities.
For more information regarding Audentes, please visit www.audentestx.com .
Audentes Contacts:
Investor Contact:
Andrew Chang
415.818.1033
achang@audentestx.com
Media Contact:
Paul Laland
415.519.6610
plaland@audentestx.com
View original content with multimedia: http://www.prnewswire.com/news-releases/audentes-therapeutics-to-release-first-quarter-2018-financial-results-and-provide-corporate-update-on-wednesday-may-9-2018-300640240.html
SOURCE Audentes Therapeutics, Inc.
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http://www.cnbc.com/2018/05/02/pr-newswire-audentes-therapeutics-to-release-first-quarter-2018-financial-results-and-provide-corporate-update-on-wednesday-may-9-2018.html
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May 16, 2018 / 5:30 PM / in 10 minutes Slovak authorities seize phone of murdered journalist's colleague Tatiana Jancarikova 3 Min Read
BRATISLAVA (Reuters) - Slovakian authorities said on Wednesday they have taken the cell phone of a colleague of a journalist whose murder in February sparked mass protests that forced the government to resign.
Journalist groups on Wednesday condemned what they said was the police confiscation of Czech reporter Pavla Holcova’s phone.
Holcova said in February she may have been one of the last people to talk by phone to Slovak investigative journalist Jan Kuciak before he and his fiancée, both 27, were shot dead in their home outside Bratislava.
As a result, her evidence could be crucial for an unsolved investigation into the murders police say were a professional hit. Police say they have interviewed more than 100 people in the biggest investigation in the country’s history.
“A prosecutor from the Special Prosecutor’s Office issued a warrant to copy part of the data from the cell phone that are necessary for the criminal prosecution. (Holcova) gave up her phone voluntarily,” the office said in a statement.
Holcova said: “I offered to give the police copies of my conversations with Kuciak but they also asked for access to my email and all mobile applications as of January 1, 2016.”
“I was told I could be fined up to 1,650 euros for refusing to cooperate. My phone was then confiscated and allegedly sent to a Europol forensic laboratory,” she said in a statement.
Police questioned Holcova for eight hours on Tuesday and confiscated her phone using a warrant from the Special Prosecutor’s Office, according to the Organized Crime and Corruption Reporting Project (OCCRP).
The international group for investigative reporters said Holcova’s phone contained information on other stories she was working on and demanded that police return it.
“The actions of the National Crime Agency are hostile and seem to point to an investigation of reporters and not the murder of Jan Kuciak,” it said in a statement. Holcova is an independent journalist who works under the OCCRP’s auspices.
The Slovak Press Publishers’ Association and editors in chief of Slovakia’s main newspapers condemned the police action in a statement, saying source protection is a pillar of journalism.
The country’s biggest protests since the fall of communism led to the resignation of Prime Minister Robert Fico and the formation of a new cabinet by the same three-party coalition. Senior Smer member Peter Pellegrini became prime minister.
The police chief also resigned under pressure and the new interior minister is expected to name a new police chief this month.
Kuciak’s last story probed links between Italian businessmen in Slovakia, one of whom was arrested on a European warrant for drug trafficking in March and extradited to Italy this week, and two Slovaks who later went on to work in Fico’s government office. All have denied any wrongdoing. Editing by Matthew Mpoke Bigg
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https://www.reuters.com/article/us-slovakia-crime-politics/slovak-authorities-seize-phone-of-murdered-journalists-colleague-idUSKCN1IH2IJ
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May 14 (Reuters) - Lithium Americas Corp:
* LITHIUM AMERICAS REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 LOSS PER SHARE $0.05 * Q1 SALES $1.1 MILLION VERSUS $1.2 MILLION Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-lithium-americas-q1-loss-per-share/brief-lithium-americas-q1-loss-per-share-0-05-idUSASC0A247
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1 COMMENTS Russia and Saudi Arabia are hammering out the terms of a deal to jointly increase oil production—a move that could cool crude markets and extend, at least for now, a crucial role for Moscow in setting global prices.
The coordination represents the first time Moscow has moved beyond a temporary deal it struck two years ago with Riyadh and OPEC, the cartel of some of the world’s biggest producers, to tighten supplies.
That 2016 agreement worked. It whittled away the world’s excess supply of stored crude , helping to boost international prices as high as $80 a barrel last week, up sharply from a long trough in which crude traded as low as around $25 a barrel. Now, officials from the Organization of the Petroleum Exporting Countries, Saudi Arabia and Russia have all agreed that it is time to loosen the taps again.
Until now, Russia’s role in the pact was to serve, temporarily, as a big addition to OPEC’s already prodigious leverage over global markets. OPEC pumps about one in every three barrels the world consumes. But even that weight wasn’t enough to help lift prices after they cratered in 2014, thanks in part to new U.S. shale production that swamped markets.
Saudi Arabia, Russia and the U.S. are the worlds top oil producers. Including Russia and a handful of other big, non-OPEC producers in cutbacks allowed the cartel to hold back a bigger share of output than it could on its own.
By discussing potential production increases, not just cuts, this time around, Moscow is graduating to a more integrated decision-making role, alongside OPEC’s de facto leader Saudi Arabia, in determining how the cartel meters oil to sway prices.
OPEC Secretary-General Mohammed Barkindo said Friday the group planned to “institutionalize” its deal with Russia. While it’s unclear how concrete or detailed any new deal would be, the current discussions over output increases will deepen Russia’s commitment to acting alongside OPEC, in times of crisis, when prices are too low, and times, like today, when they appear too high.
That could be a new irritant to Washington. For decades, the U.S. has relied on Riyadh, as OPEC’s biggest producer by far, to steer the group, which also includes Iran, toward keeping oil markets stable and acting to rein in prices during supply crises. That trust doesn’t extend to Moscow, and the new oil-policy cooperation between Russia and Saudi Arabia will add a fresh layer of complexity to the relationship between all three countries.
Oil prices fell sharply Friday after Russian Oil Minister Alexander Novak and Saudi Oil Minister Khalid al-Falih both said during an economic conference in St. Petersburg, Russia, that they are working to boost production soon.
Brent crude, the global oil benchmark, fell 2.2% to $77.08 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 1.9% at $69.40 a barrel.
Related
Oil Tumbles as Major Producers Discuss Lifting Output Venezuela’s Creditors Are Cutting Its Crude-Oil Lifeline (May 16, 2018) What Happened to the Oil Glut? (April 12, 2018) The new level of cooperation has its limits. While Saudi Arabia and Russia agree prices are too high, they are split about how widely they should reopen the spigots in an effort to cool markets, according to people familiar with the matter.
The original deal called for cutting total global production 2% from 2016 levels. In recent months outages in Venezuela , another OPEC member, and over compliance by other members of the pact, have led to the group producing about 700,000 fewer barrels a day than the deal calls for.
Saudi Arabia and other Persian Gulf producers favors the idea of increasing output by 300,000 to 400,000 barrels a day, said a senior Saudi official familiar with the matter. That reflects Riyadh’s view that supply and demand aren’t out of alignment and modest increases are only necessary.
In a phone call with Nuer Bekri, the administrator of the National Energy Administration of China, a big buyer of Saudi crises, Mr. Falih said “current oil market fundamentals are sound,” according to a Saudi energy ministry press release Friday.
But Russia supports a more radical approach. It wants to quickly remove the group’s current over compliance to the deal, according to people familiar with the matter. By bringing compliance to 100%, from the current 152% the group reported in April, that would bring back about 700,000 barrels a day. Russia has also floated the idea of going as high as 800,000 barrels a day, according to the Saudi official.
One pressure Moscow faces that Saudi Arabia doesn’t is that Russia’s many private oil companies have spent billions investing in new field development, and the 2016 agreement put a lid on the output—and profit—they could squeeze from that spending.
Mr. Novak said Friday, Russian producers and the government are on the same page on prices.
“Russian companies understand the market is heading towards rebalancing,” he told the St. Petersburg conference Friday. “They don’t want to overheat the market. We don’t have disagreements with our companies.”
The new level of cooperation between Russia and Saudi Arabia has caused grumbling among other OPEC members.
“This conversation is mostly between Saudi Arabia and Russia,“ one OPEC official said. Not including the rest of the coalition—which is made of 14 members of the cartel and 10 non-OPEC producers--“could create some tension for sure,” another OPEC official said.
— Anatoly Kurmanaev in St. Petersburg contributed to this article.
Write to Summer Said at summer.said@wsj.com and Benoit Faucon at benoit.faucon@wsj.com
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https://www.wsj.com/articles/saudi-arabia-russia-close-in-on-deal-to-lift-oil-output-1527258404
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A new era at Goldman Sachs is taking shape.
The Wall Street giant's president, David M. Solomon, is likely to be named chief executive officer by the end of this year, and he is already structuring his senior management team, according to people familiar with the firm's plans.
The time frame for Mr. Solomon's ascension has evolved since he was named sole president of the firm in March, establishing him as the heir apparent to longtime Chief Executive Lloyd C. Blankfein, who is 63. But exactly when Mr. Solomon would take over from Mr. Blankfein, who colleagues say remains as engaged as ever in running Goldman, was not then clear. Mr. Blankfein said in an April television interview that his successor needed time to get better acquainted with parts of the company where he had never worked.
Yet in recent weeks, Mr. Blankfein has quietly laid the groundwork to step down late this year. His exit will likely take place in conjunction with the firm's annual dinner for retired partners in December, two people said. Mr. Solomon, who is 56, would step in shortly after that.
The timetable is not settled and could change, these people cautioned.
Given what is likely to be a relatively short run-up to his promotion, Mr. Solomon is starting to sketch out the possibilities for a new management team, according to Goldman employees.
One big question is who will succeed him as Goldman president, a role that is often shared by two executives. Contenders include John Waldron, the firm's co-head of investment banking; Eric S. Lane, who co-heads its investment management division; and Stephen M. Scherr, who runs the consumer banking division.
"The simple fact is that no decisions have been made," said Jake Siewert, a Goldman spokesman.
The expected leadership transition will mark the end of a prosperous but rocky era for the Wall Street firm.
When Mr. Blankfein was named C.E.O. in 2006, he took over a wildly profitable investment bank known for both its seasoned deal advisers and its aggressive stock and bond trading. Buying and selling assets using its own money as well as clients' funds, Goldman made many billions of dollars in trading each year. Among its most lucrative wagers was that the United States housing market would suffer in 2007. That market cratered, almost bringing down the banking industry and the entire American economy.
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Mr. Blankfein, a onetime gold salesman known for his intellect and dry wit, steered Goldman through that tumultuous period, but not without the firm suffering huge damage to its reputation. It was pilloried by politicians for appearing to profit at the expense of clients, and became synonymous with Wall Street avarice.
Since then, Goldman's business model has been hurt by tough federal regulations intended to curb risk-taking on Wall Street. The firm, once reliant on its high-flying traders, now has to look elsewhere for new revenue.
Under Mr. Solomon, Goldman's investment banking business flourished, ranking among Wall Street's top firms for advising on corporate mergers and acquisitions. But that is a much less profitable business than trading had been before the crisis. And other Goldman divisions, such as investment management and consumer banking, remain too small to pick up the slack.
Last year, Mr. Solomon and his co-president, Harvey M. Schwartz, presented Goldman's board of directors with a plan for generating billions of dollars in additional revenue. Their ideas, which were accepted by directors, included expanding the investment-banking business into midsize cities like Dallas and Seattle, enlarging Goldman's online-lending business and doing more trading of currencies and commodities on behalf of large corporations.
Last week, in the latest foray into markets that the traditional Goldman never would have touched, the bank announced that it is working with Apple to develop a new credit card product .
Mr. Solomon was informed in early March that Mr. Blankfein and the board had chosen him as the next C.E.O., say Goldman officials. Shortly after that, Mr. Schwartz, the other leading candidate for the top job, announced plans to retire.
Since then, Mr. Solomon has been looking hard at the firm's troubled trading business. He is meeting with clients and Goldman employees around the world, often chatting about his hobby mixing electronic dance music as a D.J . And although the people regarded as his most likely lieutenants are all men, Mr. Solomon is pushing ahead with an ambitious plan to even out the gender imbalance at the male-dominated firm.
As the Solomon era approaches, some members of Mr. Blankfein's inner circle are already leaving. Last week, two of the securities division's co-heads announced plans to retire .
But aside from continuing the shift into more consumer-focused areas, it isn't clear whether Goldman under Mr. Solomon will look much different than under his predecessor.
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https://www.cnbc.com/2018/05/18/goldman-c-e-o-blankfein-is-likely-to-step-down-in-december-new-york-times.html
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lawmakers@ (Adds Facebook response)
LONDON, May 15 (Reuters) - Facebook has failed to fully answer 39 questions from British lawmakers examining data privacy and fake news, a parliamentary committee said on Tuesday, adding that it would ask the social media giant once again for the missing details.
The committee had put additional questions to Facebook after it said that the firm's chief technology officer Mike Schroepfer had not addressed all its concerns during a parliamentary hearing last month.
Facebook UK's head of public policy, Rebecca Stimson, gave 39 answers to the extra questions in a letter published by the committee. However, its head said that they lacked the detail they were looking for.
"It is disappointing that a company with the resources of Facebook chooses not to provide a sufficient level of detail and transparency on various points," Damian Collins, chair of the Digital, Culture, Media and Sport Committee, said in a statement.
As part of its inquiry, the committee has been investigating allegations of the improper use of data for 87 million Facebook users by Cambridge Analytica, which was hired by President Donald Trump's 2016 U.S. election campaign.
Collins said that Cambridge Analytica was one of the areas where Facebook's response had been insufficiently detailed.
In her letter, Stimson said that Facebook did not pass user information to Cambridge Analytica, although it did provide tools to a researcher who appeared to have shared the data with the consultancy.
"We have provided comprehensive responses to the 39 points that the committee raised following Mike Schroepfer's testimony," a Facebook spokesman said in a statement.
"While Mark Zuckerberg has no plans to meet with the committee or travel to the UK at the present time, we fully recognize the seriousness of these issues and remain committed to providing any additional information required for their inquiry into fake news." (Reporting by Alistair Smout; editing by Stephen Addison)
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https://www.cnbc.com/2018/05/15/reuters-america-update-2-facebook-has-not-fully-answered-questions-on-data-privacy-uk-lawmakers.html
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Scott Mlyn | CNBC People approaching Kohl's department store in Mount Kisco, New York. Kohl's stock turned negative Tuesday after investors learned the timing of a promotional event helped boost sales in the latest quarter, but could steal momentum from the second half of the year. The retailer reported same-store sales growth of 3.6 percent for the first quarter, beating expectations of 2.7 percent. First-quarter earnings also topped expectations, helped by tighter controls on the goods it sells in its stores. On a call with analysts, Chief Financial Officer Bruce Besanko said the increase was driven by higher average transaction values, while the number of transactions was relatively flat for the quarter. Kohl's friends and family event before Mother's Day also helped boost comparable sales, Besanko said. The event also will help the second quarter, but could be a "headwind" in the third and fourth quarters, the company said. Shares of Kohl's slid about 5 percent in early trading after initially rising more than 5 percent in premarket trading. Here's how the company did compared with what Wall Street expected: Earnings: 64 cents per share vs. 50 cents per share forecast by Thomson Reuters Revenue: $4.21 billion vs. $3.95 billion forecast by Thomson Reuters Same-store sales growth: 3.6 percent vs. 2.7 percent forecast by Thomson Reuters
The retailer last year began a partnership with Amazon to sell the online retailer's smart home products and accept its returns. Kohl's also announced a partnership with discount grocer Aldi to lease the vacant space left behind by its downsized stores. It plans more such partnerships down the road.
Unlike other department stores, Kohl's has benefited from having its stores located away from malls, where the number of shoppers is declining.
Meantime, Kohl's efforts to more efficiently order and stock the goods in its stores also continue to pay off. Two years ago, Kohl's launched a five-year plan to improve its inventory management, in aims of minimizing the costs of discounts and unbought goods.
"We exceeded the high end of our margin expectations through continued focus on inventory management," Gass said.
Kohl's for the quarter reported net income of $75 million, or 45 cents a share, higher than the $66 million, or 39 cents a share, it reported a year ago.
Excluding $500 million in debt Kohl's paid down the past quarter, the company earned $107 million, or 64 cents a share, marking a 62 percent jump over the same quarter a year prior.
Sales rose 3.5 percent to $4.21 billion over the same quarter a year prior. That was higher than the $3.95 billion, analysts were expecting.
Kohl's raised its earnings forecast for the year, and now expects earnings of $5.05 to $5.50 per share, compared with previous expectations of $4.95 to $5.45 per share. Including the impact of debt payment, to earn between $4.86 and $5.31 per share a year ago. Lauren Hirsch Retail Reporter for CNBC.com Related Securities
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https://www.cnbc.com/2018/05/22/kohls-earnings-q1-2018.html
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BEVERLY HILLS, Calif. (AP) _ Capricor Therapeutics Inc. (CAPR) on Thursday reported a loss of $3.7 million in its first quarter.
On a per-share basis, the Beverly Hills, California-based company said it had a loss of 14 cents.
The biotechnology company posted revenue of $400,100 in the period. Its adjusted revenue was $400,000.
In the final minutes of trading on Thursday, the company's shares hit $1.33. A year ago, they were trading at $2.97.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CAPR at https://www.zacks.com/ap/CAPR
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https://www.cnbc.com/2018/05/10/the-associated-press-capricor-1q-earnings-snapshot.html
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TOKYO, May 17 (Reuters) - Japanese government bond prices slipped on Thursday as a bounce by equities curbed investor demand for the safe-haven debt.
A continuing retreat by U.S. Treasuries and the ensuing rise in their benchmark yield to seven-year highs also dented JGB market sentiment.
The 10-year JGB yield rose half a basis point to 0.055 percent and the 30-year yield climbed 1 basis point to 0.760 percent.
The five-year yield managed to remain unchanged during the session at minus 0.100 percent after Thursday’s auction of the maturity attracted ample investor demand.
The bid-to-cover ratio, a gauge of demand, at the two trillion yen ($18.14 billion) five-year auction was 4.20 and roughly in line with 4.46, the average from the previous 10 auctions.
The BOJ regularly buys medium-term JGBs from the market as part of its debt-purchasing scheme, keeping supply of the maturities tight.
Japan’s Nikkei share average followed U.S. stocks higher on Thursday morning after Wall Street gained overnight, with financial stocks rallying on an increase in U.S. bond yields.
$1 = 110.2700 yen Reporting by the Tokyo markets team, Editing by Sherry Jacob-Phillips
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https://www.reuters.com/article/japan-bonds/jgbs-edge-lower-stronger-equities-weigh-idUSL3N1SO2AJ
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Investors around the globe retreated from stocks following a turn toward political upheaval in Italy, with the Dow industrials dropping more than 400 points and U.S. Treasury yields posting their largest daily decline in nearly two years.
Six years after the eurozone stepped back from the brink of a breakdown, a violent selloff in southern European debt bled into broader financial markets. Investors sought the safety of the U.S. dollar and the Japanese yen, which rallied sharply.
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https://www.wsj.com/articles/italy-sparks-global-fear-of-fresh-euro-crisis-1527596280
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May 2 (Reuters) - Diebold Nixdorf Inc:
* DIEBOLD NIXDORF REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS
* QTRLY REVENUE OF $1.1 BILLION, DOWN 3.5% ON AN AS-REPORTED BASIS
* QTRLY ADJUSTED LOSS PER SHARE $0.12 * REAFFIRMS 2018 NON-GAAP OUTLOOK
* COMPANY UPDATES NET INCOME OUTLOOK FOR 2018 * SEES 2018 GAAP EPS IN RANGE OF LOSS OF $0.95 TO LOSS OF $1.25
* SEES 2018 ADJUSTED EPS IN RANGE OF $1.00 - $1.30
* FY2018 EARNINGS PER SHARE VIEW $1.16 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-diebold-nixdorf-qtrly-gaap-loss-pe/brief-diebold-nixdorf-qtrly-gaap-loss-per-share-of-0-94-idUSASC09YY1
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May 3 (Reuters) - Wonders Information Co Ltd:
* SAYS SHAREHOLDER SHANGHAI SAT INVESTMENT HAS UNLOADED 15.0 MILLION SHARES IN THE COMPANY, REPRESENTING 1.45 PERCENT OF TOTAL ISSUED SHARE CAPITAL, ON MAY 2 Source text in Chinese: bit.ly/2rimVLr (Reporting by Hong Kong newsroom)
Our
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https://www.reuters.com/article/brief-wonders-informations-shareholder-c/brief-wonders-informations-shareholder-cuts-stake-in-the-company-idUSH9N1S501Y
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May 16, 2018 / 10:31 AM / Updated 24 minutes ago Philippine senators ask Supreme Court to invalidate Duterte's ICC withdrawal Reuters Staff 2 Min Read
MANILA (Reuters) - A minority bloc in the Philippine Senate on Wednesday asked the Supreme Court to invalidate President Rodrigo Duterte’s withdrawal from the International Criminal Court, saying his action without the chamber’s consent was unconstitutional. FILE PHOTO: Philippines President Rodrigo Duterte gestures during an armed forces change of command ceremony at Camp Aguinaldo in Quezon City, Metro Manila, Philippines April 18, 2018. REUTERS/Dondi Tawatao/File Photo
Duterte issued a notice of withdrawal in March, saying his right to due process had been violated after an ICC prosecutor announced a preliminary examination of a complaint that accused the president and top officials of crimes against humanity.
But six minority members of the Senate, from among a total of 23, said Duterte would need the backing of two-thirds of upper house members to get his way.
“The executive cannot unilaterally withdraw from a treaty or international agreement, because such withdrawal is equivalent to a repeal of a law,” the senators told the Supreme Court.
Duterte’s spokesman, Harry Roque, said he was confident the Supreme Court would throw out the petition.
“Good luck to them,” he said. “The courts will always defer to the executive on matters of foreign affairs.”
The complaint to the ICC, filed by a Philippine lawyer and endorsed by a congressman and a senator, concerns the deaths of thousands of Filipinos in Duterte’s signature crackdown on illegal drugs. Duterte denies any wrongdoing.
Police reject allegations by activists of systematic murder and cover-ups during a bloody campaign that has alarmed the West and gained the maverick Duterte international notoriety.
Critics have dismissed as cowardly Duterte’s decision to turn his back on the ICC, calling it contrary to his stated readiness to “rot in jail” if it meant saving his nation from the scourge of drugs.
Lawyers and jurist groups say the withdrawal is pointless and does not protect Duterte against a possible indictment, as the ICC’s jurisdiction retroactively covers the period during which a country was a member of the court. Reporting by Manuel Mogato; Editing by Martin Petty and Clarence Fernandez
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https://www.reuters.com/article/us-philippines-duterte-icct/philippine-senators-ask-supreme-court-to-invalidate-dutertes-icc-withdrawal-idUSKCN1IH17H
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April 30 (Reuters) - KINGDOM HOLDING CO:
* SIGNS AGREEMENT WITH PARTNERS TO SELL MOVENPICK HOTELS AND RESORTS TO ITS ASSOCIATE ACCORHOTELS
* EXPECTS DEAL CLOSE IN H2 2018 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-kingdom-holding-signs-deal-to-sell/brief-kingdom-holding-signs-deal-to-sell-movenpick-hotels-and-resorts-to-accorhotels-idUSFWN1S606X
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May 20, 2018 / 6:22 PM / in 14 minutes UPDATE 1-Unemployed threaten Libya oilfields feeding Es Sider; production normal Reuters Staff
(Adds statement, background)
By Ayman al-Warfalli
BENGHAZI, Libya, May 20 (Reuters) - A group of unemployed Libyan youths will shut down oilfields in Marada town in the east unless demands for better state services are met, the group said on Sunday.
An oil engineer said that despite the threat, oil production was running normally through the pipeline feeding the Es Sider terminal, which runs near Marada.
But officials said they were closely monitoring the protests as similar action by the unemployed had led to pipeline closures in other parts of the North African country, which has been in turmoil since the toppling of leader Muammar Gaddafi in 2011.
“We the youth have decided to shut down all oilfields in Marada...unless all problems are solved urgently,” the group of unidentified youth said in a statement.
The statement complained about an absent state, lack of health care and other services, and Marada town’s lack of road links to other communities.
The youths were also demanding jobs at state oil firm NOC, one security official said.
State services have been failing for years in remote Marada, as they have in other communities across Libya, with anything from banknotes to functioning hospitals scarce in the OPEC oil producer.
Armed men have twice blown up the pipeline near Marada since December amid volatile security in the area.
Islamic State fighters had a presence there until government forces expelled them from their main stronghold in Sirte in 2016.
The operator of the pipeline is Waha, a subsidiary of the NOC and a joint venture with Hess Corp, Marathon Oil Corp and ConocoPhillips.
French energy major Total earlier this year closed a $450 million deal with Marathon Oil to take over the U.S. firm’s 16 percent share in the Waha concession, but Libyan officials are considering to intervene to get better terms, oil sources have said.
Waha pumps 260,000 barrels a day, company executives have said. (Reporting by Ayman al-WarfalliWriting by Ulf Laessing; Editing by Dale Hudson, William Maclean)
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https://www.reuters.com/article/libya-oil-protests/update-1-unemployed-threaten-libya-oilfields-feeding-es-sider-production-normal-idUSL5N1SR0HN
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SANTA FE, Texas—Minutes after the start of the school day at Santa Fe High School, a 17-year-old walked into an art class armed with a shotgun and .38 revolver and opened fire, killing 10 people and wounding 10 others.
Authorities identified the suspect, who is in custody, as Dimitrios Pagourtzis. The former high-school football player had no criminal record and hadn’t previously displayed signs of instability, but authorities found journals on his computer and cellphone saying he wanted to carry out the shooting and commit... RELATED VIDEO Santa Fe School Shooting Leaves at Least 10 Dead, More Injured A shooting at a high school in Santa Fe, Texas, Friday morning 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.
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https://www.wsj.com/articles/police-respond-to-shooting-at-galveston-area-high-school-1526654916
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EditorsNote: adds new third graf
Blake Wheeler’s tiebreaking goal at 15:01 of the third period Tuesday night led the Winnipeg Jets to a 7-4 win over the visiting Nashville Predators in Game 3 of the Western Conference semifinals at Bell MTS Place.
The result gave the Jets a 2-1 series lead in a matchup of the NHL’s top two regular-season teams. Game 4 is Thursday night in Winnipeg.
The Jets trailed 3-0 after one period before scoring the only four goals of the second period.
With the score 4-4 late in the third and Nashville’s P.K. Subban in the penalty box for high-sticking, the Jets converted the third of their four man advantages in the period. Wheeler roofed a wrister from the bottom edge of the right circle.
Wheeler and Brandon Tanev added empty-netters in the final minute to continue Winnipeg’s run of home dominance. The Jets haven’t lost at home since Feb. 27, when Nashville rallied for a 6-5 victory.
Nashville tied the game at 7:40 of the third when Filip Forsberg wired a wrister over Connor Hellebuyck for his fifth playoff goal.
Hellebuyck made 26 saves, including a glove stop on Viktor Arvidsson’s breakaway that could have given the Predators a 5-4 lead just past the midway part of the third.
Pekka Rinne saved 38 of 43 shots in a losing cause.
Nashville completely dominated the first period. Mike Fisher initiated scoring with his first playoff goal since a triple-overtime game-winner in 2016, collecting the rebound of Mattias Ekholm’s point shot and poking it home at 4:53.
Subban made it 2-0 on the power play at 10:06 with his second goal, a one-timer from the top of the left circle that squirted through the pads of Hellebuyck. Austin Watson capped the period with his fifth of the playoffs at 17:35.
Winnipeg answered back by completely owning the second period. Paul Stastny got the Jets on the board at 2:38 by deflecting Jacob Trouba’s point blast for his third goal. It was originally ruled no goal, but the call overturned after a video review.
The Jets tied it with two goals in 18 seconds. Dustin Byfuglien bombed a slapper from between the circles at 5:11, followed by Trouba’s second goal of the playoffs after a Predators turnover. Byfuglien finished off the explosion at 19:15 with his third playoff tally on a one-timer from the left circle.
—Field Level Media
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https://www.reuters.com/article/icehockey-nhl-wpg-nsh-recap/jets-grab-series-lead-with-7-4-win-over-predators-idUSMTZEE522ZNVB0
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ZURICH, May 11 (Reuters) - The Swiss National Bank (SNB) has no intention to change its monetary policy even if the Swiss franc has weakened in recent months, its Vice Chairman told Swiss newspaper Schweiz am Wochenende.
“The franc is still highly valued. We see no reason to abandon negative interest rates or our readiness to intervene in the forex market,” Fritz Zurbruegg said in an excerpt of the interview available online on Friday.
The SNB is optimistic in the short term, but some risks remain in the medium term, Zurbruegg was Quote: d as saying.
“At the moment, there is less demand for the Swiss franc. But the situation remains fragile, that can change quickly and the franc could appreciate again,” he said. (Reporting by Silke Koltrowitz; Editing by Elaine Hardcastle)
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https://www.reuters.com/article/snb-zurbruegg/swiss-national-bank-to-keep-monetary-policy-unchanged-paper-idUSL8N1SI5YS
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Market is focused on trade issues: Strategist 3 Hours Ago John Stoltzfus of Oppenheimer and David Kelly of JPMorgan Chase discuss what factors are affecting the stock market.
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https://www.cnbc.com/video/2018/05/04/market-is-focused-on-trade-issues-strategist.html
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President Donald Trump 's former longtime doctor says he felt "raped, frightened and sad" after a top White House aide conducted a "raid" on his New York City medical offices and took the president's health records last year, according to a new report.
Dr. Harold Bornstein told NBC News that the "raid" by Trump's longtime personal bodyguard Keith Schiller and another "large man" came on Feb. 3, 2017, and that they were joined by the Trump Organization's chief legal officer, Alan Garten.
That was just two days after Bornstein, who had been Trump's doctor since 1980, told The New York Times that he had prescribed the president the hair-growth medicine Propecia for years.
Bornstein said Schiller, who at the time was director of Oval Office operations at the White House, and his team did not give him a form signed by Trump that would have authorized the release of the records they took, "which is a violation of patient privacy law," NBC News noted.
show chapters Trump's doctor says he aced his mental fitness test. Here's how hard it really was. 11:21 PM ET Tue, 16 Jan 2018 | 01:10 Bornstein also said the men asked him to take down a photograph on the office wall that showed Trump and the doctor together. In that photo, Trump is giving his signature "thumbs-up" gesture.
The doctor also was Quote: d as saying that Trump cut ties with him after the Times story.
"I couldn't believe anybody was making a big deal out of a drug to grow his hair that seemed to be so important," Bornstein said.
"And it certainly was not a breach of medical trust to tell somebody they take Propecia to grow their hair. What's the matter with that?"
Bornstein gained notoriety in 2016 when he wrote a letter claiming that, if elected , Trump would be the healthiest American president ever, calling Trump's health "astonishingly excellent."
Bornstein was not available for comment when CNBC called his office.
White House spokeswoman Sarah Huckabee Sanders, when asked about Bornstein account on Tuesday, said, "It would be standard procedure for the president, a newly elected president's medical records, to be in possession by the White House medical unit."
"And that's what was taking place," Sanders said at a press briefing. "Those records were being transferred to the medical unit, as requested."
Schiller left the White House last fall. After that, CNBC reported in February that his private security firm had been collecting $15,000 per month for services provided to the Republican National Committee.
WATCH: Trump's fight against 'fake news' has been a boon for media companies show chapters Trump's fight against 'fake news' has been a boon for media companies 11:50 AM ET Tue, 24 April 2018 | 01:49
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https://www.cnbc.com/2018/05/01/trump-doctor-harold-bornstein-says-white-house-aide-took-files.html
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May 2, 2018 / 9:56 AM / Updated 32 minutes ago UK construction warms up after harsh winter: PMI Andy Bruce 3 Min Read
LONDON (Reuters) - British construction activity rebounded faster than expected last month after succumbing to snow in March, but the upturn did little to alter the view of investors that the Bank of England will leave interest rates unchanged next week. A steel is craned into position on the AXA IM - Real Assets Twentytwo building in London, Britain April 20, 2018. Picture taken April 20, 2018. REUTERS/Darren Staples
Wednesday’s IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) jumped to 52.5 in April from 47.0 in March. That was comfortably above the median expectation of 50.5 in a Reuters poll of economists and back above the 50 line that separates growth from contraction.
Sterling rose from near a three-and-a-half-month low against the dollar before the report.
“Whilst it is improbable that this (data) will bring a rate hike back to the table in next week’s BoE meeting, it is a pleasing development nonetheless,” said David Cheetham, a market analyst for currency brokers XTB Online Trading.
Survey compiler IHS Markit said the recovery was “somewhat underwhelming” after the snowstorms dubbed “the Beast from the East” hit the sector in late February and early March.
Looking at the PMI over the three months to April, smoothing out a sharp fall in March and a bounce-back last month, the survey showed construction activity was barely growing.
“(The survey) provides an indication that the construction sector has been treading water at the very best in recent months,” Tim Moore, economist at IHS Markit, said.
Construction accounts for 6 percent of British economic output. A 3.3 percent fall in output in the sector in the first three months of the year was largely responsible for a sharp slowdown in growth for the whole economy.
Official statisticians said the first-quarter weakness appeared to have been caused by more than just snow, and economists are keeping a close eye on whether surveys show a recovery in April, or it there is underlying weakness..
A separate survey covering Britain’s manufacturers, which was published on Tuesday, showed growth in that sector slowed to a 17-month low in April, sending sterling below $1.37 for the first time in more than three months.
Even before this week’s PMIs and weak overall economic growth data for the January-March period last week, Governor Mark Carney had suggested the BoE might not raise rates to a new post-financial-crisis high of 0.75 percent on May 10.
Wednesday’s PMI showed some signs of a brightening mood in construction. Business expectations rose to an 11-month high in April, while new construction orders grew for the first time in four months - albeit barely.
Builders were doing better outside of London, accountancy firm MHA MacIntyre Hudson said.
“Today’s figures may give the impression the sector is flat-lining, but the truth is that outside of London the housing market is ticking over nicely,” said Brendan Sharkey, a partner at the firm who focuses on construction and property companies.
The PMI for the much larger services sector is due on Thursday.
(This version corrects name of person quoted in penultimate paragraph) Additional reporting by David Milliken, editing by Larry King
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https://uk.reuters.com/article/us-economy-pmi/uk-construction-warms-up-after-harsh-winter-pmi-idUKKBN1I3166
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May 22 (Reuters) - Hardinge Inc:
* HARDINGE STOCKHOLDERS APPROVE MERGER WITH PRIVET * HARDINGE INC - SHARES OF HARDINGE COMMON STOCK WILL BE DELISTED FROM NASDAQ UPON COMPLETION OF MERGER
* HARDINGE INC - MERGER IS EXPECTED TO BE COMPLETED ON OR ABOUT MAY 25, 2018 Source text for Eikon: Further company coverage:
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ashraq/financial-news-articles
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https://www.reuters.com/article/brief-hardinge-stockholders-approve-merg/brief-hardinge-stockholders-approve-merger-with-privet-idUSASC0A3A6
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4 Hours Ago | 01:57
Top venture capitalist Jason Calacanis — who has made a fortune investing in Silicon Valley start-ups such as Uber and Tumblr — is certainly familiar with his fair share of founders. Now, he's revealing the one trait many of the most successful entrepreneurs have in common.
While Calacanis says there isn't just one quality that "stitches together all great entrepreneurs," and that many different personality types can yield a great founder, he explains that there is a particular common characteristic that great entrepreneurs tend to share.
"[T]here is one central thing that is critical, and that's resiliency," Calacanis tells CNBC Make It .
"The ability to not give up and the ability to come to work every day when it's hard, and just grind it out and fight through it. That is, if there is one quality that goes across all the great entrepreneurs, that is the singular, most important one: resiliency," he says.
Calacanis uses some of Silicon Valley's top stars to illustrate: Tesla CEO and founder Elon Musk and Facebook CEO and founder Mark Zuckerberg, who have both been battling through some pretty bad days recently, show resiliency, he says.
"There is a perception that things get easier. Things do not get easier," Calacanis says. "They get more complex and harder. This idea that you're going to start a company, and then you're going to raise a ton of money, you're going to have millions of fans or hundreds of millions of fans and tens of millions of customers, and suddenly it's going to get easy, is false."
Despite boasting a net worth of around $73 billion, currently , Zuckerberg is facing backlash after it was revealed Facebook failed to protect user data and for its role in the 2016 presidential election. In recent days , Zuckerberg faced harsh hits from EU leaders over issues surrounding Facebook's use of personal data, fielding tough questions about Facebook's power and his handling of the testimony he recently gave on Capitol Hill.
"Zuckerberg is fighting for his life, in front of the congressmen and congresswomen who are ready to literally hang him up and regulate his company, and he's hated by half of America and people around the world for his lax approach to privacy," Calacanis told CNBC Make It in April at the eMERGE forum in Miami.
"He is the number one most loathsome tech executive today," he adds. "He's hated by more people now than in his entire lifetime, and that's after all this incredible success. The reward for Mark Zuckerberg is that hundreds of millions of people hate him."
Then, there's Musk, who is known for stirring up controversy for numerous eyebrow-raising statements about everything from artificial intelligence to the media to the car business . The billionaire entrepreneur is currently under intense pressure when it comes to production delays with Tesla's Model 3 cars after Tesla announced in April that it missed its quarterly target. While Tesla announced a better-than-expected quarter earlier this month, some analysts have expressed displeasure with the way Musk behaved on a conference call. Tesla is currently also facing regulatory scrutiny, a loss of top talent and a cash crunch.
"And the reward for Elon Musk for making 300 mile range, $50,000 cars, $35,000 cars that change the world and save us from extinction from global warming, is the press and the haters are throwing rocks at him while he's sleeping three hours a night trying to get from 3,000 to 5,000 cars a week," Calacanis says.
As problems get more complex, and the stakes get higher, Calacanis explains that you need the type of person who is wired to handle that type of intense pressure. He likens it to a fighter pilot in a fighter jet: Who are you going to want sitting in that cockpit? Someone who can keep it together, despite even the direst of circumstances.
"When he or she loses an engine, and when they've got three people who are chasing them down and everything looks lost, that they can keep their s--- together…" Calacanis says. "They need to be able to keep their s--- together, so they don't panic and then they get out of the dog fight and land the plane safely."
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ashraq/financial-news-articles
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https://www.cnbc.com/2018/05/24/vc-jason-calacanis-what-elon-musk-and-mark-zuckerberg-have-in-common.html
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BOSTON, May 22, 2018 /PRNewswire/ -- OM1, a leading health outcomes and technology company focused on making healthcare more measured, precise and pre-emptive, today announced that it raised a series B financing round of $21 million led by Polaris Partners and with participation from existing investors, including General Catalyst (GC) and 7wire Ventures.
Using standardized health information and artificial intelligence (AI) technology, OM1 gathers, synthesizes, and leverages big clinical data and registries to help customers understand, compare and predict health outcomes. With the funding, OM1 will continue the buildout of its intelligent, data-driven solutions for real world evidence and value-based care. For example, customers use the recently released OMView™ RA system to access near real-time comparative treatment outcomes across all major biologics and biosimilars in rheumatoid arthritis, providing invaluable insights and evidence for decision-making.
With the funding announcement, Dave Barrett, Managing Partner at Polaris Partners, joins the OM1 Board of Directors. Barrett works with emerging companies focused on cloud infrastructure, data science-fueled SaaS applications and healthcare technologies.
"Applying advanced technologies to make treatment outcomes data actionable is game changing. OM1 is driving a new paradigm that promises better decision-making for healthcare and life sciences organizations," said Barrett.
OM1 was founded in 2015 by Dr. Richard Gliklich, an Executive-in-Residence (XIR) at GC and the founder of Outcome, a technology and services company focused on real world research and health outcomes that was acquired by Quintiles in 2011. Dr. Gliklich is also the principal investigator for a major federal effort focused on outcomes measurement and standardization.
"Healthcare stakeholders are moving rapidly towards recognizing that clinical outcomes are the most important metric in healthcare," said Dr. Gliklich. "With this funding, OM1 can accelerate the technologies that are making those outcomes accessible, and useful across a spectrum of needs for real world evidence and value-based care."
For more information, visit www.om1.com .
Contact
Renee Hurley
Head of Marketing, OM1
617-620-9571
rhurley@om1.com
About OM1
OM1 is a leading health outcomes and technology company leveraging big clinical data and AI to better understand, compare, and predict patient outcomes. OM1's real world evidence platform, clinical registries and AI technologies enable clients to accelerate research, measure and benchmark health outcomes and to personalize patient care.
About Polaris Partners
Polaris Partners has a 20+ year history of partnering with repeat entrepreneurs and world-class innovators who are improving the way we live and work. The multibillion-dollar firm invests in exceptional healthcare and technology companies across all stages, from founding to profitable growth. Polaris has offices in Boston and San Francisco. Learn more at polarispartners.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/health-outcomes--technology-company-om1-closes-21-million-series-b-financing-and-expands-product-offerings-300652516.html
SOURCE OM1
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/22/pr-newswire-health-outcomes-technology-company-om1-closes-21-million-series-b-financing-and-expands-product-offerings.html
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NEW DELHI, May 25 (Reuters) - London-listed Vedanta Resources plans to stick to operations in a southern Indian city despite protests demanding the closure of its copper smelter that killed 13 people this week, a company executive told Reuters on Friday.
The company’s position comes a day after the state of Tamil Nadu, where the smelter is located, said it was seeking a permanent closure of the plant on environmental grounds.
“We’re not in that stage to look at setting up a plant elsewhere,” P. Ramnath, chief executive of Vedanta’s India copper business, said in an interview.
“We’re confident that we will be able to overcome these issues. It will certainly require a huge effort but I am sure we can hope to restart as quickly as possible.” (Reporting by Krishna N. Das; Editing by Sanjeev Miglani)
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ashraq/financial-news-articles
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https://www.reuters.com/article/vedanta-smelter-executive/vedanta-to-stick-to-ops-in-indian-city-despite-deadly-protests-co-executive-idUSL3N1SW4HC
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Important to look forward with Apple, not focus on shipment numbers says analyst 8 Hours Ago James Wang, Ark Invest, and Ed Lee, Recode, discusses Apple beating earnings and revenue estimates and the company’s struggle with iPhone X sales.
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ashraq/financial-news-articles
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https://www.cnbc.com/video/2018/05/01/important-to-look-forward-with-apple-not-focus-on-shipment-numbers-says-analyst.html
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NEW YORK--(BUSINESS WIRE)-- Pomerantz LLP announces that a class action lawsuit has been filed against Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ: MYGN) and certain of its officers. The class action, filed in United States District Court, District of Utah, and docketed under 18-cv-00336, is on behalf of a class consisting of investors who purchased or otherwise, acquired common shares of Myriad between August 13, 2014, and March 12, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Myriad securities between August 13, 2014, and March 12, 2018, both dates inclusive, you have until June 19, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Myriad develops and markets molecular diagnostic products to provide physicians with information to help guide the care of their patients, to prevent disease, delay the onset of disease, and catch disease at an early stage. Myriad purports to employ a variety of proprietary techniques designed to provide an understanding of the genetic basis of disease and the role of genes in the onset, progression, and treatment of disease.
Established in 1978, the Healthcare Common Procedure Coding System (“HCPCS”) provides a standardized coding system for describing the specific items and services provided in healthcare. HCPCS dictates the billing codes in the claims that physicians, healthcare providers and suppliers, such as Myriad, submit to the Centers for Medicare and Medicaid Services (“CMS”). The National Correct Coding Initiative (“NCCI”), a CMS program designed to prevent improper payment of procedures that should not be submitted together, provides further instruction with respect to correct billing practices. Among other things, the NCCI provides that billing documents must contain numerical code pairs, reflected in adjacent columns, identifying the services provided. As CMS has stated in its billing guidance documents, “[t]he underlying principle is that the second code defines a subset of the work of the first code. Reporting the codes separately is inappropriate. Separate reporting would trigger a separate payment and would constitute double billing.”
In September 2013, Myriad launched its proprietary 25-gene myRisk Hereditary Cancer test (“myRisk”), which includes testing for multiple genes associated with cancer, including BRCA1 and BRCA2, both of which are associated with breast and ovarian cancer. BRCA1 and BRCA2 genetic testing—specifically, BRCA sequencing and BRCA duplication-deletion—are represented in HCPCS by codes 81211 and 81213. CMS has clearly stated that codes 81211 and 81213 are not correctly used together in claim submissions.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the Company’s hereditary cancer testing; (ii) the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action; (iii) Myriad’s revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable; and (iv) as a result, Myriad’s public statements were materially false and misleading at all relevant times.
On March 12, 2018, post-market, Myriad disclosed that it had received a subpoena from the Department of Health and Human Services, Office of Inspector General, in connection with “an investigation into possible false or otherwise improper claims submitted for payment under Medicare and Medicaid,” specifically relating to Myriad’s hereditary cancer testing. The subpoena covers a time period from January 1, 2014—less than four months after the September 2013 launch of Myriad’s myRisk test—through the date of the subpoena’s issuance.
On this news, Myriad’s share price fell $4.01, or 12.14%, to close at $29.01 on March 13, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180526005011/en/
Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
rswilloughby@pomlaw.com
Source: Pomerantz LLP
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/26/business-wire-shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-myriad-genetics-inc-of-class.html
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HOUSTON--(BUSINESS WIRE)-- Cheniere Energy Partners LP Holdings, LLC (“Cheniere Partners Holdings”) (NYSE American: CQH) reported net income of $122.8 million, or $0.53 per common share, for the three months ended March 31, 2018, compared to net income of $4.5 million, or $0.02 per common share, for the comparable 2017 period. Results include the distribution received from our limited partner interests in Cheniere Energy Partners, L.P. (“Cheniere Partners”), a publicly traded limited partnership (NYSE American: CQP).
The increase in net income for the three months ended March 31, 2018, compared to the three months ended March 31, 2017, was driven by increased equity income from our investment in Cheniere Partners primarily as a result of distributions being paid to our subordinated units, an increase in common units held by us subsequent to the conversion of Class B units into common units on August 2, 2017, and an increase in quarterly distributions per unit received from Cheniere Partners.
Our only business consists of owning Cheniere Partners common units and subordinated units representing an aggregate approximately 48.6% limited partner interest in Cheniere Partners as of March 31, 2018.
Revised 2018 Full Year Dividend Guidance
Previous Revised Dividend per Share $ 2.05 - $ 2.25 $ 2.25 - $ 2.35 SPL Project Update
SPL Project Liquefaction Train Trains 1-4 Train 5 Train 6 Project Status Operational Under Construction Permitted Expected Substantial Completion Complete 1H 2019 — Expected DFCD (1) Window Start Complete 2H 2019 — (1) Date of First Commercial Delivery
Through Cheniere Partners, we are developing up to six natural gas liquefaction Trains (“Trains”) at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the “SPL Project”). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum (“mtpa”) of LNG and an adjusted nominal production capacity of approximately 4.3 to 4.6 mtpa of LNG. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
Dividends
When Cheniere Partners makes cash distributions to us with respect to our Cheniere Partners units, we will pay dividends to our shareholders consisting of the cash that we receive from Cheniere Partners, less income taxes and reserves established by our Board of Directors.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the first quarter on Friday, May 4, 2018, at 10 a.m. Eastern time / 9 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com . Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns an approximately 48.6% limited partner interest in Cheniere Partners as of March 31, 2018. Cheniere Partners Holdings’ only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners is constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal. Cheniere Partners plans to construct up to six natural gas liquefaction Trains, which are in various stages of development, construction, and operations. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 mtpa of LNG and an adjusted nominal production capacity of approximately 4.3 to 4.6 mtpa of LNG. Cheniere Partners also owns and operates regasification facilities at the Sabine Pass LNG terminal and the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ and Cheniere Partners Holdings’ business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
(Financial Tables Follow)
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data) (1)
(unaudited)
Three Months Ended March 31, 2018 2017 Equity income from investment in Cheniere Partners $ 119,936 $ 5,084 Expenses General and administrative expense 349 346 General and administrative expense—affiliate 269 264 Total expenses
618 610 Income before income taxes 119,318 4,474 Income tax benefit 3,488 — Net income $ 122,806 $ 4,474 Net income per common share—basic and diluted $ 0.53 $ 0.02 Weighted average number of common shares outstanding—basic and diluted 231,700 231,700 Cash dividends declared per common share $ 0.510 $ 0.020
(1) Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed with the Securities and Exchange Commission. CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts) (1)
March 31, December 31, 2018 2017 ASSETS (unaudited) Current assets Cash and cash equivalents $ 1,516 $ 659 Other current assets 344 55 Total current assets 1,860 714 Deferred tax asset, net 3,812 — Other non-current assets 73 — Total assets $ 5,745 $ 714 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 468 $ 76 Shareholders’ equity Common shares: unlimited shares authorized, 231.7 million shares issued and
outstanding at March 31, 2018 and December 31, 2017
664,931 664,931 Director voting share: 1 share authorized, issued and outstanding at March 31, 2018
and December 31, 2017
— — Additional paid-in-capital (271,757 ) (271,757 ) Accumulated deficit (387,897 ) (392,536 ) Total shareholders’ equity 5,277 638 Total liabilities and shareholders’ equity $ 5,745 $ 714
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/04/business-wire-cheniere-partners-holdings-reports-first-quarter-2018-results-and-raises-full-year-2018-dividend-guidance.html
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NEW YORK, May 29, 2018 /PRNewswire/ --
According to data published by Grand View Research, the global artificial intelligence market size is projected to reach $35.87 billion by 2025, while growing at a CAGR of 57.2 percent. The report indicates that rapid improvements in fast information storage capacity, high computing power, and parallelization are some of the factors that are contributing to the rapid innovations of robotics and artificial intelligence technology. AI becomes prominent in end-use industries such as automotive and healthcare. In addition, there is strong demand for understanding and analyzing visual contents and gaining meaningful insights, which is also expected to provide strength to the market over the forecast period. Internet of Things Inc. (OTC: INOTF), Gopher Protocol Inc. (OTC: GOPH), Remark Holdings, Inc. (NASDAQ: MARK), Veritone, Inc. (NASDAQ: VERI), ShiftPixy, Inc. (NASDAQ: PIXY)
A report by the McKinsey Global Institute surveyed companies about their use of AI. Their findings show that only few companies have incorporated AI into their value chains at scale, as most of companies that had awareness of AI technologies are still in experimental or pilot phases. Out of the 3,073 respondents, only 20 percent said they had adopted one or more AI-related technology at scale or in a core part of their business. Ten percent reported adopting more than two technologies, and only 9 percent reported adopting machine learning. Some industry experts are more optimistic. Elon Musk wrote in a comment on Edge.org that, "The pace of progress in artificial intelligence (I'm not referring to narrow AI) is incredibly fast. Unless you have direct exposure to groups like Deepmind, you have no idea how fast-it is growing at a pace close to exponential."
Internet of Things Inc. (OTC: INOTF) also listed on the TSX Venture Exchange under the ticker (TSX-V: ITT). Last week the company announced breaking news that, "Is pleased to provide a corporate update detailing its recently accomplished milestones and current growth initiatives. Appointment of President & COO - IoT Inc. recently announced the appointment of James Sutcliffe as President & COO. Mr. Sutcliffe will oversee operations, investee companies and merger & acquisition opportunities.
Mr. Sutcliffe brings more than 20 years' experience in global operational and financial leadership. Earlier in his career, he was as a key member of a management team that grew a Fortune 150 Tier 1 automotive supplier's Asian operations ten-fold. During this time, Mr. Sutcliffe held senior corporate development, finance and executive management roles. Spearheading entry into new markets in Asia, he was instrumental in guiding start-ups and acquisitions in China, India and Korea.
Mr. Sutcliffe commented, "IoT Inc. is at a critical inflection point given its growth opportunities in Asia and North America. I am excited to leverage my relationships and operating experience as the company pursues very compelling and complementary accretive acquisitions."
Corporate Repositioning: The Company has developed a new website designed to encourage investor signups and inbound business opportunities and enhanced marketing collateral including a new corporate presentation. In addition, IoT Inc. has signed up to participate in investor focused conferences over the next few months to raise awareness. This corporate repositioning reflects the new strategic vision of the Company and will serve as the foundation to expand its strategic plan to acquire and operate growth-ready technology companies.
Equity Financing: After the original public announcement of a private placement financing in December 2017, the Company closed an over-subscribed funding round of $2,300,000. This working capital provides a sufficient runway to continue execution of its long-term corporate growth strategy and to pursue strategic acquisitions.
Portfolio Company Updates: Weather Telematics Inc. The Company announced that it has entered into a letter of agreement to acquire Weather Telematics Inc. ("WTX Inc." or "Weather Telematics"), a data science company offering real-time advanced AI-based predictive road condition weather analytics for safer, connected and autonomous transportation. For further details read the May 14, 2018 press release. Weather Telematics recently announced a partnership with Teletrac Navman, a global software-as-a-service provider that leverages location-based technology for GPS tracking solutions, to provide dynamic weather data including a real-time view of hazardous road conditions to the DIRECTOR® fleet management platform.
New Hope IoT Intl. Inc. (or the "JV") - Management is pleased with the progress that continues to be made with factory automation initiatives as IoT Inc. expands its presence in Greater China. The JV continues to make headway with artificial intelligence in China and pending the closing of WTX Inc., the Company will look to leverage their unique data and technology by integrating it into its manufacturing process optimization platform to turn traditional manufacturing operations into smart industrial IoT enabled facilities.
BLOCKStrain Technology Corp.("BLOCKStrain") - The Company made a strategic investment in BLOCKStrain Technology Corp. (TSX-V: DNAX). BLOCKStrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership. BLOCKStrain closed a non-brokered private placement raising gross proceeds of $10,500,000, and also completed its go public transaction earlier this week. Based on yesterday's closing price of BLOCKStrain, IoT Inc's position in the company is worth more than 250% of its original investment. The Company is in discussions with BLOCKStrain and is evaluating how to deploy and leverage its strategic technology applications into the BLOCKStrain ecosystem.
Braingrid Corp. ("Braingrid") - In December 2015, IoT Inc. acquired an 8.33% minority equity position in Braingrid for $500,000. Braingrid recently closed a $2,500,000 equity financing and continues to work on its public listing on the Canadian Securities Exchange. Braingrid intends to use the net proceeds from the offering for general corporate purposes, such as continuing expansion of its R&D department as well as furthering the execution of its long-term roadmap. Management expects that Braingrid's go-public transaction will be accretive to IoT Inc.
New Opportunities - IoT Inc. looks to capitalize on new opportunities when they fit the Company's core investment criteria. There are occasionally new legislation and regulatory guidelines that open new markets, particularly the recent Supreme Court of the United States ruling that struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA), an act that largely outlawed sports betting outside of Nevada. This change in legislation effectively clears a path for the legalization of sports betting in the United States. Research firm Eilers & Krejcik Gaming estimates a regulated United States sports betting market could generate $6.03 billion in annual revenue by 2023. Additionally, the Canadian Gaming Association estimates that Canadians are wagering approximately $10 billion annually through illegal bookmaking operations in Canada, and more than $4 billion through offshore online sports gambling websites, meaning that many people are betting through illegal and nefarious channels. As a result of these regulatory changes, IoT Inc. has formed a strategy to capitalize on the opportunity to develop, commercialize and monetize an AI-based platform using the Company's innovative technologies within the sports wagering marketplace.
About Internet of Things Inc. - Internet of Things Inc. is a strategic investor in growth-ready companies with innovative technology solutions. The Company creates value through its portfolio companies' expertise in the IoT, AI and Blockchain solutions, by turning data into actionable intelligence to drive more efficiency into organizations. The Company has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd. Internet of Things Inc. also has strategic investments in Braingrid Corp. and Blockstrain Technology Corp. and has its headquarters in Toronto, Canada."
Gopher Protocol Inc. (OTCQB: GOPH) is a development-stage company which consider itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Recently, the company announced that it is developing a new web interface for Avant!, its Artificial Intelligence Platform. Avant! is Gopher's software that incorporates artificial intelligence, which it intends to use to control its GEO MESH system when fully developed. It is based on mathematical algorithms in the domain of machine, deep learning. Avant! uses natural language processing and cognitive computing to identify data objects during our MESH communication. When fully developed, it is intended to be used to control the system's nodes, that may be used in a wide variety of applications, for example, navigating a self-driving car. It is expected that Avant! will have the ability to harness vast amounts of data and computing power, learning GEO conditions, analyzing the data and making decisions in real time.
Remark Holdings, Inc. (NASDAQ: MARK) primarily focuses on the development and deployment of artificial-intelligence-based solutions for businesses and software developers in many industries. Additionally, the company owns and operates digital media properties that deliver relevant, dynamic content. On March 5, 2018, the company announced that they are partnering to deploy Remark's KanKan data intelligence and AI technologies in approximately 11,000 7-Eleven stores that CP ALL operates throughout Thailand. Remark and CP ALL will hold a press conference (the details of which appear below) on March 6, 2018, in Bangkok to launch the partnership. The Remark/CP ALL partnership will utilize KanKan's AI-based facial recognition and behavior analysis technologies to provide enhanced customer support, business analysis, employee management and security in CP ALL's 7-Eleven stores in Thailand, which generate more than $14 billion in revenue. KanKan's technologies can monitor product levels on store shelves, suggest products and services to customers, provide real-time operations performance and competitor analysis, check in and check out employees, identify unauthorized personnel, and assess crowd size and crowd flow for safety, among myriad other services
Veritone, Inc. (NASDAQ: VERI) is a leading artificial intelligence company that has developed aiWARE, an AWS-certified platform offering orchestrated cognitive computing to transform and analyze structured and unstructured data for clients in a variety of markets, including media and entertainment, legal, compliance and government. On April 11, 2018, the company announced that its aiWARE™ platform has set the standard for how enterprises and institutions can effectively and profitably engage with AI. The open and extensible platform allows clients to configure cognitive capabilities based on organizational needs - prioritizing accuracy, speed, and cost while enhancing workflows. The recent introduction of the aiWARE real-time framework, coupled with the platform's ever-growing ecosystem of 185 cognitive engines and applications, enables users to unlock new insights and economic value from virtually any type of data.
ShiftPixy, Inc. (NASDAQ: PIXY) is a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. On March 27, 2018, the company has leveraged the powerful Watson's artificial intelligence engine across its platform to achieve an active and personal user experience. ShiftPixy's current mobile gateway app uses Watson to power its entire employee enrollment process.
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http://www.cnbc.com/2018/05/29/pr-newswire-the-rise-of-artificial-intelligence-is-projected-to-accelerate.html
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BERLIN (Reuters) - German economic growth slowed slightly more than expected in the first quarter of the year due to weak trade, data showed on Tuesday, but analysts called it a blip and predicted Europe’s biggest economy would shift into a higher gear again.
FILE PHOTO: A construction site at the river Spree is pictured in Berlin, Germany November 27, 2017. REUTERS/Hannibal Hanschke/File Photo The German economy grew by 0.3 percent in the first three months - the slowest rate since the third quarter of 2016 - after expanding 0.6 percent in the final three months of last year, preliminary data from the Federal Statistics Office showed.
Economists had on average expected growth of 0.4 percent, with forecasts ranging from 0.2 percent to 0.5 percent in a Reuters poll of 34 economists.
Still, it marked the 15th consecutive quarter of expansion in Europe’s biggest economy, the longest period of uninterrupted growth since German reunification.
FILE PHOTO: Cranes are on display at the 'Bauma' Trade Fair for Construction, Building Material and Mining Machines and Construction Vehicles and Equipment in Munich, southern Germany, April 11, 2016. REUTERS/Michael Dalder/File Photo “Is it a pause or a fundamental shift? For us the answer is clear: It’s just a blip,” DekaBank analyst Andreas Scheuerle said, pointing to continued strong foreign demand and vibrant domestic activity due to record employment and rising real wages.
“However, this should not hide the fact that risks to the economic outlook have risen not least due to the neo-protectionist aspirations and sanctions policy of the U.S. government,” Scheuerle said.
Slideshow (4 Images) The statistics office said positive contributions in the first quarter came mainly from domestic demand while trade was weak.
“Investment rose sharply, with significantly more investment in construction, but also in equipment,” the office said. Household spending rose slightly, it added.
On the year, the German economy grew by a calendar-adjusted 2.3 percent in the first quarter, the data showed. This was just short of the consensus forecast of 2.4 percent.
The office also confirmed full-year GDP growth of 2.2 percent in 2017 which translated into a calendar-adjusted rate of 2.5 percent. This was the strongest pace since 2011.
Economists have also blamed the slowdown in the first quarter on a flu epidemic, an unusually high number of strikes and an above-average number of holidays.
The government has said it expects the economy to bounce back in the second quarter due to full order books and high employment. For 2018 as a whole, the government forecasts 2.3 percent growth.
Reporting by Michael Nienaber; Editing by Madeline Chambers
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https://www.reuters.com/article/us-germany-economy-gdp/german-growth-slows-to-0-3-percent-in-first-quarter-on-weak-trade-idUSKCN1IG0P6
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May 9 (Reuters) - Enbridge Energy Partners LP:
* QTRLY EARNINGS PER LIMITED PARTNER UNIT OF $0.15 * ENBRIDGE ENERGY PARTNERS LP - Q1 RESULTS INCLUDED NON-RECURRING SPECIAL ITEMS OF $44 MILLION, WHICH INCREASED EARNINGS PER LIMITED PARTNER UNIT BY $0.10
* QTRLY ADJUSTED NET INCOME FROM CONTROLLING INTERESTS $0.25 EARNINGS PER LIMITED PARTNER UNIT Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-enbridge-energy-partners-reports-q/brief-enbridge-energy-partners-reports-q1-qtrly-earnings-per-limited-partner-unit-0-15-idUSASC0A15H
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Market Open: May 22, 2018 37 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018
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https://www.cnbc.com/video/2018/05/22/market-open-may-22-2018.html
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Stocks have held up amid volatility, strategist says 1 Hour Ago Kristina Hooper, Invesco chief global market strategist, discusses the current market environment and expectations for the economy.
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https://www.cnbc.com/video/2018/05/25/stocks-have-held-up-amid-volatility-strategist-says.html
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Freddie Freeman slugged two homers and Tyler Flowers drew the go-ahead walk in the eighth inning as the Atlanta Braves defeated the Miami Marlins 10-5 on Saturday night at Marlins Park.
Freeman, who had his first career five-hit game on Thursday, finished 3-for-4 with three runs scored and three RBIs.
Neither starting pitcher earned a decision. Braves rookie Michael Soroka allowed eight hits and five runs, one earned, in 4 2/3 innings. He struck out seven.
Miami’s Jarlin Garcia allowed seven hits, two walks and five runs, four earned, in six innings.
Braves reliever A.J. Minter (1-0) faced just two batters but got the win, pitching a third of an inning.
Drew Steckenrider (1-1) took the loss, allowing one hit, three walks and two runs in a third of an inning.
Atlanta opened the scoring in the first on Freeman’s solo homer. He pulled a 93 mph fastball off the upper-deck façade in right-center.
Miami tied the score 1-1 in the bottom of the first. With two outs and nobody on, Starlin Castro singled, advanced to third on Justin Bour’s single and scored on Brian Anderson’s RBI double off the wall in left. Anderson missed a three-run homer by two feet.
Atlanta took a 2-1 lead in the second, scoring an unearned run. With one out, Ender Inciarte drew a four-pitch walk. The next batter, Flowers, lofted a single to right, and Inciarte scored from first when Anderson tried to bare-hand the ball on a bounce.
The Braves extended their lead to 4-1 on Freeman’s two-run homer in the fifth. After a two-out single by Ronald Acuna, Freeman launched a 3-2 slider over the wall in center.
Miami scored four runs in the fifth, taking a 5-4 lead. After two outs and with nobody on, Miami loaded the bases on singles by Martin Prado and Castro, and a Bour walk.
The Marlins scored their first run in the inning when Anderson’s dribbler to third baseman Jose Bautista was fumbled for an error. Derek Dietrich followed with a three-run double high off the wall in left.
Bautista atoned for his miscue in the sixth, pouncing on an 0-1 fastball and drilling it for his first homer as a member of the Braves, tying the score 5-5. He has 332 career homers, most of them with the Toronto Blue Jays.
The Braves forced Steckenrider and Junichi Tazawa to throw a combined 52 pitches in the eighth, drawing four walks, including RBI free passes by Flowers and Johan Camargo. Inciarte typified Atlanta’s approach in the inning, drawing a 13-pitch walk. All four walks in the inning came with two strikes.
The Braves blew the game open in the ninth on Charlie Culbertson’s RBI triple and Inciarte’s two-run homer.
—Field Level Media
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https://www.reuters.com/article/baseball-mlb-mia-atl-recap/freeman-homers-twice-braves-rally-to-top-marlins-10-5-idUSMTZEE5DNBYDSJ
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* Leading U.S. supermarket to use Ocado's technology
* Will order at least 20 new customer fulfilment centres
* Deal bigger than all previous Ocado deals combined
* Kroger will take a 5 pct stake in Ocado
* Ocado's shares leap as much as 80 pct to record (Adds details, analyst comment, background)
LONDON/LOS ANGELES, May 17 (Reuters) - U.S. supermarket chain Kroger Co struck a deal with British online grocer Ocado to build and deliver from robot-staffed warehouses, upping the ante in Kroger's battle with Amazon.com Inc and sending Ocado shares rocketing.
The U.S. grocery industry is dominated by Walmart Inc and Kroger but has been in upheaval since last summer, when Amazon's $13.7 billion purchase of Whole Foods sent supermarkets scrambling to match the online retailer on home delivery.
The Kroger deal announced on Thursday was Ocado's first in the United States and the British company's fourth major agreement with retailers in six months.
Ocado shares soared as much as 80 percent to an all-time high. Kroger shares were last up 1.6 percent on the deal, with investors reassured by the U.S. company saying the move would not dampen expected earnings for 2018 and 2019.
Kroger Chief Executive Rodney McMullen in a statement called the partnership "transformative" and said it was a step toward the company's goal of giving customers anything, anytime, anywhere.
U.S. supermarkets fear Amazon could apply its distribution know-how to Whole Foods, quickly turning the existing stores into a grocery delivery network.
"The most critical consequence of today's news is the need for other major U.S. players to react," said Jefferies analyst James Grzinic. "The risk is that today's news will accelerate that shift, and on less rational terms."
Britain was one of the first countries to see widespread adoption of online grocery shopping, giving its retailers a head start in developing technology to deal with the challenges of delivering food, especially fresh and frozen goods.
E-commerce already accounts for 7.5 percent of sales of packaged consumer goods in Britain, compared to 1.5 percent in the United States, according to data firm Kantar World Panel, which predicts the latter will rise to 8 percent by 2025.
Ocado's software and hardware automates the processing and packing of online groceries, using hundreds of robots rather than people to pull together orders quickly.
Some analysts and grocers have questioned how well the Ocado model is suited to the U.S. market given its much more disperse population compared to densely populated Britain.
Outside urban areas, they say that it makes more sense to focus on using human workers to pick groceries from existing stores rather than building expensive high-tech warehouses, or to offer curbside pickup for orders, a service available at Walmart and Kroger.
Whole Foods did not immediately respond to requests for comment on the deal.
TRANSFORMING THE INDUSTRY
Ocado's Chief Financial Officer Duncan Tatton-Brown said the new partnership would end the company's discussions with other U.S.-based retailers.
"The opportunity for a business like Kroger is huge," he said. "They are ambitious, they are capable and together we hope they can transform their industry."
The deal is a setback for Ahold Delhaize, owner of U.S. chains Food Lion, Stop & Shop and Giant, which some analysts had considered a candidate to merge with Kroger to give the retailer access to Ahold's U.S. online grocery delivery service Peapod.
Shares in Ahold fell 1.8 percent.
The partnership also raises questions about the fate of third-party delivery company Instacart, which delivers from Kroger stores in 45 metropolitan markets and counts it as a major customer.
If the Ocado partnership gives Kroger the confidence to bring delivery in-house, "that will be disastrous for Instacart," said Neil Saunders, managing director of GlobalData Retail.
Kroger had previously been experimenting with building in-house delivery and had also partnered with Target Corp-owned Shipt.
Kroger, which already held a 1 percent stake in Ocado, will buy new shares equivalent to 5 percent valued at 183 million pounds ($247.5 million), Ocado said.
Shares in Ocado, which listed in 2010, hit a record of 1,000 pence. They pared gains to trade up 46 percent at 805 pence at 1402 GMT, valuing the group that delivered its first annual profit in 2014 at 5.5 billion pounds.
TWENTY SITES
Kroger will identify at least 20 sites to build new, automated warehouse facilities in the United States, Tatton-Brown said, exceeding all of the centres Ocado has built or is planning to build for all other partnerships.
The two companies are working to identify the first three sites in 2018.
Tatton-Brown said the potential for the partnership goes far beyond the initial 20 centres, with scope for two or three times that in the future.
Cincinnati, Ohio-based Kroger, which has roughly 2,800 stores in 34 mainly Midwest and southern states, in March said it provided delivery from more than 872 stores. It also said it planned to offer curbside pickup from roughly 1,600 stores this year.
HEDGE FUNDS BURNT
Founded in 2000 by three former Goldman Sach's bankers, Ocado has licensed its platform to grocers operating in markets including ICA in Sweden, Sobeys in Canada and Casino in France.
Co-founder and chief executive Tim Steiner saw the value of his stake in the firm rise more than 100 million pounds on Thursday to about 240 million pounds, according to Thomson Reuters data.
The detailed financial terms have yet to be agreed, but Kroger could bring forward some of its payments under the deal, which would reduce Ocado's need for capital. If the retailer fails to hit volume targets it could also lose exclusivity and will have to pay compensation to Ocado.
Before Thursday's deal, Ocado's stock was trading on a heady multiple of 2,250 times its current earnings. The average multiple for the UK grocery retail sector is 17.
The surprise deal and jump in the share price caught out many hedge funds betting the next move would be down.
Shorting of the stock, where shares are borrowed and sold in the hope of buying them back later at a cheaper price to make a profit, was at a five-month high prior to the announcement. More than 56 million Ocado shares were on loan on Tuesday, the most recent data from industry tracker FIS' Astec Analytics showed.
Exposed hedge funds included GMT Capital, Hunt Lane Capital and London-based Marshall Wace.
($1 = 0.7393 pounds) (Additional reporting by Maiya Keidan and Emma Thomasson; editing by Kate Holton and Elaine Hardcastle)
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https://www.cnbc.com/2018/05/17/reuters-america-update-5-kroger-inks-ocado-grocery-delivery-deal-to-battle-amazon-threat.html
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LOS ANGELES, May 23, 2018 (GLOBE NEWSWIRE) -- GameFly, the leading console game subscription service, today announced that effective yesterday Electronic Arts has acquired the cloud gaming assets and personnel of GameFly Israel.
“I would like to take this opportunity to thank our Israeli team for all their efforts in building the GameFly Streaming Service,” said David Hodess, CEO of GameFly. “Our USA-based games-by-mail customers can rest assured that this transaction will have no impact on their subscription. The GameFly team remains in place and looks forward to providing the same excellent service we have offered since 2003.”
About GameFly
GameFly, the leading video game rental and subscription service, allows members to rent one or more console/handheld video games and movies concurrently, with no due dates, late fees or shipping charges. Users can easily select from over 9,000 console/handheld titles and Blu-ray/DVD movies and manage their list of games/movies online at www.gamefly.com or the GameFly App for iOS and Android devices. Members receive rental games and movies via First-Class Mail and return them to GameFly at their convenience using prepaid mailers. For daily news, trailers and information, please visit www.facebook.com/gamefly and follow the company on Twitter and Instagram @GameFly.
Contact:
Serene Chan
310-237-7059
schan@gamefly.com
Source:GameFly, Inc.
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http://www.cnbc.com/2018/05/23/globe-newswire-gamefly-announces-games-by-mail-subscription-service-remains-in-place-following-electronic-arts-announcement.html
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April 30 (Reuters) - Boston Scientific Corp:
* BOSTON SCIENTIFIC CLOSES NXTHERA ACQUISITION Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-boston-scientific-closes-nxthera-a/brief-boston-scientific-closes-nxthera-acquisition-idUSASC09Y5N
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FRANKFURT (Reuters) - The incoming boss of BASF ( BASFn.DE ) has thrown his weight behind the chemical titan’s contentious strategy of keeping divergent businesses folded into one company, at a time when its major rivals such as DowDuPont are breaking themselves up.
FILE PHOTO: A truck drives past a warehouse of German chemical company BASF in Ludwigshafen, April 23, 2015. REUTERS/Ralph Orlowski/File Photo The comments from Martin Brudermueller, who will take over as CEO on Friday, provide clarity on a key strategic issue that is dividing investors, in marked contrast to predecessor Kurt Bock who would not be drawn on which path he favored.
The German group has grown from a 19th century indigo dye workshop to a diversified juggernaut worth $95 billion. It is the only major Western chemicals player banking on an integrated value chain - which it dubs “Verbund” - where a company owns businesses throughout the production process.
“We often hear the Verbund getting criticized for being too rigid. That’s not true,” said 56-year-old Brudermueller.
“If you have everything under one roof, you can coordinate things much better, that is the sense in which we will develop it further. You wouldn’t normally want to sell attractive businesses that are growing,” he told Reuters and other reporters in remarks released late on Tuesday.
At its Ludwigshafen headquarters and at five other hubs abroad, BASF runs close-knit networks of chemical reactors that churn out products as diverse as basic commodities, coatings, vitamins, drug ingredients and engineering plastics.
Bock, when asked in February whether BASF would continue to have diverse businesses under one roof or was considering other options, said the company might learn from what rivals did but did not say which path he favored.
Both strategies have potential advantages; break-ups can create more focused individual companies and allow stronger units to attract investors unshackled from weaker ones, while an integrated model can reduce costs.
U.S. rival DowDuPont ( DWDP.N ) is planning to break up into a Materials Science division that relies on in-house basic petrochemicals plants and a Specialty Products unit selling more differentiated and complex materials. A third spin-off will focus on agriculture.
In other recent separation deals in the industry, Bayer ( BAYGn.DE ) spun off its Covestro plastics unit and is now selling down the shares, Air Products spun-off specialty chemicals unit Versum ( VSM.N ) and coatings group Akzo Nobel ( AKZO.AS ) is selling its specialty chemicals division.
SHAREHOLDERS SPLIT BASF competes with DowDuPont in areas such as pesticides, engineering plastics, nutrition, insulation foams and petrochemicals. Its rival’s three-way split will restore BASF’s position as the world’s largest chemical maker but some investors and analysts would rather see it lose that crown.
Patrick Jahnke, portfolio manager at Deka Investments, which owns BASF stock, said he favored the firm selling its upstream petrochemical assets, saying the benefits of physical proximity to downstream operations could be shared with a new owner.
“You can sell the assets but the factory remains in place,” Jahnke said. “There are many who would pay a high price (for upstream BASF assets). Private equity would run the business with higher debt and optimized for cash flows and would arrive at a better profitability,” he added.
Upstream refers to basic petrochemicals, and downstream to more complex specialty chemicals.
A portfolio manager at a top 20 BASF shareholder, who declined to be named as they are not authorized to comment publicly on the investment, also saw the merits of a break-up.
“Downstream, speciality chems could work separately,” the manager said. “To de-clutter and reduce complexity ... tends to increase multiples and returns, but German companies are not well known for it.”
BASF has said that sharing logistics, excess energy and by-products within its chemical complexes saves it more than 1 billion euros ($1.2 billion) per year.
There are also supporters of the integrated approach among BASF’s shareholders.
Arne Rautenberg, of Union Investment, said there was still a lot of value in the model.
“The results this year wouldn’t have been good without the basic chemicals assets,” he said. Any move to separating them from the rest “would very much surprise me and I wouldn’t be excited”, he added.
TALE OF TWO SECTORS BASF has been a tale of two sectors over the past year.
Supply bottlenecks at rivals and strong industrial demand have flung BASF’s basic chemicals business into a surprise upward cycle. Meanwhile, margins of its more complex, specialty products, the group’s designated growth drivers, have been squeezed by higher raw materials prices.
“If upstream strength dissipates and the downstream margin struggles continue, then we think investor focus will turn to portfolio questions,” HSBC analyst Sriharsha Pappu said in a recent research note.
If allowed to strike out on their own, BASF units making construction chemicals, coatings and catalytic converters could bolster their earnings and fetch better trading multiples on the stock market, the HSBC analyst said.
Brudermueller, a BASF veteran, is currently chief technology officer and deputy CEO at the firm, which is due to report first-quarter results on Friday. He said that his focus would be on new technologies after taking over from CEO Bock, who by contrast had been the company’s finance chief before taking the helm and has a background in business administration.
The CEO-designate cited cathode materials for car batteries as one area of focus, and also using BASF’s new supercomputer to speed up discovery of new compounds.
“The fact that I have a background in technology and science will result in us having a change in perspective,” he said, adding that he would provide an update on BASF’s strategy towards the end of the year.
Additional reporting by Simon Jessop in London; Editing by Pravin Char
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https://www.reuters.com/article/us-basf-ceo/incoming-basf-boss-rules-out-dowdupont-style-break-up-idUSKBN1I245I
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May 10 (Reuters) - Net 1 UEPS Technologies Inc:
* NET 1 UEPS TECHNOLOGIES, INC. REPORTS THIRD QUARTER 2018 RESULTS
* QTRLY FUNDAMENTAL EARNINGS PER SHARE $0.95 * REITERATE FY 2018 CONSTANT CURRENCY FEPS GUIDANCE OF AT LEAST $1.61 PER SHARE, EXCLUDING ANY FAIR VALUE ADJUSTMENTS Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-net-1-ueps-technologies-reports-q3/brief-net-1-ueps-technologies-reports-q3-revenue-rose-10-pct-idUSASC0A1KL
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PARIS/BERLIN (Reuters) - Air France-KLM ( AIRF.PA ) installed a triumvirate of executives led by its finance chief to run the strike-hit airline while it searches for a new CEO, following a standoff over staff pay.
FILE PHOTO: The empty podium is seen after Jean-Marc Janaillac, Chief Executive Officer of Air France-KLM Group, attended a news conference to announce his resignation in Paris, France, May 4, 2018. REUTERS/Charles Platiau Tuesday’s move is designed to fill a gap left by the abrupt departure of chief executive Jean-Marc Janaillac after Air France staff earlier this month rejected a pay proposal aimed at ending a series of strikes that have resulted in heavy losses.
In a statement ahead of an annual shareholder meeting, Air France-KLM said the new three-person executive committee would comprise group Finance Director Frederic Gagey, who would take on the role of chief executive, and the existing heads of the two national brands that merged in 2004: Air France and KLM.
Shares in the group dropped after the announcement and were down 3.3 percent at 1344 GMT.
Bernstein analysts said in a note that while the move provides some stability, a formal successor was still required.
“Whoever that person is will face significant challenges throughout the business, from competitive threats in AF KLM’s key markets, an emboldened union in France which is likely to ramp up its demands and the lack of a coherent long-term strategy,” they wrote.
Air France-KLM also named board member Anne-Marie Couderc as non-executive chairwoman.
“This transitional governance structure is established for the shortest-possible period required to effectively complete the succession process for the roles vacated by Jean-Marc Janaillac,” the company said in a statement.
The interim leadership of Europe’s second-largest network carrier by revenue will face French unions emboldened by the exit of Janaillac, who announced his resignation on May 4 after putting his job on the line as French staff voted on pay.
The French government, already locked in a battle over reforms at state railway operator SNCF, has said it will not bail out Air France - where a protracted dispute between management and unions over pay has resulted in 15 days of walkouts this year, costing the group 400 million euros ($479 million).
On Tuesday, an adviser to President Emmanuel Macron said the French government had no plans to reduce its 14.3 percent stake in Air France-KLM, but may not maintain this level forever.
In a sign that the board is ready to hold the line over the labor dispute at Air France, the statement said the French subsidiary’s chief executive, Franck Terner, would not have a mandate to take any decisions that would jeopardize the growth strategy already approved by the board.
“The board is aware of the difficulties currently being traversed by Air France and requested to be kept regularly informed of the company’s labor situation,” it said.
Terner and KLM counterpart Pieter Elbers will remain in their posts and sit inside the top triumvirate alongside Gagey.
“It is important that, throughout the group, we restore the good spirit, cohesion, and stability that we had in the early days of our partnership,” Elbers said in a statement.
Speaking at the AGM, outgoing CEO Janaillac said the group had to work on that cohesion, plus improve its profit margins, which are below that of rivals.
“We have to be strong to capture growth in this industry. If we do not grow as fast as rivals, then we will lose ground,” Janaillac said on his final day at the company.
Reporting by Cyril Altmeyer, Victoria Bryan, Editing by Tim Hepher/Richard Lough/Susan Fenton
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https://www.reuters.com/article/us-airfrance-klm-ceo/air-france-klm-finance-chief-named-ceo-after-union-standoff-idUSKCN1IG1MB
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BOSTON, May 16 (Reuters) - Proxy adviser Institutional Shareholder Services on Wednesday recommended investors withhold their support from five Facebook Inc directors, including Chief Executive Mark Zuckerberg and Chief Operating Officer Sheryl Sandberg, citing issues including the social media company’s lack of a formal nominating committee.
ISS also suggested investors vote “for” shareholder proposals calling for the company to study establishing a board committee on risk management, and to report on content management controversies, according to copy of its recommendations seen by Reuters. (Reporting by Ross Kerber in Boston Editing by Matthew Lewis)
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https://www.reuters.com/article/facebook-investors/iss-recommends-votes-against-facebook-ceo-zuckerberg-4-other-directors-idUSL2N1SN26D
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Anna Faris and co-stars talk 80s rom-com remake 'Overboard' 01:56
The cast of 'Overboard' discuss the reimagining of the classic 1980s rom-com, which starred Goldie Hawn and Kurt Russell. Rough cut. (No reporter narration) ▲ Hide Transcript ▶ View Transcript
The cast of 'Overboard' discuss the reimagining of the classic 1980s rom-com, which starred Goldie Hawn and Kurt Russell. Rough cut. (No reporter narration) Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KrEWit
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https://www.reuters.com/video/2018/05/02/anna-faris-and-co-stars-talk-80s-rom-com?videoId=423315064
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May 3, 2018 / 5:47 PM / Updated 22 minutes ago Bulgaria's BEH picks Citi as global coordinator for bond issue Reuters Staff 2 Min Read
SOFIA, May 3 (Reuters) - State energy firm Bulgarian Energy Holding (BEH) said on Thursday it had picked Citigroup as sole global coordinator for its plans to refinance its 500 million euro ($599 million) Eurobond that matures in November.
Citigroup and First Financial Brokerage House, a co-manager, would issue a tender offer for BEH’s maturing bond and its 550 million euro Eurobond due in 2021 to help optimise its interest costs, the company said in a statement.
The five-year Eurobond due this November has a fixed annual coupon of 4.25 percent and its other, five-year issue due in 2021 carries a fixed annual coupon of 4.875 percent.
Its executive director Petyo Ivanov has said the company plans to tap global markets in May or June.
BEH, made up of Bulgaria’s biggest state energy firms for natural gas supply and transmission, power generation as well as coal mining, plans to make a dual listing of the new bonds on the Irish and the Bulgarian bourses.
Fitch upgraded BEH’s rating in February one notch to BB with a stable outlook, citing improved financial performance and narrowed deficit at its subsidiary NEK, a public supplier of electricity. $1 = 0.8348 euros Reporting by Tsvetelia Tsolova Editing by Edmund Blair
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https://www.reuters.com/article/bulgaria-beh-bonds/bulgarias-beh-picks-citi-as-global-coordinator-for-bond-issue-idUSL8N1SA88S
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VANCOUVER, British Columbia, May 09, 2018 (GLOBE NEWSWIRE) -- Libero Copper Corporation (TSX-V:LBC) (OTCQB:LBCMF) is pleased to announce it has entered into an agreement to acquire 100% of the Mocoa porphyry copper-molybdenum deposit in Colombia from B2Gold Corp. (‘ B2Gold ’) in return for issuance of 10,400,000 shares comprising a 19% stake in Libero Copper and a 2% royalty on the project. The Mocoa deposit contains an in-pit inferred resource at a cut-off of 0.25% copper equivalent (CuEq) of 636 million tonnes of 0.45% copper equivalent including 4.6 billion pounds of copper and 511 million pounds of molybdenum. Closing of the acquisition remains subject to a number of conditions, including receipt of TSX Venture Exchange approval.
Million
Tonnes CuEq
(%) Copper
(%) Molybdenum
(%) Contained Metal CuEq
(Blbs) Copper
(Blbs) Molybdenum
(Mlbs) 636 0.45 0.33 0.036 6.31 4.60 511 Libero Copper has retained a right of first refusal on a sale of the royalty. Following completion of the transaction, B2Gold will hold 19% of Libero Copper and have a right to participate in future equity financings to maintain its then current stake.
The technical information contained in this news release has been reviewed and approved by Libero Copper’s Executive Vice President of Exploration, Leo Hathaway P.Geo., who is a Qualified Person as defined under NI 43-101
About the Mocoa Porphyry Copper-Molybdenum Deposit
The Mocoa deposit is located near the Ecuador border 10 kilometres from the town of Mocoa. It was discovered in 1973 when the United Nations (UN) and the Instituto Nacional de Investigaciones Geológico Mineras of Colombia (INGEOMINAS), now the El Servicio Geológico Colombiano (SGC), conducted a regional stream geochemical survey. Between 1978 and 1983, an exploration program was carried out that consisted of geological mapping, surface sampling, ground geophysics (IP, magnetics), 31 diamond drill holes totaling 18,321 metres, and preliminary metallurgical testwork. B2Gold subsequently executed diamond drill programs of 5,123 metres in nine holes in 2008 and 1,768 metres in three holes in 2012.
Geology and Mineralization
The Mocoa deposit is situated in the Eastern Cordillera of Colombia, a 30-kilometre-wide tectonic belt underlain by volcano-sedimentary, sedimentary and intrusive rocks that range in age from Triassic-Jurassic to Quaternary, and by remnants of Paleozoic metasediments and metamorphic rocks of Precambrian age. This belt hosts several other porphyry-copper deposits, such as Mirador (438 million tonnes measured and indicated at 0.61% copper and 235 million tonnes inferred at 0.52% copper) 1 , San Carlos (600 million tonnes inferred at 0.59% copper) 2 and Panantza (463 million tonnes inferred at 0.66% copper) 3 , located in Ecuador.
Copper-molybdenum mineralization is associated with a dacite porphyry intrusion of Middle Jurassic age emplaced into andesitic and dacitic volcanics. The Mocoa porphyry system exhibits a classical zonal pattern of hydrothermal alteration and mineralization, with a deeper central core of potassic alteration overlain by sericitization and surrounded by propylitization. Mineralization consists of disseminated chalcopyrite, molybdenite and local bornite associated with multiphase veins, stockworks and hydrothermal breccias. The Mocoa deposit is roughly cylindrical, with a 600 metres diameter and thicknesses that range from 250 metres to 350 metres. High-grade copper-molybdenum mineralization continues to depths in excess of 1,000 metres.
1 Technical Report: “Mirador Copper-Gold Project 30,000 TPD Feasibility Study” dated effective April 3, 2008
2 Technical Report: “Preliminary Assessment Report Panantza & San Carlos Copper Project” dated effective October 30, 2007
3 Technical Report: “Preliminary Assessment Report Panantza & San Carlos Copper Project” dated effective October 30, 2007
Metallurgy
Four drill core composites, representing different rock and mineral types, and a bulk composite of all these samples were processed at Dawson Metallurgical Laboratories in Murray, Utah in 1984 by the UN and INGEOMINAS. Standard grinding and flotation tests were completed. A bulk copper-molybdenum flotation concentrate was processed to produce copper and molybdenum concentrates. The copper concentrate had a grade of 24% copper with a recovery of 86% and the molybdenum concentrate had a grade of 55% molybdenum with a recovery of 83%. Both concentrates were clean with no deleterious elements.
Mineral Resource Estimate
A review of the sample collection and analysis practices used during the various drilling campaigns indicates that this work was conducted using generally accepted industry procedures. Portions of the data have been validated using several methods, including visual observations and comparisons with the assay results, and direct comparisons with assay certificates. Only the sampling programs conducted by B2Gold (in 2008 and 2012) were monitored using a QA/QC program that is typically accepted in the industry. Similarities between data of all drilling campaigns (location, style, and tenor) suggest that there is no reason to question the results from the earlier drill programs.
The mineral resource estimate was generated from drill hole sample assay results for copper and molybdenum, and qualitative geological (core logging) information. All available drilling data were loaded into MineSight ® and the initial, variable-length sample data were composited to 1.5 metre intervals. Statistical analysis shows that lithology, alteration, oxidation, and the presence of stockwork zones do not control the distribution of mineralization at Mocoa. As a result, a probability shell approach, based on a threshold grade of 0.1% copper, was used to provide a domain that segregates mineralized from unmineralized rocks. The resulting shell represents areas where there is a >50% probability that the grade will be greater than 0.1% copper. Because the drilling remains “open” to mineralization in three directions, the limits of the probability shell are not bound by sample data, but, instead, by a distance of 250 metres from a drill hole.
Grade estimates have been made using ordinary kriging into a model with a nominal block size of 10×10×5 metres (L×W×H). Potentially anomalous outlier grades have been identified and their influence on the grade models are controlled during interpolation through the use of top-cutting and outlier limitations resulting in a 1% reduction in contained copper and a 1.5% reduction in contained molybdenum. An average density of 2.7 t/m 3 was used to calculate resource tonnage. The results of the modeling process have been validated using a series of visual and statistical methods, the results of which indicate that the resource model is an appropriate estimation of global resources based on the underlying database.
Due to the polymetallic nature of the deposit, mineral resources were presented on a copper-equivalent (CuEq) basis (CuEq = copper % + (molybdenum % × 3.33)). Assuming a price of $3/lb copper, $10/lb molybdenum and the projected operating costs of $2.50 per tonne mining, $10 per tonne processing and $2 per tonne general and administration costs, the base case cut-off grade of the mineral resource is estimated to be 0.25% CuEq. There are no adjustments to account for dilution or recovery in the estimate of mineral resources. Table 1 summarizes the in-pit mineral resource estimate at a series of cut-off limits for comparison purposes.
Table 1: Sensitivity of Inferred Mineral Resource at Mocoa
Cut-off
(CuEq%) Million
Tonnes CuEq
(%) Copper
(%) Molybdenum
(%) Contained Metal CuEq
(Blbs) Copper
(Blbs) Molybdenum
(Mlbs) 0.15 721 0.42 0.31 0.035 6.68 4.85 550 0.20 683 0.43 0.32 0.035 6.54 4.77 530 0.25 636 0.45 0.33 0.036 6.31 4.60 511 0.30 553 0.48 0.35 0.039 5.81 4.24 470 0.35 433 0.52 0.38 0.042 4.96 3.62 405 0.40 330 0.57 0.41 0.047 4.12 2.99 342 0.45 259 0.61 0.44 0.051 3.47 2.50 293 0.50 201 0.65 0.46 0.056 2.87 2.04 248 0.55 148 0.69 0.49 0.061 2.26 1.60 200 0.60 106 0.74 0.52 0.067 1.73 1.21 156 The Technical Report authored by Michel Rowland Brepsant, FAusIMM, Robert Sim, P.Geo., and Bruce Davis, FAusIMM, all independent “qualified persons” as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects , will be available on sedar.com within 45 days.
About Libero Copper Corporation
Libero Copper is focused on acquiring high-quality copper deposits in the Americas with a significant resource and without any fatal flaws or significant holding costs. These assets will be advanced and de-risked by a seasoned team to minimize dilution and maximize shareholder value. The portfolio currently includes the Tomichi deposit in the United States which contains an inferred mineral resource of 711 million tonnes at a grade of 0.33% copper equivalent and the Mocoa deposit in Colombia which contains an inferred resource of 636 million tonnes at a grade of 0.45% copper equivalent. In total the properties contain 7.9 billion pounds of copper and 1.1 billion pounds of molybdenum.
Additional Information
Ian Slater
Chief Executive Officer
+1 604 638 2545
slater@liberocopper.com
www.liberocopper.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions and regulatory and administrative approvals, processes and filing requirements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state laws.
Source:Libero Mining Corporation
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http://www.cnbc.com/2018/05/09/globe-newswire-libero-copper-to-acquire-the-mocoa-porphyry-copper-deposit-from-b2-gold.html
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Windsor Castle became an eclectic catwalk of colorful frocks and shapely hats on Saturday as celebrity guests offered up an array of royal wedding outfit styles, eagerly watched by fashionistas around the world.
Amal Clooney and George Clooney arrive at the wedding of Prince Harry to Ms Meghan Markle at St George's Chapel, Windsor Castle in Windsor, Britain, May 19, 2018. Chris Jackson/Pool via REUTERS As attendees like Hollywood star George Clooney and his wife Amal, tennis champion Serena Williams and fashion designer Victoria Beckham arrived for the wedding of Prince Harry and American actress Meghan Markle, all eyes were on what they were wearing.
Photographers snapped royal family members and celebrities, shining a global spotlight on their outfits’ designers, many of whom took to social media to tell their followers who was wearing their clothes.
There were plenty of colors but green proved popular. Queen Elizabeth wore a lime coat over a lime, lemon and purple printed dress while the bride’s mother, Doria Ragland, wore a pale green dress and coat with white embroidery by red carpet favorite Oscar de la Renta.
Prince Harry’s cousin Kitty Spencer wore a Dolce & Gabbana floral green corset dress and while Princess Beatrice chose a teal silk organza frock.
Pippa Middleton, the sister of Prince William’s wife Kate Middleton, wore a pleated pale green dress with a floral pattern.
Tennis player Serena Williams arrives with her husband Alexis Ohanian to the wedding of in Windsor, Britain, May 19, 2018. REUTERS/Toby Melville/Pool In a nod to British designers, human rights lawyer Amal Clooney and Oprah Winfrey wore outfits by Stella McCartney.
The brand said Clooney had picked a honey yellow midi dress with a tie detail on the side which she accessorised with a hat in the same color. Winfrey wore a blush pink tiered dress with a lace trim, along with a large flowery hat and sunglasses.
Actress Priyanka Chopra opted for a lilac Vivienne Westwood ensemble. Kate Middleton picked an Alexander McQueen pale yellow wool silk coat.
Williams, who shared videos of herself getting ready with her Instagram followers, wore a pale pink Versace dress with long sleeves and folds at the front.
Slideshow (8 Images) Hats and fascinators came in all shapes and sizes, decorated with flowers, feathers and often, netting.
Reporting By Marie-Louise Gumuchian; Editing by Giles
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https://in.reuters.com/article/us-britain-royals-wedding-fashion/celebrity-guests-show-their-royal-wedding-fashion-best-at-windsor-idINKCN1IK0LL
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Talent to grow presence in construction, insurance, and property and facility management industries
ROSELAND, N.J.--(BUSINESS WIRE)-- Dial BioSciences ® , a division of Dial Environmental ® , announces two strategic additions to the executive team: Philip D. Clark, executive vice president and chief sales officer, and Robert G. (Bob) Petoia, chief financial officer. Dial BioSciences is a New Jersey-based environmental service company who uses biomaterials originally developed to coat and seal medical device implants in cardiovascular therapy and applies them to safely, effectively eliminate mold and prevent its regrowth.
“Our experienced executive team will bring this green technology to Property and Casualty Insurers, Property Management, Government Agencies, and Builders and Homeowners to mitigate and remove mold,” said Gerald Smith, chief executive officer of Dial BioSciences. “Our innovative approach utilizes ‘Food-Grade’ labeled antimicrobials and Organic Materials Review Institute (OMRI) certified sealers. The services that Dial BioSciences delivers is the first true innovations in mold prevention in decades.”
Clark, hired as executive vice president and chief sales officer, will provide leadership, direction and resource stewardship to Dial BioSciences’ sales function, with responsibility for overall sales performance, profitable achievement of sales organization goals and insuring sales objectives are aligned with company business strategy. Prior to joining Dial BioSciences, Clark was the senior vice president of strategic accounts for Maetrics, a life sciences consulting firm. He earned his Bachelor of Science degree in Information Systems, with minors in computer science and electrical engineering from the University of Maryland and is a certified Six Sigma Green Belt and a Miller Heiman certified sales professional.
Petoia joins the executive team as chief financial officer. Beginning his career in the audit and tax divisions of large accounting firms, Petoia served a number of service and technology businesses as chief financial officer or chief operating officer, where he was responsible for all financial, operational, administrative and technology-related functions. His experience includes leading entities ranging from start-ups to $200 million. Most recently he led the sale of a field services company with operations in 13 states, where he served as chief financial officer for the business. Petoia earned his undergraduate degree from Fairleigh Dickinson University, Magna Cum Laude, and is a licensed CPA in the State of New Jersey.
Other members of the executive management team remain in place, including Gerald J. Smith, chief executive officer, and Michele Langston, vice president of marketing and distribution. Dial BioSciences, LLC has national coverage for mold prevention services, with locations in the Northeast and Florida. For more information about Dial BioSciences’ approach to eliminating mold and preventing regrowth, visit www.dialbio.com or call 877-844-5718.
About Dial Environmental
Dial Environmental is the parent company to Dial Pest Control ® , Dial Lawn Watch ® , Dial Moldcure Pro ® and Dial BioSciences ® . Headquartered in Roseland, New Jersey, Dial Environmental specializes in providing families peace of mind by integrating technology with environmental responsibility to achieve greener lawns and pest and mold-free environments. Dial Environmental is recognized four consecutive years in a row as a “Best of Essex” service provider.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005741/en/
Dial BioSciences
Michele Langston, 877-844-5718
Vice President, Marketing & Distribution
mlangston@dialbio.com
Source: Dial BioSciences
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http://www.cnbc.com/2018/05/21/business-wire-dial-biosciencesa-expands-leadership-team-ahead-of-market-expansion.html
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May 28, 2018 / 5:18 AM / Updated an hour ago Malaysia's Maybank posts 10 pct rise in Q1 profit Reuters Staff 1 Min Read
KUALA LUMPUR, May 28 (Reuters) - Malayan Banking Bhd , Malaysia’s largest lender, on Monday reported a 10 percent rise in first-quarter profit, beating estimates, helped by a drop in expenses and allowances for impairment losses.
Maybank’s net profit in the quarter ended March was at 1.9 billion ringgit ($477.39 million), up from 1.7 billion ringgit a year ago. That compares to a 1.85 billion ringgit average estimate of two analysts surveyed by Thomson Reuters I/B/E/S. ($1 = 3.9800 ringgit) (Reporting by Liz Lee; Editing by Himani Sarkar)
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https://www.reuters.com/article/maybank-results/malaysias-maybank-posts-10-pct-rise-in-q1-profit-idUSL3N1SW22E
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Alexa is always listening and she talks 40 Mins Ago
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https://www.cnbc.com/video/2018/05/25/alexa-is-always-listening-and-she-talks.html
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May 9 (Reuters) - Collegium Pharmaceutical Inc:
* COLLEGIUM REPORTS FIRST QUARTER FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 LOSS PER SHARE $0.57 * Q1 REVENUE $63.7 MILLION VERSUS I/B/E/S VIEW $59.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.49 — THOMSON REUTERS I/B/E/S
* COLLEGIUM - BELIEVE EXISTING CASH RESOURCES, WITH EXPECTED CASH INFLOWS TO FUND OPERATING EXPENSES, DEBT SERVICE, CAPEX NEEDS AT LEAST INTO 2020 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-collegium-reports-q1-loss-per-shar/brief-collegium-reports-q1-loss-per-share-0-57-idUSASC0A12B
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May 3 (Reuters) - ORBCOMM Inc:
* Q1 LOSS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $-0.11 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our
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https://www.reuters.com/article/brief-orbcomm-reports-q1-loss-per-share/brief-orbcomm-reports-q1-loss-per-share-of-0-13-idUSASC09ZG4
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May 7 (Reuters) - Federated National Holding Co:
* FEDERATED NATIONAL HOLDING COMPANY REPORTS FIRST QUARTER OF 2018 RESULTS
* Q1 EARNINGS PER SHARE $0.58 * Q1 EARNINGS PER SHARE VIEW $0.45 — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE $0.64 EXCLUDING ITEMS * FEDERATED NATIONAL HOLDING - QTRLY NET PREMIUMS EARNED $82.1 MILLION VERSUS $81.7 MILLION Source text for Eikon:
Our
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https://www.reuters.com/article/brief-federated-national-holding-co-repo/brief-federated-national-holding-co-reports-q1-earnings-per-share-0-58-idUSASC0A05N
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May 24, 2018 / 11:02 PM / Updated an hour ago Wijnaldum hopes to fulfil dream with European title Reuters Staff 2 Min Read
(Reuters) - Helping Liverpool win a sixth European Cup in Kiev would be an accomplishment that Georginio Wijnaldum has dreamed about since the day he joined the club two years ago, the midfielder said. Soccer Football - Champions League - Liverpool Training - Anfield, Liverpool, Britain - May 21, 2018 Liverpool's Georginio Wijnaldum during training Action Images via Reuters/Carl Recine
Liverpool take on holders Real Madrid in Ukraine on Saturday and Dutch international Wijnaldum is eager to join the ranks of Liverpool players to have won Europe’s elite club competition.
“It’s true, when I came here I was dreaming of moments like this,” Wijnaldum, who arrived at Liverpool from Newcastle United in 2016, told reporters. “When I came here, I wanted to help this club win more trophies than they already have.”
No one in the current squad has played in a Champions League final before and the 27-year-old is acutely aware that a victory on Saturday would only represent a tiny fraction of the success some of the club legends have achieved in the past.
“There are players here that won a lot, they are legends. If you take Kenny Dalglish I don’t think one Champions League win will put you up there with him,” he added. Soccer Football - Champions League Semi Final Second Leg - AS Roma v Liverpool - Stadio Olimpico, Rome, Italy - May 2, 2018 Liverpool's Georginio Wijnaldum scores their second goal REUTERS/Alberto Lingria
“You have to play a lot more games, win a lot more trophies then you will come up with the big legends. Of course, if you win a Champions League (it’s historic). How many players can say they’ve won a Champions League? There are not a lot.”
Wijnaldum has played 11 games in the competition this season and his versatility across the midfield has been fully utilised by German manager Juergen Klopp.
“I have learned to play in a lot of positions. I have played in the holding role, the number six position more than I used to,” Wijnaldum added.
“It’s gone well. It gives the manager an extra option... you have to learn the position and I’m still learning in all the positions he has put me so I can grow more.”
Saturday’s clash at Kiev’s Olympic Stadium is a repeat of the 1981 final, when Liverpool prevailed 1-0 in Paris. Liverpool are looking to deny Real a 13th title and a third in a row. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien
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https://uk.reuters.com/article/uk-soccer-champions-final-wijnaldum/wijnaldum-hopes-to-fulfil-dream-with-european-title-idUKKCN1IP3S1
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May 24 (Reuters) - Reliance Worldwide Corp Ltd is buying the U.K.’s John Guest Holdings Ltd for A$1.22 billion ($922.93 million), the Australian plumbing fittings maker said on Thursday.
Reliance said in a statement that the purchase price would be supported by raising equity of up to A$1.10 billion.
U.K.-headquartered John Guest is a maker of plastic “push-to-connect” (PTC) fittings.
$1 = 1.3219 Australian dollars Reporting by Aaron Saldanha in Bengaluru
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https://www.reuters.com/article/john-guest-holdings-ma-rwc/australias-reliance-worldwide-buys-uks-john-guest-for-922-9-mln-statement-idUSL3N1SU6FB
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May 9, 2018 / 7:48 AM / Updated 8 hours ago Pakistan's Malik wants to play on until 2020 World T20
(Reuters) - Pakistan all-rounder Shoaib Malik has set his sights on playing at least until the 2020 World Twenty20 and the 36-year-old is aware that he will have to perform consistently to achieve that goal. FILE PHOTO: Britain Cricket - Pakistan v India - 2017 ICC Champions Trophy Final - The Oval - June 18, 2017 Pakistan's Shoaib Malik in action Action Images via Reuters / Paul Childs Livepic
The former Pakistan captain retired from test cricket at the end of 2015, three tests after earning a shock return to the side after a gap of five years.
He has, however, been a regular member of Pakistan’s limited-overs side.
“The 2019 World Cup, 50-over cricket, is my last World Cup, but I want to play in the World T20 in 2020, that is my goal for Twenty20 cricket,” Malik said in a statement from the Caribbean Premier League T20 tournament.
“These are the two big goals which I’m looking at – let’s see how it goes. If I’m consistently performing then I want to play these two World Cups.”
A middle order batsman and also bowls off-spin, Malik played 35 tests for Pakistan and has represented the team in 261 one-day internationals and 95 Twenty20 matches.
He played for the Barbados Tridents in the CPL for the last five years but has now joined the Guyana Amazon Warriors for the 2018 edition, which will run from Aug. 8-Sept. 16.
“Guyana is more like you’re playing in the sub-continent I think,” said Malik, who has also played in the Indian Premier League and Australia’s Big Bash League.
“But on that particular day performance is the key of any cricketer and that’s what I’m looking for.
“Obviously, if you’re playing for a new team the expectations are a lot from you. When they have seen someone that did well for a longer run the expectations are obviously high.” Reporting by Sudipto Ganguly in Mumbai; editing by Amlan Chakraborty
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ashraq/financial-news-articles
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https://uk.reuters.com/article/uk-cricket-pakistan-malik/pakistans-malik-wants-to-play-on-until-2020-world-t20-idUKKBN1IA0US
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May 15 (Reuters) - Five Star Senior Living Inc:
* Q1 REVENUE FELL 2.8 PERCENT TO $274.5 MILLION * FIVE STAR SENIOR - OCCUPANCY AT OWNED AND LEASED SENIOR LIVING COMMUNITIES FOR Q1 WAS 81.7% COMPARED TO 83.6% FOR SAME PERIOD IN 2017 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles.
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ashraq/financial-news-articles
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https://www.reuters.com/article/brief-five-star-senior-living-q1-loss-pe/brief-five-star-senior-living-q1-loss-per-share-0-16-idUSASC0A27S
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Flat tax worth giving a try in Italy, analyst says 7 Hours Ago
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ashraq/financial-news-articles
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https://www.cnbc.com/video/2018/05/14/flat-tax-worth-giving-a-try-in-italy-analyst-says.html
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BEIJING—A unit of Taiwan’s contract electronics manufacturer Foxconn Technology Group said it plans to raise 27.1 billion yuan, or $4.25 billion, through an initial public offering in Shanghai, potentially marking China’s biggest IPO since 2015.
Shenzhen-based Foxconn Industrial Internet Co., assembles Apple Inc.’s iPhones according to people familiar with the matter, as well as cloud-computing and telecommunication-network equipment. It will offer 1.97 billion shares for 13.77 yuan each, the company said in a prospectus filed... To Read the Full Story Subscribe Sign In
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ashraq/financial-news-articles
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https://www.wsj.com/articles/foxconn-unit-plans-chinas-biggest-ipo-since-2015-1527050915
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EditorsNote: adds details about Triggs
Khris Davis had a two-run homer among his four hits, Matt Olson had a three-run homer and Matt Chapman hit a two-run blast as the visiting Oakland Athletics defeated the Toronto Blue Jays 10-5 on Thursday night.
Davis also was hit by a pitch to reach base in all of his five plate appearances in the opener of a four-game series.
Reliever Yusmeiro Petit (1-0), Oakland’s third pitcher in the game, held Toronto to one hit and one walk and had one strikeout in 2 2/3 innings to earn the win.
Oakland starter Andrew Triggs left the game in the third inning due to right forearm nerve discomfort. He allowed one run, one hit and two walks with a strikeout in 2 1/3 innings. He was replaced by Santiago Casilla, who allowed three runs, three hits and two walks in two innings.
Triggs, who said he experienced numbness in his right thumb and index and middle fingers much of the outing, is being sent back to the Bay Area to be examined.
Toronto starter Aaron Sanchez (2-4) allowed four runs, five hits and four walks while striking out eight in four-plus innings.
The Blue Jays led 1-0 in the second after Kevin Pillar doubled, took third on Russell Martin’s flyout and scored on a fielder’s choice grounder to second by Kendrys Morales.
Oakland scored three in the third. Matt Joyce singled and scored on Jed Lowrie’s double, and Davis hit his 13th homer of the season.
The A’s added four in the fifth. Sanchez was lifted after walking Lowrie to lead off the inning. Seung Hwan Oh replaced him and allowed a single to Davis and the seventh homer of the season to Olson. Chapman doubled and scored on Dustin Fowler’s single.
Toronto scored three in the bottom of the fifth. Richard Urena singled, Curtis Granderson walked, and Justin Smoak hit an RBI double. Petit replaced Casilla and allowed Yangervis Solarte’s RBI single and Pillar’s sacrifice fly.
Toronto reliever John Axford hit Davis with a pitch and gave up Chapman’s eighth homer of the season in the sixth, and Oakland led 9-4.
Oakland’s Ryan Dull walked Martin and allowed a single to Dwight Smith Jr. in the eighth before Lou Trivino replaced him with two outs. Urena singled to load the bases, and Granderson walked to force in a run.
Oakland scored an unearned run in the ninth against Jake Petricka on a single by Marcus Semien, a passed ball and an RBI single by Lowrie.
—Field Level Media
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ashraq/financial-news-articles
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https://www.reuters.com/article/baseball-mlb-tor-oak-recap/davis-big-day-at-plate-helps-lead-as-past-blue-jays-idUSMTZEE5IWLIKLF
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* Brent futures at highest since November 2014
* Global inventories expected to fall further
* OPEC cuts and looming U.S. sanctions on Iran lift Brent
* Shell halts exports from major Nigerian pipeline (Updates prices)
NEW YORK, May 17 (Reuters) - Oil prices pulled back Thursday after climbing above $80 a barrel for the first time since November 2014, as dollar strength and strong U.S. crude production pumped the brakes on a rally driven by geopolitical concerns.
A "crisis fatigue" is setting in, and absent fresh headlines on Mideast tensions, the market is pulling back as rhetoric between Iran and Israel has calmed.
Brent crude futures reached an intraday high of $80.33 a barrel before turning netgative to trade down 4 cents at $79.24 a barrel by 1:57 p.m. EDT (1857 GMT).
U.S. West Texas Intermediate (WTI) crude futures were down 15 cents at $71.34 after also hitting their highest since November 2014, at $72.30 a barrel.
"Production is holding back West Texas Intermediate," said John Kilduff, partner at Again Capital in New York.
Geopolitical tensions provided a floor for the price, traders said.
"We are going to have reduced supplies from Iran in six months and Venezuela hasn't shown that they can stop the drop in their supplies," said Gene McGillian, vice president of research at Tradition Energy."
U.S. President Donald Trump's decision this month to withdraw from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC's third-largest producer has boosted oil prices.
France's Total warned on Wednesday that it might abandon a multibillion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal.
VENEZUELA DROP
A rapid decline in Venezuela's crude production has further roiled markets in recent months.
"The geopolitical noise and escalation fears are here to stay," said Norbert Rücker, head of macro and commodity research at Swiss bank Julius Baer. "Supply concerns are top of mind after the United States left the Iran nuclear deal."
Global inventories of crude oil and refined products dropped sharply in recent months owing to robust demand and OPEC-led production cuts.
Oil stocks were expected to drop further as the peak summer driving season nears, offsetting increases in U.S. shale output, Bernstein analysts said.
Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.
Further supporting prices, Royal Dutch Shell on Thursday said it was halting crude exports from a major Nigerian pipeline.
EVERYTHING BULLISH?
On the flip-side, however, high oil prices could hit consumption, the International Energy Agency warned on Wednesday as it lowered its global oil demand growth forecast for 2018 to 1.4 million barrels per day (bpd) from 1.5 million bpd.
The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd "this summer".
Leading production increases is the United States, where crude output <C-OUT-T-EIA> has soared by 27 percent in the last two years to a record 10.72 million bpd, putting it within reach of top producer Russia's 11 million bpd.
The result has been a widening difference between U.S. crude and benchmark Brent. WTI traded at $8.20 a barrel below Brent on Thursday, the most since April 2015.
(Additional reporting by Henning Gloystein in Singapore and Ron Bousso in London; editing by David Goodman and Cynthia Osterman)
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ashraq/financial-news-articles
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https://www.cnbc.com/2018/05/17/reuters-america-update-9-oil-retreats-from-multiyear-highs-as-dollar-strengthens.html
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SAN FRANCISCO, May 6 (Reuters) - Apple Inc was not the only one to leap on a chance to buy its stock at a fat discount last quarter as Warren Buffett stepped in to scoop up an additional 75 million shares for Berkshire Hathaway at the same time.
Between them - the two biggest players in the iPhone maker's shares - they bought nearly one of every 10 Apple shares traded during the quarter, according to Thomson Reuters calculations.
But the discount window did not stay open long, with Apple's stock back at a record high above $183 on Friday after trading in the mid-$150s for part of the first quarter.
The recovery in the share prices makes it less opportune for Apple's corporate treasury to execute purchases as it proceeds with an additional $100 billion of buybacks in an effort to further winnow down its mountain of cash.
Apple bought more than $23 billion of its own shares in the first three months of the year at an average price of $171.48, the company said this week. A Buffett representative on Friday confirmed Berkshire Hathaway increased its stake in Apple by 75 million shares, for which the company looks to have paid between $12 billion and $13 billion, based on the stock's trading range during the period.
Funds from the repatriation of Apple's $252 billion overseas cash hoard arrived at an convenient time for traders working on behalf of Apple. The Cupertino, California, company's massive share purchase in the March quarter coincided with a 10 percent slump in the S&P 500 between Jan 26 and Feb 8.
That drop raised fears across Wall Street that a nine-year bull market was ending and made it easier for big players amassing shares in a company to find willing sellers.
Apple shares fell even more than the broader market, tumbling over 13 percent from their record high close. But while the S&P 500 has remained in correction territory, Apple shares quickly recovered, and it seems the company and Berkshire were there to help.
Buffett, a billionaire bargain hunter, increased his company's stake to 240.3 million shares worth $42.5 billion during first quarter.
At its low in February, the stock was available for as little as $150, an 18 percent discount to its current price.
On more than a third of the trading days during the March quarter, Apple's stock traded below its volume weighted average price, or VWAP, for the prior 60 days.
On Feb 8, when it closed at $155.15, the low for the quarter, it was at a nearly 10 percent discount from its 60-day average VWAP. The stock had not been available at such a large discount to its prevailing average since May 2016, which happens to be when Buffett bought his first-ever shares of Apple.
At its close of $183.83 on Friday, however, Apple now stands at a premium of nearly 7 percent to its 60-day VWAP of $172.11.
Prior to last quarter, Apple's largest-ever quarterly repurchase occurred in early 2014, a year after it initiated its first $210 billion buyback program. The stock traded at a discount to its 60-day VWAP through much of the quarter, and Apple spent $18 billion to buy up its own shares, according to filings. (Reporting by Noel Randewich Editing by Dan Burns and Cynthia Osterman)
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ashraq/financial-news-articles
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https://www.cnbc.com/2018/05/06/reuters-america-apple-and-buffett-saw-value-and-acted.html
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DUBLIN, May 16 (Reuters) - Paddy Power Betfair is in discussions regarding a potential combination of its U.S. business and fantasy sports company Fanduel to target the prospective U.S. sports betting market, the bookmaker said on Wednesday.
The news follows a U.S. Supreme Court ruling on Monday that paved the way for states to legalise sports gambling and Paddy Power Betfair’s entry into the U.S. fantasy sports market last year with the acquisition of DRAFT for up to $48 million.
The Dublin-based group, which also runs the leading horse racing television and betting network in the United States and has an online casino business in New Jersey, said talks are ongoing and there was no certainty as to whether agreement will be reached. (Reporting by Padraic Halpin, editing by Louise Heavens)
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ashraq/financial-news-articles
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https://www.reuters.com/article/fanduel-ma-paddy-power/paddy-power-betfair-says-in-discussions-to-buy-fanduel-idUSASO0004VG
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May 30, 2018 / 4:16 PM / Updated 19 minutes ago Mapbox partners with Microsoft, Intel to provide self-driving car maps Stephen Nellis 3 Min Read
(Reuters) - Mapping startup Mapbox Inc said on Wednesday it is teaming up with Microsoft Corp, Intel Corp and Softbank Group Corp’s ARM Holdings chip unit to deepen its push into providing maps for self-driving cars. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Microsoft logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration
Mapbox does not make a mapping app itself. It instead competes against Alphabet Inc’s Google Maps and HERE Technologies, the map firm owned by a group of companies, to provide the underlying maps inside of other apps. Mapbox maps are found in Snap Inc’s messaging app and the Instacart grocery delivery app.
But the Washington, D.C.-founded startup, which has raised about $228 million from Softbank’s Vision Fund, DFJ Growth and others, has been pushing into providing tools for software developers who are making the software for self-driving cars.
“Our main focus has been in making maps for humans,” Chief Executive Officer Eric Gundersen told Reuters in an interview. But maps for self-driving cars are read by the cars’ computers and need more detailed data, he said.
At an event it held for software developers in San Francisco on Wednesday, Mapbox announced a handful of partnerships designed to make its technology more useful for self-driving cars.
One of Mapbox’s products is software that lets either a mobile phone or a car’s computer see the road as the car drives, picking out things like lanes or speed-limit signs. The company said it will weave that software together with an offering from Microsoft. FILE PHOTO: Intel logo is seen behind LED lights in this illustration taken January 5, 2018. REUTERS/Dado Ruvic/Illustration
The combination will let drivers in the car see real-time events like speed limit changes but then split off some of the camera data and send it to Microsoft’s cloud computer service, Azure. Once there, the data can be processed later by powerful servers to help improve the algorithms that help self-driving cars navigate.
Separately, Mapbox is also working with chipmaker ARM to optimize its self-driving vision software so features detected by ARM’s chips can be recognized as lanes, pedestrians and road signs even faster. In one form or another, ARM’s chips power the majority of mobile phones, tablets and other mobile computers that are making their way into cars.
Mapbox is also pairing with Intel’s Mobileye self-driving unit, which the chipmaker purchased last year for $15.3 billion.
Mobileye is building its own detailed database of road features that is stored in the cloud. Mapbox has built software that will live in cars to beam down Mobileye’s data without hogging up mobile data bandwidth. Cars that use the system will get a constant map ahead of about 200 meters (660 ft), providing a key backup to the car’s onboard sensors, the companies said.
(This version of the story has been refiled to add missing word “with” in headline) Reporting by Stephen Nellis; Editing by Marguerita Choy
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ashraq/financial-news-articles
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https://www.reuters.com/article/us-mapbox-partners/mapbox-partners-microsoft-intel-to-provide-self-driving-car-maps-idUSKCN1IV27A
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