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ROME (Reuters) - Italy’s Prime Minister-designate Carlo Cottarelli, a former International Monetary fund official tapped by the president to lead a government of technicians, said there may be a chance for parties to form a government, Italian news agencies reported.
FILE PHOTO: Former senior International Monetary Fund (IMF) official Carlo Cottarelli arrives to talk to the media after a meeting with Italy's President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 28, 2018. REUTERS/Tony Gentile/File Photo Cottarelli received a mandate to form a government two days ago, but no major parties have supported his efforts. In the meantime, Italy’s 5-Star Movement has renewed a push to form a coalition government with the far-right League.
Reporting by Steve Scherer
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https://www.reuters.com/article/us-italy-politics-cottarelli/italys-pm-designate-sees-possible-new-government-headed-by-politicians-ansa-idUSKCN1IV148
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May 3, 2018 / 1:25 PM / Updated 27 minutes ago Basque separatist group ETA says its journey has ended Reuters Staff 2 Min Read
GENEVA (Reuters) - Basque separatist group ETA said on Thursday it had completely dismantled and put an end to all its activity, ending a 60-year existence in which it killed some 850 people. FILE PHOTO: Basque separatist group ETA supporters wear masks to cover their faces as they hold up an ETA flag and raise their fists next to the coffin of alleged ETA leader Ignacia Ceberio during her funeral in her hometown of Lizarza June 7, 1998. REUTERS/Pablo Sanchez/File photo
In a letter read out at the headquarters of a Geneva-based conflict resolution group, ETA, founded to fight for an independent state in northern Spain and southern France, said its journey had ended.
“We have made this, our last decision, in order to foster a new historical phase,” said the letter, signed Euskadi Ta Askatasuna (ETA - Basque Country and Freedom in English).
“ETA was born from the people and now it dissolves back into the people,” said the letter, which was read by David Harland, executive director of the Centre for Humanitarian Dialogue.
In a letter dated April 16 and made public on Wednesday on news website El Diario, the group said it had completely dismantled all its structures. El Diario said the letter had been sent to Basque organisations including trade unions.
The group is due to formalise its dissolution at an official event in France on Friday. Reporting by Cecile Mantovani; Writing by Isla Binnie; Editing by Gareth Jones
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https://uk.reuters.com/article/uk-spain-eta/basque-separatist-group-eta-says-its-journey-has-ended-idUKKBN1I41L6
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LONDON, May 1 (Reuters) - Sainsbury’s and Asda, the two British supermarkets planning to merge, had the slowest sales of the “big four” chains in the 12 weeks to April 22, market data showed on Tuesday.
Sales at number two ranked Sainsbury’s rose 0.2 percent, while Asda, owned by Walmart, saw growth of 1.4 percent, Kantar Worldpanel said.
Current market leader Tesco had growth of 2.1 percent while sales at Morrisons were up 2.2 percent. (Reporting by Paul Sandle, editing by Sarah Young)
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https://www.reuters.com/article/britain-grocers-kantar/sainsburys-and-asda-sales-growth-lags-rivals-kantar-idUSS8N1RH009
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ROME (Reuters) - Former prime minister Silvio Berlusconi’s Forza Italia party cautioned its political allies on Monday against rushing toward an early election in July, saying it would be better to vote in the autumn.
FILE PHOTO: Forza Italia leader Silvio Berlusconi speaks following a talk with Italian President Sergio Mattarella at the Quirinale palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi Berlusconi’s main ally, the far-right League, called on Monday for a July ballot after efforts to form a coalition government and end two months of political deadlock failed.
“We are not afraid of an election, but a summer (vote) does not help turnout. Autumn is better,” Forza Italia said in a statement, adding that it needed to discuss the political situation with its partners.
Reporting by Crispian Balmer; Editing by Kevin Liffey
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https://www.reuters.com/article/us-italy-politics-berlusconi/italys-berlusconi-cautions-against-july-vote-says-autumn-better-idUSKBN1I822Y
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May 22, 2018 / 2:01 PM / Updated 2 hours ago RPT-Tennis-Stephens returns to Roland Garros with new attitude Reuters Staff
(Repeats story moved at 1400 GMT, no change in text)
By Frank Pingue
May 22 (Reuters) - Sloane Stephens has never enjoyed much success at the French Open but that could soon change when the American baseliner struts into Roland Garros this year for the first time as a grand slam champion.
Stephens has yet to get beyond the fourth round in six trips to Paris, but after collecting her maiden grand slam title at last year’s U.S. Open she brings a newfound belief that could get her over the hump on the clay courts of Roland Garros.
The 25-year-old American’s results on clay in the run-up to the French Open will hardly cause her opponents to shake in their boots but it is a sense of belonging as a reigning grand slam winner that could be what makes her most dangerous.
Stephens is more of a power player and often left frustrated on clay, even though her biography on the WTA’s website says the dirt is her favourite surface.
Clay has not been kind to Stephens this year. She fell in the third round at both the Italian and Madrid Opens along with a first-round loss in Stuttgart.
But Stephens is not one to worry about barren spells on the court. Following her U.S. Open final triumph over Madison Keys last September, she embarked on an eight-match losing streak that last till February this year.
“Tennis is definitely a roller coaster,” Stephens said. “But I have learned to just not panic. It will be OK.”
Stephens proved to be right as she went on to triumph at the Miami Open in March, a title that helped her break into the top 10 of the WTA rankings, to ninth, for the first time.
Of Stephens’ six career WTA titles, only one has come on clay and that was two years ago at Charleston. Since then she has not had even a sniff at a title on clay but will be raring to go at the year’s second grand slam.
Stephens missed last year’s French Open while sidelined for 10 months with a foot injury that required surgery.
But the U.S. Open and Miami titles that she collected since her return to competition have shown that she is not suffering any ill effects from the injury, and with the right frame of mind could be in for a memorable fortnight at Roland Garros. (Reporting by Frank Pingue in Toronto Editing by Amlan Chakraborty and Pritha Sarkar)
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https://uk.reuters.com/article/tennis-frenchopen-stephens/rpt-tennis-stephens-returns-to-roland-garros-with-new-attitude-idUKL2N1SM2NQ
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LIVERMORE, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq:FORM) today announced its financial results for fiscal 2018 ended March 31, 2018. Quarterly revenues were $118.3 million, down 10.3% from $131.9 million reported in the fourth quarter of fiscal 2017, and down 8.2% from $128.8 million reported in fiscal 2017.
Strong probe card demand in Foundry and Logic, aside from delay in large customer's ramp Robust probe card DRAM demand Continued momentum in Engineering Systems business
Mike Slessor, CEO of FormFactor, Inc. said, “Despite an anticipated reduction in revenues from delays in the 10-nanometer node at our largest customer, we realized the benefits of our opportunity set as a diversified leader in electrical test and measurement and delivered revenue and non-GAAP earnings-per-share at the top end of our outlook range.”
First Quarter Highlights
On a GAAP basis, net income for fiscal 2018 was $2.1 million, or $0.03 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2017 of $5.6 million, or $0.07 per fully-diluted share, and net income for fiscal 2017 of $5.2 million, or $0.07 per fully-diluted share. The company reported first quarter gross margin of 38.2%, compared with 36.9% in the fourth quarter of 2017, and 36.9% in 2017.
On a non-GAAP basis, net income for fiscal 2018 was $12.7 million, or $0.17 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2017 of $18.0 million, or $0.24 per fully-diluted share, and net income for fiscal 2017 of $17.3 million, or $0.24 per fully-diluted share. The company reported first quarter non-GAAP gross margin of 43.3%, compared with 41.8% in the fourth quarter of 2017, and 42.6% in 2017.
A reconciliation of GAAP to non-GAAP net income and net income per fully-diluted share, and GAAP to non-GAAP gross margin, is provided in the schedules included below.
Free cash flow for fiscal 2018 was $6.3 million, compared to free cash flow for the fourth quarter of 2017 of $23.5 million, and free cash flow for 2017 of $15.4 million. A reconciliation of net cash provided by operating activities to free cash flow is provided in the schedules included below.
Outlook
Dr. Slessor added, “In the second quarter, we expect strength across our businesses including a sequential increase in demand from our largest customer, resulting in improved results.”
For the second quarter ending on June 30, 2018, FormFactor is providing the following outlook*:
GAAP Reconciling Items** Non-GAAP Revenue $130 million to $138 million — $130 million to $138 million Gross margin 37% to 40% $6 million 42% to 45% Net income per diluted share $0.08 to $0.14 $0.12 $0.20 to $0.26
*This outlook assumes consistent foreign currency rates.
**Reconciling items are stock-based compensation and amortization of intangibles.
We posted our revenue breakdown by region and market segment on the Investor Relations section of our website at www.formfactor.com . We will conduct a conference call at 1:30 p.m. PDT, or 4:30 p.m. EDT, today.
The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our web site at www.formfactor.com . A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The telephone replay will be available through May 4, 2018, 7:30 p.m. Pacific Time, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 6187246. Additionally, the replay will be available on the Investor Relations section of our website, www.formfactor.com .
Use of Non-GAAP Financial Information:
To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP earnings per fully-diluted share, and non-GAAP gross margin, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three months ended March 31, 2018 and for outlook provided before, as well as for the comparable periods of fiscal 2017, are provided below, and on the Investor Relations section of our website at www.formfactor.com . Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management's reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our ” following the tables below.
About FormFactor:
FormFactor, Inc. (NASDAQ:FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com .
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date hereof, and are subject to a number of risks beyond the Company’s control, that could cause actual results to those described in the forward-looking statements. These forward-looking statements include, but are not limited to statements regarding future financial and operating results, customer demand, conditions in the semiconductor industry, and growth opportunities, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; the speed of customer implementation of new technologies; industry seasonality; risks to the Company’s ability to realize operational efficiencies; changes macro-economic environments; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 April 1, 2017 Revenues $ 118,290 $ 128,829 Cost of revenues 73,161 81,258 Gross profit 45,129 47,571 Operating expenses: Research and development 18,046 17,414 Selling, general and administrative 23,449 22,829 Restructuring and impairment charges — 269 Total operating expenses 41,495 40,512 Operating income 3,634 7,059 Interest income 257 67 Interest expense (967 ) (1,174 ) Other expense, net (512 ) (400 ) Income before income taxes 2,412 5,552 Provision for income taxes 287 367 Net income $ 2,125 $ 5,185 Net income per share: Basic $ 0.03 $ 0.07 Diluted $ 0.03 $ 0.07 Weighted-average number of shares used in per share calculations: Basic 72,826 71,423 Diluted 74,342 72,922
FORMFACTOR, INC.
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 December 30, 2017 April 1, 2017 GAAP net income $ 2,125 $ 5,588 $ 5,185 Adjustments: Stock-based compensation 3,756 4,952 3,302 Restructuring and impairment charges, net — 481 269 Acquisition and integration related expenses — 782 588 Amortization of intangibles 7,194 7,515 8,540 Contingencies — — (206 ) Benefit from U.S. tax reform — (2,053 ) — Income tax effect of non-GAAP adjustments (425 ) 715 (427 ) Non-GAAP net income $ 12,650 $ 17,980 $ 17,251 Non-GAAP net income per share: Basic $ 0.17 $ 0.25 $ 0.24 Diluted $ 0.17 $ 0.24 $ 0.24 Weighted-average number of shares used in per share calculations: Basic 72,826 72,846 71,423 Diluted 74,342 74,756 72,922
FORMFACTOR, INC.
RECONCILIATION OF GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31, 2018 Three Months Ended
December 30, 2017 Three Months Ended
April 1, 2017 Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin GAAP Gross Profit/Margin $ 45,129 38.2% $ 48,629 36.9% $ 47,571 36.9% Adjustments: Amortization of intangibles 5,157 4.3% 5,473 4.1% 6,515 5.0% Stock-based compensation 920 0.8% 1,000 0.7% 854 0.7% Acquisition and integration related expenses — —% 68 0.1% — —% Contingencies — —% — —% (30 ) —% Non-GAAP Gross Profit/Margin $ 51,206 43.3% $ 55,170 41.8% $ 54,940 42.6%
FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
Three Months Ended March 31, 2018 December 30, 2017 April 1, 2017 Net cash provided by operating activities $ 9,322 $ 26,455 $ 17,803 Adjustments: Cash paid for interest 826 863 1,016 Capital expenditures (3,831 ) (3,838 ) (3,465 ) Free cash flow $ 6,317 $ 23,480 $ 15,354
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31,
2018 December 30,
2017 ASSETS Current assets: Cash and cash equivalents $ 93,699 $ 91,184 Marketable securities 48,370 48,988 Accounts receivable, net of allowance for doubtful accounts of $200 and $200 78,524 81,515 Inventories, net 73,780 67,848 Restricted cash 663 372 Refundable income taxes 2,307 2,242 Prepaid expenses and other current assets 14,452 13,705 Total current assets 311,795 305,854 Restricted cash 1,020 1,170 Property, plant and equipment, net of accumulated depreciation and amortization of $259,608 and $255,755 47,851 46,754 Goodwill 190,367 189,920 Intangibles, net 90,649 97,484 Deferred tax assets 3,145 3,133 Other assets 1,361 2,259 Total assets $ 646,188 $ 646,574 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 38,889 $ 35,046 Accrued liabilities 23,496 33,694 Current portion of term loan, net of unamortized issuance cost of $270 and $307 29,730 18,443 Deferred revenue 4,515 4,978 96,630 92,161 Term loan, less current portion, net of unamortized issuance cost of $185 and $272 67,315 87,228 Deferred tax liabilities 3,487 3,379 Deferred rent and other liabilities 7,746 5,169 Total liabilities 175,178 187,937 Stockholders’ equity: Common stock and capital in excess of par value 851,323 843,189 Accumulated other comprehensive income 5,185 3,021 Accumulated deficit (385,498 ) (387,573 ) Total stockholders’ equity 471,010 458,637 Total liabilities and stockholders’ equity $ 646,188 $ 646,574
About our :
We believe that the presentation of non-GAAP net income, non-GAAP earnings per fully-diluted share, non-GAAP gross margin, and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP earnings per fully-diluted share, and non-GAAP gross margin are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP earnings per fully-diluted share, and non-GAAP gross margin when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our company. We compute non-GAAP net income, non-GAAP fully-diluted earnings per share, and non-GAAP gross margin, by adjusting GAAP net income, GAAP earnings per fully-diluted share, and GAAP gross margin to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, earnings per fully-diluted share, or gross margin prepared in accordance with GAAP. Non- have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP earnings per fully-diluted share, and non-GAAP gross margin should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Reconciliation of GAAP Net Income to Non-GAAP Net Income”, "Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin", and “Reconciliation of Cash Provided By Operating Activities to Free Cash Flow” included in this press release.
Source: FormFactor, Inc.
FORM-F
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com
Source:FormFactor, Inc.
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http://www.cnbc.com/2018/05/02/globe-newswire-formfactor-inc-reports-2018-first-quarter-results.html
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May 24, 2018 / 2:55 PM / Updated 31 minutes ago Kosovo doctors' organ trafficking convictions confirmed Fatos Bytyci 2 Min Read
PRISTINA (Reuters) - Two Kosovo doctors were convicted for a second time on Thursday of involvement in an organ trafficking ring that performed illegal kidney transplants at a clinic near the capital Pristina.
The defendants had been convicted in 2013 but a higher court ordered a retrial in 2016.
The director of the Medicus clinic, urologist Lutfi Dervishi, had his sentence reduced by six months to seven-and-a half years. Anaesthetist Sokol Hajdini had his sentence cut to one year from three.
Dervishi’s son, Arban, who was jailed for seven years, could not be included in the retrial because he is in hiding.
Judge Franciska Fiser said the defendants had recruited at least seven donors by advertising on the internet “and operated on them at the Medicus clinic with the aim of obtaining their organs, kidneys, for the purpose of exploitation”.
Fiser is a member of the European Union’s EULEX police and justice mission, which since 2008 been helping to develop Kosovo’s justice system by handling sensitive cases such as war crimes, organised crime and corruption.
Donors from Turkey and poor parts of the former Soviet Union were promised 10,000-12,000 euros for their kidneys, while recipients, mainly Israelis, paid 70,000-110,000 euros for the organs.
The organ case is the highest-profile brief handled by EULEX, whose mission ends in June. Independent law monitors fear that local judges may seek to retry some sensitive cases. Reporting by Fatos Bytyci; Editing by Kevin Liffey
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https://uk.reuters.com/article/uk-kosovo-organ-trafficking/kosovo-doctors-organ-trafficking-convictions-confirmed-idUKKCN1IP2KI
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May 29, 2018 / 9:21 AM / Updated an hour ago WHO's Congo Ebola plan assumes 100-300 cases over three months Tom Miles 3 Min Read
GENEVA (Reuters) - The World Health Organization assumes 100-300 cases of Ebola in Democratic Republic of Congo between May and July, under a revised response plan to the outbreak that it published on Tuesday.
An earlier version of the plan, based on information to May 15, had assumed 80-100 cases.
The WHO says the new figure is not a prediction but part of its modelling to plan and budget for a response.
Congo’s Health Ministry said late on Monday there had been 54 cases of Ebola in the outbreak - 35 confirmed, 13 probable and six suspected - and 25 deaths. There have been no deaths or new confirmed cases in the past two days.
The deadly virus spreads easily through bodily fluids and eight previous outbreaks in Congo have claimed between 1 and 256 lives. A West African outbreak that began in late 2013 killed 11,300 before being brought under control in 2016.
The WHO’s plan for Congo assumes each rural Ebola case would have 10 potentially infected contacts and each urban case would have 30. As of May 26, there were 906 contacts being followed, WHO spokesman Tarik Jasarevic said. Related Coverage Almost all in Congo city at immediate risk of Ebola now vaccinated - WHO
Identifying contacts is crucial for stopping the spread of the disease. Health workers hope to vaccinate every contact to effectively ringfence each Ebola patient and prevent further spread.
The WHO estimates 1,000 people move each day through major points of entry connected to Bikoro health zone, the remote area of Equateur province where the outbreak was first declared. Around 50 per day go by boat from Bikoro to neighbouring Republic of Congo.
Since the plan was written, the disease has spread to the provincial capital Mbandaka, with an estimated population of 1.5 million people, and WHO has more than doubled its response budget, to $56 million from an initial $26 million.
The plan also sets out targets for the disease response, including that 100 percent of new cases should come from known contacts and none of the cases should be health care workers.
Zero contacts should be lost, and all people who die from suspected or probable Ebola should be buried in a safe way, to prevent the infection spreading.
The case fatality ratio for all confirmed cases admitted into Ebola treatment centres should be less than 50 percent, it said. Reporting by Tom Miles; editing by John Stonestreet
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https://uk.reuters.com/article/uk-health-ebola/whos-congo-ebola-plan-assumes-100-300-cases-over-three-months-idUKKCN1IU0XF
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WINNIPEG, Manitoba, May 24, 2018 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (TSX-V:EIL) today reported its unaudited consolidated financial results for the quarter ended March 31, 2018. The unaudited consolidated financial statements and MD&A have been filed on SEDAR and can be viewed at sedar.com or at empind.com .
“We are getting back on track after a disappointing end to 2017,” stated Guy Nelson, Executive Chairman and Chief Executive Officer. “The steps we’ve taken to improve our operations have already begun to positively impact our results, and we expect that to accelerate throughout 2018 and beyond. Our recently announced private placement is scheduled to close in 2Q18. This will ensure we continue to have the financial depth to undertake the major projects we have underway.”
Summary of first quarter 2018 consolidated results
Contract Backlog as of March 31, 2018 was $214 million, down 7% from $230 million at December 31, 2017. The Company expects its backlog to reach new record levels when the first two ride system contracts are executed under the previously announced strategic cooperation agreement with an Asian theme park owner. Revenues increased by $1.3 million (4%), to $33.7 million, from $32.4 million in 1Q17 Adjusted EBITDA decreased by $1.6 million (52.3%), to $1.5 million from $3.1 million in 1Q17. Net loss increased by $1.0 million to $0.8 million from net income of $0.2 million in 1Q17.
Summary of First Quarter 2018 Consolidated Financial Results
For the quarter ended March 31
($ millions except share price and per share amounts) Q1
2018 Q1
2017 Revenue 33.7 32.4 Adjusted EBITDA ($) 1 1.5 3.1 Adjusted EBIT ($) 1 0.0 2.0 Net income (loss) from all operations (0.8 ) 0.2
Financial Position (at March 31, 2018 ) Total assets 95.5 75.3 Shareholders’ equity 20.1 20.3
Per Share Information (Basic & Diluted) Income per share – basic & diluted (0.01 ) 0.02 1 Adjusted earnings (loss) before interest, tax, depreciation and amortization (Adjusted EBITDA) is not defined by IFRS. The definition of Adjusted EBITDA does not take into account the Company’s share of profit of an associate investment, gains and losses on the disposal of assets, fair value changes in foreign currency forward contracts and non-cash components of stock based compensation. Adjusted EBIT is the result of the Company’s Adjusted EBITDA less depreciation and amortization expenses. While not IFRS measures, Adjusted EBITDA and Adjusted EBIT are used by management, creditors, analysts, investors and other financial stakeholders to assess the Company’s performance and management from a financial and operational perspective.
About Empire Industries Ltd.
Empire focuses on designing, supplying, and installing premium theme park, media-based attractions and ride systems for the global entertainment industry. Empire also uses these same turn-key integration services for special projects such as large optical telescopes and enclosures. Through Empire’s execution of its strategy over the years, Empire owns several non-entertainment investments that it seeks to optimize and liquidate at the appropriate time. Empire’s equity holding in Tornado falls into this category. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit empind.com or contact:
Guy Nelson
Chief Executive Officer
Phone: (416) 366-7977
Email: gnelson@empind.com Allan Francis
Vice President – Corporate Affairs and Administration
Phone: (204) 589-9301
Email: afrancis@empind.com Conference Call Information
Empire’s management team will be holding an investor/analyst conference call to discuss the first quarter 2018 results and the outlook for the company. The call-in details are as follows:
Time/Date: Tuesday, May 29, 2018 at 11:00AM Eastern Time
Dial-in Number: 1-800-319-4610 (Canada/USA toll-free)
1-416-915-3239 (Toronto)
Callers should dial in 5 – 10 minutes prior to the scheduled start time and ask to join the Empire Industries First Quarter 2018 Results Conference Call. This call will be available for replay on our website ( http://empind.com/document_type/presentations/ ) or on the conference call provider’s website for 30 days:
International Toll (replay): +1-604-638-9010
Canada/USA Toll-free (replay): 1-800-319-6413
Replay Access Code: 2331
Reader Advisory
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Source: Empire Industries
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/24/globe-newswire-empire-industries-reports-1q18-results-and-conference-call-information.html
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IRVING, Texas, May 4, 2018 /PRNewswire/ -- Vistra Energy Corp. (NYSE: VST):
Highlights:
Completed merger with Dynegy on April 9, 2018 — ahead of schedule and without any required divestiture of ERCOT gas-fueled power plants Increased targeted EBITDA, free cash flow, and tax synergy value levers associated with the merger by nearly 60 percent:
($ in millions)
Oct. 2017
Estimate
May 2018
Estimate
Increase
Adjusted EBITDA Value Levers
$
350
$
500
$
150
After-Tax Adj. Free Cash Flow Value Levers
$
65
$
235
$
170
NPV of DYN NOLs and AMT Credit Refunds
$
500-600
$
750-850
$
250
Initiated 2018 and 2019 combined company guidance, provided 2018 illustrative guidance pro forma for a Jan. 1, 2018 merger close, and provided 2019 illustrative guidance pro forma for full run-rate of merger synergies; projections significantly higher than Vistra management's October 2017 forecast:
($ in millions)
2018E
Guidance
2018E
Illustrative 1
2019E
Guidance
2019E
Illustrative 1
Ongoing Ops. Adj. EBITDA 2
$
2,700 - 2,900
$
3,150 - 3,350
$
3,200 - 3,500
$3,275 - 3,575
Ongoing Ops. Adj. FCF 2
$
1,400 - 1,600
$
1,675 - 1,875
$
2,050 - 2,350
$2,150 - 2,450
1 2018E Illustrative guidance provided solely to give investors a full-year view of the earnings power of the combined company. 2019E Illustrative guidance provided solely to give investors a view of the earnings power of the combined company once the full run-rate of value levers is achieved. Such guidance is being provided for illustrative purposes only and does not reflect management's actual expectations for 2018 and 2019 performance.
2 Excludes results from the Asset Closure segment. Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. See the "Reg G Reconciliations" tables for further details.
Repurchased a portion of Odessa Power Plant earnout, with an expected earnings benefit (net of premium paid) of approximately $23 million in the aggregate forecasted to be realized over the next three years Grew retail customer counts and introduced new digital platform for multifamily customers Scheduled to reach commercial operations at 180 MW Upton County 2 solar facility on May 31, 2018 Repaid remaining $850 million principal amount of 6.75% senior notes due 2019 on May 1, 2018
Completed Merger with Dynegy and Increasing Value Lever and Synergy Targets
On April 9, 2018, Vistra Energy Corp. (NYSE: VST) closed its merger with Dynegy, Inc., creating the leading, lowest-cost integrated power company across the key competitive markets in the United States. Through the combination, Vistra has achieved earnings, geographic, and fuel diversification and transformed into a highly efficient, natural gas-centric power plant fleet with approximately 41,000 MW of capacity (84 percent of which is in the attractive ERCOT, PJM, and ISO-NE regions). In addition, Vistra has expanded its retail footprint and created a platform for further retail growth and integration, while maintaining a strong and liquid balance sheet – with an intention to de-lever to a 2.5 times net debt to EBITDA target by year-end 2019.
Vistra also believes the combination creates the opportunity to drive substantial value for shareholders through the anticipated realization of projected EBITDA and after-tax free cash flow value levers and tax synergies. Based on further, in-depth diligence undertaken since the merger was announced, Vistra is increasing its previously communicated adjusted EBITDA, adjusted free cash flow, and tax synergy value lever targets, as reflected in the table below.
($ in millions)
Oct. 2017
Estimate
May 2018
Estimate
Increase
Adjusted EBITDA Value Levers
$
350
$
500
$
150
After-Tax Adj. Free Cash Flow Value Levers
$
65
$
235
$
170
NPV of DYN NOLs and AMT Credit Refunds
$
500-600
$
750-850
$
250
Combined Company Guidance
Vistra is initiating 2018 and 2019 guidance reflecting the closing of the merger with Dynegy. Vistra's 2018 guidance reflects earnings and cash flow expectations of Vistra on a stand-alone basis for the period prior to April 9, 2018 and earnings and cash flow expectations on a combined-company basis for the period from April 9 through Dec. 31, 2018. The guidance assumes power price curves as of March 30, 2018 in all markets.
The combined company is projected to convert approximately 60 percent of its ongoing operations adjusted EBITDA to free cash flow on an annual basis, which far exceeds other commodity-based, capital-intensive industries, affording Vistra a broad range of capital allocation alternatives, including the potential to return capital to shareholders.
Vistra Energy Guidance
($ in millions)
2018E
2019E
Ongoing Operations Adjusted EBITDA 3
$
2,700 – 2,900
$
3,200 – 3,500
Ongoing Operations Adjusted Free Cash Flow 3
$
1,400 – 1,600
$
2,050 – 2,350
3 Excludes results from the Asset Closure Segment. Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. See the "Reg G Reconciliations" tables for further details.
Pro Forma Illustrative Guidance 4
Vistra is also providing illustrative guidance for 2018 and 2019. The 2018 illustrative guidance is pro forma for a merger close date of Jan. 1, 2018, which provides visibility into the hypothetical earnings power of the combined company for the full year and includes an estimate of value lever targets expected to be achieved in the first 12 months following the merger close. The 2019 illustrative guidance is pro forma for the full run-rate of value levers, providing a view of the potential earnings power of the combined company after all targeted merger value levers are realized. The illustrative guidance is provided for illustration purposes only and is not intended to replace Vistra's actual guidance set forth above.
Vistra Energy Illustrative Guidance
($ in millions)
2018E
Pro forma for 1-1-18
merger close
2019E
Pro forma for full run-
rate value lever estimates
Ongoing Operations Adjusted EBITDA 5
$
3,150 – 3,350
$
3,275 – 3,575
Ongoing Operations Adjusted Free Cash Flow 5
$
1,675 – 1,875
$
2,150 – 2,450
4 2018E Illustrative guidance provided solely to give investors a full-year view of the earnings power of the combined company. 2019E Illustrative guidance provided solely to give investors a view of the earnings power of the combined company once the full run-rate of value levers is achieved. Such guidance is being provided for illustrative purposes only and does not reflect management's actual expectations for 2018 and 2019 performance.
5 Excludes results from the Asset Closure Segment. Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. See the "Reg G Reconciliations" tables for further details.
Summary of Financial Results for the First Quarter Ended March 31, 2018 (in millions):
Three Months Ended March 31,
($ in millions)
2018
2017
Ongoing Operations Net Income (Loss) 6
$
(284)
$
91
Ongoing Operations Adjusted EBITDA 5
$
263
$
285
- excl. Odessa Earnout Buyback 5
$
284
$
285
6 Ongoing Operations includes Wholesale Generation, Retail Electricity, and Corporate and Other. It excludes the Asset Closure segment.
Vistra reported a net loss from its ongoing operations of $284 million for the three months ended March 31, 2018 as compared to net income from its ongoing operations of $91 of 2017. The quarter-over-quarter decrease was driven by $426 million of unrealized losses on wholesale hedge positions in 2018, reflecting sharply rising ERCOT forward power prices due principally to higher market heat rates.
Vistra reported adjusted EBITDA from its ongoing operations of $263 of 2018, exceeding expectations embedded in Vistra's stand-alone earnings guidance, versus $285 of 2017. The decrease was driven predominantly by a $21 million reduction in adjusted EBITDA related to Vistra's partial buyback of the Odessa Power Plant earnout for a three-year period, which is expected to generate an approximately $3 million and $23 million adjusted EBITDA benefit (net of the premium paid) for Vistra in 2018 and in the aggregate over the next three years, respectively. Operating and maintenance expenses were higher quarter over quarter as a result of outage expense timing. These impacts were partially offset by higher adjusted EBITDA from the retail segment due to favorable weather and lower SG&A expenses versus the first quarter of 2017.
Segment Results:
Table 1: Net Income / (Loss)
Three Months Ended March 31,
($ in millions)
2018
2017
Retail
$
771
$
(113)
Wholesale 7
$
(1,086)
$
303
Corporate / Other
$
31
$
(99)
Ongoing Operations
(284)
91
Asset Closure 7
$
(22)
$
(13)
Total
$
(306)
$
78
Table 2: Adjusted EBITDA
Three Months Ended March 31,
($ in millions)
2018
2017
Retail
$
194
$
177
Wholesale 7
$
70
$
105
Corporate
$
(1)
$
3
Ongoing Operations
263
285
Asset Closure 7
$
(22)
$
(9)
Total
$
241
$
276
7 In accordance with GAAP, 2017 results have been recast to reflect the introduction of the Asset Closure segment.
Retail: First quarter net income was $771 million, $884 million higher than first quarter 2017 results primarily due to unrealized gains on hedge positions with Vistra's wholesale segment driven by sharply rising ERCOT forward prices principally driven by higher market heat rates. Adjusted EBITDA totaled $194 million for the first quarter 2018 compared to $177 million during the same period in 2017, with the increase driven by comparatively favorable weather and lower SG&A expenses.
Wholesale: First quarter net loss was $1,086 million, $1,389 million lower than first quarter 2017 results primarily driven by unrealized losses of $1,069 million on wholesale positions with both retail affiliates and third-parties caused by sharply rising ERCOT forward power prices principally driven by higher market heat rates. Adjusted EBITDA totaled $70 million for the first quarter 2018 compared to $105 million during the same period in 2017 with the decrease driven by outage expense timing, as well as a $21 million reduction in adjusted EBITDA in February 2018 related to Vistra's partial buyback of the Odessa Power Plant earnout, which is expected to generate a $3 million and $23 million adjusted EBITDA benefit (net of the premium paid) for Vistra in 2018 and in the aggregate over the next three years, respectively. The partial buyback had a minimal impact on net income as the earnout is marked to market for GAAP reporting.
Asset Closure: First quarter net loss was $22 million, compared to a net loss of $13 of 2017, and first quarter 2018 Adjusted EBITDA totaled $(22) million compared to $(9) million during the same period in 2017. The decrease was primarily driven by lower contribution from assets that were retired throughout but were generating revenues for the entire first quarter of 2017.
Liquidity
Liquidity ($ in millions)
3/31/2018
(Pro forma for
merger close)
3/31/2018
(Vistra
stand-alone)
Cash
$
939
$
1,379
Revolver Availability
$
1,495
$
584
Term Loan C Availability
$
18
$
18
Total
$
2,452
$
1,981
As of March 31, 2018, on a stand-alone basis, Vistra had total available liquidity of approximately $1.981 billion, including cash and cash equivalents of $1.379 billion, $18 million in available letter of credit capacity under its term loan C facility, and $584 million of availability under its revolving credit facility, which remained undrawn but had $276 million of letters of credit outstanding as of March 31, 2018.
Assuming the merger had closed on March 31, 2018 and that Vistra utilized $864 million of cash to pay the principal and redemption premium for the remaining $850 million of legacy Dynegy 6.75% notes due November 2019, Vistra on a combined-company basis would have had approximately $2.452 billion of liquidity, including cash and cash equivalents of $939 million, $18 million in available letter of credit capacity under its term loan C facility, and $1,495 million of combined availability under its revolving credit facilities, which remained undrawn but had a cumulative $910 million of letters of credit outstanding as of March 31, 2018.
Earnings Conference Call
Vistra will host a conference call today, May 4, 2018, beginning at 8 a.m. EDT (7 a.m. CDT) to discuss these results and related matters. The live, listen-only webcast of the conference call and the accompanying slides that will be discussed on the call can be accessed via the investor relations section of Vistra's website at www.vistraenergy.com . A replay of the call will be available on the Vistra website for one year following the live event.
About Non-GAAP Financial Measures and Items Affecting Comparability
"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement obligations, reorganization items, and certain other items described from time to time in Vistra Energy's earnings releases),"adjusted free cash flow" (cash from operating activities excluding changes in margin deposits and working capital and adjusted for capital expenditures, other net investment activities, preferred stock dividends, and other items described from time to time in Vistra Energy's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from new Asset Closure segment) and "Ongoing Operations Adjusted Free Cash Flow" (adjusted free cash flow less cash flow from operating activities from new Asset Closure segment), are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra Energy's consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra Energy's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
Vistra Energy uses adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both net income prepared in accordance with GAAP and adjusted EBITDA. Vistra Energy uses adjusted free cash flow as a measure of liquidity and believes that analysis of its ability to service its cash obligations is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as adjusted free cash flow. Vistra Energy uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow as a measure of liquidity and Vistra Energy's management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra Energy's ongoing operations. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
Media
Allan Koenig
214-875-8004
Media.Relations@vistraenergy.com
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
About Vistra Energy
Vistra Energy (NYSE: VST) is a premier, integrated power company based in Irving, Texas, combining an innovative, customer-centric approach to retail with a focus on safe, reliable, and efficient power generation. Through its retail and generation businesses which include TXU Energy, Homefield Energy, Dynegy, and Luminant, Vistra operates in 12 states and six of the seven competitive markets in the U.S., with about 6,000 employees. Vistra's retail brands serve approximately 2.9 million residential, commercial, and industrial customers across five top retail states, and its generation fleet totals approximately 41,000 megawatts of highly efficient generation capacity, with a diverse portfolio of natural gas, nuclear, coal, and solar facilities.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes within the meaning of the Private Securities Litigation Reform Act of 1995. These , which are based on current expectations, estimates and projections about the industry and markets in which Vistra Energy Corp. ("Vistra Energy") operates and beliefs of and assumptions made by Vistra Energy's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra Energy. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to, "intends," "plans," "will likely," "unlikely," "believe," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "forecast," "goal," "objective," "guidance" and "outlook"),are . . Readers are cautioned not to place undue reliance on . Although Vistra Energy believes that in making any such forward-looking statement, Vistra Energy's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including but not limited to (i) the effect of the merger (the "Merger") on Vistra Energy's relationships with Vistra Energy's and Dynegy Inc.'s ("Dynegy") respective customers and their operating results and businesses generally (including the diversion of management time on integration-related issues); (ii) the risk that the credit ratings of the combined company or its subsidiaries are different from what Vistra Energy expects; (iii) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (iv) the ability of Vistra Energy to execute upon the contemplated strategic and performance initiatives (including the risk that Vistra Energy's and Dynegy's respective businesses will not be integrated successfully or that the cost savings, synergies and growth from the Merger will not be fully realized or may take longer than expected to realize); and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by Vistra Energy and Dynegy from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra Energy's and Dynegy's respective annual reports on Form 10-K for the fiscal year ended Dec. 31, 2017.
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra Energy will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra Energy assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
VISTRA ENERGY CORP.
CONDENSED STATEMENTS OF CONSOLIDATED INCOME (LOSS)
(Unaudited) (Millions of Dollars, Except Per Share Amounts)
Three Months Ended March 31,
2018
2017
Operating revenues
$
765
$
1,357
Fuel, purchased power costs and delivery fees
(650)
(683)
Operating costs
(194)
(214)
Depreciation and amortization
(153)
(170)
Selling, general and administrative expenses
(162)
(135)
Operating income (loss)
(394)
155
Other income
10
9
Other deductions
(2)
—
Interest expense and related charges
9
(24)
Impacts of Tax Receivable Agreement
(18)
(21)
Income (loss) before income taxes
(395)
119
Income tax benefit (expense)
89
(41)
Net income (loss)
$
(306)
$
78
Weighted average shares of common stock outstanding:
Basic
428,450,384
427,583,339
Diluted
428,450,384
427,800,350
Net income (loss) per weighted average share of common stock outstanding:
Basic
$
(0.71)
$
0.18
Diluted
$
(0.71)
$
0.18
VISTRA ENERGY CORP.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited) (Millions of Dollars)
Three Months Ended March 31,
2018
2017
Cash flows — operating activities:
Net income (loss)
$
(306)
$
78
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization
180
226
Deferred income tax (benefit) expense, net
(83)
42
Unrealized net (gain) loss from mark-to-market valuations of derivatives
356
(129)
Accretion expense
19
14
Impacts of Tax Receivable Agreement
18
21
Stock-based compensation
6
4
Other, net
7
(13)
Changes in operating assets and liabilities:
Margin deposits, net
(64)
113
Accrued interest
(11)
(31)
Accrued taxes
(69)
(73)
Accrued incentive plan
(50)
(73)
Other operating assets and liabilities
(25)
(38)
Cash (used in) provided by operating activities
(22)
141
Cash flows — financing activities:
Repayments/repurchases of debt
(10)
(13)
Other, net
1
(5)
Cash used in financing activities
(9)
(18)
Cash flows — investing activities:
Capital expenditures
(39)
(31)
Nuclear fuel purchases
(11)
(12)
Solar development expenditures
(21)
—
Proceeds from sales of nuclear decommissioning trust fund securities
46
79
Investments in nuclear decommissioning trust fund securities
(51)
(84)
Other, net
(1)
(3)
Cash used in investing activities
(77)
(51)
Net change in cash, cash equivalents and restricted cash
(108)
72
Cash, cash equivalents and restricted cash — beginning balance
2,046
1,588
Cash, cash equivalents and restricted cash — ending balance
$
1,938
$
1,660
VISTRA ENERGY CORP.
REG G RECONCILIATIONS - Q1 2018 ADJUSTED EBITDA
(Unaudited) (Millions of Dollars)
Three Months Ended March 31, 2018
Wholesale Generation
Retail
Electricity
Eliminations /
Corp & Other
Ongoing Operations Consolidated
Asset Closure
Vistra
Energy
Consolidated
Net income (loss)
$
(1,086)
$
771
$
31
$
(284)
$
(22)
$
(306)
Income tax expense (benefit)
—
—
(89)
(89)
—
(89)
Interest expense and related charges
8
—
(17)
(9)
—
(9)
Depreciation and amortization (a)
84
76
13
173
—
173
EBITDA before adjustments
$
(994)
$
847
$
(62)
$
(209)
$
(22)
$
(231)
Unrealized net (gain) loss resulting from hedging transactions
1,070
(655)
—
415
—
415
Fresh start accounting impacts
(2)
12
—
10
—
10
Impacts of Tax Receivable Agreement
—
—
18
18
—
18
Reorganization items and restructuring expenses
—
—
2
2
—
2
Non-cash compensation expenses
—
—
6
6
—
6
Transition and merger expenses
2
—
26
28
—
28
Other, net
(6)
(10)
9
(7)
—
(7)
Adjusted EBITDA
$
70
$
194
$
(1)
$
263
$
(22)
$
241
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/04/pr-newswire-vistra-energy-significantly-increases-merger-synergy-targets-announces-post-merger-financial-guidance-and-reports-first.html
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SAN FRANCISCO--(BUSINESS WIRE)-- Zynga Inc. (Nasdaq: ZNGA), a leading social game developer, today announced it has acquired privately-held mobile game developer Gram Games for $250 million in cash and a three-year earn out based on the team’s achievement of profitability goals that align with Zynga’s long-term growth plans. This acquisition brings to Zynga a talented team with a proven track record of developing highly engaging mobile games across multiple genres played by millions of people daily. Zynga expects its acquisition of Gram Games will be an additional catalyst to its growth and delivery of its long-term profitability targets.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180530005420/en/
Gram Games
Founded in 2012, Gram Games is an innovative mobile game developer with studios in London and Istanbul. Its talented team of 77 employees is focused on delivering high quality, deeply engaging entertainment experiences in the hyper-Casual and Puzzle genres. Their mobile games include nine titles that have collectively been downloaded more than 170 million times by players around the world. Gram Games’ live game portfolio is anchored by their hit game Merge Dragons! – which launched less than a year ago and broke into the Top 50 Grossing Game charts in the U.S. Apple App Store. The team also has the popular puzzle game 1010!, in addition to several other hyper-Casual games. The acquisition of Gram Games grows Zynga’s audience by 3 million mobile daily active users (DAU), and also expands Zynga’s new game pipeline by adding several exciting Gram Games titles in development for 2019 and beyond.
“We’ve been impressed by the unique culture that Gram Games has created, as well as their innovative approach to game making,” said Frank Gibeau, Zynga CEO. “By acquiring Gram Games, we’re expanding our portfolio of live game franchises, while also adding a number of exciting new starts to our pipeline of future games. In particular, we’re huge fans of Merge Dragons! and believe it has the potential to be a new forever franchise for Zynga.”
“We are proud to join Zynga and combine Gram Games’ unique culture, talented team and hit games with Zynga’s world-class organization,” said Mehmet Ecevit, Gram Games CEO. “We believe deeply in Zynga’s mission to connect the world through games and are excited to work with Frank and the rest of the Zynga team on our next phase of growth.”
“Gram Games helped define the hyper-Casual genre with games like 1010! and Six!, and we continued to grow our footprint with Merge Dragons!,” said Kaan Karamanci, Co-founder of Gram Games. “We look forward to marrying our unique approach to game making with Zynga’s live services expertise to grow our games and continue to delight millions of players around the world.”
The acquisition of Gram Games aligns with Zynga’s strategic priorities to grow its live services, create new forever franchises and build out its capabilities on emerging platforms. Looking ahead, Zynga will apply its live services expertise to grow the Gram Games portfolio through innovative bold beats that deepen engagement with existing and new players. Zynga also expects to bring its Studio Operations and Publishing organization expertise to Gram Games, with a focus on achieving greater levels of success and scale through improved user acquisition, advertising, network support and platform partner relations.
Q2 Guidance Update
Following the close of this acquisition on May 25, 2018, Zynga has commenced recognition of Gram Games’ financial performance in its consolidated results. Accordingly, Zynga is upgrading its Q2 guidance to reflect this incremental contribution from Gram Games.
Some additional context on Zynga’s updated guidance is as follows:
Zynga remains on track to deliver results, excluding the contribution from Gram Games, in line with its original Q2 guidance as communicated during Zynga’s Q1 2018 earnings call. For GAAP purposes, Zynga does not expect any significant revenue impact from Gram Games, as the expected bookings generated in Q2 of $10 million will be accounted for as an increase in deferred revenue and recognized as revenue in future quarters. Zynga expects a reduction to its Adjusted EBITDA of $8 million, as a result of the $10 million increase in deferred revenue partially offset by $2 million of expected operating contribution. Excluding the impact of deferred revenue, Zynga expects Gram Games to deliver margins in Q2 that meet their near-term margin goals.
A summary walk of Zynga’s updated Q2 guidance is as follows:
Original Updated Q2'18 Gram
Q2'18 (in thousands, except per share data) Guidance Games
Guidance GAAP
Revenue $ 208,000 $ 0 $ 208,000 (B)
Net increase in deferred revenue $ (10,000 ) $ (10,000 ) $ (20,000 ) Net (loss) income $ 1,000 $ (16,000 ) $ (15,000 ) Diluted share count (1) 900,000 (25,000 ) 875,000 Diluted net (loss) income per share $ 0.00 $ (0.02 ) $ (0.02 ) Non-GAAP Bookings $ 218,000 $ 10,000 $ 228,000 (A)
Adjusted EBITDA $ 27,000 $ (8,000 ) $ 19,000 Management Reporting = (A) - (B) Footnotes:
(1)
The decrease in diluted share count is due to our net earnings shifting to a loss position. This results in certain anti-dilutive shares being excluded from the calculation of EPS.
About Zynga Inc.
Since its founding in 2007, Zynga's mission has been to connect the world through games. To-date, more than 1 billion people have played Zynga's games across Web and mobile, including FarmVille, Zynga Poker, Words With Friends, Hit it Rich! Slots and CSR Racing. Zynga's games are available on a number of global platforms including Apple iOS, Google Android, Facebook and Zynga.com . The company is headquartered in San Francisco, Calif., and has additional offices in the U.S., Canada, U.K., Ireland, India, Turkey and Finland. Learn more about Zynga at https://www.zynga.com/blog or follow us on Twitter and Facebook .
About Gram Games
Gram Games is a mobile game development studio, committed to delivering high quality social games that create real bonds through play. Founded in 2012 with studios in London and Istanbul, Gram Games has built a team of industry professionals focused on creating engaging games for mobile platforms. The company has been backed by Hummingbird Ventures since its founding. For more information, visit www.gram.gs .
Forward Looking Statement
This release contains forward-looking statements, including those statements relating to our outlook for the second quarter under the heading "Q2 Guidance Update" and statements relating to, among other things: our ability to successfully integrate Gram Games’ operations with our own and achieve the intended benefits of the acquisition; our belief that Gram Games will be an additional catalyst for growth; our expectations in the future operations and profitability of the Gram Games business unit, including our belief that Merge Dragons! has the potential to be a forever franchise for Zynga; our ability to successfully launch new games and enhance existing games; the success of new product and feature launches and other special events; and our ability to achieve financial projections, including revenue, bookings, income and margin goals.
Forward-looking statements often include words such as "guidance," "outlook," "projected," "intends," "will," "anticipate," "believe," "target," "expect," and statements in the future tense are generally forward-looking. The achievement or success of the matters covered by such forward-looking statements involves significant risks, uncertainties, and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance. Undue reliance should not be placed on such forward-looking statements, which are based on information available to us on the date hereof. Although we are updating our previously given guidance, we assume no obligation to further update such statements. More information about factors that could affect our operating results are described in greater detail in our public filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained by visiting our Investor Relations web site at http://investor.zynga.com or the SEC's web site at www.sec.gov .
Non-GAAP Financial Measures
We have provided in this release certain non-GAAP financial measures to supplement our consolidated financial statements prepared in accordance with U.S. GAAP (our “GAAP financial statements”). Management uses non-GAAP financial measures internally in analyzing our financial results to assess operational performance and liquidity. Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
The presentation of our non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, our GAAP financial statements. We believe that both management and investors benefit from referring to our non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe our non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial measures we use in making operating decisions and because our investors and analysts use them to help assess the health of our business.
We have provided reconciliations of our non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures in the following tables. Because of the following limitations of our non-GAAP financial measures, you should consider the non-GAAP financial measures presented in this release with our GAAP financial statements.
Key limitations of our non-GAAP financial measures include:
Bookings does not reflect that we defer and recognize online game revenue and revenue from certain advertising transactions over the estimated average playing period of payers for durable virtual items or as consumed for consumable virtual items; Adjusted EBITDA does not include the impact of stock-based expense, acquisition-related transaction expenses, contingent consideration fair value adjustments, impairment of intangible assets, legal settlements and restructuring expense; Adjusted EBITDA does not reflect provisions for or benefits from income taxes and does not include other income (expense) net, which includes foreign exchange gains and losses, and interest income; and Adjusted EBITDA excludes depreciation and amortization of tangible and intangible assets. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future.
ZYNGA INC. RECONCILIATION OF GAAP TO NON-GAAP SECOND QUARTER 2018 GUIDANCE (UPDATED) (In thousands, except per share data, unaudited)
Second Quarter 2018 Reconciliation of Revenue to Bookings Revenue $ 208,000 Change in deferred revenue 20,000 Bookings $ 228,000 Reconciliation of Net Loss to Adjusted EBITDA Net loss $ (15,000) Provision for income taxes 6,000 Other income, net (3,000) Interest income (1,000) Depreciation and amortization 11,000 Stock-based compensation expense 18,000 Acquisition-related transaction expenses 2,000 Contingent consideration fair value adjustment 1,000 Adjusted EBITDA $ 19,000
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005420/en/
Zynga Inc.
Kelly Pakula
kpakula@zynga.com
Source: Zynga
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http://www.cnbc.com/2018/05/30/business-wire-zynga-acquires-leading-global-mobile-game-developer-gram-games-team-behind-hit-titles-merge-dragons-and-1010.html
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ROME (Reuters) - Italy’s Prime Minister-designate Carlo Cottarelli is considering giving up his mandate to form a government to open the way for an election as early as July 29, two party sources said on Tuesday.
A member of the Italian elite military unit Cuirassiers' Regiment, who are honour guards for the Italian president, stands guard inside the Qurinal palace before Carlo Cottarelli meeting with Italy's President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 29, 2018. REUTERS/Alessandro Bianchi Such a move would require President Sergio Mattarella to dissolve parliament in coming days. If there were to be a vote at the end of July, caretaker Prime Minister Paolo Gentiloni will stay in power until the vote, party sources said.
Reporting by Steve Scherer, editing by Gavin Jones
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https://www.reuters.com/article/us-italy-politics-cottarelli-election/italy-may-head-back-to-election-as-soon-as-july-29-sources-idUSKCN1IU22E
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May 4, 2018 / 12:15 PM / in 8 minutes Right-winger holds strong lead in Colombia presidential poll
BOGOTA (Reuters) - Right-wing candidate Ivan Duque held a healthy lead over rivals ahead of Colombia’s presidential election on May 27, with 38 percent of voters saying they planned to back him, a survey by Centro Nacional de Consultoría (CNC) showed on Friday.
Support for Duque, a protégé of former President Alvaro Uribe, was up 1 percent from CNC’s last survey in April, and steady or slightly below numbers from other polls.
Leftist candidate Gustavo Petro, a former M-19 rebel and former mayor of Bogota, was in second place with 25 percent, down four points from the last survey by CNC and down six points compared with a recent poll by Invamer.
Centrist Sergio Fajardo was third with 17 percent and support for center-right German Vargas Lleras was 7 percent. Reporting by Bogota newsroom; Editing by Jeffrey Benkoe
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https://www.reuters.com/article/us-colombia-election-polls/right-winger-holds-strong-lead-in-colombia-presidential-poll-idUSKBN1I51ET
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May 10 (Reuters) - CIM Commercial Trust Corp:
* CIM COMMERCIAL TRUST CORPORATION REPORTS 2018 FIRST QUARTER RESULTS
* Q1 FFO PER SHARE $0.23 * QTRLY NET LOSS AVAILABLE TO COMMON STOCKHOLDERS OF $0.07 PER DILUTED SHARE
* QTRLY REVENUE $48.4 MILLION VERSUS $66.9 MILLION Source text for Eikon: Further company coverage:
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Total revenue was $122.7 billion, an increase of $5.1 billion, or 4.4%. Excluding currency, total revenue was $120.7 billion, an increase of $3.2 billion, or 2.7%. GAAP EPS declined 28% and Adjusted EPS increased 14%. Walmart U.S. comp sales increased 2.1%, and comp traffic increased 0.8%. Sam’s Club comp sales increased 3.8% led by comp traffic growth of 5.6%. Tobacco sales negatively impacted comp sales by approximately 140 basis points. Net sales at Walmart International were $30.3 billion, an increase of 11.7%. Excluding currency, net sales were $28.3 billion, an increase of 4.5%. Eight of eleven markets posted positive comp sales, including our four largest markets. The company generated $5.2 billion in operating cash flow. Adjusted EPS excludes the impact of two items. The first item is an unrealized loss of $0.47 on the company’s equity investment in JD.com due to a change in accounting principles. The second item benefited EPS by $0.05 due to an adjustment in the provisional amount recorded in Q4 fiscal 2018 related to Tax Reform.
BENTONVILLE, Ark.--(BUSINESS WIRE)-- Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, nearly 270 million customers and members visit our more than 11,700 stores under 65 banners in 28 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com , on Facebook at http://facebook.com/ walmart and on Twitter at http://twitter.com/walmart .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180517005617/en/
Walmart reports Q1 FY19 earnings
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005617/en/
Walmart Inc.
Kary Brunner, 479-277-8782
Source: Walmart Inc.
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http://www.cnbc.com/2018/05/17/business-wire-walmart-u-s-q1-comps-grew-2-point-1-percent-and-walmart-u-s-ecommerce-sales-grew-33-percent-company-reports-q1-gaap-eps-of-0.html
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JERUSALEM, May 7 (Reuters) - Israeli chip manufacturer TowerJazz on Monday reported a deeper drop in quarterly net profit than expected but said it expected business to rebound during the rest of the year.
TowerJazz, which specialises in analogue chips used in cars, medical sensors and power management, earned $31.1 million excluding one-time items in the first quarter, down from $49.9 million a year earlier. Revenue fell to $312.7 million from $330.1 million.
The company was forecast to earn an adjusted net income of $43.8 million on revenue of $325 million, according to Thomson Reuters I/B/E/S.
It expects second-quarter revenue of $335 million and forecasts organic revenue growth of 25 percent for 2018.
Reporting by Steven Scheer, editing by Louise Heavens
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https://www.reuters.com/article/towerjazz-results/israeli-chipmaker-towerjazz-q1-profit-misses-estimates-idUSL8N1SD09Y
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(Reuters) - Akamai Technologies Inc topped analysts’ estimates for first-quarter revenue and profit on Monday as it reaped the benefits of an aggressive push to cloud security and its business of speeding up media content delivery stabilized.
The company also forecast current-quarter revenue and profit above Wall Street’s expectations, pushing its shares up 3.3 percent to $74 in extended trading.
Akamai’s traditional media content delivery business has remained under pressure as many of its large customers such as Apple Inc and Amazon.com Inc develop in-house capabilities to handle their web traffic.
Revenue from the big six internet platform customers fell 14 percent to $44 million in the first quarter, but overall media and carrier division revenue rose 6 percent to $316 million.
“The big six are now less than 7 percent of our revenue overall and they are no longer having the impact on our revenue growth that they did before,” Chief Executive Officer Tom Leighton told Reuters on a post earnings call.
Revenue from Akamai’s cloud security business surged 36 percent to $149 million. Sales growth in the unit has averaged about 33 percent in the last five quarters.
The results come after the company in March settled with activist hedge fund Elliott Management Corp and agreed to add two directors, including former Amazon.com chief information security officer Tom Killalea.
The company also set up a financial operation committee to lift its operating margin to 30 percent by 2020.
“With the recent involvement of Elliott Management, margins now look poised to reverse the downward trend seen over recent years,” Morgan Stanley analysts wrote in a pre-earnings note.
The company, which has already cut 5 percent of its global workforce, could announce reduction in facilities at its Analyst Day on June 26, Leighton said on a call with analysts.
Akamai forecast second-quarter revenue of $658 million to $670 million and adjusted profit of 79 cents to 83 cents per share.
Analysts on average had estimated revenue of $656.8 million and profit of 70 cents per share.
Revenue rose 11.4 percent to $668.7 million in the first quarter, beating estimate of $654 million
But net income fell 28 percent to $53.7 million on a $15 million restructuring charge and $23 million settlement related to a legal dispute.
Excluding items, earnings were 79 cents per share, topping estimate of 70 cents, according to Thomson Reuters I/B/E/S.
Reporting by Sonam Rai in Bengaluru: Editing by Arun Koyyur and Sriraj Kalluvila
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https://www.reuters.com/article/us-akamai-tech-results/akamai-results-beat-estimates-as-cloud-security-drives-growth-idUSKBN1I128O
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SAN MATEO, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Coupa Software (NASDAQ:COUP), a leader in business spend management (BSM), today announced that experienced business executive Hiroyuki Okuma has joined the company as its Japan country manager where he will be responsible for driving strategy, brand awareness, sales execution, partner alliances, and customer success.
Prior to Coupa, Okuma was responsible for sales and marketing in the application business CRM domain at Oracle Japan. Okuma helped launch the SaaS business at Oracle that targeted small and medium-sized businesses and large enterprises. Before Oracle, Okuma was a regional sales vice president at Salesforce in Japan where he contributed to the expansion of strategic solutions for the largest automotive group in Japan.
“Coupa is seeing measurable growth and adoption globally for its business spend management platform, and Japan offers another opportunity to build on this success since it is the third largest economy in the world,” Okuma said . “My number one goal is to help Japanese customers manage spend within their organizations. I am excited to spearhead the next stage of Coupa’s growth in the region.”
For more than 25 years, Okuma worked in various key leadership positions at IBM. He served as a sales executive for various sectors such as distribution, communications, government and industrial. Okuma also was responsible for sales in Japan for SMBs.
In addition, Okuma was in charge of business planning for IBM APAC. As a sales and operation manager, Okuma was responsible for solution planning and M&A support for the transportation travel business at IBM U.S. headquarters.
"Hiroyuki is a true business leader who has delivered significant value to Japanese customers for years,” said Steve Winter, chief revenue officer at Coupa . “I am confident that under his charge, Coupa can become a vital partner for Japanese organizations that seek a unified platform to thrive in today’s digital economy. I’m excited that he is on board at a time when there is tremendous opportunity across the Japanese market.”
For more information, click on https://www.coupa.com/ja/
About Coupa Software
Coupa Software (NASDAQ:COUP) is the cloud platform for business spend management (BSM). We deliver “Value as a Service” by helping our customers maximize their spend under management, achieve significant cost savings and drive profitability. Coupa provides a unified, cloud-based spend management platform that connects hundreds of organizations representing the Americas, EMEA, and APAC with millions of suppliers globally. The Coupa platform provides greater visibility into and control over how companies spend money. Customers – small, medium and large – have used the Coupa platform to bring billions of dollars in cumulative spend under management. Learn more at www.coupa.com . Read more on the Coupa Blog or follow @Coupa on Twitter .
Media inquiries:
Orlando De Bruce
Coupa Software
Global Public Relations
orlando.debruce@coupa.com
O (650) 485-8629
Source:Coupa Software Incorporated
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http://www.cnbc.com/2018/05/03/globe-newswire-coupa-hires-hiroyuki-okuma-as-country-head-in-japan.html
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May 24, 2018 / 8:00 AM / Updated 14 minutes ago French Q1 online retail sales rose 13 percent Reuters Staff
* French online retail sales reached 22.3 bln euros in Q1
* Survey showed nearly 47 pct of web users had bought food online
By Dominique Vidalon
PARIS, May 24 (Reuters) - Online retail sales in France rose 13 percent to 22.3 billion euros ($26.10 billion) in the first quarter, said the French E-Commerce Federation (Fevad), highlighting growth in a sector that has seen Amazon and others make in-roads.
Amazon bought grocery chain Whole Foods Market for $13.7 billion last year, and expectations that Amazon could focus next on Europe have spurred France’s top retail companies to improve their own online offerings.
The Fevad federation said on Thursday that some 37.4 million people made online purchases in the quarter, an increase of 893,000 from a year ago.
Sales generated on web-based marketplaces rose 12 percent, while sales via tablets and smartphones rose 25 percent.
The average value of the basket fell 4.5 percent to 65 euros in the first quarter, albeit with an increase in the frequency of purchases, added Fevad.
There were, on average, 10.7 online transactions per buyer in the first quarter, up from 9.4 in the year-ago quarter.
Three of the most visited e-commerce websites in France are Amazon, CDiscount which is owned by French retailer Casino , and book and CD retail chain Fnac Darty.
In 2017, E-commerce represented 8.7 per cent of overall French retail sales, up from 7.7 per cent in 2016.
In February, Fevad said online retail sales in France could exceed 90 billion euros for 2018 and 100 billion euros in 2019. BUYING FOOD ONLINE
A separate survey of 2,000 web users conducted from April 12 to April 23 by Fevad and Mediametrie also showed that 47 percent of those polled had already purchased one food item online.
Some 54 percent of those purchasing food online shopped at least once a month online and 28 percent at least twice a month.
Drive-through services - where consumers order online but collect the shopping by car - and home delivery made 42 percent and 34 percent, respectively, of the delivery modes chosen for food purchased online, with the average order worth 80 euros.
Amazon has made no secret of its desire to launch a grocery delivery service in France as part of its global ambitions to expand into food retail.
In March, Casino’s upmarket Monoprix chain became the first local retailer to agree to sell groceries via Amazon Prime in Paris. $1 = 0.8544 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta
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https://www.reuters.com/article/france-retail-internet/french-q1-online-retail-sales-rose-13-percent-idUSL5N1ST1IC
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Earnings per share increased 3.6 percent to $0.29 vs. $0.28 in Q1 2018
BRYN MAWR, Pa.--(BUSINESS WIRE)-- Aqua America Inc. (NYSE: WTR) today reported results for the first quarter ending March 31, 2018.
Operating results
For the first quarter 2018, net income was $50.8 million, a 3.6 percent increase compared to $49.1 million reported in the same quarter of 2017. Earnings per diluted common share were $0.29 for the quarter, an increase of 3.6 percent compared to $0.28 in 2017. Rates, organic growth, lower income tax expenses and additional water consumption benefited earnings and were offset by the impact of increased expenses.
Revenues for the quarter were $194.3 million, an increase of 3.5 percent compared to $187.8 million in the first quarter of 2017. Rates, organic growth and higher consumption contributed to revenue growth. Infrastructure surcharges such as distribution system improvement charges contributed $5.1 million of additional revenue offset by a $2.5 million revenue reserve for savings from the Tax Cuts and Jobs Act, which is expected to be returned to customers.
Operations and maintenance expenses increased to $73.9 million for the first quarter of 2018 compared to $67.9 million in the first quarter of 2017. Higher employee costs, as well as overtime and repair costs related to severe winter weather, were offset by lower costs of production and market-based activities. On a normalized basis, the O&M expense growth would have been one-third of the reported increase and more in line with recent historical trends.
“In the first quarter, we delivered solid earnings and revenue growth, while also making targeted investments in infrastructure to benefit the customers and communities we serve,” said Aqua America Chairman and CEO Chris Franklin. “Our strong financial position allows us to continue leading the way in providing a solution to cities and towns across the country struggling to address the problem of aging infrastructure.”
Acquisition growth in regulated operations
Aqua added three water and wastewater systems and approximately 448 customer connections through acquisitions in the first quarter. Organic growth added another 1,811 customers.
Franklin added, “Focus on the company’s growth strategy continues to provide a promising pipeline of opportunities. We expect to close several acquisitions totaling approximately 16,000 new customers in 2018. Additionally, this year we expect to reach over one million customers for the first time. We are proud to have the opportunity to provide safe and reliable water and wastewater services for our customers. This is an essential service that makes an important contribution to the quality of life and prosperity in the communities we serve across our eight states.”
Dividend
On April 25, 2018, Aqua America’s board of directors declared a quarterly cash dividend of $0.2047 per share of common stock. This dividend will be payable on June 1, 2018 to shareholders of record on May 18, 2018. Aqua has paid a consecutive quarterly dividend for the last 73 years.
Capital expenditures
Aqua invested $105.1 million in the first three months of the year to improve its infrastructure systems. The company expects to invest more than $500 million in 2018 and more than $1.4 billion through 2020. The capital investments made to rehabilitate and expand the infrastructure of the communities Aqua serves are paramount to helping it continue to protect and provide Earth’s most essential resource.
Rate activity
To date in 2018, the company’s state subsidiaries in Illinois, Indiana, New Jersey, North Carolina, Ohio, Pennsylvania and Texas have received rate awards or infrastructure surcharges totaling an estimated increase to annualized revenues of $23.6 million.
Additionally, the company currently has rate or surcharge proceedings pending in Indiana, North Carolina, Ohio, and Virginia collectively totaling $8.6 million.
On Dec. 22, 2017, the Tax Cuts and Jobs Act was signed into law, which lowered the federal corporate tax rate from 35 percent to 21 percent and made other tax law changes. The rate activity described above includes a reduction in revenues on an annualized basis of $7.1 million for the reduced income tax rate in jurisdictions where the regulator has determined there are income tax savings that are to be refunded to customers.
Financial information
At quarter-end, Aqua America’s weighted average cost of fixed-rate long-term debt was 4.36 percent and the company had $228.3 million available on its credit lines.
2018 guidance
Aqua America continues to affirm guidance for 2018, which remains unchanged from last quarter:
Earnings per diluted common share of $1.37 to $1.42 Approximately $500 million in infrastructure improvements in 2018 for communities served by Aqua Approximately $1.4 billion in infrastructure improvements planned through 2020 in existing operations to improve and strengthen systems Aqua Pennsylvania files a rate case in 2018 with resolution expected in 2019 Total customer growth of between 2 and 3 percent
Aqua America does not guarantee future results of any kind. Guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
Earnings Call Information
Date: May 9, 2018
Time: 11 a.m. EDT (please dial in by 10:45 a.m.)
Webcast and slide presentation link: http://ir.aquaamerica.com/events.cfm
Replay Dial-in #: 888.203.1112 (U.S.) & +1 719.457.0820 (International)
Confirmation code: 2274551
The company’s conference call with financial analysts will take place on Wed., May 9, 2018 at 11 a.m. Eastern Daylight Time. The call and slide presentation will be webcast live so that interested parties may listen over the Internet by logging on to AquaAmerica.com and following the link for Investor Relations . The webcast will be archived in the Investor Relations section of the company’s website for 90 days following the call. Additionally, the call will be recorded and made available for replay at 2 p.m. on May 9, 2018 for 10 business days following the call. To access the audio replay in the U.S., dial 888.203.1112 (pass code 2274551). International callers can dial +1 719.457.0820 (pass code 2274551).
About Aqua America
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the guidance range of earnings per share for the fiscal year ending in 2018; the projected total customer growth for 2018; the anticipated amount of capital investment in 2018; the anticipated amount of capital investment from 2018 through 2020; and, the company’s expected filing of a Pennsylvania rate case in 2018. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: the continuation of the company's growth-through-acquisition program, the company's continued ability to adapt itself for the future and build value by fully optimizing company assets; general economic business conditions; the company's ability to fund needed infrastructure; housing and customer growth trends; unfavorable weather conditions; the success of certain cost containment initiatives; changes in regulations or regulatory treatment; availability and access to capital; the cost of capital; disruptions in the credit markets; the success of growth initiatives; the company’s ability to successfully close the five municipally owned systems presently under agreement; the company's ability to continue to deliver strong results; the company's ability to grow its dividend, add shareholder value and to grow earnings; municipalities willingness to privatize its water and/or wastewater utilities; the company's ability to control expenses and create and maintain efficiencies; the company’s success in its Pennsylvania rate filing; the company’s ability to successfully complete its Pennsylvania rate filing in a timely manner; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q, which is filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Aqua America's business, please refer to Aqua America's annual, quarterly and other SEC filings. Aqua America is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
WTRF
Aqua America, Inc. and Subsidiaries Selected Operating Data (In thousands, except per share amounts) (Unaudited) Quarter Ended March 31,
2018
2017
Operating revenues $ 194,347 $ 187,787 Operations and maintenance expense
$ 73,946 $ 67,890 Net income $ 50,839 $ 49,072 Basic net income per common share $ 0.29 $ 0.28 Diluted net income per common share $ 0.29 $ 0.28 Basic average common shares outstanding 177,801 177,479 Diluted average common shares outstanding 178,238 177,969 Aqua America, Inc. and Subsidiaries Consolidated Statement of Income (In thousands, except per share amounts) (Unaudited) Quarter Ended March 31,
2018
2017
Operating revenues $ 194,347 $ 187,787 Cost & expenses: Operations and maintenance 73,946 67,890 Depreciation 35,967 33,837 Amortization 130 189 Taxes other than income taxes 14,967 14,737 Total 125,010 116,653 Operating income 69,337 71,134 Other expense (income): Interest expense, net 23,471 21,326 Allowance for funds used during construction (2,867 ) (3,193 ) Gain on sale of other assets (196 ) (269 ) Equity (earnings) loss in joint venture (382 ) 30 Other 603 1,238 Income before income taxes 48,708 52,002 Provision for income taxes (2,131 ) 2,930 Net income $ 50,839 $ 49,072 Net income per common share: Basic $ 0.29 $ 0.28 Diluted $ 0.29 $ 0.28 Average common shares outstanding: Basic 177,801 177,479 Diluted 178,238 177,969 Aqua America, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands of dollars) (Unaudited) March 31, December 31, 2018
2017
Net property, plant and equipment $ 5,460,219 $ 5,399,860 Current assets 124,142 131,246 Regulatory assets and other assets 819,347 801,357 $ 6,403,708 $ 6,332,463 Total equity $ 1,972,159 $ 1,957,621 Long-term debt, excluding current portion, net of debt issuance costs 2,063,066 2,007,753 Current portion of long-term debt and loans payable 124,174 117,419 Other current liabilities 134,961 167,069 Deferred credits and other liabilities 2,109,348 2,082,601 $ 6,403,708 $ 6,332,463
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006769/en/
Aqua America Inc.
Brian Dingerdissen
Investor Relations
610-645-1191
BJDingerdissen@AquaAmerica.com
or
Stacey Hajdak
Marketing & Communications
610-520-6309
SMHajdak@AquaAmerica.com
Source: Aqua America Inc.
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http://www.cnbc.com/2018/05/08/business-wire-aqua-america-reports-financial-results-for-q1-2018.html
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May 4 (Reuters) - Advanced Energy Industries Inc:
* ADVANCED ENERGY INDUSTRIES SAYS ON MAY 3, BOARD APPROVED A $50 MILLION INCREASE IN AUTHORIZATION TO REPURCHASE SHARES OF CO COMMON STOCK - SEC FILING
* ADVANCED ENERGY INDUSTRIES INC - SHARE REPURCHASE PROGRAM IS SCHEDULED TO EXPIRE IN DECEMBER 2019 Source text: ( bit.ly/2rm8Njp ) Further company coverage:
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https://www.reuters.com/article/brief-advanced-energy-industries-says-on/brief-advanced-energy-industries-says-on-may-3-board-approved-50-mln-rise-in-authorization-to-repurchase-shares-of-co-common-stock-idUSFWN1SB1F5
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Overdose 101: New York inmates trained to use opioid antidote kit Overdose 101: New York inmates trained to use opioid antidote kit
NEW YORK (Reuters) – The inmates filed into a room at a New York prison, squeezed into classroom-style desks, and watched a guard demonstrate … Read more:
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https://www.reuters.com/article/us-new-york-prisons-overdoses/overdose-101-new-york-inmates-trained-to-use-opioid-antidote-kit-idUSKBN1IB2N9&
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Mexican miner and infrastructure firm Grupo Mexico said on Monday it aims to resume rail transport between key commercial port of Veracruz and central Mexico on Wednesday, following a train derailment suspected to be an act of criminal sabotage.
The route that transports 80,000 tons daily has been closed since early Saturday, when in Veracruz 39 cars loaded with wheat and four locomotives hurtled down a slope and collided, injuring three people, the company said.
Grupo Mexico’s rail division, Grupo Mexico Transportes, said saboteurs appeared to have dislodged the train’s safety controls.
The state of Veracruz on Mexico’s Gulf coast has suffered a wave of violence in recent years as drug cartels seeking to diversify their income streams branch into fuel theft and assaults on trains and trucks.
Trains throughout Mexico were hit by more than 1,750 robberies and nearly 10,870 acts of vandalism last year, according to government data.
Grupo Mexico Transportes has said that these crimes have especially plagued its route between Veracruz and the central state of Puebla, which connects to the populous capital and the United States border.
“Our clients are very worried because they have shortages,” said Lourdes Aranda, vice president of government relations and communications for Grupo Mexico Transportes.
“We will likely reopen on Wednesday, if everything goes well,” she said. The company has not yet determined the cost of the losses.
Aranda said that Grupo Mexico has suffered six “acts of sabotage” near the Gulf coast in recent weeks, causing almost 300,000 tons of merchandise to be stuck at Veracruz’s port.
Reporting by Noe Torres; Writing by Daina Beth Solomon; Editing by Shri Navaratnam
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https://www.reuters.com/article/us-mexico-grupomexico/grupo-mexico-eyes-wednesday-re-opening-of-blocked-train-route-after-derailment-idUSKCN1IN0D3
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BEIJING/CHICAGO (Reuters) - China’s major ports of entry have ramped up checks on fresh fruit imports from the United States, five Chinese industry sources said, which could delay shipments from U.S. growers already dealing with higher tariffs as Sino-U.S. trade ties worsen.
FILE PHOTO: People buy fruit at a fresh food market in Beijing, China June 9, 2017. REUTERS/Thomas Peter/File Photo Fruits were among 128 U.S. goods that China slapped with more expensive import tariffs in retaliation for U.S. levies on Chinese steel and aluminum as trade tensions between the world’s two biggest economies flared this year.
A U.S. trade delegation led by Treasury Secretary Steven Mnuchin is in Beijing for talks with Chinese officials. The two sides are expected to discuss an array of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development.
Since last week, Beijing has dispatched quarantine experts to major ports including Shanghai and Shenzhen to make more thorough on-site checks for disease and rot, a source based in Shanghai with direct knowledge of the matter told Reuters, declining to be named due to the sensitivity of the matter.
“China has resumed the practice of inspecting every batch of U.S. fresh fruit,” the source said, adding that inspectors had previously checked only around 30 percent of shipments. China had dialed back the checks in November 2017.
Since Monday, all U.S.-originated fruit shipments have been subject to up to seven days of quarantine check on arrival in Shenzhen, said an industry source based at the port in China’s south.
Previously, Chinese custom officers had let shipments through while they conducted sample checks.
Several containers of oranges imported by the source’s company from the United States have been intercepted this week, the Shenzhen industry source added.
China’s customs office could not be immediately reached for comment outside business hours.
Several batches of U.S apples have failed quarantine inspections and will be returned to the United States, the Shanghai source with direct knowledge of the matter said.
Washington-based Chelan Fresh sales manager Bryan Peebles said he had heard of some shipment holdups, but that his export business, which includes apples and cherries, was not affected in recent weeks.
“There has been news of detaining of fruits – citrus and a little bit of apples,” he said, adding that exporters will get a better handle on any heightened scrutiny when the year’s first California cherry exports arrive in China this week.
The United States sold $18 million of fresh apples to China in 2017 out of $872 million in total exports, according to the U.S. Department of Agriculture.
The more thorough inspections came as the cherry season on the U.S. West Coast kicked off. Shipments from Washington state typically begin in June.
China is the third-largest export market for fresh cherries from the United States. U.S. exporters shipped $119 million of fresh cherries to China, just under a third of total shipments worth $605 million in 2017.
Fruits have previously been a casualty of bilateral trade spats. Several years ago, China banned some imports of Philippine fruit as bilateral ties deteriorated over a maritime territorial dispute in the South China Sea.
One Chinese online retailer that imports and sells U.S. cherries has suspended plans to promote U.S. fruits, a source at the company said.
Reporting by Yawen Chen in BEIJING and Karl Plume in CHICAGO, additional reporting by Ann Saphir in San Francisco; Editing by Simon Webb and Meredith Mazzilli
Our Standards: The Thomson Reuters Trust Principles.
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https://www.reuters.com/article/us-usa-trade-china-fruits/chinese-customs-expands-checks-on-u-s-fruit-imports-sources-idUSKBN1I428K
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May 30, 2018 / 12:59 PM / Updated 12 minutes ago Turkey, U.S. reach agreement on plan for withdrawal of YPG militia from Syria's Manbij: Anadolu Reuters Staff 1 Min Read
ANKARA (Reuters) - Turkey and the United States have reached an agreement on a plan for the withdrawal of the Syrian Kurdish YPG militia from Syria’s Manbij, Turkey’s state-run Anadolu news agency said on Wednesday.
Under the terms of the three-step plan, which will become finalised during a visit by Foreign Minister Mevlut Cavusoglu to Washington on June 4, the YPG will withdraw from Manbij 30 days after the deal is signed, Anadolu said.
Turkish and U.S. military forces will start joint supervision in Manbij 45 days after the agreement is signed and a local administration will be formed 60 days after June 4, Anadolu said. Reporting by Tuvan Gumrukcu and Ece Toksabay; Editing by David Dolan
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https://www.reuters.com/article/us-mideast-crisis-syria-turkey/turkey-u-s-reach-agreement-on-plan-for-withdrawal-of-ypg-militia-from-syrias-manbij-anadolu-idUSKCN1IV1MO
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Market News May 1, 2018 / 10:46 AM / Updated 11 minutes ago BRIEF-ILG Inc Says In Connection With Termination Of Merger, Co Or Marriott Vacations To Pay Fee Equal To $146 Mln Reuters Staff 1 Min Read
May 1 (Reuters) - ILG Inc:
* ILG INC - IN CONNECTION WITH TERMINATION OF MERGER UNDER SPECIFIED CIRCUMSTANCES, CO OR MARRIOTT VACATIONS, TO PAY FEE EQUAL TO $146 MILLION Source text: ( bit.ly/2HJeTpm ) Further company coverage:
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https://www.reuters.com/article/brief-ilg-inc-says-in-connection-with-te/brief-ilg-inc-says-in-connection-with-termination-of-merger-co-or-marriott-vacations-to-pay-fee-equal-to-146-mln-idUSFWN1S806O
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Breakingviews TV: Car tariffs 1:07pm EDT - 04:00
The White House is eyeing levies on imported autos - something that would leave car buyers, investors and manufacturers worse off. Antony Currie explains how this tough talk could backfire.
The White House is eyeing levies on imported autos - something that would leave car buyers, investors and manufacturers worse off. Antony Currie explains how this tough talk could backfire. //reut.rs/2IHO7Os
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ashraq/financial-news-articles
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https://www.reuters.com/video/2018/05/24/breakingviews-tv-car-tariffs?videoId=429946799
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May 17 (Reuters) - Raven Industries Inc:
* RAVEN INDUSTRIES REPORTS STRONG FIRST QUARTER FISCAL 2019 RESULTS
* Q1 REVENUE $111.1 MILLION * EXPECT CASH OUTFLOWS FOR CAPITAL EXPENDITURES TO BE APPROXIMATELY $22 MILLION IN FISCAL 2019 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-raven-industries-reports-q1-earnin/brief-raven-industries-reports-q1-earnings-per-share-0-61-idUSASC0A2VP
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NEW YORK Three years ago, Vista Outdoor was brought to life in that manner by which corporations reproduce: a tax-free spinoff to shareholders. Alliant Techsystems, a defense business, set Vista free to be “a standalone, publicly traded outdoor sports and recreation company.” That was a euphemistic way to say Vista sells guns like the AR-15 semi-automatic assault-style rifles used in the mass-shootings that have become all too common in the United States.
AR-15 rifles are displayed for sale at the Guntoberfest gun show in Oaks, Pennsylvania, U.S., October 6, 2017. REUTERS/Joshua Roberts Vista’s independence came before a difficult moment for the American consumer-arms business. A bubble in gun sales during Barack Obama’s presidency came to a halt upon the election of Donald Trump, arguably the cuddliest friend the National Rifle Association has had in the White House since that lobbying organization was formed after the Civil War (initially to improve the marksmanship of young men).
Perhaps sensing a coming end of a boom in ironmongery, Vista set out to diversify away from shooting sports to other kinds of outdoor activities. As its stock rose from $34 around its debut to as high as $51 in the early months of 2016, Vista embarked on a hunting expedition.
Among its purchases were Jimmy Styks, a maker of paddleboards and paddles, and CamelBak, the Chanel of personal hydration systems. It also acquired a company specializing in helmets for skiing and mountain-bike riding, including the Bell and Giro brands, and Camp Chef, whose portable grills are the silver-standard for tailgating parties.
Then along came Parkland, the town in Florida where a young man armed with an AR-15 massacred 17 students and teachers in a high school. Suddenly, the world Vista had been preparing for was shattered. The surviving students of Marjory Stoneman Douglas High School protested America’s lax gun laws with eloquence and vigor. They brought hitherto unmatched energy and focus to questions about the easy access to weapons like those Vista manufactures.
For the first time, banks, big businesses and investors woke up to their own financial and reputational exposure to gunmakers. So did retailers, and not just the gun sellers like Dick’s Sporting Goods and Walmart. On the first of March, a few weeks after the Parkland shooting and ahead of a nationwide protest and Washington march in favor of stronger gun regulations, one of the leading purveyors of Vista’s non-lethal products, REI, placed a hold on Vista orders.
“Companies are showing they can contribute if they are willing to lead. We encourage Vista to do just that,” REI said in a statement. Now Vista is doing just that, sort of. The company announced plans to jettison things in its portfolio not related to its target consumer, which it defines as “the outdoor enthusiast.”
That means ammunition and hunting and shooting accessories are in, though AR-15s may not be: its Savage firearms brand is on the block. So are bike helmets and paddles. “An increased focus on our heritage ammunition business will manifest itself in more innovative and breakthrough new products,” Vista said on Tuesday. For the sake of its other businesses, that may make sense.
Shareholders feel differently and took 13 percent off the company’s market value. They appeared to like the idea of diversifying away from shooting. Looking at Vista’s most recent fiscal quarter, it’s easy to see why. Sales fell 3 percent in its shooting-sports business and rose around 1 percent in the outdoor-products category, minimizing the overall decline, to $571 million, from a year earlier.
“Against this decision, the bigger question in our view becomes potential multiple rerating as the business is likely left with 80-percent plus portfolio exposure to the firearms industry in some form,” wrote KeyBanc Capital Markets analyst Brett Andress. What he means, in ordinary English, is that investors likely won’t value the remaining stuff very highly.
For Vista, based in Farmington, Utah, the retreat is being spun as a way “to drive a founder’s mentality back into our brands.” That may be true. But it is also another example of how products that are used to kill people are being confined to the fringes of finance – where they belong.
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https://www.reuters.com/article/us-usa-guns-breakingviews/breakingviews-cox-gun-taint-prods-a-corporate-restructuring-idUSKBN1I24EA
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* Italian yields jump 10 bps
* Other South European yields higher 5-7 bps
* Strong German data pushes up euro zone yields
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices, move in oil)
By Abhinav Ramnarayan
LONDON, May 8 (Reuters) - Italian government bond yields rose sharply on Tuesday, lifting southern European peers, as the possibility of an early Italian election increased with the country’s largest anti-establishment parties polling strongly.
President Sergio Mattarella called on Monday for Italy’s bickering parties to rally behind a “neutral government”, but Italy’s two largest parties, the far-right League and anti-establishment 5-Star Movement, rapidly came out against the proposal.
This raises the likelihood of an unprecedented immediate return to the polls, even as early as July.
“If we go to a new election, both M5S and the League are polling a bit higher than at the last election, so the worry for markets is that they are able to leave behind Forza and we get the government of non-traditional parties,” said Rabobank strategist Lyn Graham-Taylor.
While the 5-Star Movement and the League already had enough numbers to form a government, a fresh election may further strengthen their hand.
Graham-Taylor said investors are concerned that such a government may repeal pension reforms and potentially increase spending and tax cuts that could impact Italian public finances.
Italy has one of the highest debt-to-GDP ratios in Europe at 132 percent.
The closely watched Italy/Germany 10-year government bond yield spread hit its widest level in more than three weeks at around 132 basis points .
Italy’s 10-year bond yield shot up 10 bps to a six-week high at 1.867 percent and was set for its biggest daily jump since early January.
Milan’s FTSE MIB index fell 1.8 percent, with Italian banks taking a strong hit and set for their worst day in two months.
Carlo Franchini, head of institutional clients at Italy’s Banca Ifigest, said: “Markets were too optimistic about elections and were not expecting there could have been elections so early. That could put at risk the approval of the budget law and recent data has eroded confidence in the country’s economic recovery.”
Other Southern European government bond yields — which move inversely to price — were also higher by 4-5 bps.
Yields in broader euro zone bond markets were also higher as strong German data soothed concerns over the euro zone’s largest economy and increased expectations the ECB will withdraw stimulus as planned.
German industrial output rose more than expected in March, data showed on Tuesday, suggesting that factories in Europe’s largest economy ended the first quarter on a strong footing after two disappointing months.
Separate data published by the Federal Statistics Office showed exports rose 1.7 percent in March while imports fell 0.9 percent.
“After weak German industrial orders yesterday, today’s numbers look much better and point towards decent GDP growth in Germany,” said Commerzbank strategist Christoph Rieger.
Germany’s 10-year bond yield was up 3 bps at 0.56 percent, also pushed up by broad optimism across global markets.
Oil prices remained in focus, falling some 3 percent in late trade after having hit new multi-year highs this week on concerns about the fate of Iran’s nuclear deal.
The euro meanwhile fell below $1.19 to its weakest level since late December.
Reporting by Abhinav Ramnarayan and Dhara Ranasinghe, Additional reporting by Danilo Masoni Editing by Catherine Evans
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https://www.reuters.com/article/eurozone-bonds/update-1-italian-bond-yields-hit-six-week-high-on-election-jitters-idUSL8N1SF2Z8
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May 13, 2018 / 7:40 PM / in 11 minutes Suspected explosive device found at South Africa mosque Ed Stoddard 2 Min Read
JOHANNESBURG (Reuters) - A suspected explosive device was discovered on Sunday in a mosque near the South African port city of Durban where a fatal knife attack occurred last week, police said.
South Africa is racked by violent crime and social strife rooted in poverty and glaring income disparities, but it is seldom associated with the Islamist militancy seen on other parts of the continent.
“The bomb squad is there now in the mosque and they will give us a report if it is an explosive device or not,” said Simphiwe Mhlongo, a spokesman for the Directorate for Priority Crime Investigation, an elite police unit known as the “Hawks.”
He said the mosque had been swept by investigators on Friday and that nothing suspicious was found at that time.
Footage from the eNCA TV news network showed a large police presence at the mosque and worshippers and bystanders gathered outside, hundreds of meters (yards) away behind police tape.
Prem Balram, a spokesman for Reaction Unit SA, a private emergency service, was quoted on the News24 online news service as saying the mosque and homes in the area were evacuated “after a device resembling a bomb has been found inside the building”.
Three men armed with guns and knives attacked worshippers at the mosque near Durban on Thursday. One person was killed after his throat was slit, and two others were injured.
No arrests have been made yet in connection with that attack, Mhlongo said. REditing by Edmund Blair
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https://www.reuters.com/article/us-safrica-mosque-attack/suspected-explosive-device-found-at-south-africa-mosque-report-idUSKCN1IE109
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May 10 (Reuters) - GulfMark Offshore Inc:
* GULFMARK OFFSHORE REPORTS RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2018
* QTRLY LOSS PER SHARE $1.52 * QTRLY REVENUE $24.37 MILLION VERSUS $24.36 MILLION Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-gulfmark-offshore-reports-q1-loss/brief-gulfmark-offshore-reports-q1-loss-per-share-1-52-idUSASC0A1PY
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May 18 (Reuters) - Bharti Airtel Ltd:
* AIRTEL AND AMAZON INDIA INTRODUCE AFFORDABLE 4G SMARTPHONES AT PRICE STARTING AT 3399 RUPEES Source text - Bharti Airtel (“Airtel”), India’s largest telecommunications service provider and Amazon India, today announced a strategic partnership with an aim to jointly drive smartphone adoption across the country. Millions of Indians can now become first time owners of a 4G smartphone or upgrade to an advanced 4G smartphone of their choice at an affordable price from amongst a wide range of devices starting at an effective price of only INR 3399.
Further company coverage:
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https://www.reuters.com/article/brief-airtel-and-amazon-india-introduce/brief-airtel-and-amazon-india-introduce-affordable-4g-smartphones-starting-at-3399-rupees-idUSFWN1SP00K
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PAHOA, Hawaii (Reuters) - When hundreds of residents of Hawaii’s Big Island fled their homes after the Kilauea volcano erupted, some left behind not only most of their belongings, but also their beloved pets.
A rabbit and a potbelly pig wait in cages at a Red Cross evacuation center in Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 15, 2018. REUTERS/Terray Sylvester In the two weeks since fountains of lava and poisonous gas spewed from the volcano, volunteers have made heroic efforts to retrieve a veritable Noah’s Ark of dogs and cats, geese and ducks, cows and goats, horses, cattle and exotic birds. Many were reuniting with their owners at evacuation shelters.
The animal-friendly Red Cross shelter in Pahoa, a town about 25 miles (40 km) east of the volcano, has about 100 dogs and 30 cats, along with bunnies, birds and pigs, said Burgandy Singleton, a Hawaii Island Humane Society volunteer.
“Quite the crazy farm right now,” Singleton said. “We are housing everything from wee little creatures to ginormous beasts and no trouble. With that many personalities mixing it up, it’s been amazing.”
Some of the owners are camping outside with dogs who are not socialized, she said. “It gives them a sense of home and keeps them as peaceful as possible. This is definitely stressful on the pets as well as the people.”
LURING THE HUNGRY Pauline McLaren and her husband Eddie are among those camping out at the Red Cross Shelter with their five dogs, all of whom they have rescued over the years at their ranch in the village of Kapoho. They evacuated on May 12, when lava fissures tore open the ground near their home.
Pauline McLaren said they would have stayed with friends but for the dogs. “It’s such a hassle. It’s just so hard with five,” said McLaren who is sleeping in a tent while her husband sleeps in the car.
The rescues begin with volunteers taking down addresses and pet names from owners at the shelters. They then go into the abandoned neighborhoods with owners looking for the pets and setting out food and water, hoping to lure in hungry animals.
“Ideally, we take the owner back in so they can hear a familiar voice and we can hand-trap them,” rather than luring them into cages, Singleton said. “We are trying every trick from every book.”
She said she helped rescue four sheep and two goats stranded out in a pasture last week. “The lava was running right behind them and they were trapped inside their fence.”
The rescuers had to evacuate before they could catch the last sheep, but left the gate open so she could escape danger.
OUTPOURING OF GENEROSITY At another animal shelter at the county parks and recreation gym in Pahao, tents have been set up inside to give families some privacy and keep dogs away from each other, Singleton said. A donation table at the entrance was piled high with bags of dry dog and cat litter.
“This is the reason I live in this community,” Singleton said. “The offerings and the help has been unbelievable.”
Some of the larger livestock are being housed at the Hawaii County-funded Pana’ewa Rainforest Zoo and Gardens, which has taken in 30 to 35 cattle and horses. The close-knit community is helping to feed them.
“We have three pallets of alfalfa for the horses being donated today,” said Pam Mizuno at the zoo. “That’s helpful. The outpouring of generosity really helps.”
Rescue groups have moved more than 1,300 head of cattle and three dozen horses, some of which have been herded to a ranch to the north, out of danger. Some horses are being sheltered at the Panaewa Equestrian Center, also to the north.
The livestock are even more jittery than the house pets, Singleton said. “From the earthquakes to the smoke and lava to the helicopters overhead, they are just spooked.”
Singleton, who lives about 20 miles away from the lava zone, said it is important for pets to stay with their families.
“They both get something from it. Sometimes they have lost every single thing they own other than that dog or cat. It’s the one piece of home they still have, the one piece holding them together. And the pets feel the same way.”
Additional reporting by Terray Sylvester; Writing by Bill Tarrant; Editing by Dan Whitcomb and Lisa Shumaker
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https://www.reuters.com/article/us-hawaii-volcano-pets/a-noahs-ark-of-animals-rescued-from-hawaii-lava-idUSKCN1IL0I8
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LOUISVILLE, Ky.--(BUSINESS WIRE)-- Charah Solutions, Inc. (“Charah”) announced today that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. In connection with the proposed offering, Charah has applied to list its common stock on the New York Stock Exchange under the symbol “CHRA.”
Morgan Stanley and BofA Merrill Lynch are acting as joint book-running managers for the proposed offering. Stifel is acting as a bookrunner for the proposed offering. First Analysis Securities Corp., Houlihan Lokey and Macquarie Capital are acting as co-managers for the proposed offering. The proposed offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus may be obtained from the SEC’s website or from the following:
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 BofA Merrill Lynch, NC1-004-03-43, Attention: Prospectus Department, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001 or by email at dg.prospectus_requests@baml.com
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Charah Solutions, Inc.
Based in Louisville, KY, Charah Solutions is a provider of environmental and maintenance services to the power generation industry, with operations in coal-fired and nuclear power generation sites across the country.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005789/en/
Charah Solutions, Inc.
Charles W. Price, 502-245-1353
or
Joele Frank, Wilkinson Brimmer Katcher
Ed Trissel/Jon Keehner/Kate Clark, 212-355-4449
Source: Charah Solutions, Inc.
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http://www.cnbc.com/2018/05/18/business-wire-charah-solutions-inc-files-registration-statement-for-initial-public-offering.html
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SAN FRANCISCO, May 15 (Reuters) - Delivering what may be one of the U.S. central bank's most detailed critiques of cryptocurrencies to date, Federal Reserve Governor Lael Brainard on Tuesday said digital coins pose "serious" challenges, and she all but dismissed the possibility that the Fed could enter the market.
"There is no compelling demonstrated need for a Fed-issued digital currency," Brainard said in remarks prepared for delivery to a Fed conference in San Francisco that had not previously been publicized. "Although central bank digital currencies may be able to overcome some of the particular vulnerabilities that cryptocurrencies face, they too have significant challenges related to cybersecurity, money laundering, and the retail financial system."
Entrepreneurs have created hundreds of new digital options beyond bitcoin that have so far largely escaped any concerted crackdown by regulators. Interest in the tokens is so widespread that San Francisco Fed President John Williams at a public appearance last month expressed surprise at not being asked about it, although eventually he was.
St. Louis Fed President James Bullard on Monday even made an appearance at a conference on digital currencies, where he gave his own critique.
Brainard's objections to currencies like bitcoin ran along lines that by now have become familiar but are noteworthy for their length and detail, and because they reveal the extent to which Fed officials are monitoring and doing research in the field.
Bitcoin, Brainard said on Tuesday, is so volatile that its use as money is limited; the anonymity that is part of the design of digital currencies mean they can be easily used in money laundering; and the technology that governs them is not overseen by any higher authority, opening consumers to theft and mistakes that they can do little about.
"Cryptocurrencies are strikingly innovative but also pose challenges associated with speculative dynamics, investor and consumer protections, and money-laundering risks," she said.
Brainard tempered her criticism with a few remarks about the potential of the underlying technology to smooth payments and the possibility that digital coins could have limited application for bank-to-bank transactions, and some payments in financial markets.
But while digital currencies are problematic, she said, they are currently so small a part of the overall financial system that they pose little stability risk.
Overall, her remarks did not suggest the Fed believes digital currencies are ripe for consumer adoption.
"In addition to losses, individual investors should be careful to understand the potential for other risks," Brainard said. (Reporting by Ann Saphir Editing by Leslie Adler)
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https://www.cnbc.com/2018/05/15/reuters-america-feds-brainard-sees-no-compelling-case-for-fed-digital-currency.html
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May 28, 2018 / 5:56 PM / Updated an hour ago Djokovic's bid for second French Open off to glum-faced start Richard Lough 2 Novak Djokovic launched his campaign for a second French Open title with a moody victory over Brazilian qualifier Rogerio Dutra Silva on Monday, winning 6-3 6-4 6-4. Tennis - French Open - Roland Garros, Paris, France - May 28, 2018 Serbia's Novak Djokovic celebrates during his first round match against Brazil's Rogerio Dutra Silva REUTERS/Gonzalo Fuentes
In his quest to become the first men’s player in the Open era to win each of the Grand Slams twice, Djokovic, who underwent surgery on his elbow after January’s Australian Open, looked unhappy even when he was stroking winners past his opponent.
“You don’t always get to feel your best but all you can do is try and get the best out of it,” the Serbian told a packed Philippe Chatrier court.
Djokovic, who didn’t play a competitive match between Wimbledon last July and Melbourne, endured a tough run into Roland Garros. He fell in the second rounds at Barcelona and Madrid before reaching the semi-finals in Rome, where he was defeated by world number one Rafael Nadal.
Djokovic has never lost to a player ranked as low as Dutra Silva at number 134, but the claycourt specialist pushed his opponent around the court drawing frequent outbursts of frustration from the Serb. Tennis - French Open - Roland Garros, Paris, France - May 28, 2018 Brazil's Rogerio Dutra Silva reacts during his first round match against Serbia's Novak Djokovic REUTERS/Gonzalo Fuentes
“He’s a fighter. It was a good test for the first match,” Djokovic told a news conference.
The 2016 Roland Garros champion said he felt he was beginning to play better and free of pain after “a long 12 months”. This year is the first that Djokovic has not won a tour-level title prior to the French Open.
Asked if the tour was too demanding on players he replied: “The fact is we have the longest season of all sports and that is unfortunately hurting a lot of players.
“We all try to be fit, get our bodies and mind in the best possible state so we can always compete at the highest level but it’s not always possible.”
Djokovic faces Spain’s unseeded Jaume Munar in the second round. Reporting by Richard Lough; Editing by Christian Radnedge
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https://uk.reuters.com/article/uk-tennis-frenchopen-djokovic/djokovics-bid-for-second-french-open-off-to-glum-faced-start-idUKKCN1IT1UL
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BRISBANE, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (“UNITY”) (NASDAQ:UBX) today announced the pricing of its initial public offering of 5,000,000 shares of common stock at a public offering price of $17.00 per share, before underwriting discounts and commissions. All of the shares of common stock are being offered by UNITY. The Company has also granted the underwriters a 30-day option to purchase from the Company an additional 750,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. UNITY’s common stock has been approved for listing on The Nasdaq Global Select Market and is expected to begin trading under the ticker symbol “UBX” on May 3, 2018. The offering is expected to close on May 7, 2018, subject to customary closing conditions.
Goldman Sachs & Co. LLC, Morgan Stanley and Citigroup acted as joint book-running managers for the offering. Mizuho Securities acted as a lead manager for the offering.
A registration statement relating to the shares being sold in this offering was declared effective by the Securities and Exchange Commission on May 2, 2018. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained from (1) Goldman Sachs & Co. LLC., Attention: Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526; (2) Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; and (3) Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-800-831-9146.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About UNITY Biotechnology, Inc.
UNITY Biotechnology is developing therapeutics to extend human healthspan by slowing, halting or reversing diseases of aging. UNITY's initial focus is on creating senolytic medicines to selectively eliminate senescent cells and thereby treat age-related afflictions, such as osteoarthritis, eye diseases and pulmonary diseases. UNITY's seasoned management team has experience building companies and developing medicines.
Contact: Investors Bob Goeltz bob.goeltz@unitybiotechnology.com 1-650-525-4980 Media Canale Communications Jason Spark jason@canalecomm.com 1-619-849-6005
Source:Unity Biotechnology, Inc.
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http://www.cnbc.com/2018/05/02/globe-newswire-unity-biotechnology-inc-announces-pricing-of-initial-public-offering-of-common-stock.html
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(For a live blog on European stocks, type LIVE/ in an Eikon news window)
LONDON, May 28 (Reuters) - Italian banks led a sharp European stocks rebound on Monday after the failure of anti-establishment parties to form a government lifted the euro zone’s peripheral markets with the prospect of fresh elections.
The Five-Star and League parties abandoned efforts to form a government after Italy’s President vetoed their choice of a eurosceptic economy minister, sending Italian bond yields lower and Italy’s main FTSE MIB stock index sharply higher, while the euro also made gains.
The FTSE MIB had climbed 1.4 percent by 0720 GMT as financials and utilities stocks surged.
Italy’s banks index jumped 3.1 percent, set for its biggest gain since January. Unicredit, UBI Banca , Banco BPM and Intesa Sanpaolo rose 2.2 to 2.8 percent.
Utility Enel, which had also been hurt by investors pricing in some of the coalition’s policies on renewable energy, traded up 1.9 percent.
Banks fuelled a 0.2 percent gain in Europe’s STOXX 600 , while Germany’s DAX rose 0.5 percent. Britain’s FTSE 100 was closed for a holiday and with U.S. markets also closed, trading volumes were thinner.
Spain’s IBEX also rose 0.7 percent as the rally spread to other southern European markets. Spanish stocks had fallen sharply on Friday on concerns Prime Minister Rajoy would face a no confidence vote.
Financials and utilities led the recovery in Spain too, with Santander, BBVA and Caixabank top gainers along with Iberdrola and Gas Natural.
Danish biotech firm Genmab fell 24 percent after it ended combination trials of its multiple myeloma drug Darzalex with Tecentriq, citing “no observed benefit” and an increase in deaths after the combination treatment. (Reporting by Helen Reid Editing by Alexander Smith)
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https://www.reuters.com/article/europe-stocks/italian-banks-boost-european-shares-on-prospect-of-new-elections-idUSL5N1SZ0TL
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Startup culture emerges from Greek economy woes 1:29pm BST - 01:56
Greece is a place where roughly one-in-five people are unemployed. It's left many with few options: think outside the box to pay the bills, or immigrate to richer shores. Matthew Larotonda reports.
Greece is a place where roughly one-in-five people are unemployed. It's left many with few options: think outside the box to pay the bills, or immigrate to richer shores. Matthew Larotonda reports. //reut.rs/2FGhIBF
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https://uk.reuters.com/video/2018/05/04/startup-culture-emerges-from-greek-econo?videoId=423793398
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May 16 (Reuters) - GLG PHARMA SA:
* SAID ON TUESDAY THAT ITS Q1 NET LOSS WAS 0.3 MILLION ZLOTYS VERSUS LOSS OF 0.1 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
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https://www.reuters.com/article/idUSL5N1SN225
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CNBC.com Martin Ollman | Getty Images
With a valuation of $69.6 billion, San Francisco-based Uber is the most valuable venture-backed company in the world.
That's according to recently released data from private financial market database PitchBook .
Just behind Uber is the ride-hailing giant's Chinese rival , Beijing-based Didi Chuxing, the world's second most valuable venture-backed company at $56 billion.
In fact, of the 30 most valuable venture-backed companies in the world, five are ride-hailing companies, according to PitchBook: Uber; Didi Chuxing; San Francisco-based Lyft; Singapore-based Grab; and Jakarta, Indonesia-based Go Jek.
Also notable, all but four of the most valuable venture capital-backed companies on PitchBook's list are based in either China or the United States. Only four companies on the list are based elsewhere — Singapore's Grab and Indonesia's Go Jek, along with Indian digital payments company Paytm and Coupang, South Korea's largest online retailer.
The list of the top 30, as provided by PitchBook, is below.
The data used for the list reflects companies' values as of May 11, 2018.
Venture-backed companies that are in the process of going public or being acquired were not included on the list, according to PitchBook. For example, the list does not include Indian e-commerce company Flipkart, which agreed to sell a majority stake in itself to Walmart for roughly $16 billion on May 9.
See also:
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https://www.cnbc.com/2018/05/15/pitchbook-30-most-valuable-venture-backed-companies-in-the-world.html
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May 15 (Reuters) - IZEA Inc:
* IZEA INC FILES FOR NON-TIMELY 10-Q WITH U.S. SEC Source bit.ly/2wSrIZt Further company coverage:
Our Standards: The Thomson Reuters Trust Principles.
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https://www.reuters.com/article/brief-izea-inc-files-for-non-timely-10-q/brief-izea-inc-files-for-non-timely-10-q-idUSFWN1SM1FJ
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Closing Bell Ringer, May 1, 2018 1 Hour Ago Ringing today's closing bells are Ventas Chairman and CEO Debra A. Cafaro at the NYSE and Empire Resorts at the Nasdaq.
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https://www.cnbc.com/video/2018/05/01/closing-bell-ringer-may-1-2018.html
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JACKSONVILLE, Fla., May 04, 2018 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ:FRPH) anticipates issuing its first quarter earnings results on Tuesday, May 8, 2018. The Company will also host a conference call on Tuesday, May 8, 2018 at 2:00 p.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-311-9406 (passcode 15482) within the United States. International callers may dial 1-334-323-7224 (passcode 15482). Computer audio live streaming is available via the Internet through the Company’s website at www.frpholdings.com . You may also click on this link for the live streaming http://stream.conferenceamerica.com/frp050818 . For the archived audio via the internet, click on the following link http://archive.conferenceamerica.com/archivestream/frp050818.mp3 . If using the Company’s website, click on the Investor Relations tab, then select the earnings conference stream. An audio replay will be available for sixty days following the conference call. To listen to the audio replay, dial toll free 1-877-919-4059, international callers dial 1-334-323-0140. The passcode of the audio replay is 49397561. Replay options: “1” begins playback, “4” rewind 30 seconds, “5” pause, “6” fast forward 30 seconds, “0” instructions, and “9” exits recording. There may be a 30-40 minute delay until the archive is available following the conclusion of the conference call.
FRP Holdings, Inc. (FRP) is engaged in the real estate business through its subsidiaries FRP Development Corp. and Florida Rock Properties, Inc. FRP acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. FRP also owns real estate which is leased under mining royalty agreements or held for investment.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement of Purchase and Sale by and between the Company and BRE Foxtrot Parent, LLC, dated March 22, 2018 (the “Sale Agreement”); the risks that any of the closing conditions to the Sale Agreement may not be satisfied in a timely manner; any litigation in connection with the Sale Agreement; the possibility that the announcement and pendency of the Sale Transaction may adversely affect our remaining business; the possibility that our business and financial performance may be adversely affected if we fail to complete the Sale Transaction; the fact that our executive officers may have interests in the Sale Transaction in addition to the interests of the shareholders generally; the fact that the Sale Agreement limits our ability to pursue alternative transactions; the possibility that we may be unable to find appropriate reinvestment opportunities for the proceeds from the Sale Transaction; levels of construction activity in the markets served by our mining properties, demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area, demand for apartments in Washington D.C., our ability to obtain zoning and entitlements necessary for property development, the impact of lending and capital market conditions on our liquidity, our ability to finance projects or repay our debt, general real estate investment and development risks, vacancies in our properties, risks associated with developing and managing properties in partnership with others, competition, our ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, bankruptcy or defaults of tenants, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, environmental liabilities, inflation risks, cybersecurity risks, as well as other risks listed from time to time in our SEC filings, including but not limited to, our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
Contact:
John D. Milton, Jr.
Chief Financial Officer
904/858-9100
Source:FRP Holdings, Inc.
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http://www.cnbc.com/2018/05/04/globe-newswire-frp-holdings-inc-announces-release-date-for-its-2018-first-quarter-earnings-and-details-for-the-earnings-conference-call.html
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May 24, 2018 / 8:40 AM / Updated 20 minutes ago Texas mass shooting victims, survivors to meet with governor Jon Herskovitz 3 Min Read
AUSTIN, Texas (Reuters) - Victims and survivors of Texas mass shootings are expected to take part in a final round of talks on Thursday with Governor Greg Abbott, who is seeking ways to stop gun massacres after a shooter killed 10 people in a Houston-area high school. Texas Governor Greg Abbott (C) speaks to a panel on preventing school violence in a meeting held in Austin, Texas, U.S., May 23, 2018. REUTERS/Jon Herskovitz
Students and parents from Santa Fe High School, where a gunman killed eight students and two teachers last Friday, will be joined by several people from Sutherland Springs, where 26 churchgoers were killed in a mass shooting in November, Abbott’s office said in a statement.
Abbott, a Republican, held roundtable discussions in Austin, the state capital, on Tuesday with educators and law enforcement officials and then again on Wednesday with the Texas State Rifle Association, affiliated with the National Rifle Association, and Texas Gun Sense, which favours tighter gun laws, along with mental health experts.
“We focused on trying to build bridges between sides that may not always see eye to eye, working collaboratively on one goal, and that is making sure that we are going to keep our students, our schools and our communities safer,” Abbott said after the two-hour closed-door meeting on Wednesday.
Abbott said the panel on Wednesday discussed ways to address mental health issues at schools, safe storage measures for firearms at homes and the so-called red flag warning laws that are intended to keep guns out of the hands of people deemed by a judge to be danger to themselves or others.
Abbott, a staunch supporter of gun rights, said any changes to state laws would need to protect Second Amendment rights to bear arms as enshrined in the U.S. Constitution.
The legislature is out of session until January 2019, making it nearly impossible for the state to implement and fund any major changes from the talks.
In contrast to Florida, where the killing of 17 teens and educators at a school in February sparked a youth-led movement calling for new restrictions on gun ownership, the Texas tragedy saw many elected officials and survivors alike voicing support for gun rights.
Dimitrios Pagourtzis, 17, has been charged with murder in the killing of eight students and two teachers during a rampage at Santa Fe High School on Friday - the latest in a string of deadly school shooting in the United States this year. Editing by William Maclean
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https://uk.reuters.com/article/uk-texas-shooting/texas-mass-shooting-victims-survivors-to-meet-with-governor-idUKKCN1IP16Q
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May 18 (Reuters) - U.S. Food and Drug Administration:
* U.S. FDA SAYS ALERTING PUBLIC TO SERIOUS CASES OF NEURAL TUBE BIRTH DEFECTS REPORTED IN BABIES BORN TO WOMEN TREATED WITH DOLUTEGRAVIR USED TO TREAT HIV
* SAYS PRELIM RESULTS FROM ONGOING STUDY FOUND WOMEN GETTING DOLUTEGRAVIR AT TIME OF BECOMING PREGNANT/EARLY IN FIRST TRIMESTER APPEAR AT HIGHER RISK FOR DEFECTS
* SAYS TO DATE, IN STUDY, THERE ARE NO REPORTED CASES OF BABIES BORN WITH NEURAL TUBE DEFECTS TO WOMEN STARTING DOLUTEGRAVIR LATER IN PREGNANCY Further company coverage:
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https://www.reuters.com/article/brief-us-fda-alerts-of-neural-tube-birth/brief-u-s-fda-alerts-of-neural-tube-birth-defects-cases-reported-in-babies-born-to-women-treated-with-dolutegravir-idUSFWN1SP0TY
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May 14, 2018 / 4:14 AM / Updated 21 minutes ago Klopp praises Salah for keeping grounded Liverpool manager Juergen Klopp has praised Mohamed Salah for keeping his feet on the ground during his record-breaking Premier League season. Soccer Football - Premier League - Liverpool vs Brighton & Hove Albion - Anfield, Liverpool, Britain - May 13, 2018 Liverpool's Mohamed Salah celebrates scoring their first goal REUTERS/Phil Noble
The 25-year-old Egypt international scored his 32nd league goal of the season as Liverpool wound up their campaign with a 4-0 win over Brighton and Hove Albion on Sunday.
Salah’s tally is a new record for a 38-game Premier League campaign, eclipsing the previous mark of 31 achieved by Luis Suarez, Alan Shearer and Cristiano Ronaldo. Slideshow (2 Images)
“The last few weeks were really difficult for him,” Klopp told Sky Sports. “Imagine everyone telling you how brilliant you are, or they give you an Oscar for this, an award for that, an award for getting out of car without having an accident.
“Staying on track in a season like this, it’s really difficult, he’s still a young boy and I am really happy with how he dealt with it.”
Salah has scored 44 goals in 51 appearances in all competitions this season, and will get the chance to add to that tally when Liverpool face Real Madrid in the Champions League final on May 26. Bengaluru; Editing by Peter Rutherford
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https://uk.reuters.com/article/uk-soccer-england-liv-klopp-salah/klopp-praises-salah-for-keeping-grounded-idUKKCN1IF0AF
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May 22, 2018 / 8:14 PM / Updated 27 minutes ago HPE quarterly profit beats on demand for servers Reuters Staff 2 Min Read
(Reuters) - Hewlett Packard Enterprise Co ( HPE.N ) reported a better-than-expected quarterly profit and raised its full-year earnings forecast on Tuesday, helped by higher demand for its servers, storage and networking equipment. FILE PHOTO: A trader passes by the post where Hewlett Packard Enterprise Co., is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25, 2016. REUTERS/Brendan McDermid/File Photo
The company, created in 2015 from the breakup of Hewlett-Packard Co, said it now expects adjusted profit between $1.40 and $1.50 per share for 2018. The company had previously forecast profit of $1.35 to $1.45 per share.
Revenue from Hybrid IT division, which houses servers, storage and data centre networking products, rose 7 percent to $6.02 billion (£4.4 billion) in the quarter ended April 30.
Analysts on average had expected $6.07 billion, according to Thomson Reuters I/B/E/S.
Net profit was $778 million, or 50 cents per share, in the second quarter ended April 30, compared with a loss of $612 million, or 37 cents per share, a year earlier.
Excluding items, the company reported earnings of 34 cents per share, above analysts’ expectation of 31 cents per share.
Revenue rose about 10 percent to $7.47 billion. Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva
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https://uk.reuters.com/article/uk-hpe-results/hpe-quarterly-revenue-rises-10-percent-idUKKCN1IN2U6
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From 'rocket man' to 'honorable': Trump on Kim 6:47pm BST - 01:44
President Trump's rhetorical journey to the now-cancelled peace talks with North Korea began with name calling, but ended with praise for leader Kim Jong Un. Rough Cut (no reporter narration).
President Trump's rhetorical journey to the now-cancelled peace talks with North Korea began with name calling, but ended with praise for leader Kim Jong Un. Rough Cut (no reporter narration). //reut.rs/2IHdZKl
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https://uk.reuters.com/video/2018/05/24/from-rocket-man-to-honorable-trump-on-ki?videoId=429945427
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May 13, 2018 / 1:31 PM / Updated 6 hours ago MIDEAST STOCKS-Blue chips help Saudi stocks lead regional gains Reuters Staff
* Saudi banking heavyweights help push index higher
* Saudi Basic Industries adds 1.6 pct
* Oil prices at multi-year highs
* In Abu Dhabi, Dana Gas surges after deal with creditors
* Union National Bank falls after drop in Q1 net profit
By Tom Arnold
DUBAI, May 13 (Reuters) - Saudi Arabia’s stock market led regional gains on Sunday as investors piled back into blue-chip stocks, while a slight retreat in oil prices from multi-year highs did little to deter buyers elsewhere in the Gulf.
The Saudi index closed 1.4 percent higher, with Al Rajhi Bank - the kingdom’s second largest bank by assets and one of the main beneficiaries of a huge inflow of foreign money this year - climbing 1.5 percent. The largest, National Commercial Bank, climbed 3.0 percent.
The other big gainer was the biggest petrochemical producer, Saudi Basic Industries, which added 1.6 percent.
“The Saudi index has been off its highs over the past two weeks, so the smart money is recognising that as an opportunity and buying up blue-chips ahead of MSCI decision,” said Nishit Lakhotia, head of research at Securities & Investment Co (SICO) in Bahrain.
“The market is not really reflecting the fact oil prices are close to three and a half year highs, and is still exhibiting strength which can significantly reduce state deficits for 2018 and potentially slow reforms that might be hurting consumers.”
Saudi’s largest stocks have attracted foreign inflows in anticipation of the upgrade of the stock market to emerging market status. In March, global index compiler FTSE Russell decided to upgrade Saudi Arabia to emerging market status, and MSCI is widely expected to make a similar decision in June.
Crude prices remain just below multi-year highs, despite slipping on Friday as it looked likely that U.S. allies would seek to maintain their nuclear deal with Iran, which could keep that country’s crude exports on global markets.
In Abu Dhabi, Dana Gas was the most heavily traded stock, up 3.9 percent after the company said it had struck a deal with creditors on restructuring $700 million of sukuk, potentially bringing to an end a nearly year-long legal row that spooked investors in Islamic finance.
Shares in Abu Dhabi’s Union National Bank fell 4.1 percent after it reported a drop in first quarter net profit to 425.6 million dirhams ($116 million), slightly below forecasts of SICO Bahrain and EFG Hermes.
Abu Dhabi’s index dropped 0.3 percent.
In Dubai, the index closed 0.4 percent up. National Central Cooling Company (Tabreed) was the biggest gainer, closing 4.1 percent higher. The company said in a statement late last week, that it was considering new markets and countries in which to expand its operations.
In Egypt, the index added 0.2 percent. Qalaa Holdings surged 8.9 percent. The company said last week it was seeking to increase ownership in Egyptian Refining Co. SAUDI ARABIA
* The index rose 1.4 percent to 8,023 points. DUBAI
* The index rose 0.4 percent to 2,892 points. ABU DHABI
* The index dropped 0.3 percent to 4,425 points. QATAR
* The index climbed 0.8 percent to 8,817 points. KUWAIT
* The index fell 0.2 percent to 4,790 points. BAHRAIN
* The index edged up 0.03 percent to 1,272 points. OMAN
* The index edged up 0.1 percent to 4,687 points. EGYPT
* The index rose 0.2 percent to 17,184 points. (Additional reporting by Andrew Torchia; editing by John Stonestreet)
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https://www.reuters.com/article/mideast-stocks/mideast-stocks-blue-chips-help-saudi-stocks-lead-regional-gains-idUSL5N1SK0JX
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May 4, 2018 / 6:52 PM / Updated an hour ago With an eye on Russia, U.S. Navy re-establishing its Second Fleet Idrees Ali 3 Min Read
WASHINGTON (Reuters) - The United States Navy is re-establishing its Second Fleet, responsible for the northern Atlantic Ocean, nearly seven years after it was disbanded as the Pentagon puts countering Russia at the heart of its military strategy. FILE PHOTO: U.S. Navy Admiral John Richardson, the U.S. chief of naval operations, waits for Japan's Prime Minister Shinzo Abe before their talks at Abe's official residence in Tokyo, Japan on October 15, 2015. REUTERS/Yoshikazu Tsuno/File Photo
“Our National Defense Strategy makes clear that we’re back in an era of great power competition as the security environment continues to grow more challenging and complex,” Chief of U.S. Naval Operations Admiral John Richardson said on Friday.
“Second Fleet will exercise operational and administrative authorities over assigned ships, aircraft and landing forces on the East Coast and northern Atlantic Ocean,” Richardson said.
A U.S. Navy official, speaking on the condition of anonymity, said a number of decisions, like who would command Second Fleet and what assets it would include, had not yet been made and it was unclear when the fleet would be operational.
In 2011, the fleet was disbanded for cost-saving and organizational structure reasons.
Since then, however, Russia has become more assertive, flexing its military muscles in conflicts like those in Ukraine and Syria and tensions between Moscow and Washington have increased.
Earlier this year, the U.S. military said in a new national defence strategy that countering Russia, along with China, would be a priority, the latest sign of shifting priorities after more than a decade and a half of focussing on the fight against Islamist militants.
In presenting the new strategy, which will set priorities for the Pentagon for years to come, Defense Secretary Jim Mattis called China and Russia “revisionist powers” that “seek to create a world consistent with their authoritarian models.”
Russia has increased its naval patrols in the Baltic Sea, the north Atlantic and the Arctic, NATO officials say, although the size of its navy is smaller now than during the Cold War era.
Since taking office last year, President Donald Trump has tried to build stronger ties with Russian President Vladimir Putin.
But relations have instead soured over allegations of Russian meddling in the 2016 U.S. presidential election, Russia’s alleged poisoning of a former double agent in Britain and Putin’s support of Syrian President Bashar al-Assad’s government in Syria.
The Pentagon also announced on Friday that it was offering to host a proposed NATO Joint Force Command at its naval facilities in Norfolk, Virginia.
It was one of two proposed new NATO commands aimed at deterring Russia that the United States and Germany had offered to host. Reporting by Idrees Ali; Editing by Alistair Bell
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https://uk.reuters.com/article/uk-usa-defense-navy-russia/with-an-eye-on-russia-u-s-navy-re-establishing-its-second-fleet-idUKKBN1I52CL
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MILL VALLEY, Calif. (AP) _ Redwood Trust Inc. (RWT) on Monday reported first-quarter net income of $47 million.
The Mill Valley, California-based company said it had net income of 50 cents per share. Earnings, adjusted for non-recurring costs, were 60 cents per share.
The specialty finance company posted revenue of $117 million in the period. Its adjusted revenue was $75 million.
Redwood Trust shares have risen 6.5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $15.78, a decline of 7 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on RWT at https://www.zacks.com/ap/RWT
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https://www.cnbc.com/2018/05/07/the-associated-press-redwood-trust-1q-earnings-snapshot.html
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May 6, 2018 / 1:13 PM / Updated 2 hours ago ZTE says asked U.S. Commerce Department to suspend business ban Reuters Staff 2 Min Read
BEIJING (Reuters) - China’s ZTE Corp ( 0763.HK ) ( 000063.SZ ) has submitted an application to the U.S. Commerce Department’s Bureau of Industry and Security (BIS) for the suspension of a business ban, it said in a filing to the Shenzhen stock exchange on Sunday. FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo
Washington imposed a seven-year ban on U.S. companies selling components and software to ZTE last month after finding the Chinese telecoms company breached U.S. sanctions on Iran.
ZTE’s exchange filing on Sunday did not give details of its request or say when it had been made, but it did say that the company had provided additional material at the BIS’s request.
Last week, Chinese negotiators holding trade talks with U.S. counterparts in Beijing asked the United States to hear ZTE’s appeal, take into account the company’s efforts to improve its compliance and amend the ban.
U.S. officials have said the action against ZTE was not related to trade policy, but the move has been seen by many in China as part of the broader trade spat playing out between the world’s two biggest economies.
The ban on sales to ZTE, which is heavily reliant on imports of U.S. chips, had threatened to scupper the Chinese firm’s smartphone business.
It has also underscored China’s heavy reliance on semiconductor imports amid growing trade tensions with the United States. ZTE has said the ban was unacceptable and threatened its survival. Reporting by Min Zhang in BEIJING and John Ruwitch in SHANGHAI; Editing by Keith Weir and Adrian Croft
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https://uk.reuters.com/article/us-usa-china-zte/zte-applies-to-u-s-commerce-department-for-suspension-of-business-ban-idUKKBN1I70FR
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May 14 (Reuters) - Saturn Oil & Gas Inc:
* SATURN OIL & GAS INC. ANNOUNCES $3,500,000 BROKERED PRIVATE PLACEMENT LED BY CANACCORD GENUITY CORP.
* SATURN OIL & GAS - ENGAGED CANACCORD TO LEAD PRIVATE PLACEMENT OF A MINIMUM 29.2 MILLION SHARE UNITS AT $0.12/UNIT FOR ABOUT $3.5 MILLION TO ABOUT $5 MILLION Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-saturn-oil-gas-announces-35-millio/brief-saturn-oil-gas-announces-3-5-million-brokered-private-placement-led-by-canaccord-genuity-idUSASC0A20R
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May 2 (Reuters) - Halyard Health Inc:
* HALYARD HEALTH, INC. ANNOUNCES FIRST QUARTER 2018 RESULTS
* QTRLY NET SALES $156.4 MILLION VERSUS $145.7 MILLION * HALYARD HEALTH - CASH BALANCE WAS $203 MILLION AT THE END OF QUARTER, COMPARED TO $220 MILLION AT THE END OF 2017 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-halyard-health-reports-q1-earnings/brief-halyard-health-reports-q1-earnings-per-share-0-43-idUSASC09YXW
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TORONTO, May 11, 2018 (GLOBE NEWSWIRE) -- Sprott Inc. (TSX:SII) (“Sprott” or the “Company”) today announced its financial results for the three months ended March 31, 2018.
Financial Overview for the quarter-ended March 31, 2018:
Assets Under Management (“AUM”) were $11.6 billion as at March 31, 2018, compared to $7.3 billion as at December 31, 2017. Total net revenues (net of commission expenses, trailer fees, sub-advisor fees and performance fee payouts) were $27.2 million, reflecting an increase of $0.3 million (1%) from the quarter ended March 31, 2017. Total expenses (excluding commission expenses, trailer and sub-advisor fees and performance fee payouts) were $16.4 million, reflecting a decrease of $0.5 million (3%) from the quarter ended March 31, 2017. Net income was $13.7 million ($0.06 per share), reflecting an increase of $4.8 million (55%) from the quarter ended March 31, 2017. On a normalized basis (taking into account the 2017 sale of non-core diversified assets, loan loss provision reversal and related catch-up interest) adjusted base EBITDA from core businesses increased by 61% from the quarter ended March 31, 2017 to $10.0 million ($0.04) per share. Investable capital stood at $189 million as at March 31, 2018, compared to $293 million as at December 31, 2017.
Significant events for the quarter-ended March 31, 2018:
Completed strategic acquisition of Central Fund of Canada Ltd. ("CFCL"), adding $4.3 billion in assets to physical bullion franchise
"Our Assets Under Management increased to $11.6 billion during the first quarter of 2018, following the completion of our acquisition of Central Fund of Canada Ltd., which contributed to our strong financial results for the quarter," said Peter Grosskopf, CEO of Sprott. "With the realignment of the business complete, we are focused on continuing to build a global precious metal investment management business offering leading bullion products, ETFs and active equity strategies. We believe there are exciting opportunities ahead of us as we continue to explore complementary acquisitions and strategic partnerships."
Assets Under Management
In millions $ AUM
Dec. 31, 2017 Net Sales
& Capital Calls Market
Value Change Acquisitions
& Divestitures AUM
Mar. 31, 2018 Exchange Listed Products - Physical Trusts 4,200 (122 ) 188 4,337 8,603 - ETFs 434 — (23 ) — 411 4,634 (122 ) 165 4,337 9,014 Alternative Asset Management - In-house 405 — (6 ) — 399 - Sub-advised 710 (5 ) (49 ) — 656 1,115 (5 ) (55 ) — 1,055 Private Resource Investments - Managed Companies 706 — 17 (98 ) 625 - Fixed Term LPs 308 — 4 — 312 - Separately Managed Accounts 308 — (5 ) — 303 - Private Resource Lending LPs 252 30 — — 282 1,574 30 16 (98 ) 1,522 Total 7,323 (97 ) 126 4,239 11,591 Dividends
On May 10, 2018, a dividend of $0.03 per common share was declared for the quarter ended March 31, 2018.
Conference Call and Webcast
A conference call and webcast will be held today, May 11, 2018 at 10:00 am ET to discuss the Company's financial results. To participate in the call, please dial (855) 458-4215 ten minutes prior to the scheduled start of the call and provide conference ID8291608. A taped replay of the conference call will be available until Friday, May 19, 2018 by calling (855) 859-2056, reference number 8291608. The conference call will be webcast live at www.sprott.com and https://edge.media-server.com/m6/p/rhizm9o5
*Non-IFRS Financial Measures
This press release includes financial terms (including AUM, EBITDA, adjusted base EBITDA and net sales) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-IFRS measures, including the calculation of these measures, please refer to the “Non-IFRS Financial Measures” section of the Company's Management's Discussion and Analysis and its financial statements available on the Company's website at www.sprottinc.com and on SEDAR at www.sedar.com .
Forward-Looking Statements
Certain statements in this press release contain forward-looking information (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to: (i) continued delivery of improving financial results; (ii) our focus on continuing to build a global precious metal investment management business offering leading bullion products, ETFs and active equity strategies; (iii) our belief that there are exciting opportunities ahead of us as we continue to explore opportunities for complementary acquisitions and strategic partnerships; and (iv) the declaration, payment and designation of dividends.
Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; and (iv) those assumptions disclosed herein under the heading "Significant Accounting Judgments and Estimates" in the Company’s MD&A for the period ended March 31, 2018. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct could result in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) changes in the investment management industry; (vii) failure to implement effective information security policies, procedures and capabilities; (viii) lack of investment opportunities; (ix) risks related to regulatory compliance; (x) failure to manage risks appropriately; (xi) failure to deal appropriately with conflicts of interest; (xii) competitive pressures; (xiii) corporate growth may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xiv) failure to successfully implement succession planning; (xv) foreign exchange risk relating to the relative value of the U.S. dollar; (xvi) litigation risk; (xvii) failure to develop effective business resiliency plans; (xviii) failure to obtain or maintain sufficient insurance coverage on favourable economic terms; (xix) historical financial information is not necessarily indicative of future performance; (xx) the market price of common shares of the Company may fluctuate widely and rapidly; (xxi) risks relating to the Company’s investment products; (xxii) risks relating to the Company's proprietary investments; (xxiii) risks relating to the Company's lending business; (xxiv) risks relating to the Company’s merchant bank and advisory business; (xxv) those risks described under the heading "Risk Factors" in the Company’s annual information form dated March 2, 2018; and (xxvi) those risks described under the headings "Managing Risk: Financial" and "Managing Risk: Non-Financial" in the Company’s MD&A for the period ended March 31, 2018. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable Canadian securities laws.
About Sprott
Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX:SII). For more information, please visit www.sprott.com.
Investor contact information:
Glen Williams
Managing Director
Investor Relations and Corporate Communications
(416) 943-4394
gwilliams@sprott.com
Source: Sprott Inc.
Source: Sprott, Inc.
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http://www.cnbc.com/2018/05/11/globe-newswire-sprott-announces-2018-first-quarter-results.html
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MILWAUKEE--(BUSINESS WIRE)-- Gardner Denver Holdings, Inc. (NYSE: GDI) (“Gardner Denver”) today announced the pricing of the previously announced underwritten secondary offering by certain stockholders (the “Selling Stockholders”), including investment funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”), of 26,550,851 shares of common stock of Gardner Denver pursuant to a registration statement filed by Gardner Denver with the U.S. Securities and Exchange Commission (the “SEC”), at the public offering price of $31.00 per share. KKR has granted the underwriters a 30-day option to purchase up to an additional 3,982,627 shares. No shares are being sold by Gardner Denver. The Selling Stockholders will receive all of the proceeds from this offering. The offering is expected to close on May 7, 2018, subject to customary closing conditions.
Goldman Sachs & Co. LLC, Citigroup, KKR Capital Markets, Simmons & Company International (Energy Specialists of Piper Jaffray), UBS Investment Bank, Baird, Credit Suisse, Deutsche Bank Securities, Houlihan Lokey, J.P. Morgan, William Blair and Stifel are acting as bookrunners of the offering, and Credit Agricole CIB, HSBC, Macquarie Capital and Mizuho Securities are acting as co-managers of the offering.
A registration statement, including a prospectus, relating to the offering of shares of the common stock of Gardner Denver has been declared effective by the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of these securities will be made only by means of a prospectus. Copies of the prospectus may be obtained from Goldman Sachs & Co. LLC, Prospectus Department at 200 West Street, New York, NY 10282 or by telephone at 866-471-2526 or by facsimile at 212-902-9316, or by email at prospectus-ny@ny.email.gs.com ; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146.
Forward Looking Statements
This press release includes certain disclosures which contain “forward-looking statements.” You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements are based on Gardner Denver’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our filings with the SEC, including our registration statement on Form S-1, as amended from time to time, under the caption “Risk Factors.”
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006936/en/
Gardner Denver Holdings, Inc.
Media & Investor Relations Contact
Vikram Kini
(414) 212-4753
vikram.kini@gardnerdenver.com
Source: Gardner Denver Holdings, Inc.
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http://www.cnbc.com/2018/05/02/business-wire-gardner-denver-announces-pricing-of-its-secondary-public-offering.html
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NEW YORK, May 22, 2018 (GLOBE NEWSWIRE) -- Digital Remedy ( www.digitalremedy.com ), a white-labeled ad operations and sales solution for publishers, advertisers, and influencers, announced today that Turner’s President of Ad Sales Donna Speciale has been appointed to the company’s board of directors, effective immediately. Her appointment follows the acquisition of CrowdHere and the elevation of its former CEO Nick Pahade to COO and president of Digital Remedy.
“Donna is widely recognized as one of the best industry strategists, having foreseen how TV should be folded into the video category,” said Mike Seiman, Chairman and CEO of Digital Remedy . “Such prescience will enable us to smoothly navigate the coming convergence of digital content, film, video, and social for the benefit of our clients.”
A trailblazer for reimagining advertising in the new age of media consumption, Speciale has transformed how Turner collaborates with marketers to better utilize advanced data and premium content to drive business outcomes for brands. She has been a leading voice in the expansion of audience targeting including the groundbreaking launch of OpenAP, and has invested in award-winning brand studios that provide powerful storytelling platforms for marketers. Speciale and the entire Turner leadership team have also taken a proactive approach with strengthening user experiences across the portfolio, which has led to stronger ROI for brands, including limited ad formats on TNT and truTV.
“Digital Remedy has been at the forefront of new media ad advancements since digital’s early days, and I’m pleased to join their Board of Directors,” said Speciale. “As demands heighten for ad tech and media innovation, we need to come together as an industry to develop solutions not additional barriers for marketers.”
What differentiates Speciale from most sales heads is her over two decades of experience working directly with clients on the agency side. Prior to joining Turner, she was president of investment, activation, and agency operations at MediaVest Worldwide, overseeing the agency’s integrated digital, broadcast, print, and out-of-home practice, as well as investments on behalf of clients such as Kraft, Walmart, P&G, and Coca-Cola. In addition to MediaVest, which Speciale joined in 2014, she led the broadcast investment team at WPP's Mediacom.
Speciale is well-known for driving innovation in the marketplace and has received numerous industry recognitions, while her teams and the companies she has represented have received countless honors. In 2018, she joined the Board of Directors for MAKERS and has prioritized providing greater access and opportunities for women and people of color at the leadership level. In recognition of this effort, she was featured this year by Variety for her “Impact” and Adweek as a “Disruptor.” In 2017, she was featured as one of the Adweek "Most Indispensable Executives" for her work on OpenAP, alongside Fox and Viacom. Speciale has been featured within this list for several years, including in 2016 when she was honored as one of the top ten leaders. Speciale has also been recognized by Broadcasting & Cable for their 2015 “Hall of Fame," Multichannel News as a “Wonder Woman” (2013), Advertising Age within their “Top Women in Advertising” (2012), CableFAX within both the “100” and “Most Powerful Women” (2012-17) lists, Television Week as a “TV Buyer of the Year” (2006), MediaWeek for the “All Star” (2003) list, and Advertising Age as a “Woman to Watch” (2001). She has been honored by Advertising Women of New York (AWNY) as an “Advertising Woman of the Year” and received both their “Impact Award” and “Working Woman Award.” In 2014, she was as a recipient of the “Reisenbach Award for Distinguished Citizenship” by the John A. Reisenbach Foundation.
In addition to her work with MAKERS, she is an active member of Advertising Women of New York (AWNY) and the Video Advertising Bureau (VAB).
Turner, a Time Warner company, creates and programs branded news, entertainment, animation and young adult media environments on television and other platforms for consumers around the world.
About Digital Remedy
Digital Remedy solves the complex and evolving online marketing challenges of marketers, publishers, and influencers through a combination of innovative technology and superior customer service. Our solutions engage target audiences better, continuously improve campaigns, and unlock additional monetization opportunities. For more information, please visit www.digitalremedy.com .
Media Contact
Tiffany Coletti Kaiser
Digital Remedy
tck@digitalremedy.com
646-863-8309
Source: Digital Remedy
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http://www.cnbc.com/2018/05/22/globe-newswire-turneras-donna-speciale-joins-digital-remedy-board-of-directors.html
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SINGAPORE (Reuters) - The volume of U.S. crude oil arriving in Asia is expected to hit a new high in July as Asian refiners sought arbitrage supplies to replace Middle Eastern crude after prices for Gulf grades rose, traders said on Wednesday.
FILE PHOTO: The Suezmax sized oil tanker Karvounis lies at anchor stranded off the coast of Louisiana for lack of a bank letter of credit to discharge its cargo of Venezuelan heavy crude, south of Port Fourchon, Louisiana, U.S. August 17, 2017. REUTERS/Jonathan Bachman/File Photo U.S. crude arriving in Asia hit an all-time high of close to 25 million barrels in May with cargoes discharging in China, South Korea, Singapore, India and Malaysia, according to trade flows data on Eikon.
The volume dips to about 19 million barrels in June, but is set to rebound again in July after U.S. crude futures slipped to the widest discount in three years against Brent this week, according to traders and Eikon data.
The drop in U.S. crude prices coincides with rising values for Middle East oil in Asia and has opened the arbitrage window, traders said.
Close to 10 supertankers, each carrying 2 million barrels of crude, have been lined up to load oil in the U.S. Gulf Coast for Asia, two of the traders said. These are expected to arrive in July, they said.
“WTI Midland is coming across,” a third trader said, adding that refiners such as JXTG Nippon, SK Energy and Cosmo Oil have bought U.S. crude.
Last week, Indian state-refiner Indian Oil Corp (IOC) bought 3 million barrels of Louisiana Light Sweet and WTI Midland crude for loading in June.
South Korea’s second-largest refiner GS Caltex has bought 5 million barrels of U.S. crude, mainly Eagle Ford and WTI Midland, for June to August delivery, up from 4.75 million barrels in the first five months this year, a company spokesman said.
Some of the popular U.S. grades in Asia such as WTI Midland, Mars and Southern Green Canyon can now compete with Middle East grades such as Murban and Oman in Asia, traders said.
WTI Midland crude delivered to North Asia is priced at a premium of close to $5 a barrel to Dubai Quote: s, comparable with Abu Dhabi’s Murban, while Mars crude cargoes are being offered at $1.50 a barrel above Dubai Quote: s, competitive with Oman, they said.
Light sweet WTI Midland comes from the Permian basin, a region which was a key contributor to record shale oil production in June. The grade’s cash discount hit the lowest in four years earlier this month.
“The value for Midland is better than Murban for cargoes landing in China,” a trader with a Chinese company said, adding that the influx of U.S. oil supplies may put some downward pressure on Middle East crude prices.
The Middle East crude market has been underpinned by supply cuts by the Organization of the Petroleum Exporting Countries, peak summer demand and as fears of disruption in Iranian supplies after the United States withdrew from a global nuclear pact fueled sentiment.
Reporting by Florence Tan, additional reporting by Jane Chung in SEOUL and Osamu Tsukimori in TOKYO, Editing by Sherry Jacob-Phillips
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https://in.reuters.com/article/usa-asia-oil/u-s-oil-shipments-to-asia-may-hit-new-high-in-july-cool-mideast-crude-prices-idINKCN1IH0OE
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May 31, 2018 / 8:13 AM / in 29 minutes Neighborhoods hit and supplies cut in Libya's Derna, U.N. says Tom Miles , Ayman al-Warfalli 3 Min Read
GENEVA/BENGHAZI, Libya (Reuters) - Fighting in the Libyan city of Derna has escalated to unprecedented levels, with air raids and shelling of residential areas as well as heavy ground clashes, the United Nations humanitarian office said on Thursday.
There were severe water, food and medicine shortages, and electricity and water had been completely cut off for the city’s 125,000 residents, it said in a report.
The eastern city has been encircled since July 2017 by the Libyan National Army (LNA), whose commander Khalifa Haftar opposes the internationally recognized government based in the country’s west.
Haftar’s forces are trying to wrest the city from a coalition of local fighters and Islamists known as the Derna Mujahideen Shura Council (DMSC) or Derna Protection Forces (DPF).
Their surge over recent days overshadowed high-level talks in Paris on Tuesday that tried to chart a way out of Libya’s turmoil and set a goal of holding elections in December.
Following fighting on Wednesday, the LNA took control of most entry points to Derna from the west, LNA spokesman Abdulkarim Sabra said. The LNA has also claimed control of the city’s al-Fatayih Industrial Zone and strategic hills over the Bab Tubruk district.
Electricity supply was restored early on Thursday after maintenance to a power plant that was hit by shelling earlier in the week, according to Sabra and a Derna resident.
LNA forces have had about 20 men killed and 35 wounded since the fighting intensified in Derna earlier this month, mostly due to mines, Sabra added.
He estimated that more than 100 DMSC or DPF combatants had been killed and that another 100 had handed themselves in. The numbers could not be independently verified.
The LNA says it is targeting militants including foreign fighters with links to al Qaeda. Its critics say the LNA has branded all its opponents as “terrorists” as it tries to seize the only city in eastern Libya outside its control.
Until this month, the LNA’s campaign had been largely limited to occasional air strikes and bombardments. Since May 22, indiscriminate shelling had killed at least five civilians, including two children, the U.N. said.
“Local sources report that DPF are currently taking positions amongst civilian infrastructure in residential areas, mostly in the center of the city and reportedly in civilian clothing,” the U.N. report said, adding that civilians were being prevented from leaving the city.
The U.N. said no aid has entered the city since mid-March, apart from a delivery of kidney dialysis materials and medication earlier this week.
Neighboring Egypt, which backs the LNA, has also carried out air strikes in Derna against what it said were training camps sending militants into Egypt to carry out attacks.
Separately, an LNA battalion said it had repelled an attack early on Thursday against its positions at Tamanhent air base in Libya’s central desert. It has controlled the base since May last year. Writing by Aidan Lewis; Editing by Catherine Evans
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https://www.reuters.com/article/us-libya-security/u-n-reports-unprecedented-fighting-in-libyan-city-of-derna-idUSKCN1IW0UJ
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May 4, 2018 / 4:17 PM / in 22 minutes Springer Nature's IPO books oversubscribed: bookrunner Reuters Staff 2 Min Read
BERLIN (Reuters) - Science magazine publisher Springer Nature ( SPGG.DE ) has attracted strong demand for its stock market listing, with order books, excluding a so-called greenshoe option, oversubscribed, bookrunner Morgan Stanley said on Friday.
The company, which is aiming to be included in Germany’s midcap stock index, has set a price range at between 10.50 euros ($12.53) and 14.50 euros.
Majority owner Holtzbrinck has doubled its share order to 200 million euros, Morgan Stanley said. Trading is expected to start on the Frankfurt exchange on May 9.
The company, which publishes science magazines Nature and Scientific American, plans to raise 1.2 billion euros through the initial public offering, and to use the bulk of proceeds to cut net debt by a third.
The IPO is on track to be the second biggest this year on the Frankfurt stock exchange, behind Siemens’ medical technology business Healthineers ( SHLG.DE ), but ahead of Deutsche Bank’s ( DBKGn.DE ) asset management arm DWS ( DWSG.DE ).
Springer Nature was formed in 2015 through the merger of Holtzbrinck’s Macmillan Science and Education business with BC Partners’ Springer business, which publishes scientific, technical and medical books and journals. Reporting by Andreas Cremer; Editing by Susan Fenton and Jane Merriman
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https://www.reuters.com/article/us-springer-nature-ipo/price-range-set-for-springer-natures-frankfurt-ipo-idUSKBN1I521U
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* MSCI ex-Japan climbs 0.3 pct, Nikkei jumps 0.7 pct
* U.S. April consumer price index rises slower than expected
* Traders trim expectations of faster U.S. rate hikes in 2018
* Risk appetite whetted on U.S.-Korea summit talks in Singapore
By Swati Pandey
SYDNEY, May 11 (Reuters) - Asian markets started on a firm footing and the dollar eased on Friday as softer-than-forecast U.S. inflation data tempered expectations for faster Federal Reserve interest rate rises this year.
Investor sentiment also got a small boost after U.S. President Donald Trump said he had high hopes of “doing something very meaningful” to curtail North Korea’s nuclear ambitions at a summit in Singapore next month.
Clear signs of thawing relationships in the Korean peninsula and the prospect of still expansionary monetary policies in most of the developed world helped whet risk appetite, although concerns remained around U.S.-China trade skirmishes and rising tensions in the Middle East.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose for a second straight session to near three-week highs.
Japan’s Nikkei climbed 0.7 percent while South Korea’s KOSPI added 0.6 percent. Australian and New Zealand shares were both up 0.2 percent.
On Wall Street, the Dow rose 0.8 percent, the Nasdaq Composite gained 0.89 percent and the S&P 500 rose 0.9 percent, surging past key resistance of 2,717 points.
Equities gained as investors trimmed their expectations for four Fed rate hikes after inflation data showed price pressures remained weak. The Fed has already raised rates once this year and is widely expected to go twice again in 2018.
The U.S. consumer price index rose 0.2 percent last month, below analyst forecasts of 0.3 percent, as a moderation in healthcare prices offset increases in the cost of gasoline and rental accommodations.
The dollar fell the most since late March overnight against a basket of major currencies, while the Mexican peso and Brazilian real jumped more than 1 percent on the news.
The British pound hit a four-month low versus the greenback after the BoE held key borrowing costs. It was last at $1.3517, just above Thursday’s trough of $1.3457 touched.
The recent slowing in price growth in major economies has boosted expectations that most central banks except the Fed will continue their massive bond-buying programmes to keep policy stimulatory.
“Risk appetite rose overnight with U.S. core inflation and unchanged Bank of England both signalling only gradual normalisation in interest rates,” ANZ analysts said in a note.
“Equities liked the contained inflation/rates environment.”
On Friday, the dollar index rose modestly while the euro was barely changed at $1.1915. The Japanese yen was a tad weaker at 109.52 per dollar.
Malaysian markets were closed Friday but its newly appointed Prime Minister Mahathir Mohamad emerged with key election pledges including repealing an unpopular goods and services tax and restoring a petrol subsidy.
Ratings agency Moody’s said some campaign promises would be “credit negative” for Malaysia.
Such concerns pushed up the cost of insuring against a Malaysia default, with the country’s 5-year credit default swap price at its highest since early June 2017 at 95.090 basis points.
In commodities markets, spot gold was steady at $1,21.32 an ounce.
Oil hovered near multi-year peaks amid supply concerns after Trump withdrew from an Iranian nuclear deal and reinstated sanctions.
U.S. crude futures were up 14 cents at $71.5 a barrel. Brent crude futures was last Quote: d at $77.47 a barrel, after hitting $78 earlier in the day, their highest since November 2014.
Editing by Sam Holmes
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https://www.reuters.com/article/global-markets/global-markets-asian-stocks-near-3-week-top-dollar-eases-after-u-s-inflation-idUSL3N1SI04G
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U.S. President Donald Trump will meet 10 major automakers at the White House on Friday to discuss the fate of landmark fuel efficiency standards and a looming confrontation with California and other major states.
A draft proposal circulated by the U.S. Transportation Department would freeze requirements at 2020 levels through 2026, but the administration is not expected to formally unveil the proposal until later this month or in June.
Major automakers reiterated this week they do not support freezing requirements but say they want new flexibilities and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.
Automakers also want the White House and California to reach agreement on maintaining national standards, fearing a prolonged legal battle could leave them facing two different sets of rules and extended uncertainty.
Trump plans to tell automakers he is willing to support a freeze and challenge California but wants the industry to back the effort, a senior administration official said. He also wants to know if they want him to fight on their behalf, the official said.
The chief executives of General Motors , Ford Motor , Fiat Chrysler Automobiles , along with senior U.S. executives from Toyota Motor , Volkswagen, Hyundai Motor, Nissan Motor, Honda Motor , BMW, and Daimler will meet Trump, along with the chief executives of two auto trade groups.
Trump went to Michigan , a state that helped him win the presidency, in March 2017 and suggested he would soften the fuel rules. "The assault on the American auto industry is over," he told autoworkers there.
California and 16 other states covering about 40 percent of the U.S. population filed suit last week to block the Trump administration's efforts to weaken the requirements.
A White House official said Trump would hear from the automakers about the impact of the administration's forthcoming revisions to Corporate Average Fuel Economy rules and automakers' efforts to negotiate a national program with California.
'Marketplace realities'
U.S. Trade Representative Robert Lighthizer, Transportation Secretary Elaine Chao , White House economic adviser Larry Kudlow , Environmental Protection Agency chief Scott Pruitt and White House aide Chris Liddell are among the administration officials scheduled to attend the session, which is expected to last an hour.
Mitch Bainwol, who heads the Alliance of Automobile Manufacturers, told a U.S. House committee on Tuesday the industry supports "standards that increase year over year that also are consistent with marketplace realities."
Bainwol said the industry remains hopeful that there will be a "negotiation" between the White House, California and the auto industry.
Automakers may also use the Trump meeting to raise proposed controversial changes to the North American Free Trade Agreement, officials said.
Trump is likely to also raise an idea — first reported in early April — about requiring imported automobiles to meet stricter environmental standards, the administration official said.
Automakers plan to argue that Trump should view California as a flawed trade deal and he should help them get a better deal, two auto officials said.
The industry also notes it faces rising fuel efficiency standards around the globe and is spending billions of dollars to introduce new battery electric vehicles in the coming years.
The Transportation Department proposal also asserts that a 1975 federal law preempts states from imposing emissions rules, even though California has received numerous waivers under the Clean Air Act to set emissions rules.
Democrats and environmental advocates plan to aggressively challenge the Trump administration's plans to weaken the vehicle rules touted by the previous Obama administration as one of its biggest climate actions.
The Trump administration plans to argue the weaker rules will lead to cheaper vehicles, boost sales and employment and improve safety by prodding faster turnover of older vehicles.
The Obama rules adopted in 2012 sought to double average fleet-wide vehicle fuel efficiency to about 50 miles (80 km) per gallon by 2025, but included an evaluation due by April 2018 to determine if the rules were appropriate.
Unlike many other Trump meetings with business leaders, Friday's meeting will be closed to the media.
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https://www.cnbc.com/2018/05/11/trump-to-sit-down-with-major-automakers-to-discuss-fuel-efficiency-standards.html
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May 22, 2018 / 12:20 AM / Updated 8 minutes ago Sony in $2.3 billion deal for EMI, becomes world's biggest music publisher Makiko Yamazaki 4 Min Read
TOKYO (Reuters) - Sony Corp ( 6758.T ) said on Tuesday it would pay about $2.3 billion (1.7 billion pounds) to gain control of EMI, becoming the world’s largest music publisher in an industry that has found new life on the back of streaming services. Sony Corp's new President and Chief Executive Officer Kenichiro Yoshida attends a news conference on their business plan at the company's headquarters in Tokyo, Japan May 22, 2018. REUTERS/Toru Hanai
The acquisition is the biggest strategic move yet by new CEO Kenichiro Yoshida and gives Sony a catalogue of more than 2 million songs from artists such as Kanye West, Sam Smith and Sia.
The deal is part of Yoshida’s mission to make revenue streams more stable with rights to entertainment content - a strategy that follows a major revamp by his predecessor which shifted Sony’s focus away from low-margin consumer electronics.
“This investment in content intellectual property is a key stepping stone for our long-term growth,” he told a news conference.
The spread of the internet led to a shrinking of the music market from around 1999 to 2014, Yoshida said, but added that has turned around with the growth of fixed-price music streaming services.
“The rise in digital streaming is also expanding songwriter royalty revenues, with Sony capturing value as manager of the copyrights backed by direct deals with the likes of Spotify, Apple Music, Google Play, SoundCloud and YouTube,” Macquarie analyst Damian Thong said in a report. Slideshow (6 Images)
The deal values EMI Music Publishing at $4.75 billion including debt, more than double the $2.2 billion value given in 2011 when a consortium led by Sony won bidding rights for the company.
Sony, which has run the business since then, will buy a 60 percent stake owned by Mubadala Investment Company, lifting its ownership to around 90 percent from 30 percent currently. PEANUTS AND SENSORS
EMI currently commands 15 percent of the music publishing industry which combined with its Sony ATV business would make the Japanese giant the industry leader with market share of 26 percent, a company spokesman said.
Other major players include Universal Music Group and Warner Music Group although their market share figures were not immediately available.
Yoshida, who took the helm in April, also beefed up Sony’s content offerings this month with a $185 million deal to take a 39 percent stake in Peanuts Holdings, the company behind Snoopy and Charlie Brown.
Also unveiling a new three-year business plan on Tuesday, Yoshida said on Tuesday that his strategy was to prioritise stable cash flow while minimising the impact of volatile sales cycles of game consoles and other electronics gadgets.
The company said it aims to generate a total of 2 trillion yen (£13.4 billion) or more in cash flow over the next three years, up by at least a third from the previous three years.
Image sensors, a pillar of growth for Sony as it restructured in recent years, as well as gaming are set to be biggest profit contributors.
Operating profit at its semiconductor business, which includes image sensors, is expected to grow to 160-200 billion yen in the financial year ending March 2021, compared with a prediction of 100 billion yen for this year.
Extending the sensors’ applications beyond smartphones into automotive areas would be key, Yoshida said, adding that investment in sensors will account for the biggest proportion of a planned 1 trillion yen in capital expenditure over three years.
But operating profit at its video games unit is expected to fall to between 130 billion yen and 170 billion yen, down from 190 billion yen forecast for this financial year. At that time, its PlayStation 4 would be nearing the end of a game console’s typical life cycle.
Sony’s shares finished 2 percent lower, hurt in part by the expected decline in profits for its gaming business. Reporting by Makiko Yamazaki; Additional reporting by Sam Nussey; Editing by Edwina Gibbs
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https://uk.reuters.com/article/uk-sony-outlook-emi/sony-says-to-pay-2-3-billion-to-make-emi-music-consolidated-unit-idUKKCN1IN017
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May 14, 2018 / 10:04 AM / Updated 8 hours ago Russian region, rushing to finish World Cup stadium, offers food for work Gabrielle Tétrault-Farber 4 Min Read
MOSCOW (Reuters) - When authorities in Russia’s Nizhny Novgorod region realised their soccer World Cup stadium wasn’t quite ready, they tried to entice local municipal workers to help them finish it — in exchange for free food and lodging. FILE PHOTO: An interior view shows the Nizhny Novgorod Stadium, which will host matches of the 2018 FIFA World Cup, in Nizhny Novgorod, Russia April 28, 2018. REUTERS/Sergei Karpukhin/File Photo
The stadium, one of 12 venues in Russia for the June 14-July 15 World Cup, will host six matches during the competition, including a quarter-final and England’s group stage match against Panama.
Moscow hopes hosting the world’s most prestigious soccer tournament will allow it to present a positive image of Russia at a time of soured relations with the West over everything from the war in Syria to the poisoning of a former spy in Britain.
The appeal by Nizhny Novgorod’s sports ministry — asking for unpaid help in the final run-up to the competition — evokes memories of the Soviet era, when the authorities would sometimes draft in students to help gather bumper harvests.
It also shows how World Cup preparations in some places are running close to the wire.
In a letter seen by Reuters, the regional sports ministry asked the heads of local districts to nudge municipal sports facilities into sending their employees to help finish building Nizhny Novgorod’s 45,000-seat World Cup stadium.
Offering them three meals a day, housing and work tools, the ministry said the extra muscle was essential to ensure the stadium was ready for its April 15 inauguration.
“Unfortunately the level of the stadium’s readiness for the inauguration requires the enlistment of additional labour,” says the letter, signed by regional sports minister Sergei Panov.
“I ask you to send employees from physical activity facilities and other institutions in the field of physical culture and sport (10 people) to Nizhny Novgorod for the completion of construction and general service works at the stadium from April 6 to 14 (inclusively).”
It was unclear how many towns and cities had answered the ministry’s call and sent workers, but the appeal appears to have been successful, as the stadium hosted its first soccer match on April 15 and has held two others since.
Both the regional authorities and Stroytransgaz, the stadium’s general contractor, said they were aware of the letter’s existence, but that it had been “improperly worded”.
The regional sports ministry told Reuters the letter was in fact meant to call on sports centres to assemble a team of engineering specialists to maintain the stadium.
“There are some 40 physical activity facilities and other major sporting venues in the region whose employees have accumulated good experience in operating sporting facilities,” the ministry said.
“In the future, it will be necessary to form a proper team to operate the stadium.”
The head of a sports complex in one small town outside Nizhny Novgorod told Reuters he had received the ministry’s letter, but had decided not to oblige.
“I’m responsible for the people who work here,” he said, declining to be identified for fear of repercussions at work.
“Who will be responsible for them there (at the stadium) if something happens? Of course it would the person who sent them.” Editing by Andrew Osborn and Catherine Evans
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https://uk.reuters.com/article/uk-soccer-worldcup-nizhnynovgorod-stadiu/russian-region-rushing-to-finish-world-cup-stadium-offers-food-for-work-idUKKCN1IF14U
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(Corrects headline and paragraph 3 to say Mytel is first 4G network in Myanmar with nationwide coverage, not first 4G network)
HANOI, May 28 (Reuters) - Vietnam’s military-run telecommunication company Viettel Group and its partners will launch a 4G mobile network in Myanmar next month to cash in on the Southeast Asian country’s fast-growing economy, the Vietnamese government said on Monday.
The Mytel network, jointly developed by Viettel, Myanmar National Holding Public Ltd and Star High Public Co Ltd, aims to have at least 2 million-3 million subscribers by this year-end, the government said in a statement.
Mytel, which is worth $1.5 billion, will be the fourth telecom operator in Myanmar and will be the first 4G mobile phone network with nationwide coverage at the time of launching there, the government said.
“With a newly opened and fast-growing economy, Myanmar offers great opportunities for telecommunication companies,” Viettel Deputy General Director Le Dang Dung was cited as saying in the statement.
Vietnam’s largest mobile carrier by subscription - Viettel - has already invested in 10 countries across Asia, Africa and America, and has 43 million subscribers overseas, as of end-2017.
Myanmar’s economic growth is seen rebounding to 7 percent-7.5 percent over the medium term, from lower-than-expected growth of 5.9 percent last year, supported by foreign direct investment and improvement in public investment, according to the International Monetary Fund. (Reporting by Khanh Vu; Editing by Sherry Jacob-Phillips)
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https://www.reuters.com/article/viettel-myanmar/corrected-vietnams-viettel-partners-to-launch-4g-network-in-myanmar-idUSL3N1SZ2JU
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Annualized Net Income Return on Equity of 4.0% and Annualized Operating Return on Equity of 9.2% for the First Quarter 2018
HAMILTON, Bermuda--(BUSINESS WIRE)-- Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) reported today a net income after tax of $30.8 million, or $0.38 per diluted ordinary share, and an operating income after tax of $63.0 million, or $0.91 per diluted ordinary share, of 2018.
Chris O’Kane, Chief Executive Officer, commented: “The first quarter of 2018 was the first in Aspen's history in which we wrote more than a billion dollars of premium. Our strong results include gross written premium growth across both Aspen Re and Aspen Insurance as a result of our targeted growth strategy. Both segments generated underwriting profits, we improved our total expense ratio and we continue to implement our operational effectiveness and efficiency program.” (1)
Non-GAAP financial measures are used throughout this release as defined at the end of this press release.
(1) Refer to "Forward-looking Statements Safe Harbor" at the end of this press release.
Operating highlights for the quarter ended March 31, 2018
Gross written premiums of $1,116.8 million in the first quarter of 2018, an increase of 11.9% compared with $998.0 million in the first quarter of 2017 Insurance: Gross written premiums of $493.3 million, an increase of 14.0% compared with $432.7 million in the first quarter of 2017, due primarily to growth in the Financial and Professional Lines and Property and Casualty sub-segments Reinsurance: Gross written premiums of $623.5 million, an increase of 10.3% compared with $565.3 million in the first quarter of 2017. Specialty sub-segment premiums increased largely due to growth in agriculture business which included a fronting arrangement written as part of the transitional arrangements following the sale of AgriLogic in 2017 while the Property Catastrophe sub-segment premium increase was largely driven by rate improvement Net written premiums of $635.5 million in the first quarter of 2018, a decrease of 7.4% compared with $686.2 million in the first quarter of 2017 as Aspen continues to make increased use of ceded reinsurance to seek to reduce volatility. The retention ratio in the first quarter of 2018 was 56.9% compared with 68.8% in the first quarter of 2017 Insurance: Net written premiums of $210.5 million, a decrease of 11.6% compared with $238.0 million in the first quarter of 2017, due primarily to increased use of quota share reinsurance to seek to reduce volatility. The retention ratio in the first quarter of 2018 was 42.7% compared with 55.0% in the first quarter of 2017 Reinsurance: Net written premiums of $425.0 million, a decrease of 5.2% compared with $448.2 million in the first quarter of 2017. Net written premiums in the first quarter of 2018 reflect a change in accounting treatment of cessions related to Aspen Capital Markets and, in addition, continued to be impacted by transitional changes to ceding of premiums following the sale of AgriLogic. The retention ratio in the first quarter of 2018 was 68.2% compared with 79.3% in the first quarter of 2017 Loss ratio of 58.1% in the first quarter of 2018 compared with 56.5% in the first quarter of 2017. The loss ratio included pre-tax catastrophe losses of $24.2 million, or 4.5 percentage points, net of reinsurance recoveries, in the first quarter of 2018 compared with $29.1 million, or 5.0 percentage points, in the first quarter of 2017 Insurance: Loss ratio of 57.1% compared with 61.0% in the first quarter of 2017. The loss ratio included pre-tax catastrophe losses of $9.4 million, or 3.7 percentage points, net of reinsurance recoveries, in the first quarter of 2018 primarily as a result of weather-related events in the U.S. and U.K. Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $4.5 million, or 1.5 percentage points, in the first quarter of 2017 Reinsurance: Loss ratio of 59.1% compared with 51.6% in the first quarter of 2017. The loss ratio included pre-tax catastrophe losses of $14.8 million, or 5.2 percentage points, net of reinsurance recoveries, in the first quarter of 2018 primarily as a result of Winter Storm Friederike and other weather-related events. Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $24.6 million, or 8.9 percentage points, in the first quarter of 2017 Net favorable development on prior year loss reserves of $37.7 million benefited the loss ratio by 7.1 percentage points in the first quarter of 2018. Prior year net favorable reserve development of $26.2 million benefited the loss ratio by 4.5 percentage points in the first quarter of 2017 Insurance: Prior year net favorable reserve development of $30.2 million benefited the loss ratio by 12.0 percentage points in the first quarter of 2018 and reflected releases, primarily from short-tail lines, including favorable development from 2017 natural catastrophes. Prior year net favorable development of $5.0 million benefited the loss ratio by 1.6 percentage points in the first quarter of 2017 Reinsurance: Prior year net favorable reserve development of $7.5 million benefited the loss ratio by 2.7 percentage points in the first quarter of 2018. Prior year net favorable development of $21.2 million benefited the loss ratio by 7.6 percentage points in the first quarter of 2017 Accident year loss ratio excluding catastrophes was 60.7% in the first quarter of 2018 compared with 56.0% in the first quarter of 2017 Insurance: Accident year loss ratio excluding catastrophes for the quarter ended March 31, 2018 was 65.4%, including 2.6 percentage points resulting from a trade credit loss and 1.9 percentage points from a fire-related loss. The accident year loss ratio excluding catastrophes in the first quarter of 2017 was 61.1% Reinsurance: Accident year loss ratio excluding catastrophes for the quarter ended March 31, 2018 was 56.6%, including a 2.9 percentage points from a fire-related loss. The accident year loss ratio excluding catastrophes in the first quarter of 2017 was 50.3% Total expense ratio of 39.7% and total expense ratio (excluding amortization and non-recurring expenses) of 37.4% in the first quarter of 2018 compared with 40.5% and 40.1%, respectively, in the first quarter of 2017 The policy acquisition expense ratio was 17.0% in the first quarter of 2018 compared with 19.6% in the first quarter of 2017 General and administrative expenses (excluding amortization and non-recurring expenses) were $108.9 million in the first quarter of 2018, compared with $119.1 million in the first quarter of 2017. The general and administrative expense ratio (excluding amortization and non-recurring expenses) decreased to 20.4% from 20.5% in the first quarter of 2017 Net income after tax of $30.8 million, or $0.38 per diluted ordinary share, in the first quarter of 2018 compared with net income of $96.5 million, or $1.36 per diluted ordinary share, in the first quarter of 2017. Net income included $(37.7) million of net realized and unrealized investment losses in the first quarter of 2018 compared with $46.2 million net realized and unrealized investment gains in the first quarter of 2017. Operating income after tax of $63.0 million, or $0.91 per diluted ordinary share, in the first quarter of 2018 compared with operating income of $59.8 million, or $0.79 per diluted ordinary share, in the first quarter of 2017 Annualized net income return on average equity of 4.0% and annualized operating return on average equity of 9.2% for the quarter ended March 31, 2018 compared with 11.6% and 6.8%, respectively, of 2017
Investment performance
Investment income of $47.3 million in the first quarter of 2018 compared with $47.7 million in the first quarter of 2017 The total return on Aspen’s aggregate investment portfolio was (0.9)% for the three months ended March 31, 2018 and reflects net realized and unrealized gains and losses mainly in the fixed income portfolio Aspen’s investment portfolio was comprised primarily of high quality fixed income securities with an average credit quality of “AA-”. The average duration of the fixed income portfolio was 3.98 years as at March 31, 2018 Aspen took advantage of rising equity markets in the first quarter of 2018 and sold its equity portfolio Book yield on the fixed income portfolio as at March 31, 2018 was 2.63% compared with 2.56% as at December 31, 2017
Capital
Total shareholders’ equity was $2.9 billion as at March 31, 2018 Diluted book value per share was $38.70 as at March 31, 2018, down 3.5% from December 31, 2017 primarily due to realized and unrealized investment losses in the quarter
Operational Effectiveness and Efficiency Program
Aspen recorded $11.8 million of expenses related to its operational effectiveness and efficiency program in the first quarter of 2018
Earnings conference call and webcast
Aspen will host a conference call to discuss the results at 8:00 am (ET) on Thursday, May 3, 2018.
To participate in the May 3 conference call by phone
Please call to register at least 10 minutes before the conference call begins by dialing:
+1 (844) 378 6481 (US toll free) or
+1 (412) 542 4176 (international)
Conference ID 10117537
To listen live online
Aspen will provide a live webcast on Aspen’s website at www.aspen.co .
To download the materials
The earnings press release and a detailed financial supplement will also be published on Aspen’s website at www.aspen.co .
To listen later
A replay of the call will be available approximately two hours after the end of the live call for 14 days via phone. To listen to the replay by phone please dial:
+1 (877) 344 7529 (US toll free) or
+1 (412) 317 0088 (international)
Replay ID 10117537
The webcast will be also available at www.aspen.co on the Event Calendar page within the Investor Relations section.
Aspen Insurance Holdings Limited
Summary consolidated balance sheet (unaudited)
$ in millions, except per share data
As at
March 31,
2018 As at
December 31,
2017 ASSETS Total investments $ 7,232.3 $ 7,633.0 Cash and cash equivalents 1,246.9 1,054.8 Reinsurance recoverables 2,295.2 2,030.7 Premiums receivable 1,743.0 1,496.5 Other assets 690.5 691.4 Total assets $ 13,207.9
$ 12,906.4 LIABILITIES Losses and loss adjustment expenses $ 6,679.4 $ 6,749.5 Unearned premiums 2,097.7 1,820.8 Other payables 990.1 813.9 Silverton loan notes 32.2 44.2 Long-term debt 549.5 549.5 Total liabilities $ 10,348.9 $ 9,977.9 SHAREHOLDERS’ EQUITY Total shareholders’ equity 2,859.0 2,928.5 Total liabilities and shareholders’ equity $ 13,207.9 $ 12,906.4 Book value per share $ 39.30 $ 40.59 Diluted book value per share (treasury stock method) $ 38.70 $ 40.10 Aspen Insurance Holdings Limited
Summary consolidated statement of income (unaudited)
$ in millions, except ratios
Three Months Ended March 31, 2018 March 31, 2017 UNDERWRITING REVENUES Gross written premiums $ 1,116.8 $ 998.0 Premiums ceded (481.3 ) (311.8 ) Net written premiums 635.5 686.2 Change in unearned premiums (102.0 ) (105.1 ) Net earned premiums 533.5 581.1 UNDERWRITING EXPENSES Losses and loss adjustment expenses 310.2 328.2 Amortization of deferred policy acquisition costs 90.8 113.7 General, administrative and corporate expenses 108.9 119.1 Total underwriting expenses 509.9 561.0 Underwriting income including corporate expenses 23.6 20.1 Net investment income 47.3 47.7 Interest expense (7.4 ) (7.4 ) Other income 1.9 0.7 Total other revenue 41.8 41.0 Amortization and non-recurring expenses (12.1 ) (2.2 ) Net realized and unrealized exchange gains (losses) 18.8 (5.8 ) Net realized and unrealized investment (losses) gains (37.7 ) 46.2 INCOME BEFORE TAX 34.4 99.3 Income tax expense (3.6 ) (2.8 ) NET INCOME AFTER TAX 30.8 96.5 Dividends paid on ordinary shares (14.3 ) (13.2 ) Dividends paid on preference shares (7.6 ) (10.5 ) Preference share redemption costs — (2.4 ) Proportion due to non-controlling interest (0.2 ) (0.1 ) Retained income $ 8.7 $ 70.3 Loss ratio 58.1 % 56.5 % Policy acquisition expense ratio 17.0 % 19.6 % General, administrative and corporate expense ratio 22.7 % 20.9 % General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses) 20.4 % 20.5 % Expense ratio 39.7 % 40.5 % Expense ratio (excluding amortization and non-recurring expenses) 37.4 % 40.1 % Combined ratio 97.8 % 97.0 % Combined ratio (excluding amortization and non-recurring expenses) 95.5 % 96.6 % Aspen Insurance Holdings Limited
Operating income reconciliation (unaudited)
$ in millions, except per share amounts
Three Months Ended (in US$ millions except where stated) March 31,
2018
March 31,
2017
Net income as reported $ 30.8 $ 96.5 Change in redemption value of preference shares — (2.4 ) Net change attributable to non-controlling interest (0.2 ) (0.1 ) Preference share dividends (7.6 ) (10.5 ) Net income available to ordinary shareholders 23.0 83.5 Add (deduct) after tax income: Net foreign exchange (gains) losses (15.4 ) 5.1 Net realized losses (gains) on investments 37.8 (43.8 ) Change in redemption value of preference shares — 2.4 Amortization and non-recurring expenses 9.8 2.0 Operating income after tax available to ordinary shareholders 55.2 49.2 Tax expense on operating income 2.4 1.3 Operating income before tax available to ordinary shareholders $ 57.6 $ 50.5 Basic earnings per ordinary share Net income adjusted for preference share dividends and non-controlling interest $ 0.39 $ 1.39 Add (deduct) after tax income: Net foreign exchange (gains) losses (0.26 ) 0.09 Net realized losses (gains) on investments 0.63 (0.73 ) Change in redemption value of preference shares — 0.04 Amortization and non-recurring expenses 0.16 0.03 Operating income adjusted for preference shares dividends and non-controlling interest $ 0.92 $ 0.82 Diluted earnings per ordinary share Net income adjusted for preference share dividends and non-controlling interest $ 0.38 $ 1.36 Add (deduct) after tax income: Net foreign exchange (gains) losses (0.25 ) 0.08 Net realized losses (gains) on investments 0.62 (0.72 ) Change in redemption value of preference shares — 0.04 Amortization and non-recurring expenses 0.16 0.03 Operating income adjusted for preference shares dividends and non-controlling interest $ 0.91 $ 0.79 Aspen Insurance Holdings Limited
Summary consolidated financial data (unaudited)
$ except share amounts
Three Months Ended March 31,
2018 March 31,
2017 Basic earnings per ordinary share Net income adjusted for preference share dividend and non-controlling interest $0.39 $1.39 Operating income adjusted for preference share dividend and non-controlling interest $0.92 $0.82 Diluted earnings per ordinary share Net income adjusted for preference share dividend and non-controlling interest $0.38 $1.36 Operating income adjusted for preference share dividend and non-controlling interest $0.91 $0.79 Weighted average number of ordinary shares outstanding (in millions) 59.546 59.863 Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions) 60.513 61.197 Book value per ordinary share $39.30 $48.79 Diluted book value per ordinary share (treasury stock method) $38.70 $47.89 Ordinary shares outstanding at end of the period (in millions) 59.653 59.988 Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions) 60.574 61.107 Aspen Insurance Holdings Limited
Summary consolidated segment information (unaudited)
$ in millions, except ratios
Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 623.5 $ 493.3 $ 1,116.8 $ 565.3 $ 432.7 $ 998.0 Net written premiums 425.0 210.5 635.5 448.2 238.0 686.2 Gross earned premiums 375.0 467.6 842.6 327.6 423.7 751.3 Net earned premiums 282.5 251.0 533.5 277.5 303.6 581.1 Losses and loss adjustment expenses 166.9 143.3 310.2 143.1 185.1 328.2 Amortization of deferred policy acquisition expenses 55.9 34.9 90.8 59.5 54.2 113.7 General and administrative expenses 31.6 63.6 95.2 43.9 61.8 105.7 Underwriting income $ 28.1 $ 9.2 $ 37.3 $ 31.0 $ 2.5 $ 33.5 Net investment income 47.3 47.7 Net realized and unrealized investment (losses) gains (37.7 ) 46.2 Corporate expenses (13.7 ) (13.4 ) Amortization and non-recurring expenses (1) (12.1 ) (2.2 ) Other income (2) 1.9 0.7 Interest expense (7.4 ) (7.4 ) Net realized and unrealized foreign exchange gains (losses) (3) 18.8 (5.8 ) Income before tax $ 34.4 $ 99.3 Income tax expense (3.6 ) (2.8 ) Net income $ 30.8 $ 96.5 Ratios Loss ratio 59.1 % 57.1 % 58.1 % 51.6 % 61.0 % 56.5 % Policy acquisition expense ratio 19.8 % 13.9 % 17.0 % 21.4 % 17.9 % 19.6 % General and administrative expense ratio (4) 11.2 % 25.3 % 22.7 % 15.8 % 20.4 % 20.9 % General and administrative expense ratio (excluding amortization and non-recurring expenses) (4) 11.2 % 25.3 % 20.4 % 15.8 % 20.4 % 20.5 % Expense ratio 31.0 % 39.2 % 39.7 % 37.2 % 38.3 % 40.5 % Expense ratio (excluding amortization and non-recurring expenses) 31.0 % 39.2 % 37.4 % 37.2 % 38.3 % 40.1 % Combined ratio 90.1 % 96.3 % 97.8 % 88.8 % 99.3 % 97.0 % Combined ratio (excluding amortization and non-recurring expenses) 90.1 % 96.3 % 95.5 % 88.8 % 99.3 % 96.6 % Accident Year Ex-cat Loss Ratio Loss ratio 59.1 % 57.1 % 58.1 % 51.6 % 61.0 % 56.5 % Prior year loss development 2.7 % 12.0 % 7.1 % 7.6 % 1.6 % 4.5 % Catastrophe losses (5.2 ) %
(3.7 ) %
(4.5 ) %
(8.9 ) %
(1.5 ) %
(5.0 ) %
Accident year ex-cat loss ratio 56.6 % 65.4 % 60.7 % 50.3 % 61.1 % 56.0 % (1)
Amortization and non-recurring expenses in the first quarter of 2018 included $11.8 million of expenses related to the operational effectiveness and efficiency program
(2) Other income in the first quarter of 2018 and first quarter of 2017 included income of $1.0 million and $2.9 million expense, respectively, related to a change in the fair value of loan notes issued by Silverton Re
(3) Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts
(4) Total group general and administrative expense ratio includes the impact from corporate and amortization and non-recurring expenses
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. For the year ended December 31, 2017, Aspen reported $12.9 billion in total assets, $6.7 billion in gross reserves, $2.9 billion in total shareholders’ equity and $3.4 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” by Standard & Poor’s Financial Services LLC (“S&P”), an “A” (“Excellent”) by A.M. Best Company Inc. (“A.M. Best”) and an “A2” by Moody’s Investors Service, Inc. (“Moody’s”).
For more information about Aspen, please visit www.aspen.co .
(1) Forward-looking Statements Safe Harbor
This press release contains written, and Aspen’s earnings conference call will contain oral, “ ” within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature.
All rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such statements. Aspen believes these factors include, but are not limited to: the actual development of losses and expenses impacting estimates for the Northern and Southern California wildfires that occurred in the fourth quarter of 2017 and Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico that occurred in the third quarter of 2017; the impact of complex and unique causation and coverage issues associated with the attribution of losses to wind or flood damage or other perils such as fire or business interruption relating to such events; potential uncertainties relating to reinsurance recoveries, reinstatement premiums and other factors inherent in loss estimation; our ability to successfully develop and execute our operating effectiveness and efficiency program; our ability to successfully implement steps to further optimize the business portfolio, ensure capital efficiency and enhance investment returns; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; the assumptions and uncertainties underlying reserve levels that may be impacted by future payments for settlements of claims and expenses or by other factors causing adverse or favorable development, including our assumptions on inflation costs associated with long-tail casualty business which could differ materially from actual experience; the United Kingdom’s decision to withdraw from the European Union; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; decreased demand for our insurance or reinsurance products; cyclical changes in the insurance and reinsurance industry; the models we use to assess our exposure to losses from future catastrophes contain inherent uncertainties and our actual losses may differ significantly from expectations; our capital models may provide materially different indications than actual results; increased competition from existing (re)insurers and from alternative capital providers and insurance-linked funds and collateralized special purpose insurers on the basis of pricing, capacity, coverage terms, new capital, binding authorities to brokers or other factors and the related demand and supply dynamics as contracts come up for renewal; our ability to execute our business plan to enter new markets, introduce new products and teams and develop new distribution channels, including their integration into our existing operations; our acquisition strategy; changes in market conditions in the agriculture industry, which may vary depending upon demand for agricultural products, weather, commodity prices, natural disasters, and changes in legislation and policies related to agricultural products and producers; termination of, or changes in, the terms of the U.S. Federal Multiple Peril Crop Insurance Program or the U.S. Farm Bill, including modifications to the Standard Reinsurance Agreement put in place by the Risk Management Agency of the U.S. Department of Agriculture; the recent consolidation in the (re)insurance industry; loss of one or more of our senior underwriters or key personnel; our ability to exercise capital management initiatives, including capital available to pursue our share repurchase program at various levels or to declare dividends, or to arrange banking facilities as a result of prevailing market conditions, the level of catastrophes or other losses or changes in our financial results; changes in general economic conditions, including inflation, deflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; the risks associated with the management of capital on behalf of investors; a failure in our operational systems or infrastructure or those of third parties, including those caused by security breaches or cyber attacks; evolving issues with respect to interpretation of coverage after major loss events; our ability to adequately model and price the effects of climate cycles and climate change; any intervening legislative or governmental action and changing judicial interpretation and judgments on insurers’ liability to various risks; the risks related to litigation; the effectiveness of our risk management loss limitation methods, including our reinsurance purchasing; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in the total industry losses or our share of total industry losses resulting from events, such as catastrophes, that have occurred in prior years or may occur and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law; the impact of one or more large losses from events other than catastrophes or by an unexpected accumulation of attritional losses and deterioration in loss estimates; the impact of acts of terrorism, acts of war and related legislation; any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; the continuing and uncertain impact of the current depressed lower growth economic environment in many of the countries in which we operate; our reliance on information and technology and third-party service providers for our operations and systems; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; a decline in our operating subsidiaries’ ratings with S&P, A.M. Best or Moody’s; the failure of our reinsurers, policyholders, brokers or other intermediaries to honor their payment obligations; our reliance on the assessment and pricing of individual risks by third parties; our dependence on a few brokers for a large portion of our revenues; the persistence of heightened financial risks, including excess sovereign debt, the banking system and the Eurozone crisis; changes in the U.S. federal income tax laws or regulations applicable to insurance companies and the manner in which such laws and regulations are interpreted; the impact of U.S. tax reform on Aspen’s business, investments, results and assets, including (i) changes to the valuation of deferred tax assets and liabilities, (ii) the impact on intra-group reinsurance transactions, (iii) that the costs associated with U.S. tax reform may be greater than initially expected, and (iv) the risk that technical corrections, regulations and supplemental legislation and future interpretations or applications thereof or other changes may be issued in the future, including the rules affecting the valuation of deferred tax assets; changes in government regulations or tax laws in jurisdictions where we conduct business; changes in accounting principles or policies or in the application of such accounting principles or policies; increased counterparty risk due to the credit impairment of financial institutions; and Aspen or Aspen Bermuda Limited becoming subject to income taxes in the United States or the United Kingdom. For a more detailed description of these uncertainties and other factors, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the U.S. Securities and Exchange Commission (the “SEC”). Aspen undertakes no obligation to publicly update or revise any , whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these , which speak only as of the dates on which they are made.
In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. The actuarial range of reserves and management’s best estimate represents a distribution from our internal capital model for reserving risk based on our current state of knowledge and explicit and implicit assumptions relating to the incurred pattern of claims, the expected ultimate settlement amount, inflation and dependencies between lines of business. Due to the complexity of factors contributing to losses and the preliminary nature of the information used to prepare estimates, there can be no assurance that Aspen’s ultimate losses will remain within the stated amounts.
Non-GAAP Financial Measures
In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures.” Management believes these non-GAAP financial measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measure is included in the financial supplement or this release. Aspen’s financial supplement, which was filed with the SEC on Form 8-K on May 2, 2018, can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co .
Annualized Operating Return on Average Equity (“Operating ROE”) is a non-GAAP financial measure. Operating ROE is calculated using operating income, as defined below, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders’ equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs and the total amount of non-controlling interest. Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. Please see page 21 of Aspen’s financial supplement for a reconciliation of net income to operating income and page 7 for a reconciliation of average shareholders’ equity to average ordinary shareholders’ equity.
Operating Income is a non-GAAP financial measure. Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized gains or losses, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts, net realized gains or losses on investments, amortization of intangible assets and certain non-recurring income and expenses, including expenses associated with the Company's operational effectiveness and efficiency program. Operating income in the first quarter of 2017 excluded the issue costs associated with the redemption of Aspen’s 7.401% Perpetual Non-Cumulative Preference Shares.
Aspen excludes the items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 21 of Aspen’s financial supplement for a reconciliation of net income to operating income.
Diluted Book Value per Ordinary Share is not a non-GAAP financial measure. Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method, defined on page 20 of Aspen’s financial supplement.
Diluted Operating Earnings per Share and Basic Operating Earnings per Share are non-GAAP financial measures. Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. Please see page 21 of Aspen’s financial supplement for a reconciliation of basic earnings per share to diluted and basic operating earnings per share.
Accident Year Loss Ratio Excluding Catastrophes is a non-GAAP financial measure. Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratios excluding catastrophes are calculated by dividing net losses excluding catastrophe losses, net expenses and prior year reserve movements by net earned premiums excluding catastrophe-related reinstatement premiums. Aspen has defined catastrophe losses in the three months ended March 31, 2018 as losses associated with Winter Storm Friederike in Europe and weather-related events. Catastrophe losses in the three months ended March 31, 2017 were defined as losses associated predominantly with a tornado in Mississippi, Cyclone Debbie in Australia, and various other weather-related events. Please see page 10 of this release for a reconciliation of loss ratios to accident year loss ratios excluding catastrophes.
Retention Ratio is a non-GAAP financial measure. It is calculated by dividing net written premium by gross written premium.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006775/en/
Aspen
Investors
Mark Jones, +1 (646) 289 4945
Senior Vice President, Investor Relations
mark.p.jones@aspen.co
or
Media
Steve Colton, +44 20 7184 8337
Group Head of Communications
steve.colton@aspen.co
Source: Aspen Insurance Holdings Limited
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http://www.cnbc.com/2018/05/02/business-wire-aspen-reports-results-for-quarter-ended-marcha31-2018.html
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May 17 (Reuters) - U.S. stocks reversed course to trade higher on Thursday as energy shares climbed after oil prices hit $80 per barrel for the first time since November 2014.
At 10:53 a.m. EDT, the Dow Jones Industrial Average was up 52.92 points, or 0.21 percent, at 24,821.85. The S&P 500 was up 8.13 points, or 0.30 percent, at 2,730.59 and the Nasdaq Composite was up 20.55 points, or 0.28 percent, at 7,418.84. (Reporting by Medha Singh in Bengaluru; Editing by Anil D’Silva)
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https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-turns-positive-as-oil-powers-energy-stocks-idUSL3N1SO4TK
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May 1, 2018 / 11:10 PM / Updated an hour ago How Samsung fell behind Sony and LG in the premium TV market Joyce Lee , Ju-min Park 8 Min Read
SEOUL (Reuters) - At the 2013 annual Consumer Electronics Show in Las Vegas, flashy organic light-emitting diode (OLED) televisions sporting credit card-thin screens were at the front and centre of Samsung Electronics’ new gadgets display. FILE PHOTO: Samsung QLED televisions are displayed during the 2017 CES in Las Vegas, Nevada January 5, 2017. REUTERS/Steve Marcus/File Photo
Later that year, the South Korean company splurged on marketing the televisions – which then retailed at around $10,000 for the 55-inch model – to the ultra wealthy. Among the promotions was a penthouse party for the residents of One Hyde Park in London, labelled the world’s most expensive residential block.
But by 2015, it had stopped making OLED TVs, saying the market was not ready to embrace the high costs of the technology – based on thin films of carbon-based modules that light up in response to electric current. Instead it decided to focus on developing liquid crystal display screens that are backlit and enhanced with so-called quantum dots, semiconductor nanocrystals that produce colours and can improve picture quality. These are known as QLED TVs.
It appears to have been a costly misstep. OLED TVs have become a dominant technology in the premium market – that is for a TV of at least 55 inches in size costing more than $2,500 - as the cost of producing them has dropped dramatically.
Samsung is now the only major TV manufacturer not to produce OLED screens. And while the TV business generates less than 3 percent of Samsung’s profit, which largely comes from its semiconductor and mobile phones businesses, the loss of the leadership of the premium, higher-margin market is a hard blow.
“It was based on an objective appraisal of technological and cost competitiveness,” Jongsuk Chu, head of sales and marketing for Samsung’s TV business, told Reuters in a statement, referring to its decision to discontinue making OLED TVs.
A look at online reviews of both OLED and QLED TVs in the past couple of years indicate that OLED TVs made by South Korea’s LG Electronics and Japan’s Sony gained fans because of the quality of the picture. In particular, reviewers cited more realistic colours and high resolution, as well as attractive designs and increasingly reasonable prices.
That doesn’t mean the Samsung QLED TVs don’t have their supporters. Picture quality has also improved and prices have dropped but they don’t tend to be reviewers’ top picks.
“OLED TV’s jump in premium TV market share is a direct result of its outstanding picture quality,” said Ross Young, CEO of research provider Display Supply Chain Consultants. “Samsung may have missteped in their 2017 product by emphasizing design over picture performance.”
Samsung last year only got an 18.5 percent share of global sales for premium TVs, based on dollar revenue, down from 54.7 percent in 2015, according to research firm IHS Markit. Meanwhile, Sony and LG have leapfrogged Samsung to grab 36.9 percent and 33 percent of the market respectively.
To be sure, Samsung remains the biggest maker of TVs in the world – a title it has now held for 12 years. It also claims to be No.1 in premium TVs, with more than a 40 percent market share, based on data from GfK. These figures include 55-inch TVs that are cheaper than the $2,500. MORE EFFICIENT MANUFACTURING
Samsung Electronics’ decision to base its TV business on LCD technology was made after it took the advice of Samsung Group’s now-defunct Corporate Strategy Office, a source with knowledge of the matter said.
“The office made a suggestion that it would be more profitable to focus on LCDs than switching to less-proven OLED,” said the source, who declined to be named due to the sensitivity of the matter.
The reasons: the TV business was battling falling profits and the company felt LCD technology could be more profitable than high cost OLED, the source said.
The only problem was that around the time this decision was being taken, LG was developing a much more efficient manufacturing process to make OLED screens. FILE PHOTO: "Quantum Dot" SUHD televisions are displayed at the Samsung Electronics booth during the 2016 CES trade show in Las Vegas, Nevada January 7, 2016. REUTERS/Steve Marcus/File Photo
The retail price of a mainstream LG 55-inch OLED TV has dropped to just 3 million won ($2,811) this year from 15 million won ($14,056) in 2013, LG said.
It is not the first time decisions involving Samsung’s Corporate Strategy Office have been questioned. The office was closed after it faced criticism during the political scandal that led to the arrest of the group’s heir Jay Y. Lee last year on charges of bribery and embezzlement. Lee, who denies any wrongdoing, walked out a free man in February after an appeals court suspended his sentence.
Samsung told Reuters the biggest reason it is not making OLED TVs is the issue of screen burn-in, referring to a form of image retention when an image has been on the screen for a long time.
“We concluded that OLED is unfit for large screens, as it can shorten product life when tasked to produce bright images,” said Samsung’s Chu.
LG, though, says on its U.S. website that while burn-in is possible on almost any display, it has addressed the issue through technology that protects against damage to the screen and rectifies short-term problems. PROFIT FIGURES TELL THE TALE
The struggle’s impact on corporate results became clearer last month. LG said on Thursday its TV division recorded a 77 percent jump in quarterly profit and a record profit margin of 14 percent in the quarter ended in March.
Samsung reported a 32 percent quarterly profit decline last Thursday for its consumer electronics division that sells TVs and home appliances, saying that earnings fell from a year ago, partly because it had changed its lineup and stopped selling some lower and mid-priced TVs.
Sony, whose television business incurred losses totalling 800 billion yen ($7.4 billion) over ten years, swung back to a profit in the year ended in March 2017.
To return to profit, the Japanese company reduced the number of markets around the world in which it sells, diversified suppliers and offered both OLED and LCD screens. It also ditched an LCD joint venture with Samsung.
The strategy paid off. While Sony had just 10.2 percent share in the global TV market last year in dollar terms, it was No. 1 in the premium market. Its operating profit margin reached 10.7 percent in the September-December quarter, according to John Soh, analyst at Shinhan Investment.
The outlook for Samsung in premium TVs could worsen as 71 percent of sales this year are expected to be OLED TVs, up from 51 percent last year, according to IHS.
And this is all happening with the 2018 FIFA World Cup starting in June. The month-long soccer competition, which is being held in Russia this year, is consistently the most watched TV event in the world and provides TV makers with a great opportunity to boost sales.
Choong Hoon Yi, head of UBI Research and a former Samsung display engineer, said that it now “looks like Samsung made a mistake” though it did not seem a blunder at the time, as Samsung considered the OLED technology too immature.
When asked about whether it plans to restart OLED TV production and sales, Samsung said that it will lead the premium market by focusing on QLED and micro-LED technology, which uses miniature light emitting diodes to improve picture quality. “There’s no change (in our strategy),” Jonghee Han, President of Samsung’s TV business told reporters last month. Some display analysts say all might not be lost as Samsung can fight back on price. Initially the U.S. price for Samsung’s mid-range Q7F 55-inch QLED TV in 2018 was $1,900, down from $2,500 last year, according to online channels. Meanwhile the initial price for LG’s 55-inch C7 OLED TV was $3,500 in 2017 but the corresponding C8 started at $2,500 this year.
“Our goal is not to be No. 1 for x-number of consecutive years, but No. 1 forever,” Samsung’s Han said. Reporting by Joyce Lee and Ju-min Park; Additional reporting by Makiko Yamazaki; Editing by Miyoung Kim and Martin Howell
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https://uk.reuters.com/article/uk-samsung-elec-tv/how-samsung-fell-behind-sony-and-lg-in-the-premium-tv-market-idUKKBN1I24K8
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May 31, 2018 / 5:02 AM / a few seconds ago Exclusive: Mexico front-runner's lead widens a month before vote - poll Christine Murray 3 Min Read
(Reuters) - Mexican presidential front-runner Andres Manuel Lopez Obrador has extended his lead well beyond his nearest rivals with just a month to go before the July 1 election, an opinion poll showed on Thursday. Leftist front-runner Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA) is greeted by supporters while arriving to a campaign rally in Zitacuaro, in Michoacan state, Mexico May 28, 2018. REUTERS/Alan Ortega
The survey by polling firm Parametria showed support for the leftist former mayor of Mexico City at 45 percent, an increase of six percentage points from a prior April poll. That gave Lopez Obrador more backing than his nearest two rivals combined.
Lopez Obrador, 64, was runner-up in the previous two elections, with fears that he could destabilize the economy contributing to his defeat. This time frustration over corruption, rising violence and tepid growth have all helped lift his bid.
Lopez Obrador’s closest competitor is Ricardo Anaya, a former chairman of the center-right National Action Party (PAN), who is fronting a right-left coalition of parties.
However, support for Anaya slipped 5 percentage points to 20 percent, in spite of the May 16 withdrawal from the race of former first lady and onetime PAN member Margarita Zavala.
“Anaya was expected to go up because of Margarita quitting, but it seems that the one who benefited was (Lopez Obrador),” Parametria founder Francisco Abundis said.
Holding steady at 14 percent support in third place was former finance minister Jose Antonio Meade, the candidate of President Enrique Pena Nieto’s Institutional Revolutionary Party, or PRI. The law prevents Pena Nieto from running again.
The fourth candidate on the ticket, independent Jaime Rodriguez, dipped one point to 1 percent. Rodriguez was fined this week for raising illicit campaign funds.
All told, 17 percent of respondents expressed no preference in the latest poll, which followed a separate survey by newspaper Reforma published on Wednesday that gave Lopez Obrador support of more than half the voters.
Parametria said its poll consisted of 1,000 face-to-face interviews and was conducted from May 23-29. The poll had a margin of error of 3.1 percentage points.
The silver-haired Lopez Obrador has pledged to root out corruption and reduce violence, as well as re-invigorate the domestic economy and address chronic inequality if elected.
His room for maneuver as president will depend considerably on how much control his National Regeneration Movement (MORENA) party can exercise in Congress.
The latest poll showed increasing support for MORENA, but it is unclear whether the party will have an outright majority. No party has held an absolute majority in Mexico since 1997.
Support for MORENA and its two main allies came to about 37 percent in the lower house and 39 percent in the Senate. Once undecided voters are stripped out, the percentage rises. Reporting by Christine Murray; Writing by Dave Graham; Editing by Leslie Adler
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https://www.reuters.com/article/us-mexico-election-exclusive/exclusive-mexico-front-runners-lead-widens-a-month-before-vote-poll-idUSKCN1IW0E8
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NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION BY ANY UNITED STATES NEWS DISTRIBUTION SERVICE
TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- Quinsam Capital Corporation (CSE:QCA) ("Quinsam" or the "Company") is pleased to announce that it has entered an agreement to sell its right to a 35% equity stake in Herbiculture Inc. (“Herbiculture”) to Lineage Grow Company Ltd. (“Lineage”). Quinsam will retain its original US$655,000 loan to Herbiculture. Assuming that the agreement closes, Quinsam expects to trigger a material gain on the transaction given that it obtained the right to the equity stake at no cost in association with providing the loan.
Roger Dent, CEO of Quinsam said “We have been very pleased with our investment in Herbiculture and we continue to have a very positive view on its outlook. The transaction with Lineage allows us to convert an illiquid asset with no carrying value into a liquid investment with a Quote: d value. At the same time, we have the opportunity to continue to participate in Herbiculture through Lineage. We expect to be one of the largest shareholders of Lineage if the transaction closes.”
Herbiculture Overview
Herbiculture is a fully-licensed medical marijuana dispensary which opened its doors to patients in February 2018 and has achieved sales of approximately USD$91,000 and USD$100,000 for the months of March 2018 and April 2018, respectively.
The dispensary is one of the few licensed medical marijuana retailers operating in the state of Maryland and is one of only two license holders permitted to operate in Maryland’s 14th Senatorial District. Herbiculture is strategically located in the epicenter of Montgomery County - the most populous county in Maryland and is situated in close proximity to two major metropolitan areas: Baltimore and Bethesda.
Transaction Details
Pursuant to the LOI, Lineage will acquire Quinsam’s 35% equity interest in Herbiculture for total consideration of US$720,000, to be satisfied by Lineage issuing to Quinsam 3,900,000 common shares of Lineage upon closing of the transaction at a price of US$0.1846 per share. On closing, Lineage will also enter into an agreement with Herbiculture and its shareholders for Lineage to be granted a right of refusal to purchase 35% of securities offered by Herbiculture and a tag along right in case the majority shareholders of Herbiculture sell their stake.
The transaction is subject to a number of conditions, including but not limited to, final due diligence by the respective parties, execution of a definitive acquisition agreement which shall supersede the LOI, receipt of applicable corporate approvals, and other regulatory and/or governmental approval. There can be no assurance that the transaction will be completed as proposed or at all.
FMI Capital Advisory Inc. (“FMI”) is acting as exclusive financial advisor to Lineage in connection with the Transaction. Adam Szweras and Peter Bilodeau, directors of Quinsam, are principals of FMI. Peter Bilodeau, President of Quinsam, is also CEO of Lineage.
About Quinsam Capital Corporation
Quinsam is a merchant bank based in Canada that is focusing on cannabis-related investments. Our merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam invests its capital for its own account in assets, companies or projects which we believe are undervalued and where we see a viable plan for unlocking such value. We do not invest on behalf of any third party and we do not offer investment advice.
Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam’s investors understand its investment decision making process. Generally, Quinsam does not announce the sale of investments.
For further information please contact:
Roger Dent, CEO
(647) 993-5475
roger@quinsamcapital.com
This press release may contain relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events, which are inherently uncertain. Forward-looking statements can often, but not always, be identified by forward-looking words such as “anticipate”, “believe”, “continue”, “expect”, “goal”, “plan”, “intend”, “estimate”, “may”, “project”, “predict”, “potential”, “target”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.
By their nature, require us to make assumptions which include, among other things, that (i) Quinsam will have sufficient capital under management to effect its business strategies, (ii) the business strategies will produce the results intended by Quinsam, and (iii) the markets will react and perform in a manner consistent with the business strategies.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes that the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information expressed in this press release include, but are not limited to: cannabis companies Quinsam has invested in obtaining and maintaining regulatory approvals including acquiring and renewing U.S. state, local or other licenses, and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization; market and general economic conditions of the cannabis sector or otherwise, interest rates, regulatory and statutory developments, the nature of the Company’s investments, the available opportunities and competition for investments, the concentration of the Company’s investments in certain industries and sectors, reliance on key personnel, risks affecting the Company’s investments, management of the growth of the Company, and exchange rate fluctuations. Readers are cautioned that the foregoing list of risks and factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual events or results to differ materially from those described in forward-looking information, there may be other factors that cause events or results to differ from those intended, anticipated or estimated.
The forward-looking information contained herein is provided as at the date of this press release, based upon the opinions and estimates of management and information available to management as at the date of this press release. The Company does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned not to place undue reliance on forward-looking information contained in this press release.
Source: Quinsam Capital Corporation
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http://www.cnbc.com/2018/05/09/globe-newswire-quinsam-signs-loi-to-sell-stake-in-maryland-dispensary.html
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May 11, 2018 / 9:52 AM / Updated an hour ago Russia's Putin, Germany's Merkel discuss Iran nuclear deal - Kremlin Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian President Vladimir Putin and German Chancellor Angela Merkel discussed the Iran nuclear deal after Washington announced its withdrawal from it, the Kremlin said on Friday. FILE PHOTO: Russia's President Vladimir Putin talks to German Chancellor Angela Merkel before the first working session of the G20 meeting in Hamburg, Germany, July 7, 2017. REUTERS/Kay Nietfeld,Pool
U.S. President Donald Trump said on Tuesday that the 2015 deal, which lifted sanctions on Iran in return for measures restricting its nuclear programme, did not go far enough in removing the threat posed by Iran to the United States and its allies in the Middle East. Reporting by Vladimir Soldatkin; Writing by Gabrielle Tétrault-Farber; Editing by Catherine Evans
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https://uk.reuters.com/article/uk-iran-nuclear-russia-germany/russias-putin-germanys-merkel-discuss-iran-nuclear-deal-kremlin-idUKKBN1IC0YA
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Oil drops despite Trump's exit from Iran nuke deal 1:31pm EDT - 01:47
Oil prices tumbled from 3-1/2 year highs even as President Trump pulled the U.S. out of the multi-national Iran nuclear agreement and announced plans for renewed sanctions at ''the highest level.''
Oil prices tumbled from 3-1/2 year highs even as President Trump pulled the U.S. out of the multi-national Iran nuclear agreement and announced plans for renewed sanctions at "the highest level." //reut.rs/2KIgQQy
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https://www.reuters.com/video/2018/05/08/oil-drops-despite-trumps-exit-from-iran?videoId=425015843
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May 21 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
Scooter sharing company Bird looking to raise as much as $200 mln in new equity on.ft.com/2GzbNyI
European private equity firms Nordic Capital, Inflexion raise $8 bln on.ft.com/2IytUXi
UK has not renewed Roman Abramovich's visa on.ft.com/2IQYWx1
Overview
Electric scooter sharing company Bird is looking to raise as much as $200 million in new equity, according to a person familiar with the talks.
European private equity firms Nordic Capital and Inflexion have raised a combined $8 billion in funds with Nordic Capital raising 4.3 billion euros ($5.06 billion) for its latest flagship fund and Inflexion raising a total of 2.25 billion pounds ($3.03 billion) in two separate funds from investors.
British authorities, whose relations with Moscow have been strained, are yet to renew Russian billionaire Roman Abramovich’s visa after it expired last month, according to four people close to the owner of Chelsea football club.
($1 = 0.8499 euros) ($1 = 0.7420 pounds)
Compiled by Bengaluru newsroom; Editing by Sandra Maler
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https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-may-21-idUSL3N1SR0Q6
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MILAN, May 8 (Reuters) - Italian lender BPER said on Tuesday it selected a soured loan portfolio with a gross value of 6.4 billion euros and took additional provisions for more than 1.1 billion euros to prepare for a potential sale.
The bank added it had become more ambitious in the reduction of non-performing loans compared to the targets set in November and that it was aiming for a gross NPE (non-performing exposures) target ratio of 11.5 percent in 2020 and below 10 percent in 2021.
One source had told Reuters last month the bank was looking at reducing its gross NPE ratio for 2018 more than previously planned.
In the first quarter of the year the lender posted a net profit of 251 million euros, up from 27.5 million euros in the fourth quarter last year. (Reporting by Francesca Landini, editing by Giulia Segreti)
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https://www.reuters.com/article/bper-results/italys-bper-selects-6-4-bln-soured-loan-portfolio-for-possible-sale-idUSL8N1SF75I
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UPDATE 2-Brazil's Temer makes concessions to lure truckers back to work Marcelo Teixeira Published 10:34 PM ET Sun, 27 May 2018 Reuters
(Updates with President Temer announcement)
SAO PAULO, May 27 (Reuters) - Brazil's President Michel Temer announced late on Sunday new measures to reduce operating costs for truckers in a bid to end a week-long protest that has severely hampered the flow of food, fuel and key exports in Latin America's largest economy.
In a televised speech, Temer said he was signing three decrees with immediate effect to address the main demands of truck drivers, who mounted hundreds of blockades on roads across the country to protest high diesel prices.
"We gave everything they have asked for," said Temer of the measures, expected to cost Brazilian taxpayers some 10 billion reais ($2.7 billion). It was not immediately clear if protesting truckers would demobilize on Monday.
After seven days of protests, shortages of basic goods around the country had become increasingly critical. Hospitals reported a lack of medical supplies, while many farm animals are dying or being culled because of a lack of feed.
Brazil is a global leader in commodities exports and industry groups said they expected delays in shipments from everything from soybeans to meats and sugar.
Major cities such as Rio de Janeiro have sharply reduced public transportation, while many schools and universities said they would not open on Monday.
With gas stations low on fuel across most of the country, police and military forces have been escorting fuel convoys to supply ambulances, police vehicles and buses for public transportation in most large cities in Brazil.
One of the presidential decrees signed by Temer cuts diesel prices by 46 centavos per liter, or about 12 percent of its retail price, for a period of 60 days. The government will compensate state-led oil company Petroleo Brasileiro SA for the price cut.
Another decree ordered toll operators across the country not to charge for rear axles that are not in use, as is the case when trucks pass by the tolls unloaded. A third decree mandates the minimum fare for freight to be paid to truckers.
The measures were announced after several meetings between government officials and representatives for some trucker groups. The fractured leadership of the trucking movement has made it hard to gauge the acceptance of previous compromises reached by the government and negotiators from the industry.
Earlier on Sunday, Sao Paulo Governor Marcio França, who has been acting as a negotiator, had said the federal government would not accept the demand to reduce diesel prices for 60 days.
Some highway blockades were cleared early on Sunday, as police started to fine drivers who left trucks at road sides. The military was ordered to remove unattended vehicles.
The military said that the entrances to some ports, such as Santos, Latin America's largest export hub, were cleared, but there were still no trucks arriving by late Sunday to the area to replenish silos and allow for ship-loading operations.
($1 = 3.65 reais) (Reporting by Marcelo Teixeira; Editing by Lisa Shumaker and Peter Cooney)
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https://www.cnbc.com/2018/05/27/reuters-america-update-2-brazils-temer-makes-concessions-to-lure-truckers-back-to-work.html
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TACOMA, Wash., Columbia Banking System, Inc. (NASDAQ: COLB) today announced the promotion of Brock Lakely to Senior Vice President, Chief Accounting Officer of the company and its subsidiary Columbia Bank, effective June 1, 2018. As Vice President, Director of Accounting since August 2015, Mr. Lakely has held increasingly senior positions in the accounting department at Columbia since joining the Bank in September 2011. Mr. Lakely succeeds Barry Ray as Chief Accounting Officer, following Mr. Ray's announced departure from the company.
"Brock has played an instrumental role on our accounting team for the past seven years and brings excellent credentials to his new position," said Hadley Robbins, President and Chief Executive Officer. "We congratulate Brock on his well-deserved promotion. We also want to thank Barry Ray for his 12 years of service to Columbia. As he leaves Columbia to assume a chief financial officer position, we wish him every success in his future endeavors."
Brock Lakely joined Columbia in 2011 as Regulatory Reporting Officer and was promoted to Financial Reporting Manager in July 2014. Prior to Columbia, he spent nearly five years as a senior accountant and senior financial reporting analyst for Russell Investments. He began his career at Ernst & Young as a staff and senior auditor for private and public companies in several industries including banking. He is a Certified Public Accountant and holds an MBA from Oklahoma State University and a bachelor's degree in accounting from Southwestern Oklahoma State University.
About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's "Washington's Best Workplaces." Columbia ranked eleventh on the 2018 Forbes list of best banks.
More information about Columbia can be found on its website at www.columbiabank.com .
Investor Relations Contact:
InvestorRelations@columbiabank.com
(253) 305-1921
Media Contact:
Moira Conlon
Tricia Ross
Financial Profiles, Inc.
(310) 622-8226
releases/columbia-bank-promotes-brock-lakely-to-chief-accounting-officer-300643007.html
SOURCE Columbia Banking System, Inc.
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/04/pr-newswire-columbia-bank-promotes-brock-lakely-to-chief-accounting-officer.html
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May 14 (Reuters) - PolarityTE Inc:
* POLARITYTE ACQUIRES OPERATING GLP/USDA PRECLINICAL BIOMEDICAL RESEARCH FACILITY AND ANNOUNCES CAROLINE GARRETT DVM FROM JOHNS HOPKINS AS CHIEF VETERINARY OFFICER AT POLARITY 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-polarityte-acquires-operating-glp/brief-polarityte-acquires-operating-glp-usda-preclinical-biomedical-research-facility-idUSFWN1SL0OE
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243 COMMENTS TSLA -6.20% Tesla TSLA -6.20% Inc. burned through cash at a greater rate than analysts expected during the first quarter, intensifying pressure on the Silicon Valley auto maker to raise more capital if it continues to struggle ramping up production of the Model 3 sedan.
The company’s free cash flow widened to about a negative $1 billion after burning $277 million in the final three months of last year, a figure that was unusually low thanks, in part, to delays in spending and customer deposits.
Despite the increased spending, Chief Executive Elon Musk indicated the company won’t need to raise more money because it is still on pace to make about 5,000 Model 3s in a single week by around the end of the second quarter. The twice postponed goal is critical, analysts say, for Tesla to generate cash and reach profitability.
The increased rate of production, coupled with plans to reduce capital expenditures, should help Tesla become cash-flow positive in the second half of the year and profitable in the third and fourth quarters, the company said.
That would be a big reversal from the first quarter, when Tesla posted a loss attributable to common shareholders of $710 million, its fifth consecutive quarter of record losses. Tesla’s per-share loss of $3.35 was narrower than analysts’ average expectations, according to FactSet, but those projections were lowered significantly in recent months.
During a combative conference call with analysts on Wednesday, Mr. Musk answered curtly when Adam Jonas of Morgan Stanley asked whether it would be prudent for Tesla to raise more capital while it can even if it doesn’t need it. “No,” Mr. Musk replied. “I specifically don’t want to.”
Later on the call, Mr. Musk cut off two analysts who were asking about Tesla’s business—specifically capital expenditures and Model 3 reservations—calling the questions “so dry. They’re killing me.”
Related Heard on the Street: Tesla Can’t Make Its Cash Problems Disappear As Mr. Musk deflected some questions, the stock started sliding in after-hours trading, falling as much as 6% in about a 20-minute period, before settling down 4.6% at 8 p.m. EDT. Tesla’s stock had fallen more than 3% in 2018.
Production of the Model 3 sedan, which began in July, has bedeviled Mr. Musk at the company’s Fremont, Calif., factory, where in recent weeks he has conceded to relying too much on automation to make the vehicle that was supposed to start at $35,000 but instead goes for $49,000 in the U.S. The lower-priced version, with a shorter battery range, isn’t expected to reach the market until later this year.
The Model 3 is part of Mr. Musk’s vision of bringing electric cars to the masses and turning Tesla into something more than a luxury car company selling Model S sedans and Model X sport-utility vehicles that average for $100,000.
His gamble of remaking the automotive landscape, however, is facing a critical make-or-break period as the company struggles with the Model 3. The company has little wiggle room and needs to begin generating cash or else raise more money.
Last month, Tesla said it won’t need to raise any debt or equity this year, apart from standard credit lines.
Tesla on Wednesday said it expects to cut back on spending and generate positive cash flow in the third and fourth quarters, “including the inflow of cash that we receive in the normal course of our business from financing activities on leased vehicle and solar products.”
Analysts surveyed by FactSet on average predicted a negative free cash flow of $889 million during the first quarter. The company averaged a negative free cash burn of $900 million a quarter last year. These totals don’t include payments for solar energy systems.
Tesla finished the first quarter with $2.7 billion in cash on hand, compared with $3.4 billion at the end of last year. Customer deposits, for vehicles such as the Model 3 and Roadster, rose about 15% to $985 million from the end of last year.
The cash levels put Tesla “in good shape providing they do start generating cash later this year,” said David Whiston, an analyst for Morningstar Research Services LLC.
Tesla said it was cutting back on capital expenditures this year to “slightly” less than $3 billion from $3.4 billion last year. “We have significantly cut back our capex projections by focusing on the critical near-term needs that benefit us primarily in the next couple of years,” Mr. Musk wrote in a letter to shareholders on Wednesday.
Tesla’s total vehicle deliveries, announced last month, rose 20% to 29,997, including 8,812 Model 3 vehicles. Deliveries of the higher-priced Model S sedan and Model X sport-utility vehicle, however, fell about 13% combined compared with a year ago. Revenue rose about 26% to $3.41 billion, beating analyst expectations of $3.28 billion.
Tesla made 9,766 Model 3s during the first quarter and fell short of its goal of making 2,500 in a single week. In April, it said that it reached a rate of 2,000 in a seven-day period that included two days of the second quarter.
Mr. Musk had once suggested the company could make as many as 200,000 Model 3s in the second half of last year.
While he had warned in July that the Model 3 ramp-up would be hard, Mr. Musk has said it has been worse than expected. He has retaken control of production and said earlier this year that he was sleeping sometimes at the factory.
He has directed the factory to work 24 hours, seven days a week and aims to make as many 4,000 Model 3s in a single week this month followed by some additional upgrades to the factory so they can make as many 6,000 a week by the end of June.
He set the goal of making 5,000 a week by the end of the second quarter, a milestone that has twice been delayed. Mr. Musk recently told “CBS This Morning” that he finally sees a way through the challenges.
TSLA -6.09% TSLA -6.09% Write to Tim Higgins at Tim.Higgins@WSJ.com
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ashraq/financial-news-articles
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https://www.wsj.com/articles/tesla-continues-to-burn-through-cash-1525293204
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FRANKFURT (Reuters) - E.ON ( EONGn.DE ) has the right to walk away from an agreed deal to break up Innogy ( IGY.DE ) should it sell single assets worth more than 150 million euros ($179 million) or assets worth a combined 450 million, RWE’s ( RWEG.DE ) finance chief said.
Talking to analysts during a call on Tuesday to discuss first-quarter results, Markus Krebber said that two assets were excluded from this clause, including Npower, Innogy’s British retail unit, which is to be merged with the local unit of SSE ( SSE.L ).
Innogy’s Czech gas network activities, which have fetched interest from Macquarie ( MQG.AX ) and Czech investment group KKCG, are also excluded from the deal.
Reporting by Christoph Steitz
Our Standards: The Thomson Reuters Trust Principles.
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https://www.reuters.com/article/us-rwe-results-e-on-innogy/e-on-can-walk-away-from-innogy-deal-if-too-many-assets-sold-rwe-idUSKCN1IG1K4
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Drinks companies bank on an unusual cocktail recipe: less alcohol. 7:29pm IST - 01:30
n bars from London to New York, sales of “aperitifs” such as Aperol, Lillet and Martini Rosso are growing rapidly as younger drinkers in particular opt for lower-alcohol concoctions over stronger traditional cocktail spirits like vodka. Rosanna Philpott reports.
n bars from London to New York, sales of “aperitifs” such as Aperol, Lillet and Martini Rosso are growing rapidly as younger drinkers in particular opt for lower-alcohol concoctions over stronger traditional cocktail spirits like vodka. Rosanna Philpott reports. //reut.rs/2Lab9KP
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ashraq/financial-news-articles
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https://in.reuters.com/video/2018/05/30/drinks-companies-bank-on-an-unusual-cock?videoId=431688452
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May 24, 2018 / 9:28 AM / Updated 5 minutes ago Indian state seeks permanent closure of Vedanta's copper smelter: officials Sudarshan Varadhan 3 Min Read
THOOTHUKUDI, India (Reuters) - India’s Tamil Nadu state said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources after 13 people died in protests demanding the closure of the plant on environmental grounds. Charred vehicles are pictured near a government office, after at least 13 people were killed when police fired on protesters seeking closure of plant on environmental grounds in town of Thoothukudi in southern state of Tamil Nadu on Tuesday, May 24, 2018. REUTERS/Sudarshan Varadhan
“The government’s position is very clear, it doesn’t want the plant to run,” said Sandeep Nanduri, the top official of the district where the plant is located, after a meeting with senior state government officials.
Other state officials confirmed the government’s position.
On Tuesday, police opened fire on protesters demanding that the smelter in the port city of Thoothukudi be shut down. In all, 13 protesters have been killed this week.
Residents and environmental activists say emissions from the plant, India’s second biggest, are polluting the air and water, affecting people’s health. Demonstrators shout slogans during a protest, after at least 13 people were killed when police fired on protesters seeking closure of plant on environmental grounds in town of Thoothukudi in southern state of Tamil Nadu, in Chennai, India, May 24, 2018. REUTERS/P.Ravikumar
Earlier on Thursday, authorities cut the power to the smelter. The pollution control board of Tamil Nadu said the smelter, which was shut pending renewal of its operating license, was found last week to be preparing to resume production without permission.
A company spokesman did not respond to a Reuters’ email seeking comment on Tamil Nadu’s closure plan and the allegation that it had been preparing to resume production without approvals.
In a statement late on Thursday, it said only that it was working with authorities to restore power to the plant, which has been offline since March 27. Slideshow (3 Images)
The company has previously denied that the smelter has been polluting the air and water.
“The issue of renewal of consent for the year 2018-2023 has been rejected ... due to non compliance of certain conditions,” the Tamil Nadu Pollution Control Board (TNPCB) said in an order dated Wednesday.
It did not elaborate on the conditions the smelter had not met but said it “shall be disconnected with power supply and closed with immediate effect”.
The agency told Vedanta it could not resume operations without permission.
The copper smelter contributed about 5.4 percent to the company’s consolidated earnings before interest, taxes, depreciation and amortization in its financial year 2017-18, Vedanta said.
On Thursday, Vedanta’s Indian stock closed down 2 percent. Reporting by Sudarshan Varadhan; additional reporting by Kanishka Singh in Bengaluru; Writing by Krishna N. Das; Editing by Sanjeev Miglani, Robert Birsel, Martin Howell and Anil D'Silva
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https://www.reuters.com/article/us-vedanta-smelter/india-cuts-power-to-smelter-after-deadly-anti-pollution-protests-idUSKCN1IP1CX
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(Reuters) - Treating early stage breast cancer patients for just six months with Roche’s Herceptin works as well as the current 12-month regimen, researchers who conducted a large clinical trial said on Wednesday.
Herceptin, a biotech medicine that costs around $76,700 a year in the United States, generated 2017 worldwide sales of more than $7 billion for Roche. If a shorter treatment duration is widely adopted it could significantly reduce sales.
Halving treatment duration reduces the number of people who have to quit therapy due to side effects and “obviously will have an effect on cost as well,” Dr. Bruce Johnson, president of the American Society of Clinical Oncology (ASCO), said during a conference call with reporters. He added that patients in the study need to be followed to see how they fare longer term.
Roche, in an emailed statement, said other studies have not shown that a shorter treatment duration works as well as 12 months, and emphasized that use of Herceptin for one year is the only FDA-approved indication for HER2-positive early breast cancer.
The Herceptin trial is one of thousands of cancer drug studies set to be presented at ASCO’s annual meeting next month in Chicago. Brief summaries of many of them were released on Wednesday.
Herceptin, first approved in 2005, is used for cancer patients whose tumors generate a protein called HER2, which accounts for about 25 percent of breast cancer cases. About 15 percent are early-stage HER2 disease. The injected drug, known chemically as trastuzumab, can cause serious side effects, including heart failure.
The 4,089-patient study, funded by Britain’s National Institute for Health Research, found that after surgery 89.4 percent of patients given six months of Herceptin were alive with no signs of cancer four years later, compared with 89.8 percent of women treated for 12 months.
In addition, four percent of women in the six-month group stopped treatment because of heart problems, compared with eight percent in the 12-month group.
“We are confident that this will mark the first steps towards a reduction in treatment duration for many women with HER2-positive breast cancer,” said Dr. Helena Earl, the study’s lead investigator and professor of clinical cancer medicine at the University of Cambridge.
Research is continuing to determine the impact of treatment length on quality of life as well as to define which patients are best suited for less treatment, Dr. Earl said.
Dr. Richard Schilsky, ASCO’s chief medical officer, said the study follow-up is still relatively short, but the results “likely will signal a shift, even in the U.S. oncology community, toward shorter duration of trastuzumab (post surgery)therapy.”
Reporting By Deena Beasley; Editing
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https://in.reuters.com/article/us-health-cancer-roche-hldg/roche-breast-cancer-drug-treatment-time-can-be-halved-study-idINKCN1IH2ZC
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(Adds details, analysts’ comments & context)
By Shihar Aneez and Ranga Sirilal
COLOMBO, May 11 (Reuters) - Sri Lanka’s central bank kept its key policy rates steady on Friday, a little more than a month after it unexpectedly cut the main lending rate, forecasting a modest recovery in the economy this year after growth slumped to a 16-year low in 2017.
The central bank’s widely expected decision comes amid worries about political instability after the ruling coalition lost a local government election earlier this year, leading to the defection of 16 of its members to the opposition.
The central bank left the standing lending facility rate (SLFR) at 8.50 percent and standing deposit facility rate (SDFR) at 7.25 percent, saying it “aims at stabilising inflation in mid-single digit levels in the medium term.”
The bank estimated 2018 growth to be around 5 percent, higher than the International Monetary Fund’s (IMF) 4 percent forecast.
In its policy statement, the central bank predicted a “moderate” economic recovery this year, thanks to strengthening global growth and improving domestic conditions.
“Forward looking indicators suggest an improvement in the economic performance on the back of the modest recovery in the agriculture sector and continued positive momentum in the industry and services sectors,” the statement said.
Growth slipped to a 16-year low in 2017, hit by widespread flooding and a pullback in foreign investment. Worries of political instability have lately cast a cloud on the outlook.
President Maithripala Sirisena suspended the parliament last month, reconvening it only this week, underscoring investor uncertainty about broad policymaking and economic management.
Danushka Samarasinghe, research head at Softlogic Stockbrokers, said the central bank would be averse to cutting rates again because of the pressure on the rupee currency.
Still, Capital Economics analysts said in a note that they expect a further easing later this year, citing benign inflation and an economic recovery that is “likely to disappoint.”
The IMF in March urged the central bank to stand ready to tighten if signs of demand-side inflation pressures or accelerating credit growth resurface.
Credit growth picked up to 15.3 percent year-on-year in March, from February’s 14.6 percent, but was well off a near four-year high of 28.5 percent hit in July 2016.
The central bank, which in April said it has shifted away from a tightening bias, expects inflation to remain in the bottom half of a 4-6 percent band through the rest of this year.
The previous rate hikes through December 2015 to March 2017, aimed at curbing high inflation and fending off pressure on the fragile rupee, weighed on the economy. As well, tight fiscal measures to meet conditions by the International Monetary Fund (IMF) for a $1.5 billion loan further sapped demand.
The rupee is hovering near record lows as investors worried that policy paralysis in the wake of the February election upset could hurt foreign investment - a crucial prop for the economy.
It slipped to a record-low of 157.90 on May 2 and closed at the same level on Thursday. The currency market is yet to start trading on Friday.
Reporting by Shihar Aneez and Ranga Sirilal Editing by Shri Navaratnam
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ashraq/financial-news-articles
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https://www.reuters.com/article/sri-lanka-economy-rates/update-1-sri-lanka-c-bank-keeps-rates-steady-expects-modest-economic-recovery-idUSL3N1SI1J9
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May 9 (Reuters) - Lightbridge Corp:
* LIGHTBRIDGE REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018 AND PROVIDES BUSINESS UPDATE ON ENFISSION AND OTHER DEVELOPMENTS
* LIGHTBRIDGE CORP - QTRLY NET LOSS PER COMMON SHARE, BASIC AND DILUTED $0.39 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-lightbridge-reports-qtrly-net-loss/brief-lightbridge-reports-qtrly-net-loss-per-common-share-basic-and-diluted-0-39-idUSASC0A13W
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May 3, 2018 / 1:12 AM / Updated 4 minutes ago Esprit says to close loss-making operations in Australia, New Zealand Reuters Staff 1 Min Read
HONG KONG (Reuters) - Fashion group Esprit Holdings Ltd ( 0330.HK ) said on Thursday it plans to shut its loss-making operations in Australia and New Zealand, concentrating resources in developing Asian markets in China, Hong Kong, Taiwan, Singapore and Malaysia. FILE PHOTO: A woman walks outside the biggest Esprit store at Hong Kong's Tsim Sha Tsui shopping district September 10, 2013. REUTERS/Bobby Yip/File Photo
The Europe-focused apparel retailer said it will close 67 directly managed retail stores in the two countries that contributed HK$297 million (£27.8 million) of revenue in the fiscal year to end-June 2017, less than two percent of its total revenue. It gave no further details.
Esprit, which has a market capitalisation of $659 million (£485 million), said the divestment would result in up to HK$200 million in one-off costs from provisions for store closures and the impairment of store assets, and would have a “negative impact” on its results for the year to June 2018.
The retailer on Wednesday posted an 11 percent drop in 9-month revenue. Reporting by Donny Kwok; editing by Richard Pullin
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https://uk.reuters.com/article/uk-esprit-holdings-divestment-anz/esprit-says-to-close-loss-making-operations-in-australia-new-zealand-idUKKBN1I402Y
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- Topline data from second pivotal Phase 3 trial of lefamulin for CABP (LEAP 2) expected in Spring 2018 -
- $90 million cash and investments as of March 31, 2018 expected to fund operations into the first quarter of 2020 -
DUBLIN, Ireland, Nabriva Therapeutics plc (NASDAQ:NBRV), a clinical-stage biopharmaceutical company engaged in the research and development of novel anti-infective agents to treat serious infections, with a focus on the pleuromutilin class of antibiotics, today announced its financial results for the three months ended March 31, 2018 and recent corporate highlights.
“Nabriva expects to report topline results from LEAP 2, our second pivotal Phase 3 trial evaluating oral lefamulin in adult patients with moderate CABP this spring. Subject to the receipt of positive data from LEAP 2, we plan to file an NDA for lefamulin with the U.S. Food and Drug Administration in the fourth quarter of this year and an MAA with the European Medicines Agency a few months later,” said Dr. Colin Broom, chief executive officer of Nabriva Therapeutics. “We have further prioritized our planned pre-commercial activities and anticipate that our current cash resources will be sufficient to fund our operations beyond a potential mid-2019 NDA approval and into the first quarter of 2020. Our highly experienced anti-infectives team, including medical affairs, market access and commercial professionals, will continue to focus on critical pre-launch activities. Our priority is to increase awareness of the burden of CABP in the medical community and identify institutions that have a high unmet medical need and could benefit from lefamulin should it be approved.”
Recent Corporate and Development Highlights
On March 27, 2018, Nabriva Therapeutics announced the initiation of a collaboration agreement with an affiliate of Roivant Sciences, to develop and commercialize lefamulin in greater China. Nabriva Therapeutics received a $5.0 million upfront payment and will be eligible for up to approximately $95.5 million in additional payments tied to the successful completion of certain regulatory and commercial milestones related to lefamulin for CABP. In addition, Nabriva Therapeutics will be eligible to receive low double-digit royalties on sales upon approval in the covered territories. Roivant’s affiliate will be solely responsible for all clinical development and regulatory filings necessary to secure approval in the covered territories, as well as commercialization activities. At the 28th European Congress of Clinical Microbiology and Infectious Diseases (ECCMID) that took place in Madrid, Spain from April 21-24, 2018, Nabriva Therapeutics presented eight abstracts that support lefamulin as a potential first-in-class pleuromutilin antibiotic targeting CABP pathogens, including drug resistant strains. Nabriva Therapeutics strengthened the senior leadership team with the appointment of Jennifer Schranz, M.D., as chief medical officer to lead clinical development and medical affairs. Dr. Schranz joins Nabriva Therapeutics from Shire plc. With nearly two decades of experience in clinical development and medical affairs, she has extensive expertise working with small molecules, biologics, and vaccines in both small and large pharmaceutical companies.
First Quarter 2018 Financial results
For the three months ended March 31, 2018, Nabriva Therapeutics reported a net loss of $13.3 million or $0.36 per share, compared to a net loss of $15.2 million or $0.56 per share for the three months ended March 31, 2017.
Research and development expenses decreased by $2.4 million from $12.7 million for the three months ended March 31, 2017 to $10.3 million for the three months ended March 31, 2018. The decrease was primarily due to a reduction of $3.8 million related to the development of lefamulin as the Company winds down its Phase 3 clinical trials, offset by increases of $0.6 million in staff costs due to the addition of employees and $0.5 million in research consulting fees.
General and administrative expense increased by $5.9 million from $4.2 million for the three months ended March 31, 2017 to $10.1 million for the three months ended March 31, 2018. The increase was primarily due to increases of $2.7 million in advisory and external consultancy expenses primarily related to pre-commercialization activities and professional service fees, $2.6 million in staff costs due to the addition of employees, and $0.6 million in infrastructure and other corporate costs.
As of March 31, 2018, Nabriva Therapeutics had $89.6 million in cash, cash equivalents and short-term investments compared to $86.9 million as of December 31, 2017. This cash balance is expected to fund operations into the first quarter of 2020. On March 16, 2018, Nabriva Therapeutics entered into a Controlled Equity Offering SM Sales Agreement with Cantor Fitzgerald & Co., as agent, pursuant to which Nabriva Therapeutics may offer and sell its ordinary shares, nominal value $0.01 per share, for aggregate gross sale proceeds of up to $50,000,000 from time to time through Cantor Fitzgerald under an “at-the-market” (ATM) offering program. In the first quarter, Nabriva Therapeutics raised approximately $19 million through the ATM program.
Please refer to our Annual Report on Forms 10-K for the fiscal year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, which are filed with the U.S. Securities and Exchange Commission, for additional information regarding our business and financial results.
About Nabriva Therapeutics plc
Nabriva Therapeutics is a biopharmaceutical company engaged in the research and development of new medicines to treat serious bacterial infections, with a focus on the pleuromutilin class of antibiotics. Nabriva Therapeutics’ medicinal chemistry expertise has enabled targeted discovery of novel pleuromutilins, including both intravenous and oral formulations. Nabriva Therapeutics’ lead product candidate, lefamulin, is a novel semi-synthetic pleuromutilin antibiotic with the potential to be the first-in-class available for systemic administration in humans. The company believes that lefamulin is the first antibiotic with a novel mechanism of action to have reached late-stage clinical development in more than a decade. Nabriva Therapeutics has announced positive topline data for lefamulin from the first of its two global, registrational Phase 3 clinical trials evaluating lefamulin in patients with moderate to severe community-acquired bacterial pneumonia (CABP). Nabriva Therapeutics believes lefamulin is well-positioned for use as a first-line empiric monotherapy for the treatment of moderate to severe CABP due to its novel mechanism of action, targeted spectrum of activity, resistance profile, achievement of substantial drug concentration in lung tissue and fluid, oral and IV formulations and a favorable tolerability profile, with the results of the LEAP 1 trial showing a rate of treatment-emergent adverse events comparable to moxifloxacin with or without linezolid. Nabriva Therapeutics is evaluating the continued development of lefamulin for indications in addition to CABP. Pediatric oral formulation development is ongoing, and we anticipate initiating clinical studies in pediatric patients in mid-2018. We believe lefamulin has potential to treat ABSSSI, VABP or HABP and STIs.
Outside of the greater China region, Nabriva Therapeutics owns exclusive rights to lefamulin, which is protected by composition of matter patents issued in the United States, Europe and Japan.
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Nabriva, including but not limited to statements about the development of Nabriva’s product candidates, such as plans for the design, conduct and timelines of Nabriva’s ongoing Phase 3 clinical trial of lefamulin for CABP, the clinical utility of lefamulin for CABP and Nabriva’s plans for filing of applications for regulatory approvals, including a New Drug Application (NDA) with the U.S. Food and Drug Administration and a Marketing Authorization Application (MAA) with the European Medicines Agency, Nabriva’s efforts to bring lefamulin to market and the prioritization of pre-commercial activities, the future development or commercialization of lefamulin in the greater China region, the potential benefits under Nabriva’s license agreement with Roivant and its subsidiary, the development of lefamulin for additional indications, the development of additional formulations of lefamulin, plans to pursue research and development of other product candidates, the sufficiency of Nabriva’s existing cash resources and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and conduct of clinical trials, availability and timing of data from clinical trials, whether results of early clinical trials or trials in different disease indications will be indicative of the results of ongoing or future trials, whether results of Nabriva’s first Phase 3 clinical trial of lefamulin will be indicative of the results for its second Phase 3 clinical trial of lefamulin, uncertainties associated with regulatory review of clinical trials and applications for marketing approvals, the availability or commercial potential of product candidates including lefamulin for use as a first-line empiric monotherapy for the treatment of moderate to severe CABP, the sufficiency of cash resources and need for additional financing and such other important factors as are set forth under the caption “Risk Factors” in Nabriva’s annual and quarterly reports on file with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Nabriva’s views as of the date of this release. Nabriva anticipates that subsequent events and developments may cause its views to change. However, while Nabriva may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nabriva’s views as of any date subsequent to the date of this release.
CONTACT:
FOR INVESTORS
Dave Garrett
Nabriva Therapeutics plc
david.garrett@nabriva.com
610-816-6657
FOR MEDIA
W2O Group
Abigail Ancherico
aancherico@w2ogroup.com
910-726-1373
CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands, except share data) As of
December 31,
2017 As of
March 31,
2018 Assets Current assets: Cash and cash equivalents $ 86,769 $ 89,441 Short-term investments 110 110 Other receivables 5,402 6,436 Contract asset — 1,500 Prepaid expenses 1,558 1,016 Total current assets 93,839 98,503 Property, plant and equipment, net 1,327 1,376 Intangible assets, net 172 155 Long-term receivables 425 428 Total assets $ 95,763 $ 100,462 Liabilities and equity Current liabilities: Accounts payable $ 5,136 $ 3,807 Accrued expense and other current liabilities 8,124 7,577 Total current liabilities 13,260 11,384 Non-current liabilities: Long-term debt 232 411 Other non-current liabilities 203 225 Total non-current liabilities 435 636 Total liabilities 13,695 12,020 Stockholders’ Equity: Ordinary shares, nominal value $0.01, 1,000,000,000 ordinary shares authorized at
March 31, 2018; 36,707,685 and 40,233,867 issued and outstanding at December 31,
2017 and March 31, 2018, respectively 367 402 Preferred shares, par value $0.01, 100,000,000 shares authorized at March 31, 2018;
None issued and outstanding at March 31, 2018 — — Additional paid in capital 360,872 380,553 Accumulated other comprehensive income 27 27 Accumulated deficit (279,198 ) (292,540 ) Total stockholders’ equity 82,068 88,442 Total liabilities and stockholders’ equity $ 95,763 $ 100,462
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
March 31,
(in thousands, except per share data) 2017 2018 Revenues: Collaboration revenue $ — $ 6,500 Research premium and grant revenue 1,678 1,051 Total revenues: 1,678 7,551 Operating expenses: Research and development (12,660 ) (10,279 ) General and administrative (4,218 ) (10,136 ) Total operating expenses (16,878 ) (20,415 ) Loss from operations (15,200 ) (12,864 ) Other income (expense): Other income, net 206 23 Interest income 121 9 Interest expense (1 ) (4 ) Loss before income taxes (14,874 ) (12,836 ) Income tax expense (349 ) (506 ) Net loss $ (15,223 ) $ (13,342 ) Loss per share Basic and diluted $ (0.56 ) $ (0.36 ) Weighted average number of shares: Basic and diluted 27,204,230 36,911,604
Condensed Consolidated Statements of Cash Flows
(unaudited) Three Months Ended
March 31, (in thousands) 2017 2018 Net cash provided by (used in): Operating activities $ (14,684 ) $ (16,339 ) Investing activities 9,977 (160 ) Financing activities (1,171 ) 19,059 Effects of foreign currency translation on cash and cash
equivalents 266 112 Net (decrease) increase in cash and cash equivalents (5,612 ) 2,672 Cash and cash equivalents at beginning of period 32,778 86,769 Cash and cash equivalents at end of period $ 27,166 $ 89,441
Source:Nabriva Therapeutics US, Inc
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http://www.cnbc.com/2018/05/08/globe-newswire-nabriva-therapeutics-reports-first-quarter-2018-financial-results-and-recent-corporate-highlights.html
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SAVANNAH, Ga., May 16, 2018 /PRNewswire/ -- TMX Finance LLC ("TMX Finance" or the "Company"), a privately-owned consumer finance company focused primarily on automobile title lending, announced today that it is seeking to raise $450 million through an institutional private placement (the "Offering") of senior secured notes due 2023 (the "Notes") to be issued by TMX Finance and its wholly-owned subsidiary, TitleMax Finance Corporation (together with TMX Finance, the "Issuers"). TMX Finance intends to use the net proceeds of the Offering, together with cash on hand in an amount necessary, to redeem all of the Issuers' currently outstanding 8 ½% Senior Secured Notes due 2018 (the "2018 Notes") and to pay related fees and expenses. On May 16, 2018, the Issuers provided a notice of conditional full redemption of all of their outstanding 2018 Notes (not including 2018 Notes that previously were purchased by the Company and as of today have been canceled by the Company), which redemption is subject only to the consummation of the Offering in an aggregate principal amount of at least $450 million (or such other amount as the Issuers determine in their sole and absolute discretion).
This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other security. This announcement does not constitute a notice of redemption under the indenture governing the 2018 Notes or an offer to tender for, or purchase, any 2018 Notes or any other security.
The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions in reliance on Regulation S. Unless so registered, the Notes may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
Forward-Looking Statements
This press release contains forward-looking statements regarding TMX Finance's ability to complete this private placement, its application of net proceeds and the redemption of the outstanding 2018 Notes. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those results indicated in the forward-looking statements include uncertainties relating to market conditions for corporate debt securities generally and for the securities of consumer finance companies and for TMX Finance in particular.
Contact Information
Investor Relations
TMX Finance LLC
investors@titlemax.com
View original content: http://www.prnewswire.com/news-releases/tmx-finance-llc-announces-proposed-private-offering-of-senior-secured-notes-300649550.html
SOURCE TMX Finance LLC
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/16/pr-newswire-tmx-finance-llc-announces-proposed-private-offering-of-senior-secured-notes.html
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NEW YORK, May 16 (Reuters) - Retail and technology stocks led Wall Street higher on Wednesday as the small-cap Russell 2000 hit a record peak, even as U.S. bond yields touched near a seven-year high and investors fretted over geopolitics.
The Dow Jones Industrial Average rose 62.52 points, or 0.25 percent, to 24,768.93, the S&P 500 gained 11.01 points, or 0.41 percent, to 2,722.46 and the Nasdaq Composite added 46.67 points, or 0.63 percent, to 7,398.30. (Reporting by Stephen Culp Editing by James Dalgleish)
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ashraq/financial-news-articles
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https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-retail-tech-stocks-boost-wall-st-russell-2000-hits-record-idUSZXN0RAT2I
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Published: May 2, 2018 5:19 p.m. ET Share
Mark Pincus’s voting control reduced to about 10% from 70% Getty Images Mark Pincus, founder of Zynga, attends the annual Allen & Company Sun Valley Conference in Idaho in 2017.
By Austen Hufford
Social and mobile-game maker Zynga Inc. is moving to a single-class stock structure, diminishing the control of its founder as other technology companies maintain systems that give insiders extra voting power.
The company said Wednesday that former Chief Executive Mark Pincus would convert his extra voting shares into Class A shares, reducing his voting control to about 10% from 70% previously. Pincus is also moving to become nonexecutive chairman from his executive chairman role, Zynga said. Shares in Zynga ZNGA, +3.41% rose 1.4% in after-hours trading.
Companies use multiple share-class structures to give founders and early investors more control when they go public, even while allowing them to partially cash out. Typically, the public has access to one type of shares while insiders hold another type that has more voting power.
Corporate governance advocates as well as some investors and index managers have pushed back on dual-class structures. At Zynga, which made its public market debut in December 2011, Class C shares had 70 votes a share and Class B shares had seven votes a share while Class A shares had one vote a share.
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ashraq/financial-news-articles
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https://www.wsj.com/articles/zynga-moves-to-single-class-share-structure-1525293576
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May 18 (Reuters) - Aaon Inc:
* AAON ANNOUNCES 23% INCREASE IN CASH DIVIDEND AND STOCK BUYBACK PROGRAM
* AAON - BOARD AUTHORIZED COMPANY TO MAKE UP TO $15.0 MILLION IN PURCHASES OF SHARES OF COMMON STOCK
* AAON - REPURCHASE SHARES WILL COMMENCE JUNE 1, 2018 AND EXPIRE MARCH 1, 2019 Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)
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ashraq/financial-news-articles
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https://www.reuters.com/article/brief-aaon-announces-23-increase-in-cash/brief-aaon-announces-23-increase-in-cash-dividendandstock-buyback-program-idUSASC0A2WJ
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May 1 (Reuters) - C.H. Robinson Worldwide Inc:
* Q1 EARNINGS PER SHARE $1.01 * Q1 REVENUE $3.9 BILLION VERSUS I/B/E/S VIEW $3.86 BILLION
* Q1 EARNINGS PER SHARE VIEW $1.00 — THOMSON REUTERS I/B/E/S
* CONTINUE TO EXPECT 2018 CAPITAL EXPENDITURES TO BE $60 TO $70 MILLION, WITH MAJORITY DEDICATED TO TECHNOLOGY 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-ch-robinson-reports-q1-earnings-pe/brief-c-h-robinson-reports-q1-earnings-per-share-1-01-idUSASC09YRR
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Venture Capital Fifth Third Bancorp to buy MB Financial for about $4.7 billion Fifth Third Bancorp has agreed to buy smaller rival MB Financial in a stock-and-cash deal valued at about $4.7 billion. Fifth Third is looking to expand in Chicago and broaden its middle market customer base. Published 3 Hours Ago Ty Wright | Bloomberg | Getty Images Fifth Third Bank headquarters in Cincinnati, Ohio.
U.S. regional bank Fifth Third Bancorp has agreed to buy smaller rival MB Financial in a stock-and-cash deal valued at about $4.7 billion 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 its 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 ONeill + Partners advised MB Financial. Related Securities
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ashraq/financial-news-articles
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https://www.cnbc.com/2018/05/21/fifth-third-bancorp-to-buy-mb-financial-for-about-4-point-7-billion.html
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THORNBURY, England (Reuters) - From curtsying to Queen Elizabeth to calling her “Your Majesty”, U.S. actress Meghan Markle will have to learn her royal lines when she marries Prince Harry and joins the ranks of the British monarchy.
Britain's Prince William, Prince Harry and his fiancee Meghan Markle attend a Service of Thanksgiving and Commemoration on ANZAC Day at Westminster Abbey in London, Britain, April 25, 2018. Eddie Mulholland/Pool via Reuters Unwritten rules govern how the royals should behave and the public act around them. While many antiquated protocols have fallen by the wayside, there is still some etiquette Markle will be expected to follow after her wedding to the queen’s grandson on May 19.
“The problem is that she’s got to remember that, as a member of the royal family, she represents the family or, as it’s been called, ‘the brand’,” said Grant Harrold, who served as a butler to Harry himself while working for his father Prince Charles, and now provides expert guidance on the subject.
“So, I think there is quite a lot pressure to make sure she gets it right because the last thing she wants to do is do something wrong or make a mistake and it ends up becoming front page news - and then it’s embarrassing for her and for the royal family,” Harrold told Reuters.
For someone who grew up in Los Angeles, life behind palace walls - where butlers, footmen and members of the royal household, often dressed in smart traditional uniforms with scarlet waistcoats, discreetly go about their jobs - could scarcely be more different.
FLUMMERY “I think Meghan will cope - but she will find some of the flummery difficult to bear,” said Andrew Morton, who has penned a biography of the bride-to-be.
“This was a girl who was a gender equality advocate for the United Nations - having to bow and curtsy to the queen and even (her future sister-in-law) Kate Middleton in private occasions.”
Harrold says the formal protocol surrounding the royals, such as when to bow or curtsy, and to whom, and how to eat at royal banquets, was mostly set by the 17th century French king Louis XIV before being embraced by other sovereigns.
“Etiquette and protocol is really important to the royal family. It’s been important to royals for centuries,” Harrold said. “Those rules are there ... one - to make them understand what’s expected of them, but also - so they understand what to do and what not to do.”
As such, until Markle marries Harry and assumes the style “Her Royal Highness”, she should, strictly speaking, curtsy to all the other royals with such a title, such as Kate, the wife of Harry’s elder brother Prince William.
Strict protocol also dictates that she should walk backwards from the queen in her presence, although Harrold says you would not see this in public. But as the monarchy evolves and modernises, these conventions are not as important as they once were, something the royals themselves acknowledge.
“There are no obligatory codes of behaviour when meeting The Queen or a member of the Royal Family, but many people wish to observe the traditional forms,” the royal family’s website says - before explaining how to bow and curtsy and address the Windsors.
Those who breach the unspoken rules can sometimes expect a frosty reception.
Last year, the governor general of Canada admitted breaking protocol by touching the queen’s arm during an engagement in London and Australian prime minister Paul Keating was dubbed the “Lizard of Oz” by the British press after he appeared to put his arm around the monarch’s shoulders in 1992.
“QUEEN DOESN’T CARE” “Members of the royal family do curtsy to the queen,” said royal historian Hugo Vickers, an adviser for the 2011 Oscar-winning film “The King’s Speech”.
“The queen doesn’t care actually if people bow or curtsy or not, but I guess if it’s somebody who ought to know, she probably would. But she’s not going to tick people off for not doing it.”
He said the protocol was very well defined and would not be difficult for Markle to learn.
One convention that Markle will particularly have to be aware of that the British royals are expected to steer clear of making any overtly political statements in public.
“She’s got to be more careful about how she’s photographed and what she’s doing,” Claudia Joseph, author of “How to dress like a Princess”, told Reuters.
“She will have to curb what she says, she’s not going to be able to be as political as she was beforehand - and that might be trouble in the future.”
Harrold said her future husband Harry and the other royals would help to steer Markle through any minefields.
But another etiquette expert, Liz Brewer, had a warning:
“She needs to remember now that she is no longer an actress acting a part - although she is a very good actress. She is now part of ‘Brand Britain’, and as such, everything she is doing will be geared towards that.”
Britain's Prince Harry and Meghan Markle arrive for a special concert "The Queen's Birthday Party" to celebrate the 92nd birthday of Britain's Queen Elizabeth at the Royal Albert Hall in London, Britain April 21, 2018. Andrew Parsons/Pool via Reuters Writing by Michael Holden; editing by Guy Faulconbridge
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https://in.reuters.com/article/britain-royals-protocol/meghan-markle-has-new-role-to-master-british-royal-protocol-idINKBN1I806X
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May 16, 2018 / 3:38 PM / in an hour Polish debt collector KRUK targets Italian bad loans for business growth Reuters Staff 3 Min Read
MILAN, May 16 (Reuters) - Polish debt collector KRUK targets increasing bad loans under management at its recently acquired debt recovery company in Italy, Agecredit, by nearly eight times to 3 billion euros ($3.5 billion) by 2021.
The Italian market for soured loans, Europe’s biggest, has attracted strong interest from international investors in recent years as regulatory pressures forced banks to sell these assets at a discount.
KRUK wants to develop a debt servicing business for third parties, building on last month’s acquisition of Agecredit, which manages 400 million euros of bad loans mainly on behalf of banks.
KRUK estimates debt recovery services in Italy generate an annual turnover of 800 million euros.
Agecredit will target so-called ‘unlikely-to-pay’ (UTP) loans - not yet in default but which banks are unlikely to recover in full, its new chief executive, Alessandro Scorsone, told a media briefing on Wednesday.
Agecredit currently employs 68 people and Scorsone, who is also KRUK Italia’s head of strategic transactions, said the group would look to at least triple their number over the next two to three years.
KRUK bought its first Italian portfolio in 2015 and it currently owns a gross 2.8 billion euros in bad loans for an investment of 140 million euros. In 2016 it also bought a small local debt servicing firm to recover the loans it buys.
Italian banks have offloaded 75 billion euros’ worth of defaulted loans over the past couple of years, but they still hold 100 billion euros in UTP loans. Unlikely-to-pay loans are harder to sell because they have a much higher net book value than bad debts - so a sale would entail a bigger loss - and also because banks usually have ongoing commercial relationships with borrowers.
Scorsone said banks would find it more efficient to concentrate their recovery efforts on larger loans and outsource the management of smaller UTP loans, which are estimated to account for up to 20 percent of the total.
“We want to focus on unsecured small tickets, both retail and corporate,” he said.
Major hedge funds are betting on Italian mid-tier banks as they shed billions of euros in bad loans.
Tomasz Kurr, director general of KRUK Italia, said the group, which traditionally targeted mostly consumer loans, wanted to tackle more corporate loans.
“We think the corporate wave is coming ... we’re putting in the network to be there,” he said.
A fresh focus on corporate loans was also behind last month’s joint-venture deal between Intrum Justitia, a Swedish debt collector specialising originally in consumer debt, and Italian bank Intesa Sanpaolo.
On Tuesday Banca IFIS, an Italian bank specialising in recovering unsecured consumer loans, said it had agreed to buy rival FBS to expand its business into corporate and secured loans. ($1 = 0.8496 euros) (Reporting by Valentina Za; Editing by Susan Fenton)
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https://www.reuters.com/article/kruk-italy-bad-loans/polish-debt-collector-kruk-targets-italian-bad-loans-for-business-growth-idUSL5N1SN5LD
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NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of LendingClub Corporation (NYSE: LC) who purchased shares between February 28, 2015 and April 25, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) LendingClub falsely promised consumers they would receive a loan with "no hidden fees"; (2) LendingClub's privacy policy did not comply with the Gramm-Leach-Bliley Act; (3) consequently, the foregoing conduct would subject LendingClub's business practices to heightened regulatory scrutiny by the Federal Trade Commission ("FTC"); and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times. On April 25, 2018, the Federal Trade Commission (FTC) issued a press release announcing allegations that LendingClub violated the FTC Act and the Gramm-Leach-Bliley Act by falsely promising consumers they would receive a loan without hidden fees and failing to provide customers with a clear and conspicuous privacy notice.
Shareholders have until July 2, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/lendingclub-lc?wire=2 .
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005940/en/
The Klein Law Firm
Joseph Klein, Esq.
Telephone: 212-616-4899
Fax: 347-558-9665
www.kleinstocklaw.com
Source: The Klein Law Firm
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http://www.cnbc.com/2018/05/24/business-wire-the-klein-law-firm-reminds-investors-of-a-class-action-commenced-on-behalf-of-lendingclub-corporation-shareholders-and-a.html
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May 19, 2018 / 1:09 AM / Updated 3 hours ago U.S. to withdraw assistance from northwest Syria - U.S. officials Reuters Staff 3 Min Read
WASHINGTON (Reuters) - The Trump administration will withdraw assistance from northwest Syria dominated by Islamist factions and focus recovery efforts on areas where U.S.-led forces have retaken territory from Islamic State in the northeast, U.S. officials with knowledge of the decision said on Friday.
CBS, which first reported the story, said tens of millions of dollars will be cut from previous U.S.-backed efforts in the northwest, including projects for “countering violent extremism, supporting independent society and independent media, strengthening education, and advocating for community policing.”
U.S. officials told Reuters that humanitarian assistance would not be affected in the northwest around Idlib province, which is the largest chunk of Syrian territory held by insurgent factions, including al Qaeda’s former affiliate in the Syrian war.
“U.S. assistance for programs in northwest Syria are being freed up to provide potential increased support for priorities in northeast Syria,” a State Department official told Reuters.
A second official said the administration believed it wanted to move the assistance to areas where the U.S. had more control.
President Donald Trump in March froze more than $200 million in funds for recovery efforts in Syria while his administration reassesses Washington’s role in the Syrian conflict. The review is still under way, one U.S. official said.
Trump said in March that it was time for the United States to leave Syria, following allied victories against Islamic State militants. About 2,000 U.S. troops are deployed in Syria.
In April, however, Trump deepened U.S. involvement by ordering missile strikes against Syria in response to a poison gas attack that killed dozens of people.
A third U.S. official said the cuts in the northwest would take place over a period of months.
“The danger is a repeat of what the president criticized about Iraq - leaving a vacuum where the violence can get worse and extremists can exploit that,” the official added.
The Pentagon has estimated that Islamic State has lost about 98 percent of the territory it held in Iraq and Syria, U.S. military officials have warned that the militants could regain the freed areas quickly unless they are stabilized. Reporting by Lesley Wroughton, John Walcott, Mohammad Zargham; Editing by Sandra Maler and Kim Coghill
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https://uk.reuters.com/article/uk-mideast-crisis-syria-usa/u-s-withdrawing-assistance-from-northwest-syria-cbs-news-idUKKCN1IK026
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TIME-2b Clinical Trial of AKB-9778 in Patients with Diabetic Retinopathy Remains on Track
CINCINNATI--(BUSINESS WIRE)-- Aerpio Pharmaceuticals, Inc. (OTCQB:ARPO), a biopharmaceutical company focused on advancing first-in-class treatments for ocular diseases, today reported financial results for the first quarter ended March 31, 2018.
Stephen Hoffman, M.D. Ph.D., Chief Executive Officer of Aerpio, commented, “We are pleased that TIME-2b, our ongoing Phase 2b study in patients with non-proliferative diabetic retinopathy (NPDR), is fully enrolled ahead of schedule. This study will evaluate the effect of daily AKB-9778, our first-in-class Tie2-activator, to improve the diabetic retinopathy severity score by two-steps or greater versus a placebo control after 48 weeks of treatment. We will also assess the number of patients that progress to diabetic macular edema and proliferative diabetic retinopathy, and kidney function as key secondary endpoints. We expect to report top-line data from the TIME-2b study in the second quarter of 2019.”
Dr. Hoffman added, “In addition to our lead development program for NPDR, we continue to advance our earlier pipeline programs, a topical formulation of AKB-9778 in glaucoma and AKB-4924, our first-in-class HIF-1α stabilizer, in inflammatory bowel disease. We are looking forward to multiple clinical milestones over the next twelve months.”
Recent Company Highlights
Completed enrollment in the TIME-2b study, a Phase 2b clinical trial designed to assess the efficacy and safety of the Company’s lead candidate, AKB-9778, for patients with moderate-to-severe NPDR. Presented top-line renal function data from the Company’s Phase 2a TIME-2 clinical trial at the Keystone Symposium on Reducing the Burden of Diabetes Related End-Organ Injury in February 2018. Completed a pre-IND meeting with the U.S. Food and Drug Administration (FDA) for AKB-4924, a once-daily, oral HIF-1α stabilizer for treatment of ulcerative colitis, a form of inflammatory bowel disease. The Company expects to begin its multiple ascending dose study in the second quarter of 2018. The Company previously completed a single ascending dose study for AKB-4924 in human subjects under a Clinical Trial Application (CTA) in Canada. Completed a pre-IND meeting with the FDA for ARP-1536, a fully-humanized monoclonal antibody that activates Tie2 by binding the extracellular domain of the vascular endothelial protein tyrosine phosphatase (VE-PTP).
First Quarter 2018 Financial Highlights
As of March 31, 2018, cash and cash equivalents totaled $13.8 million, compared to $20.3 million as of December 31, 2017. Total shares outstanding as of March 31, 2018 were 27.1 million.
For the three months ended March 31, 2018, operating expenses totaled $7.5 million, including $1.1 million in non-cash stock compensation expense, compared to $4.8 million, including $0.1 million in non-cash stock compensation expense, for the same period in 2017. Net loss attributable to common shareholders for the three months ended March 31, 2018 was $7.4 million, or $0.27 per share, compared to a net loss attributable to common shareholders of $5.9 million, or $1.06 per share, for the same period in 2017.
Research and development expenses for the three months ended March 31, 2018, increased $1.8 million, or 79%, compared to the same period in 2017. This increase was the result of increased spending on our lead program AKB-9778, currently in Phase 2b development, partially offset by a decrease in spending on our pipeline programs AKB-4924 and ARP-1536.
General and administrative expenses for the three months ended March 31, 2018, increased $0.9 million, or 38%, compared to the same period in 2017. This increase was primarily attributable to personnel and related costs, as well as expenses associated with operating as a public company.
About Aerpio Pharmaceuticals
Aerpio Pharmaceuticals, Inc. is a biopharmaceutical company focused on advancing first-in-class treatments for ocular diseases. The Company’s lead compound, AKB‐9778, is a small molecule activator of the Tie2 pathway and is in clinical development for the treatment of non-proliferative diabetic retinopathy. For more information please visit www.aerpio.com .
About AKB-9778
AKB-9778 is being developed as a subcutaneous injection for the treatment of non-proliferative diabetic retinopathy. AKB-9778 binds to and inhibits the intracellular domain of VE-PTP, the most critical negative regulator of Tie2. AKB-9778 has demonstrated the ability to activate the Tie2 receptor irrespective of extracellular levels of its binding ligands, angiopoietin-1 (agonist) or angiopoietin-2 (antagonist) and may be the most efficient pharmacologic approach to activating Tie2.
About Diabetic Retinopathy
Diabetic Retinopathy (DR) is a complication of diabetes caused by damage to blood vessels in the retina. Severity of DR ranges from mild non-proliferative diabetic retinopathy to more advanced proliferative diabetic retinopathy (PDR), the hallmark of which is the development of new abnormal blood vessels.
Forward Looking Statements
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, projections regarding future revenues and financial performance, the Company’s long-term growth, the development of the Company’s product candidates, including AKB-9778 for non-proliferative diabetic retinopathy or otherwise, and the therapeutic potential of the Company’s product candidates, including AKB-9778. Actual results could differ from those projected in any forward-looking statements due to several risk factors. Such factors include, among others, the ability to raise the additional funding needed to continue to develop AKB-9778 or other product development plans, the inherent uncertainties associated with the FDA and drug development process, competition in the industry in which the Company operates and overall market conditions. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents the Company files with the SEC available at www.sec.gov .
AERPIO PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three months ended March 31, 2018 2017 Operating expenses: Research and development $ 4,029 $ 2,256 General and administrative 3,448 2,504 Total operating expenses 7,477 4,760 Loss from operations (7,477 ) (4,760 ) Interest and other income (expense), net 51 (236 ) Net and comprehensive loss (7,426 ) (4,996 ) Adjustment of convertible preferred stock - (943 ) Net loss attributable to common shareholders $ (7,426 ) $ (5,939 ) Net loss per common share basic and diluted
$ (0.27 ) $ (1.06 ) Weighted average common shares outstanding, basic and diluted
27,046 5,605 AERPIO PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 13,764 $ 20,264 Prepaid R&D contracts 388 313 Other current assets 458 322 Total current assets 14,610 20,899 Furniture and equipment, net 103 107 Deposits 21 21 Total assets $ 14,734 $ 21,028 Liabilities and shareholders' equity Current liabilities: Accounts payable and accrued expenses $ 3,623 $ 3,592 Total current liabilities 3,623 3,592 Stockholders' equity: Capital 127,100 125,998 Accumulated deficit (115,988 ) (108,563 ) Total stockholders' equity 11,112 17,435 Total liabilities and shareholders' equity $ 14,734 $ 21,028
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005516/en/
Investor & Media:
Aerpio Pharmaceuticals, Inc.
Michael Rogers
Chief Financial Officer
mrogers@aerpio.com
or
Burns McClellan, on behalf of Aerpio Pharmaceuticals, Inc.
Media:
Justin Jackson
jjackson@burnsmc.com
or
Investors:
Ami Bavishi
abavishi@burnsmc.com
Source: Aerpio Pharmaceuticals, Inc.
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/15/business-wire-aerpio-reports-first-quarter-2018-financial-results-and-provides-company-update.html
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The Toronto Maple Leafs named Kyle Dubas as the 17th general manager in franchise history Friday.
Apr 23, 2018; Toronto, Ontario, CAN; Fans arrive at the Air Canada Centre as Toronto Police provides security at the scene of the Toronto Maple Leafs game against the Boston Bruins in game six of the first round of the 2018 Stanley Cup Playoffs at Air Canada Centre. Mandatory Credit: Tom Szczerbowski-USA TODAY Sports Dubas, 32, served as an assistant to Lou Lamoriello, who left the job in late April, for the past four seasons. He was recognized by Forbes magazine as one of the sports industry’s rising stars under 30 in 2015.
“To watch him over the last four years grow, to watch him work under some really esteemed people in our business — no job was too big for Kyle, no job was too small for Kyle,” team president Brendan Shanahan said at a press conference Friday. “To see how he interacts with our fans and the respect level that he has for the Maple Leafs for the people who love the Maple Leafs, for everyone in our office, it gives me great pride to announce today Kyle as the new general manager of the Maple Leafs.”
“I’m very fortunate and lucky to be here,” Dubas said. “...Over the past four seasons, there’s been a major transformation in our franchise.
“...It’s going to take all of us together to continue to move this thing ahead, and that’s the most exciting part of it for me is that I’m very much looking forward to leading this operation and trying to help the Maple Leafs reach our potential.
Dubas’ former co-assistant, Mark Hunter, is expected to remain in his role within the management staff.
Lamoriello is currently serving the organization as a senior advisor.
Lamoriello, with Dubas’ help, was part of a rebuilding process that began with the first overall pick in the 2016 NHL Draft and saw the Maple Leafs return to the Stanley Cup Playoffs the following season. Toronto went 49-26-7 during the 2017-18 regular season to finish third in the Atlantic division with 105 points, but was eliminated by the Boston Bruins in seven games in the first round of the playoffs.
There was speculation when Lamoriello took the job that he would serve as a mentor to help groom Dubas, who was just 28 at the time. Dubas joined the organization as the assistant general manager on July 22, 2014.
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ashraq/financial-news-articles
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https://www.reuters.com/article/us-icehockey-nhl-tor-dubas/maple-leafs-promote-dubas-to-gm-idUSKBN1IC2LT
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