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Global Markets: Asia shares reach decade top on China data, dollar in doldrums | NEW YORK (Reuters) - European stocks closed lower on Tuesday, the first trading day of 2018, while Wall Street advanced and the U.S. dollar fell to its weakest in over three months against key currencies.
A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 2, 2018. REUTERS/Lucas Jackson MSCI’s gauge of stocks across the globe .MIWD PUS gained 0.61 percent. The index had set scores of record highs and rose by one-fifth in value in 2017.
Major stock indexes closed 2017 with their best performance since 2013. In the U.S. market, the advance came amid strong economic growth and corporate earnings, low interest rates and hopes, now realized, of U.S. corporate tax cuts.
U.S. equity indexes advanced on Tuesday, buoyed by gains in technology and consumer discretionary stocks.
Increases in Apple ( AAPL.O ), Facebook ( FB.O ), Alphabet ( GOOGL.O ) and Microsoft ( MSFT.O ) shares pulled the S&P 500 index higher on Tuesday.
“People are back to looking at what have been the winners. It has been very momentum driven,” said Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey.
The Dow Jones Industrial Average .DJI rose 59.79 points, or 0.24 percent, to 24,779.01, the S&P 500 .SPX gained 17.15 points, or 0.64 percent, to 2,690.76 and the Nasdaq Composite .IXIC added 91.91 points, or 1.33 percent, to 6,995.30.
In Europe, equities closed lower after autos stocks fell following weaker car registrations data. Trading was also cautious ahead of the launch of a major reform of European financial markets.
The pan-European STOXX 600 index fell 0.21 percent along with euro zone stocks .STOXXE, down 0.19 percent.
Shares rose in Asia. Shanghai blue chips .CSI300 climbed 1.41 percent and MSCI's 24-country emerging market stock index .MSCIEF jumped to a multi-year high after the Caixin index of Chinese industry rose to a four-month high of 51.5 in December, confounding forecasts for a decline.
FALLING DOLLAR The dollar index .DXY, tracking the greenback against a basket of major currencies, fell 0.23 percent. It was hampered by market expectations of a slower pace of interest rate increases by the Federal Reserve amid a tepid U.S. inflation picture.
The dollar had already hit a three-month low .DXY on Friday, bringing its losses for 2017 to 9.8 percent, its worst performance since 2003.
Other currencies gained. The euro EUR= rose 0.3 percent to $1.2044 and hit a four-month high on Tuesday after data showed that euro zone manufacturers ramped up activity last month at the fastest pace in more than two decades.
The Japanese yen strengthened 0.28 percent at 112.35 per dollar, while sterling GBP= was last trading at $1.3594, up 0.69 percent on the day.
U.S. Treasury yields rose in line with European government yields. A European Central Bank official said the bank’s massive bond purchase program might not continue later this year.
A reversal of year-end buying has also driven U.S. Treasury yields higher, said Brian Rehling, co-head of global fixed income strategy for Wells Fargo Investment Institute in St. Louis.
“Lots of institutions buy Treasuries to hold over year-end for liquidity. To see that reversal early in the year is not a surprise,” Rehling said.
Benchmark U.S. 10-year notes US10YT=RR last fell 16/32 in price to yield 2.4687 percent, from 2.411 percent late on Friday.
The 30-year bond US30YT=RR last fell 45/32 in price to yield 2.8105 percent, from 2.741 percent late on Friday.
U.S. crude CLcv1 fell 0.13 percent to $60.34 per barrel and Brent LCOcv1 was at $66.52, down 0.52 percent. Oil prices earlier had enjoyed their strongest start to a year since 2014 amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia.
Copper CMCU3 lost 0.42 percent to $7,216.50 a tonne, but that follows a rise of 31 percent in 2017 to a four-year top.
Spot gold XAU= added 1.0 percent to $1,315.15 an ounce, after advancing by 13 percent in 2017 for its best performance in seven years.
Additional reporting by Marc Jones, Dmitry Zhdannikov and Helen Reid in London, Henning Gloystein in Singapore, Sruthi Shankar in Bengaluru, and Richard Leong and Gertrude Chavez-Dreyfuss in New York; Editing by Bernadette Baum and Nick Zieminski
| https://in.reuters.com/article/global-markets/global-markets-asia-shares-reach-decade-top-on-china-data-dollar-in-doldrums-idINKBN1ER05A | 782 |
Donald Trump is the only person in Washington who doesn't seem worried about a shutdown | Fears of a government shutdown coursed through Washington, D.C., on Thursday, as House and Senate leaders negotiated a spending bill and federal agencies prepared to furlough workers. But if you watched President Donald Trump touting his recently passed tax cuts outside Pittsburgh, Pa., you might never have known it.
Over the course of a 20-minute speech at a heavy-equipment manufacturing plant, Trump, who read from a teleprompter, didn't mention the looming closure of government once. "Who knows?" Before the speech, Trump said, "Who knows?" when reporters asked if he thought the federal government would be forced to close.
The president has consistently claimed that Democrats in Congress actually want a government shutdown, in order to detract attention away from the recently enacted Republican tax cuts.
Democrats are insisting that DACA protections for undocumented immigrants who were brought to the United States as children be extended as part of any longer-term spending bill. Both Trump and Republican leaders have previously said they would support a fix to keep the 800,000 immigrants from being at risk of deportation.
Mandel Ngan | AFP | Getty Images President Donald Trump speaks during a tour of the H&K Equipment Company in Coraopolis, Pennsylvania on January 18, 2018. But last week, Trump rejected a bipartisan Senate group's immigration deal that lawmakers said would have enshrined DACA protections and would have met Trump's demands, which included funding for a barrier on the Southern border, and changes to extended family migration and the visa "lottery."
Ever since then, the White House has put out mixed messages about what Trump wants, sowing confusion in Congress and angering lawmakers in both parties.
"I'm looking for something that President Trump supports," Republican Senate Majority Leader Mitch McConnell said on Wednesday, "and he's not yet indicated what measure he's willing to sign."
A government shutdown would mean hundreds of thousands of federal workers would be forced to go without pay, and important public services would be suspended. Lawmakers are desperate to avoid this scenario, as well as the resulting public backlash.
But judging from the president's twitter account – an often instantaneous reflection of what Trump is thinking about – Trump isn't nearly as desperate. Only three of the 36 tweets from Trump's account this week mentioned the word "shutdown," and two sought to blame Democrats. One of them, on Thursday, made a shutdown sound all but inevitable.
Trump tweet
Complicating matters for Republicans is Trump's well documented willingness to blame members of his own party when it is politically expedient for him to do so.
During last year's failed repeal of Obamacare, Trump refused to take responsibility for the legislative breakdown, blaming GOP lawmakers instead.
"I'm not going to blame myself. I'll be honest, they are not getting the job done," Trump told reporters at a Cabinet meeting in October, adding that some Republicans, "should be ashamed of themselves."
Already on Thursday, the White House appeared to be downplaying the impact of a possible shutdown, while at the same time preparing to lay blame on Congress if the government shuts down. "We're all focused myopically on what is happening today and whether the government will shut down," While House legislative director Marc Short told Politico. "What's missing from this conversation is the complete dysfunction ofd Congress, and its inability to complete the appropriations process."
As if on cue, less than an hour before a scheduled House vote on a spending bill Thursday night, Trump tweeted at lawmakers. "Our military needs it!" he wrote.
TRUMP tweet
Trump, meanwhile, is scheduled to leave Washington on Friday afternoon for his private Mar-a-Lago club in Florida, where he will mark the one-year anniversary of his inauguration by holding a fundraiser. A White House spokesman would not not say on Friday whether he plans to change his travel plans if Congress doesn't reach a deal.
WATCH: What happens when the government shuts down
show chapters This is what happens when the U.S. government shuts down 6 Hours Ago | 02:07 | https://www.cnbc.com/2018/01/18/donald-trump-the-only-man-in-washington-not-worried-about-a-shutdown.html | 686 |
Actor Casey Affleck withdraws as 2018 Oscar presenter: academy | 03 PM / Updated 19 minutes ago Actor Casey Affleck withdraws as 2018 Oscar presenter Dan Whitcomb 3 Min Read
LOS ANGELES (Reuters) - Oscar-winning Casey Affleck, who has been accused by female crew members on earlier films, has withdrawn as a presenter at the 2018 Academy Awards, a spokeswoman for the organization said on Thursday.
Affleck, 42, who won the best actor Oscar last year for his performance in the family drama “Manchester by the Sea,” was expected to present this year’s best actress award in keeping with Academy of Motion Picture Arts and Sciences tradition.
“We appreciate the decision to keep the focus on the show and on the great work of this year.” the academy spokeswoman said.
A publicist for Affleck, Mara Buxbaum, confirmed that Affleck would not be attending this year’s ceremony, which is scheduled for March 4 at the Dolby Theatre in Los Angeles, but declined further comment.
Affleck, the younger brother of actor and director Ben Affleck, topped challenges from Denzel Washington and Ryan Gosling to win the 2017 award. He also took home a Golden Globe and numerous trophies from film critics groups.
The win came despite 2010 sexual harassment accusations that resurfaced in the run-up to the ceremony. Two lawsuits alleging unwanted advances were filed by female crew members on another movie and were settled out of court for undisclosed sums.
An attorney for Affleck denied the accusations at the time.
Affleck adopts a lower public profile than his brother Ben and appears uncomfortable in the spotlight. He was first nominated for an Oscar in 2008 for his lead role in “The Assassination of Jesse James by the Coward Robert Ford.”
While Ben Affleck has opted for big movies like “Batman v Superman: Dawn of Justice,” Casey Affleck has focused his career on smaller, independent ventures with strong character-driven plots such as “Gone Baby Gone.”
In 2010, he wrote and directed Joaquin Phoenix in “I‘m Still Here,” a mockumentary about Phoenix’s supposed transition from acting to becoming a rap musician.
Two years ago he quietly separated from his wife, actress Summer Phoenix, after a nine-year marriage that produced two sons. Reporting by Dan Whitcomb; Editing by G Crosse and Alistair Bell | https://www.reuters.com/article/us-oscars-caseyaffleck/actor-casey-affleck-withdraws-as-2018-oscar-presenter-academy-idUSKBN1FE2Z7 | 375 |
EU mulls new link between budget and civic rights | January 22, 2018 / 7:23 PM / Updated 2 hours ago EU mulls new link between budget and civic rights Reuters Staff 3 Min Read
BRUSSELS (Reuters) - The EU’s justice commissioner is working on a proposal that could oblige member states such as Poland, which has clashed with Brussels over reforms to its courts, to pass tests on the independence of their judicial systems before receiving funding.
Vera Jourova said there was agreement within the executive European Commission to work on ideas to encourage strong judiciaries in planning for the new budget from 2021.
“One way could be to insist that independent justice systems are necessary for effective control of the use of EU funds,” she said. “I would like to propose that link.”
A Commission spokesman said on Monday the work by Jourova was part of broader preparations for a new, seven-year EU budget plan, due to be published in May, and was in line with policy outlines the EU executive has put forward since last year.
The remarks by Jourova, the Commission’s Czech member, come as the EU executive is challenging Poland, a major recipient of Union funds, to amend judicial reforms which Brussels says will hurt democracy and its oversight of EU trading rules.
Facing the prospect of filling a hole left in the budget by Britain’s exit from the EU, and irritated by Poland and other governments in the ex-communist east on a range of issues, some wealthy Western governments have pushed for a clearer link between getting subsidies and abiding by EU standards.
The German commissioner in charge of the budget, Guenther Oettinger, warned Poland this month that it could lose some of its 7 billion euros annual funding if it fails to heed Brussels’ complaints about undermining the rule of law.
More broadly, Jourova is also hoping for a review of EU policy on judicial standards in the second half of this year. EU officials say that might, for example, include regular reviews of the performance of national justice systems, along the lines of existing biennial reviews of government economic policies, which are meant to promote “convergence” toward EU-wide goals.
As a former national official handling the regional funding that is a key part of EU efforts to bring poor regions closer to the prosperity of others, Jourova stressed that she saw any new rules applying to all EU funding for all states, not just to so-called “cohesion” policy. She also said it should not be seen as a punitive measure but designed to encourage good practice.
She also said discussion on the proposals could be used to help simplify some of the hurdles to applying for EU funds.
Any Commission proposal seen as too radical by governments risk being killed off by member states. Reporting by Alastair Macdonald; Editing by Catherine Evans | https://uk.reuters.com/article/uk-eu-poland-budget/eu-mulls-new-link-between-budget-and-civic-rights-idUKKBN1FB2OM | 475 |
BRIEF-Sandridge Energy Rejects Icahn's Proposal To Replace Two Of Five Directors | January 23, 2018 / 9:42 PM / Updated 10 minutes ago BRIEF-Sandridge Energy Rejects Icahn's Proposal To Replace Two Of Five Directors Reuters Staff
Jan 23 (Reuters) - Sandridge Energy Inc: * SANDRIDGE ENERGY ISSUES LETTER TO SHAREHOLDERS
* SANDRIDGE ENERGY INC - ISSUED A LETTER TO SHAREHOLDERS FOLLOWING ITS MEETINGS WITH LARGE SHAREHOLDERS LAST WEEK
* SANDRIDGE ENERGY - BOARD HAS DECIDED THAT “IT IS NOT IN BEST INTERESTS” TO ACCEPT ICAHN‘S PROPOSAL TO REPLACE TWO OF FIVE DIRECTORS
* SANDRIDGE ENERGY- BOARD DECIDED “NOT IN BEST INTERESTS” TO ACCEPT ICAHN‘S PROPOSAL TO CHANGE BYLAWS FOR SUPERMAJORITY VOTE ON MAJOR ACQUISITIONS, AMONG OTHERS
* SANDRIDGE ENERGY- DECIDED “NOT IN BEST INTERESTS” TO ACCEPT ICAHN‘S PROPOSAL TO TERMINATE SHORT-TERM SHAREHOLDER RIGHTS PLAN OR RAISE TRIGGER TO 25%
* SANDRIDGE ENERGY - WITH RESPECT TO ICAHN‘S PROPOSALS ON SHORT TERM RIGHTS PLAN, BOARD TO AMEND PLAN TO INCREASE TRIGGER THRESHOLD TO 15%
* SANDRIDGE ENERGY - WITH RESPECT TO ICAHN‘S PROPOSALS ON SHORT TERM RIGHTS PLAN, BOARD ALSO DECIDED TO ELIMINATE “ACTING IN CONCERT” LANGUAGE
* SANDRIDGE ENERGY INC - “IN ANY EVENT, BOARD WILL READILY CONSIDER A PREMIUM TAKEOVER PROPOSAL FROM ANY PARTY, INCLUDING MR. ICAHN” Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-sandridge-energy-rejects-icahns-pr/brief-sandridge-energy-rejects-icahns-proposal-to-replace-two-of-five-directors-idUSFWN1PI19E | 196 |
Spark Energy, Inc. Announces Buyout of Verde Earnout Obligations | HOUSTON, Jan. 15, 2018 (GLOBE NEWSWIRE) -- Spark Energy, Inc. ("Spark" or the "Company") (NASDAQ:SPKE), an independent retail energy services company, announced today that the Company and Verde Energy USA Holdings, LLC (“Verde”) have agreed to terminate the earnout provisions of the purchase and sale transaction in which Spark acquired Verde’s operating subsidiaries in July 2017.
Pursuant to the Membership Interest and Stock Purchase Agreement (“MIPA”) entered into between the Company, its subsidiary, and Verde on May 5, 2017, the Company was obligated to pay 100% of the Adjusted EBITDA earned by the Verde Companies for the 18 months following closing that exceeds certain thresholds, subject to the Verde Companies’ ability to achieve defined customer count criteria. In connection with such obligations, Verde’s existing management continued to operate the business as a separate entity during the earnout period. The buyout transaction provides for a lump sum payment of approximately $6.0 million in June 2019 in substitution of the existing earnout obligations. With the buyout of the earnout provision, Spark management will assume complete control over Verde’s operations, effective immediately.
“The early buyout of the Verde earnout gives us the opportunity to begin immediate improvement in our bottom line results,” said Nathan Kroeker, Spark Energy’s President and Chief Executive Officer. “As I mentioned on our last earnings call, one of our near-term strategic priorities is to maximize process efficiencies and synergies through the integration of recent acquisitions. By ending the Verde earnout almost a year early, we are able to accelerate and realize synergies of the acquisition that should increase our Adjusted EBITDA performance in future periods.”
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 94 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.
We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should note that new materials, including press releases, updated investor presentations, and financial and other filings with the Securities and Exchange Commission are posted on the Spark Energy Investor Relations website at ir.sparkenergy.com . Investors are urged to monitor our website regularly for information and updates about the Company.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology including "may," "should," "likely," "will," "believe," "expect," "anticipate," "estimate," "continue," "plan," "intend," "project," or other similar words. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct. However, a variety of factors could cause actual results to differ materially from those projected in the forward-looking statements, including (i) restrictions in our debt agreements and collateral requirements, (ii) our ability to borrow funds and access credit markets, (iii) our level of indebtedness, (iv) our ability to successfully and efficiently integrate acquisitions into our operations, (iv) federal, state and local regulation, including the industry's ability to prevail on its challenge to the New York Public Service Commission's orders enacting new regulations that seek to impose significant new restrictions on retail energy providers operating in New York, (v) other business risks affecting our liquidity and results of operations. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Spark's Form 10-K for the year ended December 31, 2016 and subsequent Form 10-Qs and other reports filed with the SEC. While Spark makes these statements and projections in good faith, neither Spark nor its management or affiliates can guarantee that anticipated future results will be achieved. Spark assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Spark, whether as a result of new information, future events, or otherwise.
Contact: Spark Energy, Inc.
Investors:
Christian Hettick, 832-200-3727
Media:
Eric Melchor, 281-833-4151
Source:Spark Energy, Inc. | http://www.cnbc.com/2018/01/15/globe-newswire-spark-energy-inc-announces-buyout-of-verde-earnout-obligations.html | 747 |
Trump, China and Armageddon | It’s the end of the world as we know it--or so we’re told, not just by R.E.M., but also this week by the venerable Economist , which carries a lengthy special report pondering “The Next War.”
The issue’s lead essay warns that “powerful, long-term shifts in geopolitics and the proliferation of new technologies” are eroding America’s global dominance, obliging thinking people everywhere to think about the unthinkable. “Conflict on a scale and intensity not seen since the second world war is once again plausible,” the essay intones. “The world is not prepared.”
The Bulletin of Atomic Scientists , too, is sounding the alarm . On Thursday, the group moved the “ Doomsday Clock ,” its symbolic predictor of the likelihood of nuclear apocalypse, to “2 minutes to midnight.” The new setting is 30 seconds closer to catastrophe than last year, signaling that the world is as close to nuclear disaster, in the group’s assessment, as it has ever been.
The Economist, in highlighting higher risk of global conflict, cites the Pentagon’s new national defense strategy , which identifies “great power competition” between the US, China and Russia as the “central challenge to US prosperity and security.” The report deems China and Russia greater threats to US security than jihadism. ( Fortune flagged that report for CEO Daily readers last week.)
The Economist cites North Korea as the world’s most immediate security flashpoint. But it twits US president Donald Trump’s refusal to uphold America’s traditional role as world leader as the main long-run threat to global stability. “Mr Trump says he wants to make America great again, but is going about it in exactly the wrong way,” Economist editors opine. “He shuns multilateral organizations, treats alliances as unwanted baggage and openly admires the authoritarian leaders of America's adversaries. It is as if Mr Trump wants America to give up defending the system it created and to join Russia and China as just another truculent revisionist power instead.”
Strong stuff. Officials from the Bulletin of Atomic Scientists also decry American abdication of global leadership under Trump as a key source of global instability.
Trump’s decision this week to impose steep tariffs on imports of washing machines and solar panels did little to allay such concerns. A host of publications, including the BBC and Bloomberg , warned that, should push come to shove, China has many options for retaliation in a trade war. Former Morgan Stanley economist Stephen Roach, in an essay entitled “How to Lose a Trade War,” decried Trump’s trade policies as “backward looking at best” and putting growth of the US economy at risk.
Trump himself seems unfazed by such concerns. In his speech to the World Economic Forum at Davos, to which he is the first US president to attend since Bill Clinton in 2000, the US leader declared that America’s economy is “ roaring back ” and “open for business.”
Enjoy the weekend!
Clay Chandler @claychandler clay.chandler@timeinc.com China in Davos Closed door policy. The CEO of China's second-largest e-commerce company, JD.com, has accused the U.S. of "serious" protectionist practices against Chinese companies, which would ultimately hurt the American economy. Speaking at the World Economic Forum in Davos, Switzerland, Richard Liu outlined his firm's ambitions to become a global retailer, but cited the U.S. as a particularly difficult market. Reuters
Us or them. Global business and political leaders have to pick between "two fundamentally different outlooks": Xi's vision of a "shared future" or Trump's "America First" policy, Chinese state media Xinhua wrote in a post-Davos commentary this week. The article also claimed that this year's Davos theme "Creating a Shared Future in a Fractured World" was drawn directly from the catchphrase Xi has often used since coming to power in 2012, and which featured in his 2017 Davos speech. Quartz
Come in, we're open. China will further open up its economy this year with new reform measures, some of which will "exceed the expectations of the international community," Xi Jinping's top financial advisor Liu He said in Davos this week. The new reforms mark the 40th anniversary of China's shift away from a closed economy, and is "not only important for China, but also for the whole world," Liu said. Bloomberg
Say no to wars . Alibaba founder and e-commerce mogul Jack Ma likewise warned against protectionism and trade wars in his Davos speech, shortly after two of his companies were set back by the Trump administration's toughened stance against China. Alibaba was blacklisted in the U.S. for the second year running for trafficking in counterfeit goods, and financial arm Ant Financial's big to buy MoneyGram was blocked by American regulators earlier this month. CNBC
Technology and Innovation Buzzfeed scales the Firewall . Buzzfeed has inked a content licensing deal with Bytedance, a Beijing-based company known for its social media services such as news aggregator Jinri Toutiao and Youtube-like Xigua platform. Under the agreement, BuzzFeed's content, including its popular Tasty cooking videos, will be distributed to Bytedance's over 300 million daily active users. Bloomberg
Tencent goes to Hollywood. Tencent is buying a less than 10% stake in Skydance Media, the Hollywood company behind "Terminator" and "Mission Impossible". The two firms will co-finance movies, TV shows and videogame projects while trading their expertise in their respective markets. Wall Street Journal
B is for Mobike . Chinese bike-sharing incumbent Mobike has filled its coffers with another $1 billion. The investors in its latest fundraising round are unclear, though Chinese group-buying site Meituan-Dianping is said to have held a long-standing interest in the Tencent-backed start-up. Caixin Global
Didi rolls out . Didi Chuxing, Chinese ride-hailing giant, launched its own branded bike-sharing service in the southwestern city of Chengdu this week. Its turquoise-hued Qingju brand does not require users to put an initial deposit to start riding, as it common in the sector. Didi is the lead investor in bike-sharing service Ofo with a 25% stake and bought over Bluegogo after it went bust in December. Caixin Global
JD jockeys for more . JD.com is looking to sell 15% of its logistics unit, JD Logistics, to early investors including Tencent. A third of the shares on offer will go to Tencent as part of the deal, which will likely complete mid-February. The news follows last week's reports that JD Logistics is planning to raise US$2 billion ahead of a possible initial public offering. China Money Network
In Case You Missed It Baidu's Robin Li is Helping China Win the 21st Century TIME
Chinese Drugmakers Are Getting Opioids Into the U.S. Through the Postal Service TIME
These cloned monkeys are pretty cute. The next steps could get ugly Fast Company
Davos Lauds China's Climate Efforts Even as Emissions Rise New York Times
'Me Too,' Chinese Women Say. Not So Fast, Say the Censors New York Times
Trump imposes steep tariffs on imported solar panels and washing machines CNN
Chinese doctor told bookseller Gui Minhai to seek medical care abroad, daughter says SCMP
Politics and Trade The Kushners cut back. Jared Kushner's family-owned real estate company will stop seeking $150 million from Chinese investors for its One Journal Square building project in New Jersey. The project, which the Kushner family marketed under the EB-5 program that grants temporary visas to wealthy foreign investors and which they boasted had "government support" and "celebrity developers", raised ethical questions about using the family's White House ties to raise money. Associated Press
Mirror, mirror. Beijing is reluctant to act against North Korea, because it sees echoes of itself in Pyongyang, argues The Diplomat writer and China Channel founder Bonnie Girard. North Korea's dictatorial rule and extreme poverty is an uncomfortably close reflection of the Chinese Cultural Revolution and its impoverish agrarian past, a source of humiliation for both the Chinese leadership and its citizens. The Diplomat
Stop thief! Sinovel Wind Group, a Chinese wind turbine maker was convicted this week for stealing trade secrets from Massachusetts-based AMSC, causing the latter to lose more than $800 million. The Trump administration earlier this week slapped tariffs on imports of solar panels, a focus area for Chinese industry. It is also investigating the illegal transfer of U.S. commercial secrets by Chinese firms. CNN Money
Chip switch. Chipmaker Qualcomm has inked memorandums of understanding for sales totaling at least $2 billion with leading Chinese phone makers such as Lenovo, Oppo, Vivo and Xiaomi. The support from Chinese marques comes after Broadcom made an unsolicited takeover bid for Qualcomm in November, but their potential merger would raise regulatory scrutiny in China, where Qualcomm was previously fined over anti-trust issues. Reuters
Summaries by Debbie Yong. @debyong
debbie.yong@timeinc.com
Find past issues , and sign up for other Fortune newsletters .
| http://fortune.com/2018/01/27/trump-china-and-armageddon/ | 1,499 |
Oil dips away from 2014 highs on rising U.S. rig count, but analysts say market supported | January 15, 2018 / 12:41 AM / Updated an hour ago Oil hovers near three-year high despite rising U.S. output Nia Williams , Rod Nickel 3 Min Read
CALGARY, Alberta (Reuters) - Oil hovered near a three-year high above $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, although analysts warned of a “red flag” due to surging U.S. production. FILE PHOTO: A driver reads a newspaper as he sits on a spare tire attached to a parked oil tanker at a truck terminal in Mumbai, India, January 10, 2018. REUTERS/Shailesh Andrade/File Photo
International benchmark Brent crude futures LCOc1 last traded 29 cents higher at $70.16 by 1937 GMT, having risen to a high of $70.37 a barrel earlier in the session.
U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 51 cents at $64.81 a barrel. Both benchmarks hit levels not seen since December 2014, although trading was thin due to a holiday in the United States.
A production-cutting pact between the Organization of the Petroleum Exporting Countries, Russia and other producers has given a strong tailwind to oil prices.
Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts.
“It’s catching a lot of people by surprise and I think (prices) are sustainable,” said Phil Flynn, an analyst at Price Futures Group. “We’re seeing the reality of strong demand and declining supplies.”
Bank of America Merrill Lynch on Monday raised its 2018 Brent price forecast to $64 a barrel from $56, forecasting a deficit of 430,000 barrels per day (bpd) in oil production compared to demand this year.
“OPEC and non-OPEC producers remain committed to production cuts at the same time world oil demand continues to increase,” said Andrew Lipow, president of Lipow Oil Associates in Houston.
“As we go through 2018, the market is also going to continue to look at geopolitical supply disruptions that could occur in Libya, Nigeria and Venezuela.” RED FLAG
Still, some analysts have warned that the 13 percent rally since the start of the year could peter out due to global refinery maintenance and rising North American production.
U.S. energy companies added 10 oil rigs in the week to Jan. 12, taking the number to 752, energy service firm Baker Hughes ( GE.N ) said on Friday.
That was the biggest increase since June 2017.
In Canada, energy firms almost doubled the number of rigs drilling for oil last week to 185, the highest level in 10 months.
Vienna-based consultancy JBC Energy expects U.S. production to grow by 600,000 bpd in the first quarter of 2018 compared to a year earlier.
“From a fundamental perspective, the surge in U.S. managed money raises a clear red flag for us. We see the U.S. complex as decidedly bearish over the next two months.”
But Flynn said a fast climb in U.S. output is not so clear.
“The realities of the shale market are starting to sink in. Shale producers have to add a lot of rigs, frack crews and add a lot of investment. It takes time to raise that production.” Ron Bousso in London and Henning Gloystein in Singapore; Editing by Louise Heavens and Bill Trott | https://uk.reuters.com/article/uk-global-oil/oil-dips-away-from-2014-highs-on-rising-u-s-rig-count-but-analysts-say-market-supported-idUKKBN1F4026 | 557 |
Call center jobs await deported Salvadorans | Call center jobs await deported Salvadorans 4:20pm EST - 01:57
Salvadorans who are forced to return home from the United States next year could receive a warm welcome from El Salvador's growing call center industry, eager to boost its ranks with English speakers. ▲ Hide Transcript ▶ View Transcript
Salvadorans who are forced to return home from the United States next year could receive a warm welcome from El Salvador's growing call center industry, eager to boost its ranks with English speakers. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2D87Bc9 | https://www.reuters.com/video/2018/01/13/call-center-jobs-await-deported-salvador?videoId=383885644 | 108 |
No. 20 Clemson tops Notre Dame but loses F Grantham | Senior guard Gabe DeVoe scored 17 points to lead four teammates in double figures, as No. 20 Clemson defeated Notre Dame, 67-58, in an Atlantic Coast Conference game Saturday at Littlejohn Coliseum in Clemson, S.C.
Clemson improved to 16-3 overall and 5-2 in ACC play, while the Fighting Irish slipped to 13-7, 3-4 with their fourth consecutive ACC loss.
The Tigers are 11-0 at Littlejohn Coliseum this season, including 4-0 in ACC games, and defeated Notre Dame for the first time in six tries since the Irish joined the league in basketball five seasons ago.
The bad news for Clemson? Senior forward Donte Grantham suffered an apparent knee injury with 10:54 left in the game and did not return. Grantham, the Tigers’ second-leading scorer, had 11 points before the injury.
Junior guard Shelton Mitchell scored 10 of his 12 points in the second half while Marcquise Reed also had 12.
Freshman guard T.J. Gibbs had 18 points for Notre Dame, and sophomore forward John Mooney came off the bench to add a career-high 13 points. Senior forward Martinas Geben added 10 points and nine rebounds.
Clemson never trailed in the contest. The Tigers made their first seven shots from the floor to start the game, jumping out to a 17-8 lead behind DeVoe, who had 14 points in the first half.
The Tigers extended their advantage to as many as 11 on three occasions in the first half before a late flurry by Notre Dame enabled the Fighting Irish to cut their deficit to just three, 33-30, by halftime.
The Fighting Irish pulled within one point, 47-46, with 10 minutes remaining, but Mitchell scored five straight points to give Clemson some breathing room.
Notre Dame cut its deficit to three, 59-56, on a 3-pointer by Matt Farrell with 2:20 remaining, but Clemson freshman Aamir Simms responded with a 3-pointer -- the first of his career at Littlejohn Coliseum -- and the Tigers connected on four of seven free throws in the final 46 seconds to keep Notre Dame at bay.
Farrell was held to a season-low six points and Notre Dame shot just 38.7 percent, its third-lowest percentage of the season.
--Field Level Media
| https://www.reuters.com/article/basketball-ncaa-cle-ndam-recap/no-20-clemson-tops-notre-dame-but-loses-f-grantham-idUSMTZEE1KVO3IC1 | 384 |
Sen. Portman: The biggest tax reform story is flying under the radar | 7 Hours Ago | 03:14
Some corporations have reacted to the passage of sweeping tax reform legislation by announcing stock buybacks, raising wages or planning to give bonuses. Sen. Rob Portman , R-Ohio, says the best news is yet to come.
"I've talked to a number of CEOs over the past several months about the tax reform as it relates to international business. They can now be competitive here in America," Portman told CNBC's " Squawk Box " on Thursday.
"I think you'll see some big news coming up as to companies that are literally moving factories from overseas back to the United States," he said.
A bevy of changes to the tax code at the individual, corporate and international level came into effect at the start of 2018. Large companies are getting a big cut to the corporate tax rate — down to 21 percent from 35 percent — and a new expensing period that allows them to deduct the cost of some assets.
And a number of companies have announced perks and financial gifts for employees. Some of them have directly cited the new tax law as the reason for giving out bonuses or buying back stock.
In Portman's state, for instance, Columbus-based Nationwide Insurance announced on Wednesday that it will give a $1,000 bonus to most of its 33,000 employees.
Other companies, such as Wells Fargo and Fifth Third , promised to raise their minimum wages in the wake of the new tax law.
Individual tax cuts and beefed-up deductions have also come into effect, though most of them will expire in 2025.
Portman chalked up the unpopularity of the tax bill to the general distrust surrounding Washington, but reiterated the sense of corporate optimism he said he's witnessed since it became law.
"Companies that are invested in Ohio are now saying they're going to put more money into Ohio," Portman said. "They're telling me that because the lower rates and the expensing makes it better to put an investment in America rather than in Japan or in China or in Germany." Kevin Breuninger Special to CNBC.com Related Securities | https://www.cnbc.com/2018/01/04/sen-portman-the-biggest-tax-reform-story-is-flying-under-the-radar.html | 359 |
IMAX Corporation To Announce Fourth-Quarter And Full- 2017 Financial And Host Conference Call | NEW YORK, Jan. 24, 2018 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced it will hold a quarterly conference call to discuss its fourth-quarter and full-year 2017 financial results on Tuesday, Feb. 27, at 4:30 p.m. Eastern Time. The Company also plans to post its fourth-quarter and full-year 2017 earnings release directly to its investor relations website at investors.imax.com shortly before the start of the call.
This call is being webcast by Nasdaq and can be accessed at investors.imax.com . To access the call via telephone, interested parties in the US and Canada should dial (888) 394-8218 approximately 5 to 10 minutes before the call begins. Other international callers should dial (647) 484-0475. The conference ID for the call is 8365766. A replay of the call will be available via webcast at investors.imax.com or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 8365766.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theaters to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2017, there were 1,302 IMAX theater systems (1,203 commercial multiplexes, 13 commercial destinations, 86 institutional) operating in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com . You may also connect with IMAX on Facebook ( www.facebook.com/imax ), Twitter ( www.twitter.com/imax ) and YouTube ( www.youtube.com/imaxmovies ).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
Media:
IMAX Corporation, New York
Ann Sommerlath
212-821-0155
asommerlath@imax.com
Business Media:
Sloane & Company, New York
Whit Clay
212-446-1864
wclay@sloanepr.com
Investors:
Michael Mougias
212-821-0187
mmougias@imax.com
Entertainment Media:
Principal Communications Group, Los Angeles
Melissa Zuckerman/Paul Pflug
323-658-1555
melissa@pcommgroup.com
paul@pcommgroup.com
View original content with multimedia: http://www.prnewswire.com/news-releases/imax-corporation-to-announce-fourth-quarter-and-full-year-2017-financial-results-and-host-conference-call-300587774.html
SOURCE IMAX Corporation | http://www.cnbc.com/2018/01/24/pr-newswire-imax-corporation-to-announce-fourth-quarter-and-full-year-2017-financial-results-and-host-conference-call.html | 534 |
Trump, Lighthizer discuss China, NAFTA trade talks: White House | PALM BEACH, Florida (Reuters) - President Donald Trump was briefed on Saturday by U.S. trade envoy Robert Lighthizer on U.S. trade with China and talks on revising the North American Free Trade Agreement with Canada and Mexico, a White House spokeswoman said, as the administration considers several new tariff moves in coming weeks.
The meeting comes as Trump mulls whether to impose broad restrictions on steel and aluminum imports and punitive actions against China arising from an investigation into Beijing’s alleged theft of intellectual property.
Lighthizer also briefed Trump on China’s economy and pending trade enforcement actions, as well as the NAFTA negotiations, White House spokeswoman Lindsay Walters said in a statement from Florida, where Trump is staying at his Mar-a-Lago resort. She did not provide details.
Lighthizer currently is preparing for the next round of NAFTA talks in Montreal. Washington has taken a hard line in the negotiations, which appear stalled with just two rounds of left, saying that concessions are the only way for Canada and Mexico to keep the deal.
Canada this week welcomed Trump’s suggestion that NAFTA talks could be extended beyond March when Mexico’s presidential election campaign kicks into high gear.
Trump’s opportunity to impose new tariffs or trade quotas follows a U.S. Commerce Department Section 232 investigation that looked into whether foreign steel imports are a threat to U.S. national security. The department submitted the long-awaited report to the White House on Thursday.
Next week, the results of a separate investigation of rising aluminum imports will go to the White House.
China’s excess production capacity for both steel and aluminum has emerged as a major trade irritant for the United States and Europe, prompting them to consider new steps to protect domestic industries and jobs from a flood of Chinese imports.
Meanwhile, China reported on Friday that exports and imports growth slowed in December after surging in the previous month, adding to signs of ebbing economic momentum as the government extends a crackdown on financial risks and factory pollution.
A synchronized uptick in the global economy over the past year has been a boon to China and much of trade-dependent Asia, with Chinese exports in 2017 growing at their quickest pace in four years.
The sharp December imports slowdown, however, is raising concerns that the world’s second-biggest economy faces domestic-demand pressure as authorities turn off cheap credit and restrict speculative financing.
Reporting by Steve Holland; Writing by Lesley Wroughton; Editing by Will Dunham and Bill Trott
| https://www.reuters.com/article/us-usa-trade-nafta/trump-lighthizer-discuss-china-nafta-trade-talks-white-house-idUSKBN1F20V6 | 428 |
Tennis-Suarez Navarro hits back to reach quarter-finals | January 21, 2018 / 3:00 AM / Updated 3 hours ago Tennis-Suarez Navarro hits back to reach quarter-finals Reuters Staff 2 Min Read
MELBOURNE, Jan 21 (Reuters) - Spain’s Carla Suarez Navarro became the first player through to the quarter-finals of the Australian Open as she dug herself out of a hole to beat Estonian Anett Kontaveit 4-6 6-4 8-6 on Sunday.
Kontaveit was bidding to reach the last eight of a grand slam for the first time and the 22-year-old had victory in her grasp when she took the first set and broke twice to lead 4-1 in the second set on a muggy day alongside the Yarra river.
Unseeded Suarez Navarro was given heart when Kontaveit double-faulted to hand one break of serve back and the 29-year-old stormed back to take the second set.
The deciding set was a real battle and Kontaveit again looked like closing it out when she broke at 4-4 but she faltered and was broken as she served for the match.
Suarez Navarro enjoyed an outrageous slice of luck when Kontaveit served to stay in the match at 6-7, striking a forehand that hit the net tape twice before wobbling over to give her a second match point.
She missed that one but on her third opportunity Kontaveit smacked a forehand long to send Suarez Navarro into the quarter-finals at Melbourne Park for the third time where she will face either second seed Caroline Wozniacki or Magdalena Rybarikova. (Reporting by Martyn Herman; Editing by Greg Stutchbury) | https://uk.reuters.com/article/tennis-ausopen-suareznavarro/tennis-suarez-navarro-hits-back-to-reach-quarter-finals-idUKL4N1PG01S | 267 |
LIVE MARKETS-Pressure's on: European earnings in the spotlight | January 30, 2018 / 3:18 PM / in 36 minutes LIVE MARKETS-Pressure's on: European earnings in the spotlight Reuters Staff 17 Min Read Jan 30 (Reuters) - Welcome to the home for real time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to share your thoughts on market moves: helen.reid.thomsonreuters.com@reuters.net PRESSURE'S ON: EUROPEAN EARNINGS IN THE SPOTLIGHT (1500 GMT) The pressure is on for European equities in 2018 to deliver a convincing sequel to last year's impressive earnings comeback. The recovery in earnings underpins investors' conviction the region is a buy, and should the numbers show signs of fading, international and cross-asset investors may start pulling back. "In Europe we'd had an absence of top line growth. Our hope and belief is now as that top line growth reappears there should be some decent operating leverage to come through," says Marcus Morris-Eyton, portfolio manager, European equities at Allianz Global Investors. Valuations still make Europe relatively attractive, too. "In Europe you have valuations at a 30 percent discount to U.S." Investors' hopes for European earnings come against a backdrop of global earnings expectations also rising strongly (see chart) - but Europe, the latest to emerge from its drawn-out earnings slump, is particularly feeling the heat. (Helen Reid) STOXX 600 ON TRACK FOR WORST DAY IN SIX WEEKS (1412 GMT) Whether you prefer calling it a 'correction' or a 'blip', things have taken a turn for the worse in afternoon trading. The STOXX 600 just hit a session low and is now trading down 0.8 percent, on track for its biggest one-day fall in six weeks, since Dec 20. Banks and miners are still leading the slide which accelerated as U.S. futures sank. The bank sector is down 1.4 percent and set for its worst fall in five months. Dow, S&P 500 and Nasdaq futures are trading down 0.7 to 1 percent as the rise in bond yields weighs and Apple again falls 1.1 percent in premarket trading. The VIX index of S&P 500 volatility has crept up to its highest level since Dec 1, crossing the 14 mark for the first time in nearly two months. Just as, with January nearing a close, New Year greetings and resolutions go stale, so the New Year 'melt-up' seems to have reached an existential impasse. (Helen Reid) LOOKING FOR HEDGES? CONSIDER THE SMI (1320 GMT) Rising bond yields, trade war worries, stretched stock valuations have generated a mild risk-off mood and with the "correction" word sneaking back into market commentary, fund managers are looking for ways to protect their portfolios. Strategists at Natixis recommend considering Switzerland and its top share index SMI as they draw a comparison to Japan's Nikkei. Japan and Switzerland both enjoy currencies with a safe haven status, making their equity markets an interesting case but Natixis has found a key difference. "It is no secret that JPY and Nikkei Index are inversely correlated. Businesses in Japan have enjoyed benefits from cheaper currency and expansionary monetary policy. On the other hand, SMI Index and CHF have not shown strong relation to one another," they say. "Switzerland’s export GDP growth has been similar to that of Japan and the two central banks conducted an asset purchasing program, though SNB operated in a quiet and discreet way during 2009-2010, with a negative policy rate. Factors for JPY and Nikkei correlation have not had an impact on the Swiss financial market," they add. As a result the SMI could be a relatively good bet even when risk-off is on the rise. "In addition to a stronger performance during risk-on periods, the SMI index also provides greater excess return than Nikkei during risk-off periods," they conclude. (Danilo Masoni) **** MEANWHILE, THE EURO BREAK-UP INDEX HITS AN ALL-TIME LOW (1254 GMT) "At the beginning of 2018 the euro zone is more robust than ever," writes behavioural finance analysis house sentix. Its Euro Break-Up Index has hit its lowest ever level, indicating investors are less fearful than ever of the currency union unravelling. This month's reading shows that just 6.9 percent of all surveyed investors expect the euro to break up in the next 12 months. That compares to the high of 73 percent in July 2012 in the depths of the euro zone debt crisis. The one area of concern? Italy: sentix's sub-index for the country rose this month to 5.22%, meaning investors see it "as most likely to be regarded as a candidate for exit from the euro". Analysts at sentix expect this to increase until Italy's election on March 4. (Helen Reid) EUROPEAN EQUITIES: GROWTH VS VALUE (1207) As we pointed out in yesterday's blog, years of low interest rates helped propel the performance of growth stocks as investors were happy to buy into the promise of future earnings. The rise in bond yields may increase the appeal of "jam today" in he form of "value" stocks. Allianz Global Investors is watching carefully to see if bond yields are rising more because of solid economic growth, or due to an inflation risk coupled with subdued growth. If it’s the former, “then people won’t want to pay so much of a premium for resilient growth if they can get more cyclical recovery,” said Simon Gergel, Chief Investment Officer for UK Equities. If the latter, “then I think the typical growth stocks will probably do better”. Gergel sees the UK market polarized between higher growth international companies that are seen as more resilient like Unilever or Diageo and then smaller domestic cyclical players facing the brunt of Brexit economic risk and a potential change of government. Among Gergel’s more recent buys: Barclays, Bovis Homes, Land Securities . He also holds IG Group, National Grid, Shell (took some profits recently), BP. (Tom Pfeiffer) **** TELECOMS FACE REGULATORY TECTONIC SHIFT AS FANGS TARGETED (1143 GMT) HSBC has taken a look at the interface of telecoms and technology regulation and for once there's good news for phone companies, which have been the top underperformers in Europe over the last few years whereas tech has done brightly. "After years of being on the receiving end of onerous rules imposed at the behest of Silicon Valley (i.e., net neutrality), there is now a tectonic shift underway for telecoms. The FANGs (Facebook, Amazon, Netflix, Google) have fallen from grace, and telecoms operators are looking to capitalise on this," HSBC analysts led by Stephen Howard say in a note. "We very much doubt operators can seize the role of ‘innovation dynamo’ from the technology giants, and even net neutrality regulation is secure for the present (at least in Europe). However, one advantage of the new climate is that regulators now have, in the form of the FANGs, a fresh set of targets with a far higher media profile than that of the stolid telecoms operators," they add. Arguably any regulatory benefit may take time to materialise, but some investors are starting to consider the shifting regulatory environment as they look for fresh long-term opportunities. As you can see in the chart telecoms have led sectoral underperformers in Europe over the last 3 years, while tech has led the gainers. (Danilo Masoni) INSURANCE SECTOR REACHES A "CRITICAL JUNCTURE" (1126 GMT) Among the positivity on cyclicals (though not on a day like today), this is the positive view on Europe's insurance sector from Jefferies analysts. They estimate that the value of the sector gains 6 percent for a 50bps upward move in yields. Jefferies adds that an increase in yields benefits the primary life sector most. "The primary conglomerates remain highly investible, in our view, with our investment focus on those companies continuing to refine capital allocation," Jefferies analysts say in a note. However, they do add that, in the event of a 10 percent equity market sell-off, reinsurance and non-life biased stocks such as Allianz and Zurich are the most defensive under such a scenario. (Kit Rees) MORE INVESTORS LOOK AT DIALLING DOWN RISK (1054 GMT) PIMCO’s European global wealth management team say they've found some of their financial intermediary clients in Europe have been looking at reducing risk in their portfolios. This has proven tricky in an environment of zero or negative real returns on cash, PIMCO adds. But they have two potential solutions: low volatility absolute return strategies and core bond strategies, especially those with a U.S. focus. "Increasing core bond exposure is the more contrarian view; many clients say they plan to decrease allocations in the coming year," Ryan P. Blute, managing director and head of PIMCO’s global wealth management business in EMEA, says in a note. "However, core bonds can play an important diversification role in a portfolio, and U.S. Treasuries in particular remain a source of high quality duration, historically outperforming when there are significant declines in equity or credit markets." (Kit Rees) TECH OUTPERFORMS, BUT APPLE AND SUPPLIERS REMAIN UNDER PRESSURE(1038 GMT) While tech is outperforming the market today in a recovery from yesterday's jitters, Frankfurt-listed shares in Apple are falling 1.6 percent to hit their lowest in three months. The bearish sentiment from that Nikkei report we mentioned earlier still seems to be taking its toll, and it's interesting to note that iPhone suppliers Dialog Semiconductor, AMS and ASMI are among the worst-performing in the sector. (Helen Reid) IS A CORRECTION ON THE CARDS? (0845 GMT) A negative day like today lays bare investor concerns about a more potent pullback in equity markets. "Given current complacency and positioning, when things go wrong there may be quite a violent market reaction and I think we are moving more into that territory in 2018," Nicholas Brooks, head of research and investment strategy at Intermediate Capital Group, said, adding that he thinks we are due a correction. Brooks recommends moving into lower-beta sectors and companies and seeking out businesses with high cash flows in relatively defensive sectors. (Kit Rees and Tom Pfeiffer) OPENING SNAPSHOT: CYCLICAL SLIDE PULLS EUROPEAN SHARES LOWER (0817 GMT) European shares have opened lower thanks to falls among commodities-related sectors and financials - almost all sectors are in the red. Is this the start of a pullback? But elsewhere it's all about earnings, with a sprinkling of M&A. Alfa Laval and Swatch are the biggest risers after their updates, while UBM is also up there after Informa confirmed its deal with the conference organiser. Here's your opening snapshot: (Kit Rees) WHAT'S ON THE RADAR FOR EUROPEAN STOCKS (0750 GMT) Taking its cue from Wall Street and Asia, Europe’s stock market is set to suffer losses with futures down 0.6 to 0.8 percent across the major benchmarks. A slide in Apple shares was the catalyst for the weaker U.S. session, after a Nikkei report said the tech giant would halve its iPhone X production. The report came out during European trading hours on Monday and weighed on iPhone suppliers including AMS, Dialog Semiconductor and STMicro, but there may be further pressure on the chipmakers and tech stocks in this session as investors grow skittish about high valuations and the equity ‘melt-up’ with the MSCI World entering its longest ever period without a correction of more than 5 percent. Mining stocks could also be a weight, indicated lower in pre-market as base metals lose ground with the strengthening dollar. Under the benchmark level, a slew of company results should keep traders busy today. Europe’s top tech company, SAP, will be a focus after its results came in shy of expectations and it bought a U.S. software firm for $2.4 billion. The stock is indicated down 1 percent in pre-market. Swatch meanwhile is seen rising 3 to 4 percent after impressive guidance and accelerating sales. (Helen Reid) EARLY MORNING ROUND-UP (0739 GMT) Here are the company headlines grabbing our attention in Europe this morning: SAP talks up cloud business, buys $2.4 bln U.S. sales software firm Debt-ridden Altice to further reduce share capital Philips delivers on Q4 sales growth on higher order intake SCA 2017 operating profit just beats forecasts, dividend higher France's Elis doubles targeted cost synergies from Berendsen acquisition Swatch "very positive" on 2018 after H2 sales accelerate Renault-Nissan group pips VW to become top-selling carmaker in 2017 Cevian Capital raises Ericsson stake to 9 pct PZ Cussons Says Profitability Expected To Improve In H2 Volkswagen faces inquiry call over diesel fume tests on monkeys Biggest investor in Italy's Safilo has no intention to change its stake Luxottica sees strong adj. net profit growth after FY sales meet guidance Hedge fund Elliott increases stake in Fox takeover target Sky Alfa Laval CEO sees slower Marine unit demand in Q1 after bumper Q4 (Kit Rees and Tom Pfeiffer) FUTURES POINT TO PULL-BACK IN EUROPEAN STOCKS (0710 GMT) As expected futures have gapped significantly at the open - down 0.5 to 0.7 percent across the board now. Looks like the risk-off mood across the Atlantic will sour today's trading in Europe as well. The chipmakers and Apple suppliers will again be ones to watch, as will all those cyclical sectors leading the rally year-to-date. (Helen Reid) CORRECTION BECOMING INCREASINGLY LIKELY, SAYS GS (0656 GMT) The S&P 500 has had the longest period since 1929 without a correction of more than 5 percent, Goldman Sachs finds, saying a correction is overdue. The MSCI World has also entered its longest period ever without a correction of more than 5 percent. "As inflows into equities rise strongly alongside increasing optimism, the equity market becomes more vulnerable to disappointments," GS writes. They're staying bullish, though - seeing a sharp correction as more likely than a full-blown bear market. One interesting observation they make is that this year the S&P 500 and the VIX volatility index have been rising together. "The increase in volatility amid a market rally may, in part, reflect increasing risks, and may also reflect a bullish willingness to spend premium to add to upside exposure." GS recommends buying on dips, but would also buy hedges as protection. If you're more of a glass half full kind of person, then you can keep looking at global growth - running at above 5%, the strongest pace since 2010 - and global earnings - where expectations are finally being revised up sharply. (Helen Reid) SAP ANNOUNCES $2.4 BLN ACQUISITION, ALTICE TO FURTHER CUT SHARE CAPITAL (0636 GMT) With tech a notable focus yesterday, and ahead of the U.S. giants reporting later this week, all eyes will be on results from European firms in the sector to see how they stack up. Germany's SAP, Europe's top tech company, just announced a $2.4 billion acquisition of U.S. cloud software company Callidus Software Inc - a sweetener on 2017 results which came in at the lower end of market expectations. The firm's guidance was in line with analysts' expectations - but we'll have to see what they make of this purchase. At the intersection of health and tech, Dutch firm Philips reported Q4 sales growth in line with expectations. Elsewhere in stocks to watch today there's telecoms and cable group Altice which is reducing its share capital to help improve returns while it restructures. And it's a sad day for Volkswagen whose position as world's top-selling carmaker was just nabbed by the Renault-Nissan alliance. (Helen Reid) | https://www.reuters.com/article/europe-stocks/live-markets-pressures-on-european-earnings-in-the-spotlight-idUSL8N1PP5W2 | 2,638 |
Suncor, Teck buy part of Total stake in Canada oil sands mine | January 3, 2018 / 11:30 PM / Updated 11 minutes ago Suncor, Teck buy part of Total stake in Canada oil sands mine Reuters Staff 2 Min Read
WINNIPEG, Manitoba/CALGARY, Alberta, Jan 3 (Reuters) - S uncor Energy Inc, Canada’s second-largest energy producer, said on Wednesday it and Teck Resources Ltd have taken higher stakes in the Fort Hills oil sands mine from partner Total SA, resolving a dispute over building costs.
Under terms of the deal, Suncor and Teck will fund more of the C$17 billion ($13.56 billion) project’s capital cost - C$300 million and C$120 million more respectively. Suncor’s share of the project will be 53.06 percent, compared to 20.89 percent for Teck and 26.05 percent for Total.
Fort Hills in northern Alberta produced 6,000 barrels per day during fourth-quarter test runs and is expected to fully start production in mid-January when the first of three secondary extraction trains starts up, Suncor said in a statement after markets closed.
Fort Hills’ startup comes as increasing oil sands supply outpaces Canadian pipeline capacity, creating a deepening price discount for Western Canada Select compared to benchmark West Texas Intermediate (WTI). ($1 = 1.2538 Canadian dollars) (Reporting by Rod Nickel in Winnipeg, Manitoba and Nia Williams in Calgary, Alberta; Editing by James Dalgleish) | https://www.reuters.com/article/suncor-energy-teck-resources-fort-hills/suncor-teck-buy-part-of-total-stake-in-canada-oil-sands-mine-idUSL1N1OY164 | 224 |
Hong Kong legal chief steps down early amid judicial turbulence | HONG KONG (Reuters) - Hong Kong’s legal chief, whose watch was marked by instances of perceived interference by China in the city’s rule of law, stepped down on Friday, more than four years before the end of his term.
An independent legal system sits at the core of the wide-ranging autonomy promised after Britain handed its former colony back to China in 1997 under a “one country, two systems” formula that guarantees it freedoms not enjoyed on the mainland.
Hong Kong leader Carrie Lam said Justice Secretary Rimsky Yuen had resigned for personal reasons, after starting his second five-year term in July.
“He has been a pillar of strength in upholding the rule of law in Hong Kong,” Lam said.
But Yuen’s time in office was punctuated by several controversies, including two rare protests by hundreds of lawyers.
Yuen, 53, was one of the key officials tasked with promoting a contentious political reform package in 2014, which later helped trigger the months-long “Umbrella Movement” street protests demanding, in vain, full democracy for the city.
He was targeted by demonstrators after reports last year that he had overruled several senior public prosecutors to seek jail terms for three democrats involved in those protests, including Joshua Wong, the bespectacled young activist who became the public face of the demonstrations.
He was also criticized for pushing through an immigration arrangement that would allow Chinese officials to implement mainland laws inside a downtown high-speed railway station.
Yuen and Communist Party officials in Beijing argued that parts of the station would be legally regarded as “mainland Chinese territory”, so the city’s mini-constitution, the Basic Law, which explicitly says national laws don’t apply in Hong Kong, would not be applicable.
The Hong Kong Bar Association called Beijing’s move “the most retrograde step to date in the implementation of the Basic Law”.
On each occasion, “the ultimate decision was made in accordance with the law”, Yuen said on Friday, even though some people might not like the results.
Yuen also reportedly tried to dissuade Beijing from interfering in a court case against pro-independence lawmakers last year, and spoke openly about how “matters that can be properly handled within Hong Kong’s legal or judicial system should be left to be dealt with at the Hong Kong level as much as possible”.
The Chinese parliament ultimately issued an interpretation of the law, pre-empting the judge’s decision, effectively barring the lawmakers from their posts. That prompted 2,000 lawyers to march in protest against what they said was the most blatant interference in the city’s judicial independence.
Incoming Justice Secretary Teresa Cheng, 59, said her “prime mission” would be to uphold the rule of law and that she would pursue criminal prosecutions “without any interference”.
Reporting by Venus Wu and Wyman Ma; Editing by James Pomfret, Greg Torode and Nick Macfie
| https://www.reuters.com/article/us-hongkong-politics/hong-kong-legal-chief-steps-down-early-amid-judicial-turbulence-idUSKBN1EU0GK | 486 |
BRIEF-United Bancorp Reports Q4 EPS of $0.16 | January 25, 2018 / 6:15 PM / in an hour BRIEF-United Bancorp Reports Q4 EPS of $0.16 Reuters Staff 1 Min Read
Jan 25 (Reuters) - United Bancorp Inc:
* UNITED BANCORP, INC. REPORTS 2017 DILUTED EARNINGS PER SHARE (EXCLUDING THE NET DEFERRED TAX ASSET REVALUATION) OF $0.75, WHICH IS A 5.63% INCREASE OVER DILUTED EARNINGS PER SHARE OF $0.71 REPORTED IN 2016, AND A FORWARD DIVIDEND YIELD OF 3.62% FOR THE YE
* UNITED BANCORP INC - QTRLY NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES $4.1 MILLION VERSUS $3.8 MILLION * UNITED BANCORP INC - QTRLY EARNINGS PER SHARE $0.16
* UNITED BANCORP INC - IN Q4 & FOR YEAR ENDED DEC 31, 2017, CO RECORDED A $0.04/SHARE, ONE-TIME WRITE DOWN AS A RESULT OF TAX CUTS AND JOBS ACT Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-united-bancorp-reports-q4-eps-of-0/brief-united-bancorp-reports-q4-eps-of-0-16-idUSASB0C2F8 | 141 |
CALLIDUS SOFTWARE INC. SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces Investigation of Buyout | WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of Callidus Software Inc. (NASDAQ GM: CALD )? Did you purchase any of your shares prior to January 29, 2018? Do you think the proposed buyout is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Callidus Software Inc. (“Callidus” or the “Company”) (NASDAQ GM: CALD ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by SAP SE (“SAP”) (NYSE: SAP ) in a transaction valued at approximately $2.4 billion. Under the terms of the agreement, shareholders of Callidus will receive $36.00 in cash for each share of Callidus common stock.
If you own common stock of Callidus and purchased any shares before January 29, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at info@rl-legal.com .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : http://www.businesswire.com/news/home/20180130006294/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
888-969-4242
302-295-5310
Fax: 302-654-7530
info@rl-legal.com
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | http://www.cnbc.com/2018/01/30/business-wire-callidus-software-inc-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-buyout.html | 317 |
U.S. to provide $60 million for Palestinians, withhold $65 million | January 16, 2018 / 7:06 PM / Updated 18 minutes ago U.S. to provide $60 million in Palestinian aid, withhold $65 million Arshad Mohammed 4 Min Read
WASHINGTON (Reuters) - The United States will give a U.N. agency $60 million (43.50 million pounds) in aid for Palestinians but withhold a further $65 million for now, a U.S. official said on Tuesday as the Trump administration appeared to carry out a threat it made two weeks ago to cut funding. Boxes containing aid from the U.N. Relief and Works Agency (UNRWA) are seen ahead of their transfer to the Gaza Strip, inside the Kerem Shalom border crossing terminal between Israel and Gaza Strip January 16, 2018. REUTERS/Amir Cohen
While saying the decision would sustain schools and health services, the U.S. official echoed U.S. President Donald Trump in calling on other nations to provide more funds because he believes the United States pays more than its share.
The decision to keep back some money is likely to compound the difficulty of reviving Israeli-Palestinian peace talks and to further undermine Arabs’ faith that the United States can act as an impartial arbitrator, particularly following Trump’s Dec. 6 announcement reversing decades of U.S. policy and recognize Jerusalem as Israel’s capital.
A Palestinian official quickly criticized Washington’s decision to keep back some of the money and United Nations Secretary-General Antonio Guterres said he was unaware of any change on aid but he was “very concerned” about the possibility of a cut in funding.
The U.S. official, who spoke on condition of anonymity, said the United Nations Relief and Works Agency for Palestinian Refugees (UNRWA) that will receive the money needed to be fundamentally reevaluated “in the way it operates and the way it is funded.”
“Without the funds we are providing today, UNRWA operations were at risk of running out of funds and closing down. The funds provided by the United States will prevent that from happening for the immediate future,” the official said, saying the additional “$65 million will be held for future consideration.”
In a Twitter post on Jan. 2, Trump said that Washington gives the Palestinians ”HUNDRED OF MILLIONS OF DOLLARS a year and get no appreciation or respect.
“They don’t even want to negotiate a long overdue peace treaty with Israel ... with the Palestinians no longer willing to talk peace, why should we make any of these massive future payments to them?” Trump added in his tweet.
While the U.S. official did not link the U.S. decision to Trump’s tweet, he made a point often advanced by the president by saying the United States had been UNRWA’s single largest donor for decades and demanded other nations do more.
“It is time other countries, some of them quite wealthy, step in and do their part to advance regional security and stability,” the official said.
Trump’s aides initially debated whether to cut off all UNRWA aid after the tweet, a second U.S. official said. But those opposed to the idea argued that it could further destabilize the region, the official said.
“This decision confirms the U.S administration is continuing in wiping out the rights of the Palestinian people,” Palestine Liberation Organization official Wasel Abu Youssef told Reuters.
“First was declaring Jerusalem as the capital of Israel and today the refugee issue,” he said.
Historically, U.S. administrations had said the status of Jerusalem must be decided in Israeli-Palestinian peace talks. The city is holy to three major monotheistic faiths.
At the United Nations, Guterres told reporters that the services provided by UNRWA were “of extreme importance, not only for the wellbeing of these populations ... but also in my opinion and an opinion that is shared by most international observers, including some Israeli ones, it is an important factor of stability.”
“So if UNRWA will not be in a position to provide the vital services and the emergency forms of support that UNRWA has been providing this will create a very, very serious problem and we will do everything we can to avoid this situation,” he said. Reporting By Arshad Mohammed; Additional reporting by Matt Spetalnick in Washington, Nidal al-Mughrabi in Gaza and Michelle Nichols at the United Nations; Editing by Cynthia Osterman and Grant McCool | https://uk.reuters.com/article/uk-israel-palestinians-usa/u-s-to-provide-60-million-for-palestinians-withhold-65-million-idUKKBN1F52G8 | 725 |
China December forex reserves rise to $3.1 trillion, highest since September 2016 - central bank | January 7, 2018 / 7:15 AM / Updated 14 minutes ago China December forex reserves rise to $3.1 trillion, highest since September 2016 - central bank Reuters Staff 2 Min Read
BEIJING (Reuters) - China’s foreign exchange reserves rose to their highest in more than a year in December and grew at a faster-than-expected pace, as tight regulations and a strong yuan continued to discourage capital outflows, data showed on Sunday. FILE PHOTO - Chinese banknotes are seen at a vendor's cash box at a market in Beijing February 14, 2014. REUTERS/Kim Kyung-Hoon/File Photo
Notching up their 11th straight month of gains, reserves rose $20.2 billion in December to $3.14 trillion, the highest since September 2016 and the biggest monthly increase since July, central bank data showed on Sunday.
That compares with an increase of $10 billion in November.
Economists polled by Reuters had expected reserves to rise by $6 billion to $3.125 trillion.
Capital flight had been seen as a major risk for China at the start of 2017, but a combination of tighter capital controls and a faltering dollar helped the yuan stage a strong turnaround, bolstering confidence in the economy.
The yuan rose around 6.8 percent against the greenback in 2017, recovering from a 6.5 percent loss in 2016 and reversing three straight years of depreciation.
The value of gold reserves rose to $76.47 billion at the end of December, from $75.833 billion at the end of November, data on the PBOC website also showed. Related Coverage | https://uk.reuters.com/article/uk-china-economy-forex-reserves/china-december-forex-reserves-rise-to-3-1-trillion-highest-since-september-2016-central-bank-idUKKBN1EW06H | 261 |
Houlihan Lokey posts 3Q profit | LOS ANGELES (AP) _ Houlihan Lokey Inc. (HLI) on Monday reported fiscal third-quarter earnings of $61.6 million.
On a per-share basis, the Los Angeles-based company said it had profit of 93 cents. Earnings, adjusted for pretax gains, were 69 cents per share.
The investment banking company posted revenue of $258.9 million in the period.
Houlihan Lokey shares have climbed 12 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $51.07, an increase of 63 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 HLI at https://www.zacks.com/ap/HLI | https://www.cnbc.com/2018/01/29/the-associated-press-houlihan-lokey-posts-3q-profit.html | 125 |
FCC Chairman Opposes Government Takeover of 5G Wireless Build-Out | WASHINGTON—A top federal regulator said Monday he opposes a government takeover of the next-generation 5G wireless system, casting further doubt on an idea that has been floated by some Trump administration officials.
In a statement, Federal Communications Commission Chairman Ajit Pai said, “I oppose any proposal for the federal government to build and operate a nationwide 5G network.”
Some... RELATED VIDEO The Modern Cell Carrier: How We Got Here The U.S. wireless industry is dominated by four major players: Verizon, AT&T, T-Mobile and Sprint. Now that just about everyone has a cellphone, each operator is looking for new ways to grow. But how did we go from the days of one giant landline monopoly to four competitive cell companies? Illustration: Shaumbe Wright/WSJ To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/fcc-chairman-opposes-government-takeover-of-5g-wireless-build-out-1517242169 | 136 |
Bellus3D scans a 3D picture of your face in just seconds | 8 Hours Ago | 00:58
A new product can take 3D images of your face in just seconds.
It's built by a company named Bellus3D and plugs into an Android phone. Then, using built-in cameras, will scan your face and show you an exact replica of yourself. Kind of creepy, but it might one day have some real world uses.
Bellus3D says it's working with partners and developers so that its technology might one day be used to provide realistic 3D images of people inside VR, for medical purposes (maybe imagining a before and after of plastic surgery, for example) and potentially for shopping -- like using a 3D image to see how clothes might fit before you buy them, for example.
Bellus3D is only available for developers now and production and delivery is expected to begin in the first quarter of this year. Todd Haselton Technology Product Editor Playing | https://www.cnbc.com/2018/01/08/bellus3d-scans-a-3d-picture-of-your-face-in-just-seconds.html | 152 |
Jim Kelliher Joins Drift as Chief Financial Officer to Help Scale the World’s Leading Conversational Marketing and Sales Platform | Former Actifio and LogMeIn CFO brings 20+ years of operating experience to the Drift team.
BOSTON--(BUSINESS WIRE)-- Drift, the world’s first and only conversational marketing and sales platform, today announced that Jim Kelliher has joined as the company’s first Chief Financial Officer. Jim will be responsible for all financial and administrative operations at Drift, including human resources, legal, IT, and facilities.
Prior to Drift, Jim served as the CFO of Actifio, a venture-backed company in the enterprise data management space, which he joined in January 2015. Prior to Actifio, Jim served as the CFO of LogMeIn from 2006 to 2015 and played a pivotal role in taking LogMeIn public in July 2009, and scaling the company from 50 employees and $10M in revenue when he joined to over 1,000 employees and $250M in revenue.
“Last year I asked many of our advisors, investors, and mentors who the best CFO they ever worked with was and they all had the same answer: Jim Kelliher. We met shortly after that, and today I couldn’t be happier to welcome Jim to the team,” said Drift Founder & CEO David Cancel. “Over the past year, Drift has grown from 25 people to 100, opened a new office in San Francisco, and increased revenue by more than 10x. I’m thrilled to be able to partner with Jim on this next phase of growth and scaling Drift in 2018 and beyond.”
“The Drift team has been able to build a brand, create a movement, and become one of the fastest-growing SaaS companies at this stage. The opportunity here is tremendous,” Jim said. “Joining at the Series B stage has been my sweet spot over the course of my career, and I’m excited to get back in there at Drift and build the systems and processes to help the company scale.”
In addition to his time at Actifio and LogMeIn, Jim was the CFO of IMlogic, a venture-backed enterprise instant messaging company. Before that he served in a number of financial executive roles, including stints as VP of Finance and International Chief Financial Officer of PTC, a publicly traded software development company.
Jim serves on the Board of Directors of Adaptive Insights, a venture funded SaaS based business analytics company based in Palo Alto, and previously served on the Board of Fleetmatics Group PLC, a NYSE publicly traded SaaS company, prior to its acquisition by Verizon in November 2016. He holds a B.S. in Accountancy from Bentley University.
About Drift
Drift is the world’s first and only conversational marketing and sales platform. With its quickly evolving set of tools and playbooks, Drift makes it easier for businesses to buy from businesses. Customers use Drift to provide a modern buying experience for potential customers, generate more qualified leads, and dramatically accelerate the sales cycle. Based in Boston, Massachusetts, Drift is a venture-backed company founded by serial marketing technology entrepreneurs David Cancel and Elias Torres.
To learn more about how Drift is making it easier for businesses to buy from businesses by visiting https://www.drift.com/ .
//www.businesswire.com/news/home/20180103005348/en/
Drift
Dave Gerhardt
Director of Marketing
dg@drift.com
Source: Drift | http://www.cnbc.com/2018/01/03/business-wire-jim-kelliher-joins-drift-as-chief-financial-officer-to-help-scale-the-worldas-leading-conversational-marketing-and-sales.html | 538 |
La Rochelle reach quarter-finals, Saracens sneak through | January 21, 2018 / 6:46 PM / Updated 8 minutes ago La Rochelle reach quarter-finals, Saracens sneak through Reuters Staff 2 Min Read
PARIS (Reuters) - French side La Rochelle reached the Champions Cup quarter-finals on their first appearance in Europe’s premier club competition with a 16-7 win over Harlequins as holders Saracens sneaked through on Sunday.
England’s Saracens beat Northampton Saints 62-14 on Saturday but faced an anxious wait to see if they would advance as one of the top three runners-up.
They will face Leinster for a last-four spot after the Irish side made sure they would be top seeds in the last eight by beating Top 14 leaders Montpellier 23-14 on Saturday.
La Rochelle, who lie second in the Top 14, qualified at the top of Pool 1 and will take on Scarlets, who became the first Welsh team to reach the last eight in six years by beating three-times champions Toulon 30-27 on Saturday.
Toulon advanced as one of the best runners-up and will face a tough challenge in the last eight from Ireland’s Munster, who demolished Castres 48-3 on Sunday to win Pool 4 ahead of Racing 92 who beat Leicester 23-20.
In the quarter-finals, Racing will face fellow French side Clermont Auvergne, who topped Pool 2 after beating Ospreys 24-7. Reporting by Julien Pretot, Editing by Ed Osmond | https://uk.reuters.com/article/uk-rugby-union-champions/la-rochelle-reach-quarter-finals-saracens-sneak-through-idUKKBN1FA12N | 239 |
Hezbollah - Syrian war will be over in 1-2 years | January 3, 2018 / 8:36 PM / Updated 2 hours ago Hezbollah - Syrian war will be over in 1-2 years Reuters Staff 1 Min Read
BEIRUT (Reuters) - The leader of Lebanon’s Iran-backed Hezbollah group said on Wednesday the Syrian war, now in its seventh year, will be finished in one or two years at most. FILE PHOTO: Lebanon's Hezbollah leader Sayyed Hassan Nasrallah appears on a screen during a live broadcast as he speaks to his supporters during the ceremony of Ashura in Beirut, Lebanon October 1, 2017. REUTERS/Aziz Taher/File Photo
In an interview with Lebanon’s pro-Iran al-Mayadeen channel, Sayyed Hassan Nasrallah also said Israeli strikes on Hezbollah positions in Syria did not, and will not, prevent supplies of weapons reaching the group.
Hezbollah and other Iran-backed groups have backed Syria’s President Bashar al-Assad during the conflict which erupted in 2011. Writing by Lisa Barrington; Reporting by Laila Bassam in Beirut | https://uk.reuters.com/article/uk-lebanon-hezbollah-syria/hezbollah-syrian-war-will-be-over-in-1-2-years-idUKKBN1ES1W3 | 162 |
UPDATE 1-Venezuela to resume local trading of hard-currency securities | January 25, 2018 / 5:10 PM / in 34 minutes UPDATE 1-Venezuela to resume local trading of hard-currency securities Reuters Staff
(Recasts with dollar-denominated securities)
By Corina Pons and Deisy Buitrago
CARACAS, Jan 25 (Reuters) - Venezuela will allow securities denominated in hard currency to trade on a local bourse, the central bank said on Thursday, allowing citizens to legally acquire foreign exchange without going through the country’s 15-year-old currency controls.
The crisis-stricken OPEC nation is struggling under hyperinflation and product shortages that economists widely blame on currency controls that even ruling Socialist Party officials recognize have been plagued with corruption.
Creating legal mechanisms to obtain dollars could make it easier for businesses to import raw materials or machine parts.
But it is unlikely to ease the economic crisis because the local bolivar currency has lost more than 99 percent of its value on the black market, leaving local firms largely unable to afford products acquired abroad.
“This currency arrangement will reopen the market for securities for private citizens,” Central Bank Director Pedro Maldonado said in a press conference. “Any private company that wants to issue debt in hard currency can sell it on the Bicentenary Exchange,” he said, referring to a state-run bourse.
Between 2004 and 2010, local trading of dollar securities served as a parallel foreign exchange market known as “permuta” that provided hard currency to buyers who did not have permits to acquire it at a state-backed favorable rate.
The government of late President Hugo Chavez shut down the legal avenue for such trading in 2010, arguing that speculators were using it to damage the economy.
Buying dollars on the black market continues to be seen as legally suspect despite being routine.
The central bank separately said the government-backed DICOM auction system, which was halted last year, will start selling euros. President Nicolas Maduro suspended DICOM in responses to financial sanctions by Washington.
Venezuela’s exchange controls provide dollars at the official rate of 10 bolivars for import of priority goods such as food and medicine. The black market rate is currently 263,803 per dollar, according to web-site DolarToday, which is the most widely-used reference.
The central bank did not say what the new DICOM exchange rate would be. A Powerpoint presentation about DICOM says buyers will “pay the price they proposed.”
Before the auctions were halted, DICOM was selling dollars at 3,345 bolivars. Though the DICOM rate has been consistently more favorable than the black market, businesses generally say it is of little use because it sells limited volumes, meaning it does not provide a steady supply of hard currency for imports. (Reporting by Corina Pons; Writing by Brian Ellsworth; Editing by Susan Thomas) | https://www.reuters.com/article/venezuela-economy/update-1-venezuela-to-resume-local-trading-of-hard-currency-securities-idUSL2N1PK14B | 460 |
Turkish border town hit by rockets, 13 wounded: governor | ANKARA (Reuters) - Two rockets fired from the Syrian region of Afrin struck the Turkish border town of Kilis on Wednesday, wounding 13 people, the local governor said.
The rockets hit two locations in the city center, including a mosque during prayer times, Governor Mehmet Tekinarslan said. Eight people were wounded, with two in critical condition, at the mosque, and another five injured at the second location.
Turkish media footage showed security forces clearing the areas of civilians following the attacks, as ambulances and emergency teams arrived at the site.
As Turkey’s operation against the Syrian Kurdish YPG militia in Afrin entered its fifth day, several rockets have hit the Turkish border towns of Kilis and Reyhanli.
On Saturday, as Turkey started its operation, rockets fired across the border hit Reyhanli, killing a Syrian national and wounding 46 people, the local governor’s office said. Another five were wounded when rockets hit Kilis, a Reuters witness said.
Reporting by Tuvan Gumrukcu and Ece Toksabay; Editing by David Dolan
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/us-mideast-crisis-syria-turkey-rocket/rocket-hits-turkish-border-town-wounds-at-least-10-dogan-idUSKBN1FD29D | 175 |
Turkey says U.S. needs to withdraw from Syria's Manbij region immediately | Turkey says U.S. needs to withdraw from Syria's Manbij region immediately Reuters Staff 1 Min Read
ANKARA (Reuters) - The United States needs to withdraw from northern Syria’s Manbij region immediately, Turkish Foreign Minister Mevlut Cavusoglu said on Saturday.
President Tayyip Erdogan on Friday said Turkish forces would sweep Kurdish fighters from the Syrian border and could push all the way east to the frontier with Iraq, including Manbij - a move which risks a possible confrontation with U.S. forces allied to the Kurds.
Speaking to reporters, Cavusoglu also said Turkey wanted to see concrete steps by the United States to end its support for the Syrian Kurdish YPG militia.
Ankara said earlier it had been told by U.S. National Security Adviser H.R. McMaster that Washington would not provide the YPG with weapons anymore. Reporting by Tuvan Gumrukcu; Editing by Mark Potter | https://in.reuters.com/article/mideast-crisis-syria-turkey-usa/turkey-says-u-s-needs-to-withdraw-from-syrias-manbij-region-immediately-idINKBN1FG0FA | 146 |
First Connecticut Bancorp, Inc. reports fourth quarter 2017 net income of $497,000 or $0.03 diluted earnings per share | FARMINGTON, Conn., Jan. 24, 2018 (GLOBE NEWSWIRE) -- First Connecticut Bancorp, Inc. (NASDAQ:FBNK), the holding company for Farmington Bank, reported net income of $497,000 or $0.03 diluted earnings per share for the quarter ended December 31, 2017 compared to net income of $4.2 million or $0.27 diluted earnings per share for the quarter ended December 31, 2016. Excluding non-recurring items, the Company reported a 32% increase in core net income to $5.5 million, or $0.34 diluted earnings per share for the quarter ended December 31, 2017 compared to core net income of $4.1 million, or $0.27 diluted earnings per share for the quarter ended December 31, 2016.
Net income for the full year was $16.2 million or $1.02 diluted earnings per share compared to $15.2 million or $1.00 diluted earnings per share in the prior year. Excluding non-recurring items, core net income for the full year was $20.9 million, or $1.32 diluted earnings per share as compared to $14.8 million, or $0.97 diluted earnings per share in the prior year. Core net income excludes non-recurring items.
On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted, which lowered the Company’s federal tax rate from 35% to 21% effective January 1, 2018. As a result of the tax reduction, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense for the fourth quarter of 2017. However, the tax rate reduction will increase future earnings. The Tax Act impact on earnings per share for the year 2018 is an estimated $0.24 - $0.25 increase.
“I am once again pleased to report strong core earnings for the fourth quarter of $0.34 per share and $1.32 per share for the year. Since going public in 2011, we have had six consecutive years of earnings per share growth. An increase in core earnings combined with internal operational efficiencies continues to have a positive effect on return on assets, return on equity and our efficiency ratio,” stated John J. Patrick Jr., First Connecticut Bancorp’s Chairman, President and CEO.
“Additionally, we increased our dividend $0.06 or 67% during 2017 as we continue to reward shareholders with a combination of share price appreciation and increased dividend yield.”
Financial Highlights
Organic loan growth remained strong during the fourth quarter of 2017 as loans increased $49.5 million to $2.7 billion at December 31, 2017 primarily due to a $34.8 million increase in commercial real estate loans and a $19.7 million increase in residential real estate loans. Loans increased $200.6 million or 8% from a year ago. Overall deposits increased $51.5 million to $2.4 billion in the fourth quarter of 2017 compared to the linked quarter and increased $219.0 million or 10% from a year ago. Loans to deposits ratio was 113% for the quarter ended December 31, 2017 compared to 113% in the linked quarter and 115% in the fourth quarter of 2016. Checking accounts grew by 2% or 864 net new accounts in the fourth quarter of 2017 and 8% or 4,136 net new accounts from a year ago. Net interest income decreased $320,000 to $20.5 million in the fourth quarter of 2017 compared to the linked quarter and increased $2.4 million compared to the fourth quarter of 2016. Core net interest income decreased $191,000 compared to the linked quarter. Net interest margin was 2.91% in the fourth quarter of 2017 compared to 2.95% in the linked quarter and 2.75% in the prior year quarter. Net interest margin, excluding $165,000 prepayment penalty fees, was 2.93% in the linked quarter of 2017. Efficiency ratio was 65.06% in the fourth quarter of 2017 compared to 66.38% in the linked quarter and 70.64% in the prior year quarter. Noninterest expense to average assets was 2.05% in the fourth quarter of 2017 compared to 2.11% in the linked quarter and 2.13% in the prior year quarter. Tangible book value per share was $17.08 for the quarter ended December 31, 2017 compared to $17.12 on a linked quarter basis and $16.37 at December 31, 2016. Asset quality remained strong as loan delinquencies 30 days and greater represented 0.63% of total loans at December 31, 2017 compared to 0.66% of total loans at September 30, 2017 and 0.68% at December 31, 2016. Non-accrual loans represented 0.58% of total loans at December 31, 2017 compared to 0.57% of total loans at September 30, 2017 and 0.69% of total loans at December 31, 2016. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 compared to 0.82% of total loans at September 30, 2017 and 0.85% at December 31, 2016. The Company paid a quarterly cash dividend of $0.15 per share during the fourth quarter, an increase of $0.01 compared to the linked quarter and an increase of $0.06 from a year ago.
Fourth quarter 2017 compared with third quarter 2017
Net interest income
Net interest income decreased $320,000 to $20.5 million in the fourth quarter of 2017 compared to the linked quarter primarily due to a 5 basis point increase in interest-bearing liabilities yield to 0.89%. Net interest margin was 2.91% in the third quarter of 2017 compared to 2.95% in the linked quarter. Net interest margin, excluding $165,000 prepayment penalty fees, was 2.93% in the linked quarter. The cost of interest-bearing liabilities increased 5 basis points to 89 basis points in the fourth quarter of 2017 compared to 84 basis points in the linked quarter.
Provision for loan losses
Provision for loan losses was $299,000 for the fourth quarter of 2017 compared to $217,000 for the linked quarter. Net charge-offs in the quarter were $53,000 or 0.01% to average loans (annualized) compared to $52,000 or 0.01% to average loans (annualized) in the linked quarter. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 and September 30, 2017.
Noninterest income
Total noninterest income decreased $142,000 to $3.2 million in the fourth quarter of 2017 compared to the linked quarter primarily due to a $274,000 decrease in net gain on loans sold offset by a $129,000 increase in other noninterest income. Net gain on loans sold decreased to $598,000 from $872,000 primarily due to a decrease in volume of loans sold. Other noninterest income increased $129,000 to $484,000 primarily due to a $95,000 increase in mortgage banking derivatives. Other noninterest income includes swap fees totaling $242,000 in the fourth quarter of 2017 compared to $251,000 in the linked quarter.
Noninterest expense
Noninterest expense decreased $532,000 to $15.4 million in the fourth quarter of 2017 compared to the linked quarter primarily due to a $123,000 decrease in furniture and equipment expenses, a $139,000 decrease in marketing expenses and a $132,000 decrease in other operating expenses.
Income tax expense
Income tax expense was $7.5 million in the fourth quarter of 2017 and $2.4 million in the third quarter of 2017. As a result of the Tax Act, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense in the fourth quarter of 2017.
Fourth quarter 2017 compared with fourth quarter 2016
Net interest income
Net interest income increased $2.4 million or 13% to $20.5 million in the fourth quarter of 2017 compared to the prior year quarter due primarily to a $216.1 million increase in the average loans balance and a 17 basis point increase in the loans yield to 3.69% offset by a $985,000 increase in interest expense. Net interest margin was 2.91% in the fourth quarter of 2017 compared to 2.75% in the prior year quarter. The cost of interest-bearing liabilities increased 12 basis points to 89 basis points in the fourth quarter of 2017 compared to 77 basis points in the prior year quarter.
Provision for loan losses
Provision for loan losses was $299,000 for the fourth quarter of 2017 compared to $616,000 for the prior year quarter. Net charge-offs in the quarter were $53,000 or 0.01% to average loans (annualized) compared to $350,000 or 0.06% to average loans (annualized) in the prior year quarter. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 and 0.85% of total loans at December 31, 2016.
Noninterest income
Total noninterest income decreased $378,000 to $3.2 million in the fourth quarter of 2017 compared to the prior year quarter primarily due to a $327,000 decrease in net gain on loans sold and a $182,000 decrease in other noninterest income offset by a $126,000 increase in fees for customer services.
Net gain on loans sold decreased to $598,000 from $925,000 primarily due to a decrease in volume of loans sold.
Other noninterest income decreased primarily due to a $283,000 recovery in fair value in mortgage servicing rights in the prior year quarter offset by a $99,000 impairment on a SBIC fund in the prior year quarter.
Noninterest expense
Noninterest expense increased $288,000 to $15.4 million in the fourth quarter of 2017 compared to the prior year quarter primarily due to a $455,000 increase in salaries and employee benefits expense offset by a $232,000 decrease in other operating expenses. Salaries and employee benefits increased $455,000 to $9.6 million primarily due to general salary increases which became effective in mid-March. Other operating expenses decreased $232,000 to $2.6 million primarily due to a $134,000 reduction in 3rd party services.
Income tax expense
Income tax expense was $7.5 million in the fourth quarter of 2017 compared to $1.8 million in the prior year quarter. As a result of the Tax Act, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense in the fourth quarter of 2017. Income tax expense in the fourth quarter of 2016 included a $137,000 write-off of a deferred tax asset associated with the establishment of the Bank’s foundation in 2011.
For the year ended December 31, 2017 compared with the year ended December 31, 2016
Net interest income
Net interest income increased $9.2 million or 13% to $80.4 million for the year ended 2017 compared to $71.3 million for the year ended 2016 primarily due to a $234.1 million increase in the average loans balance and an 11 basis point increase in the loans yield to 3.68% offset by a $2.3 million increase in interest expense. Net interest margin was 2.93% for the year ended 2017 compared to 2.80% for the year ended 2016. The total interest-earning assets yield increased 18 basis points to 3.57% for the year ended 2017 compared to 3.39% for the year ended 2016 primarily due to an increase in yield on our loan and securities portfolios. The cost of interest-bearing liabilities increased 4 basis points to 82 basis points for the year ended 2017 compared to 78 basis points for the year ended 2016.
Provision for loan losses
Provision for loan losses was $1.6 million for the year ended 2017 compared to $2.3 million for the year ended 2016. Net charge-offs for the year ended 2017 were $632,000 or 0.02% to average loans compared to $1.0 million or 0.04% to average loans for the year ended 2016. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 compared to 0.85% at December 31, 2016.
Noninterest income
Total noninterest income increased $761,000 to $13.5 million for the year ended 2017 compared to $12.7 million for the year ended 2016. Fees for customer services increased $252,000 to $6.4 million for the year ended 2017 compared to the year ended 2016 driven by our growth in checking accounts and debit card fees. Net gain on loans sold decreased $508,000 to $2.6 million for the year ended 2017 compared to the year ended 2016 as a result of a decrease in volume of loans sold. Bank owned life insurance income increased $211,000 to $1.6 million for the year ended 2017 compared to the year ended 2016 primarily due to $194,000 more in bank owned life insurance proceeds in 2017 than in the prior year. Other noninterest income increased $801,000 to $2.7 million for the year ended 2017 compared to the year ended 2016 primarily due to a $206,000 increase in swap fee income, a $161,000 increase in loan servicing fees for others and $319,000 SBIC fund impairment in the prior year offset by a $159,000 decrease in mortgage banking derivatives. Other noninterest income includes swap fees totaling $1.8 million compared to $1.6 million in the prior year.
Noninterest expense
Noninterest expense increased $1.8 million to $62.3 million for the year ended 2017 compared to $60.5 million for the year ended 2016. Salaries and employee benefits increased $1.6 million to $38.6 million for the year ended 2017 compared to the year ended 2016. The increase is primarily due to general salary increases which became effective in mid-March and $343,000 in severance expense. Marketing increased $400,000 primarily due to efforts to increase the Bank’s sales support in central Connecticut and western Massachusetts. Other operating expenses decreased $325,000 to $10.5 million for the year ended 2017 compared to the prior year primarily due to a $296,000 decrease in directors’ share-based compensation expense as a result of the majority of the 2012 Stock Incentive Plan fully vesting in September 2016.
Income tax expense
Income tax expense was $13.9 million for the year ended 2017 compared to $5.9 million for the year ended 2016. As a result of the Tax Act, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense in the fourth quarter of 2017. Income tax expense in 2016 included a $137,000 write-off of a deferred tax asset associated with the establishment of the Bank’s foundation in 2011.
December 31, 2017 compared to December 31, 2016
Financial Condition
Total assets increased $212.7 million or 8% at December 31, 2017 to $3.0 billion compared to $2.8 billion at December 31, 2016, reflecting a $199.7 million increase in net loans. Our investment portfolio totaled $162.2 million at December 31, 2017 compared to $136.6 million at December 31, 2016, an increase of $25.7 million. Net loans increased $199.7 million or 8% at December 31, 2017 to $2.7 billion compared to $2.5 billion at December 31, 2016 due to our continued focus on commercial and residential lending. Deposits increased $219.0 million or 10% to $2.4 billion at December 31, 2017 compared to $2.2 billion at December 31, 2016 primarily due to an increase in retail deposits as we continue to develop and grow relationships in the geographical areas we serve. We had municipal deposit balances totaling $437.1 million and $394.5 million at December 31, 2017 and 2016, respectively. Federal Home Loan Bank of Boston advances decreased $31.6 million to $255.5 million at December 31, 2017 compared to $287.1 million at December 31, 2016.
Asset Quality
At December 31, 2017 the allowance for loan losses represented 0.82% of total loans and 142.15% of non-accrual loans, compared to 0.82% of total loans and 145.06% of non-accrual loans at September 30, 2017 and 0.85% of total loans and 122.60% of non-accrual loans at December 31, 2016. Loan delinquencies 30 days and greater represented 0.63% of total loans at December 31, 2017 compared to 0.66% of total loans at September 30, 2017 and 0.68% of total loans at December 31, 2016. Non-accrual loans represented 0.58% of total loans at December 31, 2017 compared to 0.57% of total loans at September 30, 2017 and 0.69% of total loans at December 31, 2016. Net charge-offs in the quarter were $53,000 or 0.01% to average loans (annualized) compared to $52,000 or 0.01% to average loans (annualized) in the linked quarter and $350,000 or 0.06% to average loans (annualized) in the prior year quarter.
Capital and Liquidity
The Company remained well-capitalized with an estimated total capital to risk-weighted asset ratio of 12.38% at December 31, 2017. Tangible book value per share is $17.08 compared to $17.12 on a linked quarter basis and $16.37 at December 31, 2016. The Company had 600,945 shares remaining to repurchase at December 31, 2017 from prior regulatory approval. Repurchased shares are held as treasury stock and will be available for general corporate purposes. At December 31, 2017, the Company continued to have adequate liquidity including significant unused borrowing capacity at the Federal Home Loan Bank of Boston and the Federal Reserve Bank, as well as access to funding through brokered deposits and pre-approved unsecured lines of credit.
About First Connecticut Bancorp, Inc.
First Connecticut Bancorp, Inc. (NASDAQ:FBNK) is a Maryland-chartered stock holding company that wholly owns Farmington Bank. Farmington Bank is a full-service, community bank with 24 branch locations throughout central Connecticut and western Massachusetts, offering commercial and residential lending as well as wealth management services. Established in 1851, Farmington Bank is a diversified consumer and commercial bank with an ongoing commitment to contribute to the betterment of the communities in our region. For more information regarding the Bank’s products and services and for First Connecticut Bancorp, Inc. investor relations information, please visit www.farmingtonbankct.com .
Conference Call
First Connecticut will host a conference call on Thursday, January 25, 2018 at 10:30am Eastern Time to discuss fourth quarter results. Those wishing to participate in the call may dial-in to the call at 1-888-336-7151. The Canada dial-in number is 1-855-669-9657 and the international dial-in number is 1-412-902-4177. A webcast of the call will be available on the Investor Relations Section of the Farmington Bank website for an extended period of time.
Forward Looking Statements
In addition to historical information, this earnings release may contain for purposes of applicable securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be . Such may or may not include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements are subject to numerous assumptions, risks and uncertainties. There are a number of important factors described in documents previously filed by the Company Commission, and other factors that could cause the Company's actual results to differ materially from those contemplated by such . The Company undertakes no obligation to publicly release the results of any revisions to those which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Measures
In addition to evaluating the Company’s financial performance in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements their evaluation with an analysis of certain non-GAAP financial measures, such as core net income, the efficiency ratio and tangible book value per share. A reconciliation to the most directly comparable GAAP financial measure; net income in the case of core net income and the efficiency ratio and stockholders’ equity in the case of tangible book value per share, appears in the accompanying Reconciliation of Non-GAAP Financial Measures table.
We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. Specifically, we provide measures based on what we believe are our operating earnings on a consistent basis and exclude non-core operating items which affect the GAAP reporting of results of operations. The Company believes that core net income is useful for both investors and management to understand the effects of items that are non-recurring and infrequent in nature. The Company believes that the efficiency ratio, which measures the costs expended to generate a dollar of revenue, is useful in the assessment of financial performance, including non-interest expense control. The Company believes that tangible book value per share is useful to evaluate the relative strength of the Company’s capital position. The Company does not have goodwill and intangible assets for any of the periods presented. As such, tangible book value per common share is equal to book value per common share.
We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.
First Connecticut Bancorp, Inc. Selected Financial Data (Unaudited) At or for the Three Months Ended December 31, September 30, June 30, March 31, December 31, (Dollars in thousands, except per share data) 2017 2017 2017 2017 2016 Selected Financial Condition Data: Total assets $ 3,050,286 $ 3,001,679 $ 2,992,126 $ 2,904,264 $ 2,837,555 Cash and cash equivalents 35,350 44,475 46,551 36,427 47,723 Securities held-to-maturity, at amortized cost 74,985 56,848 50,655 50,320 33,061 Securities available-for-sale, at fair value 87,251 87,299 112,443 105,541 103,520 Federal Home Loan Bank of Boston stock, at cost 15,537 15,954 19,583 16,418 16,378 Loans, net 2,725,633 2,676,411 2,644,618 2,585,521 2,525,983 Deposits 2,434,100 2,382,551 2,245,004 2,287,852 2,215,090 Federal Home Loan Bank of Boston advances 255,458 271,458 389,458 282,057 287,057 Total stockholders' equity 272,459 273,193 268,836 264,667 260,176 Allowance for loan losses 22,448 22,202 22,037 21,349 21,529 Non-accrual loans 15,792 15,305 16,022 15,976 17,561 Impaired loans 30,194 29,924 30,007 32,407 34,273 Loan delinquencies 30 days and greater 17,254 17,808 16,059 17,346 17,271 Selected Operating Data: Interest income $ 25,551 $ 25,604 $ 24,116 $ 23,212 $ 22,160 Interest expense 5,023 4,756 4,293 3,962 4,038 Net interest income 20,528 20,848 19,823 19,250 18,122 Provision for loan losses 299 217 710 325 616 Net interest income after provision for loan losses 20,229 20,631 19,113 18,925 17,506 Noninterest income 3,158 3,300 3,876 3,165 3,536 Noninterest expense 15,387 15,919 15,878 15,152 15,099 Income before income taxes 8,000 8,012 7,111 6,938 5,943 Income tax expense 7,503 2,415 2,109 1,845 1,757 Net income $ 497 $ 5,597 $ 5,002 $ 5,093 $ 4,186 Performance Ratios (annualized): Return on average assets 0.07 % 0.74 % 0.68 % 0.71 % 0.59 % Core return on average assets 0.73 % 0.73 % 0.68 % 0.70 % 0.58 % Return on average equity 0.72 % 8.17 % 7.43 % 7.67 % 6.43 % Core return on average equity 7.86 % 8.01 % 7.36 % 7.59 % 6.36 % Net interest rate spread (1) 2.71 % 2.77 % 2.74 % 2.76 % 2.57 % Net interest rate margin (2) 2.91 % 2.95 % 2.92 % 2.94 % 2.75 % Non-interest expense to average assets (3) 2.05 % 2.11 % 2.12 % 2.12 % 2.13 % Efficiency ratio (4) 65.06 % 66.38 % 66.31 % 67.85 % 70.64 % Average interest-earning assets to average interest-bearing liabilities 129.44 % 128.50 % 128.46 % 129.85 % 130.20 % Loans to deposits 113 % 113 % 119 % 114 % 115 % Asset Quality Ratios: Allowance for loan losses as a percent of total loans 0.82 % 0.82 % 0.83 % 0.82 % 0.85 % Allowance for loan losses as a percent of non-accrual loans 142.15 % 145.06 % 137.54 % 133.63 % 122.60 % Net charge-offs (recoveries) to average loans (annualized) 0.01 % 0.01 % 0.00 % 0.08 % 0.06 % Non-accrual loans as a percent of total loans 0.58 % 0.57 % 0.60 % 0.61 % 0.69 % Non-accrual loans as a percent of total assets 0.52 % 0.51 % 0.54 % 0.55 % 0.62 % Loan delinquencies 30 days and greater as a percent of total loans 0.63 % 0.66 % 0.60 % 0.67 % 0.68 % Per Share Related Data: Basic earnings per share $ 0.03 $ 0.37 $ 0.33 $ 0.34 $ 0.28 Diluted earnings per share $ 0.03 $ 0.35 $ 0.32 $ 0.32 $ 0.27 Dividends declared per share $ 0.15 $ 0.14 $ 0.12 $ 0.11 $ 0.09 Tangible book value (5) $ 17.08 $ 17.12 $ 16.86 $ 16.62 $ 16.37 Common stock shares outstanding 15,952,946 15,952,946 15,942,614 15,923,514 15,897,698 Weighted-average basic shares outstanding 15,174,285 15,143,379 15,107,190 15,068,036 14,973,610 Weighted-average diluted shares outstanding 15,882,690 15,820,659 15,791,112 15,691,338 15,502,481 (1) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities on a tax-equivalent basis. (2) Represents tax-equivalent net interest income as a percent of average interest-earning assets. (3) Represents core noninterest expense annualized divided by average assets. See "Reconciliation of Non-GAAP Financial Measures" table. (4) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income. See "Reconciliation of Non-GAAP Financial Measures" table. (5) Represents ending stockholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding. The Company does not have goodwill and intangible assets for any of the periods presented. See "Reconciliation of Non-GAAP Financial Measures" table.
First Connecticut Bancorp, Inc. Selected Financial Data (Unaudited) At or for the Three Months Ended December 31, September 30, June 30, March 31, December 31, (Dollars in thousands) 2017 2017 2017 2017 2016 Capital Ratios: Equity to total assets at end of period 8.93 % 9.10 % 8.98 % 9.11 % 9.17 % Average equity to average assets 9.23 % 9.10 % 9.18 % 9.28 % 9.18 % Total Capital (to Risk Weighted Assets) 12.38 % * 12.50 % 12.45 % 12.67 % 12.80 % Tier I Capital (to Risk Weighted Assets) 11.45 % * 11.57 % 11.53 % 11.74 % 11.84 % Common Equity Tier I Capital 11.45 % * 11.57 % 11.53 % 11.74 % 11.84 % Tier I Leverage Capital (to Average Assets) 9.23 % * 9.23 % 9.36 % 9.45 % 9.39 % Total equity to total average assets 9.05 % 9.07 % 9.17 % 9.25 % 9.18 % * Estimated Loans and Allowance for Loan Losses: Real estate Residential $ 989,366 $ 969,679 $ 962,732 $ 954,764 $ 907,946 Commercial 1,063,755 1,028,930 1,020,560 992,861 979,370 Construction 90,059 86,713 74,063 60,694 49,679 Commercial 429,116 436,172 431,243 420,747 430,539 Home equity line of credit 165,070 166,791 168,278 168,157 170,786 Other 5,650 5,733 5,410 5,375 5,348 Total loans 2,743,016 2,694,018 2,662,286 2,602,598 2,543,668 Net deferred loan costs 5,065 4,595 4,369 4,272 3,844 Loans 2,748,081 2,698,613 2,666,655 2,606,870 2,547,512 Allowance for loan losses (22,448 ) (22,202 ) (22,037 ) (21,349 ) (21,529 ) Loans, net $ 2,725,633 $ 2,676,411 $ 2,644,618 $ 2,585,521 $ 2,525,983 Deposits: Noninterest-bearing demand deposits $ 473,428 $ 437,372 $ 445,049 $ 437,385 $ 441,283 Interest-bearing NOW accounts 623,135 652,631 547,868 622,844 542,764 Money market 559,297 549,674 522,070 521,759 532,681 Savings accounts 237,380 233,330 241,898 239,743 233,792 Certificates of deposit 540,860 509,544 488,119 466,121 464,570 Total interest-bearing deposits 1,960,672 1,945,179 1,799,955 1,850,467 1,773,807 Total deposits $ 2,434,100 $ 2,382,551 $ 2,245,004 $ 2,287,852 $ 2,215,090
First Connecticut Bancorp, Inc. Consolidated Statements of Condition (Unaudited) December 31, September 30, December 31, 2017 2017 2016 (Dollars in thousands) Assets Cash and due from banks $ 33,320 $ 35,452 $ 44,086 Interest bearing deposits with other institutions 2,030 9,023 3,637 Total cash and cash equivalents 35,350 44,475 47,723 Securities held-to-maturity, at amortized cost 74,985 56,848 33,061 Securities available-for-sale, at fair value 87,251 87,299 103,520 Loans held for sale 5,295 6,902 3,270 Loans (1) 2,748,081 2,698,613 2,547,512 Allowance for loan losses (22,448 ) (22,202 ) (21,529 ) Loans, net 2,725,633 2,676,411 2,525,983 Premises and equipment, net 16,845 17,005 18,002 Federal Home Loan Bank of Boston stock, at cost 15,537 15,954 16,378 Accrued income receivable 8,979 8,039 7,432 Bank-owned life insurance 57,511 57,156 51,726 Deferred income taxes 7,662 13,965 14,795 Prepaid expenses and other assets 15,238 17,625 15,665 Total assets $ 3,050,286 $ 3,001,679 $ 2,837,555 Liabilities and Stockholders' Equity Deposits Interest-bearing $ 1,960,672 $ 1,945,179 $ 1,773,807 Noninterest-bearing 473,428 437,372 441,283 2,434,100 2,382,551 2,215,090 Federal Home Loan Bank of Boston advances 255,458 271,458 287,057 Repurchase agreement borrowings 10,500 10,500 10,500 Repurchase liabilities 34,496 21,538 18,867 Accrued expenses and other liabilities 43,273 42,439 45,865 Total liabilities 2,777,827 2,728,486 2,577,379 Stockholders' Equity Common stock 181 181 181 Additional paid-in-capital 185,779 185,319 184,111 Unallocated common stock held by ESOP (9,539 ) (9,796 ) (10,567 ) Treasury stock, at cost (29,620 ) (29,620 ) (30,400 ) Retained earnings 131,887 133,337 123,541 Accumulated other comprehensive loss (6,229 ) (6,228 ) (6,690 ) Total stockholders' equity 272,459 273,193 260,176 Total liabilities and stockholders' equity $ 3,050,286 $ 3,001,679 $ 2,837,555 (1) Loans include net deferred fees and unamortized premiums of $5.1 million, $4.6 million and $3.8 million at December 31, 2017, September 30, 2017 and December 31, 2016, respectively.
First Connecticut Bancorp, Inc. Consolidated Statements of Income (Unaudited) Three Months Ended For The Year Ended December 31, September 30, December 31, December 31, (Dollars in thousands, except per share data) 2017 2017 2016 2017 2016 Interest income Interest and fees on loans Mortgage $ 19,143 $ 19,165 $ 16,451 $ 73,922 $ 64,612 Other 5,494 5,535 5,058 21,185 19,613 Interest and dividends on investments United States Government and agency obligations 613 602 335 2,287 1,620 Other bonds 4 6 10 24 50 Corporate stocks 259 242 231 916 912 Other interest income 38 54 75 149 179 Total interest income 25,551 25,604 22,160 98,483 86,986 Interest expense Deposits 3,888 3,423 3,010 13,248 11,456 Interest on borrowed funds 1,031 1,230 924 4,374 3,826 Interest on repo borrowings 95 95 96 381 385 Interest on repurchase liabilities 9 8 8 31 64 Total interest expense 5,023 4,756 4,038 18,034 15,731 Net interest income 20,528 20,848 18,122 80,449 71,255 Provision for loan losses 299 217 616 1,551 2,332 Net interest income after provision for loan losses 20,229 20,631 17,506 78,898 68,923 Noninterest income Fees for customer services 1,663 1,662 1,537 6,403 6,151 Net gain on loans sold 598 872 925 2,597 3,105 Brokerage and insurance fee income 59 54 47 218 213 Bank owned life insurance income 354 357 361 1,628 1,417 Other 484 355 666 2,653 1,852 Total noninterest income 3,158 3,300 3,536 13,499 12,738 Noninterest expense Salaries and employee benefits 9,564 9,668 9,109 38,595 36,983 Occupancy expense 1,261 1,312 1,211 5,073 4,890 Furniture and equipment expense 931 1,054 983 3,954 4,082 FDIC assessment 436 419 424 1,693 1,603 Marketing 578 717 523 2,570 2,170 Other operating expenses 2,617 2,749 2,849 10,451 10,776 Total noninterest expense 15,387 15,919 15,099 62,336 60,504 Income before income taxes 8,000 8,012 5,943 30,061 21,157 Income tax expense 7,503 2,415 1,757 13,872 5,942 Net income $ 497 $ 5,597 $ 4,186 $ 16,189 $ 15,215 Earnings per share: Basic $ 0.03 $ 0.37 $ 0.28 $ 1.07 $ 1.02 Diluted 0.03 0.35 0.27 1.02 1.00 Weighted average shares outstanding: Basic 15,174,285 15,143,379 14,973,610 15,123,568 14,821,391 Diluted 15,882,690 15,820,659 15,502,481 15,797,039 15,196,011
First Connecticut Bancorp, Inc. Consolidated Average Balances, Yields and Rates (Unaudited) For The Three Months Ended December 31, 2017 September 30, 2017 December 31, 2016 Average Balance Interest and
Dividends (1) Yield/
Cost Average
Balance Interest and
Dividends (1) Yield/
Cost Average
Balance Interest and
Dividends (1) Yield/
Cost (Dollars in thousands) Interest-earning assets: Loans $ 2,714,017 $ 25,272 3.69 % $ 2,697,978 $ 25,342 3.73 % $ 2,497,897 $ 22,092 3.52 % Securities 147,768 676 1.81 % 159,450 660 1.64 % 131,837 402 1.21 % Federal Home Loan Bank of Boston stock 14,860 200 5.34 % 18,284 190 4.12 % 15,200 174 4.55 % Federal funds and other earning assets 7,833 38 1.92 % 10,089 54 2.12 % 60,518 75 0.49 % Total interest-earning assets 2,884,478 26,186 3.60 % 2,885,801 26,246 3.61 % 2,705,452 22,743 3.34 % Noninterest-earning assets 124,537 126,234 128,332 Total assets $ 3,009,015 $ 3,012,035 $ 2,833,784 Interest-bearing liabilities: NOW accounts $ 624,372 $ 916 0.58 % $ 644,947 $ 832 0.51 % $ 552,444 $ 443 0.32 % Money market 558,743 1,212 0.86 % 519,265 982 0.75 % 557,864 1,109 0.79 % Savings accounts 235,058 65 0.11 % 233,878 63 0.11 % 229,052 64 0.11 % Certificates of deposit 517,252 1,695 1.30 % 489,203 1,546 1.25 % 471,023 1,394 1.18 % Total interest-bearing deposits 1,935,425 3,888 0.80 % 1,887,293 3,423 0.72 % 1,810,383 3,010 0.66 % Federal Home Loan Bank of Boston Advances 252,775 1,031 1.62 % 320,219 1,230 1.52 % 226,766 924 1.62 % Repurchase agreement borrowings 10,500 95 3.59 % 10,500 95 3.59 % 10,500 96 3.64 % Repurchase liabilities 29,796 9 0.12 % 27,695 8 0.11 % 30,245 8 0.11 % Total interest-bearing liabilities 2,228,496 5,023 0.89 % 2,245,707 4,756 0.84 % 2,077,894 4,038 0.77 % Noninterest-bearing deposits 454,278 446,428 434,659 Other noninterest-bearing liabilities 48,593 45,905 61,023 Total liabilities 2,731,367 2,738,040 2,573,576 Stockholders' equity 277,648 273,995 260,208 Total liabilities and stockholders' equity $ 3,009,015 $ 3,012,035 $ 2,833,784 Tax-equivalent net interest income $ 21,163 $ 21,490 $ 18,705 Less: tax-equivalent adjustment (635 ) (642 ) (583 ) Net interest income $ 20,528 $ 20,848 $ 18,122 Net interest rate spread (2) 2.71 % 2.77 % 2.57 % Net interest-earning assets (3) $ 655,982 $ 640,094 $ 627,558 Net interest margin (4) 2.91 % 2.95 % 2.75 % Average interest-earning assets to average interest-bearing liabilities 129.44 % 128.50 % 130.20 % (1) On a fully-tax equivalent basis. (2) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities on a tax-equivalent basis. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents tax-equivalent net interest income divided by average total interest-earning assets.
First Connecticut Bancorp, Inc. Consolidated Average Balances, Yields and Rates (Unaudited) For The Years Ended December 31, 2017 2016 Average
Balance Interest and
Dividends (1) Yield/
Cost Average
Balance Interest and
Dividends (1) Yield/
Cost (Dollars in thousands) Interest-earning assets: Loans $ 2,654,943 $ 97,615 3.68 % $ 2,420,859 $ 86,374 3.57 % Securities 151,878 2,524 1.66 % 150,582 1,881 1.25 % Federal Home Loan Bank of Boston stock 16,842 703 4.17 % 17,738 701 3.95 % Federal funds and other earning assets 8,006 149 1.86 % 36,679 179 0.49 % Total interest-earning assets 2,831,669 100,991 3.57 % 2,625,858 89,135 3.39 % Noninterest-earning assets 122,324 129,826 Total assets $ 2,953,993 $ 2,755,684 Interest-bearing liabilities: NOW accounts $ 616,962 $ 2,850 0.46 % $ 513,256 $ 1,544 0.30 % Money market 533,213 4,143 0.78 % 512,396 4,119 0.80 % Savings accounts 235,608 252 0.11 % 223,499 241 0.11 % Certificates of deposit 486,449 6,003 1.23 % 469,493 5,552 1.18 % Total interest-bearing deposits 1,872,232 13,248 0.71 % 1,718,644 11,456 0.67 % Federal Home Loan Bank of Boston Advances 283,683 4,374 1.54 % 257,281 3,826 1.49 % Repurchase agreement borrowings 10,500 381 3.63 % 10,500 385 3.67 % Repurchase liabilities 27,814 31 0.11 % 42,700 64 0.15 % Total interest-bearing liabilities 2,194,229 18,034 0.82 % 2,029,125 15,731 0.78 % Noninterest-bearing deposits 441,347 412,155 Other noninterest-bearing liabilities 46,804 60,008 Total liabilities 2,682,380 2,501,288 Stockholders' equity 271,613 254,396 Total liabilities and stockholders' equity $ 2,953,993 $ 2,755,684 Tax-equivalent net interest income $ 82,957 $ 73,404 Less: tax-equivalent adjustment (2,508 ) (2,149 ) Net interest income $ 80,449 $ 71,255 Net interest rate spread (2) 2.75 % 2.61 % Net interest-earning assets (3) $ 637,440 $ 596,733 Net interest margin (4) 2.93 % 2.80 % Average interest-earning assets to average interest-bearing liabilities 129.05 % 129.41 % (1) On a fully-tax equivalent basis. (2) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities on a tax-equivalent basis. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents tax-equivalent net interest income divided by average total interest-earning assets.
First Connecticut Bancorp, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) The table below presents a reconciliation of non-GAAP financial measures with financial measures defined by GAAP for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017 and December 31, 2016. The Company believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Company. At or for the Three Months Ended December 31, September 30, June 30, March 31, December 31, (Dollars in thousands, except per share data) 2017 2017 2017 2017 2016 Net Income $ 497 $ 5,597 $ 5,002 $ 5,093 $ 4,186 Adjustments: Plus: Severance expense - - 343 - - Plus: Mortgage servicing rights (recovery) impairment - - - - (283 ) Less: Prepayment penalty fees (36 ) (165 ) - (84 ) - Less: Bank-owned life insurance proceeds - - (271 ) - - Total core adjustments before taxes (36 ) (165 ) 72 (84 ) (283 ) Tax (expense) benefit on core adjustments 13 58 (120 ) 29 99 Tax rate reduction due to Tax Cuts and Jobs Act 4,981 - - - - Deferred tax asset write-off (1) - - - - 137 Total core adjustments after taxes 4,958 (107 ) (48 ) (55 ) (47 ) Total core net income $ 5,455 $ 5,490 $ 4,954 $ 5,038 $ 4,139 Total net interest income $ 20,528 $ 20,848 $ 19,823 $ 19,250 $ 18,122 Less: Prepayment penalty fees (36 ) (165 ) - (84 ) - Total core net interest income $ 20,492 $ 20,683 $ 19,823 $ 19,166 $ 18,122 Total noninterest income $ 3,158 $ 3,300 $ 3,876 $ 3,165 $ 3,536 Plus: Mortgage servicing rights (recovery) impairment - - - - (283 ) Less: Bank-owned life insurance proceeds - - (271 ) - - Total core noninterest income $ 3,158 $ 3,300 $ 3,605 $ 3,165 $ 3,253 Total noninterest expense $ 15,387 $ 15,919 $ 15,878 $ 15,152 $ 15,099 Less: Severance expense - - (343 ) - - Total core noninterest expense $ 15,387 $ 15,919 $ 15,535 $ 15,152 $ 15,099 Core earnings per common share, diluted $ 0.34 $ 0.35 $ 0.31 $ 0.32 $ 0.27 Core net interest rate margin (2) 2.91 % 2.93 % 2.92 % 2.92 % 2.75 % Core return on average assets (annualized) 0.73 % 0.73 % 0.68 % 0.70 % 0.58 % Core return on average equity (annualized) 7.86 % 8.01 % 7.36 % 7.59 % 6.36 % Core non-interest expense to average assets (annualized) 2.05 % 2.11 % 2.12 % 2.12 % 2.13 % Efficiency ratio (3) 65.06 % 66.38 % 66.31 % 67.85 % 70.64 % Tangible book value (4) $ 17.08 $ 17.12 $ 16.86 $ 16.62 $ 16.37 (1) Represents a write-off of the remaining deferred tax asset associated with the establishment of the Bank’s foundation in 2011. (2) Represents tax-equivalent core net interest income as a percent of average interest-earning assets. (3) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income. (4) Represents ending stockholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding. The Company does not have goodwill and intangible assets for any of the periods presented.
First Connecticut Bancorp, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) The table below presents a reconciliation of non-GAAP financial measures with financial measures defined by GAAP for the years ended December 31, 2017 and December 31, 2016. The Company believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Company. At or for the Year Ended December 31, (Dollars in thousands, except per share data) 2017 2016 Net Income $ 16,189 $ 15,215 Adjustments: Plus: Employee severance 343 - Less: Prepayment penalty fees (285 ) (380 ) Less: Off-balance sheet commitment change in accounting estimate - (423 ) Less: Bank-owned life insurance proceeds (271 ) (77 ) Total core adjustments before taxes (213 ) (880 ) Tax (expense) benefit on core adjustments (20 ) 282 Deferred tax asset write-off (1) - 137 Tax rate reduction (2) 4,981 - Total core adjustments after taxes 4,748 (461 ) Total core net income $ 20,937 $ 14,754 Total net interest income $ 80,449 $ 71,255 Less: Prepayment penalty fees (285 ) (380 ) Total core net interest income $ 80,164 $ 70,875 Total noninterest income $ 13,499 $ 12,738 Less: Bank-owned life insurance proceeds (271 ) (77 ) Total core noninterest income $ 13,228 $ 12,661 Total noninterest expense $ 62,336 $ 60,504 Plus: Off-balance sheet commitments change in accounting estimate - 423 Less: Employee severances (343 ) - Total core noninterest expense $ 61,993 $ 60,927 Core earnings per common share, diluted $ 1.32 $ 0.97 Core net interest rate margin (3) 2.92 % 2.78 % Core return on average assets (annualized) 0.71 % 0.54 % Core return on average equity (annualized) 7.71 % 5.80 % Core non-interest expense to average assets (annualized) 2.10 % 2.21 % Efficiency ratio (4) 66.38 % 72.94 % Tangible book value (5) $ 17.08 $ 16.37 (1) Represents a write-off of the remaining deferred tax asset associated with the establishment of the Bank’s foundation in 2011. (2) Represents the reduction in the value of the Company's deferred tax asset as a result of the Tax Cuts and Jobs Act enacted on December 22, 2017, which lowered the Company's federal tax rate from 35% to 21%. (3) Represents tax-equivalent core net interest income as a percent of average interest-earning assets. (4) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income. (5) Represents ending stockholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding. The Company does not have goodwill and intangible assets for any of the periods presented. CONTACT:
Jennifer H. Daukas
Senior Vice President
Corporate Secretary/Investor Relations Officer
One Farm Glen Boulevard, Farmington, CT 06032
P 860-284-6359 | F 860-409-3316
jdaukas@farmingtonbankct.com
farmingtonbankct.com
Source:First Connecticut Bancorp, Inc. | http://www.cnbc.com/2018/01/24/globe-newswire-first-connecticut-bancorp-inc-reports-fourth-quarter-2017-net-income-of-497000-or-0-point-03-diluted-earnings-per-share.html | 7,802 |
U.S. Government Bonds Strengthen After BOJ’s Kuroda Stands By Stimulus | 0 COMMENTS U.S. government bonds strengthened Tuesday after Bank of Japan Gov. Haruhiko Kuroda undercut speculation that the central bank was close to ending its postcrisis stimulus policies.
The yield on the benchmark 10-year U.S. Treasury note settled at 2.622%, compared with 2.663% Monday, logging its first decline after four sessions of increases. Yields fall when bond prices rise.
Following the BOJ’s latest policy meeting, Mr. Kuroda said the central bank wasn’t ready to even discuss an exit to its monetary stimulus, given that inflation was still less than halfway to the bank’s target.
That message helped bolster government bonds across developed markets, sending a cautionary signal to investors that major central banks could take their time in shifting to tighter monetary policies despite an improved global-growth outlook.
Investors and analysts widely agree that bond-buying programs by the BOJ and European Central Bank have played a large role in dragging down yields globally. The purchases have made bonds in those regions more scarce and driven yield-starved investors to buy U.S. fixed-income assets.
Investors have speculated recently that better economic data would allow both the BOJ and ECB to stop adding to their bond portfolios, contributing to a large increase in Treasury yields.
After finishing 2017 at 2.409%, the 10-year Treasury yield moved above 2.6% last week and settled Monday at its highest level since April 2014.
Stoking the speculation about central banks, minutes from the ECB’s December meeting revealed officials “widely” agreed that the bank needed to change its guidance to investors early this year to better reflect the state of the eurozone economy. Earlier this month, the BOJ also bought fewer long-term Japanese government bonds than investors had expected, a move that added to market jitters even as some analysts dismissed it as unimportant.
Many investors and analysts expect the Treasurys market to remain under pressure in the coming months, as long as the economy stays on its current trajectory.
“In general we think over the next couple of months yields should across the curve grind higher,” said John Herrmann, rates strategist at MUFG Securities in New York. One possibility, he said, is that the Federal Reserve could raise its forecasts for economic growth and inflation, causing a big jump in long-term Treasury yields.
Though consumer prices have been rising slowly, many investors expect falling unemployment to eventually lead to higher inflation, which is a main threat to government bonds because it erodes the purchasing power of their fixed payments and can make it easier for the Fed to raise interest rates.
Write to Sam Goldfarb at sam.goldfarb@wsj.com | https://www.wsj.com/articles/u-s-government-bonds-strengthen-after-bojs-kuroda-stands-by-stimulus-1516724794 | 451 |
CORRECTED-Brookfield Business Partners to buy Westinghouse for about $4.6 bln | January 4, 2018 / 2:31 PM / Updated 6 minutes ago CORRECTED-Brookfield Business Partners to buy Westinghouse for about $4.6 bln Reuters Staff 1 Min Read
(Corrects New York stock symbol for Brookfield Business Partners to BBU.N from BAM.N in first paragraph)
Jan 4 (Reuters) - A group of investors led by Brookfield Business Partners LP said on Thursday it would buy bankrupt nuclear services firm Westinghouse Electric Co from Toshiba Corp for about $4.6 billion.
Westinghouse filed for bankruptcy in March after two nuclear power plants it had designed and was constructing in the U.S. Southeast had gone billions of dollars over their fixed-cost contracts.
The deal is expected to close in the third quarter of 2018. Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila | https://www.reuters.com/article/westinghouse-ma-brookfieldbusinesspartne/brookfield-business-partners-to-buy-westinghouse-for-about-4-6-bln-idUSL4N1OZ3UB | 133 |
US STOCKS-Wall St set to dip at open, Apple likely to weigh | * Apple drops on reports of slowing iPhone X production
* Dr Pepper Snapple soars on deal to merge with Keurig
* Lockheed Martin higher after upbeat 2018 earnings forecast
* Facebook, Amazon to report this week; payroll data due
* Futures down: Dow 40 pts, S&P 6.25 pts, Nasdaq 15.25 pts (Adds details, comment, updates prices)
By Tanya Agrawal
Jan 29 (Reuters) - U.S. stocks looked set for a softer opening on Monday, easing from record levels hit last week and as investors brace for a busy week in terms of earnings and economic reports.
Also likely to weigh was Apple’s 0.76 percent drop in premarket trading after the Nikkei reported the company would make half the number of iPhone Xs than planned this quarter. Apple is set to report results later this week.
U.S. Treasury yields were at multi-year highs, extending gains from last week on the back of strong economic data and as investors braced for major central banks to step back from ultra-easy monetary policies.
The Federal Reserve’s two-day meeting starts Tuesday. And while no interest rate hike is expected, outgoing Fed Chair Janet Yellen’s last statement will be scrutinized for clues on the future path of rate hikes.
The nonfarm payrolls report on Friday is also expected to show the U.S. economy added more jobs in January than in December.
Besides Apple, heavyweights Alphabet, Facebook , Microsoft and Amazon are to report results this week, as are Dow components Pfizer and DowDuPont.
“The upcoming results should provide further evidence of a strong earnings season under way,” Peter Cardillo, chief market economist at First Standard Financial in New York, wrote in a client note.
“Investors’ confidence remains strong and it is likely to strengthen. However, the amount of money being poured into stocks is one more reason to be more cautious than ever.”
At 8:33 a.m. ET (1330 GMT), Dow e-minis were down 40 points, or 0.15 percent, with 47,228 contracts changing hands.
S&P 500 e-minis were down 6.25 points, or 0.22 percent, with 180,289 contracts traded.
Nasdaq 100 e-minis were down 15.25 points, or 0.22 percent, on volume of 50,122 contracts.
The three major U.S. indexes are coming off their best four-week run since 2016, propelled by strong earnings and economic data.
Fourth-quarter earnings growth for the S&P 500 is now estimated at 13.2 percent, according to Thomson Reuters data, up from 12 percent at the start of the year.
A Commerce Department report Monday showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month – in line with estimates and compared with November’s 0.8 percent rise.
Among stocks, Lockheed Martin rose 3.2 percent in premarket trading after the weapons supplier forecast higher 2018 earnings.
Dr Pepper Snapple Group soared 38.7 percent after K-cup maker Keurig Green Mountain said it will buy the soda maker.
Avon Products was up 12.8 percent after a group of its shareholders asked the cosmetics maker to explore strategic alternatives, including a possible sale. (Reporting by Tanya Agrawal; Editing by Savio D‘Souza)
| https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-set-to-dip-at-open-apple-likely-to-weigh-idUSL4N1PO4F5 | 544 |
UPDATE 1-Britain's FTSE seals new record as banks rally | January 10, 2018 / 4:56 PM / Updated an hour ago UPDATE 1-Britain's FTSE seals new record as banks rally Reuters Staff
* FTSE 100 up 0.2 pct at new record
* RBS leads banks after upgrade
* Sainsbury‘s, Ted Baker rise following Xmas updates
* Spreadbetters hit by FCA warning (Updates prices, adds detail)
By Kit Rees and Helen Reid
LONDON, Jan 10 (Reuters) - A rise in banks and oil stocks boosted the UK’s top share index to a fresh record on Wednesday as climbing bond yields supported financials across Europe.
Britain’s blue chip FTSE 100 index was up 0.2 percent at 7,748.51 points, a new closing record and outperforming the broader European market, while mid-caps declined 0.6 percent.
British banks joined in a rally with European peers as bond yields rose. The gains in financials added 37 points to the FTSE.
“When there’s movement in the bond yields, the UK banks do benefit from that in a number of ways. Firstly, they make higher revenues in terms of their returns,” John Moore, trader at Berkeley Capital, said.
“We think UK banks could do quite well despite the uncertainty, purely because we see them as undervalued.”
Royal Bank of Scotland led the FTSE 100, up 4.6 percent after Morgan Stanley upgraded its rating on the stock to “overweight”.
Morgan Stanley said RBS was the most resilient UK bank in an uncertain outlook.
RBS peers HSBC and Standard Chartered also gained 3.7 and 3.3 percent as banks across the region rallied, with the pan-European banks index at a two-year high thanks to rising bond yields.
Wednesday was another day dominated by Christmas updates from retailers, with shares in grocer Sainsbury’s advancing 1.9 percent after it beat forecasts slightly in its Christmas trading update.
“Sainsbury’s has delivered reassuring trading through what, post the Argos acquisition, is its key quarter for sales and profitability,” analysts at UBS said in a note.
This continued a positive theme for food retailers over the festive period as shoppers resisted cutting back on food purchases despite inflationary pressures on the consumer.
Peer Morrisons enjoyed a rally in the previous session after its own update.
Sainsbury’s however cautioned the market for general merchandise and clothing would be tough in 2018, and mixed results from non-food retailers on Wednesday reflected this difficult environment.
Ted Baker shares jumped 9.7 percent to lead the mid-cap index, thanks to a surge in online purchases for the fashion retailer, helping Christmas sales.
Other clothing retailers fared considerably less well, with small-cap Moss Brothers tumbling 16 percent and Superdry down 9.3 percent at the bottom of the FTSE 250.
Liberum analysts said the weakest retail segments have been electronics, clothing and fashion.
Housebuilder Taylor Wimpey found itself at the bottom of the FTSE 100, however, down 4.2 percent on the back of a trading statement.
The housebuilder said its full-year results for 2017 would be in line with expectations.
Elsewhere a warning from the UK’s Financial Conduct Authority (FCA) put pressure on shares in spreadbetters, with IG Group dropping 4.4 percent, Plus500 down 5.5 percent and CMC Markets down 2.3 percent.
The FCA said its review of the industry found “areas of serious concern” in Britain’s contracts for differences (CFDs) market. Reporting by Kit Rees and Helen Reid; editing by Mark Heinrich, William Maclean | https://www.reuters.com/article/britain-stocks/update-1-britains-ftse-seals-new-record-as-banks-rally-idUSL8N1P54PB | 579 |
Shell ahead in Mexico oil auction, wins five blocks | MEXICO CITY (Reuters) - Royal Dutch Shell ( RDSa.L ) won five of the first eight oil and gas blocks awarded in Mexico’s prized deep waters in the Gulf of Mexico, making the early running in the country’s biggest auction since the energy sector was opened to international oil firms.
The stakes are high for Mexican President Enrique Pena Nieto and his ruling party, which is keen to showcase the results of the liberalization ahead of a presidential election in July.
Shell, in a consortium with Qatar Petroleum, won four of the first nine blocks on offer in the Perdido basin, which is close to U.S. waters where oil firms already operate and have infrastructure.
The Anglo-Dutch company won one block in consortium with Mexican state oil firm Pemex. Pemex won one block, and three blocks were not awarded because they received no bids.
Competition for the basin was expected to be fierce, but a consortium of Shell and Qatar Petroleum was the sole bidder on three blocks.
“Mexico is the winner here,” said Alberto de la Fuente, president of Shell Mexico.
Shell would spend more than the minimum investment it pledged in the bids, he said, but declined to give further details.
Shell won a block in an earlier auction in Mexico’s shallow waters in 2017. The company also has a chain of 30 gas stations in Mexico, he said.
Three other blocks were awarded in the auction.
PC Carigali, a unit of Malaysia’s state oil firm Petronas, was part of three different consortia that won those blocks.
“We’re excited,” said Faisal Bakar, Carigali’s country manager in Mexico. “We’re in, we want to explore and we want to find oil and gas.”
Carigali also participated in winning bids for two deep water fields in an earlier auction.
A Pemex logo is seen at the Energy Mexico Expo 2018 in Mexico City, Mexico January 30, 2018. REUTERS/Carlos Jasso For a full list of winners and bidders, click here.
OIL PRICE HELPS The world’s top energy firms have lobbied for decades for access to Mexico’s oil and gas reserves.
State oil giant Pemex [PEMX.UL], whose 75-year monopoly over the energy sector ended under Mexico’s 2013 reform, lacked the cash and expertise to extract oil and gas from the rock below the country’s deepest waters.
With oil prices CLc1 LCOc1 near a three-year high, energy firms are emerging from a recession. They have more cash now than at any time since 2014, so conditions are better than they were for any of the eight auctions Mexico has held since 2015.
The higher oil price helped Shell to put in solid bids, de la Fuente said.
Shell was also a big winner in an oil auction for blocks in Brazil’s deepwater in October, snapping up three blocks in the presalt region in the country’s Atlantic waters.
Mexico faces stiff competition from Brazil and other regional rivals keen to attract cash from global oil majors. Argentina, Uruguay and Ecuador are also auctioning oil and gas fields this year.
The wide-ranging energy reform was Pena Nieto’s highest-profile economic initiative, aimed at attracting hundreds of billions of dollars of investment to turn around a state-run oil industry in decline. The results of previous auctions to attract foreign investment were mixed.
Firms that won in the previous auctions have pledged investments of $61 billion. But Mexico needs 10 times that amount to raise oil output back to 2004 levels, the country’s Energy Secretary Pedro Joaquin Coldwell said on Tuesday.
The southeastern portion of the Salina basin should also see strong interest, oil executives and industry executives said. (Graphic on the blocks: tmsnrt.rs/2DGpgnB )
Some of the firms that won in previous auctions have made big finds, adding over 2 billion barrels of oil equivalent to reserves.
Mexico is expected to hold its first shale oil and gas auction by the end of 2018, the head of the country’s oil regulator said on Wednesday, potentially opening up one of the world’s top reserves of unconventional energy.
Related Coverage Factbox: Companies who bid or won in Mexico's deep water oil sale Factbox: Mexican deepwater oil auction offers up potentially lucrative areas Additional reporting by Ana Isabel Martinez in Mexico City, Alexandra Alper in Rio de Janeiro, Nidhi Verma in New Delhi and Osamu Tsukimori in Tokyo; Writing by Simon Webb; Editing by Andrew Hay and Bernadette Baum
| https://in.reuters.com/article/us-mexico-oil/long-wait-ends-for-big-oil-as-mexico-auctions-prized-blocks-idINKBN1FK278 | 754 |
Apple’s Latest Trend: Product Delays | As Apple Inc.’s longtime chief operating officer, Tim Cook was known for ensuring that new products hit the market on schedule.
With Mr. Cook as CEO, though, Apple’s new gadgets are consistently late, prompting questions among analysts and other close observers about whether the technology giant is losing some of its competitive edge.
Of the... RELATED VIDEO Apple AirPods: Why They're Not Available for the Holidays Apple’s delay in shipping its AirPods bluetooth earphones in time for the 2016 holiday season was seen as a rare misstep for the tech giant. WSJ’s Tripp Mickle explains on Lunch Break with Tanya Rivero. Photo: Getty (Originally published Dec. 9, 2017) To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/apples-latest-trend-product-delays-1515148201 | 121 |
Gap Drafts Metro Boomin for Advertising | Gap is trying to recapture the zeitgeist the way the clothing chain did in its ’90s heyday, this time with a marketing push featuring a new single by a cutting-edge rap producer.
The ad campaign, which will debut on TV during Sunday’s Grammy Awards, includes a song created by Metro Boomin, the hit-making artist reshaping the sound of pop music. Gap plans to release the song, a contemporary take on the Thompson Twins’s ’80s smash “Hold Me Now,” on music-streaming services this week. The song will play in the television ad.... To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/gap-drafts-metro-boomin-for-advertising-1516803058 | 104 |
Freed from Libyan jails, frustrated migrants pose challenge to new Gambia | BANJUL (Thomson Reuters Foundation) - Jobless, restless and frustrated, 24-year-old Saikou Jammeh persuaded his father to sell the family home and give up his life savings to pay for the journey from Gambia to Europe.
Jammeh saw no future for himself in Gambia, a tiny impoverished country on West Africa’s coast, so he joined an exodus of young men willing to sacrifice everything to leave.
But after being robbed, beaten, and locked in a Libyan prison for several months, Jammeh found himself back where he started - in Gambia with no job prospects and empty pockets.
“I felt abandoned by the government,” he said on a busy street in Churchill’s Town, a suburb of the capital Banjul.
“I was just sitting, wondering what to do.”
Thousands of thwarted migrants like Jammeh are returning to Gambia, straining its fledgling government as officials scramble to get European-funded reintegration projects up and running.
President Adama Barrow took office a year ago, ending former leader Yahya Jammeh’s 22 years of autocratic rule, and is under pressure to deliver on promises of sweeping economic reforms.
Nearly 2,500 Gambians were flown home by the International Organization for Migration (IOM) last year, most pulled out of prisons in Libya after reports emerged of Africans being sold in slave markets in the lawless country, the U.N. agency said.
The returnees are a noticeable presence in the nation of 2 million, posing a bigger threat to stability than in other West African countries wrestling with migration, experts said.
“We are not ready to receive all these people,” said Bulli Dibba, permanent secretary of Gambia’s interior ministry.
“We are very much concerned for domestic security,” he told the Thomson Reuters Foundation by phone.
In November, a group of newly-returned migrants threw rocks at the IOM offices because they were unhappy with the support they had received, according to IOM spokeswoman Florence Kim.
“The government is already struggling to deal with unemployment,” added Dibba, a veteran Gambian civil servant. “If we have more people coming in, what will we do with them?”
OUT OF REACH Gambians have accounted for about one in 20 migrants arriving in Italy in recent years, making it the country with the highest number of migrants per capita reaching Europe.
Trying to stem the flow, the European Union is funding job training and youth empowerment programs across the continent with its 3.2 billion euro ($4 billion) Trust Fund for Africa.
While the fund was created in 2015, most of the programs in Gambia only started last year, according to the IOM.
“Thank god my life has grown into a plan,” said Saikou Jammeh, who did an EU-funded CCTV installation course after returning, and is now saving money for school.
But many young Gambians are missing out.
Of the 2,435 migrants who returned to Gambia in 2017, only 170 so far have received reintegration packages from the IOM, which consist of funding for education or business start-ups.
The agency has received complaints, and is striving to avoid tensions and divisions within communities, said Kim of the IOM.
Give one former migrant more money than their peers and you create competition, she said. Offer returnees more support than their neighbors and it could spur others to leave for Europe.
Many of the returned migrants are traumatized, illiterate, or live in remote areas - making them difficult to assist.
“I know people who have ideas, but they don’t have any help,” said Donald Greywoode, 36, who quit his office job and set off for Europe on a route known locally as “the back way”.
When Greywoode came back, he found himself collecting trash.
Without education, training or job opportunities, boredom and resentment could boil over into conflict, analysts said.
“The stakes are very, very high,” said Franzisca Zanker, a researcher at Germany’s University of Freiburg, who has studied migration governance in Gambia.
UNDETERRED Several returnees told the Thomson Reuters Foundation that they had not wanted to come home, but having been locked up, abused and starved in Libya, were left with no other choice.
“We don’t see ourselves as voluntary returnees,” said Mustapha Sallah, 26, who came back from Libya in April.
“They said if you don’t want to go home, you die here,” Sallah said. “Leaving was the only option.”
Coupled with the lack of opportunity, such frustration could drive people to migrate once more, experts warned. Others said broader economic changes would be needed to keep youth at home.
“Even after training all these people in all these skills, if the industry is not there, they will still struggle,” said Kebba Sillah, head of Sterling Consortium, a vocational training institute supported by the EU Trust Fund for Africa.
“I think the EU needs to encourage their businesses to come set up here, not just pump in money,” Sillah added.
While many returnees said they would never again attempt the treacherous journey through Libya, some still dream of Europe.
Jerreh Cham, 22, has received EU funding to complete a satellite installation course and attend business management school since returning from Libya in August.
But it is not enough to keep him at home.
“My plan is to get my qualification before reaching Europe,” said Cham, sitting in the yard outside his family’s small home.
“If I go with my qualification and everything, I don’t think anybody will discount me. I think they will give me my respect.”
Reporting by Nellie Peyton, Editing by Kieran Guilbert; Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, and climate change. Visit www.trust.org
| https://www.reuters.com/article/us-gambia-migration-returnees/freed-from-libyan-jails-frustrated-migrants-pose-challenge-to-new-gambia-idUSKBN1FJ06T | 951 |
Vulcan Materials Closes Acquisition of Aggregates USA | BIRMINGHAM, Ala., Jan. 2, 2018 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced that it has completed its planned acquisition of Aggregates USA, LLC. The acquisition, which closed on December 29, includes three granite quarries in Georgia and 16 rail distribution yards in Georgia, South Carolina, and Florida. Pursuant to its previously planned and announced agreement with the United States Department of Justice, Vulcan has divested certain former holdings of Aggregates USA, LLC relating to its operations in Tennessee and Virginia to Blue Water Industries LLC, for a sales price of $290 million.
"We look forward to bringing the outstanding employees and operations of Aggregates USA into our Company," said Vulcan's Chairman and Chief Executive Officer Tom Hill. "This acquisition complements and expands our footprint in Georgia, South Carolina and Florida, adds to our product offering, expands our distribution network and service areas, and will help us better serve our customers. The Aggregates USA team has developed an outstanding reputation for quality products and efficient, productive and safe operations. We are delighted that they are now part of the Vulcan team."
About Vulcan Materials
Vulcan Materials Company, a member of the S&P 500 index with headquarters in Birmingham, Alabama, is the nation's largest producer of construction aggregates—primarily crushed stone, sand and gravel—and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete. For additional information about Vulcan, go to www.vulcanmaterials.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/vulcan-materials-closes-acquisition-of-aggregates-usa-300576309.html
SOURCE Vulcan Materials Company | http://www.cnbc.com/2018/01/02/pr-newswire-vulcan-materials-closes-acquisition-of-aggregates-usa.html | 273 |
Kindred Announces Spin-off of AGI Research Division | Continues focus on commercial applications of human-like intelligence in machines
SAN FRANCISCO--(BUSINESS WIRE)-- Kindred Systems Inc. was founded with the mission of creating human-like intelligence in machines and vision to commercialize its research work in tandem. Over the past few years, Kindred’s Product and Artificial General Intelligence (AGI) divisions have accomplished a tremendous amount in their respective domains, working independently to allow each team to optimize for their objectives.
The company has reached a point in its evolution where spinning off the AGI division maximizes the likelihood of success for both divisions, as well as returns to Kindred shareholders.
Geordie Rose is stepping down as CEO and President of Kindred to lead this new entity named Sanctuary based in Vancouver, Canada. Kindred co-founder Suzanne Gildert will also be stepping down from her role as Chief Science Officer and will join Sanctuary as co-CEO. Sanctuary’s focus is on the implementation and testing of a specific framework for artificial general intelligence. The new entity will license some of Kindred’s patents and software, and Kindred will maintain a minority ownership in Sanctuary.
Kindred’s Board of Directors has appointed Jim Liefer, previously the company’s COO, to serve as CEO and President. As COO, Liefer brought strong executive leadership alongside co-founder, George Babu, for the development and deployment of Kindred’s first commercial product Sort, and will continue to lead the company in its mission to research and develop human-like intelligence in machines. The Kindred team in Toronto will continue its applied research in machine and reinforcement learning, with the San Francisco office focused on robotics, product development and commercialization.
With Kindred Sort, the company aims to alleviate the massive pressures facing the retail and fulfillment industry, which includes significant online sales growth, labor shortages, and a lack of advancement in technology. Kindred Sort allows retailers to manage the exploding growth and demand of this sector more efficiently. During the 2017 holiday season, Kindred’s robots sorted thousands of items ordered at speeds averaging over 410 units per hour, and reaching peak speeds of over 531 units per hour, freeing human workers to perform other parts of the fulfillment process critical to meet growing customer demand.
“Kindred will maintain its commitment to building human-like intelligence in machines and applying those learnings to create and teach a new intelligent class of robots that will enhance the quality of our day-to-day lives, and in particular, the way we work,” said Liefer. “We look forward to advancing Kindred Sort, achieving new AI and robotic milestones while also helping to drive retail and other industries forward.”
Babu, Kindred co-founder and Chief Product Officer will be joining Liefer on Kindred’s Board of Directors. Babu will continue to oversee product strategy and the expansion of Kindred’s partnerships and pilot programs with major global retailers.
About Kindred
Kindred Systems Inc.’s mission is to build machines with human-like intelligence. The company’s central thesis is that intelligence requires a body. Since its founding in 2014, Kindred has been exploring and engineering systems that enable robots to understand and participate in our world, with the ultimate goal of a future where intelligent machines work together with people. Kindred is headquartered in San Francisco with an office in Toronto.
View source version on businesswire.com : http://www.businesswire.com/news/home/20180105005243/en/
The Hatch Agency
Judy Huang
kindred.ai@thehatchagency.com
Source: Kindred Systems Inc. | http://www.cnbc.com/2018/01/05/business-wire-kindred-announces-spin-off-of-agi-research-division.html | 581 |
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