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Stephen M. Cutler, Former General Counsel of JPMorgan Chase & Co. and SEC Director of Enforcement, to Join Simpson Thacher as a Partner
NEW YORK--(BUSINESS WIRE)-- Simpson Thacher & Bartlett LLP announced today that Stephen M. Cutler, former General Counsel and current Vice Chairman of JPMorgan Chase & Co., will join the Firm as a Litigation Partner in April. Prior to his tenure at JPMorgan, Steve served as Director of Enforcement at the Securities and Exchange Commission. At Simpson Thacher, he will advise companies, boards and senior executives on government and internal investigations, corporate governance and regulatory matters, and high-stakes litigation. “We are thrilled to welcome Steve to Simpson Thacher,” said Bill Dougherty, Chairman of Simpson Thacher’s Executive Committee. “He is one of the leading lawyers of his generation, highly respected for his leadership and distinguished service in both the public and private sectors. Our clients will benefit from his unparalleled experience and insight as they navigate their most complex and challenging issues.” “I am delighted to return to private practice at Simpson Thacher,” said Steve. “It is an outstanding firm with which I have worked closely for many years. I look forward to partnering with wonderful colleagues and advising clients on some of their most important matters.” Steve joined JPMorgan in 2007 and served as General Counsel and head of the company’s Legal and Compliance activities worldwide throughout the global financial crisis. As General Counsel, he was also on JPMorgan’s Operating Committee and reported directly to the Chairman and CEO Jamie Dimon. In January 2016, he became a Vice Chairman of the firm. Paul Curnin, Co-Head of the Firm’s Litigation Department, said, “Steve’s experience is exceptional. I don’t know of any other lawyer who helped lead one of the country’s preeminent institutions through the financial crisis and also served as the SEC’s Director of Enforcement during a period of some of the agency’s most historic cases, including WorldCom and Enron.” Jon Youngwood, Co-Head of the Firm’s Litigation Department, added, “Steve will join a Department with a long roster of experienced former government attorneys and tested trial lawyers. We all look forward to working with him to address and solve the critical legal challenges that our clients face.” Steve served as Director of the SEC’s Division of Enforcement from 2001 to 2005 (and the Deputy Director from 1999 to 2001). While at the SEC, he oversaw 1,100 employees and led the agency’s investigations of numerous high-profile financial reporting, broker-dealer and investment advisor matters. Both before and immediately following his tenure at the SEC, Steve was a partner at the law firm WilmerHale in Washington, D.C., where his practice focused on government and internal investigations and market regulation. Steve earned a J.D. from Yale Law School, where he served as an editor of the Yale Law Journal, and a B.A., summa cum laude, from Yale University. Simpson Thacher’s Global Litigation Department represents a wide range of sophisticated clients, including financial institutions, corporations, boards, audit and special committees, and senior executives, in their most significant matters. The Firm offers a substantial bench of talent to effectively handle litigations, government and internal investigations, arbitrations and cross-border disputes in North and South America, Asia and Europe. ABOUT SIMPSON THACHER & BARTLETT LLP Simpson Thacher & Bartlett LLP ( www.simpsonthacher.com ) is one of the world’s leading international law firms. The Firm was established in 1884 and has more than 900 lawyers. Headquartered in New York with offices in Beijing, Hong Kong, Houston, London, Los Angeles, Palo Alto, São Paulo, Seoul, Tokyo and Washington, D.C., the Firm provides coordinated legal advice and transactional capability to clients around the globe. View source version on businesswire.com : http://www.businesswire.com/news/home/20180131005930/en/ Simpson Thacher & Bartlett LLP Danzey Burnham, 212-455-3509 dburnham@stblaw.com Source: Simpson Thacher & Bartlett LLP
http://www.cnbc.com/2018/01/31/business-wire-stephen-m-cutler-former-general-counsel-of-jpmorgan-chase-co-and-sec-director-of-enforcement-to-join-simpson-thacher-as-a.html
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Opel may curtail investment in Spanish factory in union standoff
January 25, 2018 / 10:25 AM / in 9 minutes Opel may curtail investment in Spanish factory in union standoff Reuters Staff 2 Min Read MADRID, Jan 25 (Reuters) - Peugeot-owned carmaker Opel is considering cutting further investment in one of its three Spanish plants after failing to reach a deal with unions on wages and working conditions. The Opel factory, which has been operating in Figueruelas, Aragon since 1982, employs around 5,300 people and was running at 80 percent capacity in 2017 when it made 382,250 vehicles. “There will only be investment if a plant is profitable, but the Opel plant in Spain is at a disadvantage to other PSA factories in Spain,” an Opel Spain spokeswoman said on Thursday, adding that months of talks with unions aiming to increase the plant’s competitiveness had failed to reach a deal. Peugeot says that the Figueruelas factory is less competitive than its other two plants in Spain due to higher wages, lower hours and lower flexibility. Production of the next series of Opel’s Corsa, which has been made in Figueruelas for decades, could be moved to another factory if an accord cannot be reached, the spokeswoman said. The Aragon regional government said it had called for an urgent meeting with Opel bosses to evaluate the situation. (Reporting by Robert Hetz; Writing by Paul Day; Editing by Alexander Smith)
https://www.reuters.com/article/peugeot-spain-jobs/opel-may-curtail-investment-in-spanish-factory-in-union-standoff-idUSL8N1PK2KE
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Energy Industry Entrepreneur John Campion Advances Position in Global Energy Storage Innovation
JACKSONVILLE, Fla., Jan. 29, 2018 /PRNewswire/ -- Recognizing the overwhelming importance of reliability for the continued rapid growth of renewable energy generation, CJJ Hybrid Investments, LLC ("CJJ"), a private Jacksonville, Florida-based investment firm, founded by APR Energy founder and Chairman John Campion, today announced it has acquired a majority interest in Irish-based HYbrid Energy Solutions Limited ("HES"). HES designs and manufactures modular, scalable, energy stations and battery storage solutions designed to provide reliable and efficient power to a broad customer base ranging from remote telecoms base stations to utility grids. With more than 2,000 units in operation in four countries, HES's hybrid systems have logged more than 26 million operating hours and generated more than 80 million kilowatt-hours of sustainable electric power to date. Through this strategic investment, Campion commits his deep understanding of the complexities of local energy markets and customer needs to accelerate the transition from conventional to sustainable electricity generation globally. Renewable energy's greatest challenge remains the stability of the power it generates – a problem that will continue to prevail as wind and solar energy become more ubiquitous. A growing reliance on intermittent renewable power supplies, while making clean power more broadly available, also creates scenarios in which electrical grids are susceptible to instability or collapse. HES's cutting-edge solutions for energy storage can alleviate these problems and generate more stability for power grids worldwide, resulting in balanced energy portfolios. HES, which has more than 16 million kilowatt-hours of lithium-ion battery storage capacity currently in place, participates in a market that includes companies such as AES, Siemens and Tesla. For Campion, an Irish-American entrepreneur who has forged a successful, decades-long path in the power generation and energy delivery industries, making a sizeable financial commitment to HES is no coincidence. Campion has spent the past seven years as a strategic advisor to HES, providing him with deep insights into the company's innovation and growth. "I met HYbrid Energy Solutions founder and CEO Nick McGrath more than 15 years ago when we worked together at GE Energy Systems," noted Campion, founder and CEO, CJJ. "Nick was fascinated even then with the potential for hybrid energy systems and battery storage technologies, which few others could see. After closely following the development of his business, it's exciting to re-associate with Nick to bring HYbrid's compelling value proposition to customers worldwide." Added Campion, "Just as we've done with APR Energy, we will position HYbrid Energy Solutions as an energy production partner, not just a supplier. That approach, combined with immense amount of operational data we've produced, and the worldwide need to increase the percentage of renewable electrical generation, will enable us to expand the company rapidly." The investment by Campion enables him – whose entrepreneurial portfolio includes multiple patents, the launches, acquisitions and sales of several energy companies, and the founding of billion-dollar-valued APR Energy, which he still runs today on a daily basis – to provide business and market insights, best practices, and mentorship to this new endeavour. Campion and his team bring more than 150 years of combined experience in management, finance, legal, regulatory, marketing and public relations in a variety of industries, including the energy sector. "We've spent many years perfecting our technology and deploying it in markets where ruggedness, reliability and cost-effectiveness are essential. To date, the key limiters to our growth have been capital and our ability to communicate the advantages of our energy solutions more widely to potential customers worldwide," said Nick McGrath, CEO, HYbrid Energy Solutions. "John's vision, experience and extraordinary success in the fast-track power generation market are certain to accelerate our growth and improve the all-around quality of our operation. This is especially so in the area of utility-scale energy storage, which is an absolute prerequisite for the successful integration of renewables into local and national grids." For more information about HYbrid Energy Solutions, please visit http://www.hybrid.ie/ . About CJJ CJJ is part of a group of companies that invest in a variety of industries, including energy, automotive, aviation and real estate. Management of CJJ is a group of seasoned business professionals who will add their expertise to assist entrepreneurial companies in achieving global success. CJJ is led by John Campion, an Irish-American entrepreneur who founded APR Energy, a global fast track mobile power generation company. About HYbrid Energy Solutions Founded in 2006 to provide off-grid power to the telecoms sector, HYbrid Energy Solutions is an Ireland-based company with its headquarters in Kilkenny, Ireland. The company is mainly focused in the developing countries of the Middle East, Africa, Asia, Central and South America where existing electricity infrastructure and networks are inadequate for today's needs. HYbrid Energy's products range from ultra-fuel-efficient hybrid power generators to multi-source grid interface systems. The company's generators are designed to accept wind and / or solar power inputs, which enable a base station to be powered entirely by renewable power while offering the security of supply. View original content with multimedia: http://www.prnewswire.com/news-releases/energy-industry-entrepreneur-john-campion-advances-position-in-global-energy-storage-innovation-300589247.html SOURCE CJJ Hybrid Investments, LLC
http://www.cnbc.com/2018/01/29/pr-newswire-energy-industry-entrepreneur-john-campion-advances-position-in-global-energy-storage-innovation.html
879
Cadence Bancorporation Reports Fourth Quarter 2017 Results and Initiates a Quarterly Dividend
HOUSTON--(BUSINESS WIRE)-- Cadence Bancorporation (NYSE:CADE) (“Cadence”) today announced net income for the quarter ended December 31, 2017 of $14.7 million, or $0.17 per diluted common share (“per share”), compared to $32.6 million, or $0.39 per share, in the third quarter of 2017, and $29.0 million, or $0.38 per share, in the fourth quarter of 2016. The fourth quarter of 2017 includes a one-time charge of $19.0 million, or $0.22 per share, recorded in income tax expense (the “one-time tax charge”) related to the enactment of the Tax Cuts and Jobs Act in December 2017 (“Tax Reform”) requiring a re-measurement of our deferred tax assets arising from a lower corporate tax rate. Highlights: Fourth quarter of 2017 net income was $14.7 million. Excluding the one-time tax charge, after-tax earnings for the fourth quarter of 2017 were $33.7 (1) million, representing an increase of $1.1 million, or 3.4%, as compared to the third quarter of 2017, and an increase of $4.7 million, or 16.2%, compared to fourth quarter of 2016. On a per-share basis, net income was $0.17 per share for the fourth quarter of 2017. Excluding the one-time tax charge, after-tax earnings per share for the fourth quarter of 2017 was $0.39 (1) , the same as the third quarter of 2017 and up $0.01 from the fourth quarter of 2016. The year-over-year per share comparison was impacted by the issuance of 8.625 million shares in our initial public offering in April 2017. Annualized returns on average assets, common equity and tangible common equity (1) for the fourth quarter of 2017 were 0.55%, 4.32% and 5.71%, respectively. Annualized returns on average assets, common equity and tangible common equity (1) excluding the one-time tax charge for the fourth quarter of 2017 were 1.26%, 9.92% and 13.11%, respectively, as compared to 1.29%, 9.78% and 13.04%, respectively, for the third quarter of 2017. Net income for the year ended December 31, 2017 was $102.4 million, compared to the prior year net income of $65.8 million. Excluding the one-time tax charge, after-tax earnings for the year ended December 31, 2017 were $121.4 (1) million, an increase of $55.6 million, or 84.5%, compared to the year ended December 31, 2016. Net income was $1.25 per share for the year ended December 31, 2017, compared to $0.87 per share in the prior year. Excluding the one-time tax charge, after-tax earnings per share for the year ended December 31, 2017 was $1.48 (1) per share, an increase of $0.61 per share or 71% as compared to the year ended December 31, 2016. Returns on average assets, common equity and tangible common equity (1) for the year ended December 31, 2017 were 1.02%, 8.16% and 11.08%, respectively. Returns on average assets, common equity and tangible common equity (1) excluding the one-time tax charge were 1.21%, 9.68% and 13.14%, respectively, as compared to 0.71%, 6.01% and 8.68%, respectively, for the prior year. Total revenue for the fourth quarter of 2017 was $113.6 million, up 4.9% from the linked quarter and up 19.7% from the same period in 2016. On a full year basis, 2017 revenues of $426.1 million represented an increase of $58.2 million, or 15.8%, as compared to the prior year. (1) Considered a non-GAAP financial measure. See Table 7 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. Total assets were $10.9 billion as of December 31, 2017, an increase of $1.4 billion, or 14.9%, as compared to $9.5 billion as of December 31, 2016. Loans were $8.3 billion as of December 31, 2017, an increase of $820.7 million, or 11.0%, as compared to $7.4 billion at December 31, 2016. Core deposits (total deposits excluding brokered) were $8.2 billion as of December 31, 2017 grew $1.2 billion, or 17.8%, from December 31, 2016. “We are pleased with our core operating performance for the quarter, as our business growth continued to reflect the strong momentum we experienced throughout 2017,” said Paul B. Murphy, Jr., Cadence’s Chairman and Chief Executive Officer. “Revenue growth for the quarter was solid, driven by strong loan and core deposit growth, and stable margins. I am very pleased with our credit results during 2017, and particularly during the fourth quarter as we continued the trend of reduced nonperforming assets. Lower nonperforming assets (“NPAs”), low charge-offs and a stabilized energy environment all supported a net recovery of loan provision for the quarter. 2017 was a big year for Cadence as we became a public company, crossed the $10 billion asset threshold and achieved record financial performance. As a next step, we are very pleased to announce the initiation of a quarterly cash dividend in the amount of $0.125 per share to our common shareholders, representing an annualized dividend of $0.50 per share. I am proud of our employees who work hard for our customers every day, and we believe those efforts show through in our results and in returns for our shareholders.” Period End Balance Sheet: Cadence continued its strong growth during the quarter with total assets reaching $10.9 billion as of December 31, 2017, an increase of $446.7 million, or 4.3%, from September 30, 2017, and an increase of $1.4 billion, or 14.9%, from December 31, 2016. Loans at December 31, 2017 were $8.3 billion, an increase of $224.5 million, or 2.8%, from September 30, 2017, and an increase of $820.7 million, or 11.0%, from December 31, 2016. - Increases in loans reflect organic growth primarily in our specialized, general C&I and residential portfolios. - Energy lending remained a consistent portion of total loans, with balances totaling $935.4 million, or 11.3% of total loans at December 31, 2017, and continued to reflect improved credit results. Total deposits at December 31, 2017 were $9.0 billion, an increase of $510.4 million, or 6.0%, from September 30, 2017, and an increase of $994.8 million, or 12.4%, from December 31, 2016. - Deposit increases reflect growth in core deposits, with a key focus on expansion of commercial deposit relationships and treasury management services. The core deposit growth supported a $245.1 million reduction in brokered deposits during the year. - As of December 31, 2017, brokered deposits totaled $0.8 billion, or 8.8% of total deposits, down from 9.7% and 13.0% of total deposits at September 30, 2017 and December 31, 2016, respectively. - Noninterest bearing deposits as a percent of total deposits increased to 24.9%, up from 24.4% at September 30, 2017 and 23.0% at December 31, 2016. Shareholders’ equity was $1.4 billion at December 31, 2017, an increase of $18.2 million from September 30, 2017, and an increase of $278.6 million from December 31, 2016. - The increase in shareholders’ equity includes $155.7 million in net proceeds from our April 2017 initial public offering that was added to tangible common equity during the second quarter of 2017. This offering resulted in increasing average diluted shares to 84.7 million for the fourth quarter of 2017, as compared to 75.4 million and 84.0 million in the fourth quarter of 2016 and third quarter of 2017, respectively. - In November 2017, Cadence completed a secondary offering whereby its controlling stockholder, Cadence Bancorp, LLC, sold 10,925,000 Cadence Bancorporation shares, reducing its ownership in Cadence to 76.6%. All proceeds from this transaction were received by Cadence Bancorp, LLC and did not impact Cadence Bancorporation’s equity or outstanding shares. Asset Quality : Credit quality metrics reflected meaningful improvement during the fourth quarter of 2017 due to continued improvements of energy credits combined with general credit stability in the remaining loan portfolio. - NPAs totaled $70.7 million, or 0.9% of total loans, OREO and other NPAs as of December 31, 2017, down from $121.8 million, or 1.5%, as of September 30, 2017, and down from $166.2 million, or 2.2%, as of December 31, 2016. - The decline in NPAs are due primarily to continued improvements of energy credits, with energy portfolio NPAs totaling $58.7 million at December 31, 2017 down from $98.2 million at September 30, 2017. - Of the $42.8 million in energy nonperforming loans included in total NPAs as of December 31, 2017, over 75% were paying in accordance with contractual terms. The allowance for credit losses (“ACL”) was $87.6 million, or 1.06% of total loans, as of December 31, 2017, as compared to $94.8 million, or 1.18% of total loans, as of September 30, 2017 and $82.3 million, or 1.11% of total loans, as of December 31, 2016. - Net-charge offs as a percent of average loans for the full year amounted to 0.06% in 2017, and an improvement from 0.65% in 2016. Net-charge offs were $2.7 million and $4.4 million for the quarter and year ended December 31, 2017, respectively, as compared to $3.7 million and $46.9 million for the quarter and year ended December 31, 2016, respectively, and $173 thousand for the three months ended September 30, 2017. - The decline in the ACL during the fourth quarter of 2017 compared to the prior quarter resulted primarily from the reduction in non-performing loans and related valuation reserves (largely from the energy portfolio), improved environmental factors in the energy sector, and the reversal of approximately $2.0 million in consumer mortgage reserves recorded in the third quarter of 2017 associated with Hurricanes Harvey and Irma. - At December 31, 2017, the ACL included reserves for the energy portfolio of 1.8%, down from 2.5% as of September 30, 2017 and 2.6% as of December 31, 2016. - Loan provisions (reversals) for the fourth quarter of 2017 were $(4.5) million as compared to $(5.2) million in the prior year quarter and $1.7 million in the third quarter of 2017. Total Revenue: Total revenue for the fourth quarter of 2017 was $113.6 million, up 4.9% from the linked quarter and up 19.7% from the same period in 2016. On a full year basis, 2017 revenues of $426 million increased $58.2 million, or 15.8%. The revenue increases were primarily a result of both strong loan growth during the period and meaningful increases in net interest margins. Net interest income for the fourth quarter of 2017 was $87.9 million an increase of $6.7 million, or 8.3%, from the third quarter of 2017 and an increase of $15.4 million, or 21.3%, from the same period 2016. - Our fully tax-equivalent net interest margin (“NIM”) for the fourth quarter of 2017 was 3.59% as compared to 3.52% for the third quarter of 2017 and 3.31% for the fourth quarter of 2016. The year-over-year increase in NIM is primarily a result of our asset sensitive balance sheet and earning asset yields increasing more significantly than our funding costs in the recent rising rate environment. The linked quarter increase in NIM was due to timing of recovery accretion on acquired-impaired loans. - Earning asset yields for the fourth quarter of 2017 were 4.41%, up 11 basis points from 4.30% in the third quarter of 2017, and up 45 basis points from 3.96% in the fourth quarter of 2016, driven by increases in loan yields. Approximately 70% of our loan portfolio is floating rate and has benefited from the short-term rate increases during the periods. Yield on loans, excluding acquired-impaired loans, was 4.47%, 4.41% and 4.03% for the fourth quarter of 2017, third quarter of 2017 and fourth quarter of 2016, respectively. Total accretion for acquired-impaired loans was $8.1 million in the fourth quarter of 2017, up $2.3 million from the third quarter of 2017 and up $0.3 million from the fourth quarter of 2016. Total loan yields increased to 4.72% for the fourth quarter of 2017 versus 4.55% for the third quarter of 2017 and 4.26% for the fourth quarter of 2016. - Total cost of deposits for the fourth quarter of 2017 was 69 basis points versus 64 basis points in the linked quarter and 47 basis points in the fourth quarter of 2016. - Total cost of funds for the fourth quarter of 2017 was 89 basis points versus 84 basis points in the linked quarter and 69 basis points in the fourth quarter of 2016. Increases in funding costs reflect the increases in short term rates, partially offset by improvements in the funding mix, including declines in interest-sensitive brokered deposits and increases in noninterest bearing deposits. Noninterest income for the fourth quarter of 2017 was $25.7 million, a decrease of $1.5 million, or 5.4%, from the third quarter of 2017, and an increase of $3.3 million, or 14.7%, from the same period of 2016. - Total service fees and revenue for the fourth quarter of 2017 was $22.4 million, a decrease of $0.6 million from the third quarter of 2017, and an increase of $1.8 million from the same period of 2016. The changes were driven primarily by: Assets Under Management increasing to $5.6 billion as of December 31, 2017, an increase of $51.4 million from September 30, 2017 and $266.2 million from December 31, 2016. Insurance revenue declines of $0.5 million linked quarter due to the sale of the assets of a specialty insurance unit in the third quarter of 2017. Mortgage banking revenue declines of $0.3 million from the third quarter of 2017 due to both seasonality and more mortgages being held on the balance sheet versus sold. - Total other noninterest income for the fourth quarter of 2017 was $3.3 million, a decrease of $0.9 million from the third quarter of 2017, and an increase of $1.5 million from the same period of 2016. - Significant non-routine items included in other noninterest income during comparable periods include: Securities gains (losses) - $16 thousand gains in the fourth quarter of 2017 and $1.3 million gains in the fourth quarter of 2016; Gain (loss) on sale of commercial loans - $1.6 million gain in the fourth quarter of 2017 and ($0.5) million loss in the fourth quarter of 2016, both related to credit resolutions; Gain on sale of assets of a specialty insurance unit - $1.1 million in the third quarter of 2017; Earnings from Limited Partnerships primarily due to changes in equity valuation – $0.7 million in the fourth quarter of 2017, $1.5 million in the third quarter of 2017 and a loss of ($0.2) million in the fourth quarter of 2016. Noninterest Expenses: Noninterest expense for the fourth quarter of 2017 was $66.4 million, an increase of $9.8 million from $56.5 million for the third quarter of 2017, and an increase of $11.0 million from $55.4 million during the same period in 2016. Increases in the fourth quarter of 2017 included non-routine expenses related to legacy bank pre-acquisition legal costs, secondary offering costs, consulting, and other notable expenses detailed below: - Salaries and employee benefits expense included an increase in incentives of $0.7 million from the third quarter of 2017 and an increase of $5.0 million from the fourth quarter of 2016 driven by improved operating performance of the bank and company valuation. - Other real estate (“ORE”) costs for the fourth quarter of 2017 included $0.6 million in ORE writedowns and another $0.4 million in ORE losses on sales, as we reduced our ORE by $11.2 million during the quarter to $7.6 million at December 31, 2017. - Data processing expense for the fourth quarter of 2017 included $0.5 million in costs associated with a trust system upgrade and conversion. - Consulting and professional fees in the fourth quarter of 2017 included $1.2 million in expenses specific to the November 2017 secondary offering, and $0.8 million in non-routine tax consulting costs. - Legal expense for the fourth quarter of 2017 included $2.0 million in legal costs associated with certain pre-acquisition related litigation and contingencies related to a legacy acquired bank. - Other expenses for the fourth quarter of 2017 included $0.8 million in unfunded commitments provision driven by loan growth, $0.6 million related to technology licensing updates, as well as other seasonal variances in expenses. Noninterest expense for the year ended December 31, 2017 was $233.4 million as compared to $220.2 million during the same period of 2016, an increase of $13.2 million, or 6.0%. The efficiency ratio (1) for the fourth quarter of 2017 was 58.44%, as compared to the fourth quarter of 2016 and third quarter of 2017 ratios of 58.40% and 52.20%, respectively. The efficiency ratio for the year ended December 31, 2017 was 54.77%, compared to 59.86% in the prior year, reflecting ongoing focus on managing expense and expanding revenue. Total 2017 revenues increased $58.2 million or 15.8% over 2016, while total 2017 expenses increased $13.2 million or 6.0% over 2016. Taxes: The effective tax rate for the quarter ended December 31, 2017 was 71.6% as compared to 34.9% in the third quarter of 2017 and 35.1% in the fourth quarter of 2016. Excluding the effects of Tax Reform, our effective tax rate for the quarter and year ended December 31, 2017 was 34.8% (1) and 33.7% (1) , respectively. Considering the effects of Tax Reform, we estimate our effective tax rate will range between 21% to 22% in 2018. (1) Considered a non-GAAP financial measure. See Table 7 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. Quarterly Dividend: On January 24, 2018, the Board of Directors of Cadence declared a quarterly cash dividend in the amount of $0.125 per share of common stock, representing an annualized dividend of $0.50 per share. The dividend will be paid on March 20, 2018 to holders of record of the Class A common stock on March 1, 2018. Supplementary Financial Tables (Unaudited): Supplementary Financial Tables (Unaudited) are included in this release following the customary disclosure information. Fourth Quarter 2017 Earnings Conference Call: Cadence Bancorporation executive management will host a conference call to discuss fourth quarter 2017 results on Thursday, January 25, 2018, at 10:00 a.m. CT / 11:00 a.m. ET. Slides to be presented by management on the conference call can be viewed by visiting www.cadencebancorporation.com and selecting “Events & Presentations” then “Event Calendar”. Conference Call Access: To access the conference call, please dial one of the following numbers approximately 10-15 minutes prior to the start time to allow time for registration, and use the Elite Entry Number provided below. Dial in (toll free): 1-888-317-6003 International dial in: 1-412-317-6061 Canada (toll free): 1-866-284-3684 Participant Elite Entry Number: 0853440 For those unable to participate in the live presentation, a replay will be available through February 8, 2018. To access the replay, please use the following numbers: US Toll Free: 1-877-344-7529 International Toll: 1-412-317-0088 Canada Toll Free: 1-855-669-9658 Replay Access Code: 10115434 End Date: February 8, 2018 Webcast Access: A webcast of the conference call as well as the slides to be presented by management can be viewed by visiting www.cadencebancorporation.com and selecting “Events & Presentations” then “Event Calendar”. About Cadence Bancorporation Cadence Bancorporation (NYSE:CADE) is an $11 billion in assets regional bank holding company headquartered in Houston, Texas. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Texas, Mississippi and Tennessee, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and 56,000 ATMs. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A., Cadence Insurance, and Linscomb & Williams are direct or indirect subsidiaries of Cadence Bancorporation. Cautionary Statement Regarding Forward-Looking Information This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; lack of seasoning in our loan portfolio; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to implement our business plan; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; the composition of our loan portfolio, including the identify of our borrowers and the concentration of loans in energy-related industries and in our specialized industries; the portion of our loan portfolio that is comprised of participations and shared national credits; and the amount of nonperforming and classified assets we hold. Cadence can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and Cadence does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. About Non-GAAP Financial Measures Certain of the financial measures and ratios we present, including “efficiency ratio,” “adjusted noninterest expenses,” “adjusted operating revenue,” “tangible common equity ratio,” “tangible book value per share” and “return on average tangible common equity” and “pre-tax, pre-provision net earnings,” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables (Table 7). Table 1 - Selected Financial Data As of and for the Three Months Ended For the Year Ended December 31, (In thousands, except per share data) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 2017 2016 Statement of Operations Data: Interest income $ 108,370 $ 99,503 $ 99,375 $ 89,619 $ 87,068 $ 396,867 $ 335,250 Interest expense 20,459 18,340 16,991 14,861 14,570 70,651 55,811 Net interest income 87,911 81,163 82,384 74,758 72,498 326,216 279,439 Provision for credit losses (4,475 ) 1,723 6,701 5,786 (5,222 ) 9,735 49,348 Net interest income after provision 92,386 79,440 75,683 68,972 77,720 316,481 230,091 Noninterest income - service fees and revenue 22,405 23,014 22,144 22,489 20,605 90,052 81,976 - other noninterest income 3,251 4,110 845 1,616 1,755 9,822 6,427 Noninterest expense 66,371 56,530 56,134 54,321 55,394 233,356 220,180 Income before income taxes 51,671 50,034 42,538 38,756 44,686 182,999 98,314 Income tax expense 36,980 17,457 13,570 12,639 15,701 80,646 32,540 Net income $ 14,691 $ 32,577 $ 28,968 $ 26,117 $ 28,985 $ 102,353 $ 65,774 Period-End Balance Sheet Data: Investment securities, available-for-sale $ 1,262,948 $ 1,198,032 $ 1,079,935 $ 1,116,280 $ 1,139,347 $ 1,262,948 $ 1,139,347 Total loans, net of unearned income 8,253,427 8,028,938 7,716,621 7,561,472 7,432,711 8,253,427 7,432,711 Allowance for credit losses 87,576 94,765 93,215 88,304 82,268 87,576 82,268 Total assets 10,948,926 10,502,261 9,811,557 9,720,937 9,530,888 10,948,926 9,530,888 Total deposits 9,011,515 8,501,102 7,930,383 7,841,710 8,016,749 9,011,515 8,016,749 Noninterest-bearing deposits 2,242,765 2,071,594 1,857,809 1,871,514 1,840,955 2,242,765 1,840,955 Interest-bearing deposits 6,768,750 6,429,508 6,072,574 5,970,196 6,175,794 6,768,750 6,175,794 Borrowings and subordinated debentures 470,814 572,683 499,266 682,568 331,712 470,814 331,712 Total shareholders’ equity 1,359,056 1,340,848 1,304,054 1,105,976 1,080,498 1,359,056 1,080,498 Average Balance Sheet Data: Investment securities, available-for-sale $ 1,228,330 $ 1,169,182 $ 1,099,307 $ 1,125,174 $ 1,060,821 $ 1,155,819 $ 1,001,317 Total loans, net of unearned income 8,226,294 7,867,794 7,650,048 7,551,173 7,375,446 7,825,763 7,186,635 Allowance for credit losses 94,968 94,706 90,366 82,258 95,042 90,621 90,264 Total assets 10,586,245 10,024,871 9,786,355 9,670,593 9,596,574 10,020,036 9,271,629 Total deposits 8,635,473 8,139,969 7,940,421 8,025,068 7,925,281 8,186,781 7,655,302 Noninterest-bearing deposits 2,170,758 1,982,784 1,845,447 1,857,657 1,784,422 1,965,070 1,688,405 Interest-bearing deposits 6,464,715 6,157,185 6,094,974 6,167,411 6,140,859 6,221,711 5,966,897 Borrowings and subordinated debentures 502,428 484,798 510,373 474,976 500,045 493,196 452,685 Total shareholders’ equity 1,348,867 1,320,884 1,251,217 1,090,905 1,094,182 1,253,861 1,093,604 Table 1 (Continued) - Selected Financial Data As of and for the Three Months Ended For the Year Ended December 31, (In thousands, except per share data) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 2017 2016 Per Share Data:(3) Earnings Basic $ 0.18 $ 0.39 $ 0.35 $ 0.35 $ 0.39 $ 1.26 $ 0.88 Diluted 0.17 0.39 0.35 0.35 0.38 1.25 0.87 Book value per common share 16.25 16.03 15.59 14.75 14.41 16.25 14.41 Tangible book value (1) 12.33 12.10 11.64 10.33 9.97 12.33 9.97 Weighted average common shares outstanding Basic 83,625,000 83,625,000 81,918,956 75,000,000 75,000,000 81,072,945 75,000,000 Diluted 84,717,005 83,955,685 81,951,795 75,672,750 75,402,525 81,605,015 75,294,600 Performance Ratios: Return on average common equity (2) 4.32 % 9.78 % 9.29 % 9.71 % 10.54 % 8.16 % 6.01 % Return on average tangible common equity (1) (2) 5.71 13.04 12.63 13.96 15.16 11.08 8.68 Return on average assets (2) 0.55 1.29 1.19 1.10 1.20 1.02 0.71 Net interest margin (2) 3.59 3.52 3.71 3.46 3.31 3.57 3.30 Efficiency ratio (1) 58.44 52.20 53.27 54.95 58.40 54.77 59.86 Asset Quality Ratios: Total nonperforming assets ("NPAs") to total loans and OREO and other NPAs 0.85 % 1.51 % 1.82 % 2.25 % 2.22 % 0.85 % 2.22 % Total nonperforming loans to total loans 0.58 0.96 1.36 1.77 1.73 0.58 1.73 Total ACL to total loans 1.06 1.18 1.21 1.17 1.11 1.06 1.11 ACL to total nonperforming loans ("NPLs") 183.62 122.66 88.81 65.80 63.83 183.62 63.80 Net charge-offs to average loans (2) 0.13 0.01 0.09 (0.01 ) 0.20 0.06 0.65 Capital Ratios: Total shareholders’ equity to assets 12.41 % 12.77 % 13.29 % 11.38 % 11.34 % 12.41 % 11.34 % Tangible common equity to tangible assets (1) 9.71 9.95 10.27 8.25 8.13 9.71 8.13 Common equity tier 1 (CET1) (transitional) 10.57 10.79 10.92 8.99 8.84 10.57 8.84 Tier 1 leverage capital 10.68 11.12 11.00 9.10 8.89 10.68 8.89 Tier 1 risk-based capital 10.94 11.17 11.31 9.36 9.19 10.94 9.19 Total risk-based capital 12.81 13.18 13.41 11.43 11.22 12.81 11.22 (1) - Considered a non-GAAP financial measure. See Table 7 "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. (2) - Annualized. (3) - As of the completion of a secondary offering on November 13, 2017, 64,075,000 of our outstanding shares are owned by our parent-holding company Cadence Bancorp LLC. Cadence Bancorp LLC owned 75,000,000 of our outstanding shares before the secondary offering. Table 2 - Average Balances/Yield/Rates For the Three Months Ended December 31, 2017 2016 Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate ASSETS Interest-earning assets: Loans, net of unearned income(1) Originated and ANCI loans $ 7,961,692 $ 89,762 4.47 % $ 7,037,980 $ 71,237 4.03 % ACI portfolio 264,602 8,145 12.21 337,466 7,813 9.21 Total loans 8,226,294 97,907 4.72 7,375,446 79,050 4.26 Investment securities Taxable 817,971 5,000 2.43 676,148 3,418 2.01 Tax-exempt (2) 410,359 5,047 4.88 384,673 4,814 4.98 Total investment securities 1,228,330 10,047 3.25 1,060,821 8,232 3.09 Federal funds sold and short-term investments 409,317 1,151 1.12 436,665 783 0.71 Other investments 51,318 1,030 7.96 48,643 688 5.63 Total interest-earning assets 9,915,259 110,135 4.41 8,921,575 88,753 3.96 Noninterest-earning assets: Cash and due from banks 66,849 44,851 Premises and equipment 64,730 67,608 Accrued interest and other assets 634,375 657,582 Allowance for credit losses (94,968 ) (95,042 ) Total assets $ 10,586,245 $ 9,596,574 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 4,424,371 $ 7,844 0.70 % $ 4,404,779 $ 4,973 0.45 % Savings deposits 177,413 112 0.25 179,094 111 0.25 Time deposits 1,862,931 7,129 1.52 1,556,986 4,325 1.11 Total interest-bearing deposits 6,464,715 15,085 0.93 6,140,859 9,409 0.61 Other borrowings 367,373 3,021 3.26 365,728 2,854 3.10 Subordinated debentures 135,055 2,353 6.91 134,317 2,307 6.83 Total interest-bearing liabilities 6,967,143 20,459 1.17 6,640,904 14,570 0.87 Noninterest-bearing liabilities: Demand deposits 2,170,758 1,784,422 Accrued interest and other liabilities 99,477 77,066 Total liabilities 9,237,378 8,502,392 Stockholders' equity 1,348,867 1,094,182 Total liabilities and stockholders' equity $ 10,586,245 $ 9,596,574 Net interest income/net interest spread 89,676 3.24 % 74,183 3.09 % Net yield on earning assets/net interest margin 3.59 % 3.31 % Taxable equivalent adjustment: Investment securities (1,765 ) (1,685 ) Net interest income $ 87,911 $ 72,498 (1) Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields. (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%. For the Three Months Ended December 31, 2017 For the Three Months Ended September 30, 2017 Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate ASSETS Interest-earning assets: Loans, net of unearned income(1) Originated and ANCI loans $ 7,961,692 $ 89,762 4.47 % $ 7,587,556 $ 84,321 4.41 % ACI portfolio 264,602 8,145 12.21 280,238 5,840 8.27 Total loans 8,226,294 97,907 4.72 7,867,794 90,161 4.55 Investment securities Taxable 817,971 5,000 2.43 760,269 4,610 2.41 Tax-exempt (2) 410,359 5,047 4.88 408,913 5,046 4.90 Total investment securities 1,228,330 10,047 3.25 1,169,182 9,656 3.28 Federal funds sold and short-term investments 409,317 1,151 1.12 267,684 1,072 1.59 Other investments 51,318 1,030 7.96 49,661 380 3.04 Total interest-earning assets 9,915,259 110,135 4.41 9,354,321 101,269 4.30 Noninterest-earning assets: Cash and due from banks 66,849 60,760 Premises and equipment 64,730 65,308 Accrued interest and other assets 634,375 639,188 Allowance for credit losses (94,968 ) (94,706 ) Total assets $ 10,586,245 $ 10,024,871 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 4,424,371 $ 7,844 0.70 % $ 4,329,086 $ 7,300 0.67 % Savings deposits 177,413 112 0.25 180,099 113 0.25 Time deposits 1,862,931 7,129 1.52 1,648,000 5,665 1.36 Total interest-bearing deposits 6,464,715 15,085 0.93 6,157,185 13,078 0.84 Other borrowings 367,373 3,021 3.26 349,925 2,926 3.32 Subordinated debentures 135,055 2,353 6.91 134,873 2,336 6.87 Total interest-bearing liabilities 6,967,143 20,459 1.17 6,641,983 18,340 1.10 Noninterest-bearing liabilities: Demand deposits 2,170,758 1,982,784 Accrued interest and other liabilities 99,477 79,220 Total liabilities 9,237,378 8,703,987 Stockholders' equity 1,348,867 1,320,884 Total liabilities and stockholders' equity $ 10,586,245 $ 10,024,871 Net interest income/net interest spread 89,676 3.24 % 82,929 3.20 % Net yield on earning assets/net interest margin 3.59 % 3.52 % Taxable equivalent adjustment: Investment securities (1,765 ) (1,766 ) Net interest income $ 87,911 $ 81,163 (1) Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields. (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%. For the Year Ended December 31, 2017 2016 Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate ASSETS Interest-earning assets: Loans, net of unearned income(1) Originated and ANCI loans $ 7,535,099 $ 327,857 4.35 % $ 6,811,616 $ 268,984 3.95 % ACI portfolio 290,664 31,451 10.82 375,019 36,569 9.75 Total loans 7,825,763 359,308 4.59 7,186,635 305,553 4.25 Investment securities Taxable 747,590 18,089 2.42 725,100 15,838 2.18 Tax-exempt (2) 408,229 20,554 5.03 276,217 13,464 4.87 Total investment securities 1,155,819 38,643 3.34 1,001,317 29,302 2.93 Federal funds sold and short-term investments 313,683 3,336 1.06 368,669 2,419 0.66 Other investments 49,781 2,774 5.57 46,364 2,688 5.80 Total interest-earning assets 9,345,046 404,061 4.32 8,602,985 339,962 3.95 Noninterest-earning assets: Cash and due from banks 60,108 47,569 Premises and equipment 65,428 69,290 Accrued interest and other assets 640,075 642,049 Allowance for credit losses (90,621 ) (90,264 ) Total assets $ 10,020,036 $ 9,271,629 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 4,360,252 $ 27,030 0.62 % $ 4,122,667 $ 17,832 0.43 % Savings deposits 181,500 456 0.25 178,397 423 0.24 Time deposits 1,679,959 22,213 1.32 1,665,833 17,191 1.03 Total interest-bearing deposits 6,221,711 49,699 0.80 5,966,897 35,446 0.59 Other borrowings 358,413 11,644 3.25 318,668 11,215 3.52 Subordinated debentures 134,783 9,308 6.91 134,017 9,150 6.83 Total interest-bearing liabilities 6,714,907 70,651 1.05 6,419,582 55,811 0.87 Noninterest-bearing liabilities: Demand deposits 1,965,070 1,688,405 Accrued interest and other liabilities 86,198 70,038 Total liabilities 8,766,175 8,178,025 Stockholders' equity 1,253,861 1,093,604 Total liabilities and stockholders' equity $ 10,020,036 $ 9,271,629 Net interest income/net interest spread 333,410 3.27 % 284,151 3.08 % Net yield on earning assets/net interest margin 3.57 % 3.30 % Taxable equivalent adjustment: Investment securities (7,194 ) (4,712 ) Net interest income $ 326,216 $ 279,439 (1) Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields. (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%. Table 3 – Loan Interest Income Detail For the Three Months Ended, For the Years Ended December 31, (In thousands) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 2017 2016 Loan Interest Income Detail Interest income on loans, excluding ACI loans $ 89,762 $ 84,321 $ 79,904 $ 73,869 $ 71,237 $ 327,857 $ 268,984 Scheduled accretion for the period 5,348 5,550 6,075 6,331 6,845 23,303 30,870 Recovery income for the period 2,797 290 4,450 610 968 8,148 5,699 Accretion on acquired credit impaired (ACI) loans 8,145 5,840 10,525 6,941 7,813 31,451 36,569 Loan interest income $ 97,907 $ 90,161 $ 90,429 $ 80,810 $ 79,050 $ 359,308 $ 305,553 Loan yield, excluding ACI loans 4.47 % 4.41 % 4.36 % 4.14 % 4.03 % 4.35 % 3.95 % ACI loan yield 12.21 8.27 14.02 8.89 9.21 10.82 9.75 Total loan yield 4.72 % 4.55 % 4.74 % 4.34 % 4.26 % 4.59 % 4.25 % Table 4 - Allowance for Credit Losses For the Three Months Ended For the Years Ended December 31, (In thousands) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 2017 2016 Balance at beginning of period $ 94,765 $ 93,215 $ 88,304 $ 82,268 $ 91,169 $ 82,268 $ 79,783 Charge-offs (2,860 ) (581 ) (2,879 ) (551 ) (3,922 ) (6,871 ) (49,302 ) Recoveries 146 408 1,089 801 243 2,444 2,439 Net (charge-offs) recoveries (2,714 ) (173 ) (1,790 ) 250 (3,679 ) (4,427 ) (46,863 ) Provision for (reversal of) credit losses (4,475 ) 1,723 6,701 5,786 (5,222 ) 9,735 49,348 Balance at end of period $ 87,576 $ 94,765 $ 93,215 $ 88,304 $ 82,268 $ 87,576 $ 82,268 Table 5 -Noninterest Income For the Three Months Ended For the Years Ended December 31, (In thousands) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 2017 2016 Noninterest Income Investment advisory revenue $ 5,257 $ 5,283 $ 5,061 $ 4,916 $ 4,821 $ 20,517 $ 18,811 Trust services revenue 4,836 4,613 4,584 5,231 4,109 19,264 16,109 Service charges on deposit accounts 3,753 3,920 3,784 3,815 3,614 15,272 13,793 Credit-related fees 3,372 3,306 2,741 2,747 2,875 12,166 10,729 Insurance revenue 1,470 1,950 1,828 2,130 1,577 7,378 7,717 Bankcard fees 1,833 1,803 1,862 1,812 1,813 7,310 7,270 Mortgage banking revenue 687 965 1,213 866 1,019 3,731 4,663 Other service fees earned 1,197 1,174 1,071 972 777 4,414 2,884 Total service fees and revenue 22,405 23,014 22,144 22,489 20,605 90,052 81,976 Securities gains (losses), net 16 1 (244 ) 81 1,267 (146 ) 3,736 Other 3,235 4,109 1,089 1,535 488 9,968 2,691 Total other noninterest income 3,251 4,110 845 1,616 1,755 9,822 6,427 Total noninterest income (GAAP) 25,656 27,124 22,989 24,105 22,360 99,874 88,403 Less: Securities gains (losses) 16 1 (244 ) 81 1,267 (146 ) 3,736 Adjusted noninterest operating revenue (Non-GAAP measure) $ 25,640 $ 27,123 $ 23,233 $ 24,024 $ 21,093 $ 100,020 $ 84,667 Table 6 -Noninterest Expense For the Three Months Ended For the Years Ended December 31, (In thousands) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 2017 2016 Noninterest Expenses Salaries and employee benefits $ 35,162 $ 35,007 $ 34,682 $ 34,267 $ 28,139 $ 139,118 $ 125,068 Premises and equipment 7,629 7,419 7,180 6,693 7,475 28,921 27,982 Intangible asset amortization 1,085 1,136 1,190 1,241 1,555 4,652 6,532 Net cost of operation of other real estate owned 1,075 453 427 296 1,117 2,251 3,033 Data processing 2,504 1,688 1,702 1,696 1,767 7,590 6,280 Special asset expenses 331 215 469 140 670 1,156 1,788 Consulting and professional fees 4,380 2,069 1,502 1,139 2,288 9,090 6,728 Loan related expenses 810 532 757 280 1,236 2,379 3,114 FDIC insurance 939 889 954 1,493 1,517 4,275 7,228 Communications 857 650 675 655 741 2,837 2,656 Advertising and public relations 683 521 499 345 344 2,048 1,369 Legal expenses 2,626 612 508 432 662 4,178 2,721 Branch closure expenses 55 50 47 46 47 198 238 Other 8,235 5,289 5,542 5,598 7,836 24,663 25,443 Total noninterest expenses $ 66,371 $ 56,530 $ 56,134 $ 54,321 $ 55,394 $ 233,356 $ 220,180 Table 7 - Reconciliation of Non-GAAP Financial Measures As of and for the Three Months Ended As of and for the Years Ended December 31, (In thousands) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 2017 2016 Efficiency ratio Noninterest expenses (numerator) $ 66,371 $ 56,530 $ 56,134 $ 54,321 $ 55,394 $ 233,356 $ 220,180 Net interest income $ 87,911 $ 81,163 $ 82,384 $ 74,758 $ 72,498 $ 326,216 $ 279,439 Noninterest income 25,656 27,124 22,989 24,105 22,360 99,874 88,403 Operating revenue (denominator) $ 113,567 $ 108,287 $ 105,373 $ 98,863 $ 94,858 $ 426,090 $ 367,842 Efficiency ratio 58.44 % 52.20 % 53.27 % 54.95 % 58.40 % 54.77 % 59.86 % Adjusted noninterest expenses and operating revenue Noninterest expense $ 66,371 $ 56,530 $ 56,134 $ 54,321 $ 55,394 $ 233,356 $ 220,180 Less: Branch closure expenses 55 50 47 46 47 198 238 Adjusted noninterest expenses $ 66,316 $ 56,480 $ 56,087 $ 54,275 $ 55,347 $ 233,158 $ 219,942 Net interest income $ 87,911 $ 81,163 $ 82,384 $ 74,758 $ 72,498 $ 326,216 $ 279,439 Noninterest income 25,656 27,124 22,989 24,105 22,360 99,874 88,403 Less: Securities gains (losses), net 16 1 (244 ) 81 1,267 (146 ) 3,736 Adjusted operating revenue $ 113,551 $ 108,286 $ 105,617 $ 98,782 $ 93,591 $ 426,236 $ 364,106 Tangible common equity ratio Shareholders’ equity $ 1,359,056 $ 1,340,848 $ 1,304,054 $ 1,105,976 $ 1,080,498 $ 1,359,056 $ 1,080,498 Less: Goodwill and other intangible assets, net (328,040 ) (329,124 ) (330,261 ) (331,450 ) (332,691 ) (328,040 ) (332,691 ) Tangible common shareholders’ equity 1,031,016 1,011,724 973,793 774,526 747,807 1,031,016 747,807 Total assets 10,948,926 10,502,261 9,811,557 9,720,937 9,530,888 10,948,926 9,530,888 Less: Goodwill and other intangible assets, net (328,040 ) (329,124 ) (330,261 ) (331,450 ) (332,691 ) (328,040 ) (332,691 ) Tangible assets $ 10,620,886 $ 10,173,137 $ 9,481,296 $ 9,389,487 $ 9,198,197 $ 10,620,886 $ 9,198,197 Tangible common equity ratio 9.71 % 9.95 % 10.27 % 8.25 % 8.13 % 9.71 % 8.13 % Tangible book value per share Shareholders’ equity $ 1,359,056 $ 1,340,848 $ 1,304,054 $ 1,105,976 $ 1,080,498 $ 1,359,056 $ 1,080,498 Less: Goodwill and other intangible assets, net (328,040 ) (329,124 ) (330,261 ) (331,450 ) (332,691 ) (328,040 ) (332,691 ) Tangible common shareholders’ equity $ 1,031,016 $ 1,011,724 $ 973,793 $ 774,526 $ 747,807 $ 1,031,016 $ 747,807 Common shares issued 83,625,000 83,625,000 83,625,000 75,000,000 75,000,000 83,625,000 75,000,000 Tangible book value per share $ 12.33 $ 12.10 $ 11.64 $ 10.33 $ 9.97 $ 12.33 $ 9.97 Return on average tangible common equity Average common equity $ 1,348,867 $ 1,320,884 $ 1,251,217 $ 1,090,905 $ 1,094,182 $ 1,253,861 $ 1,093,604 Less: Average intangible assets (328,697 ) (329,816 ) (330,977 ) (332,199 ) (333,640 ) (330,411 ) (336,054 ) Average tangible common shareholders’ equity $ 1,020,170 $ 991,068 $ 920,240 $ 758,706 $ 760,542 $ 923,450 $ 757,550 Net income $ 14,691 $ 32,577 $ 28,968 $ 26,117 $ 28,985 $ 102,353 $ 65,774 Return on average tangible common equity (1) 5.71 % 13.04 % 12.63 % 13.96 % 15.16 % 11.08 % 8.68 % Pre-tax, pre-provision net earnings Income before taxes $ 51,671 $ 50,034 $ 42,538 $ 38,756 $ 44,686 $ 182,999 $ 98,314 Plus: Provision for credit losses (4,475 ) 1,723 6,701 5,786 (5,222 ) 9,375 49,348 Pre-tax, pre-provision net earnings $ 47,196 $ 51,757 $ 49,239 $ 44,542 $ 39,464 $ 192,374 $ 147,662 Table 7 (continued) - Reconciliation of Non-GAAP Financial Measures As of and for the Three Months Ended As of and for the Year Ended (In thousands) December 31, 2017 December 31, 2017 Reconciliation of Non-GAAP Financial Measures Related to One-Time Tax Charge Net income excluding one-time tax charge Net income $ 14,691 $ 102,353 Add: One-time tax charge 19,022 19,022 Net income excluding one-time tax charge $ 33,713 $ 121,375 Earnings per share Earnings per diluted common share $ 0.17 $ 1.25 One-time tax charge per share 0.22 0.23 Earnings per diluted common share excluding one-time tax charge $ 0.39 $ 1.48 Return on Average Assets Net income excluding one-time tax charge $ 33,713 $ 121,375 Average assets 10,586,245 10,020,036 Return on average assets excluding one-time tax charge (1) 1.26 % 1.21 % Return on Average Common Equity Net income excluding one-time tax charge $ 33,713 $ 121,375 Average common equity 1,348,867 1,253,861 Return on average common equity excluding one-time tax charge (1) 9.92 % 9.68 % Return on Average Tangible Common Equity Net income excluding one-time tax charge $ 33,713 $ 121,375 Average tangible common shareholders’ equity 1,020,170 923,450 Return on average tangible common shareholders’ equity excluding one-time tax charge (1) 13.11 % 13.14 % Effective Tax Rate Income before taxes $ 51,671 $ 182,999 Income tax expense 36,980 80,646 Less: one-time tax charge 19,022 19,022 Income tax expense excluding one-time tax charge 17,958 61,624 Effective tax rate excluding one-time tax charge 34.8 % 33.7 %
http://www.cnbc.com/2018/01/24/business-wire-cadence-bancorporation-reports-fourth-quarter-2017-results-and-initiates-a-quarterly-dividend.html
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Tri-State Lawmakers Push for ‘Bump Stock’ Sales Bans
Lawmakers in the New York region are starting the new year with a drive to ban the sale and possession of “bump stocks,” devices that allow semiautomatic weapons to essentially act as automatic firearms. Connecticut Gov. Dannel Malloy on Tuesday said the Las Vegas mass shooting in October demonstrated the need for more action. In that attack, gunman Stephen Paddock used at least one rifle outfitted with a bump stock to spray gunfire over an outdoor music festival, killing 58 people and injuring more than 400. ... RELATED VIDEO The Legal Device That Enabled Rapid Fire in Las Vegas Bump stocks, legal gun accessories found in the suspected Las Vegas shooter's hotel room, make semiautomatic weapons simulate machine guns. Shelby Holliday explains how bump stocks work and why they're legal in the U.S. Photo: Allen Breed/AP To Read the Full Story Subscribe Sign In
https://www.wsj.com/articles/tri-state-lawmakers-push-for-bump-stock-sales-bans-1515531522
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NBRC Names New CEO
Lori Tinkler now CEO of the U.S. credentialing board for respiratory care practitioners OVERLAND PARK, Kan.--(BUSINESS WIRE)-- The National Board for Respiratory Care, Inc. (NBRC) has named Lori M. Tinkler, MBA, as chief executive officer effective January 1, 2018. Tinkler has a 26+ year tenure with the organization and succeeds Gary A. Smith, who served in various leadership roles during his 34 years with the NBRC, including his position as CEO for the last 16 years. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180109005323/en/ Lori M. Tinkler, MBA, Chief Executive Officer National Board for Respiratory Care (Photo: Business Wire) Tinkler joined the NBRC in 1991 and served as chief operating officer since 2002. She also led and helped grow the NBRC subsidiary, Applied Measurement Professionals, Inc. (AMP), a national assessment company. Since the sale of AMP in 2015, the NBRC has focused solely on its mission of developing high-quality examinations and awarding credentials for the respiratory care profession. “Without reservation I know Lori’s vast knowledge of respiratory care leadership across professional organizations makes her not only the best choice, but peerless in her abilities,” said NBRC Immediate Past President, Robert Joyner. NBRC President Katherine Fedor agrees: “Lori’s detailed knowledge of the organization will provide a smooth transition of leadership and preserve the NBRC’s mission of excellence.” In 2008, Tinkler was named one of the Top 25 Women Who Mean Business in Kansas City by the Kansas City Business Journal. Tinkler volunteers on several local boards, including the Johnson County Community College Foundation and the Mayor’s Christmas Tree Fund for the City of Olathe (Kan.), which she chaired for the 2016-17 campaign. Tinkler chaired the Olathe Chamber of Commerce in 2011 and 2012, and remains active as a mentor for young professionals within the greater Kansas City business community. “There are many opportunities ahead for the respiratory care profession, and I am thrilled to lead the NBRC into the future,” said Tinkler. “We have a great team of talented individuals who will continue to provide excellent customer service and create and innovate to ensure the competency of respiratory care professionals.” About the NBRC Established in 1960 and headquartered in the Kansas City area since 1974, the NBRC is the credentialing board for U.S. respiratory care practitioners. As a member of the Institute for Credentialing Excellence (ICE) and accredited by the National Commission for Certifying Agencies (NCCA), the NBRC ensures the highest standards for credentialing examinations. Nearly 30,000 candidates test for NBRC credentials each year. View source version on businesswire.com : http://www.businesswire.com/news/home/20180109005323/en/ NBRC Cari Turner, 913-712-0286 Source: NBRC
http://www.cnbc.com/2018/01/09/business-wire-nbrc-names-new-ceo.html
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Major U.S. railroads warn Trump against derailing NAFTA
LOMBARD, Ill. (Reuters) - Major U.S. railroads on Wednesday warned President Donald Trump of the potential financial and political consequences of scrapping the North American Free Trade Agreement and urged U.S., Mexican, and Canadian officials to find ways to modernize the accord. Trump has threatened to withdraw from the agreement, which is heavily utilized by U.S. and Canadian railroads hauling freight such as cars, beer, and grain across the three countries. Some 35 percent of annual U.S. rail industry revenue is directly linked to international trade, according to the Association of American Railroads lobby group. Kansas City Southern ( KSU.N ) Chief Executive Officer Pat Ottensmeyer told Reuters at a rail shippers’ conference that scrapping NAFTA would put supply chains, jobs and consumers at risk and could come back to haunt Trump politically. Cross-border rail trade between the United States and Mexico is dominated by Kansas City Southern. More than a quarter of its revenue comes from U.S.-Mexico shipments, and grain from American farms forms an important portion of cross-border carloads. Ottensmeyer said many farmers who supported Trump in the 2016 election support NAFTA and are becoming critical of Trump’s threats to scrap the accord. “You won’t talk to a single farmer who is against NAFTA,” Ottensmeyer said. “They did not vote for Donald Trump because of NAFTA, they decided to set that aside. I think (Trump) is beginning to understand that, the more time he spends in rural America.” “Be careful what you do here,” he said. Washington has taken a hard line in talks, saying that concessions are the only way for Canada and Mexico to keep the deal. Talks appear to be stalled heading into the penultimate round of negotiations scheduled to begin next week in Montreal. “It’s certainly out of date; it’s old, so fix the things that need to be fixed but to wholesale walk away from it doesn’t make a lot of sense to us,” Union Pacific Corp ( UNP.N ) Chief Marketing Officer Beth Whited told Reuters. No. 1 U.S. railroad Union Pacific serves all the main U.S.-Mexico rail gateways. For example, Union Pacific hauls “a ton of Corona” beer and bottles and recycled glass to and from a Constellation Brands Inc ( STZ.N ) brewery in Mexico and made “a huge investment in Texas to support that, creating American jobs.” “NAFTA is a job creator,” Whited said. “Union Pacific jobs are American jobs.” No. 3 railroad Norfolk Southern Corp ( NSC.N ) declined to comment. Reporting by Eric M. Johnson; Editing by James Dalgleish
https://www.reuters.com/article/us-trade-nafta-railways/major-u-s-railroads-warn-trump-against-derailing-nafta-idUSKBN1F634Z
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Big Drugmakers Pay Big Prices for Promising Biotechs
16 COMMENTS Big drugmakers, searching for new sources of revenue, are paying hefty premiums for biotechnology businesses, with two multibillion-dollar acquisitions announced Monday among the latest such deals. Sanofi SA agreed to pay $11.6 billion in cash, a 63% premium, to buy hemophilia-drug company Bioverativ Inc., BIVV 61.89% confirming a Wall Street Journal report Sunday. And Celgene ’s CELG 0.25% cash deal to buy Juno Therapeutics Inc. JUNO 26.82% values shares in the biotech company at $9 billion, 87% more than their worth before the Journal reported on the deal talks last week. So far this year, the median premium paid in health-care deals worth more than $1 billion is 89%, almost double the median of 45% since 2010, according to Dealogic. Both Sanofi SNY -3.14% and Celgene have been looking to add products to cope with lower-price competition looming for their top-selling drugs. As big drugmakers look to deal-making, rather than their own laboratories, to plug gaps in their product lineups, they are increasingly willing to pay up for the scarce roster of companies with promising products. And analysts say premiums may only get bigger as other large drugmakers, aided by the new tax law in the U.S., consider acquisitions to bolster their lineups. “Many of the largest, most cash-rich companies in the industry have not even begun to participate in M&A, and when they do, prices and deal volumes could step up significantly,” Leerink Partners analyst Geoffrey Porges wrote Monday in a note to investors. Paris-based Sanofi has already missed out on two high-valuation deals. It lost the bidding for Medivation to Pfizer Inc., which paid $14 billion for the cancer biotech company in 2016. Then last year, Johnson & Johnson outbid Sanofi to buy rare-disease drugmaker Actelion for $30 billion. Bioverativ, of Waltham, Mass., sells two top-selling treatments for the rare blood disorder hemophilia. The company was spun out of big biotech Biogen Inc. last year after Biogen couldn’t find any companies willing to buy it for about $3 billion, according to a person familiar with the matter. Sanofi turned to Bioverativ as low-price competition drew closer for the French company’s top-selling product, Lantus insulin. Lantus revenue has been dropping but still accounted for 13% of Sanofi’s sales during the first nine months of 2017. Bioverativ’s hemophilia drugs will fit in Sanofi’s rare-disease business and complement the company’s collaboration with biotech Alnylam Pharmaceuticals Inc. in developing a new kind of hemophilia therapy using an emerging technology called RNA interference. “With Bioverativ, we welcome [a] leader in the growing hemophilia market and that will create a platform for expansion in other rare blood disorders,” Sanofi CEO Olivier Brandicourt said in a conference call. Sanofi said adding Bioverativ will be “immediately accretive” to its earnings in fiscal year 2018. Yet traditional hemophilia drugs from Bioverativ and other drug companies could see sales drop over the long term if gene therapies now in development work out and take over the market. As for Celgene, the Summit, N.J., company is a major seller of blood-cancer drugs. But competitors have been challenging the patents protecting its top-selling product, multiple myeloma treatment Revlimid, in their efforts to sell generic versions. In advance of Revlimid’s patent expiration, Celgene has been entering partnerships with biotech companies working on promising new drugs for cancer and other diseases. While waiting on the collaborations to pan out, Celgene has added some products through acquisitions. Just this month Celgene agreed to pay $1.1 billion upfront for Impact Biomedicines, a privately held cancer biotech company, and committed to spending billions more dollars if Impact’s blood-disease drug is approved for sale and reaches other milestones. By acquiring Juno, Celgene will gain access to a new kind of blood-cancer treatment, known as CAR-T, which modifies a patient’s own immune cells to turn them into potent cancer-fighting agents. The Juno deal “is an important step in executing our strategy to sustain industry-leading growth by focusing on disruptive, innovative medicines and immediately establishes Celgene as global leader in the rapidly emerging field of cellular immunotherapy,” Celgene CEO Mark Alles said in a conference call with analysts and investors. Celgene said the Juno acquisition won’t become “incrementally additive to net product sales” until 2020. It also predicts that Juno’s most-advanced drug, JCAR017, will peak at $3 billion in yearly world-wide sales. But some industry officials and advisers question how lucrative the drugs will be unless they can be used beyond blood cancers and don’t have to be tailored to each individual patient. Celgene’s valuation of Juno was influenced by Gilead Sciences Inc.’s $11 billion acquisition of Kite Pharma, which also has a CAR-T treatment. Gilead said it paid a 50% premium to the 30-day volume-weighted average of Kite’s stock price. Celgene executives said on a conference call with investors that the company will continue looking for acquisitions. —Cara Lombardo contributed to this article. Write to Jonathan D. Rockoff at Jonathan.Rockoff@wsj.com
https://www.wsj.com/articles/big-drugmakers-pay-big-prices-for-promising-biotechs-1516646604
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Motorist shot dead after trying to run over Mississippi police officers
(Reuters) - A Jackson, Mississippi, woman was shot and killed by police early Saturday after she fled a traffic stop and tried to hit two officers with her car, police said. The woman, identified by police as Crystaline Barnes, 21, was shot around 7:30 a.m. Saturday after she reportedly forced another motorist off the road, local media including CBS affiliate WJTV reported. When police stopped her, she tried to flee in her car, reversed direction, and then drove at the officers, according to the WJTV report. Jackson Police said in an official statement that the “Incident has resulted in the driver being shot after attempting to strike officers.” No other information was immediately available about the shooting. Reporting by Rich McKay. Editing by Jane Merriman
https://in.reuters.com/article/usa-police-shooting/motorist-shot-dead-after-trying-to-run-over-mississippi-police-officers-idINKBN1FH05Z
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As Macron embarks on China tour, reciprocity is the word
PARIS (Reuters) - President Emmanuel Macron’s visit to China next week will be the first by a major European leader since the Communist party’s recent leadership congress, and he will use it to try to secure greater access for French companies and forge a yet-to-be-defined Asia policy. In his first official visit to the world’s second-largest economy since his election last May, Macron is expected to push for a more level playing field in trade relations, as France tries to cut a 30 billion-euro trade deficit with China. “There’s an ambition to rebalance, get more reciprocity in access to Chinese markets and fairer competition conditions,” an advisor to Macron said on condition of anonymity. By reciprocity, French officials mean easier access for foreign companies to regulated or protected sectors of the Chinese economy. Chinese officials say that concept is “relative” in an emerging economy. Like other Westerners, the French have long complained about China’s rules for foreign investments and its demands for technology transfers and compulsory joint-ventures with local rivals. French carmakers Renault and Peugeot-Citroen in particular have had to set up partnerships with domestic companies but have had only limited success in gaining a slice of the world’s biggest auto market. French officials hope the emergence of a prosperous Chinese middle-class will give French companies, which tend to specialize in consumer products, an edge over German rivals more focused on machinery and equipment. But besides the usual race for market share, Macron’s advisors say he will also defend a common European Union line for freer trade between the blocs, in the face of U.S. President Donald Trump’s protectionist rhetoric. As an economy minister in the previous Socialist government, Macron led the fight to toughen EU anti-dumping rules imports of cheap Chinese steel surged. In June, he also urged the Commission to build a system for screening investments in strategic sectors from outside the bloc, which drew criticism from Beijing. “Even if on the surface the trip goes smoothly and faux-pas are avoided because the two presidents are smart and it’s the first state visit, I think on substance each will firmly defend their own priorities,” Alice Ekman of the Paris-based think tank IFRI told Reuters. A delegation of 50 company executives, from nuclear giants EDF and Areva, planemaker Airbus and hotels group Accor, as well as representatives of the French beef, pork and milk lobbies are expected to travel with Macron. Airbus is in talks to sell 100 or more jetliners to China during the visit, sources said. DEFINING FRANCE‘S ASIA POLICY The trip will also be an opportunity for the 40-year-old president, who has mostly focused on Europe and its neighborhood since his election, to define his country’s role in Asia. The two countries are expected to discuss security issues such as North Korea, after Pyongyang agreed to hold talks with the South next week amid a standoff over its nuclear and missile programs. French officials have touted the fight against climate change as another key issue for cooperation with China, now that Trump has announced he would pull out of the Paris climate accord signed in 2015. History and symbols will also feature on the trip, as they did with Trump and Putin, whom Macron received in grandiose settings such as the Champs-Elysees and the Palace of Versailles. Macron is expected to visit cultural landmarks such as the ancient Terracotta Army in the former capital of Xian and the Forbidden City in Beijing, the ancient home of China’s emperors. Reporting by Michel Rose
https://www.reuters.com/article/us-china-france/as-macron-embarks-on-china-tour-reciprocity-is-the-word-idUSKBN1EU1GK
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JPMorgan plans expansion into Ghana and Kenya
LONDON (Reuters) - JPMorgan Chase & Co ( JPM.N ) plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said in an interview on Wednesday. “You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of that stuff,” Dimon told Bloomberg Television on the sidelines of the World Economic Forum meeting in Davos, Switzerland. Dimon said the bank would target Ghana and Kenya, two countries in which local regulators have previously blocked the U.S. banking giant’s expansion plans, according to media reports at the time. The announcement follows JPMorgan’s unveiling of a $20 billion investment plan on Tuesday which will see it hike wages, hire more, and open new branches as it takes advantage of sweeping changes to U.S. tax law and a more favorable regulatory environment. The five-year plan will see the U.S. bank ramp up overseas investment in addition to its domestic growth plans, after it finished cleaning up troubled mortgages following the 2007-09 financial crisis. Reporting by Lawrence White; Editing by Mark Potter
https://www.reuters.com/article/us-davos-meeting-jpmorgan-africa/jpmorgan-plans-expansion-into-ghana-and-kenya-idUSKBN1FD23R
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Air Products to Broadcast Fiscal First Quarter Earnings Teleconference on January 26
LEHIGH VALLEY, Pa., Jan. 3, 2018 /PRNewswire/ -- Air Products (NYSE: APD) will release its fiscal 2018 first quarter financial results on Friday, January 26, 2018 before the stock market opens and will review these results later that day in a teleconference at 10:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast. Live teleconference: 323-994-2083 Passcode: 9546225 Internet broadcast/slides: Available on the Event Details page on Air Products' Investor Relations website. Telephone replay: 888-203-1112 (domestic) or 719-457-0820 (international) Passcode: 9546225 Available from 2:00 p.m. ET on January 26 through 2:00 p.m. ET on February 2, 2018. Internet replay: Available on the Event Details page on Air Products' Investor Relations website. About Air Products Air Products (NYSE: APD ) is a world-leading Industrial Gases company in operation for over 75 years. The Company's core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment. The Company had fiscal 2017 sales of $8.2 billion from continuing operations in 50 countries and has a current market capitalization of about $35 billion. Approximately 15,000 passionate, talented and committed employees from a diversity of backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities and the world. For more information, visit www.airproducts.com . View original content: http://www.prnewswire.com/news-releases/air-products-to-broadcast-fiscal-first-quarter-earnings-teleconference-on-january-26-300577056.html SOURCE Air Products
http://www.cnbc.com/2018/01/03/pr-newswire-air-products-to-broadcast-fiscal-first-quarter-earnings-teleconference-on-january-26.html
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Bonti Announces Close of $15.5 Million Series C Funding and Appointment of David Ramsay as Chief Financial Officer
Latest Financing to Enable Continued Clinical Development of Lead Product EB-001 to Treat Musculoskeletal Pain NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Bonti, a privately-held, clinical-stage biotechnology company, today announced it successfully closed a $15.5 million Series C financing, bringing the cumulative investment in the Company to over $36 million. Capital from the round will be used to continue developing EB-001, a unique botulinum neurotoxin, for its targeted therapeutic and aesthetic indications with significant addressable unmet needs in patients. In conjunction with this funding and in preparation for the rest of 2018 and beyond, the Company also announced the appointment of David Ramsay as Chief Financial Officer (CFO). Funds from the latest round are expected to enable completion of an ongoing first Phase 2 pain study, LANTERN-1 ( L ong- A cting N euro T oxin- E R elief, N on-opioid), initiation and completion of a second Phase 2 pain study (LANTERN-2) and preparing for an End of Phase 2 FDA meeting. The Series C proceeds will also be used for market research and for working capital. In addition, Bonti will be appointing David Ramsay as Chief Financial Officer, effective February 2018. Mr. Ramsay is currently a Bonti director and was formerly CFO at Halozyme Therapeutics, Inc. (NASDAQ: HALO), where he was responsible for leading the finance, accounting, reporting, tax, treasury, investor relations, information technology and commercial organizations. He was part of the management team that helped guide the company through the successful development and commercialization of its first products. “We’re grateful both to our new investors who joined this funding round and to our existing investors who participated in this financing,” remarked Fauad Hasan, CEO and co-founder. “As happened in our previous fundraising efforts, participation in this round exceeded our Series C target, highlighting the strong interest and excitement for Bonti’s vision, for our rapid progress to date and for our team. We plan to continue executing effectively to exceed major development milestones and to briskly advance the pipeline for our lead candidate, EB-001, in 2018.” He added, “It’s also tremendously exciting to welcome David Ramsay to our senior management team. We eagerly anticipate leveraging his vast knowledge and experience to help propel our enterprise forward.” “There remains an urgency to find novel, non-narcotic alternatives to treat pain to help combat the devastating opioid epidemic raging in the United States currently,” commented Jonathan Lim, M.D., Chairman and co-founder of Bonti and Managing Partner of City Hill Ventures, LLC, which led this Series C investment round. “Investments and innovation are critical to advance development of new therapies, such as Bonti’s EB-001, to provide patients and healthcare providers better healthcare options for post-surgical pain and other unmet needs. It is a privilege to be part of this effort to foster the development of this unique neuromodulator platform with transformative potential for patients.” About EB-001 Bonti’s lead product candidate, EB-001, is an investigational botulinum neurotoxin serotype E (BoNT/E). EB-001 has a mechanism of action similar to the marketed botulinum neurotoxin serotype A (BoNT/A) products though it has a differentiated clinical profile. EB-001 has a fast onset of action (within 24 hours) and a short duration of effect (about 3 – 4 weeks). Currently marketed BoNT/A products have an onset of action around 3 – 7 days and a duration of effect around 3 – 4 months. The unique target clinical profile of EB-001 may be well suited for a vast range of aesthetic and therapeutic uses, including for the treatment of post-surgical and non-surgical musculoskeletal pain, with currently unmet needs. About Bonti Bonti, based in Newport Beach, California, is a rapidly emerging biotechnology company founded by world class neurotoxin experts with proven prior success at Allergan. This team, with deep neurotoxin, aesthetic and pain expertise, is uniquely qualified to develop treatment paradigms driven by a novel neurotoxin platform designed to become an innovative leader in both aesthetic and therapeutic markets. By turning the science of neurotoxins into beneficial patient and healthcare provider solutions, Bonti seeks to improve lives by successfully addressing key unmet needs in markets with significant addressable opportunities. For more information, please visit http://bonti.com . View source version on businesswire.com : http://www.businesswire.com/news/home/20180123005911/en/ Bonti Orlando Rodrigues Media Relations 760.212.5727 orlando@bonti.com Source: Bonti
http://www.cnbc.com/2018/01/23/business-wire-bonti-announces-close-of-15-point-5-million-series-c-funding-and-appointment-of-david-ramsay-as-chief-financial-officer.html
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ethiXbase Appoints New Chief Operating Officer
LONDON, Jan. 24, 2018 /PRNewswire/ -- ethiXbase, a leading RegTech third party due diligence and risk management solutions provider today announced the appointment of Richard Russell as Chief Operating Officer, a new position based in the London operations of the rapidly growing company. "Business communities today have never been more challenged by the risk of corruption within their supply chains. The time is now for organisations to know who they are doing business with, not just for those deemed high risk, but for all third parties across their entire business network," said Leas Bachatene, Chief Executive Officer of ethiXbase. "Against this backdrop, we have made tremendous progress since launching the ethiXbase 2.0 100% third party compliance platform – helping our customers to leverage technology to monitor and manage every single third party relationships throughout their supply chain for effective anti-corruption compliance." "Richard has an impressive track record in advancing business growth while ensuring operational excellence. Having him on board as COO is a key appointment to strengthen our senior executive leadership team. This will ensure we have the right organisational structure in place as we accelerate the technology-led transformation of our solutions to better serve and shape the business community as part of our collective mission to enhance business ethics and anti-corruption compliance," said Bachatene. Effective immediately, Richard will spearhead ethiXbase's roadmap of next generation product development, innovation and technology while heading up our London operations as the company expands its global footprint. Following his tenure with Lexis Nexis, Richard started his extensive career with Complinet UK Limited in 2004 as Business Solutions Director. He was a significant stakeholder in successfully developing Complinet's KYC/screening business, advancing technology, data and clients' acquisition for the organisation. By the time Richard left Complinet in 2011 (acquired by Thomson Reuters in 2010), he was Group Managing Director, Global Screening. He has since held various senior executive positions at Euromoney, Optimus Education and IFRS Foundation. About ethiXbase Headquartered in Singapore, ethiXbase is a rapidly growing RegTech company driven by innovation and focused on achieving customer satisfaction. Known for making a difference with ethiXbase 2.0, the industry's leading end-to-end third party compliance and risk management platform, ethiXbase helps small businesses to major Fortune 500 brands achieve 100% third party compliance through advancements in technology, data, services and due diligence. For more information on ethiXbase's third party due diligence solutions, visit www.ethiXbase.com/2-0 Contact Natasha Martin +65 6536 0084 marketing@ethiXbase.com Related Links ethiXbase 2.0 View original content with multimedia: http://www.prnewswire.com/news-releases/ethixbase-appoints-new-chief-operating-officer-300586729.html SOURCE ethiXbase
http://www.cnbc.com/2018/01/24/pr-newswire-ethixbase-appoints-new-chief-operating-officer.html
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Super Bowl stokes hopes, concerns of Minneapolis' Somali community
MINNEAPOLIS (Reuters) - The largest Somali community in the United States is centered just blocks from the site of this year’s Super Bowl, but that is too close for comfort for some of the mostly Muslim residents of the “Little Mogadishu” neighborhood in Minneapolis. Some Somali residents worry about being a target of the heightened security that always surrounds one of the biggest sports events - but especially this year, when fear and suspicions about Muslims and immigrants in general are running high. With thousands of visitors expected ahead of the National Football League’s championship game on Feb. 4, Somali residents say they are concerned about the potential for harassment or random violence directed at members of the Somali community, long vilified as a hotbed of extremism. “The Super Bowl is great, but there is an anti-immigrant and anti-Muslim mood in this country. A lot of people are coming,” said Abdirizak Bihi, director of Somali Education and Social Advocacy Center. Despite apprehensions, many are also eager to dispel negative views and show football fans that the community is hard-working and friendly - no different from many other ethnic communities in the United States. The heart of the community is located within sight of U.S. Bank Stadium in the neighborhood of Cedar-Riverside, where coffee houses, Somali shops and a mosque dot the streets, and women covered with hijabs are a frequent sight. The greater Minneapolis area is home to about 50,000 people with Somali heritage, those born in the United States as well as immigrants and refugees from the East African country. Somalia and its capital, Mogadishu, have endured decades of political instability and more recently militant attacks from Al-Shabaab. The country has also been targeted by Trump’s travel ban, which blocks entry into the United States of most people from Chad, Iran, Libya, Somalia, Syria and Yemen. More than 20 Somali-Americans have left Minnesota to join extremist groups overseas, such as ISIS and Al-Shabaab, but local leaders say this is a small number that defames a friendly and hard-working people. “Our community has been labeled as a national security threat. We live in constant apprehension,” said Kamal Hassan, who founded Somali Human Rights coalition in Minneapolis after fleeing his homeland. “Every day you hear social media threats against our community.” SECURITY TIGHT Jamal Said (L) of St. Louis Park and Abdul Hersi of Minneapolis, watch the Minnesota Vikings in the NFC Championship football game at the Capitol Cafe, a popular Somali coffee shop, ahead of the NFL's Super Bowl in Minneapolis, Minnesota, U.S. January 21, 2018. Picture taken January 21, 2018. REUTERS/Craig Lassig Growing anti-Muslim and anti-immigrant sentiment in the United States, fueled by President Donald Trump’s statements before and “America First” rhetoric, has exacerbated anxieties about public attitudes and police surveillance and immigration enforcement, according to community leaders. The Federal Bureau of Investigation has denied that the Somali community was under any special scrutiny for the Super Bowl. It never investigates people or groups based solely on ethnicity, race or national origin, said Jeffrey Van Nest, media coordinator for the FBI in Minneapolis. But with the big game approaching, community leaders have stepped up efforts to dispel the negative perceptions and fears, going on radio shows and holding meetings with police in an effort to build relations and prevent trouble. Such concerns are not entirely unfounded. Slideshow (4 Images) More than a year after young Somali men from Minneapolis were put on trial for trying to join the Islamic State in 2016, a bomb was thrown though the window of the Dar Al Farooq mosque last summer. “We are vulnerable. We are a few steps away from the stadium,” said Mohamed Omar, executive director of the mosque. “It’s very scary now, the climate we live in.” About 60 public agencies, including the FBI and Minneapolis police, are taking part in security operations for the Super Bowl, which officials term as a “Tier 1” event. The planning began two years ago and authorities plan to exhibit a massive show of force to deter and protect against any would-be attackers, including thousands of uniformed police and bomb-sniffing dogs. Behind the scenes, authorities will deploy undercover officers, the latest technology and military-style intelligence, surveillance and reconnaissance to counter any threat. Many local Somali residents will be driving taxis during Super Bowl week, as well as working as security guards at the stadium and serving traditional food at local cafes nearby. Located just across an interstate highway from the game, Super Bowl visitors could easily stroll through Little Mogadishu or wander into one of the city’s Somali malls, lined with stalls selling colorful African dresses and meat-filled pastries. “They will see a different community than (the) one portrayed in the news,” said Jibril Afyare, president of the Twin Cities Somali American Citizens League. Reporting by Chris Kenning in Minneapolis and Daniel Trotta in New York; editing by G Crosse
https://www.reuters.com/article/us-football-nfl-superbowl-somalis/super-bowl-stokes-hopes-concerns-of-minneapolis-somali-community-idUSKBN1FE1D3
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Indian tribunal refuses to lift SEBI ban on Price Waterhouse
MUMBAI (Reuters) - India’s Securities Appellate Tribunal (SAT) said on Friday that Price Waterhouse can continue to service existing clients whose financial year started on Jan. 1 2018, but it refused to grant a stay on a two-year audit ban ordered by the market regulator. The markets regulator, Securities and Exchange Board of India, last week barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in a software services company that became India’s biggest corporate scandal. It had however allowed Price Waterhouse to continue auditing books for the current fiscal year ending in March. Most Indian companies follow an April-March financial year. Price Waterhouse had appealed to SAT to lift the SEBI ban, but the Tribunal only agreed to give it a reprieve to permit it to complete audits it had already taken on for the 2018 calendar year. Reporting by Abhirup Roy; Writing by Swati Bhat; Editing by Euan Rocha
https://www.reuters.com/article/us-pwc-india-tribunal/indian-tribunal-refuses-to-lift-sebi-ban-on-price-waterhouse-idUSKBN1F80ME
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CONSENSUS utili società FTSE Mib * stime al 18 gennaio
EPS DPS EPS DPS A2A Dec-2017 0.12 0.06 Dec-2018 0.12 0.07 PRX GENERALI Dec-2017 1.43 0.84 Dec-2018 1.57 0.90 PRX ATLANTIA Dec-2017 1.36 1.03 Dec-2018 1.52 1.13 PRX AZIMUT Dec-2017 1.35 1.48 Dec-2018 1.44 1.20 PRX BANCA GENERALI Dec-2017 1.78 1.30 Dec-2018 1.96 1.40 PRX BANCO BPM - - - - - - - BANCA POPOLARE EMILIA ROMAGNA Dec-2017 0.29 0.07 Dec-2018 0.47 0.12 PRX BUZZI UNICEM Dec-2017 1.30 0.22 Dec-2018 1.57 0.32 PRX CNH INDUSTRIAL Dec-2017 0.48 0.16 Dec-2018 0.63 0.21 PRX CAMPARI Dec-2017 0.21 0.05 Dec-2018 0.22 0.05 PRX ENEL Dec-2017 0.36 0.23 Dec-2018 0.40 0.28 PRX ENI Dec-2017 0.57 0.80 Dec-2018 0.76 0.81 PRX EXOR Dec-2017 5.70 0.37 Dec-2018 6.60 0.38 PRX FERRARI Dec-2017 3.28 0.89 Dec-2018 3.54 1.03 PRX FCA Dec-2017 2.28 0.01 Dec-2018 2.81 0.07 PRX FINECOBANK BANCA FINECO Dec-2017 0.36 0.28 Dec-2018 0.40 0.32 PRX BREMBO Dec-2017 0.86 0.22 Dec-2018 0.83 0.24 PRX INTESA SANPAOLO Dec-2017 0.21 0.20 Dec-2018 0.23 0.19 PRX LEONARDO Dec-2017 0.78 0.14 Dec-2018 0.97 0.19 PRX LUXOTTICA Dec-2017 1.89 0.99 Dec-2018 2.07 1.07 PRX MEDIASET Dec-2017 0.12 0.06 Dec-2018 0.17 0.10 PRX MEDIOBANCA Jun-2018 0.84 0.40 Jun-2019 0.86 0.42 PRX MONCLER Dec-2017 0.98 0.22 Dec-2018 1.08 0.28 PRX PIRELLI & C. Dec-2016 - - Dec-2017 0.36 0.02 PRX POSTE ITALIANE Dec-2017 0.52 0.41 Dec-2018 0.61 0.45 PRX PRYSMIAN Dec-2017 1.56 0.46 Dec-2018 1.78 0.51 PRX RECORDATI Dec-2017 1.42 0.83 Dec-2018 1.55 0.90 PRX SAIPEM Dec-2017 0.18 0.00 Dec-2018 0.15 0.01 PRX SALVATORE FERRAGAMO Dec-2017 0.82 0.43 Dec-2018 0.86 0.44 PRX SNAM Dec-2017 0.27 0.22 Dec-2018 0.28 0.22 PRX STMICROELECTRONICS Dec-2017 0.90 0.24 Dec-2018 1.14 0.26 PRX TELECOM ITALIA Dec-2017 0.07 0.00 Dec-2018 0.08 0.01 PRX TENARIS Dec-2017 0.28 0.42 Dec-2018 0.48 0.44 PRX TERNA Dec-2017 0.34 0.22 Dec-2018 0.34 0.23 PRX UNICREDIT Dec-2017 1.45 0.29 Dec-2018 1.50 0.36 PRX UBI BANCA Dec-2017 0.17 0.10 Dec-2018 0.31 0.13 PRX UNIPOL Dec-2017 (0.42) 0.18 Dec-2018 0.45 0.18 PRX UNIPOLSAI Dec-2017 0.19 0.13 Dec-2018 0.19 0.13 PRX YOOX Dec-2017 0.42 0.00 Dec-2018 0.56 0.00 PRX NOTA - Utili per azione e dividendo per azione sono espressi in euro. Il consensus sugli EPS è calcolato sulla base del dato che raccoglie il numero più alto di previsioni fra EBG (utile prima di ammortamenti e voci straordinarie) PRX (utile prima di voci straordinarie) REP (as reported) Italgas non è indicata nella tabella poiché i dati raccolti non sono sufficienti. Il consensus è basato su previsioni raccolte entro il 18 gennaio 2018. Fonte: EIKON (stime: Thomson Reuters Knowledge) "Pagina Italia" o "Panorama Italia"
https://it.reuters.com/article/itEuroRpt/idITL8N1PD2LH
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Malaysia trade ministry to approach WTO on EU move to limit palm oil use
KUALA LUMPUR, Jan 22 (Reuters) - Malaysia, the world’s second-largest palm producer, said on Monday it would work with other producing countries to voice “strong concerns” to the World Trade Organization, following the European Union’s move to back a ban on using palm oil to make biofuels. European lawmakers approved draft measures last week to reform the power market there and reduce energy consumption to meet more ambitious climate goals. The plan includes a ban on the use of palm oil in motor fuels from 2021. Indonesia and Malaysia, who produce nearly 90 percent of the world’s palm oil, called the move discriminatory and said there should be fair treatment for all vegetable oils. A large portion of European palm oil imports is used to make biofuels, giving the industry’s top two producers cause for concern as they fear overall demand will fall. Malaysia’s trade minister called the move a “regressive step which will fuel further uncertainty surrounding global trade,” according to a statement on Monday evening. “Malaysia will intensify collaboration with other palm oil producing countries to consider more concerted efforts to voice our strong concern before the various committees under the WTO,” said Mustapa Mohamed, minister of international trade and industry, in the statement, adding that the ministry would raise the issue with two committees in March and April. Mustapa also said Malaysia would seek a solution through the Malaysia-EU free trade agreements and the proposed ASEAN-EU free trade agreement. Palm oil exports are a key source of revenue for Malaysia. The European Union is its second-biggest market after India. Reporting by Emily Chow; Editing by Sunil Nair
https://www.reuters.com/article/malaysia-palmoil/malaysia-trade-ministry-to-approach-wto-on-eu-move-to-limit-palm-oil-use-idUSL4N1PH39K
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China says no objection to planned U.S. carrier visit if it benefits regional stability
BEIJING (Reuters) - China has no objection to a planned visit by a U.S. aircraft carrier to Vietnam as long as such cooperation benefits regional peace and stability, the country’s foreign ministry said on Friday. The proposed visit, set for March at the central port of Danang, could bring the most U.S. forces to Vietnam since the Vietnam war ended in 1975. The arrival of a U.S. aircraft carrier in Vietnam will be welcomed by an emerging network of countries nervously eyeing China’s military rise, particularly its assertive stance and island-building activities in the strategic South China Sea. China claims most of the busy waterway, where Brunei, Malaysia, the Philippines, Taiwan and Vietnam have competing claims. Asked whether China had any concerns about the carrier’s visit, foreign ministry spokeswoman Hua Chunying said China was always happy to see countries developing friendly, cooperative relations. “As long as this kind of military exchange between Vietnam and the United States is beneficial to regional peace and stability, then, of course, we have no objection,” she told a daily news briefing, without elaborating. Vietnam has emerged as the most vocal opponent of China’s territorial claims and has been buying U.S. military hardware, such as an armed, Hamilton-class Coast Guard cutter. Reporting by Ben Blanchard; Editing by Clarence Fernandez
https://www.reuters.com/article/us-usa-vietnam-china/china-says-no-objection-to-planned-u-s-carrier-visit-if-it-benefits-regional-stability-idUSKBN1FF0V7
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Tullow Oil tiptoes back into exploration
20 AM / Updated 15 minutes ago Tullow Oil tiptoes back into exploration Ron Bousso 4 Tullow Oil ( TLW.L ) is cautiously reviving its search for new oil and gas resources in Africa and Latin America, its chief executive said, warning that the sector will need to walk a thin line to balance spending discipline with a desire to grow. Africa-focused Tullow, which grew rapidly earlier this decade, has emerged from one of the longest downturns in the sector’s history with a $3.5 billion debt pile. However, deep spending cuts since 2014, asset disposals, the start-up of a major project in Ghana and a recovery in oil prices to more than $60 a barrel helped it to boost cash generation sharply in 2017. Still, uncertainty over how high oil prices can go amid surging U.S. shale production means Tullow and the sector as a whole need to remain disciplined, Chief Executive Paul McDade told Reuters. “What will be critical for us and the industry is to ensure we maintain margins as oil prices pick up ... and not to get distracted by the higher oil prices.” The temptation is nevertheless big as some industry executives expect oil supplies to tighten by the end of the decade due to a drop in investment in recent years and as drilling costs remain extremely low. Tullow plans to start drilling with the Maersk Venturer rig in Ghana in February to search for new oil and gas resources in the vicinity of its Tweneboa, Enyenra, Ntomme (TEN) and Jubilee offshore fields. “We are carefully looking at whether we should add some rig capacity and we will only add that if we can maintain the financial strength of the company.” The company has used the weak price environment to acquire exploration licences in Ivory Coast, where it will begin seismic studies this year and which would be relatively quick and low-cost to develop if they prove to hold resources, McDade said. Tullow said on Wednesday it had also acquired six new licences offshore Peru and could start some exploration this year or in early 2019 if it obtained government approval. “It is high-risk but very high-reward if it works,” he said. Despite the strongest start for oil prices in four years, global exploration spending is set to drop in 2018 for a fifth straight year, masking a recovery in drilling activity as costs continue to fall. “For a much lower exploration budget we can stretch that money much more because of the lower cost base.” In another sign of the sector’s revival, Tullow expects it and its partners Total ( TOTF.PA ) and CNOOC will approve the development of a new project in Uganda in the first half of 2018. Tullow said on Wednesday that it generated around $500 million of free cash flow in 2017, beating expectations, due to higher production and oil prices. Its shares were up 1.4 percent by 0923 GMT, compared with a 0.3 percent rise in the broader energy index .SXEP. It expects its production to average 90,300 barrels of oil and gas equivalent per day (boed) in 2018, down from 94,700 boed in 2017, mainly due to several weeks of repairs planned on the Jubilee field. The company reduced its debt burden by some $1.3 billion throughout 2017 and refinanced a $2.5 billion credit facility in November. Reporting by Ron Bousso; Editing by Dale Hudson
https://uk.reuters.com/article/uk-tullow-outlook/tullow-oil-tiptoes-back-into-exploration-idUKKBN1EZ0YM
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Cramer says Centene is the way to play the Amazon-Berkshire-JP Morgan health care move
When Amazon , Berkshire Hathaway and J.P. Morgan announced a partnership to cut costs and improve services across the health care industry, CNBC's Jim Cramer had to weigh in. The joint venture, organized by Amazon's Jeff Bezos , Berkshire Hathaway's Warren Buffett and J.P. Morgan's Jamie Dimon , will aim to be "free from profit-making incentives and constraints," the companies said on Tuesday. "It's bad enough that the most important man in finance, the most important man in retail and the best investor alive are teaming up to tackle the problems of our health care system, but even worse for the industry, they're doing it for free," the " Mad Money " host said. "It is very hard to compete with someone who doesn't care about turning a profit." The initiative elevates the discussion around rising health care costs in the United States, which Cramer said the three titans view as "the ultimate tax on the system." In May 2017, Buffett said that in 50 years, health care has gone from being 5 percent of U.S. gross domestic product (GDP) to 17 percent with few solutions in sight to curb surging costs. "Now that's going to change," Cramer said. "Now there is something on the horizon, a company of his own creation with the most technologically savvy provider of what people want and the smartest banker of our time." The "Mad Money" host also noted the analyst community's eerily calm reaction to the deal. No analyst covering health care retailers like CVS or in-the-line-of-fire middlemen like Express Scripts wants to come out and slash the estimates for those companies right away, he said. "But I bet the analysts who actually cover Jeff, Jamie and Warren's companies — Amazon, J.P. Morgan and Berkshire Hathaway — would view this coalition with a very different, awestruck attitude. I'll tell you, if these guys were coming after my business, I'd be terrified," Cramer said. Some analysts were able to compose sound defenses, including that UnitedHealth's Optum service is already tackling costs and that the middlemen save costs by buying as a group. But Cramer came back with some retorts: the incumbent companies are still not as digitally savvy as this new player will be, and their teams of government lobbyists won't be of any use when it comes to Bezos, Buffett or Dimon. What does that mean for investors? Cramer's answer was somewhat complicated, particularly for investors who can't wait to get in on the action. Even leading players like UnitedHealth aren't safe from being in the "penalty box" for some time, he said. "You need a health care company that's survived every onslaught imaginable," Cramer said. "You need a road warrior with a stock that you'll want to load up on into weakness if Amazon talks about this effort on its Thursday night conference call, or the non-profit comes up with a name or a chief executive." Investors also need a stock that is cheap with positive prospects that are supported by the technicals, the "Mad Money" host said. "In short, you need Centene ," he said. "Centene's an expert at providing its clients with high-quality care at the lowest possible costs, and yet it's been making its shareholders a fortune." Centene, a large, enterprise-facing provider of Medicare and Medicaid, was even blessed by technician Marc Chaikin as one of the best health care stocks on Monday, Cramer added. Still, Cramer maintained that buyers should time their investments wisely. "I don't like to enter a blast zone on the first day of a sell-off, especially when there are still plenty of stocks outside the blast zone that have come down," the "Mad Money" host said. "So if you want health care exposure, I suggest waiting until the group's a little less radioactive. But if you just can't resist, if you need to pick one up this week, I'd say buy Centene." WATCH: Cramer talks investment strategy and health care news show chapters Cramer reveals the way to play the Amazon-Berkshire-JP Morgan health care move 21 Hours Ago | 13:07 Disclosure: Cramer's charitable trust owns shares of J.P. Morgan. Questions for Cramer? Call Cramer: 1-800-743-CNBC Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
https://www.cnbc.com/2018/01/30/cramer-centene-is-the-way-to-play-amazons-health-care-move.html
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Bassett Declares Quarterly Dividend
BASSETT, Va., Jan. 11, 2018 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today that its Board of Directors has declared a dividend of $0.11 per share of outstanding common stock payable on February 23, 2018 to shareholders of record at the close of business on February 9, 2018. Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 92 company- and licensee-owned stores, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. The most significant growth opportunity for Bassett continues to be the Company’s dedicated retail store program. Bassett’s retail strategy includes custom-built furniture that is ready for delivery in the home within 30 days. The stores also feature the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also has a traditional wholesale business with more than 700 accounts on the open market, across the United States and internationally. For more information, visit the Company’s website at bassettfurniture.com . (BSET-E) J. Michael Daniel, Senior Vice President and Chief Financial Officer (276) 629-6614 - Investors Jay S. Moore, Director of Communications (276) 629-6450 – Media Source:Bassett Furniture Industries, Incorporated
http://www.cnbc.com/2018/01/11/globe-newswire-bassett-declares-quarterly-dividend.html
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USI Expands Benefits Presence in Mountain Region with Acquisition of Ridge Consulting Group
VALHALLA, N.Y., Jan. 08, 2018 (GLOBE NEWSWIRE) -- USI Insurance Services (“ USI ”) announced today it has acquired Ridge Consulting Group, Inc. The employee benefits firm will be integrated into USI’s Wichita, KS, office. Terms of the transaction were not disclosed. Donald McG. Woods, USI Mountain regional chief executive officer, said: “We are excited to welcome Robert and his team to the USI family. Their strong insurance knowledge, consultative selling approach, and long-term relationships across the state of Kansas complement our USI ONE Advantage ® platform.” Robert J. Langhofer, president, Ridge Consulting Group, Inc., said: “We are looking forward to joining USI. Our clients will continue to benefit from our coordinated solutions and support on a local level, but now they will also have access to USI’s expanded suite of employee benefits solutions and proprietary resources on a national level.” A bout USI USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry leading professionals across more than 150 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage ® , an interactive platform that integrates proprietary and innovative client solutions, networked local resources and expertise, and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities . For more information, visit usi.com . ### Attachments: A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/577aac45-ab7e-4b02-b9c5-ddb0a566531a Edward J. Bowler USI Insurance Services 914.749.8504 ed.bowler@usi.com Diana R. Saglimbeni USI Insurance Services 914.747.8637 diana.saglimbeni@usi.com Source:USI Insurance Services
http://www.cnbc.com/2018/01/08/globe-newswire-usi-expands-benefits-presence-in-mountain-region-with-acquisition-of-ridge-consulting-group.html
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China's fourth-quarter economic growth beats expectations
BEIJING (Reuters) - China’s economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion. The official growth figures released on Thursday are welcome news for Beijing policymakers who are looking to cut debt and pollution in older industries without stunting growth in the world’s second-largest economy. China’s gross domestic product grew 6.8 percent in the October to December period from a year earlier. That was better than the 6.7 percent growth forecast by analysts in a Reuters poll and unchanged from the previous quarter. The headline numbers and signs of property market resilience support economist views that fundamentals will remain intact in 2018, although some see headwinds from tighter regulations, U.S. trade protectionism and a softer consumer sector. “China’s growth is very healthy,” said Iris Pang, a Hong Kong-based Greater China economist at ING. “The risks that we worried about in 2017, for example overcapacity cuts having a negative impact on GDP, did not happen because new sectors are actually coming out to help production to grow.” Growth for the 2017 full year picked up to 6.9 percent year-on-year, the first annual acceleration for the economy since 2010. The annual growth easily beat the government’s 2017 target of around 6.5 percent and quickened from 6.7 percent in 2016, the weakest pace in 26 years. Investment by private firms rose 6 percent in the Jan-Dec period, up from 5.7 percent growth in January to November, a sign that the private sector outlook may be improving. TRADE-BASED RECOVERY A synchronised uptick in the global economy over the past year, driven in part by a surge in demand for semiconductors and other technology products, 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. With fixed asset-investment growth at the weakest pace since 1999, exports helped pick up the slack. “Real growth of overall exports...more than fully (explained) the pick-up in GDP growth last year,” Oxford Economics head of Asia economics Louis Kuijs wrote in a note. But there could be rising headwinds to further expansion of China’s net exports this year. China’s excess production capacity has emerged as a major trade irritant for the world’s leading economic powers, prompting them to consider new steps to protect domestic industries and jobs from a flood of Chinese imports. U.S. President Donald Trump’s administration is considering several unilateral tariff actions on steel, aluminium and China’s intellectual property practices likely to draw disputes from WTO members. A woman works on a production line of shared bicycle wheels at a plant in Jinhua, Zhejiang province, China January 14, 2018. REUTERS/Stringer/Files China’s exports and imports growth slowed in December after surging in the previous month. “Downside risks remain, in particular from more forceful U.S. trade restrictions on Chinese exports, given the further increase in the U.S.’s bilateral trade deficit with China last year,” said Kuijs. MIXED SIGNALS Economists say growth momentum in the economy is likely to weaken this year as firms face higher borrowing costs, the government tries to rein in credit and policymakers step up a war on pollution that has hurt the industrial sector in many parts of the country. “The priority this year is to control risks, especially financial risks. This will, to some extent, affect financing of the real economy. I think growth will be 6.6 to 6.7 percent,” said Wang Jun, chief economist at Zhongyuan Bank in Beijing. A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/Files Retail sales growth of 9.4 percent was the slowest rate since February 2006, down from 10.2 percent growth in November and badly missing forecasts. There were some positive signs in the household sector in 2017, however, with disposable income growth picking up to 7.3 percent from 6.3 percent in 2016, and final consumption playing a bigger role in driving overall growth last year versus investment than in 2016. “The decline in December retail sales growth is mainly due to slowing auto sales last month. The data is a reflection of consumption of physical goods, but right now consumption growth is in services, which is not included in the data,” said Zhang Yiping, an economist at China Merchants Securities in Shenzhen. “I don’t think retail sales can reflect the trend in consumption any more.” DOUBTS ABOUT DATA Several recent public revelations by regional governments of fraudulent government data have again raised doubts about the quality of China’s economic numbers. Chinese provinces and cities have long been suspected of cooking up numbers, with the focus on local government officials, whose performance is often assessed based on how well their respective economies have performed. The head of China’s statistics bureau Ning Jizhe told reporters on Thursday that China will look into reports of irregularities in regional economic data, and will deal with any impropriety according to the law. Capital Economics senior China economist Julian Evans-Pritchard believes the official numbers are hiding the true extent of some of the economy’s soft spots. “We think tight monetary conditions and slowing credit growth will continue to weigh on the pace of economic expansion in coming quarters,” Evans-Pritchard said in a note. “Indeed, we expect growth to average a mere 4.5 percent this year, though investors will probably need to look beyond the official GDP figures for evidence of this.” Reporting by Kevin Yao and Stella Qiu; Writing by Elias Glenn; Editing by Sam Holmes
https://in.reuters.com/article/china-economy-gdp/chinas-fourth-quarter-economic-growth-beats-expectations-idINKBN1F70XV
982
What Daymond John learned from the worst investment he ever made
Since launching apparel line FUBU with only $40 in 1992 and turning it into a $6 billion brand , entrepreneur Daymond John has invested in a lot of companies. The "Shark Tank" star has scored big with ventures like Three Jerks Jerky and Bubba's Q Boneless Ribs. He's also taken some big losses, including one that cost him $6 million: an investment in women's fashion label Heatherette in the early 2000s. It's the worst investment he's ever made, John tells Chris Kornelis of the Wall Street Journal . By Greg Doherty | Getty Images Daymond John The label, which John was trying to help become accessible to a more mainstream audience, went under because neither he nor the co-founders knew the market very well, he says. His main takeaway, as Kornelis puts it: "Invest in companies that want to scale what they're already doing well, not companies that need to enter a new market if they want to grow." If John doesn't personally know the market but the entrepreneurs can prove to him that they do, that's good enough: "I may not need to know anything about it, but you do know, and you showed me you've scaled a little bit, you've done some great work. And you have a history? All right, I'm down." As for winning over the shark, or any other investor, it's all about turning your attention to the person you're pitching, John tells CNBC Make It : "We all have our own problems and dreams. What's in it for the other person?" "Ask yourself," John continues, "What makes them tick? What are they interested in? What do they want?" show chapters How I Made It: Daymond John and the Power of Broke 1:24 PM ET Tue, 6 June 2017 | 01:46 The $6 million mistake with Heatherette was not the first time John made a business decision that backfired and forced him to learn a painful but important lesson. Early in his career, before he made his fortune, he lost $16,000 on a party he threw to which nobody came. He was throwing it "for the pure fact that I wanted to make money," John said in 2016, speaking at Forefront . But he came to learn that success requires more than just the desire to get rich. "Money is not success," said John. "Money just drives your problems in a Bugatti." "See, success can be stopping human trafficking, it can be dedicated to your faith, saving carbon imprint on this planet, saving those furry little friends of ours who can't fight for themselves, being a great husband, a great wife, a great mother, maybe you are going to be one of the most underappreciated commodities in this country: a teacher," he continued. "That is success." Like this story? Like CNBC Make It on Facebook ! Don't miss: Daymond John and 2 other 'Sharks' say this 80-year-old book on wealth changed their lives show chapters This is the reason Daymond John doesn’t binge-watch TV 11:00 AM ET Mon, 1 Jan 2018 | 01:06
https://www.cnbc.com/2018/01/08/what-daymond-john-learned-from-the-worst-investment-he-ever-made.html
526
North Korea cancels visit to prepare for Olympic performance in South Korea - Yonhap
(Reuters) - North Korea has cancelled the planned visit of a delegation to South Korea to prepare for a trip by an art troupe during next month’s Winter Olympics, South Korean authorities said on Friday. The North did not give a reason for the cancellation, the Unification Ministry said. It said a seven-member team had been scheduled to visit on Saturday to check venues for the performances. It was unclear whether the cancellation cast any doubt over the preparations for the North’s participation in the Winter Olympics in South Korea’s Pyeongchang, an apparent diplomatic breakthrough after months of high tension over the North’s nuclear and missile programme. North Korean Olympic officials arrived in Switzerland on Thursday ahead of weekend talks at the International Olympic Committee (IOC) to finalise Pyongyang’s participation. North Korean IOC member Chang Ung met the delegation. Asked whether he expected North Korea and South Korea to settle outstanding issues at Saturday’s talks, he appeared optimistic. ”Everything’s fine,” he told Reuters. Reporting by Subrat Patnaik in Bengaluru and Soyoung Kim in Seoul; Writing by Andrew Roche; Editing by Kevin Liffey Our Standards: The Thomson Reuters Trust Principles.
https://in.reuters.com/article/olympics-2018-northkorea/north-korea-cancels-visit-to-prepare-for-olympic-performance-in-south-korea-yonhap-idINKBN1F81SU
196
Centra Tech Expands Leadership Team Appointing David H. Brill as Chief Executive Officer, Tom Warburton as Chief Operating Officer and Enrique Perez as Chief Information Security Officer & Launches Centra Cards Worldwide
MIAMI, Jan. 4, 2018 /PRNewswire/ -- Centra Tech, Inc. announced today it added top-talent to our C-level executive team. We are a firm believer of building a core foundation that supports our vision into the new year for our cryptocurrency product line. Joining our executive team is David H. Brill , who will serve as our new Chief Executive Officer. We are excited to have David join Centra's executive team. David brings over 20 years of expertise onboard. He was previously the General Counsel of Gemini Trust Company where he completed strategic legal projects for the world's first licensed Bitcoin and Ether Exchange, regulated by the New York State Department of Financial Services. David was also responsible for developing and implementing regulatory strategy for obtaining licenses internationally, and working closely with state banking regulators to obtain money transmitter licenses. David's experience includes serving as General Counsel for a private equity owned financial institution, a senior lawyer at Thomson Reuters, and as a co-founder of Celsius, a Blockchain startup. He brings extensive FinTech and cryptocurrency experience to Centra and has a strategy to drive Centra forward. Also joining the executive team is Tom Warburton , who will be our new Chief Operating Officer. Tom brings more than 30 years of operations experience in FinTech, banking and credit cards expertise, all from a high operational level. He has recently served in senior roles at Citibank , Credit One Bank , N.A., and Circleback Lending. Tom has been responsible for leading numerous operational units including, Underwriting, Fraud, Collections, Process Accounting, Customer Support, and Presidential. He has been tasked with numerous roles, including optimizing operational strategy, scaling for growth and significant process development. We are excited to have Tom lead the way in our daily operations to ensure the highest level of commitment and satisfaction to our customers. Our new Chief Information Security Officer is Enrique "Rick" Perez . Rick spent the last 15 years with VISA , where he was mostly recently the Senior Information Security and Compliance Officer for Global Service Operations. He previously held the titles of Director of External Penetration Test Team and Director of Information Security for VISA Latin American Region. Rick has been responsible for managing operational and security risk for more than 100 Global Customer Support Services Contact Centers through identification of risk exposures and examination of controls effectiveness to calculate residual risk. He was also responsible for ensuring adherence to Visa internal policies, PCI—DSS Standards, domestic and international regulations (including GDPR, Security Shield and PIPEDA). Rick brings a tremendous amount of expertise and experience in the card industry, which will enhance the security of our Centra Wallet and Card platforms. Centra is pleased to welcome these three new executives and we look forward to continued growth in 2018. Centra Card Launch We are also very pleased to announce that we have shipped our initial batch of Centra Cards to our contributors before the end of 2017! The Centra Wallet and the Centra Card are the first products in the world to allow for 8+ Multi-Blockchain digital asset wallet and prepaid card to be used together. Going into the new year, the momentum continues and we are shipping Centra Cards weekly to our customers. Centra will soon begin processing orders for public pre-order Centra Cards. About Centra Centra Tech, Inc. is a Delaware Corporation, headquartered in Miami Beach, Florida. Centra offers Blockchain products such as a Wallet to store digital assets, a Prepaid Card to spend the digital assets, and three soon to be released products and services, which include a Marketplace to buy goods with the digital assets, and a cryptocurrency Exchange platform to buy, sell and trade digital assets, as well as a hyper-speed DPoS Blockchain. For more information, visit www.centra.tech. View original content with multimedia: http://www.prnewswire.com/news-releases/centra-tech-expands-leadership-team-appointing-david-h-brill-as-chief-executive-officer-tom-warburton-as-chief-operating-officer-and-enrique-perez-as-chief-information-security-officer--launches-centra-cards-worldwide-3005 .html SOURCE Centra Tech
http://www.cnbc.com/2018/01/04/pr-newswire-centra-tech-expands-leadership-team-appointing-david-h-brill-as-chief-executive-officer-tom-warburton-as-chief-operating.html
679
Pacific Biosciences of California, Inc. Fourth Quarter and Year-End 2017 Financial Results Call
MENLO PARK, Calif., Jan. 22, 2018 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ:PACB) will hold its quarterly conference call to discuss its Fourth Quarter and Year-End 2017 Financial Results on Thursday, February 1, 2018, at 4:30pm Eastern Time. The call will be webcast and may be accessed at Pacific Biosciences’ website at: http://investor.pacificbiosciences.com/ . Date: February 1, 2018 Time: 4:30pm ET Listen via Internet: http://investor.pacificbiosciences.com/ Toll-free: 888.366.7247 International: 707.287.9330 Conference ID: 9367938 Replay: http://investor.pacificbiosciences.com About Pacific Biosciences Pacific Biosciences of California, Inc. (NASDAQ:PACB) offers sequencing systems to help scientists resolve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT ® ) technology, Pacific Biosciences' products enable: de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes; targeted sequencing to more comprehensively characterize genetic variations; and real-time kinetic information for epigenome characterization. Pacific Biosciences' technology provides high accuracy, ultra-long reads, uniform coverage, and is the only DNA sequencing technology that provides the ability to simultaneously detect epigenetic changes. PacBio ® sequencing systems, including consumables and software, provide a simple, fast, end-to-end workflow for SMRT Sequencing. More information is available at www.pacb.com . Contact: Pacific Biosciences Trevin Rard 650.521.8450 ir@pacificbiosciences.com Source:Pacific Biosciences, Inc.
http://www.cnbc.com/2018/01/22/globe-newswire-pacific-biosciences-of-california-inc-fourth-quarter-and-year-end-2017-financial-results-call.html
250
Acasta Enterprises Inc. Provides Notice of Release of 2017 Fourth Quarter and Full Year Results and Conference Call
TORONTO--(BUSINESS WIRE)-- Acasta Enterprises Inc. (TSX: AEF and AEF.WT) (“Acasta” or the “Company”) is pleased to announce that it will release its 2017 fourth quarter and full year results after market close on March 20, 2018, followed by a conference call to be held on March 21, 2018 at 9:00 AM (E.D.T.). 2017 Fourth Quarter and Full Year Results Conference Call: Acasta’s senior management will host a conference call on Wednesday, March 21, 2018 at 9:00 AM (E.D.T.) to discuss the Company’s financial and operating results. Please dial 1-416-406-0743 or toll-free (Canada/US) 1-800-806-5484 with passcode 1948342#. To ensure your participation, please join approximately five minutes prior to the scheduled start of the conference call. Replay archive: The conference call will be archived on the Company’s website at www.acastaenterprises.com and will be available for replay at 1-905-694-9451 or toll-free (Canada/US) 1-800-408-3053 with passcode 8204336#, expiring on April 21, 2018. About Acasta Enterprises Inc.: Acasta Enterprises Inc. is a leading Canadian public company that acquires businesses with exceptional potential for value creation through strategic and transformational initiatives. As a proactive private equity manager, Acasta partners with the senior management teams of its acquired businesses, empowering them to pursue value creating trajectories. View source version on businesswire.com : http://www.businesswire.com/news/home/20180112005605/en/ Acasta Enterprises Inc. Ian Kidson, 647-725-6707 Chief Financial Officer and Chief Operating Officer Source: Acasta Enterprises Inc.
http://www.cnbc.com/2018/01/12/business-wire-acasta-enterprises-inc-provides-notice-of-release-of-2017-fourth-quarter-and-full-year-results-and-conference-call.html
261
Cricket-Patient Pujara proud of effort on "tough" Wanderers pitch
January 24, 2018 / 4:51 PM / Updated 31 minutes ago Patient Pujara proud of effort on 'tough' Wanderers pitch Reuters Staff 2 Min Read JOHANNESBURG (Reuters) - Indian batsman Cheteshwar Pujara said his side’s first innings 187 was “like scoring 300 on any normal pitch” and puts them on top after the opening day of the third and final test against South Africa on Wednesday. South Africa are six for one in reply to India’s modest total and face a difficult day on Thursday as they look to build a first innings lead at the Wanderers in Johannesburg. Batting at number three, Pujara took 54 balls to get off the mark as South Africa’s all-seam attack exploited a grassy pitch after India had won the toss and elected to bat. He was eventually out for a battling 50 from 179 deliveries, tamely edging Andile Phehlukwayo to South African wicketkeeper Quinton de Kock, but he was pleased with both his and the team’s batting efforts. ”It was one of the toughest pitches I have batted on and I really had to work hard to score some runs,” he told SuperSport after the close of play. “To be honest, I think we batted well. With the number of runs we have on the board, we think we can bowl them out (for less).” The pitch, which offered both bounce and prodigious lateral movement, is likely to deteriorate as it bakes under the Highveld sun for a few days, posing an even greater challenge for a South African side that has to bat last. “There was a lot of deviation ... as the game progresses it will get harder to bat on,” Pujara said. “I never felt in on this pitch. If we bowl well, we have a very good chance. It’s as good as scoring 300 on any normal pitch. Our bowlers are used to bowling better lengths than the South Africans did.” The home side have lead after wins in Cape Town and Pretoria but can seal a first clean-sweep against India if they win at The Wanderers. Reporting David Goodman
https://uk.reuters.com/article/uk-cricket-test-zaf-ind-pujara/patient-pujara-proud-of-effort-on-tough-wanderers-pitch-idUKKBN1FD2E8
355
Investors sue Deutsche Bank for 740 million euros over Postbank deal
FRANKFURT (Reuters) - International and German investors have sued Deutsche Bank ( DBKGn.DE ) for 740 million euros ($890 million) in connection with the bank’s takeover of Postbank, their lawyer said on Wednesday. Oliver Krauss, a lawyer at Munich-based firm Tricon, said Deutsche Bank should have paid his 31 clients, former Postbank shareholders, around 64 euros per share rather than the 25 euros they received when they accepted the takeover offer in 2010. They argue, in a suit filed in late December in a district court in Cologne, that Deutsche Bank effectively took control of Postbank in 2008 when it bought a stake of just under 30 percent at a much higher price than 25 euros. They say as a result Postbank shareholders are entitled to a much higher price for their holdings. A spokesman for Deutsche Bank said the complaint was unfounded, as were other similar suits that are currently making their way through the courts. A spokeswoman for the court declined to comment. German weekly WirtschaftsWoche first reported the lawsuit. Krauss, citing client confidentiality, declined to provide a copy of the lawsuit but confirmed the accuracy of the WirtschaftWoche article. WirtschaftsWoche said the lawsuit detailed examples of Postbank and Deutsche Bank acting in concert in 2008, including a strategy change to focus on retail customers and dropping riskier forms of business. In addition, WirtschaftsWoche said Postbank and Deutsche Bank agreed on details of a planned capital increase, board changes and the elimination of a 2008 dividend. December 31 marked a deadline for taking legal action on the takeover. Reporting by Hans Seidenstuecker; Writing by Tom Sims. Editing by Jane Merriman
https://www.reuters.com/article/us-deutsche-bank-postbank-lawsuit/investors-sue-deutsche-bank-for-740-million-euros-over-postbank-deal-idUSKBN1ES1NZ
272
HEICO Corporation Share Prices Adjusted For Stock Split
Shares Begin Post-Split Trading MIAMI & HOLLYWOOD, Fla.--(BUSINESS WIRE)-- HEICO Corporation (NYSE:HEI.A) (NYSE: HEI ) today reported that all shares of both its Class A Common Stock and its Common Stock will commence trading today on a “post-split” basis to reflect the Company’s previously announced 5-for-4 stock split. Accordingly, the prices of both the Class A Common Stock and the Common Stock will automatically be adjusted downward by 25% from the New York Stock Exchange closing price on January 17, 2018 for the split at the opening of New York Stock Exchange trading this morning. The split is effective January 18, 2018 to shareholders of record on January 3, 2018. Cash will be paid in lieu of fractional shares. In addition, the Company paid a $.07 per share cash dividend on each post-split share to shareholders of record on January 3, 2018. The cash dividend was increased by 9% from the prior cash dividend and reflects a cumulative 22% increase in the past year. After giving effect to the stock split, the Company has approximately 63.4 million shares of Class A Common Stock (HEI.A) outstanding and 42.2 million shares of Common Stock (HEI) outstanding. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) receives 1/10 vote per share and the Common Stock (HEI) receives one vote per share. The stock symbols for HEICO's two classes of common stock on most web sites are HEI.A and HEI. However, some web sites change HEICO's Class A Common Stock stock symbol (HEI.A) to HEI/A or HEIa. HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO’s customers include a majority of the world’s airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at http://www.heico.com . View source version on businesswire.com : http://www.businesswire.com/news/home/20180118005076/en/ HEICO Corporation Victor H. Mendelson, 305-374-1745 or Carlos L. Macau, Jr., 954-987-4000 Source: HEICO Corporation
http://www.cnbc.com/2018/01/18/business-wire-heico-corporation-share-prices-adjusted-for-stock-split.html
427
Uber to introduce mandatory rest breaks for UK drivers
LONDON (Reuters) - Uber [UBER.UL] said on Tuesday its British drivers will have to take a six-hour break after they have accepted and made trips with passengers totaling 10 hours as the taxi app responds to criticism over excessive working hours. Uber said last month nearly a third of its 50,000 drivers in Britain are logged into the app for more than 40 hours a week, whilst just under 8 percent are online for more than 60 hours. It has been attacked by trade unions and lawmakers who say that some of its drivers are working too long, one of many criticisms it has faced about its business model as it battles to keep operating in London after being stripped of its license. On Tuesday, the Silicon Valley firm said from next week drivers will have to take a continuous six-hour break after the time spent on trips with passengers and on their way to picking someone up reaches 10 hours. “While drivers only spend an average of 30 hours a week logged into our app, we want to do our part to ensure they don’t drive tired,” said Uber’s UK Head of Policy Andrew Byrne. “That’s why we’ve been sending drivers regular reminders to take rest breaks and why we’re now bringing in these new limits,” he added. He said the app planned to make other changes to the way it operates in the next few months. Reporting by Costas Pitas; editing by Stephen Addison
https://www.reuters.com/article/us-uber-britain/uber-to-introduce-mandatory-rest-breaks-for-uk-drivers-idUSKBN1F51J6
254
Sri Lankan shares extend fall on foreign selling
January 18, 2018 / 12:20 PM / in 26 minutes Sri Lankan shares extend fall on foreign selling Reuters Staff 2 Min Read COLOMBO, Jan 18 (Reuters) - Sri Lankan shares fell for a seventh straight session on Thursday and closed at their lowest in nearly three weeks, as foreign investors turned net sellers for the first time in 14 sessions while local players stayed on the sidelines. Foreign investors, who have been net buyers of 2.7 billion rupees worth shares so far this year, sold equities worth net 279.5 million rupees ($1.82 million) on Thursday, especially banks and blue chips. They net bought 18.5 billion rupees worth equities in 2017 and 633.5 million rupees in 2016. The Colombo Stock Index ended 0.45 percent weaker at 6,410.11, its lowest close since Dec. 29. It has shed 2 percent in the past seven sessions. “Market came down on some foreign selling. But turnover was pushed up by foreign trade,” said Atchuthan Srirangan, a senior research analyst with First Capital Holdings PLC. Turnover stood at 1.3 billion rupees, higher than last year’s daily average of 915.3 million rupees. Shares in Commercial Bank of Ceylon Plc dropped 2.8 percent, Hemas Holdings Plc declined 4.1 percent, and Ceylon Cold Stores Plc fell 2.1 percent. ($1 = 153.8000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)
https://www.reuters.com/article/sri-lanka-stocks/sri-lankan-shares-extend-fall-on-foreign-selling-idUSL3N1PD44G
239
Cold comfort: Chinese city eases gas rationing as snow hits
January 5, 2018 / 3:34 AM / Updated 15 hours ago Cold comfort: China's Wuhan eases gas rationing as snow hits Chen Aizhu , Meng Meng 3 Min Read BEIJING (Reuters) - The industrial city of Wuhan eased restrictions on gas use on Friday for residents facing freezing temperatures and heavy snow falls, as increased supplies offered some respite to China’s winter gas shortage. Frigid weather in northern and eastern parts of the country have stoked worries over a worsening crunch in gas supply as the government pushes millions of households and industrial plants to switch to the cleaner fuel for heating from coal. The move by the central city of Wuhan to provide more gas for heating reflected improving supplies from state energy firms in recent weeks, although China’s overall shortage persisted, said Chen Zhu, managing director with Beijing-based consultancy SIA Energy. “The heavy snow boosted the demand for heating ... but improving supplies give the state firms more space to coordinate supplies between consumers,” said Chen. “This still comes at the expense of curbs to industrial firms and gas-fired power plants,” she added. Wuhan, capital of Hubei province, will allow households to buy up to 220 cubic meters of natural gas a month, from 150 cubic meters previously, local media reported on Friday. The city sits alongside the country’s two gas trunk lines, the West-to-East project that brings in fuel from Turkmenistan and Kazakhstan, and the Sichuan-East China line that carries gas from the top Chinese gas basin Sichuan. Improving gas supplies, due partly to record imports of both pipeline gas and tanker shipments of liquefied natural gas (LNG), have led to a 40 percent fall in domestic LNG prices over the past 10 days or so, giving some respite to industries grappling with record fuel costs. Gas volumes from China’s largest supplier Turkmenistan have increased from late December after sliding to the lowest since December 2016 in November, according to SIA Energy’s Chen. State companies have also been diverting supplies from the south to north via pipeline grids, as well as turning to long-haul transport by trailers to increase supplies. Sinopec said on Friday it has delivered its first truckload of LNG to the city of Zibo in Shandong province from its Beihai terminal in the southern province of Guangxi, some 2,000 kms (1,240 miles) away. That followed a similar effort by CNOOC, which hired a convoy of 100 trucks to move LNG from its import terminals in the south to northern regions. China’s weather bureau lifted a blizzard alert on Friday with fewer areas likely to face heavy snow, but it warned of a second wave of snow and sleet in parts of the country. Reporting by Chen Aizhu and Meng Meng; Editing by Joseph Radford and Richard Pullin
https://www.reuters.com/article/us-china-pollution-gas-heating/cold-comfort-chinese-city-eases-gas-rationing-as-snow-hits-idUSKBN1EU0A4
474
Norfolk Southern Board increases quarterly dividend 18 percent
NORFOLK, Va., Norfolk Southern Corporation (NYSE: NSC) announced that its board of directors today approved an 18 percent increase in its quarterly dividend on the company's common stock, from 61 to 72 cents per share. "This dividend increase demonstrates the board's confidence in Norfolk Southern's ability to invest in our business and in technology to grow and provide service to our customers, while returning capital to our shareholders consistent with our Strategic Plan," said James A. Squires, Norfolk Southern chairman, president, and CEO. The dividend is payable March 10, to shareholders of record on Feb 2. Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 142 consecutive quarters. About Norfolk Southern Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products. releases/norfolk-southern-board-increases-quarterly-dividend-18-percent-300586928.html SOURCE Norfolk Southern Corporation
http://www.cnbc.com/2018/01/23/pr-newswire-norfolk-southern-board-increases-quarterly-dividend-18-percent.html
209
Time’s Up, Hoda Kotb leads Today, Gretchen Carlson: Broadsheet for January 2nd
Happy New Year, Broadsheet readers! I hope you all had a joyful holiday. Today’s Broadsheet is a bit of a catch-up edition, featuring some of the big stories that caught my eye over the past week or so. Here’s to a happy and productive 2018! EVERYONE'S TALKING [bs_bullet_primary] Taking action in 2018 . In the final Broadsheet of last year, I asked all of you to share any thoughts you might have on what we can do in 2018 to advance the next stage of the #MeToo movement--steps that will change the culture that has allowed sexual harassment and other abuses toward women to quietly flourish. Thank you to all of you who sent in your inspiring ideas, some of which I've included (in edited form) below: "One of the biggest issues I see is that many women have no one to turn to when they have an issue with harassment. Their boss is often the problem, and HR focuses on protecting the company. Since many companies can't seem to police themselves, I think there needs to be an external group that holds companies accountable for getting rid of predators. Some thoughts for what this could look like: - A government organization similar to the Consumer Financial Protection Bureau that would be open to public complaints and able to do its own investigations. - Industry-level groups that hold their companies accountable. - A nonprofit or group of lawyers who set up a confidential complaint line for women who want to make them aware of harassment problems...they could give guidance, or even prosecute companies if they have enough evidence." -- Joy S. "We need a consistent set of definitions of harassment behavior and consequences that would spread throughout the American workplace. This would negate the often heard 'I am not sure what's acceptable, etc.' excuse that leaves us nowhere." -- Anne K. "I think we need 1.) a way to investigate claims that is fair to all sides, punishments appropriate to the seriousness, and a path to redemption for the redeemable. I know these aren't universally held points of view, but I believe it might encourage people to speak up if they feel the process is just, not only for an accuser, which is critically important, but as well for someone who is accused. And 2.) a "certification" for organizations to show they are respectful environments. It could include survey data about perceptions of safety/respect, qualitative data, metrics, and the presence of and trust in processes for people who have been harassed. Somehow it needs to show where there is real safety and respect, and not just the window dressing." -- Jonathan B. "Companies should also consider tools which allow anonymous reporting via text, email, phone, etc. Reporting sexual harassment is difficult. Often, it's easier done anonymously or via email. And, at a time when younger generations are becoming more comfortable with digital communication and less comfortable with face-to-face communication, we, HR, should adapt for cases like this. These anonymous reporting tools are going to be important in getting people to report issues they otherwise may not be comfortable reporting to a person. Just knowing it's there is a great message to employees." -- Beth S. "The vast majority of companies already have policies or practices in place, but what this recent uptick in attention sparked was a realization that policies don't mean much if your employees don't fully understand what harassment is. It comes in many different forms and is often subtle. 2018 is an opportunity for education - not only around what harassment looks like and feels like but what to do and how to speak up when you see it." -- Katie. S As many of you noted, this will not be a quick or simple fix, so I'd like to make it a standing request: Please email me anytime at kristen.bellstrom@fortune.com with your thoughts on what each of us can be doing to make 2018 the year of #NoMore. I'll share your responses with your fellow readers on a regular basis--let's keep this conversation going for as long as it takes. ALSO IN THE HEADLINES [bs_bullet_primary] Time's Up . More than three hundred Hollywood women yesterday revealed their own action plan to fight systemic sexual harassment in their industry and in blue-collar workplaces nationwide. Called Time's Up, the plan includes legislation to penalize companies that tolerate persistent harassment, a fresh push for gender parity at studios and talent agencies, and a request that women walking the red carpet at the Golden Globes speak out and raise awareness by wearing black. But the most notable aspect is a $13 million legal defense fund for less privileged women who experience sexual misconduct. You can sign the letter of solidarity--and donate to the fund here . [bs_link link="https://mobile.nytimes.com/2018/01/01/movies/times-up-hollywood-women-sexual-harassment.html?referer=" source="New York Times"] [bs_bullet_primary] Vice at Vice . While this New York Times investigation is not the first media report of a sexual harassment problem at Vice Media, it paints a uniquely scathing portrait of a "top-down ethos of male entitlement at Vice, where women said they felt like just another party favor at an organization where partying often was an extension of the job." The story reports that more than two dozen women say they've experienced or witnessed sexual misconduct at the company and reveals four settlements involving allegations of sexual harassment or defamation against Vice employees, including its current president. [bs_link link="https://www.nytimes.com/2017/12/23/business/media/vice-sexual-harassment.html?rref=collection%2Fsectioncollection%2Fbusiness&action=click&contentCollection=business&region=stream&module=stream_unit&version=latest&contentPlacement=42&pgtype=sectionfront&mtrref=www.nytimes.com&gwh=0338435B7C4F3A5D6C7B33AD80D2A1D2&gwt=pay" source="New York Times"] [bs_bullet_primary] Boards get onboard . In light of #MeToo and the numerous powerful men who've lost their jobs over sexual harassment allegations, some corporate board directors are--for the first time--saying that they would fire their company's CEO if past offensive behavior came to light during his or her tenure. In another sign of the times, other boards report that they're beefing up CEO candidate background checks to make sure any such behavior comes to light before they land in the corner office. [bs_link link="https://www.wsj.com/articles/sexual-harassment-scandals-are-reshaping-ceo-searches-1514370600" source="WSJ"] [bs_bullet_primary] Calling their own fouls . New York Times and Morning Consult polled 615 men about their behavior at work over the past year, finding that roughly a third admitted doing at least one thing that qualifies as sexual harassment or other objectionable behavior. By far the most common offenses were inappropriate jokes or stories (19%), followed by sexist remarks (16%). About 10% of the men said they had engaged in unwanted sexual attention, "actions like touching, making com
http://fortune.com/2018/01/02/broadsheet-january-2nd/
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No. 5 Duke rallies, dodges Miami upset bid, 83-75
Duke freshman guard Gary Trent Jr. scored a season- and game-high 30 points and freshman forwards Marvin Bagley III and Wendell Carter Jr. each posted double-doubles to rally No. 5 Duke to an 83-75 victory over No. 25 Miami in an Atlantic Coast Conference matchup Monday night in Coral Gables, Fla. Carter scored 15 points and grabbed 14 rebounds and Bagley had 13 points with 12 boards as the Blue Devils (16-2, 4-2 ACC) overcame a 13-point second-half deficit. After falling behind 66-53 with 11:25 left in the game, the Blue Devils went on an 18-0 scoring run, slowing Miami’s offense with a zone defense. Duke caught the Hurricanes at 66-all with 5:12 left. The Blue Devils closed the game by outscoring Miami 30-9 over the final 11 minutes. Freshman guard Lonnie Walker scored 19 point to lead the Hurricanes (13-4, 2-3 ACC). Sophomore forward Dewan Huell scored 18 points and hauled in 13 rebounds for his third double-double of the season. Duke led by seven points midway through the first half and after losing that cushion rebuilt it to six, 37-31, with 2:36 left before half. But the Hurricanes responded with a 9-2 spurt for a 40-39 lead and appeared headed to the locker room with the lead after forcing a turnover with 4.3 seconds left. But guard Grayson Allen stripped Miami guard Chris Lykes of the ball and guard Trent hit a 3-pointer at the buzzer to put the Blue Devils up 42-40 at the break. The Blue Devils shot 55.2 percent (16-of-29) in the first half, hitting half of their 3-point attempts, and enjoyed a 20-16 advantage in rebounds. The Hurricanes shot only 42.1 percent from the field but had nine more field goal attempts, hitting 16 of 39 for the first 20 minutes. Carter had his eighth double-double of the season by halftime with 11 points and 10 rebounds in 16 minutes. It was Bagley’s 15th double-double. --Field Level Media
https://www.reuters.com/article/basketball-ncaa-mia-duk-recap/no-5-duke-rallies-dodges-miami-upset-bid-83-75-idUSMTZEE1GMLYG30
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Democratic U.S. senator - Trump called African countries 'shitholes' in meeting
WASHINGTON (Reuters) - Democratic U.S. Senator Dick Durbin on Friday condemned Donald Trump’s use of vile language at a White House meeting on immigration, saying the president used “vulgar” language, and repeatedly called African nations “shitholes.” Durbin, speaking to reporters in video that aired on MSNBC, said he had been explaining a bipartisan group of senators’ immigration plan on Thursday and how it impacted immigrants from various countries, including those in Africa. “That’s when he used these vile and vulgar comments calling the nations they come from ‘shitholes’ - the exact word used by the president, not just once but repeatedly,” Durbin said at an event in Chicago. Reporting by Susan Heavey and Blake Brittain
https://www.reuters.com/article/us-usa-immigration-durbin/democratic-u-s-senator-trump-called-african-countries-shitholes-in-meeting-idUSKBN1F11VJ
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Grossman Marketing Group Acquires New York Promotional Products Distributor
SOMERVILLE, Mass.--(BUSINESS WIRE)-- Grossman Marketing Group, a 108-year-old, fourth-generation, promotional products and print company, has acquired Logos in Print, a promotional products distributor headquartered in New York. The new acquisition is the fourth in the past four years, fueling Grossman’s full-service marketing operations and client base in the Northeast. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180117006151/en/ Grossman Marketing Group co-presidents David Grossman (left) and Ben Grossman announced their acquisition of Logos in Print, a New York distributor. It marks Grossman's fourth acquisition in the past 4 years. (Photo: Business Wire) The acquisition of Logos in Print comes on the heels of three other recent acquisitions: ASAP, a Norwalk, CT promotional products firm; Fleet Business Products of East Hartford, CT; and Premier Marketing Group of Manchester, ME. Grossman Marketing Group boasts a “who’s who” client list, including major sports teams (Boston Celtics and Boston Bruins), hospitals and health care entities (Massachusetts General Hospital, Brigham & Women’s Hospital, athenahealth, Novocure) and businesses (Hewlett-Packard, John Hancock, L.L. Bean, Zipcar), as well as The International Academy of Arts and Sciences. Ben Grossman, co-president of Grossman Marketing Group, said the acquisition of Logos in Print enhances the company’s growing presence in health care and education, particularly in New York, New Jersey and Connecticut. Logos in Print has won many prestigious awards, including Promotional Products Association International’s Golden Pyramid Awards for creativity and excellence. Said Grossman: “Logos in Print is a great fit for us and will complement our existing products and services, which include full-service graphic design, a network of company-owned warehouses and production facilities, multi-media solutions, and a dedicated technology team building best-in-class e-commerce programs for our clients.” As a premier promotional products distributor, Logos in Print has working relationships with more than 3,000 suppliers, offering hundreds of thousands of promotional items -- from apparel, bags and drinkware to writing instruments, golf and fitness products, and high tech accessories. Since 1972, Cecile and Michael McBride, owners of Logos in Print, have been providing promotional products to major hospitals, universities and businesses in the New York Tri-State Area. The McBrides said they are thrilled their company has been acquired by such a well-respected company as Grossman Marketing Group. Said Michael McBride: “Grossman shares our mission, which is to help businesses create long-lasting relationships with clients through the power of promotional products. These products, a $21 billion industry, leave a lasting impression on customers at a far better cost per impression than almost every major marketing vehicle.” For information on Grossman Marketing Group’s unparalleled project management and top-notch creative and fulfillment capabilities, visit www.grossmanmarketing.com . View source version on businesswire.com : http://www.businesswire.com/news/home/20180117006151/en/ Grossman Marketing Group: Alan Eisner alanseisner@hotmail.com Source: Grossman Marketing Group
http://www.cnbc.com/2018/01/17/business-wire-grossman-marketing-group-acquires-new-york-promotional-products-distributor.html
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Nigerian lawmakers pass bill for exchange to become publicly listed
ABUJA, Jan 24 (Reuters) - Nigeria’s lower house of parliament passed a bill on Wednesday that will allow the stock exchange to become a publicly listed company that can issue shares to investors. Oscar Onyema, chief executive of the Nigerian Stock Exchange (NSE), said last week he expected the bill to be signed into law this year. The upper house of parliament passed the bill in December. The bill will now be sent to the president to sign into law. The second-biggest exchange in sub-Saharan Africa after Johannesburg and a main entry point for investors in Africa, the Nigerian bourse last year got approval from its members, mostly stockbrokers and some institutional investors, to become a publicly listed company. The exchange has around 200 listed companies and plans to launch exchange-traded derivatives securities this year. It has not said whether it would list via an initial public offering or raise new monies. The Johannesburg Stock Exchange, the continent’s most developed stock market, has been a listed company since 2006. The equities market in Nigeria was the third best-performing market in the world in 2017 after the central bank liberalised the naira for foreign investors, a move which lured back funds that been pulled out at the peak of a currency crisis. Stocks gained 42 percent last year and have continued to rally this year, rising 16 percent so far in January. They shed 0.96 percent on Wednesday, spooked by uncertainty over the central bank’s ability to form a quorum to set interest rates. (Reporting by Camillus Eboh; Writing by Chijioke Ohuocha)
https://www.reuters.com/article/nigeria-bourse/nigerian-lawmakers-pass-bill-for-exchange-to-become-publicly-listed-idUSL8N1PJ6E5
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UPDATE 5-Oil strengthens after record stockpile draw at U.S. crude hub
* U.S. crude inventories fall 6.9 mln barrels last week - EIA * Cushing crude stockpiles drop by largest amount on record -EIA * OPEC forecasts higher output from U.S., other non-OPEC * Nigeria's Niger Delta Avengers threaten oil sector attacks (Adds U.S. inventory data, updates prices, changes dateline, previously LONDON) NEW YORK, Jan 18 (Reuters) - Oil rebounded after slipping below $69 a barrel on Thursday, supported by a record drawdown of U.S. crude stockpiles at the Cushing, Oklahoma delivery hub, despite concerns that OPEC-led output cuts will increase supply from the United States. Crude is just below its highest price since December 2014, supported by supply cuts led by the Organization of the Petroleum Exporting Countries and concern that unrest in producer nations such as Nigeria could further curb output. U.S. crude inventories fell 6.9 million barrels last week, compared with forecasts for a 3.5 million-barrel draw, the U.S. Energy Information Administration said. Crude supplies at the Cushing, Oklahoma delivery hub for U.S. crude futures fell 4.2 million barrels in the week, the largest draw since at least 2004. After falling the previous week due to cold weather, U.S. crude production rose to 9.75 million barrels per day last week. OPEC's monthly report on Thursday raised its forecast for oil supply from non-members in 2018. "Higher oil prices are bringing more supply to the market, particularly in North America and specifically tight oil," OPEC said in the report, using another term for shale. Brent crude, the global benchmark, pared losses, trading at $69.30, down 8 cents a barrel, by 11:26 a.m. EST (1626 GMT), after earlier slipping to $68.80 a barrel earlier in the session. On Monday it touched $70.37, the highest since December 2014. U.S. crude was up 1 cent at $63.98, having hit its highest since December 2014 on Tuesday. Brent has risen from $61 a barrel in early December and some analysts say the rally may be about to run out of steam. "The upside is now limited for oil prices," said Fawad Razaqzada, market analyst at brokerage Forex.com . "U.S. oil producers will ramp up production in the coming months." OPEC's report follows a forecast from the EIA on Tuesday that it expects U.S. oil output to continue to rise in February with production from shale increasing by 111,000 bpd. The agency previously said U.S. output could reach 10 million bpd in February and 11 million bpd in 2019. Even so, traders said prices were unlikely to fall far due to the OPEC-led curbs and the risk of further disruptions. Militant group Niger Delta Avengers threatened to attack Nigeria's oil sector in the next few days, potentially hampering supplies in Africa's largest exporter. "The impact of such a threat, if carried out, would be significant on the global supply and demand balance," said Tamas Varga of oil broker PVM. "The market is still sensitive to geopolitical developments." (Additional reporting by Henning Gloystein in Singapore and Alex Lawler in London; Editing by Dale Hudson and Marguerita Choy)
https://www.cnbc.com/2018/01/18/reuters-america-update-5-oil-strengthens-after-record-stockpile-draw-at-u-s-crude-hub.html
530
EU mergers and takeovers (Jan 19)
BRUSSELS, Jan 19 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/approved Jan. 19) -- UK retailer JD Sports Fashion Plc, investment vehicle Balaiko Firaja Invest and food and non-food trader Sonae MC, which is controlled by Efanor Investimentos, to jointly acquire sports goods retailer JDSH Sprinter Holdings 2010 (notified Dec. 5/approved Jan. 18) NEW LISTINGS -- Aerospace and defence group Northrop Grumman to buy launch vehicle maker Orbital ATK. (notified Jan. 18/ deadline Feb. 22/ simplified) -- Spanish insurer Mapfre to promote renewal of guarantee insurance policies in Spain through joint venture with France’s Euler Hermes. (notified Jan. 18/ deadline Feb. 22/ simplified) EXTENSIONS AND OTHER CHANGES -- U.S. television network Discovery Communications to acquire U.S. peer Scripps Networks Interactive Inc (notified Dec. 8/ old deadline Jan. 23, new deadline Feb. 6) FIRST-STAGE REVIEWS BY DEADLINE JAN 24 -- Chinese pork supplier WH Group subsidiary and U.S. meat producer Smithfield to acquire Polish meat company Pini Polonia (notified Nov. 27/deadline extended to Jan. 24 from Jan. 10/Polish competition authority asked to review the case Dec. 15) -- CFC, which is part of Chinese conglomerate the CEFC Group and investment company Rockawy Capital to jointly acquire Czech holding company European Bridge Travel (notified Dec. 11/deadline Jan. 24/simplified) JAN 25 -- SHV Holdings, through its LPG sector specialist SHV Energy, to acquire full control of Liquigas, a joint venture of SHV and Brixia Finanziaria (notified Dec. 12/deadline Jan. 25/simplified) JAN 30 -- U.S. insulation and roofing company Owens Corning Finland to acquire financial services provider Parry 1 Holding (notified Dec. 15/deadline Jan. 30) JAN 31 -- Madison Dearborn Partners Enter to acquire a portion of AmTrust Financial Services’ U.S. fee businesses (notified Dec. 18/deadline Jan. 31/simplified) -- Bunge to buy downstream edible oils and fats business Loders of Malaysia’s IOI.(notified Dec. 18/deadline Jan. 31/simplified) FEB 1 -- Investment firm CD&R to take a 40 pct stake in D‘Ieteren’s windshield repair service Belron. (notified Dec. 19/deadline Feb. 1/simplified) -- Japan’s Mitsui & Co and Grupo Salvador to joinly buy Portuguese bus manufacturer Caetanobus. (notified Dec 19/deadline Feb.1/simplified) -- Steel group Schmolz + Bickenbach to acquire some assets of Asco Industries. (notified Dec. 19/deadline Feb. 1/simplified) FEB 2 -- Investment firms Vitruvian and Verdane Capital Advisors to take joint control of online car parking service EasyPark. (notified Dec. 21/deadline Feb. 2/simplified) -- Holding company EG Group to buy Esso Germany’s business. (notified Dec. 21/deadline Feb. 5/simplified) -- Packaging manufacturer S.A. Industrias Celulosa Aragonesa (SAICA) to acquire peer Emin Leydier. (notified Dec. 20/deadline Feb. 2/simplified) FEB 6 -- German renewable energy producer BayWa r.e. to acquire all of the shares in and control over C.E.T. Clean Energy Trading GmbH. (notified Dec. 22/deadline Feb. 6/simplified) -- Italian EDF unit Edison to buy Gas Natural’s unit Gas Natural Vendita Italia. (notified Nov. 22/deadline Feb. 6/simplified) -- German engineering group Hochtief to take sole control of Spanish peer Abertis. (notified Dec 22/deadline Feb 6.) -- U.S. television network Discovery Communications to acquire U.S. peer Scripps Networks Interactive Inc (notified Dec. 8/ deadline Feb. 6) FEB 12 -- Swiss logistics group Kuehne + Nagel to acquire sole control of the drinks distribution joint venture Kuehne + Nagel Drinkflow Logistics Holdings Limited (notified Jan. 8/deadline Feb. 12/simplified) -- Ireland’s Toohil Telecom to acquire Eircom Holdco SA from a group of investors. (notified Jan. 8/deadline Feb. 12/simplified) FEB 13 -- Private Equity Fund Nordic Capital VIII Limited to buy Alloheim Senioren-Residenzen Holding SE (notified Jan. 9/ deadline Feb. 13/ simplified) -- EDF Unit EDF ENR PWT and Canadian Solar to set up joint venture (notified Jan. 9/ deadline Feb. 13/ simplified) FEB 14 -- Units of Ivanhoe Cambridge and QuadReal Property to set up joint venture to invest in Indian real estate projects, particularly logistics parks. (notified Jan. 10/ deadline Feb. 14/ simplified) FEB 16 -- German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline Feb. 16) -- Shipping terminal investment holding PSA International to transfer sole control over PSA Panama International Terminal to joint control by PSA International and Terminal Investment Limited. (notified Jan. 12/ deadline Feb. 16/ simplified) FEB 20 -- Swiss Bell Food, part of Coop-Group, to buy all of Stoffel Holding AG and indirectly obtaint 50.22 pct of the capital and 65.01 pct of the voting right of food producer Huegli Holding. (notified Jan. 16/ deadline Feb. 20/ simplified) -- Macquarie Super Core Infrastructure Fund and Allianz Infrastructure Luxembourg to jointly acquire Lakeside Network Investments, an investor in Finnish electricity and district heating networks. (notified Jan. 16/ deadline Feb. 20/ simplified) -- Goldman Sachs and Riverstone Investment Group to jointly acquire Lucid Energy Group II, a provider of natural gas processing and gathering in the United States. (notified Jan. 16/ deadline Feb. 20/ simplified) FEB 22 -- Aerospace and defence group Northrop Grumman to buy launch vehicle maker Orbital ATK. (notified Jan. 18/ deadline Feb. 22/ simplified) -- Spanish insurer Mapfre to promote renewal of guarantee insurance policies in Spain through joint venture with France’s Euler Hermes. (notified Jan. 18/ deadline Feb. 22/ simplified) MARCH 5 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline March 5) MARCH 8 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline March 8) MARCH 19 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to March 19 from March 5) APRIL 4 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to April 4 from March 23 after the companies asked for more time) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)
https://www.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idUSL8N1PE2ER
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Cryptocurrency market will see crash, consolidation: Ethereum co-founder
The cryptocurrency market will strengthen after bitcoin alternatives that lack substance have failed, a former chief executive and co-founder of Ethereum said. "My personal opinion is that we're going to see a consolidation after a crash," Charles Hoskinson told CNBC in an interview Friday. Hoskinson now runs blockchain research firm IOHK, but was previously in charge of Ethereum, which develops the underlying technology for the cryptocurrency ether (also known as ethereum). A number of alternative cryptocurrencies — including Cardano, a cryptocurrency overseen by Hoskinson's company — have rallied substantially in recent weeks as investors look beyond the most prominent cryptocurrency bitcoin. Ripple's XRP, for instance, temporarily overtook ether as the second-largest cryptocurrency in December. Blockchain, the technology that underpins cryptocurrencies, records all transactions of a digital currency on a dispersed network instead of one centralized server. Meanwhile, a slew of lesser-known digital tokens have surged to unprecedented levels over the last few weeks, sending the total market capitalization of all virtual currencies up to three quarters of $1 trillion. But Hoskinson raised concern about "unrealistic" cryptocurrency projects entering the space. "What's going to occur is a lot of these ventures that don't have strong fundamentals, don't have good tech, or just unrealistic projects, they will eventually run into some major wall they can't quite overcome. They will fracture up and you will see a lot of them are certain to fail." But the entrepreneur added that many of these cryptocurrency projects might not fail any time soon as they have enough funding behind them to sustain themselves. "The problem is a lot of them have a lot of money," Hoskinson said. "It's really hard to fail when your burn rate is $5 million or $10 million a year, and you have $1 billion of capital." On Sunday, dogecoin, a meme-inspired cryptocurrency that was introduced as a joke in 2013, saw its market value increase to $2 billion just days after hitting $1 billion . Meanwhile, dentacoin, a dental care-focused digital currency that dubs itself "the blockchain solution for the global dental industry," briefly surpassed $2 billion in market capitalization on Sunday, according to Coinmarketcap data. Dogecoin's founder Jackson Palmer said Friday that it was concerning that the virtual coin he helped create had reached such a high valuation despite the fact that the project hasn't released a software update in more than two years. "I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over two years has $1 billion market," he said on Twitter. WATCH: The brains behind ethereum and ripple on bitcoin, cash and ICOs show chapters The brains behind ethereum and ripple on bitcoin, cash and ICOs 9:07 AM ET Fri, 17 Nov 2017 | 01:15
https://www.cnbc.com/2018/01/09/cryptocurrency-market-crash-consolidation-ethereum-co-founder.html
503
Cricket-Nightwatchman Rabada frustrates India on difficult Wanderers pitch
January 25, 2018 / 10:33 AM / Updated 2 hours ago Cricket: Bumrah’s five-wicket haul swings third test in India's favour Reuters Staff 3 Min Read JOHANNESBURG (Reuters) - Seamer Jasprit Bumrah took five wickets as India seized control of the third and final test against South Africa on Thursday, going to the close of the second day with a 42-run lead on a treacherous wicket at the Wanderers. Bumrah, in this third test, ripped through the middle-order and cleaned up the South African tail with career-best figures of 5-54 as India bowled their hosts out for 194. With South Africa having taken a slender lead of seven runs, the tourists reached 49 for one wicket in their second innings. Murali Vijay (13 not out) and Lokesh Rahul (16 not out) will resume on the third day as India look to set South Africa a challenging target. With 21 wickets tumbling in just two days on a wicket that has pace, bounce and prodigious lateral movement, it appears that any target above 150 will be difficult to overhaul. South Africa lacked their usual intensity in the Indian second innings and may rue not being able to make deeper inroads into the batting line-up before the close. India had elevated middle-order batsman Parthiv Patel (16) to the top of the order to give them a right/left hand combination in the opening positions. Cricket - India v South Africa - Third Test match - The Wanderers Stadium, Johannesburg, South Africa - January 25, 2018. India’s Jasprit Bumrah celebrates taking the wicket of Lungi Ngidi. REUTERS/James Oatway He made a fast start, but was out to a fantastic catch from Aiden Markram racing in from slip after an inside edge onto his pad from a Vernon Philander (1-11) delivery. “It was always my dream to play test cricket and to get my first five-wicket haul, it’s very good. And to contribute to the team’s success is a good feeling,” Bumrah told SuperSport. “When so much is happening on the wicket you can get over-excited. That was the basic message that was given to the bowlers, not to get carried away, to bowl a disciplined line.” Slideshow (8 Images) The home side started the second day on six for one after dismissing India for 187 and Hashim Amla (61) and nightwatchman Kagiso Rabada (30) put on 64 for the third wicket. Rabada was out five minutes before lunch and South Africa then lost their way in the middle session as AB de Villiers (5), Faf du Plessis (8) and Quinton de Kock (8) all failed, the latter two out to Bumrah. The Indian seamer then had Amla caught at mid-wicket, before trapping Andile Phehlukwayo (9) lbw and seeing Lungi Ngidi (0) caught by wicketkeeper Patel as the innings came to a rapid end. “We had to scratch around for a few runs and at one stage we were quite far behind the deficit, so to get to 190 was a decent effort,” Amla said. South Africa have an unassailable 2-0 lead in the three-match series, but are seeking a first ever clean-sweep over India. Reporting by Nick Said; Editing by David Goodman and Pritha Sarkar
https://in.reuters.com/article/cricket-test-zaf-ind/cricket-nightwatchman-rabada-frustrates-india-on-difficult-wanderers-pitch-idINKBN1FE187
546
'Ample time' before next Bank of England rate move needed - Tenreyro
23 PM / Updated 11 minutes ago 'Ample time' before next Bank of England rate move needed - Tenreyro Reuters Staff 3 The Bank of England probably has “ample time” before it needs to consider raising interest rates again after its first rate hike in more than a decade in November, BoE policymaker Silvana Tenreyro said on Monday. FILE PHOTO: A sign is displayed outside the Bank of England in London, Britain August 4, 2016. REUTERS/Neil Hall/File Photo/File Photo Tenreyro said in a speech that she felt comfortable at last month’s rate-setting meeting to keep on monitoring the impact of the 25 basis-point increase the BoE announced on Nov. 2. “In December, with unit labour cost growth still subdued and inflation likely to be around its peak, my view was that there was ample time for us to continue to monitor the transmission of the November policy change before voting for another change in interest rates,” Tenreyro said in a speech. The Argentinean-born economics professor, who joined the BoE last year, was among the seven members of the central bank’s nine-strong Monetary Policy Committee who voted for the November rate hike. The other two MPC members voted for no change. In her speech on Monday, Tenreyro said she expected that a couple more increases in Bank Rate would be needed over the next three years. Her comment echoed those of BoE Governor Mark Carney and other top officials at the central bank. However, Tenreyro said it was possible that productivity growth, a key driver of the overall economy but which can help keep a lid on inflation, could be stronger than the weak improvement that the BoE has predicted. Most of the fall in productivity growth was due to just two sectors - finance and manufacturing - and they both could see a turnaround soon, while weak investment by companies could recover as the world economy picks up, she said. “Whether a more or less positive scenario for productivity materialises, as always, the question from an MPC perspective will be how quickly demand responds,” Tenreyro said in a lecture to be delivered at Queen Mary University of London. “A key part of my job will be to gauge the size of any emergent gaps between demand and output potential.” Most economists polled by Reuters at the start of December predicted that the BoE’s next rise in rates would come in late 2018, though some saw a chance of a rise as early as May. Reporting by David Milliken; Editing by William Schomberg
https://uk.reuters.com/article/uk-britain-boe-tenreyro/ample-time-before-next-bank-of-england-rate-move-needed-tenreyro-idUKKBN1F42F9
428
Golf-Chapchai takes clubhouse lead in weather-hit Singapore
January 19, 2018 / 12:31 PM / Updated 2 hours ago Golf - Chapchai takes clubhouse lead in weather-hit Singapore Reuters Staff 2 Min Read SINGAPORE (Reuters) - Thailand’s Chapchai Nirat carded a spotless seven-under-par 64 in the second round of the Singapore Open on Friday to grab the clubhouse lead with Masters champion Sergio Garcia lurking behind on another day hit by threats of lightning. The 34-year-old Thai, who lost his Asian Tour card last season and only made the field because of his career money earnings, started the day with four straight birdies and picked up three more shots to be at seven-under 135. Spaniard Garcia was a shot behind and one-under after completing only eight holes in his second round. Chapchai’s compatriot Tirawat Kaewsiribandit (70), South Africa’s Shaun Norris (67) and American Kurt Kitayama were also alongside Garcia on six-under when play was suspended and later abandoned for the day. “To finish the round seven-under-par was beyond my expectation. Before coming to this tournament, I tried to adjust and fix my swing flaws with my coach,” Chapchai told reporters. ”Today, I was attempting to play the same way as I did during practice and follow my coach’s advice. “For this tournament, I didn’t think too much and I didn’t set any target. I‘m just enjoying the experience and trying to get used to my new golf swing as well as getting a better swing rhythm.” “For the next two days, I will do the same as I did today and don’t think much about the result.” India’s Shiv Kapur shot a 67 to lie just two shots off the lead alongside Americans Jarin Todd (66) and Casey O‘Toole, who could complete only six holes in his second round. Reporting by Sudipto Ganguly in Mumbai; Editing by Toby Chopra
https://uk.reuters.com/article/uk-golf-singapore/golf-chapchai-takes-clubhouse-lead-in-weather-hit-singapore-idUKKBN1F81D2
318
U.N. warns of 'lost generation' in South Sudan's grinding conflict
January 19, 2018 / 1:10 PM / Updated 44 minutes ago U.N. warns of 'lost generation' in South Sudan's grinding conflict Reuters Staff 3 Min Read JUBA (Reuters) - Seventy percent of South Sudan’s children are out of school and the young country risks losing a generation that would make it harder to rebuild after conflict ends, a United Nations official said. South Sudan, which split off from its northern neighbour Sudan in 2011, has been gripped by a four-year civil war sparked by political rivalry between incumbent leader Salva Kiir and his former deputy Riek Machar. In an interview with Reuters on Friday, Henrietta H. Fore, UNICEF’s executive director, made the warning after visiting some of the areas most devastated by the war. “70 percent of the children are out of school, that is highest in the world. There is too much violence,” she said. “If we don’t help... we are going to lose this generation and that would be tragic for South Sudan because a country cannot build itself without this next generation of young people.” Fore said she had visited towns in the country’s north and witnessed widespread malnutrition among children and warned: “We are heading into the dry season... we might lose up to a quarter of a million children in South Sudan.” Tens of thousands are estimated to have died in the conflict which has also displaced a quarter of the country’s population of 12 million. FILE PHOTO - South Sudan's opposition leader Riek Machar speaks during a briefing ahead of his return to South Sudan as vice president, in Ethiopia's capital Addis Ababa April 9, 2016. REUTERS/Tiksa Negeri The economy, almost entirely dependant on oil exports, has been left in tatters as output has been cut. Agricultural production, too, has declined as insecurity has left sometimes entire villages abandoned and crops untended. A ceasefire deal was signed in Ethiopia’s capital Addis Ababa last month but it has been violated repeatedly with both sides blaming each other. Attacks have also been directed at humanitarian workers, complicating delivery of relief services on which hundreds of thousands of the displaced depend. Some 28 aid workers were killed in South Sudan last year, with nine shot dead in November alone, according to the United Nations. South Sudan’s Cabinet Affairs minister Martin Elia Lomuro warned non-governmental organisations (NGOs) against reporting on alleged ceasefire violations. He told reporters in Juba some NGOs had “taken as part of their job to report on military issues including violations, ambushes and misleading (the) international Community.” “We want to warn you severely,” he said, adding monitoring such violations should be left to international monitors. Reporting by Denis Dumo; Writing by Elias Biryabarema; Editing by Toby Chopra
https://uk.reuters.com/article/uk-southsudan-war/u-n-warns-of-lost-generation-in-south-sudans-grinding-conflict-idUKKBN1F81GE
463
Oil prices are close to levels not seen since the Thanksgiving 2014 bloodbath
SHARES Essam Al-Sudani | Reuters A rally that kicked off in June has boosted oil prices to the highest closing levels in more than three years. The oil price downturn is now 3½ years old, but it didn't gather devastating momentum until OPEC's fateful Thanksgiving day meeting in 2014. During that meeting, Saudi Arabia , OPEC's biggest producer and the world's top exporter, refused to cut production to kill a global oil glut and stop a five-month slide in prices. Crude futures, which were down about 30 percent from their June highs at that point, collapsed 10 percent in the next session and eventually plunged to 12-year lows . The Saudis strategy of letting the oil market balance itself failed as U.S. producers learned to pump at lower prices. OPEC eventually conceded and agreed in November 2016 to curb output . Now, oil prices are at the highest closing levels since December 2014 and within close range of prices last seen on Nov. 28, 2014, the day after OPEC's decision. U.S. West Texas Intermediate crude ended Tuesday's session at $62.96 per barrel, compared with $66.15 on Nov. 28, 2014. Brent crude , the international benchmark, settled at $68.82, versus $70.15 the day after Thanksgiving 2014, when the market was closed. On Wednesday, WTI hit a session peak of $63.67, its highest level since Dec. 9, 2014. Brent topped out at $69.37 on Wednesday, coming within 30 cents of taking out its May 2015 high. It's uncertain whether the rally has enough momentum to close the gap with the post-Thanksgiving 2014 levels. From there, it's a long way to the pre-OPEC decision levels. WTI closed at $73.69 and Brent settled at $77.75 on Nov. 26, 2014. In the first half of 2018, the seasonal drop in oil demand could pull crude futures out of sync with other commodities that are rallying, said Kevin Book, head of research for oil, gas and coal at Clearview Energy Partners. "On a fundamental basis, the first half of year is about 1.5 million barrels per day weaker from a demand perspective than the second half of the year," he told CNBC's " Squawk Box " on Wednesday. show chapters 5 Hours Ago | 03:35 On the other hand, OPEC's production cuts helped reduce huge stockpiles of oil around the world toward the five-year average, and Brent crude prices could average closer to $60 per barrel this year if supply and demand remain roughly balanced, he said. OPEC's output curbs should continue to pay off, Scott Nations, president and chief investment officer at NationsShares, told CNBC's " Futures Now " on Tuesday. "We're now at the top of this trading channel we've been in since June," he said. "It now looks like we've shifted into another gear once we got the news that crude oil in storage in Cushing has fallen below 50 million barrels for first time in nearly three years." Traders closely watch stockpile levels at the Cushing, Oklahoma delivery hub for U.S. crude for signs of oversupply and undersupply. Those levels slipped below 50 million barrels in the week through Dec. 29 and dropped by another 2.4 million barrels in the latest week. It was last below 50 million barrels in February 2015.
https://www.cnbc.com/2018/01/10/oil-is-close-to-levels-not-seen-since-the-thanksgiving-2014-bloodbath.html
565
Bitcoin mining power usage comes under government regulation in China
China's central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said. While the People's Bank of China (PBOC) can't directly regulate bitcoin miners' power usage, it can ask local authorities to do so, the central bank told members of the Leading Group of Beijing Internet Financial Risks Remediation at a meeting at the end of 2017, the source said. Experts say China is one of the world's biggest sources of bitcoin mining, where miners solve complex mathematical puzzles with computers in order to be awarded virtual coins. The intensive use of computers for bitcoin mining has boosted demand for electricity. In September China ordered all initial coin offerings to cease and all cryptocurrency trading exchanges to be shuttered with the aim of containing financial risks. Bitcoin miners have feared that they could be the next target. At the meeting, the PBOC said development of bitcoin mining will be limited, according to the source, who declined to be named as he is not authorized to speak on the matter. The PBOC could not be reached for immediate comment outside business hours.
https://www.cnbc.com/2018/01/03/bitcoin-mining-power-usage-comes-under-government-regulation-in-china.html
211
Japanese pop group chants cryptocurrency choruses
January 12, 2018 / 9:37 AM / Updated 22 minutes ago Japanese pop group chants cryptocurrency choruses Kwiyeon Ha 3 Min Read TOKYO (Reuters) - A Japanese pop group hopped on the bitcoin bandwagon on Friday, dedicating themselves to singing and dancing about the cryptocurrencies that have taken the world by storm, and especially their homeland. In their debut, the eight “Virtual Currency Girls”, or Kasotsuka Shojo in Japanese, cavorted in maid costumes with frilly skirts and full-face professional wrestling-style masks with fuzzy pom-pom ears, extolling the virtues of decentralized digital currencies such as bitcoin. “They’re so convenient you kind of have to wonder why we didn’t have them before,” said Rara Naruse, 18, the group’s leader. “We want everyone to learn more about them.” Each group member adopted the guise of a different cryptocurrency, offering a brief self-introduction to 20 fans gathered at the venue in downtown Tokyo. Then they launched into “The Moon, Cryptocurrencies and Me”, a stirring anthem incorporating lines such as “Be careful about your password! Don’t use the same one!” to warn against the dangers of trading cryptocurrency, and also more obscure ones, in English, such as “Hot day, forget myself, go to the moon.” Members of Japan's idol group "Virtual Currency Girls" wearing cryptocurrency-themed masks pose after performing in their debut stage event in Tokyo, Japan, January 12, 2018. REUTERS/Kim Kyung-Hoon Naruse emphasized on the group’s website that it is not out to promote investment, but rather to teach people about cryptocurrencies in an entertaining way. The maid costumes aimed to raise the group’s popularity with the use of a globally recognizable “uniform,” she added. Naturally, all merchandise sold at the venue is paid for in bitcoin, as are concert tickets and the members’ salaries. Slideshow (8 Images) “I know absolutely nothing about bitcoin and other cryptocurrencies, but I want to make sure I have some on hand for further concerts and to buy merchandise,” said fan Kensaku Nagao, 46. Japan and South Korea are home to some of the bigger digital exchanges, with investors piling in as growth in bitcoin and other cryptocurrencies soared last year, provoking regulators’ concerns. On Thursday, South Korea said it planned to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil. Writing by Elaine Lies; Editing by Clarence Fernandez
https://in.reuters.com/article/us-japan-cryptocurrency-girlband/japanese-pop-group-chants-cryptocurrency-choruses-idINKBN1F10WU
399
Europe markets: Santander, Siemens and H&M report earnings
European markets closed lower Wednesday afternoon as investors digested corporate earnings and awaited the next policy decision from the U.S. Federal Reserve . Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The pan-European Stoxx 600 closed 0.17 percent lower with business sectors pointing in different directions. While the French and German bourses ended Wednesday's trade close to the flat line, the U.K. FTSE dropped in afternoon trade to close 0.72 percent lower. Europe's media stocks were the biggest gainers Wednesday afternoon, with the sector up over 0.6 percent amid news of several rating updates. Morgan Stanley announced it had upgraded its stock recommendation for Telenet to "equal weight" from "underweight" on Wednesday. The Belgian media firm gained throughout the day and was up nearly 3 percent at the end of trade. Healthcare was the poorest performing sector, down 1.17 percent, but retail was also significantly into the red, 0.67 percent lower. Swedish clothing retailer H&M was the biggest laggard, with stock down 10.6 percent as the company's latest earnings report was accompanied by news that it had struggled to adapt to online retail . Looking at individual stocks, Britain's Capita tumbled to the bottom of the European benchmark after the outsourcing group announced another profit warning. Two weeks after Carillion collapsed under a weight of debt, Capita said it would need to restructure after lowering its 2018 profit forecast 30 percent — or £120 million ($170 million). Its shares tanked 47.5 percent on the news. Elsewhere, Banco Santander reported a 4 percent fall in fourth-quarter net profit from a year earlier. Spain's biggest lender said Wednesday that solid underlying results had been offset by extraordinary impairments in its U.S. unit. Its shares finished the day's trading up 0.9 percent. U.S. stocks rebound Stateside, stocks were sharply higher in morning trade , rebounding from a two-day sell-off on positive corporate earnings news. The Dow Jones industrial average briefly traded 261 points higher. U.S. Federal Reserve Chair Janet Yellen is presiding over her last meeting in the top job Wednesday, although the institution is expected to leave interest rates unchanged . In U.S. political news, President Donald Trump called on Republicans and Democrats Tuesday to work towards a compromise over immigration and infrastructure legislation in his first State of the Union address since assuming office. Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
https://www.cnbc.com/2018/01/31/europe-markets-santander-siemens-and-hm-report-earnings.html
425
U.S. sees Haqqani network behind ambulance bombing in Kabul
WASHINGTON (Reuters) - The United States is confident that the Afghan Taliban-allied Haqqani network was behind Saturday’s ambulance bomb in the capital, Kabul, that killed more than 100 people, a spokesman for the U.S.-led coalition told Reuters on Monday. “We are very confident the Taliban Haqqani network was behind the killing of more than 103 people this past Saturday,” said Captain Tom Gresback, a U.S. military spokesman for the NATO-led Resolute Support mission in Afghanistan. Another U.S. official, speaking on condition of anonymity, also said the United States believed the attack was the work of the Haqqani network, which Washington has long said has safe haven in neighbouring Pakistan. Reporting by Phil Stewart and Idrees Ali; Editing by Peter Cooney
https://in.reuters.com/article/afghanistan-blast-usa-haqqani/u-s-sees-haqqani-network-behind-ambulance-bombing-in-kabul-idINKBN1FI2L2
126
Lakers stop Spurs for 3rd win in row
Brandon Ingram scored 26 points, and Lonzo Ball contributed 18 points, 10 rebounds and six assists as the Los Angeles Lakers knocked off the San Antonio Spurs 93-81 on Thursday in Los Angeles. Larry Nance Jr. added 14 points and 10 rebounds for the Lakers, who won their season-best third consecutive game. Los Angeles forced 20 turnovers and halted a seven-game home losing streak versus San Antonio. LaMarcus Aldridge scored 20 points for the Spurs, who were without standout small forward Kawhi Leonard (shoulder) for the third straight game. Bryn Forbes added 18 points for San Antonio. Ingram made 11 of 21 shots while scoring 20 or more points for the third time in the past four games. “My teammates give me confidence to be in the right spot and make plays,” Ingram said in a postgame interview on TNT. “It feels pretty good.” The Lakers racked up 15 steals, including five by Kentavious Caldwell-Pope and four by Ball. Nance delivered a dunk to give the Lakers a 72-62 lead early in the fourth quarter before San Antonio controlled the next four-plus minutes and pulled within 77-75 on a 21-footer by Forbes with 6:23 remaining. Los Angeles answered by putting the game away. Caldwell-Pope and Nance slammed home back-to-back dunks and Ingram scored consecutive baskets as part of a 13-0 surge to push the Los Angeles advantage to 90-75 with 3:11 to play. San Antonio recovered from an 11-point halftime lead to take a 53-52 lead on a 3-pointer by Forbes with 6:42 left in the third quarter. Los Angeles followed with a 16-4 burst with Caldwell-Pope scoring eight of the points, including a 3-pointer to cap the spurt to give the Lakers a 68-57 lead. The Spurs tallied the final five points of the stanza to move within six. Ingram scored 18 first-half points and Ball added 11 as the Lakers took a 49-38 advantage into halftime. Los Angeles used a 25-3 spurt to turn a three-point deficit with 3:01 left in the first quarter into a 37-18 lead with 7:16 left in the half. A dunk by Nance ended a run of 17 straight Lakers points to make it 29-15 early in the second quarter, and Ball knocked down a 3-pointer to make it a 19-point margin. San Antonio answered with a 13-3 push to cut its deficit to nine and later got within 42-36 after a 3-pointer by Pau Gasol with 2:01 left before the break. --Field Level Media
https://www.reuters.com/article/basketball-nba-lal-sas-recap/lakers-stop-spurs-for-3rd-win-in-row-idUSMTZEE1CFI2YUA
449
First Trust Strategic High Income Fund II Declares its Monthly Common Share Distribution of $0.08 Per Share for February
WHEATON, Ill.--(BUSINESS WIRE)-- First Trust Strategic High Income Fund II (the "Fund") (NYSE: FHY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.08 per share payable on February 15, 2018, to shareholders of record as of February 2, 2018. The ex-dividend date is expected to be February 1, 2018. The monthly distribution information for the Fund appears below. First Trust Strategic High Income Fund II (FHY): Distribution per share: $0.08 Distribution Rate based on the January 19, 2018 NAV of $14.47: 6.63% Distribution Rate based on the January 19, 2018 closing market price of $12.74: 7.54% A portion of this distribution may come from net investment income, net short-term realized capital gains or return of capital. The final determination of the source of tax status of all 2018 distributions will be made after the end of 2018 and will be provided on Form 1099-DIV. The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, the Fund seeks to provide capital growth. The Fund seeks to achieve its investment objectives by investing in a diversified portfolio of below-investment grade and investment grade debt securities, and equity securities that the investment sub-advisor believes offer attractive yield and/or capital appreciation potential. The Fund may invest up to 100% of its managed assets in below-investment grade debt securities (commonly referred to as "high-yield" or "junk" bonds). First Trust Advisors L.P., the Fund's investment advisor, along with its affiliate, First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $118 billion as of December 31, 2017 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. Brookfield Investment Management Inc. ("Brookfield") serves as the Fund's investment sub-advisor. Brookfield is a wholly-owned subsidiary of Brookfield Asset Management, a global alternative asset manager with over $265 billion in assets under management as of September 30, 2017. Brookfield Asset Management has over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Brookfield Asset Management's public market activities are conducted by Brookfield, a registered investment advisor, with over $16 billion of assets under management as of September 30, 2017. Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Principal Risk Factors: The debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, and interest rate risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Residential mortgage-backed securities may have less potential for capital appreciation than comparable fixed-income securities due to the likelihood of increased prepayments of mortgages as interest rates decline. The Fund invests in non-investment grade debt instruments, commonly referred to as "high-yield securities". High yield securities are subject to greater market fluctuations and risk of loss than securities with higher ratings. Lower-quality debt tends to be less liquid than higher-quality debt. The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses. The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings. The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients. The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891. View source version on businesswire.com : http://www.businesswire.com/news/home/20180122006584/en/ First Trust Strategic High Income Fund II Press Inquiries: Jane Doyle, 630-765-8775 or Analyst Inquiries: Jeff Margolin, 630-915-6784 or Broker Inquiries: Jeff Margolin, 630-915-6784 Source: First Trust Strategic High Income Fund II
http://www.cnbc.com/2018/01/22/business-wire-first-trust-strategic-high-income-fund-ii-declares-its-monthly-common-share-distribution-of-0-point-08-per-share-for.html
996
BRIEF-125,000 Disney Employees To Receive $1,000 Cash Bonus
January 23, 2018 / 7:57 PM / in 15 minutes BRIEF-125,000 Disney Employees To Receive $1,000 Cash Bonus Reuters Staff 1 Min Read Jan 23 (Reuters) - Walt Disney Co: * 125,000 DISNEY EMPLOYEES TO RECEIVE $1,000 CASH BONUS AND COMPANY LAUNCHES NEW $50 MILLION HIGHER EDUCATION PROGRAM * WALT DISNEY - MAKE INITIAL INVESTMENT OF $50 MILLION IN A NEW & ONGOING EDUCATION PROGRAM SPECIFICALLY DESIGNED TO COVER TUITION COSTS FOR HOURLY EMPLOYEES * WALT DISNEY CO - ‍THE TWO NEW INITIATIVES REPRESENT A TOTAL ALLOCATION OF MORE THAN $175 MILLION IN THE FISCAL YEAR​ * WALT DISNEY CO - ALSO LAUNCHING A NEW EDUCATION INITIATIVE AIMED AT ITS HOURLY WORKFORCE IN UNITED STATES * WALT DISNEY CO - ‍AFTER INITIAL INVESTMENT OF $50 MILLION FOR EDUCATION PROGRAM, CO WILL PROVIDE UP TO $25 MILLION IN ANNUAL FUNDING GOING FORWARD​ * WALT DISNEY CO - ‍COMPANY‘S CURRENT EDUCATIONAL REIMBURSEMENT PROGRAM, WHICH IS OPEN TO ALL FULL-TIME EMPLOYEES, WILL CONTINUE AND REMAIN UNCHANGED​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)
https://www.reuters.com/article/brief-125000-disney-employees-to-receive/brief-125000-disney-employees-to-receive-1000-cash-bonus-idUSFWN1PI17S
169
GROUPE ATHENA, INC. POSTS 2nd QUARTER RESULTS
Mumbai, India, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Groupe Athena, Inc. (OTC PINK: GATA ) announced today revenues of $16,364,908 for the period ending December 31, 2017, an increase of $578,619 over the same period in 2016. Operating income before Depreciation and Amortization was $2,209,240 and reflects a Research and Development charge of $312,229. Net income for the period was $1,728,859 or $.04 per share. The Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to help them get their products approved by the FDA for sales in the US. All of these are potential clients and the Company believes it has an advantage over competitors due to the facilities based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment, the company will continue to take on additional contracts and continue to anticipate further growth. About Groupe Athena, Inc. Groupe Athena, Inc. was incorporated in June 2008 and began operations on July 1 of that year. The company is a research and testing organization and helps various pharmaceutical and medical products and devices companies in India and Southeast Asia to get regulatory approvals and facilitate exports of their products to the United States. The Company accomplishes this by assisting clients from concept through development, providing consultation on regulatory requirements, filings and processes. The company has a research and marketing facility in India that employs 21 consultants and marketing personnel and is working towards aggressively expanding its presence in the Indian pharmaceutical industry. The Company's web address is www.groupeathena.com . To review the complete quarterly report please go to www.otcmarkets.com/stock/GATA/Quote: and click on “Financials”. Safe Harbor Statement Certain statements set forth in this press release constitute "forward-looking statements.” Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets. Contact: Groupe Athena, Inc. info@groupeathena.com Source:Groupe Athena Inc.
http://www.cnbc.com/2018/01/17/globe-newswire-groupe-athena-inc-posts-2nd-quarter-results.html
488
Mylan to Complete $1 Billion Share Repurchase Plan
HERTFORDSHIRE, England and PITTSBURGH, Jan. 8, 2018 /PRNewswire/ -- Global pharmaceutical leader Mylan N.V. (NASDAQ, TASE: MYL) today announced that it is completing its previously-approved $1 billion share repurchase plan. Mylan's Chairman Robert J. Coury commented, "We are very pleased to announce that Mylan is completing the $1 billion share repurchase plan previously approved by the Mylan N.V. Board of Directors. This return of capital to our shareholders comes at a time of positive momentum for Mylan, with the recent launches and approvals of several key products, our strong future growth expectations, and our belief that the diversified and unique platform we have built is substantially undervalued. "In addition and pursuant to its agreement with Abbott related to the Abbott EPD acquisition, Mylan has received notification from Abbott that it has sold its remaining 20.3 million shares of Mylan prior to year-end, removing a potential share overhang and consistent with Abbott's stated position that it did not intend to be a long-term shareholder." Coury continued, "Following our 2017 Annual General Meeting, we initiated an extensive outreach program to better understand shareholders' perspectives and increase their awareness of and appreciation for the unmatched strength and breadth of Mylan's global platform. We are committed to continuing our dialogue with shareholders and the larger investor community in an effort to continue to optimize Mylan's valuation." Mylan CFO Ken Parks added, "Our continued strong adjusted free cash flow generation, even after taking into account the completion of our $1 billion share buy-back program, allows us to continue to execute on our business strategies, while effectively deploying our capital and maintaining our commitment to an investment grade credit rating." This press release includes statements that constitute "forward-looking statements," including with regard to: Mylan completing its $1 billion share repurchase plan; this return of capital to our shareholders coming at a time of positive momentum for Mylan, with the recent launches and approvals of several key products, our strong future growth expectations, and our belief that the diversified and unique platform we have built is substantially undervalued; that Mylan is committed to continuing its dialogue with shareholders and the larger investor community in an effort to continue to optimize Mylan's valuation; and that Mylan's continued strong adjusted free cash flow generation, even after taking into account the completion of our $1 billion share buy-back program, allows us to continue to execute on our business strategies, while effectively deploying our capital and maintaining our commitment to an investment grade credit rating. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: success of clinical trials and our or our partners' ability to execute on new product opportunities; any regulatory, legal or other impediments to our or our partners' ability to bring products to market; other risks inherent in product development; the scope, timing, and outcome of any ongoing legal proceedings, including government investigations, and the impact of any such proceedings on our or our partners' businesses; actions and decisions of healthcare and pharmaceutical regulators, and changes in healthcare and pharmaceutical laws and regulations, in the United States and abroad; the impact of competition; strategies by competitors or other third parties to delay or prevent product introductions; the effect of any changes in our or our partners' customer and supplier relationships and customer purchasing patterns; any other changes in third-party relationships; changes in the economic and financial conditions of the businesses of Mylan or its partners; uncertainties and matters beyond the control of management; and the other risks detailed in Mylan's filings with the Securities and Exchange Commission. Mylan undertakes no obligation to update these statements for revisions or changes after the date of this release. About Mylan Mylan is a global pharmaceutical company committed to setting new standards in healthcare. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of more than 7,500 marketed products around the world, including antiretroviral therapies on which more than 40% of people being treated for HIV/AIDS globally depend. We market our products in more than 165 countries and territories. We are one of the world's largest producers of active pharmaceutical ingredients. Every member of our more than 35,000-strong workforce is dedicated to creating better health for a better world, one person at a time. Learn more at Mylan.com . We routinely post information that may be important to investors on our website at investor.mylan.com . View original content with multimedia: http://www.prnewswire.com/news-releases/mylan-to-complete-1-billion-share-repurchase-plan-300578694.html SOURCE Mylan N.V.
http://www.cnbc.com/2018/01/08/pr-newswire-mylan-to-complete-1-billion-share-repurchase-plan.html
859
New York Ballet leader retires after claims of sexual, physical abuse
January 2, 2018 / 6:35 PM / Updated 3 hours ago New York Ballet leader retires after claims of sexual, physical abuse Reuters Staff 3 Min Read NEW YORK (Reuters) - Longtime New York City Ballet chief Peter Martins said on Monday he was retiring from the prestigious dance company and from the American School of Ballet, where he is chairman of faculty, after allegations of sexual harassment and verbal and physical abuse of dancers. The allegations are being investigated by an independent lawyer retained by the two organizations last month, after the New York City Ballet said it had received an anonymous letter making “general, nonspecific allegations of sexual harassment” against Martins. In a letter to the boards of both institutions dated Monday, provided to Reuters by the New York City Ballet, Martins said: “I have denied, and continue to deny that I engaged in any such misconduct.” He described the allegations as “largely anonymous and decades-old.” Martins, 71, could not be reached for comment on Monday. Reuters was unable to independently confirm any of the allegations. He is the latest of dozens of high-profile men in media, entertainment and politics that have retired, resigned or been fired in the past few months following accusations of sexual harassment or assault. “To bring an end to this disruption which has enveloped the Ballet and the School, I have decided that it is time for me to retire,” the Danish-born ballet dancer and choreographer wrote in the letter. Charles Scharf, chairman of the New York City Ballet, credited Martins with a strong performance during his tenure of more than 30 years as its ballet master-in-chief. “At the same time, the board takes seriously the allegations that have been made against him and we expect the independent investigation of those allegations to be completed soon,” Scharf said in a statement. Martins said he chose to take a leave of absence from both institutions since the investigation began. “I cooperated fully in the investigation and understand it will be completed shortly,” he said. “I believe its findings would have vindicated me.” Scharf said a search for a new ballet master-in-chief will begin soon. Reporting by Peter Szekely; Editing by Bernadette Baum
https://www.reuters.com/article/us-people-petermartins/new-york-ballet-leader-retires-after-claims-of-sexual-physical-abuse-idUSKBN1ER1J6
373
What Terrell Owens learned from making and losing $80 million
Terrell Owens may be best remembered for his controversial antics. His 15-season career in the NFL was characterized by spats with teammates and unrestrained showmanship . But Owens was also immensely talented. Throughout his career he scored 156 touchdowns, which is the fifth most all-time of any NFL player and which makes him a strong contender for entry into the Hall of Fame one day. He has recently been snubbed because of his controversies . His talent, however, was formally recognized by the five teams he played for. Throughout his career, he earned an estimated $80 million . And, in a 2012 interview, he told GQ that almost all of that was gone . show chapters 3 strategies for success from the NFL's first female coach Jen Welter 9:25 AM ET Mon, 30 Oct 2017 | 01:07 Owens recently sat down with NerdWallet to discuss his financial struggle in detail to help current players avoid making the same mistakes. Despite the fact that NFL players make an average of $1.9 million a year, 15 percent declare bankruptcy, while Sports Illustrated estimates that 78 percent end up coming close and/or experience significant financial stress. Owens' insights boil down to a few key points, and they're valuable for anyone looking to become more financially secure, not just pro athletes. First off, don't overdo it. "My advice to any fan or athlete out there: Just don't live beyond your means," says Owens. "At that time I got sucked into wanting to be like everybody else, the guys with the Mercedes and all the flashy cars and the jewelry. I think those are some of the most idiotic purchases I think players can do, especially when they don't have that money in the bank account to really pay for that stuff." show chapters This simple plan helped an ex-NFL star pivot to become an investor 9:20 AM ET Mon, 25 Sept 2017 | 01:17 Second, don't trust just anyone with your money, including financial advisers, because not everyone is looking out for your best interest. If you do get help, make sure to stay in the loop and understand what's happening. "The best thing to do is ask questions before it's too late," says Owens. As GQ reports , "[Owens] says his financial advisers... put him in a series of risky, highly leveraged ventures that he didn't discover until autumn 2010, when he finally demanded a full accounting." And finally, Owens tells NerdWallet , sometimes splurging on a big purchase is okay. The wide receiver collected a total of $150,000 in fines for "excessive" celebration after his touchdowns. Most infamously, as a San Francisco 49er back in 2000, he posed with his arms spread wide while standing on the star in the middle of the Dallas Cowboys' stadium, which is directly under the hole in the roof through which it is rumored among zealous fans that " God looks down to watch his team play ." He actually did it twice. Asked if he regrets that lost $150,000, he responds: "It was worth it. That's the least of my worries." Like this story? Like CNBC Make It on Facebook ! Don't miss: NFL star Kirk Cousins earns $24 million a year and spends summers in his parents' basement show chapters From an NFL star to a techie: Patrick Willis opens up about his new life 10:57 AM ET Fri, 9 Sept 2016 | 01:44
https://www.cnbc.com/2018/01/12/what-terrell-owens-learned-from-making-and-losing-80-million.html
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In replacing Dudley, New York Fed aims to avoid political pitfalls
Taxes In replacing Dudley, New York Fed aims to avoid political pitfalls Unions and groups advocating for retirees, teachers, housing, and workers' benefits are lobbying for a less conventional New York Fed president. New York Fed directors are leading a search for a successor to chief William Dudley. The branch executes the Fed's policy decisions and manages its trillions of dollars of assets. Published 1 Hour Ago Scott Eells | Bloomberg | Getty Images The New York Federal Reserve building in New York. Unions and groups advocating for retirees, teachers, housing, and workers' benefits are among those visiting the ornate conference rooms of the Federal Reserve Bank of New York to lobby for a less conventional candidate to serve as its next president. New York Fed directors leading the search for a successor to chief William Dudley , seen as the second most influential policymaker at the U.S. central bank, invited the guests to last week's meeting to seek their advice. According to attendees and others familiar with the search, the directors are close to a "long list" of candidates and appear set to begin formal interviews within weeks. Until then, directors Sara Horowitz and Glenn Hutchins are taking steps intended to head off any criticisms of opacity and lack of diversity that, in recent years, have stung presidential searches at other district Fed banks. The afternoon meeting with 11 advocacy groups last week marked what one attendee called an unprecedented gesture of public outreach. "I got the impression they wanted candidates at least at the (initial) interview stage to have diversity of background, race, ideology. But they played it close to the vest ... and it's hard to say who they might ultimately pick," said Marcus Stanley, who attended the meeting and who is a policy director at Americans for Financial Reform, which wants the New York Fed to resist deregulation momentum in Washington. The New York branch executes the Fed's policy decisions and manages its trillions of dollars of assets. Its president is the only one among the 12 districts to have a permanent vote on policy and, historically, has tended to be a banker or market economist with Wall Street or Treasury experience. The Jan. 10 meeting was one of at least seven since November with members of small businesses and banks, as well as large investment funds and industry groups, as the New York Fed continues to canvass for candidates, according to published notices of the meetings and people familiar with them. Dudley announced on Nov. 6 he would step down a bit early, in mid-2018. Since then national interest in the search has grown and taken increasingly political tones given the New York Fed sits at the center of U.S. monetary policy, financial markets and the policing of Wall Street. Upping the ante in New York is a historical Fed leadership overhaul in which U.S. President Donald Trump decided to replace Chair Janet Yellen with Jerome Powell , a Fed governor, and a Republican push to loosen bank rules. Liberal groups do not want a former banker or Fed insider, and point out that Dudley and his predecessors were all white and male. Horowitz and Hutchins invited the advocacy groups and unions and asked for potential candidate names, according to two people at the meeting and one briefed on it. They said that while no names were offered at the time, a few attendees aim to submit them before month's end. The New York Fed declined to comment. Atlanta's example Four New York Fed directors will choose the candidate, though he or she must be approved by the Fed Board of Governors in Washington. Neither Congress nor the White House play a role. Reuters reported in December that directors were considering candidates with a range of professional, racial and gender backgrounds including Peter Blair Henry, the just-retired dean of New York University's Stern School of Business. Last week's 90-minute meeting included New York and New Jersey housing and community-development groups, the American Federation of Teachers, the Building and Construction Trades Council of Greater New York, and the American Association of Retired Persons, among others. Horowitz, founder of the Freelancers Union which advocates for independent workers, told attendees that last year's selection of Raphael Bostic as Atlanta Fed president set a good example of looking beyond the traditional mold given his economic expertise in housing policy, according to two attendees. Bostic is the first black district president in the Fed's 104-year history. Three of six new Fed presidents in the last five years were white men and two of those, Philadelphia Fed President Patrick Harker and Thomas Barkin of the Richmond Fed, were former district directors. "Bostic really fits the profile of not coming from the typical Wall Street or internal Fed sources, and yet he is eminently qualified," said Shawn Sebastian, director of the Center for Popular Democracy's "Fed Up" campaign, and who also attended the meeting. Horowitz and Hutchins, a tech investor and noted public-policy philanthropist, indicated it would be "a matter of weeks, not months" before they began face-to-face interviews with candidates, Sebastian said. "This invitation is unprecedented," he added, noting search committees at Fed branches declined requests for such meetings in recent years. "It's a very important step."
https://www.cnbc.com/2018/01/17/in-replacing-dudley-new-york-fed-aims-to-avoid-political-pitfalls.html
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Hexagon's CEO Rollen found not guilty of insider trading
January 10, 2018 / 5:36 PM / Updated 21 minutes ago Hexagon's CEO Rollen found not guilty of insider trading Reuters Staff 1 Min Read OSLO, Jan 10 (Reuters) - Hexagon’s chief executive, Ola Rollen, has been found not guilty of insider share trading, an Oslo court said on Wednesday. Prosecutors had asked for an 18-month prison term for Rollen’s 2015 purchase of shares in Norway’s Next Biometrics , a transaction which did not involve Hexagon. One of Sweden’s best known business leaders, Rollen had maintained his innocence throughout the trial. Prosecutors can still appeal the verdict to a higher court. (Reporting by Terje Solsvik and Joachim Dagenborg; Editing by Elaine Hardcastle)
https://www.reuters.com/article/hexagon-ab-ceo-trial/hexagons-ceo-rollen-found-not-guilty-of-insider-trading-idUSO9N1N701R
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Telenor may sell mobile operations in eastern, central Europe
January 26, 2018 / 1:49 PM / Updated 3 minutes ago Telenor may sell mobile operations in eastern, central Europe Reuters Staff 2 Min Read OSLO (Reuters) - Norway’s Telenor ( TEL.OL ) has received an expression of interest ahead of a potential bid for its mobile phone operations in central and eastern Europe, and will evaluate its options, it said on Friday. The company’s mobile phone operations in the region are based in Hungary, Bulgaria, Montenegro and Serbia. “With a view of creating shareholder value, Telenor has engaged in a process to evaluate the interest received. Telenor expects to conduct these assessments in the first quarter of 2018,” it said in a statement. While Telenor declined to name the potential buyer or buyers, its shares rose on the news, trading 1.2 percent higher for the day at 1355 GMT. The eastern and central European operations contributed 8 percent of the company’s revenues and nine percent of core operating earnings in 2017. Telenor currently has operations in 12 countries, including the four in continental Europe, three in the Nordic region and five in Asia, with a combined 176 million customers. It will report its full-year 2017 earnings on Jan. 31. Analysts in a Reuters poll are forecasting revenues of 124.7 billion Norwegian crowns ($16.2 billion). ($1 = 7.6775 Norwegian crowns)
https://uk.reuters.com/article/uk-telenor-m-a/telenor-may-sell-mobile-operations-in-eastern-central-europe-idUKKBN1FF1SV
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Amazon grabbed 4 percent of all US retail sales in 2017: New study
There's no denying that Amazon 's retail business had an impressive 2017 and there's still plenty of room for the company to grow in certain categories this year. The internet giant was responsible for about 44 percent of all U.S. e-commerce sales last year, or about 4 percent of the country's total retail sales figure, according to One Click Retail, an e-commerce analytics provider. "Every major trend we see across 2017 can be explained by the fact that more of Amazon's core demographic (millennials) are growing up: they're increasingly owning homes, raising children, and buying a TON of stuff to go with it," One Click Retail CEO Spencer Millerberg wrote in an annual review of Amazon. To be sure, he added: "This raises the question: will this create long-term changes and tailwinds for Amazon? Will 300-ish Whole Foods stores be enough to compete meaningfully in the brick-and-mortar space against Walmart 's 4000+ stores?" One Click Retail found the fastest-growing product groups on Amazon.com in 2017 were luxury beauty (up 47 percent from a year ago), pantry items (up 38 percent), grocery (up 33 percent) and furniture (up 33 percent). The most sales last year on Amazon.com — more than $8 billion — stemmed from the company's consumer electronics division, which includes laptops, headphones and other computer components. Home and kitchen, publishing (which includes books) and sports and outdoors were other top-grossing categories. In 2017, Amazon worked to quietly build out an automated marketing system that caters to the brands that sell on its website (taking market share from the likes of Google and Facebook ). It also rolled out additional private-label lines across numerous retail categories and took its voice-enabled platform, Alexa, to new highs. Millerberg said 2018 should bring more of the same, as Amazon gets more ambitious with its private labels , experiments with Alexa , grows with Whole Foods and lures new shoppers to its Prime membership base. "Ultimately, success — for both Amazon itself and for brands that sell through the platform — comes down to knowing your audience," he wrote. "It's clear that Amazon catered to the right crowd in 2017." Amazon didn't immediately respond to CNBC's request for comment on One Click Retail's data. At the end of December, One Click Retail said Amazon's private-label brands by themselves had almost $450 million in sales in 2017, with the majority of those sales stemming from AmazonBasics, which sells items such as batteries and computer cables. "This year, Amazon's private brands showed enough success stories to guarantee that Amazon won't be backing off any time soon," Millerberg explained at the time.
https://www.cnbc.com/2018/01/03/amazon-grabbed-4-percent-of-all-us-retail-sales-in-2017-new-study.html
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LVMH hires Hedi Slimane for Celine brand
PARIS, Jan 21 (Reuters) - French luxury goods conglomerate LVMH said on Sunday it has appointed former Yves Saint Laurent star designer Hedi Slimane as artistic director of its Celine label. His predecessor Phoebe Philo left the high-end ready-to-wear brand in January after turning Celine into one of fashion’s most sought-after labels over the past 10 years. LVMH Chief Executive Bernard Arnault said Slimane will oversee and develop both women’s and men’s fashion, leather goods, accessories and fragrances. “Hedi ... is one of the most talented designers of our time ... His arrival at Celine reinforces the great ambitions that LVMH has for this house,” Arnauld said in the company’s statement. Slimane, who has designed clothes for rock star David Bowie and actor Brad Pitt, worked for LVMH group’s Dior Homme in the 2000s. Reporting by Geert De Clercq; Editing by Susan Fenton
https://www.reuters.com/article/lvmh-celine/lvmh-hires-hedi-slimane-for-celine-brand-idUSL8N1PG0O6
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SLI Global Solutions Names Steven Esposito as Chief Executive Officer
SILVER SPRING, Md., Jan. 2, 2018 /PRNewswire/ -- SLI Global Solutions, LLC has appointed Steven Esposito as President and Chief Executive Officer. Esposito will be responsible for SLI's corporate strategy and execution and will lead the company's growth in systems development oversight markets and in its children and family services program and policy improvement arena. Esposito will report to President and CEO of the GLI Group, James Maida. He replaces Mark Phillips, who announced his retirement earlier last year. "Steven's knowledge of the challenges facing government program and experience in taking and executing a strategic vision will strengthen SLI Global Solutions' position as an industry leader. With a proven track record for successfully directing large public-sector initiatives and driving innovation, Steven's leadership skills are well suited to drive SLI's efforts as we continue in our mission to help government entities improve service delivery," Maida said. "We are grateful to Mark Phillips for the tireless service gave to SLI. His leadership has created a positive situation for the smoothest possible transition." Esposito brings more than 30 years of experience in leading IT and program operations to SLI Global Solutions. Most recently, he served as President of the Government Solutions Division of SLI. Prior to SLI, he was Senior Vice President at MAXIMUS where he was responsible for managing the Systems Integrity Division in the Consulting Segment of the firm. He also worked for the State of Arizona's Department of Economic Security for 10 years, where he led the Systems and Automation Administration for the Division of Child Support Enforcement. Esposito received his Bachelor's Degree in Business Administration/Marketing from Arizona State University. He is a PMI-certified Project Management Professional (PMP) and Certified in Risk and Information Systems Control (CRISC) by ISACA. About SLI Global Solutions SLI Global Solutions (SLI) is headquartered in Silver Spring, Maryland, with project locations in over a dozen capital cities across the US. SLI is committed to helping state agencies build quality and innovation into their system implementations and program improvement initiatives. SLI is committed to the use of a standards-based quality management methodology that has been proven effective in a wide range of system implementations and process improvement projects. SLI's SQM3 methodology is ISO 9001:2015 certified. For more information, visit www.sliglobalsolutions.com . Contact: Mark Joyce, Director of Business Development 307-220-8855, mjoyce@sliglobalsolutions.com View original content with multimedia: http://www.prnewswire.com/news-releases/sli-global-solutions-names-steven-esposito-as-chief-executive-officer-300576693.html SOURCE SLI Global Solutions
http://www.cnbc.com/2018/01/02/pr-newswire-sli-global-solutions-names-steven-esposito-as-chief-executive-officer.html
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BRIEF-Tenet Healthcare Issues Information On Financial Implications Of Changes To Federal Tax Law​
January 6, 2018 / 1:11 AM / Updated 13 hours ago BRIEF-Tenet Healthcare Issues Information On Financial Implications Of Changes To Federal Tax Law​ Reuters Staff Jan 5 (Reuters) - Tenet Healthcare Corp: * ‍ISSUES INFORMATION ON FINANCIAL IMPLICATIONS OF CHANGES TO FEDERAL TAX LAW​‍ * DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS IS NOW EXPECTED TO BE $0.05 TO $0.19 IN 2018​ * ‍COMPANY IS REITERATING ITS 2018 OUTLOOK FOR REVENUE​ * ‍ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS IS NOW EXPECTED TO BE $0.58 TO $0.97​ IN 2018 * ‍ALSO REITERATING ITS 2018 OUTLOOK FOR ADJUSTED EBITDA AND ADJUSTED FREE CASH FLOW​ * ‍UPDATED ITS PREVIOUS FINANCIAL 2018 OUTLOOK TO REFLECT CHANGES TO FEDERAL TAX LAWS ENACTED AS PART OF TAX CUTS AND JOBS ACT OF 2017​ * ‍ANTICIPATE APPROXIMATELY 80 PERCENT OF CAPITAL EXPENDITURES IN 2018 SHOULD QUALIFY FOR IMMEDIATE EXPENSING​ * ‍NO MATERIAL CHANGE IN CO‘S ABILITY TO UTILIZE ITS FEDERAL INCOME TAX NET OPERATING LOSS CARRYFORWARDS * PROJECTS ITS FEDERAL INCOME TAX NET OPERATING LOSS CARRYFORWARDS TO BE ABOUT $1.6 BILLION AS OF DECEMBER 31, 2017​ Source text for Eikon: Further company coverage:
https://www.reuters.com/article/brief-tenet-healthcare-issues-informatio/brief-tenet-healthcare-issues-information-on-financial-implications-of-changes-to-federal-tax-law-idUSFWN1P00WK
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WRAPUP 2-Cold weather chills U.S. homebuilding; at 45-year low
(Adds details from reports, analyst comments, updates markets) * Housing starts fall 8.2 percent in December * Single-family starts drop 11.8 percent * Building permits slip 0.1 percent * Weekly jobless claims tumble 41,000 WASHINGTON, Jan 18 (Reuters) - U.S. homebuilding fell more than expected in December, recording its biggest drop in just over a year, likely as unseasonably cold weather at the end of the month disrupted the construction of single-family housing units. The steep drop in groundbreaking activity probably will be temporary against the backdrop of a tightening labor market. Other data on Thursday showed the number of Americans filing for unemployment benefits dropped to a 45-year low last week. "Housing starts were held down by the cold winter weather but should bounce back quickly in coming months as the country warms up from this recent cold spell," said Chris Rupkey, chief economist at MUFG in New York. Housing starts decreased 8.2 percent to a seasonally adjusted annual rate of 1.192 million units last month, the Commerce Department said. November's sales pace was revised up to 1.299 million units from the previously reported 1.297 million units. The percentage drop for housing starts in December was the largest since November 2016. Economists polled by Reuters had forecast housing starts declining to a pace of 1.275 million units last month. Homebuilding increased 2.4 percent to 1.202 million units in 2017, the highest level since 2007. Building permits edged down 0.1 percent to a rate of 1.302 million units in December, outpacing starts, which suggests a rebound in groundbreaking in the coming months. Building permits increased 4.7 percent to 1.263 million units in 2017, also the highest level since 2007. The PHLX housing index was trading higher after the data, outperforming a weaker U.S. stock market. Shares of Lennar Corp rose 0.4 percent and those of PulteGroup gained 1 percent. But shares of D.R. Horton, the nation's largest homebuilder, fell 1.2 percent. The dollar was little changed against a basket of currencies and prices of U.S. Treasuries were trading lower. Despite December's drop in housing starts, economists continued to believe that investment in homebuilding contributed to gross domestic product growth in the fourth quarter after being a drag for two straight quarters. Last month, single-family homebuilding, which accounts for the largest share of the housing market, tumbled 11.8 percent to a rate of 836,000 units as construction fell in the South, the Northeast and Midwest regions. Homebuilding was unchanged in the West. Single-family home permits advanced 1.8 percent in December to their highest level since August 2007, suggesting an acceleration in groundbreaking on that segment of the housing sector was likely. Starts for the volatile multi-family segment rose 1.4 percent to a rate of 356,000 units. Single-family home completions surged 4.3 percent to a five-month high. The number of single-family units under construction was the highest since June 2008, which should help ease an acute shortage of properties on the market that is pushing up prices. There were 794,000 single-family housing units completed in 2017, the most in nine years. "The increase in completions signals some relief for the supply shortage," said Mark Fleming, chief economist at First American in Washington. CLAIMS FALL SHARPLY In a separate report on Thursday, the Labor Department said initial 1973. Economists had risen over the previous four weeks, with analysts the cold seven states and one territory were estimated last week. Last "Employers are increasingly facing a mismatch between their hiring needs and the availability of qualified candidates to fill those needs," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan. (Reporting by Lucia Mutikani; Editing by Paul Simao)
https://www.cnbc.com/2018/01/18/reuters-america-wrapup-2-cold-weather-chills-u-s-homebuilding-jobless-claims-at-45-year-low.html
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Republican lawmakers support public union fees in U.S. Supreme Court brief
A group of about 45 current and former Republican lawmakers told the U.S. Supreme Court that workers’ free speech rights do not bar public sector unions from charging workers who are not members agency fees to pay for collective bargaining and other nonpolitical expenses. Those state and local lawmakers filed an amicus brief on Friday urging the high court to uphold its 1977 ruling in Abood v. Board of Education, which allows public unions to collect agency fees. States have the authority to require their workers to pay unions for acting as their exclusive bargaining agent, even if that bargaining is inherently political, they said. To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2n2RIZP
https://www.reuters.com/article/usa-employment-unions/republican-lawmakers-support-public-union-fees-in-u-s-supreme-court-brief-idUSL2N1PH223
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AXIS Capital to Release Fourth Quarter and Year End Financial Results on February 7, 2018
PEMBROKE, Bermuda--(BUSINESS WIRE)-- AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today announced that it expects to release financial results for the fourth quarter and year ended December 31, 2017 on Wednesday, February 7, 2018, after the close of the financial markets. Albert Benchimol, President and CEO, and Peter Vogt, CFO, will host an investor teleconference, including a question and answer period, on Thursday, February 8, 2018, at 10:00 a.m. (Eastern) to discuss the fourth quarter results as well as related matters. The teleconference can be accessed by dialing (888) 317-6003 (U.S. callers) or (412) 317-6061 (international callers) and entering the passcode 5955765 approximately 10 minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of the Company’s website at www.axiscapital.com . A replay of the teleconference will be available for two weeks by dialing (877) 344-7529 (U.S. callers) or (412) 317-0088 (international callers) and entering the passcode 10115814. The webcast will be archived in the Investor Information section of the Company’s website. About AXIS Capital AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2017 of $5.5 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best. Follow AXIS Capital on LinkedIn and Twitter. //www.businesswire.com/news/home/20180109006727/en/ Investors AXIS Capital Holdings Limited Linda Ventresca, 441-405-2727 info@axiscapital.com or Media AXIS Capital Holdings Limited Joe Cohen, 212-715-3524 joseph.cohen@axiscapital.com Source: AXIS Capital Holdings Limited
http://www.cnbc.com/2018/01/09/business-wire-axis-capital-to-release-fourth-quarter-and-year-end-financial-results-on-february-7-2018.html
301
Visa Inc. To Announce Fiscal First Quarter 2018 Financial Results on February 1, 2018
SAN FRANCISCO--(BUSINESS WIRE)-- Visa Inc. (NYSE: V) will report its fiscal first quarter 2018 financial results on Thursday, February 1, 2018. The results, along with accompanying financial information, will be released after market close and posted on the Visa Investor Relations website. As a reminder, Visa will no longer publish its financial results over a news wire service. Instead, the results will only be posted on the Investor Relations website http://investor.visa.com . The company will issue an alert over a news wire to indicate the earnings materials are publicly available, including a link to those documents. Visa’s executive management team will then host a live audio webcast beginning at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss financial results and business highlights. All interested parties are invited to listen to the live webcast at http://investor.visa.com . A replay of the webcast will be available on Visa’s Investor Relations website for 30 days. Visa is currently in its customary “quiet period" during which time company executives will not be interacting with the investment community. This quiet period will be in place until fiscal first quarter 2018 earnings are released on February 1, 2018. About Visa Inc. Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/aboutvisa , visacorporate.tumblr.com and @VisaNews . View source version on businesswire.com : http://www.businesswire.com/news/home/20180104005019/en/ Visa Inc. Investor Relations: Patrick Laney, 650-432-7644 ir@visa.com or Media Relations: Nathaniel Sillin 415-805-4892 globalmedia@visa.com Source: Visa Inc.
http://www.cnbc.com/2018/01/04/business-wire-visa-inc-to-announce-fiscal-first-quarter-2018-financial-results-on-february-1-2018.html
381
Australia shares climb on commodity prices; NZ inches up
Jan 15 (Reuters) - Australian shares climbed on Monday, with material and financial stocks leading the gains following a jump in commodity prices and record closing highs on Wall Street. Zinc prices touched a decade-peak on Friday, supported by potential shortages and low inventories, while Wall Street continued its rally as fourth-quarter earnings kicked off with strong results from banks. The S&P/ASX 200 index rose 0.3 percent, or 18.3 points, to 6,088.4 by 0033 GMT. “We had some very strong gains on Friday night in Europe and the U.S., so it is likely that all of the markets across the Asia-Pacific region will see positive starts today,” said Michael McCarthy, chief market strategist at CMC Markets. “We are also seeing good support for commodity prices, and given Australia’s exposure to those sectors, that’s also a positive for the market.” Australia’s metals and mining index rose as much as 1.6 percent to a five-year high. That index is “leading the charge, and does look like the sector to watch,” said McCarthy. BHP Billiton Ltd gained as much as 2 percent to its highest in more than three years, while fellow mining heavyweight Rio Tinto Ltd jumped to a more than six-year high, rising as much as 1.4 percent. Further pushing materials up were gold stocks, on track to gain for a third straight session. They rose as much as 2.5 percent, as the yellow metal hit a four-month high on a weakening U.S. dollar. The top gainer on Australia’s main index was Evolution Mining Ltd, rising as much as 4.7 percent and posting its biggest intraday percentage gain in nearly five months. Financial stocks climbed as much as 0.5 percent, with the ‘Big Four’ banks adding between 0.3 percent and 0.7 percent. New Zealand’s benchmark S&P/NZX 50 index inched up 0.098 percent, or 8.06 points, to 8,250.41, with utilities, materials and industrial stocks outperforming other sectors. Metro Performance Glass Ltd jumped as much as 2.1 percent and was the biggest gainer on the index. (Reporting by Christina Martin in Bengaluru; Additional reporting by Nikhil Nainan; Editing by Richard Borsuk)
https://www.reuters.com/article/australia-stocks-midday/australia-shares-climb-on-commodity-prices-nz-inches-up-idUSL3N1PA05N
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Adesto Technologies to Announce Fourth Quarter and Fiscal 2017 Financial Results on February 13
SANTA CLARA, Calif., Adesto Technologies Corporation (NASDAQ:IOTS), a leading provider of application-specific, ultra-low power non-volatile memory products, today announced it will release fourth quarter and fiscal 2017 financial results on Tuesday, February 13, 2018, after the market closes. Narbeh Derhacobian, chief executive officer, and Ron Shelton, chief financial officer, will host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the financial results. Date: Tuesday, February 13, 2018 Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) Conference Call Number: 1-844-419-1786 International Call Number: + 1-216-562-0473 Pass code: 6459898 The call will also be available as a live and archived webcast from the Investor Relations section of the Company’s website at http://www.adestotech.com . Additionally, a telephone replay of the conference call will be available approximately two hours after the conference call until Tuesday, February 20, 2018 at midnight Pacific Time. The replay dial-in number is 1-855-859-2056. International callers should dial +1-404-537-3406. The pass code is 6459898. About Adesto Technologies Adesto Technologies (NASDAQ:IOTS) is a leading provider of application-specific, ultra-low power, smart non-volatile memory products. The company has designed and built a portfolio of innovative products with intelligent features to conserve energy and enhance performance, including Fusion Serial Flash, DataFlash ® , EcoXiP™ and products based on its trademark resistive RAM technology, called Conductive Bridging RAM (CBRAM ® ). please visit http://www.adestotech.com . Adesto Technologies and the Adesto logo are trademarks of Adesto Technologies in the United States and other regions. Adesto Technologies Investor Relations: Shelton Group Leanne K. Sievers, President P: 949-224-3874 E: sheltonir@sheltongroup.com Source:Adesto Technologies Corporation
http://www.cnbc.com/2018/01/25/globe-newswire-adesto-technologies-to-announce-fourth-quarter-and-fiscal-2017-financial-results-on-february-13.html
296
Merchants Completes Acquisition of Joy State Bank
CARMEL, Ind., Jan. 2, 2018 /PRNewswire/ -- Merchants Bancorp ("Merchants") (Nasdaq: MBIN), parent company of Merchants Bank of Indiana announced today it has received all necessary regulatory approvals and closed on its acquisition of Joy State Bank ("Joy"), an Illinois chartered bank located in Joy, Illinois, effective January 2, 2018. "The completion of this acquisition will mean the continuation of our growth strategy into new products and markets in Illinois, and enable us to further strengthen Merchants long-term financial position," said Michael Petrie, Chairman and CEO of Merchants. The acquisition of Joy, adds $43 million in assets and $38 million in total deposits to Merchants. About Merchants Bancorp Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business with a focus on Federal Housing Administration ("FHA") multi-family housing and healthcare facility financing and servicing, mortgage warehouse financing, retail and correspondent residential mortgage banking, agricultural lending and traditional community banking. Merchants Bancorp, with $3.2 billion in assets and $2.9 billion in deposits as of September 30, 2017, conducts its business through its direct and indirect subsidiaries, Merchants Bank of Indiana, P/R Mortgage and Investment Corp., RICHMAC Funding LLC and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants' Investor Relations page at investors.merchantsbankofindiana.com . Forward-Looking Statements This press release contains forward-looking statements which reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our prospectus dated October 26, 2017 that was filed with the Securities and Exchange Commissions (the "SEC") on October 30, 2017 in connection with our initial public offering and in our subsequent filings with the SEC. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. View original content with multimedia: http://www.prnewswire.com/news-releases/merchants-completes-acquisition-of-joy-state-bank-300576619.html SOURCE Merchants Bancorp
http://www.cnbc.com/2018/01/02/pr-newswire-merchants-completes-acquisition-of-joy-state-bank.html
567
Tesla falls on Model 3 production delay, but analysts upbeat
January 4, 2018 / 1:18 PM / Updated 5 minutes ago Tesla Model 3 delay raises cashflow risks, but analysts upbeat Munsif Vengattil , Laharee Chatterjee 4 Min Read (Reuters) - Tesla Inc shares fell as much as 3.6 percent on Thursday, setting the company up to lose nearly $1.9 billion (£1.4 billion) in market value after it pushed back a production target for its much-anticipated Model 3 sedan yet again. FILE PHOTO - The Tesla logo is seen on a car at Tesla Motors' new showroom in Manhattan's Meatpacking District in New York City, U.S., December 14, 2017. REUTERS/Brendan McDermid Analysts stayed upbeat, saying the electric car maker had finally set an achievable target for their mass-market sedan that is priced at $35,000. Investors, however, are likely to focus on how the delay will impact Tesla’s cashflow, a big challenge for many quarters now. Tesla said on Wednesday it would likely build about 2,500 Model 3s per week by the end of the first quarter, half the number it had earlier promised. The company now expects to reach its goal of 5,000 vehicles per week by the end of the second quarter. “With absolute Model 3 sales tracking behind expectations and Model 3 gross margin improvement likely to be pushed out until production reaches greater scale, the expected cash tailwind from Model 3 will take longer to manifest itself than was anticipated,” Evercore ISI analyst George Galliers said in a note. Tesla, headed by Elon Musk, has been struggling to overcome production bottlenecks and reported its biggest-ever quarterly loss in the July-September quarter. The company burnt through $1.1 billion in cash in that quarter and said in November it would spend roughly the same amount in the fourth quarter. It had about $3.5 billion in cash and cash equivalents as of Sept. 30. Chief Financial Officer Deepak Ahuja had reassured investors that cash flow would “improve significantly” over the next few quarters as Tesla continued to ramp up Model 3 production. Tesla shares fell to $305.68 in morning trading on Thursday. The median price target on the stock is $310 and eight of 25 brokerages covering the stock rate it “buy” or higher. Eight have a “hold” rating and the rest a “sell” or lower. “We believe that Tesla may have finally set a beatable production target,” Nomura Instinet analyst Romit Shah said in a note. “Importantly, we believe that Tesla is prioritising quality control. While Tesla’s repeated guidance revisions could begin to risk damaging its elite brand, a mass-recall would probably be far more damaging,” he said. Tesla’s luxury Model S sedans and Model X SUVs regularly require fixes before they can leave the factory and quality checks have routinely revealed defects in nearly all of these models inspected after assembly, Reuters reported in November, citing sources. Tesla has maintained that its quality control process is unusually rigorous. Analysts said on Thursday they continue to believe that sales of the Model 3 sedan could transform the niche automaker into a mass producer, giving it an edge over a host of rivals such as General Motors Co and BMW who are entering the nascent electric car market. “Given that TSLA received over 400k Model 3 reservations with essentially no marketing, we believe potential demand for the vehicle is likely underestimated, and think TSLA could significantly increase demand through its own advertising in the future,” Baird Equity Research analyst Ben Kallo said. Reporting by Munsif Vengattil and Laharee Chatterjee in Bengaluru; Editing by Sayantani Ghosh
https://uk.reuters.com/article/uk-tesla-production-stocks/tesla-falls-on-model-3-production-delay-but-analysts-upbeat-idUKKBN1ET1G2
601
Omnicell to Release Fourth Quarter 2017 Earnings Results on February 1, 2018
MOUNTAIN VIEW, Calif., Jan. 25, 2018 /PRNewswire/ -- Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions and adherence tools for healthcare systems and pharmacies, will hold a conference call on Thursday, February 1, 2018, to discuss the Company's Fourth Quarter 2017 financial results. What: Omnicell Fourth Quarter 2017 earnings conference call and webcast When: February 1, 2018, 1:30 p.m. PT Who: Randall Lipps, chairman, president and chief executive officer Peter Kuipers, chief financial officer Where: The conference call can be monitored by dialing 1-800-696-5518 within the U.S. or 1-706-758-4883 for all other locations. The Conference ID # is 3791479.The webcast can be accessed at: http://ir.omnicell.com/events.cfm . How: Link to the Omnicell website 15 minutes prior to the call to download necessary audio software. Replay: Available starting at 4:30 p.m. PT on February 1, 2018, through 11:59 p.m. PT on March 15, 2018. Dial 1-855-859-2056 within the U.S. and 1-404-537-3406 for all other locations, Conference ID # 3791479. About Omnicell Since 1992, Omnicell (NASDAQ: OMCL ) has been inspired to create safer and more efficient ways to manage medications and supplies across all care settings. As a leader in medication and supply dispensing automation, central pharmacy automation, IV robotics, analytics software, and medication adherence and packaging systems, Omnicell is focused on improving care across the entire healthcare continuum—from the acute care hospital setting, to post-acute skilled nursing and long-term care facilities, to the patient's home. Over 4,000 customers worldwide use Omnicell ® automation and analytics solutions to increase operational efficiency, reduce medication errors, deliver actionable intelligence and improve patient safety. Omnicell's innovative medication adherence solutions, used by over 32,000 institutional and retail pharmacies in North America and the United Kingdom, are designed to improve patient adherence to prescriptions, helping to reduce costly hospital readmissions. Recent Omnicell acquisitions, including Ateb, add distinct capabilities, particularly in central pharmacy, IV robotics, and pharmacy software, creating the broadest medication management product portfolio in the industry. For more information about Omnicell, Inc. please visit www.omnicell.com . OMCL-E View original content with multimedia: http://www.prnewswire.com/news-releases/omnicell-to-release-fourth-quarter-2017-earnings-results-on-february-1-2018-300588428.html SOURCE Omnicell, Inc.
http://www.cnbc.com/2018/01/25/pr-newswire-omnicell-to-release-fourth-quarter-2017-earnings-results-on-february-1-2018.html
394
Pingtan Marine Enterprise Declares Quarterly Cash Dividend
FUZHOU, China, Jan. 24, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company") , a global fishing company based in the People's Republic of China (PRC), today announced that the Company has declared a quarterly cash dividend of $0.01 per share of common stock outstanding, payable in cash on or about February 15, 2018 to shareholders of record on February 6, 2018. This marks the thirteenth consecutive quarterly dividend paid by Pingtan. The Company intends to continue paying a cash dividend on a quarterly basis, and expects to adjust its quarterly dividend rate in accordance with its earnings performance. About Pingtan Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing. Business Risks and Forward-Looking Statements This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, including statements about the Company's expectation that it currently intends to continue paying dividends on a quarterly basis. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income; legislative or regulatory changes that may adversely affect our business; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov , including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason. COMPANY CONTACT: Roy Yu Chief Financial Officer Pingtan Marine Enterprise Ltd. Tel: +86 591 8727 1753 ryu@ptmarine.net Johnny Zhang IR Manager Pingtan Marine Enterprise Ltd. Tel: +86 591 8727 1753 jzhang@ptmarine.net Maggie Li IR Deputy Manager Pingtan Marine Enterprise Ltd. Tel: +86 591 8727 1753 mli@ptmarine.net INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Katherine Yao, Senior Associate Tel: +86 10 6587 6435 kyao@equityny.com View original content: http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-declares-quarterly-cash-dividend-300587365.html SOURCE Pingtan Marine Enterprise Ltd.
http://www.cnbc.com/2018/01/24/pr-newswire-pingtan-marine-enterprise-declares-quarterly-cash-dividend.html
505
Britain will not hold a second EU referendum - May's spokesman
LONDON (Reuters) - Prime Minister Theresa May will not hold a second referendum on Britain’s membership of the European Union, her spokesman said on Thursday in response to growing calls for a new vote on Brexit. Earlier, Brexit campaigner Nigel Farage said he was warming to the idea of holding a second referendum, arguing that another vote would see “Leave” win again and end the debate. Many pro-EU supporters also support another vote, saying Britons were not given all the information in the first referendum and that public opinion was changing. Reporting by William James, writing by Elizabeth Piper Our Standards: The Thomson Reuters Trust Principles.
https://www.reuters.com/article/uk-britain-eu-referendum/britain-will-not-hold-a-second-eu-referendum-mays-spokesman-idUSKBN1F01BY
107
Valero Energy Partners LP Increases Quarterly Cash Distribution by 5.7 Percent
SAN ANTONIO, Jan. 24, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Valero Energy Partners GP LLC, the general partner of Valero Energy Partners LP (NYSE:VLP) (the “Partnership”), has approved the Partnership’s fourth quarter 2017 cash distribution of $0.5075 per unit. This distribution represents a 5.7 percent increase over the Partnership’s previous quarterly distribution, and is payable on February 13, 2018, to unitholders of record at the close of business on February 5, 2018. As a reminder, the Partnership will host a conference call on February 2, 2018, at 10 a.m. ET to discuss fourth quarter and full year 2017 earnings results, which will be released earlier that day, and to provide an update on partnership operations and strategy. Persons interested in listening to the presentation live via the internet may log on to Valero Energy Partners’ website at www.valeroenergypartners.com . This release serves as qualified notice to brokers and nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Brokers and nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. About Valero Energy Partners LP Valero Energy Partners LP is a master limited partnership formed by Valero Energy Corporation to own, operate, develop and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. With headquarters in San Antonio, the Partnership’s assets include crude oil and refined petroleum products pipeline and terminal systems in the Gulf Coast and Mid-Continent regions of the United States that are integral to the operations of 10 of Valero’s refineries. Please visit www.valeroenergypartners.com for more information. Contacts Investors: John Locke, Vice President – Investor Relations, 210-345-3077 Karen Ngo, Senior Manager – Investor Relations, 210-345-4574 Tom Mahrer, Manager – Investor Relations, 210-345-1953 Media: Lillian Riojas, Director – Media and Communications, 210-345-5002 Source:Valero Energy Partners LP
http://www.cnbc.com/2018/01/24/globe-newswire-valero-energy-partners-lp-increases-quarterly-cash-distribution-by-5-point-7-percent.html
387
BRIEF-Deutsche Boerse Says ‍Bank Markazi Filed Complaint Against Co's Unit Clearstream​
Jan 17 (Reuters) - Deutsche Boerse Ag: * ‍BANK MARKAZI FILED COMPLAINT AGAINST DEUTSCHE BÖRSE AG SUBSIDIARY CLEARSTREAM​ * ‍COMPLAINT FILED BEFORE LUXEMBOURG COURTS PRIMARILY SEEKS RESTITUTION OF ASSETS OF BANK MARKAZI * COMPLAINT ALLEGES BANK MARKAZI ASSETS ARE HELD ON ACCOUNTS OF UBAE, BANK MARKAZI WITH CLEARSTREAM TOTALING ABOUT $4.9 BLN PLUS INTEREST * ASSETS SOUGHT INCLUDE ASSETS OF ABOUT US $1.9 BLN THAT WERE TURNED OVER TO US PLAINTIFFS * ‍IN CONTEXT OF ONGOING DISPUTES OF ASSETS OF CENTRAL BANK OF IRAN, CO‘S UNIT CLEARSTREAM WAS SERVED WITH BANK MARKAZI COMPLAINT TODAY * ‍CLEARSTREAM BELIEVES COMPLAINT TO BE WITHOUT MERIT AND WILL TAKE ALL NECESSARY AND APPROPRIATE MEASURES TO VIGOROUSLY CONTEST CLAIMS​ Source text for Eikon: Further company coverage:
https://www.reuters.com/article/brief-deutsche-boerse-says-bank-markazi/brief-deutsche-boerse-says-bank-markazi-filed-complaint-against-cos-unit-clearstream-idUSFWN1PC1D7
117
VMware cuts a small percentage of employees
Enterprise software company VMware on Tuesday confirmed that it has laid off a small percentage of employees. The move comes two years after the Dell subsidiary cut around 800 employees . "We can confirm that there has been a small reduction in force at VMware this week," a VMware spokesman told CNBC in an email. "Workforce rebalancing is a continual activity across VMware's businesses and geographies to ensure that resources are aligned with business objectives and customer needs. We continue to recruit in areas of strategic importance for the company." It's unclear exactly how many people were affected by the move; the spokesman wouldn't specify, or identify the locations where there were cuts. At the beginning of 2016 VMware had nearly 20,000 employees. Among other things, VMware sells software that lets companies run multiple applications on each server in their data centers. It faces competition from the likes of Cisco, IBM and Microsoft. In the past couple of years, VMware has expanded its focus on public cloud infrastructure, particularly when it moved to make its software available on top of market leader Amazon Web Services. The tools became available in August, although CEO Pat Gelsinger said in November that he didn't expect they would be material "this or next year." VMware beat analysts' estimates in the quarter that ended on Nov. 3, with $1.34 in earnings per share, excluding certain items, on $1.98 billion, which was up 11 percent year over year. VMware stock is up more than 60 percent in the past year.
https://www.cnbc.com/2018/01/09/vmware-cuts-a-small-percentage-of-employees.html
260
Hong Kong activist banned from by-election in what pro-democracy party calls 'payback'
HONG KONG (Reuters) - Hong Kong on Saturday banned a 21-year-old pro-democracy activist from running in a by-election in March, dealing a blow to the youth-led push for universal suffrage and prompting accusations of political interference. Agnes Chow, a member of the pro-democracy Demosisto party which wants self-determination for the city, had planned to run for the Hong Kong Island constituency. “‘Self-determination’ or changing the HKSAR system by referendum which includes the choice of independence is inconsistent with the constitutional and legal status of the HKSAR as stipulated in the Basic Law,” the government said in a statement, referring to the mini-constitution. Hong Kong is a special administrative region (SAR) of China, governed under a “one country, two systems” formula since its return from British rule in 1997, allowing freedoms not enjoyed on mainland China that include an independent judiciary but not a fully democratic vote. “Hong Kong Demosisto has never had a pro-independence stance but we believe Hong Kong people have the right to self-determination on the future of Hong Kong,” Chow told reporters. “Our political freedom should be well protected under the legal system of Hong Kong. The decision to disqualify my candidacy means that the political rights are being handicapped.” FILE PHOTO: Disqualified lawmaker Nathan Law, and student activists Agnes Chow and Joshua Wong (L-R) react outside Central Government Offices in Hong Kong, China December 27, 2017. Picture taken December 27, 2017. REUTERS/Tyrone Siu Demosisto described the ban as “payback” against an entire generation. “Demosisto members have both been imprisoned and barred from entering the political establishment. The government’s motivation is to demolish the youth’s desire to push forward social change in Hong Kong,” it said in a statement. “Momentum gained from the Umbrella movement will be absent from the legislature.” On Tuesday, Chow’s close friend and student protest leader Joshua Wong was released on bail, less than a week after he was jailed for a second time for the Umbrella movement pro-democracy protests in 2014 that blocked the Chinese-ruled city’s major roads for months. The protests marked the semi-autonomous city’s largest show of defiance against Beijing rule since 1997. The by-election is one of several made necessary after the Chinese parliament issued a legal interpretation that eventually led to the debarring of six opposition lawmakers, leaving the pro-democracy camp with 24 seats in the 70-seat legislature and also effectively taking away some of its veto powers. If Chow’s candidacy had been approved and she had gone on to win her seat, she would have been Hong Kong’s youngest ever lawmaker. Reporting By Anne Marie Roantree and Pak Yiu; Editing by Nick Macfie
https://www.reuters.com/article/us-hongkong-politics/hong-kong-activist-banned-from-by-election-in-what-pro-democracy-party-calls-payback-idUSKBN1FG06P
461
Horizon Media Taps 4C to Fuel its Advanced TV Platform, Pivot, with Data-Driven Audience Targeting
NEW YORK, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Horizon Media, a global leader in data-driven media and marketing, continues to lead the way in the application of data science and audience targeting to advance linear television. Today, the agency is pleased to announce an agreement with 4C, a marketing technology company, which will deliver more value to its advanced TV platform, Pivot, while offering clients more precise data-driven audience targeting. Pivot provides an advanced television solution for Horizon’s clients, addressing the need for more sophisticated targeting. The practice encompasses elements of programmatic, addressable, advanced targeting, and automated buying platforms to optimize media inventory efficiencies. Horizon will partner with 4C to develop a proprietary tool customized for the needs of its clients. 4C offers a suite of advanced software tools for planning, buying and measurement across linear television. The agency will have the ability to integrate advanced data targets along with custom 4C data sets into the Pivot planning tool. This will drive efficiency in TV upfront planning, optimizing linear schedules, and scatter market buying. The 4C Insights Affinity Graph™ delivers a full picture of how people behave with each other, media and technology by mapping across 2 billion+ social media users, 200 million offline sales profiles, 7 million TV households, 50,000 brands, 2,200 TV channels, and 41 languages. “Partnering with 4C has enhanced Pivot to the next level, continuing to provide our clients with data-driven audience targeting going beyond standard age and gender buying demos and borrowing some elements from programmatic digital media,” said David Campanelli, EVP, Managing Partner, Video Investment, Horizon Media. “The platform allows our TV buyers to easily and intelligently find the right audiences for client campaigns with greater efficiency. Partnering with 4C allows us to leverage their tool to make this process smooth and seamless.” “Brands increasingly require the ability to target precise audiences across channels following the lead of digital marketing capabilities,” said Kevin Kearns, CRO of 4C. “4C answered this demand for the TV industry, giving buyers the ability to apply real human behavior in identifying their most valuable audiences. 4C is thrilled to work with forward-looking companies like Horizon to bring this offering to marketers as linear TV advertising only becomes more valuable in an era of unprecedented multi-screening.” “Today’s evolving media ecosystem and access to new data has provided new opportunities to invent better ways of doing things,” said Samantha Rose, VP, Director, Video Investment, Horizon Media. “The application and customization of Pivot is crucial, allowing our teams to make media investments more effectively and deliver more value to our clients. This new relationship with 4C will allow us to view the TV landscape under a clearer lens, balancing data science with the art of real world buying realities.” Pivot is housed within Horizon’s integrated television innovation practice, HorizonAdvanced . The practice was launched in 2015 to spearhead innovation in the areas of advanced TV, programmatic TV, addressable and data-infused linear buying for its clients. The Horizon Advanced team is comprised of activation specialists and data analysts that help align the agency’s clients to efficiently take advantage of what data and intelligent automated activation has to offer traditional television activation. Horizon Advanced is responsible for evaluating, testing and utilizing existing data-infused and addressable offerings. The team is tasked with client and agency education, and the development and refinement of the agency’s proprietary tools, such as Pivot, to address the future of television activation. About Horizon Media Horizon Media , Inc. is a global leader in data-driven media and marketing. The company was founded in 1989, is headquartered in New York with offices in Los Angeles and Toronto. Recognized as one of the world’s ten most innovative marketing and advertising companies by Fast Company, Horizon Media has been recognized as U.S. Media Agency of the Year by Adweek and AdAge, and Independent Media Agency of the Year by Mediapost. Renowned for its incredible culture, Horizon is also consistently named to all the prestigious annual Best Places to Work lists published by Fortune, AdAge, Crain’s New York Business and Los Angeles Business Journal. Bill Koenigsberg served as the Chairman of the 4A’s Board of Directors from 2014 to 2017, and currently serves as Vice Chair of the 4A’s Board of Directors. Bill was the first person from a media agency to hold this prestigious position in the 100-year history of the 4As, the marketing industry’s leading trade association. Horizon Media has estimated billings of $8 billion and over 2,000 employees. ABOUT 4C INSIGHTS 4C is a global leader in data science and marketing technology with solutions for multi-screen marketing. Brands, agencies, and media owners rely on the 4C Insights Affinity Graph™ to identify their most valuable audiences and improve effectiveness across channels. With $1.7+ billion in annualized media spend running through its software-as-a-service platform, 4C offers activation on Apple News, Facebook, Instagram, LinkedIn, NBCUniversal, Pinterest, Snapchat, and Twitter as well as TV Synced Ads across display, search, social, and video. The company also provides paid, earned, and owned media analytics leveraging its Teletrax™ television monitoring network which detects over 400 million TV asset airings on an annual basis. Founded in 2011 and based in Chicago, 4C has staff in 16 worldwide locations across the United States, United Kingdom, the Netherlands, France, Hong Kong, India, Singapore, and the Philippines. Visit www.4Cinsights.com for more information. Contact Horizon Media Erin Schneider (310) 469-4901 eschneider@horizonmedia.com 4C Kari Brownsberger (937) 367-5665 kari.brownsberger@4cinsights.com Source:Horizon Media Inc.
http://www.cnbc.com/2018/01/09/globe-newswire-horizon-media-taps-4c-to-fuel-its-advanced-tv-platform-pivot-with-data-driven-audience-targeting.html
941
Morning Technical Insight on These IT Services Stocks -- Jianpu Technology, NCR Corp., ServiceNow, and Qudian
NEW YORK, WallStEquities.com strives to bring the best free research to the investment community. Today we are offering reports on JT, NCR, NOW, and QD which can be accessed for free by signing up to www.wallstequities.com/registration . WallStEquities.com has initiated research coverage on Jianpu Technology Inc. (NYSE: JT), NCR Corp. (NYSE: NCR), ServiceNow Inc. (NYSE: NOW), and Qudian Inc. (NYSE: QD). Companies in the Information Technology Services industry provide services such as software support, computer systems design, and data processing facilities management. All you have to do is sign up today for this free limited time offer by clicking the link below. www.wallstequities.com/registration Jianpu Technology Shares in Beijing, China headquartered Jianpu Technology Inc. ended Friday's session 4.99% lower at $8.38 with a total trading volume of 461,386 shares. The stock has advanced 28.73% in the last month. The Company's shares are trading 25.60% above their 50-day moving average. Moreover, shares of Jianpu Technology, which operates a platform that provides online discovery and recommendation services for financial products in China, have a Relative Strength Index (RSI) of 66.56. Get the full research report on JT for free by clicking below at: www.wallstequities.com/registration/?symbol=JT NCR Corp. Duluth, Georgia headquartered NCR Corp.'s shares rose 1.61%, closing the day at $37.89. A total volume of 655,998 shares was traded. The stock has advanced 12.67% in the last month and 18.37% in the previous three months. The Company's shares are trading 13.90% and 2.48% above their 50-day and 200-day moving averages, respectively. Additionally, shares of NCR Corp., which provides omni-channel technology solutions that enable businesses connect, interact, and transact with their customers worldwide, have an RSI of 76.25. On January 19 th , 2018, NCR Corp. was recognized as a 2018 Top 100 Global Technology Leader by Thomson Reuters. The inaugural program identifies the Tech industry's most operationally sound and financially successful organizations. The study, the industry's first holistic assessment of today's leading tech companies, utilizes a 28-point, data-driven algorithm to objectively identify organizations with the fortitude for the future in today's complex business environment. To experience our free membership services anytime/ anywhere and access the free report on NCR, click to register at: www.wallstequities.com/registration/?symbol=NCR ServiceNow Last Friday, shares in Santa Clara, California headquartered ServiceNow Inc. gained 2.89%, closing the session at $149.74. The stock recorded a trading volume of 1.47 million shares. The Company's shares have advanced 15.79% in the last month, 20.16% over the previous three months, and 67.34% over the past year. The stock is trading 15.20% above its 50-day moving average and 31.02% above its 200-day moving average. Furthermore, shares of ServiceNow, which provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide, have an RSI of 84.84. On January 02 nd , 2018, ServiceNow announced that it will release financial results for Q4 and FY17 ended December 31 st , 2017, on January 31 st , 2018, following the close of market. The Company will host a conference call and live webcast at 2:00 p.m. PT that same day to discuss the results. An audio replay of the conference call and webcast will be available under the investor relations section of the Company's website. On January 22 nd , 2018, research firm Mizuho reiterated its 'Buy' rating on the Company's stock with an increase of the target price from $140 a share to $160 a share. Join our big investor community at Wall St. Equities today and get your free report on NOW at: www.wallstequities.com/registration/?symbol=NOW Qudian Beijing, China headquartered Qudian Inc.'s stock finished the session 7.81% lower at $13.34. A total volume of 6.46 million shares was traded, which was above their three months average volume of 5.86 million shares. The Company's shares have advanced 8.02% in the last month. The stock is trading below its 50-day moving average by 6.74%. Additionally, shares of Qudian, which provides online small consumer credit in China, have an RSI of 53.89. On January 15 th , 2018, Qudian announced "Dabai Auto," its new business initiative in budget auto financing. Launched in late November 2017, Dabai Auto aims to capture the significant opportunity in China' s new vehicle transaction market and enable new car sales by providing financial leasing solutions to car buyers, who were previously underserved by traditional financing providers. On January 26 th , 2018, research firm Stifel downgraded the Company's stock rating from 'Buy' to 'Hold' while revising its previous target price from $19 a share to $15 a share. Know more about QD in our free research coverage at: www.wallstequities.com/registration/?symbol=QD -- Wall St. Equities : Wall St. Equities (WSE) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. WSE has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. 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Additionally, WSE, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. NOT AN OFFERING This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither WSE nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit https://wallstequities.com/legal-disclaimer/ CONTACT For any questions, inquiries, or comments reach out to us directly. If you're a company, we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: Email: info@wallstequities.com Phone number: +21-32-044-483 Office Address: 1 Scotts Road #24-10, Shaw Center Singapore 228 CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. : releases/morning-technical-insight-on-these-it-services-stocks----jianpu-technology-ncr-corp-servicenow-and-qudian-300589361.html SOURCE Wall St. Equities
http://www.cnbc.com/2018/01/29/pr-newswire-morning-technical-insight-on-these-it-services-stocks--jianpu-technology-ncr-corp-servicenow-and-qudian.html
1,449
FA to adopt Rooney Rule in appointing future England managers
January 9, 2018 / 5:21 PM / Updated 4 hours ago FA to adopt Rooney Rule in appointing future England managers Reuters Staff 2 Min Read LONDON (Reuters) - The Football Association will adopt a version of the “Rooney Rule” when appointing future England managers by interviewing at least one applicant from a black, Asian or minority ethnic (BAME) background. FILE PHOTO: Football Soccer - EURO 2016 - England News Conference - Auberge du Jeu de Paume, Chantilly, France - 28/6/16 FA chief executive Martin Glenn during the press conference REUTERS/Lee Smith Livepic FA chief executive Martin Glenn said on Tuesday that a BAME candidate would be interviewed for all England coaching jobs in the future as part of plans aimed at improving inclusivity within English soccer’s governing body. Glenn told the BBC that the decision sent out a message that the “FA is for all”. “The Rooney rule is to make sure that provided the candidate has the right level of technical qualifications... on the shortlist for the England manager’s job in the future there will be one candidate from a BAME background,” Glenn said. “What it will say is the opportunity to have a career beyond playing is something that the FA is serious about promoting.” The Rooney Rule, named after former NFL diversity committee chairman Dan Rooney, was introduced in the NFL in 2003 and obliged clubs to interview at least one minority candidate for every senior head coach role. Glenn also said the FA would make it easier for players and staff to air grievances and that he intended to oversee attempts to change the culture around the England women’s team following allegations of race discrimination by Eniola Aluko. The FA issued a public apology in October to Aluko and her fellow England women’s international Drew Spence after comments deemed “discriminatory on grounds of race” were made to them by the team’s former coach Mark Sampson. That incident led to a British government hearing in which Glenn and FA chairman Greg Clarke were questioned about the FA’s culture. Reporting by Toby Davis, editing by Ed Osmond
https://uk.reuters.com/article/uk-soccer-england-fa/fa-to-adopt-rooney-rule-in-appointing-future-england-managers-idUKKBN1EY229
353
BRIEF-FDA Declines To Approve Aradigm's Drug Linhaliq
Jan 29 (Reuters) - Aradigm Corp: * ARADIGM RECEIVES COMPLETE RESPONSE LETTER FROM THE FDA FOR LINHALIQ NDA * ARADIGM CORP - CRL STATES THAT FDA HAS DETERMINED THAT IT CANNOT APPROVE LINHALIQ NDA IN ITS PRESENT FORM * ARADIGM - FDA‘S AREAS OF CONCERN ON LINHALIQ NDA INCLUDE CLINICAL DATA, HUMAN FACTORS VALIDATION STUDY AND PRODUCT QUALITY * ARADIGM - CRL ALSO INCLUDED REQUEST TO CONDUCT ANOTHER HUMAN FACTORS STUDY TO SHOW THAT LINHALIQ PRODUCT PACKAGING & INSTRUCTIONS FOR USE ARE EFFECTIVE * ARADIGM - CRL REQUESTED ADDITIONAL PRODUCT QUALITY INFORMATION WITH RESPECT TO MICROBIOLOGY & A NEW IN VITRO DRUG RELEASE METHOD DEVELOPMENT REPORT * ARADIGM CORP SAYS “WILL REQUEST A MEETING WITH FDA TO DISCUSS TOPICS COVERED IN THE CRL” Source text for Eikon: Further company coverage:
https://www.reuters.com/article/brief-fda-declines-to-approve-aradigms-d/brief-fda-declines-to-approve-aradigms-drug-linhaliq-idUSASB0C2OY
118
IBM Reports 2017 Fourth-Quarter and Full-Year Results
ARMONK, N.Y.--(BUSINESS WIRE)-- IBM (NYSE:IBM) Highlights Fourth-quarter GAAP EPS from continuing operations of $(1.14) -- Includes a one-time charge of $5.5 billion associated with the enactment of U.S. tax reform Fourth-quarter operating (non-GAAP) EPS of $5.18 -- Excludes the one-time charge of $5.5 billion associated with the enactment of U.S. tax reform -- Consistent with the basis of previously-provided 2017 expectations Fourth-quarter revenue of $22.5 billion, up 4 percent (up 1 percent adjusting for currency) Full-year strategic imperatives revenue of $36.5 billion, up 11 percent; represents 46 percent of IBM revenue -- Fourth-quarter strategic imperatives revenue up 17 percent (up 14 percent adjusting for currency) Full-year cloud revenue of $17.0 billion, up 24 percent year to year -- As-a-service annual exit run rate of $10.3 billion in the quarter, up 20 percent year to year (up 18 percent adjusting for currency) IBM (NYSE:IBM) today announced fourth-quarter and full-year 2017 earnings results. "Our strategic imperatives revenue again grew at a double-digit rate and now represents 46 percent of our total revenue, and we are pleased with our overall revenue growth in the quarter," said Ginni Rometty, IBM chairman, president and chief executive officer. "During 2017, we strengthened our position as the leading enterprise cloud provider and established IBM as the blockchain leader for business. Looking ahead, we are uniquely positioned to help clients use data and AI to build smarter businesses." FOURTH QUARTER 2017 Net Income Gross Profit Diluted EPS (Loss) Margin GAAP from Continuing Operations $(1.14) * $(1.1B) * 48.2% Year/Year -124% * -123% * -1.9Pts Operating (Non-GAAP) $5.18 $4.8B 49.5% Year/Year 3% 1% -1.4Pts As-a-service Strategic annual exit REVENUE Total IBM Imperatives Cloud run rate As reported (US$) $22.5B $11.1B $5.5B $10.3B Year/Year 4% 17% 30% 20% Year/Year adjusting for currency 1% 14% 27% 18% * Includes a one-time charge of $5.5 billion associated with the enactment of U.S. tax reform. "Over the past several years we have invested aggressively in technology and our people to reposition IBM,” said James Kavanaugh, IBM senior vice president and chief financial officer. "2018 will be all about reinforcing IBM's leadership position in key high-value segments of the IT industry, including cloud, AI, security and blockchain." Strategic Imperatives Revenue Fourth-quarter cloud revenues increased 30 percent to $5.5 billion (up 27 percent adjusting for currency). Cloud revenue over the last 12 months was $17.0 billion, including $9.3 billion delivered as-a-service and $7.8 billion for hardware, software and services to enable IBM clients to implement comprehensive cloud solutions. The annual exit run rate for as-a-service revenue increased to $10.3 billion from $8.6 billion in the fourth quarter of 2016. In the quarter, revenues from analytics increased 9 percent (up 6 percent adjusting for currency). Revenues from mobile increased 23 percent (up 21 percent adjusting for currency) and revenues from security increased 132 percent (up 127 percent adjusting for currency). Full-Year 2018 Expectations The company will discuss 2018 expectations during today’s quarterly earnings conference call. Cash Flow and Balance Sheet In the fourth quarter, the company generated net cash from operating activities of $5.7 billion, or $7.8 billion excluding Global Financing receivables. IBM’s free cash flow was $6.8 billion. IBM returned $1.4 billion in dividends and $0.7 billion of gross share repurchases to shareholders. At the end of December 2017, IBM had $3.8 billion remaining in the current share repurchase authorization. The company generated full-year free cash flow of $13.0 billion, excluding Global Financing receivables. The company returned $9.8 billion to shareholders through $5.5 billion in dividends and $4.3 billion of gross share repurchases. IBM ended the fourth quarter of 2017 with $12.6 billion of cash on hand. Debt totaled $46.8 billion, including Global Financing debt of $31.4 billion. The balance sheet remains strong and is well positioned over the long term. Segment Results for Fourth Quarter Cognitive Solutions (includes solutions software and transaction processing software) -- revenues of $5.4 billion, up 3 percent (flat adjusting for currency), driven by security and transaction processing software. Global Business Services (includes consulting, global process services and application management) -- revenues of $4.2 billion, up 1 percent (down 2 percent adjusting for currency). Strategic imperatives revenue grew 9 percent led by the cloud practice, mobile and analytics. Technology Services & Cloud Platforms (includes infrastructure services, technical support services and integration software) -- revenues of $9.2 billion, down 1 percent (down 4 percent adjusting for currency). Strategic imperatives revenue grew 15 percent, driven by hybrid cloud services, security and mobile. Systems (includes systems hardware and operating systems software) -- revenues of $3.3 billion, up 32 percent (up 28 percent adjusting for currency) driven by growth in IBM Z, Power Systems and storage. Global Financing (includes financing and used equipment sales) -- revenues of $450 million, up 1 percent (down 2 percent adjusting for currency). Tax Rate The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a one-time charge of $5.5 billion in the fourth quarter. The charge encompasses several elements, including a tax on accumulated overseas profits and the revaluation of deferred tax assets and liabilities. As a result, IBM's reported GAAP tax rate, which includes the one-time charge, was 124 percent for the fourth quarter, and 49 percent for the full year. IBM's operating (non-GAAP) tax rate, which excludes the one-time charge, was 6 percent for the fourth quarter; and 7 percent for the full year, which includes the effect of discrete tax benefits in the first and second quarters. Without discrete tax items, the full-year operating (non-GAAP) tax rate was 12 percent, at the low end of the company's previously estimated range. Full-Year Results Full-year GAAP EPS from continuing operations of $6.14 -- Includes a one-time charge of $5.5 billion associated with the enactment of U.S. tax reform Full-year operating (non-GAAP) EPS of $13.80 -- Excludes the one-time charge of $5.5 billion associated with the enactment of U.S. tax reform Full-year revenue of $79.1 billion, down 1 percent FULL YEAR 2017 Gross Profit Diluted EPS Net Income Margin GAAP from Continuing Operations $6.14 * $5.8B * 45.8% Year/Year -50% * -52% * -2.1Pts Operating (Non-GAAP) $13.80 $12.9B 47.4% Year/Year 2% -1% -1.6Pts As-a-service Strategic annual exit REVENUE Total IBM Imperatives Cloud run rate As reported (US$) $79.1B $36.5B $17.0B $10.3B Year/Year -1% 11% 24% 20% Year/Year adjusting for currency -1% 11% 24% 18% * Includes a one-time charge of $5.5 billion associated with the enactment of U.S. tax reform. Forward-Looking and Cautionary Statements Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
http://www.cnbc.com/2018/01/18/business-wire-ibm-reports-2017-fourth-quarter-and-full-year-results.html
1,212
After attacks by Trump, Bannon finds himself with few friends
Following his brutal disavowal by President Donald Trump, former White House chief strategist Steve Bannon’s dream of spearheading a new U.S. political movement appears in tatters while the Republican establishment he challenged is feeling more secure. Trump turned on Bannon over his comments to the author of a book highly critical of the president and his family. The White House followed up on Thursday by suggesting that Bannon be ousted from his influential perch as chief executive of the hard-right news site Breitbart News. Bannon appeared to have few close friends left among the more conservative factions of the Republican Party, which swiftly proclaimed their loyalty to Trump following the breakup. ”I don’t know anyone in the conservative movement that’s supporting Steve over Donald Trump right now in this,” Christopher Ruddy, a close Trump ally and chief executive of the conservative Newsmax site, told Reuters. Mike Cernovich, a leading social-media voice of the so-called alt-right movement that Bannon helped energize on Trump’s behalf, had no doubt about which of the two men had more popular support. “The base will stay with Trump.” Reader comments on Breitbart’s site seemed overwhelmingly supportive of the president compared with Bannon. The Wall Street Journal reported late on Thursday that the site’s board was considering letting him go. Bannon’s representatives did not respond to requests for comment. Last year, media outlets as diverse as Time magazine and the comedy show “Saturday Night Live” portrayed Bannon, Trump’s election campaign strategist, as the power behind the president, an unshaven, shabbily dressed Svengali bending the Republican Party to his economic nationalist agenda. But Bannon’s star had been tumbling long before this week’s flap over criticism Bannon leveled at Trump’s family in Michael Wolff’s new book on the White House. In August, Bannon was fired amid a power struggle in the West Wing, forcing his return to Breitbart. His reputation as a political mastermind then took a hit after Republicans lost a U.S. Senate seat in Alabama they had long held when the Bannon-backed Roy Moore, who was accused of improper conduct with teenage girls, fell to Democrat Doug Jones. After leaving the White House, Bannon proclaimed his loyalty to Trump and vowed to wage an insurrection against the Republican establishment, especially Senate Majority Leader Mitch McConnell, whom he accused of stalling Trump’s policy agenda. But last month, on the heels of Moore’s loss in Alabama, McConnell helped steer an overhaul of the U.S. tax code through Congress, earning praise from Trump and depriving Bannon of his argument that the Republican-controlled Congress had not produced results. ‘GREATLY DIMINISHED’ Trump turned on Bannon on Wednesday, saying he had “lost his mind” when he lost his job as chief strategist. He said Bannon did not represent Trump’s political base and had exaggerated his influence even when he was at the White House. Following Trump’s attack, some of the candidates who had aligned themselves with Bannon’s movement began stepping away, including Arizona U.S. Senate hopeful Kelli Ward and New York congressional candidate Michael Grimm, who called the attacks against Trump’s family “baseless.” Bannon’s influence, Ruddy said, had always stemmed from the belief that he was close to Trump. “He’s greatly diminished,” he said. “What Steve forgets is the base is all about Donald Trump. It’s not about Steve Bannon.” Josh Holmes, a former top aide to McConnell, said Bannon had been on a “self-interested mission” to play kingmaker inside the Republican Party. ”I think that’s over. ... A leader without followers is just a guy taking a walk,” Holmes said. A friend of Bannon, former Trump adviser Sam Nunberg, said he doubted Bannon’s relationship with Trump could be fully repaired. But he added that Bannon would retain some sway over Trump’s supporters, particularly on issues such as immigration. “This is not the end of the world, particularly with this president,” Nunberg said. Trump is known for casting associates out of the fold, but also for bringing them back, particularly if there are common political interests or common enemies. The president did appear to be in a slightly forgiving mood on Thursday, noting that Bannon had praised him the night before on a radio show. “I don’t know, he called me a great man last night,“ Trump told reporters, ”so you know, he obviously changed his tune pretty quick.” However, in a tweet late on Thursday evening, he ridiculed Bannon with a new nickname, something Trump has commonly done to tag political foes and critics. Slamming author Wolff for his “phony” book, Trump tweeted, “Look at this guy’s past and watch what happens to him and Sloppy Steve!” Reporting by James Oliphant and Jeff Mason; Additional reporting by John Whitesides; Written by James Oliphant; Editing by Kieran Murray and Peter Cooney
https://www.reuters.com/article/us-usa-trump-bannon/after-attacks-by-trump-bannon-finds-himself-with-few-friends-idUSKBN1EU05A
824
Prospect Capital Purchases $70 Million of First Lien Senior Secured Floating Rate Notes Issued by Town & Country
NEW YORK, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect has purchased $70 million of first lien senior secured floating rate notes issued to support the acquisition of Town & Country Holdings, Inc. (“Town & Country”) by affiliates of H.I.G. Capital, LLC (“H.I.G.”). Founded in 1954 and headquartered in New York, Town & Country is a third-generation family-operated business. Town & Country designs, sources, manufactures, and markets table linens, kitchen textiles, rugs, shower curtains, travel pillows, and other innovative products. The company is a market leading supplier of national brands and private label programs to major online and traditional retailers across the globe. “We are pleased to have the opportunity to work with Prospect on another transaction,” said Todd Ofenloch, Managing Director of H.I.G. “We know from past experience that Prospect has the wherewithal to move quickly and assist in getting deals completed, but even more important considerations to us were the capacity, efficiency and creativity Prospect has consistently demonstrated when it comes to the subsequent financing needs of our portfolio companies. Given our intent to grow Town & Country through a combination of internal growth initiatives as well as acquisitions, Prospect is the right debt financing source for the company.” “We look forward to working with H.I.G. and Town & Country’s management team as the company continues to grow and widen its product offerings,” said Jason Wilson, Managing Director of Prospect Capital Management L.P. “Town & Country’s long history, design skills, sourcing capabilities, licensing partnerships, and relationships with leading retailers are attractive credit attributes for Prospect.” ABOUT PROSPECT CAPITAL CORPORATION Prospect Capital Corporation ( www.prospectstreet.com ) is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Prospect is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Prospect could have an adverse effect on Prospect and its shareholders. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Prospect’s control, and that Prospect may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and Prospect undertakes no obligation to update any such statement now or in the future. For further information, contact: Grier Eliasek, President and Chief Operating Officer grier@prospectstreet.com Telephone (212) 448-0702 Source: Prospect Capital Corporation
http://www.cnbc.com/2018/01/29/globe-newswire-prospect-capital-purchases-70-million-of-first-lien-senior-secured-floating-rate-notes-issued-by-town-country.html
557
Facility Management Leader, Vixxo, Strengthens Executive Team with Key Appointments
SCOTTSDALE, Ariz., Jan. 9, 2018 /PRNewswire/ -- Leading facility management provider, Vixxo has named a new chief financial officer and a chief marketing and strategy officer to join its already seasoned executive team. Travis Chester will take on the role as chief financial officer and will serve as Vixxo's financial steward and provide strategic counsel that will help guide the organization as it accelerates its growth strategy. As part of his responsibilities, he will oversee Vixxo's finance teams as well as develop and implement the company's ambitious long-term financial plan heading into 2018. Prior to joining Vixxo, Travis served as vice president and chief financial officer of Honeywell International's Aerospace group, where he implemented the company's financial strategy. Previous senior leadership roles include Invitrogen Corporation and General Electric Corporation. In addition, Vixxo also confirms the appointment of Julie Jones, in the newly created role of chief marketing and strategy officer. She joins the company with technology expertise spanning over 20 years and will be responsible for increasing Vixxo's brand identity and developing a robust brand and marketing strategy within the marketplace. Julie hails from Tech Data (formerly Avnet Technology Solutions) where she most recently served as vice president of supplier marketing for the Enterprise Solutions division. Prior to Tech Data, Julie drove the marketing and solutions strategy for global technology solutions provider Insight Enterprises. Both roles will report directly to Jim Reavey, Vixxo's CEO. Commenting on the appointments, Jim Reavey said, "Both Travis and Julie's wealth of industry knowledge and experience have already made them key additions to the Vixxo family. Both appointments are a clear sign of our commitment to be the leaders in our field as we continue to grow and lead our industry. I'm confident that Travis and Julie will play key roles in providing and implementing high quality solutions for our clients." To learn more about Vixxo, please visit us at www.vixxo.com , or follow us on Twitter and LinkedIn . About Vixxo Vixxo is a leading technology-enabled facility and asset management provider for many Fortune 500 clients in the restaurant, retail, convenience, and supermarket industries. Their solutions are designed to revolutionize and optimize clients' multi-site portfolios by improving service delivery, reducing costs and providing strategic insights – all aimed at lowering total cost of ownership. Based in Scottsdale, Arizona, Vixxo maintains a national network of 150,000 service provider technicians and serves more than 65,000+ client locations. View original content with multimedia: http://www.prnewswire.com/news-releases/facility-management-leader-vixxo-strengthens-executive-team-with-key-appointments-300579846.html SOURCE Vixxo
http://www.cnbc.com/2018/01/09/pr-newswire-facility-management-leader-vixxo-strengthens-executive-team-with-key-appointments.html
438
Canadian marijuana producers end rally as U.S. set to tighten enforcement
TORONTO (Reuters) - Canadian cannabis stocks fell on Thursday after the U.S. government said it would resume enforcement of federal laws banning marijuana in states that had legalized pot, disrupting a seven-day rally that boosted shares to record highs. The U.S. Department of Justice rescinded an Obama administration policy that discouraged federal prosecutors from pursuing marijuana-related crimes in states that had legalized the drug. The action by Attorney General Jeff Sessions could harm the burgeoning marijuana industry in six states including California and Colorado. The U.S.-listed ETFMG Alternative Harvest ETF, which launched on Dec. 26, closed down 6.2 percent. Canada’s Horizons Marijuana Life Sciences ETF ended down 8.7 percent. Aphria Inc, which has operations in Florida and Arizona, closed 13.8 percent lower, after falling as much as 22.7 percent earlier in the day. CannaRoyalty Corp, tumbled 15.8 percent. The company operates in California, which legalized recreational marijuana sales starting Jan. 1. TMX Group Ltd, the operator of the Toronto Stock Exchange, said in October it might delist stocks of marijuana companies with interests in the United States. TMX representatives could not immediately be reached for comment Thursday afternoon on the moves by Sessions. FILE PHOTO: A Canadian flag with a marijuana leaf on it is seen during the annual 4/20 marijuana rally on Parliament Hill in Ottawa, Ontario, Canada, April 20, 2017. REUTERS/Chris Wattie/File Photo Canadian securities regulators have said companies must disclose any connection to the U.S. marijuana industry but have not prohibited them from listing in Canada. That could leave room for any firms rejected by TMX to move to other exchanges. Canadian Securities Administrators could also not be immediately reached for comment. Slideshow (2 Images) Jonathan Sherman, a marijuana securities lawyer at Canadian law firm Cassels Brock, said he expects regulators to change that policy, noting that the Canadian Securities Administrators said in October it would review the matter if there was a change in the U.S. government’s approach. “This would be of significant concern to Canadian cannabis companies with U.S. operations,” Sherman said in a statement. Still, the majority of Canadian marijuana companies, which do not have U.S. operations, are unlikely to be harmed by the policy change in Washington, Chris Damas, editor of the BCMI Cannabis Report, said in an interview. He said investors responded so strongly to the news because Canadian pot stocks just posted a strong rally. “They’ve gone up so much in the last few trading days,” Damas said. “This is a reasonable retracement.” Reporting By Nichola Saminather; Editing by Jim Finkle and Lisa Shumaker
https://www.reuters.com/article/us-marijuana-stocks/canadian-marijuana-producers-end-rally-as-u-s-set-to-tighten-enforcement-idUSKBN1ET2FG
443
Time up for summer? Finns push EU to scrap clock changes
January 26, 2018 / 3:56 PM / Updated 4 minutes ago Time up for summer? Finns push EU to scrap clock changes Reuters Staff 3 Min Read HELSINKI/BRUSSELS (Reuters) - From the depths of its northern winter darkness, Finland called on the European Union on Friday to scrap summer -- or at least the EU’s twice-yearly switch of clocks to daylight saving time. In Brussels, however, the EU executive showed little sign of haste to comply, confirming only that a long-term review of its 2001 Summer Time Directive was still going on. A study for the European Commission in 2014 found the overwhelming majority of member states were happy with the current arrangements. The problem is that in Helsinki, most northerly of the EU’s national capitals there is less than six hours of daylight in late December. So politicians have argued that moving clocks forward and back by an hour in March and October has disrupted sleep and work and could cause long-term health problems. The country’s EU ministerial committee discussed the matter on Friday and Transport Minister Anne Berner tweeted: ”The government has decided to propose abolition of daylight saving. “Our objective is to abandon the changing of clocks uniformly within the EU. Member states should jointly agree whether to move permanently to winter or to summer time.” Like neighbors across the Baltic, Finland also shares an inconvenience of the time difference changing at its borders with non-EU Russia, Belarus and Ukraine -- they all gave up daylight saving after a decision taken by Moscow in 2011. The practice gained popularity in many countries during the energy crises of the 1970s as a means of saving power and money by effectively shifting daylight from the sleepy early hours to the busy evening. To end variations in when clocks changed, the EU standardized a policy in the 1990s by which all member states now must move clocks an hour forward at 0100 GMT on the last Sunday in March and an hour back on the last Sunday in October. A Commission spokesman declined to speculate on how quickly the EU executive might act on the Finnish request: “This is a complex issue,” Enrico Brivio told reporters. “The Commission is currently examining the summer time question based on all available evidence.” Pressed again, he replied: “I can sing you ‘Summer Time’.” Reporting by Tuomas Forsell in Helsinki and Alastair Macdonald in Brussels; Writing by Alastair Macdonald Editing by Jeremy Gaunt
https://www.reuters.com/article/us-eu-time-summer/time-up-for-summer-finns-push-eu-to-scrap-clock-changes-idUSKBN1FF249
413
Airbus names new CEO and chairman for Airbus China unit
PARIS (Reuters) - European planemaker Airbus ( AIR.PA ) on Wednesday named new top executives for its Chinese division, which has been a key focus during French President Emmanuel Macron’s trip to China, with Airbus hoping to finalize a major Chinese contract soon. Airbus named George Xu as chief executive officer for Airbus China, and added that Eric Chen - previously president of Airbus Commercial Aircraft China - would succeed Laurence Barron as chairman of Airbus China. Earlier on Wednesday, Macron said a contract with China for 184 Airbus A320 narrow-body jets would be finalised soon, and that his country also had ambitions to sell A350 and A380 planes to China in the coming weeks or months. Reporting by Sudip Kar-Gupta; Editing by Mark Potter
https://www.reuters.com/article/us-airbus-china/airbus-names-new-ceo-and-chairman-for-airbus-china-unit-idUSKBN1EZ0W2
124
Wall St Week Ahead-Investors green-light infrastructure trade, but expect road bumps
NEW YORK (Reuters) - Volatility awaits shares of U.S. construction, engineering, building materials and other companies tied to infrastructure spending, but steel-nerved investors could be poised for gains if they weather a few bumps. The stocks are set to be in focus in the coming weeks as President Donald Trump seeks legislation geared at overhauling the country’s aging roads, bridges and other infrastructure, fresh off passage of a tax reform bill by his Republican party. A bipartisan group of U.S. senators met with administration officials this week to discuss legislation to spend $1 trillion to improve infrastructure. An infusion of federal spending is expected to boost infrastructure-sensitive companies, but the stocks could see a rocky performance as a bill maneuvers through Congress and details of any legislation emerge. Improving the country’s infrastructure, which last year was given a failing grade by the American Society of Civil Engineers, has broad appeal. Still, while some Democrats want such a bill, political differences may undermine the effort and affect the amount of private sector investment. Regardless of federal legislation, however, investors and analysts see a favorable climate for such stocks, including the need for an upgrade of national infrastructure, an expected spike in earnings for many companies this year, and positive economic trends that support investment in big projects. “There is money flowing in this area even if you don’t get the big federal one,“ said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. ”That would just be icing on the cake if that happened and would really flow through to these stocks.” INFRASTRUCTURE STOCKS SWING Todd says his firm is overweight infrastructure-related names, including owning civil contractor Granite Construction Inc, building materials companies Eagle Materials Inc and US Concrete Inc and steel company Nucor Corp. Those shares and other construction-related names soared in the immediate aftermath of Trump’s November 2016 election, spurred by his campaign vow to spend on infrastructure. But while the benchmark S&P 500 stock index has been on a steady ascent since Trump’s election, construction-related stocks in particular have endured a rollercoaster ride, whipsawed in part last year by uncertainty over Trump’s agenda. Even with outsized gains over the past two months, the infrastructure trade has posted lukewarm returns since just after Trump’s win. For example, since early December 2016, while the S&P 500 has surged more than 22 percent, the S&P 1500 construction and engineering index has climbed 9 percent, and the S&P 1500 steel index and the S&P 1500 construction materials group have each climbed about 5 percent. “From a year-over-year standpoint, a lot of these names have not really done anything,” Todd said. At this relatively late point in the economic recovery, customers should be more comfortable making capital spending decisions on projects, according to analysts. ‘LATE-CYCLE PLAY’ Engineering and construction companies “are a late-cycle industrial play, so we have just started to see the juice kick in for a lot of them,” said Tahira Afzal, managing director at KeyBanc Capital Markets. ”Even without an infrastructure stimulus or infrastructure bill, the next two years should be years in which the sector outperforms.” Earnings for S&P 1500 engineering and construction (E&C) companies overall are projected to grow 27 percent in 2018, while construction materials companies could see a 32 percent jump, according to Thomson Reuters data. That compares to a estimated 13.9 percent increase for the S&P 500, according to Thomson Reuters I/B/E/S. “The market is trading off of near-record earnings and the E&C companies aren’t at those record earnings yet as a group,” said John Rogers, founder of independent engineering and construction consulting firm JBR Advisory, LLC in Portland, Oregon. Some optimism over an infrastructure bill may already be reflected in stock values. For example, Fluor and Jacobs Engineering shares have climbed 28 percent and 18 percent respectively, since the start of November, while U.S. Steel shares have jumped more than 50 percent. While other factors could be fueling the gains, such as the tax-cut legislation or global economic momentum, these shares could pull back if the federal infrastructure package disappoints. “You really have to take a longer-term perspective and just realize that if something does happen in Washington there will be a lot of two-steps-forward, one-step-back,” said Eric Marshall, portfolio manager at Dallas-based Hodges Capital Management, which owns building materials stocks as well as equipment rental company United Rentals Inc and contractor Primoris Services Corp. “You can make a multi-year argument that there is pent-up demand for things like waterworks and roads and bridges and highways,” Marshall said. Editing by Alden Bentley and Bernadette Baum
https://www.reuters.com/article/us-usa-stocks-weekahead/investors-green-light-infrastructure-trade-but-expect-road-bumps-idUSKBN1F10HA
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Lauda to again bid for stricken airline Niki - paper
January 14, 2018 / 12:19 PM / Updated 8 hours ago Lauda to again bid for stricken airline Niki - paper Reuters Staff 2 Min Read FRANKFURT (Reuters) - Former Formula 1 world champion Niki Lauda has re-emerged as a potential bidder for Niki, the Austrian budget airline he founded whose messy insolvency proceedings may derail an agreed sale to Britain’s IAG ( ICAG.L ). F1 - Formula One - British Grand Prix 2017 - Silverstone, Britain - July 14, 2017 Mercedes Formula One team chairman Niki Lauda REUTERS/Jason Cairnduff Lauda weighed in after an Austrian court appointed an administrator for Niki on Friday, in response to legal action brought by a passenger rights group seeking to recover money it says the airline owes. [nL8N1P34I0] That turn of events followed the reversal of an earlier decision by a Berlin court to locate the insolvency in Germany. The German administrator had agreed on a sale of Niki to British Airways owner IAG. “I will, of course, make an offer for Niki by Jan. 19,” Lauda told Germany’s Handelsblatt business daily, referring to a deadline set by the court in the Austrian town of Korneuburg. Lauda, 68, has previously been in the frame as a possible buyer of Niki as part of the breakup of its failed parent Air Berlin ( AB1.DE ). He had come forward with partners but said he would be a sole bidder in this case. Lauda did not say how much he was prepared to bid for Niki but welcomed the transfer of the insolvency proceedings to Austria, where the company he founded in 2003 is registered. “The insolvency process is finally there where it belongs - in Austria,” he said. “I regret that so much time was wasted with the detour through Germany.” Reporting by Douglas Busvine, editing by Louise Heavens
https://uk.reuters.com/article/uk-iag-niki/lauda-to-again-bid-for-stricken-airline-niki-paper-idUKKBN1F30I9
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'Doomsday Clock' closest to midnight since Cold War over nuclear threat
January 25, 2018 / 4:52 PM / Updated 23 minutes ago 'Doomsday Clock' closest to midnight since Cold War over nuclear threat Barbara Goldberg 3 Min Read (Reuters) - Scientists on Thursday moved ahead by half a minute the symbolic Doomsday Clock, saying the world was at its closest to annihilation since the height of the Cold War due to world leaders’ poor response to threats of nuclear war. It was the second occasion the timepiece, created by the Bulletin of the Atomic Scientists as an indicator of the world’s susceptibility to cataclysm, was moved forward since the 2016 election of U.S. president Donald Trump. At two minutes to midnight, the clock is at its closest to catastrophe since 1953, due to dangers of a nuclear holocaust from North Korea’s weapons program, U.S. Russian entanglements, South China Sea tensions, and other factors, the Chicago-based group said in a statement. “Hyperbolic rhetoric and provocative actions on both sides have increased the possibility of nuclear war by accident or miscalculation,” the group said of North Korea’s nuclear program and the Trump administration’s response to it. Unchecked dangers linked to climate change were another factor scientists cited for moving the clock forward. An overarching concern was what scientists described as the demise of diplomacy under the Trump administration. ”International diplomacy has been reduced to name-calling, giving it a surrealistic sense of unreality that makes the world security situation ever more threatening,” they said. TURN BACK THE CLOCK To rewind the clock, scientists recommended Trump refrain from provocative rhetoric regarding North Korea, the two countries open multiple communication channels and the world community seek a cessation of North Korea’s nuclear weapon and ballistic missile tests. The bulletin was founded by scientists who helped develop the United States’ first atomic weapons. Its Science and Security Board decides on the clock’s hands in consultation with its Board of Sponsors, which includes 15 Nobel laureates. When the clock was created in 1947, it was set at 7 minutes to midnight. Last year the clock’s hands were pushed forward 30 seconds to their second closest point to midnight - two minutes and 30 seconds - after Trump’s statements regarding the proliferation of nuclear weapons and the prospect of actually using them. In 2016, the clock remained unmoved, its hands staying at three minutes to midnight. The clock is displayed on the group's website thebulletin.org/ Reporting by Barbara Goldberg in New York; Editing by Andrew Hay
https://in.reuters.com/article/us-science-doomsdayclock/doomsday-clock-closest-to-midnight-since-cold-war-over-nuclear-threat-idINKBN1FE2GL
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Philippine news site head meets investigators over 'suspicious' complaint
MANILA (Reuters) - The head of a Philippine news site ordered closed for ownership violations met state investigators on Monday to answer what she called a “suspicious” complaint about a five-year-old story, as domestic fears grow of an impending crackdown on media. Maria Ressa, chief of Rappler, maintains that the Jan. 11 Securities and Exchange Commission’s revoking of Rappler’s license was designed to intimidate journalists whose reporting has challenged President Rodrigo Duterte, notorious for his public tirades against opponents. Journalists held a demonstration on Friday to defend press freedom while media and human rights groups have expressed alarm over what they say is government-led bullying in a country reputed for having one of Asia’s most liberal media environments. Ressa was met by a phalanx of media after answering a subpoena by the National Bureau of Investigation (NBI) centered on a complaint by a businessmen made last year about a 2012 story. The NBI’s cybercrime chief, Manuel Antonio Duarte, said the timing was a coincidence and Rappler was being treated fairly. But Ressa called it “a concerted effort to turn journalism into a crime”. “Although friendly, I still see this as a continuing pattern to harass and to shut down Rappler,” she said, adding that the involvement of the cyber crime division was a “red flag” for anyone who publishes anything. The authorities say Rappler is not being punished, but broke the law in 2015 by granting American investor Omidyar Network the means to exercise controls over the news site, or veto powers on company decisions. Rappler says that is “ludicrous”. Rappler has repeatedly drawn Duterte’s ire and he last week called it a “fake news outlet”. Rappler is operating as normal pending an appeal. Presidential spokesman Harry Roque said that although Duterte is displeased with some journalists, he has done nothing to stop them. (Graphic: World map on press freedom - tmsnrt.rs/2DhaiEl ) THE RIGHT TO CURSE “If the president wanted to curb press freedom, he could have done it, but he only speaks against the press,” Roque told a regular briefing. Rappler CEO Maria Ressa visits the National Bureau of Investigation (NBI) on Taft avenue in metro Manila, Philippines January 22, 2018. REUTERS/Dondi Tawatao “He has the right to be angry and curse the press.” Though Duterte has expressed bemusement at allegations he influenced the SEC, the complaint against Rappler was made by his ally, Solicitor General Jose Calida. Duterte has also vented fury at the Philippine Daily Inquirer, a broadsheet that has reported extensively on his bloody war on drugs, and broadcaster ABS-CBN, the license of which the president has threatened not to renew in 2020. Rappler’s reporting has included investigations into what it says is the “weaponizing” of the internet by a government that openly engages and facilitates pro-Duterte bloggers, whose postings have stirred and amplified online hate toward the president’s opponents. The Paris-based Reporters Without Borders calls that “Duterte’s notorious troll army”. Duterte’s office denies engineering such a system and pro-Duterte bloggers typically say they are not responsible for how trolls behave. Rappler has been among the hardest hit. Rappler’s lawyer, Francis Lim, said operations would continue while it takes its case to the appeal court. Its acting managing editor, Chay Hofilena, said it was prepared for the NBI to start digging into its affairs after the justice minister’s “ominous” instruction last week to look for violations. “They are after a case. They could be issuing a search warrant. We have to anticipate what these things are,” she said. Reuters spoke last week with several members of Rappler’s team, who said that though staff were concerned about the future, they continued to report from the field and operate as usual and were reinforcing existing protocols for their personal and information security. Beyond the president’s office, government agencies were treating them as normal, staff said, despite Duterte’s stinging attack last week, during which he accused Rappler of “throwing trash and shit all along” and writing stories “pregnant with falsity”. Reporters used to getting bashed online by Duterte’s diehard supporters appeared taken aback by messages of solidarity among media at home and abroad. “People are thinking this issue is not solely about Rappler,” said one reporter, who declined to be named. “We were made the example, but there is more to come. I burst into tears because I did not expect that much support.” Additional reporting by Manuel Mogato; Writing by Martin Petty; Editing by Nick Macfie
https://www.reuters.com/article/us-philippines-media/philippine-news-site-head-meets-investigators-over-suspicious-complaint-idUSKBN1FB0FY
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France makes a new push to tempt bankers to Paris post-Brexit
PARIS (Reuters) - France’s prime minister on Monday renewed a push to tempt bankers to Paris after Britain leaves the European Union by pledging to temporarily exempt expats from paying into state pension schemes and making more places available in bilingual schools. France has already announced measures to cut labour costs to make Paris more attractive to the banking sector post-Brexit following the election of President Emmanuel Macron, who has made labour rules more flexible and cut wealth tax. Now EU expatriates in France will be able to opt out of compulsory contributions to the state pension scheme which make up about 2.3 percent of an employee’s gross salary. Prime Minister Edouard Philippe told investors that there would be 1,000 places available in the Paris region’s multilingual schools next September, while three new multilingual high schools would be created by 2021. France would also be ready to handle disputes over financial contracts governed by British law in March with new international sections at the Paris Commercial Court and the Paris Court of Appeal, Paris Europlace financial lobby said in a statement. “The Paris financial centre now has strong momentum to welcome companies and international investors and strengthen its leading position in post-Brexit Europe,” Gerard Mestrallet, the head of the Paris Europlace financial lobby said in a statement. The announcement came at a highly-publicised summit on Monday of global CEOs - including Goldman Sachs’s ( GS.N ) Lloyd Blankfein and JP Morgan’s Jamie Dimon ( JPM.N ) - in Versailles, where the prime minister explained French reforms, in English, over lunch. Macron is expected to join the more than 140 CEOs in the evening, after unveiling a 300 million euro investment by Japanese carmaker Toyota in northern France. Reporting by Jean-Baptiste Vey and Maya Nikolaeva; editing by Richard Balmforth
https://in.reuters.com/article/france-business-tax/france-makes-a-new-push-to-tempt-bankers-to-paris-post-brexit-idINKBN1FB2IV
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AT&T Says It Will Launch 5G in a Dozen Cities This Year
AT&T Says It Will Launch 5G in a Dozen Cities This Year Author AT&T t aims to be the first U.S. carrier to provide fifth-generation, or 5G mobile service to phone customers this year, pitting the wireless giant against Verizon Communications vz and T-Mobile US tmus in a costly network upgrade race to spur revenue growth. Unlike current trials using 5G technology to beam signals between stationary antennas, AT&T said in a statement it will introduce a commercial mobile service in more than a dozen U.S. cities later this year. The company didn’t offer specifics. The faster connections will help carriers sell advanced services like virtual reality, 4K video and enable self-driving cars. Verizon, T-Mobile and Sprint Corp. are also planning to offer mobile 5G services but haven’t elaborated on their plans. While 5G technology offers a path for a slowing industry to revive growth, challenges abound. Mobile-phone companies, chipmakers, device manufacturers and software developers will need to spend about $200 billion a year in research and capital expenses to get there. And engineers will have to find ways to get the technology to work around interference from trees and rain and provide a strong enough signal to handle the anticipated demand. For more on 5G, watch Fortune’s video: (Your browser doesn’t support iframe) AT&T says it has laid the groundwork for 5G through network upgrades in 23 cities and fixed wireless trials in Kalamazoo, Michigan; South Bend, Indiana; Waco and Austin Texas. The company has not disclosed where it plans to launch mobile 5G initially or what airwaves or network equipment it plans to use. This article was written by Bloomberg from FORTUNE
http://fortune.com/2018/01/04/att-says-it-will-launch-5g-in-a-dozen-cities-this-year/
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BRIEF-Avanti Communications Forecasts FY Revenue Of At Least $50 Mln
Jan 25 (Reuters) - Avanti Communications Group Plc: * ‍LAUNCH OF CONSENT SOLICITATIONS AND UPDATE ON OUTLOOK​ * ‍SIMULTANEOUSLY COMMENCED FOUR CONCURRENT AND DISTINCT SOLICITATIONS OF CONSENTS​ * HOLDERS OF ABOUT 80% OF OUTSTANDING 2021 NOTES, 71% OF OUTSTANDING 2023 NOTES ENTERED INTO RESTRUCTURING AGREEMENT WITH CO * ‍EXPECTS TO INCUR AN ADDITIONAL $121.8 MILLION IN CONNECTION WITH CONSTRUCTION, LAUNCH AND INSURANCE OF HYLAS 4​ * ‍HYLAS 3 CONTINUES TO EXPERIENCE DELAYS AND EUROPEAN SPACE AGENCY ADVISED AVANTI NOT TO EXPECT A LAUNCH UNTIL FIRST 3 MONTHS OF 2019​ * ‍CURRENTLY EXPLORING BEST OPTIONS FOR EXPLOITATION OF HYLAS 3​ * ‍FORECAST THAT REVENUE FOR CURRENT FINANCIAL YEAR WILL NOT BE LESS THAN $50 MILLION​ * LARGE INFREQUENTLY RECURRING DEAL IN PIPELINE THAT, IF IT CLOSES, WOULD ADD $40 MILLION TO REVENUE, $18 MILLION OF ASSOCIATED COSTS, IN CURRENT YEAR​ * ‍EXCLUDING COSTS ASSOCIATED WITH POTENTIAL LARGE DEAL, UNDERLYING COSTS REMAIN IN LINE WITH GUIDANCE AT ABOUT $75 MILLION PER ANNUM​ * ‍CAPITAL EXPENDITURE OF $117 MILLION EXPECTED FOR FISCAL YEAR ENDING 30 JUNE 2018 PRIMARILY RELATES TO LAUNCH OF HYLAS 4​ * ‍AS OF 31 DECEMBER 2017, COMPANY HAD CASH AND CASH EQUIVALENTS OF APPROXIMATELY $68.0 MILLION​ Source text for Eikon: Further company coverage:
https://www.reuters.com/article/brief-avanti-communications-forecasts-fy/brief-avanti-communications-forecasts-fy-revenue-of-at-least-50-mln-idUSFWN1PK1GO
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