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Pope calls for dialogue in Korea, ban on nuclear weapons
January 8, 2018 / 10:32 AM / Updated an hour ago Pope, in 'state of world' speech, urges dialogue in Korea, nuclear ban Philip Pullella 3 Min Read VATICAN CITY (Reuters) - Pope Francis, in his annual “state of the world” address called on Monday for all nations to support dialogue to ease tensions on the Korean peninsula and to work for a legally binding ban on nuclear weapons. In the speech, Francis also repeated his call for a two-state-solution between Israelis and Palestinians and respect for the “status quo” of Jerusalem following U.S. President Donald Trump’s decision to recognise the city as Israel’s capital. “It is of paramount importance to support every effort at dialogue on the Korean peninsula, in order to find new ways of overcoming the current disputes, increasing mutual trust and ensuring a peaceful future for the Korean people and the entire world,” Francis said. The pope addressed envoys from more than 180 countries a day before North Korea and South Korea are due to hold talks expected to address North Korea’s participation in the Pyeongchang Winter Olympics, which some diplomats see as a possible opening for discussions on other topics such as humanitarian issues and divided families. Earlier this month, after North Korean leader Kim Jong Un asserted that he had a nuclear button at the ready, Trump tweeted that the U.S. button was bigger and more powerful. “Nuclear weapons must be banned,” Francis said, quoting a document issued by Pope John XXIII at the height of the Cold War and adding that there is “no denying that the conflagration could be started by some chance and unforeseen circumstance”. Noting that the Holy See was among 122 states that last year agreed a United Nations treaty to ban nuclear weapons, he called for a “serene and wide-ranging debate” on disarmament. Pope Francis talks to diplomats during the traditional exchange of the New Year greetings in the Regal Room at the Vatican January 8, 2018. REUTERS/Andrew Medichini/Pool The United States, Britain, France and others boycotted the talks that led to the treaty, instead pledging commitment to a decades-old Non-Proliferation Treaty. At the individual greetings after the speech, Francis spent more time chatting with South Korea’s envoy, Jonghyu Jeong, than with most other diplomats. Slideshow (6 Images) Washington’s new ambassador to the Vatican, Callista Gingrich, attended along with her husband, former speaker of the U.S. House of Representatives, Newt Gingrich [L8N1OM26T]. Addressing climate change, Francis called for a “united effort” to remain committed to the 2015 Paris accord on reducing carbon emissions. French President Emmanuel Macron is trying to breathe new life in the agreement after Trump announced that the United States would withdraw.. Francis, who has made defence of migrants and refugees a major plank of his pontificate, warned against “stirring up primal fears” of newcomers. “There is a need, then, to abandon the familiar rhetoric and start from the essential consideration that we are dealing, above all, with persons,” he said. Migration has become a top political issue in countries including the United States, Italy and Germany. Reporting by Philip Pullella; Editing by Robin Pomeroy
https://uk.reuters.com/article/uk-pope-diplomats/pope-calls-for-dialogue-in-korea-ban-on-nuclear-weapons-idUKKBN1EX0UQ
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'The Shape of Water' leads nominations for Britain's BAFTA awards
January 9, 2018 / 9:15 AM / Updated 6 hours ago 'The Shape of Water' leads nominations for Britain's BAFTA awards Mark Hanrahan 2 Min Read LONDON (Reuters) - Guillermo del Toro’s fantasy “The Shape of Water” leads the field for next month’s British Academy of Film and Television Arts (BAFTA) awards after securing 12 nominations on Tuesday. World War II drama “The Darkest Hour” and comedy-drama “Three Billboards Outside Ebbing, Missouri” each got nine nominations. “Blade Runner 2049” and “Dunkirk” both received eight. Sally Hawkins in “The Shape of Water” star and Frances McDormand in “Three Billboards” got Leading Actress nominations. Daniel Day-Lewis and Gary Oldman were among the nominations for Leading Actor. “I am incredibly humbled by such a nomination. It is very special to be honored by BAFTA. It feels like a gift from my homeland and I am very touched by it,” Hawkins, who is British, said in a statement. “The Shape of Water” was also nominated for best film, cinematography, costume design and visual effects. Del Toro was nominated for both directing and original screenplay awards. Christopher Plummer received a Best Supporting Actor nomination for his portrayal of oil tycoon J. Paul Getty in Ridley Scott’s “All The Money In The World”. Plummer took the role on four days notice after Scott decided to cut a completed performance by Kevin Spacey following allegations of sexual misconduct against the actor. “The Death of Stalin,” was nominated for Outstanding British Film, on a list that included “Lady Macbeth,”“God’s Own Country,” and “Three Billboards,” which was directed by Briton Martin McDonagh. Both “Three Billboards,” and “The Shape of Water,” have awards momentum behind them, both having won in major categories at the Golden Globes in Los Angeles on Sunday. Writing by Mark Hanrahan in London
https://www.reuters.com/article/us-awards-bafta-nominations/the-shape-of-water-leads-nominations-for-britains-bafta-awards-idUSKBN1EY0US
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Liberty Health Sciences Inc. Announces Proposed Acquisition of a 387 Acre Parcel of Land in Gainesville Including 200,000 Square Feet of Greenhouse and Processing Facilities
TORONTO, Jan. 4, 2018 /PRNewswire/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) ("Liberty" or the "Company") announced today that it has entered into a binding term sheet to acquire all of the issued and outstanding shares of 242 Cannabis Canada Ltd. (the "242 Shares"), whose wholly-owned subsidiary 242 Cannabis, LLC, has agreed to purchase a 387 acre parcel of land in Gainesville, Florida (the "Property"). The Property includes over 200,000 square feet of state-of-art greenhouses, head houses, tissue culture lab and processing facilities. The Company plans to retrofit the facilities over the coming months which will enable Liberty to expand their production capacity a year sooner than projected in order to meet the growing patient demand in Florida. Patient count continues to increase and at the end of 2017, approximately 64,000 patients had registered with the state, an almost 300% increase in total patients since June 30, 2017. Upon completion of the retrofit, Liberty will be one of the leading medical cannabis providers in the Florida market with an expected annual capacity of 12,000 Kgs of high quality, affordable, medical cannabis. Use of the facilities as an approved cultivation facility for Liberty under its MMTC license is subject to inspections and/or approvals from the Florida Department of Health, Office of Medical Marijuana Use. "This acquisition of nearly 400 acres of property shows Liberty's commitment to provide patients with a consistent supply of high-quality cannabis to meet their medical needs," said George Scorsis, Director and CEO of Liberty. "Our state of the art facilities will be equipped with the latest in industry leading lighting technology and process automation." The proposed acquisition will be completed through a series of transactions. The Company expects 242 Cannabis, LLC's purchase of the Property and the subsequent purchase by the Company of the 242 Shares to close on or prior to February 9,2018, and closing is subject to standard due diligence including title, environmental assessments and surveys as well as the satisfaction of conditions precedent in accordance with the purchase and sale contract. As consideration for the 242 Shares, the Company will issue 18,815,322 units of the Company, with each unit being comprised of one common share of the Company and one-half common share purchase warrant, with each whole warrant exercisable at $2.07 for a period of three years from the closing date. Until such time that the retrofit is completed at the new facility, Liberty will continue to operate their existing 36 acre facility, also in Gainesville. Since acquiring the existing facility, Liberty has made a number of process and automation improvements and expects to complete an increase in growing capacity to 24,000 square feet in early 2018. For more information on Liberty please visit www.libertyhealthsciences.com . About Liberty Health Sciences Inc. Liberty Health Sciences Inc. ("Liberty") is an investor and operator in the medical cannabis market, capitalizing on new and existing opportunities in U.S. states where medical cannabis is legal. Liberty's stringent investment criteria for expansion maximizes returns to shareholders, while focusing on significant near- and mid-term opportunities. Liberty has an extensive background in highly regulated industries, with expertise in becoming a low-cost producer. Liberty leverages commercial greenhouse knowledge to deliver high-quality, clean and safe pharmaceutical grade cannabis to patients. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company's future expansion and growth strategies, the completion of 242 Cannabis, LLC's purchase of the Property and the subsequent purchase of the 242 Shares by the Company, the Company's expectations in respect of the future growth of medical cannabis as a treatment option in Florida, the planned retrofitting and equipping of the facilities at the Property and the Company's expectations regarding market position. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. SOURCE Liberty Health Sciences Inc.
http://www.cnbc.com/2018/01/04/pr-newswire-liberty-health-sciences-inc-announces-proposed-acquisition-of-a-387-acre-parcel-of-land-in-gainesville-including-200000-square.html
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U.S.-Korea trade talks pit pickup trucks against nuclear threat
January 6, 2018 / 2:35 AM / Updated 8 hours ago U.S.-Korea trade talks pit pickup trucks against nuclear threat Lesley Wroughton , Hyunjoo Jin 4 Min Read WASHINGTON/SEOUL (Reuters) - The United States and South Korea on Friday completed the first round of review talks on a bilateral trade deal with Washington saying there was “much work to do” to reach a new pact. FILE PHOTO - U.S. President Donald Trump and South Korea's President Moon Jae-in hold a joint press conference at the presidential Blue House in Seoul, South Korea, November 7, 2017. REUTERS/Jung Yeon-Je/Pool Since taking office in 2017, President Donald Trump has pulled the United States out of talks on a 14-nation Asia-Pacific trade pact, started negotiations on a new deal for the North American Free Trade Agreement between the U.S., Mexico and Canada and initiated a review of the 2012 Korea deal. Washington has taken a hard line in the NAFTA talks, which appear stalled with just two rounds of negotiations left, saying that concessions are the only way for Canada and Mexico to keep the deal. The Korea trade talks will have to strike a balance between Trump’s domestic agenda and the need to contain a nuclear-armed North Korea. A swift agreement would have aided that, officials from both sides told Reuters ahead of the talks on Friday. The U.S. goods trade deficit with South Korea has doubled since the 2012 signing of the U.S.-Korea Free Trade Agreement (KORUS). Almost 90 percent of the 2016 shortfall of $27.6 billion came from the auto sector, an issue the United States is expected to press hard in the Washington talks. A quick Korea deal could give Trump his first trade victory at a time when NAFTA negotiations are dragging on and pressure on China to change trade practices has yielded little progress. The talks, led by Assistant U.S. Trade Representative Michael Beeman and Yoo Myung-hee, director general for FTA negotiations at South Korea’s trade ministry, begin at a time of heightened tension with Pyongyang. The United States had primarily raised the issue of the automobile sector, Yoo told reporters in Washington after the first round of talks, Yonhap News Agency said, but gave no details. A top priority for the Americans is maintaining a tariff of 25 percent on imports of Korean pickup trucks, which the existing deal envisaged to be phased out from 2019, according to a U.S. official and a South Korean car industry source. South Korea has two major automakers, Hyundai Motor and Kia Motors, that rely heavily on exports because of the small size of the domestic market. Critics say South Korea discriminates against imports with a range of non-tariff barriers. South Korean auto companies believe Washington will also seek to increase the 25,000-vehicle per U.S. automaker threshold for U.S. car shipments to South Korea that can enter the country without meeting Seoul’s domestic industry regulations. The official at a South Korea auto company, who was not authorized to speak to the media, also said the United States was interested in easing Seoul’s vehicle emissions targets. These are viewed as discriminating against U.S. autos. NUCLEAR THREAT Since Kim Jong Un took power in North Korea in 2011, Pyongyang has run a series of increasingly powerful nuclear tests and ballistic missile launches, drawing ever tighter sanctions and a freeze on contacts between the two Koreas. This week, however, Seoul agreed to high-level talks with the North in response to a New Year’s speech in which the North Korean leader offered an opening to diplomacy. Pyongyang has a long history of seeking to play off Seoul and Washington as well as Beijing and Moscow in its diplomacy. Washington is wary of separate approaches and there are concerns that disagreements over KORUS could fuel a rift between South Korea and the United States. The election of a left of center government in South Korea has raised concerns in Washington that Seoul may now be more willing to engage in talks. Under two previous right of center South Korean administrations, economic and other links between the countries were severed. “I have a feeling that we will not take any precipitous action on KORUS for the time being,” a senior U.S. official said while acknowledging that Trump and trade hawks within his administration had concerns over the deal. Additional reporting by Matt Spetalnick and Eric Beech in Washington, and Jane Chung in Seoul; Editing by David Chance, Andrew Hay and Lisa Shumaker
https://uk.reuters.com/article/us-usa-trade-southkorea/u-s-korea-trade-talks-pit-pickup-trucks-against-nuclear-threat-idUKKBN1EU1KB
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LIVE MARKETS-Early afternoon snapshot: STOXX 600 turns flat on the week
17 PM / in an hour LIVE MARKETS-Early afternoon snapshot: STOXX 600 turns flat on the week Reuters Staff 10 Min Read * European shares recover from 1-week low * STOXX 600 set to end week flat * Trump says wants a strong dollar Jan 26 (Reuters) - Welcome to the home for real time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: danilo.masoni.thomsonreuters.com@reuters.net EARLY AFTERNOON SNAPSHOT: STOXX 600 TURNS FLAT ON THE WEEK (1402 GMT) Trump has spoken in Davos and data has shown U.S. economic growth unexpectedly slowed in the fourth quarter . These two potentially market moving events however had little impact on financial markets and European shares continue to trade well in positive territory. Perhaps worth of notice is that the STOXX 600 has hit a fresh day high, up 0.6 percent, turning flat on the week. The euro zone index is also rising but still on track for its first weekly loss of 2018 as the surging euro has raised worries over exporters. The FTSE is also down on the week and set for its second straight week of losses. In the snapshot the STOXX 600's weekly moves and the euro/dollar: (Danilo Masoni) A PSYCHOLOGICAL SWITCH: BEARS SURRENDER, GREED TAKES OVER (1305 GMT) Are we in a melt up? Is FoMO (fear of missing out) driving the markets? Here's the take of Mark Dowding, a portfolio manager at BlueBay Asset Management, on how markets underwent a psychological switch in the last few months: "The investor psychology has switched more towards greed. We've seen an equity market that for a number of years has climbed a wall of worry. Investors have been fearful of valuations, fearful of geopolitical risks, but it feels like in the last few months, investor fears have been dissipating and greed has come to the fore." "That's why you see in equities a capitulation of part of the bears and something of an intensification of bull-market stocks. Having risen gradually for a number of years, the move looks likes it's turning more parabolic in nature as greed takes over." (Dhara Ranasinghe and Julien Ponthus) BANKS ARE HOT, SURE, BUT ACHTUNG! (1210 GMT) Investing in European banks has been one of the best trades of the year so far, with the sector up close to 7 percent in barely a month, more than double the gain of the pan-European STOXX 600. With rising yields, a buoyant euro zone economy and cash flowing towards cyclical stocks, it could seem like a no-brainer but here's a word of caution from S&P: don't expect a dramatic turnaround among underperformers, especially two German ones. The rating agency has identified six major banks which "continue to undergo significant strategic and operational adjustment" and expects them "to make some progress during 2018, but not to improve significantly". Within these six banks the outlook is broadly improving for RBS, Barclays, Credit Suisse, and Standard Chartered. But things are not so rosy in Germany and for Deutsche Bank which "is likely to remain a sustained relative underperformer in its core businesses." For Commerzbank, the outlook is negative with the "risk that the bank won't build and then sustain capitalization". On the upside, Commerzbank's woes are fuelling M&A speculation. Here's what the performance of the two German banks looks like when compared to their peers since the financial crisis: (Julien Ponthus) ANOTHER BUMPER YEAR SEEN FOR ITALIAN SMALL CAPS (1133 GMT) Italian stocks have shown resilience to uncertainty surrounding the outcome of a national election in March and one of the reasons cited for that is a wave of inflows generated by tax breaks granted to investments into small and mid caps. Even though the so-called PIR scheme, which is running into its second year has raised worries of a possible bubble forming, it looks that the bonanza is set to continue. In a research note today, Equita estimates PIR inflows at 9.1 billion euros this year after attracting 11 billion in 2017 in a market dominated by Banca Mediolanum and Intesa Sanpaolo. They note that Italian small caps trade at 18.3 times 2018 estimated earnings, a 29 percent premium to the Italian market and above the 5-year average of 20 percent. Here some past Reuters stories on the PIR effect and below a chart showing how Italian small/mid caps have outperformed their peers in Europe over the last 12 months: BUZZ-Italian real estate stocks rise on PIR inclusion rumours BUZZ-Equita drops expectation of Italy small-caps correction BRIEF-Banca Mediolanum confirms target of 3 bln euro PIR inflows in 2017 Bubble risks loom for Italy's small caps as new fund scheme sparks rally (Danilo Masoni) TIME TO RE-ENGAGE WITH DEFENSIVES? (1030 GMT) According to Deutsche Bank strategists, it is. In their latest update they affirm their overweight stance on defensives versus cyclicals and upgrade utilities from benchmark to overweight: "Defensives have sold off by more than would have been suggested by the rise in bond yields". That being said they point to property firms Vonovia and Deutsche Wohnen, tobacco group Imperial Brands and beer company Heineken as buy-rating stocks that are beneficiaries of a renewed fall in bond yields. For those who instead believe yields should continue to rise, they highlight BNP Paribas , Credit Suisse, Saint Gobain and AXA. (Danilo Masoni) OPENING SNAPSHOT: EUROPE BOUNCES BACK (0835) European shares have opened higher this morning, bouncing back from a one-week low hit in the previous session, as the euro pulled back from a 3-year high. In corporate news, a well-received update from LVMH a dividend increase at Telia and upbeat broker notes for Michelin and Thales are helping the STOXX 600 index rise 0.3 percent. Here's your opening snapshot: (Danilo Masoni) WHAT YOU NEED TO KNOW BEFORE EUROPE OPENS (0744 GMT) European shares are expected to bounce back on Friday with main stock index futures pointing to gains of around 0.3 percent. Such gains however would not be enough to prevent the STOXX 600 from scoring its first weekly loss this year. Luxury goods makers will be in focus after LVMH said it had made a favourable start to 2018 after a revival in Chinese demand boosted sales last year and spurred on some of its major brands like Louis Vuitton. Its Q4 like-for-like sales were higher than forecast. There were strong results and a bullish forecast from Intel, which could help ease market jitters about semiconductor demand, while Commerzbank could be supported after Handelsblatt reported that Goldman, Barclays and SocGen are interested in buying its EMC division. Eyes also on Zalando and Ocado after big price target increases by RBC. Other stock movers: Telecom Italia deputy chairman gives up operational powers - sources Nestle to cut 400 jobs in France CFM says LEAP engine output 4-5 weeks behind schedule Telia Q4 core profit matches forecasts SSAB Q4 operating profit lags forecast, proposes first dividend since 2012 Givaudan confirms targets after double-digit profit rise BRIEF-Autoliv announces goodwill impairment in Autoliv Nissin Brake (Danilo Masoni and Tom Pfeiffer) EUROPE STOCK FUTURES EDGE UP (0715 GMT) The euro is rising again this morning but remains below the fresh three-year peak of $1.25 hit yesterday, with the dollar recovering following U.S. President Donald Trump's Davos forex "coup de theatre". Just one day after his Treasury Secretary Steve Mnuchin sent the dollar plunging, Trump surprised markets by saying in a CNBC interview he "ultimately" wanted a strong dollar. You can watch the interview here: goo.gl/iyNhLt The euro pull-back is set to help European shares this morning, with futures on main regional benchmarks all rising around 0.3 percent. (Danilo Masoni) LUXURY GOODS MAKERS IN FOCUS AS LVMH SOUNDS UPBEAT (0643 GMT) Luxury goods makers could be among the stocks to watch today after LVMH said it had made a favourable start to 2018 after a revival in Chinese demand boosted sales last year and spurred on some of its major brands like Louis Vuitton. Here in bullets the key highlights from results at the world's biggest luxury goods maker. * Operating profit up 18 pct in 2017, as expected * Q4 like-for-like sales higher than forecast * Chinese demand continues to boost luxury goods market (Danilo Masoni)
https://www.reuters.com/article/europe-stocks/live-markets-early-afternoon-snapshot-stoxx-600-turns-flat-on-the-week-idUSL8N1PL43Q
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Thousands of German industrial workers to stage strikes next week
January 5, 2018 / 2:00 PM / Updated 9 minutes ago Thousands of German industrial workers to stage strikes next week Reuters Staff 2 Min Read FRANKFURT (Reuters) - Tens of thousands of workers in the German metals and engineering industries will stage walkouts at companies across the country from next week as part of a campaign for higher pay, powerful union IG Metall said. FILE PHOTO - A worker holds a sign with text 'We are for 5%' as steel workers of Germany's IG Metall union protest for higher wages in Cologne, Germany May 12, 2016. REUTERS/Wolfgang Rattay The country’s biggest union is demanding a 6 percent wage rise this year for about 3.9 million workers in the sector. “We will build pressure with our first wave of warning strikes so the employers finally show some movement in negotiations,” Juergen Wechsler, head of IG Metall in Bavaria, said in a statement on Friday. Employers have dismissed IG Metall’s pay claim as excessive and so far offered only a 2 percent increase as well as a 200 euro (£177.71) one-off payment in the first quarter. The union, which also wants a shorter working week, is entitled to stage walkouts after a non-strike period ended on Sunday, and many workers usually respond to its calls for action. IG Metall fired the opening salvo this week when it called for strikes at companies including sports car maker Porsche. More are set to follow ahead of a next round of pay negotiations. Talks have been set for Jan. 11 for workers in the state of Baden-Wuerttemberg, home to Volkswagen’s ( VOWG_p.DE ) Porsche, Mercedes-Benz maker Daimler ( DAIGn.DE ) and automotive suppliers including Bosch. In Bavaria, where major companies such as premium carmaker BMW ( BMWG.DE ) and engineering group Siemens ( SIEGn.DE ) are based, negotiations will resume on Jan. 15. The populous state of North Rhine-Westphalia, home to companies such as Thyssenkrupp ( TKAG.DE ), is to follow on Jan. 18. “Should there still be no progress then, we will add more warning strikes and decide whether to go for 24-hour strikes,” Knut Giesler, head of IG Metall in North Rhine-Westphalia, said. Reporting by Maria Sheahan; Editing by Mark Potter
https://uk.reuters.com/article/uk-germany-wages-strike/thousands-of-german-industrial-workers-to-stage-strikes-next-week-idUKKBN1EU1CB
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Pope speaks out against Congo violence after protest deaths
VATICAN CITY (Reuters) - Pope Francis renewed an appeal on Wednesday for an end to violence in Democratic Republic of Congo, where security forces have gunned down protesters during pro-democracy demonstrations called by the local Catholic Church. “Unfortunately, worrying news continues to arrive from the Democratic Republic of Congo,” Francis told a crowd in St. Peter’s Square after a regular general audience. “I, therefore, renew my appeal that everyone make all efforts to avoid any form of violence. From its side, the Church wants nothing other than to contribute to peace and to the common good of society.” The Catholic Church, which is highly influential in Congo, has become increasingly vocal in its condemnation of President Joseph Kabila’s insistence on staying in office long after the end of his mandate. At least six people were killed and dozens wounded as government-backed forces dispersed a protest on Sunday. Reporting by Isla Binnie; Editing by Robin Pomeroy
https://www.reuters.com/article/us-pope-peace-congo/pope-speaks-out-against-congo-violence-after-protest-deaths-idUSKBN1FD1M3
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New leadership after death of Compass Group CEO
New leadership after death of Compass Group CEO 1:16pm GMT - 01:48 Compass, the world's largest catering company, has installed a new CEO after Richard Cousins was killed in a seaplane crash on a Sydney river on New Year's Eve. As Kate King reports, police will attempt to raise the plane to get a better idea of what happened. Compass, the world's largest catering company, has installed a new CEO after Richard Cousins was killed in a seaplane crash on a Sydney river on New Year's Eve. As Kate King reports, police will attempt to raise the plane to get a better idea of what happened. //reut.rs/2Ctirtf
https://uk.reuters.com/video/2018/01/02/new-leadership-after-death-of-compass-gr?videoId=377761190
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EMERGING MARKETS-Currencies pounce on weak dollar, rand smashes 12 barrier
January 24, 2018 / 10:23 AM / Updated 22 minutes ago EMERGING MARKETS-Currencies pounce on weak dollar, rand smashes 12 barrier Marc Jones 4 Min Read LONDON, Jan 24 (Reuters) - Most emerging market currencies climbed on Wednesday, with China’s yuan and South Africa’s rand both touching more than two-year highs as the dollar wallowed in its weakest run since 2010-11. One side-effect was the first fall in emerging equities in almost two weeks, but it was the currency moves that grabbed the attention. Asia saw multi-year highs for the yuan, Thai baht, Malaysian ringgit and Singapore dollar , but it was the resurgent rand that made the biggest splash as it broke through 12 per dollar for the first time since mid-2015. “We are seeing a weakening of the dollar so demand for emerging markets’ assets is very strong. It had been strong for a while now but today it is particularly strong,” said Crédit Agricole Senior Emerging Market Strategist Guillaume Tresca. He added most of good news around the rand, centred on hopes that a shift to a more stable leadership is underway, was now probably priced in following its 20 percent surge against the dollar since November. Turkey’s lira was notably stronger too at 3.75 per dollar . It, like the rand, was sickly for much of last year due to political unease, but has rallied hard since - albeit not in such a straight line. Turkey’s military offensive into the Kurdish-dominated Afrin region of northwest Syria continued, but at the Davos World Economic Forum, Deputy Turkish Prime Minister Mehmet Simsek tried to ease worries about U.S. sanctions on its banks. He said lender Halkbank was now working closely with the U.S. Treasury and Justice Department after a U.S. jury found one of its executives guilty in an Iran sanctions-breach trial. Mexico’s peso was also on the front at 18.6 per dollar despite the ongoing nerves about a U.S. withdrawal from the NAFTA trade pact that the two countries share with Canada. It wasn’t all one way traffic though. Brazil’s real weakened more than 1 percent as the country braced for ruling later that could bar former President Luiz Inacio Lula da Silva from running in this year’s presidential race. His exclusion would radically alter the shape of the campaign. Lula is the clear favourite, with polls showing he currently holds double the share of the vote than nearest rival, the far-right congressman and former army captain Jair Bolsonaro. Tens of thousands of Lula supporters rallied in the streets of Porto Alegre on Tuesday to protest against what they see as the political persecution a leftist icon, who was sentenced to nine and a half years in prison for accepting a bribe. Meanwhile Venezuelan President Nicolas Maduro looked sure to stand for re-election in a presidential vote due by the end of April where the ruling Socialists hope to trump a squabbling opposition despite an economic crisis and foreign sanctions. Emerging stocks saw their first fall in nine sessions, halting a rally which has already seen an 8 percent rise in MSCI’s 27-country emerging economy index this year. Nigerian stocks extended a recent run of losses too, dropping more than 1 percent amid a standoff between the country’s presidency and parliament over the confirmation of central bank policymakers. The bank had been due to announce a decision on rates on Tuesday, but could not hold a meeting as it was unable to form a quorum. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Reporting by Marc Jones; Additional reporting and graphic by Karin Strohecker; Editing by Raissa Kasolowsky
https://www.reuters.com/article/emerging-markets/emerging-markets-currencies-pounce-on-weak-dollar-rand-smashes-12-barrier-idUSL8N1PJ2DX
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India cuts sales tax on 49 more items: state finance minister
January 18, 2018 / 1:07 PM / Updated 3 hours ago India to cut tax rates on some goods, services from January 25 Nidhi Verma , Neha Dasgupta 2 Min Read NEW DELHI (Reuters) - India will cut rates on some products and services under the new Goods and Services Tax (GST), the finance minister said on Thursday, in a bid to encourage greater compliance as revenues have dipped since the landmark reform was announced in July. The Goods and Service Tax Council comprising federal and state finance ministers, agreed to lower tax rates on 29 goods and 53 services from Jan. 25, Arun Jaitley said after the meeting. Businesses have raised concerns about high rates of taxation and cumbersome processes in GST, billed as India’s biggest tax reform in 70 years. Asia’s third-largest economy faces the risk of missing its fiscal deficit target in the current fiscal year as lower revenue collection from slowing economic growth and teething troubles with value-added tax launched in July hit the economy. The goods on which GST will be lowered include biofuel- run buses, used motor vehicles and diamonds and precious stones. Tax on sales of liquefied petroleum gas by private firms for domestic use has been reduced to 5 percent from 18 percent. A labourer talks on his mobile phone as he sits on the sacks of spices at a wholesale spice and chemical market in the old quarters of Delhi, India, December 19, 2016. REUTERS/Adnan Abidi/File Photo In the services segment, India will cut taxes on transportation of crude, gasoil, gasoline, jet fuel and services relating to mining, exploration and drilling of oil and natural gas, among other things. Jaitley also said the council would consider including petroleum products under GST in the next meeting, but did not give details. The South Asian nation’s tax collection plunged after GST was implemented in July, which hit the economy and complicated tax filings for business. The country’s tax indirect tax collections have been falling since the launch of GST, reducing to 808.08 billion rupees ($12.66 billion) in November from 940.63 billion in July. To curb tax evasion, the government plans to roll out online monitoring of inter-state transport of goods beyond 50,000 rupees from next month. ($1 = 63.8525 Indian rupees)
https://in.reuters.com/article/india-tax/india-cuts-sales-tax-on-49-more-items-state-finance-minister-idINKBN1F71OH
388
Alibaba founder Ma says will 'seriously consider' Hong Kong listing
January 9, 2018 / 1:57 AM / Updated 3 hours ago Alibaba will 'seriously consider' Hong Kong listing, says founder Ma Brenda Goh , Jennifer Hughes 5 Min Read SHANGHAI/HONG KONG (Reuters) - Alibaba Group Holding Ltd ( BABA.N ) will “seriously consider” listing in Hong Kong, founder Jack Ma said, potentially providing a powerful boost to the financial hub which is preparing to allow dual-class share listings. FILE PHOTO: Alibaba Group Executive Chairman Jack Ma attends the 11th World Trade Organization's ministerial conference in Buenos Aires, Argentina December 11, 2017. REUTERS/Marcos Brindicci/File Photo Ma made the comments at an event in the city on Monday in response to remarks made by Hong Kong Chief Executive Carrie Lam about how she hoped Alibaba would consider returning to Hong Kong to list, an Alibaba spokeswoman said. “Daring to speak like this marks a strong commitment so we will definitely seriously consider the Hong Kong market,” Ma said in response to Lam’s speech, according to a transcript provided by Alibaba. The Alibaba spokeswoman said there were no further details available on what any Hong Kong listing plan could involve. Alibaba held its record $25 billion public float in New York in 2014 after Hong Kong, its favored venue, refused to accept its governance structure where a self-selecting group of senior managers control the majority of board appointments. Hong Kong is now set to allow dual-class shares under rule changes to be proposed by the city’s stock exchange as it raises the stakes in its battle against New York for blockbuster Chinese initial public offerings. Such shares grant differentiated voting rights and underpin the alternative governance and shareholding structures favored by many owners of new age industries such as technology. [nL4N1OF33L] Over $3 billion worth of Alibaba shares were traded on Monday, based on Reuters calculations using NASDAQ data. The stock closed at $190.33, with 16.23 million shares traded. That compares with the Hong Kong Exchanges and Clearing Ltd’s (HKEX) ( 0388.HK ) average daily securities turnover of HK$88.2 billion ($11.28 billion) in 2017. “NEW ECONOMY” PLATFORM FILE PHOTO: A sign of Alibaba Group is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 3, 2017. REUTERS/Aly Song/File Photo Shares in HKEX, the city’s exchange operator, rose as much as 3.1 percent to HK$270 on Tuesday, their highest level since July 2015. Analysts said that an Alibaba listing in Hong Kong could help drive more funds from the mainland towards the city and could convince other big firms, in particular technology-related ones, to list in the financial hub. “If the trading volume in Hong Kong is even better than that in the U.S., it will send out a signal to other new economy new listings that Hong Kong is a much better place for a listing than the U.S,” said Steven Leung, sales director at UOB Kay Hian in Hong Kong. For Alibaba, it could provide greater access to investors closer to China who are familiar with its business and allow it to benefit from the Hong Kong government’s growing support for financial services innovation, said James Lloyd, Asia-Pacific FinTech leader at consulting firm EY. The HKEX said in December that it had begun drafting specific rule changes for allowing dual-class shares that will be put up for a formal public consultation in the first three months of 2018. [nL4N1OF2U6] Under the planned rule changes, “innovative” Chinese companies with a market capitalization over HK$10 billion and a primary listing on the New York Stock Exchange, Nasdaq or the London Stock Exchange would be able to seek a secondary listing in Hong Kong. The HKEX has not yet defined what “innovative” is. “We are also creating a new route to secondary listings in Hong Kong to attract companies from emerging and innovative sectors. We are aware that many successful new economy companies already listed in the US and UK would benefit from these reforms,” wrote Charles Li, chief executive of HKEX, in a blog post last month when the proposed changes were put forward. Just 3 per cent of Hong Kong listings in the past decade, by market value, have been so-called “new economy” companies, compared with 47 per cent for the New York Stock Exchange, according to a discussion paper published by the HKEX in June. Some analysts said technical issues and underlying concerns about the dual-class structure still needed to be resolved and fine tuned. “The main concern is about the protection to minority investors under the dual structure,” said Linus Yip, chief strategist at First Shanghai Securities. Reporting by Brenda Goh in SHANGHAI and Jennifer Hughes in HONG KONG; Additional Reporting by Donny Kwok in HONG KONG and Anshuman Daga in SINGAPORE; Editing by Himani Sarkar and Muralikumar Anantharaman
https://in.reuters.com/article/us-alibaba-hongkong-listing/alibaba-founder-says-to-consider-hong-kong-listing-scmp-idINKBN1EY062
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Oprah's Golden Globes Speech Sends Weight Watchers Stock Soaring | Fortune
By Bloomberg 12:17 PM EST Oprah Winfrey won over the Golden Globes, and that was good news for Weight Watchers International Inc. investors. Winfrey, who owns 10 percent of the weight-loss company and is featured in its ads, dominated coverage of the Hollywood awards show Sunday night. After receiving the Cecil B. DeMille award for lifetime achievement, she delivered a well-received speech that rekindled rumors she’ll run for president in 2020. While the 63-year-old media mogul told Bloomberg News backstage that she has no plans to run, an anonymous report from CNN that she is “actively thinking” about a bid fanned the flames on Monday. That helped drive Weight Watchers share up as much as 13 percent to $52.96 in New York, the biggest intraday gain in two months. Weight Watchers, which was hammered by free fitness apps and years of subscriber losses, has mounted a comeback since Winfrey bought a stake, joined the board and agreed to pitch the brand in 2015. Since then, her tweets about weight loss on the program have buoyed the shares, which almost quadrupled last year. The billionaire’s marketing halo has also helped the company add customers and increase revenue and profit in recent quarters. SPONSORED FINANCIAL CONTENT
http://fortune.com/2018/01/08/oprahs-globes-speech-weight-watchers-stock/
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One Year After Women’s March, Organizers Hope to Get Out Pink Hats Again
Katherine Siemionko is organizing a mass demonstration in New York City Saturday, something the former Goldman Sachs Group Inc. banker has done only once before, for the Women’s March last year that drew more than 400,000 participants. Over the past year, Ms. Siemionko has left her Wall Street job and become a full-time organizer for women’s issues, motivated by her success coordinating one of the biggest of hundreds of protests around the country last January over the election of President Donald Trump. ... RELATED VIDEO Women's March Floods Washington The Women's March on Washington saw more than double the expected crowds on Jan. 21, 2017, filling the National Mall and surrounding streets. Hundreds of thousands of attendees marched in a rebuke to newly-elected President Donald Trump and to defend the rights of women, immigrants and LBGTQ. Photo: David Cole for The Wall Street Journal (Originally published Jan. 21, 2017)
https://www.wsj.com/articles/one-year-after-womens-march-organizers-hope-to-get-out-pink-hats-again-1516302897
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BMC Hosts Private Briefing for Eligible Investors
HOUSTON, BMC , a global leader in IT solutions for the digital enterprise, will host a private conference call to discuss its Q3 FY2018 business with registered holders of the Company's 8.125% notes due 2021 and registered holders of the 9.000%/9.750% senior contingent cash pay notes due 2019 issued by Boxer Parent Company Inc., the ultimate parent of the Company, as well as certain other prospective and eligible investors. Interested parties may obtain further details from their IntraLinks account. About BMC BMC is a global leader in innovative software solutions that enable businesses to transform into digital enterprises for the ultimate competitive advantage. Our Digital Enterprise Management solutions are designed to make digital business fast, seamless, and optimized from mainframe to mobile to cloud and beyond. BMC digital IT transforms 82 percent of the Fortune 500 and serves more than 10,000 customers worldwide. BMC – Bring IT to Life BMC, BMC Software, the BMC logo, and the BMC Software logo are the exclusive properties of BMC Software Inc., are registered or pending registration with the U.S. Patent and Trademark Office, and may be registered or pending registration in other countries. All other BMC trademarks, service marks, and logos may be registered or pending registration in the U.S. or in other countries. All other trademarks or registered trademarks are the property of their respective owners. ©Copyright 2018 BMC Software, Inc. Investor Contacts: Chet Fenner David Kushner Vice President Senior Director Corporate Finance and Investor Relations Corporate Finance and Investor Relations 713-918-1391 713-918-2129 investor@bmc.com releases/bmc-hosts-private-briefing-for-eligible-investors-300588624.html SOURCE BMC
http://www.cnbc.com/2018/01/26/pr-newswire-bmc-hosts-private-briefing-for-eligible-investors.html
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Shutterfly tops Street 4Q forecasts
REDWOOD CITY, Calif. (AP) _ Shutterfly Inc. (SFLY) on Tuesday reported fourth-quarter profit of $111.7 million. The Redwood City, California-based company said it had net income of $3.37 per share. Earnings, adjusted for pretax gains, came to $3.11 per share. The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.91 per share. The online photo company posted revenue of $593.8 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $557 million. For the year, the company reported profit of $30.1 million, or 88 cents per share. Revenue was reported as $1.19 billion. For the current quarter ending in April, Shutterfly said it expects revenue in the range of $190 million to $194 million. The company expects full-year earnings to be $1.94 to $2.38 per share, with revenue ranging from $1.22 billion to $1.26 billion. Shutterfly shares have climbed 7 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $53.32, a climb of slightly more than 3 percent in the last 12 months. This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on SFLY at https://www.zacks.com/ap/SFLY
https://www.cnbc.com/2018/01/30/the-associated-press-shutterfly-tops-street-4q-forecasts.html
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Emerging economies free of 'original sin' but companies still unforgiven
January 21, 2018 / 2:06 PM / Updated 6 hours ago Emerging economies free of 'original sin' but companies still unforgiven Sujata Rao 6 Min Read LONDON (Reuters) - Most developing nations have been absolved of the “original sin” that blocked them using their own currencies to raise money abroad, but their companies’ sins have still not been forgiven, as the huge debt they have racked up in “hard” currency attests. Original sin, which is how economists Barry Eichengreen and Ricardo Hausmann described the dilemma for emerging market (EM) economies that were unable to borrow abroad in their own currencies, is now largely a thing of the past for sovereign debt. Corporate borrowing in local currencies has not taken off, however. For one thing, much of the debt is not easily accessible to foreign investors; for another, borrowing in dollars, pounds or euros is usually cheaper, especially since the crash in Western interest rates after 2009. Above all, investors see these securities as inherently riskier than government debt. “Sovereigns can issue debt in hard currency or local currency, but that’s a luxury which is not there yet for most corporates,” said Abhishek Kumar, lead portfolio manager for emerging markets at State Street Global Advisors. Outstanding emerging corporate debt denominated in hard currencies has doubled since 2007 to $7 trillion, according to the financial industry body, the Institute of International Finance (IIF), nearly 7 times than EM governments’ at around $1.1 trillion. Governments are now using currencies such as the rand and rouble for more than 80 percent of their borrowing. Hard currency movements still affect the price at which they borrow but their vulnerability to exchange rate swings is far less than it was. The shift towards greater acceptance of emerging currencies was highlighted recently when several central banks confirmed they now hold China’s yuan in their forex reserves. Like emerging markets economies that suffered currency crises in the 1990s, companies risk a strengthening in the dollar or euro against the currencies in which they earn revenues, which can make debt repayment significantly costlier. Also, with U.S. interest rates rising, investors could demand higher and higher yields to “roll over” maturing debt. The IIF and the Bank for International Settlements have repeatedly warned of these risks. Earlier this month, the IIF said the borrowing binge of the past decade meant large amounts of hard currency debt would need to be rolled over in coming years, with around $450 billion due for repayment in 2018. “Rising global interest rates will add to worries about the debt servicing capacity of highly indebted firms and governments,” it said. Emerging market companies also have up to $30 trillion in domestic currency debt but this is mostly in bank loans and almost all is held locally. Most bonds issued in domestic currencies are not eligible for processing through Euroclear, the international post-trade services system which increases convenience and transparency. GROWING MARKET Prospects for emerging currency corporate bonds looked bright in 2014, when Bank of America Merrill Lynch launched a special index with around 250 “Euroclearable” securities. But more than three years later, the index is still not tracked by any passive funds, according to the ICE exchange, which took over BAML indices in 2017. JPMorgan, which runs the most widely used emerging debt indexes, still does not have a local corporate bond benchmark. One of the few active funds in the sector is run by Brent David, a portfolio manager at BlueBay Asset Management. He says the market is improving and estimates up to $500 billion of corporate local bonds are now Euroclearable, twice the amount in 2014. While that’s less than a tenth of outstanding bonds, he expects the number will rise as Chinese and Indian firms issue yuan and rupee debt in Hong Kong, Singapore or London. “More and more corporates are feeling the need to shift to issuing in their own currencies. They are trying to diversify their investor base, and to tap foreign investors they have to issue in Euroclearable format,” David said. For David, a key attraction is that the BAML index’s average yield is roughly two percentage points above JPMorgan’s GBI-EM sovereign debt benchmark, after taking into account its shorter duration. It also offers exposure to the Indian and Chinese currencies, which are not part of the GBI-EM, he said. ILLIQUID For the market to really take off, however, foreign funds need bigger sizes and trading volumes, which will be difficult to achieve without developing pension and asset management industries within emerging markets. Not all companies will be keen to undertake the disclosures and operational complexities that Euroclear involves. Even when bonds are Euroclearable, investors are wary. Russian lender Sberbank estimates foreigners own less than 5 percent of the corporate rouble bond market, which has over $100 billion outstanding and has been Euroclearable since 2013. In contrast, they hold a third of rouble government debt. “You have to weigh up: do you get compensated enough if you go into a non-sovereign instrument?” said Paul Greer, assistant portfolio manager at Fidelity International. “With local corporate bonds, you get a small amount of spread over the sovereign curve but you have to deal with FX risk, credit risk and interest rate risk.” Irresistibly cheap global borrowing costs may also have hampered the market’s development - dollar-denominated emerging corporate bonds yield an average 5.2 percent, according to the CEMBI Global index. That’s well below what firms from Brazil or India would pay to borrow in their own currencies. That’s an incentive to keep borrowing in hard currency, said Guy Stear, co-head of fixed income research at Societe Generale. “Companies might think ‘I am taking risks here in terms of original sin, but on the other hand I am happy today because my overall funding cost is low’,” Stear said. Reporting by Sujata Rao; Graphic by Ritvik Carvalho; Editing by Sonya Hepinstall
https://uk.reuters.com/article/us-emerging-borrowing-sin-analysis/emerging-economies-free-of-original-sin-but-companies-still-unforgiven-idUKKBN1FA0O4
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AstraZeneca's inhaler for lung disease shows improved function in late stage trail
January 26, 2018 / 8:06 AM / Updated 8 hours ago AstraZeneca's three-in-one inhaler helps COPD patients in trial Reuters Staff 2 Min Read (Reuters) - AstraZeneca said an inhaler for chronic obstructive pulmonary disease (COPD) delivered improved lung function in a late stage trial that could challenge GlaxoSmithKline’s new three-in-one inhaler. The inhaler, PT010, showed “statistically significant” improvement in eight of nine main lung function goals in patients with moderate to very severe COPD, the company said on Friday. AstraZeneca said patients in the trial were given two inhalations twice a day of PT010, which is a single inhaler, fixed-dose triple combination therapy. There were no unexpected safety or tolerability signals for PT010 identified in the 24-week trial, it added. GSK’s Trelegy Ellipta was the first once-daily triple medicine for COPD to market, putting Britain’s biggest drugmaker ahead of rivals such as AstraZeneca and Novartis. GSK’s inhaler, which it developed with Innoviva, has already been approved for sale in the United States and Europe. “GSK is already on the market with its Trelegy Ellipta product so is well ahead, nevertheless PT010 should still find a place in the market,” Liberum analysts said in a client note, adding the inhaler was not a critical product for AstraZeneca. AstraZeneca said it anticipated making regulatory submissions in Japan and China in the second half of this year, followed by possibly submitting it in the United States and Europe next year. AstraZeneca shares were up 0.5 percent at 0807 GMT. Reporting by Justin George Varghese in Bengaluru; Editing by Jason Neely and Mark Potter
https://www.reuters.com/article/us-astrazeneca-copd/astrazenecas-inhaler-for-lung-disease-shows-improved-function-in-late-stage-trail-idUSKBN1FF0SF
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Spanish authorities on alert for any bid by exiled Catalan leader to return
January 23, 2018 / 11:50 AM / Updated 7 minutes ago Spanish authorities on alert for any bid by exiled Catalan leader to return Reuters Staff 3 Min Read MADRID (Reuters) - Spanish authorities are monitoring borders to make sure that fugitive Catalan separatist leader Carles Puigdemont does not sneak back into Spain to take up the presidency of the regional parliament again, a senior minister said on Tuesday. Puigdemont has said he can rule from self-imposed exile in Belgium, where he fled to in October to avoid arrest for his part in organising an illegal referendum on a Catalonian split from Spain and a subsequent unilateral declaration of independence. The Madrid government, however, says no one can be named or rule remotely. Spanish Interior Minister Juan Ignacio Zoido said he was worried that the 55-year old, who faces arrest the minute he steps back in Spain, could now try to discreetly return to the parliament in Barcelona for a vote on his candidacy. “We’re making sure this cannot happen, at the borders and within the borders, everywhere,” Zoido told Antena 3 TV. Spanish authorities were working day and night to prevent any attempt by him to return undetected, Zoido said. “We’ll make sure he cannot get in, even (hidden) in the boot of a car,” he said. Catalan lawmakers are set to vote on Puigdemont’s candidacy by Jan 31. Puigdemont on Tuesday withdrew a request to be allowed to vote for himself by proxy, a source in his party said, without saying why he had dropped that demand or if it meant he planned to be in parliament in person for the leadership vote. He was visiting Denmark on Tuesday, his first trip outside Belgium since he arrived there in October following his dismissal by the Madrid government and its imposition of direct rule on the semi-autonomous region. Spanish Prime Minister Mariano Rajoy called a new regional election in December in a bid to defuse the crisis but his gamble failed when separatist parties won a majority, giving new impetus to the independence movement. Puigdemont, a former journalist, potentially faces decades in prison in Spain if he is convicted of the charges levelled against him, including rebellion and sedition. Rajoy has said the Madrid government would appeal to the courts and maintain direct rule of Catalonia if Puigdemont was elected while abroad. Reporting by Ingrid Melander and Inmaculada Sanz, Editing by Paul Day
https://in.reuters.com/article/spain-politics-catalonia/spanish-authorities-on-alert-for-any-bid-by-exiled-catalan-leader-to-return-idINKBN1FC1ES
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United Community Banks, Inc. Announces Subordinated Notes Offering
GREENVILLE, S.C., Jan. 09, 2018 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ:UCBI) (“United”), the holding company of United Community Bank, today announced its plans to issue $85,000,000 aggregate principal amount of subordinated notes due January 2028 (collectively, the “Notes”) in an underwritten public offering. Morgan Stanley & Co. LLC and Sandler O’Neill + Partners, L.P. are acting as joint book-running managers for the offering. United intends to use the net proceeds from this offering for the financing of the cash consideration payable by United in connection with its acquisition of NLFC Holdings Corp. and its wholly-owned subsidiary Navitas Credit Corp., and for general corporate purposes, which may include the potential repayment or redemption of trust preferred securities and other indebtedness and other acquisitions. The offering is subject to market conditions, and there can be no assurance as to whether the offering will be completed, or as to the actual size or terms of the offering. A shelf registration statement relating to the public offering of the Notes was filed previously by United with the Securities and Exchange Commission (“SEC”) and is effective. A prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website located at www.sec.gov . The offering may be made only by means of a prospectus and a related prospectus supplement and pricing supplement, copies of which may be obtained, when available, from Morgan Stanley & Co. LLC, by calling 1-866-718-1649. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF UNITED, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. About United Community Banks, Inc. United Community Banks, Inc. (UCBI) is a bank holding company based in Blairsville, Georgia, with $11.9 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast’s largest full-service banks, operating 156 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in personalized community banking services for individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products including a mortgage, advisory and treasury management. Respected national research firms consistently recognize United Community Bank for outstanding customer service. For the last four years, J.D. Power has ranked United Community Bank first in customer satisfaction in the Southeast. In 2017, for the fourth consecutive year, Forbes magazine included United on its list of the 100 Best Banks in America. Additional information about the company and the bank's full range of products and services can be found at www.ucbi.com . Caution About Forward-Looking Statements Certain Statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about future events or results or otherwise and are not statements of historical fact. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or words of similar meaning or other statements concerning opinions or judgments of United and its management about future events. Although United believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of United will not differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements; such statements are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Actual future results and trends may differ materially from historical results and or those anticipated depending on a variety of factors, including, but not limited to the factors and risk influences contained in the cautionary language included under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in United’s Form 10-K for the year ended December 31, 2016 and other periodic reports subsequently filed by United with the SEC, available on the SEC website, www.sec.gov . United does not intend to or assume any obligation to update or revise any forward-looking statements that may be made from time to time by or on behalf of United. For any forward-looking statements made in this presentation, United claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For more information: Jefferson Harralson Chief Financial Officer (864) 240-6208 Jefferson_Harralson@ucbi.com Source:United Community Banks, Inc.
http://www.cnbc.com/2018/01/09/globe-newswire-united-community-banks-inc-announcesasubordinated-notes-offering.html
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'Jersey Shore' star Sorrentino to plead guilty in tax case
January 17, 2018 / 8:18 PM / Updated 9 hours ago 'Jersey Shore' star Sorrentino to plead guilty in tax case Jonathan Stempel 3 Min Read (Reuters) - Former reality TV celebrity Michael “The Situation” Sorrentino is expected to plead guilty in a tax evasion case where U.S. prosecutors accused him and his brother of hiding millions of dollars he made while starring in the MTV series “Jersey Shore.” In a letter dated Wednesday, prosecutors said Sorrentino and his brother Marc “have agreed to plead guilty,” and will enter their pleas on the morning of Jan. 19 before U.S. District Judge Susan Wigenton in Newark, New Jersey. The pleas avert a trial scheduled to begin on Feb. 8. Both brothers faced nine criminal charges, including alleged conspiracy to defraud the United States. It was not immediately clear which charges they will plead guilty to. Henry Klingeman, a lawyer for Michael Sorrentino, confirmed the hearing schedule but declined further comment. Michael D‘Alessio, a lawyer for Marc Sorrentino, did not immediately respond to requests for comment. A spokesman for Interim U.S. Attorney Craig Carpenito in New Jersey declined to comment. “Jersey Shore” ran from 2009 to 2012, and featured young Italian-Americans partying, tanning and complaining about their jobs at a beachfront T-shirt stand. FILE PHOTO: Reality television personality Michael "The Situation" Sorrentino arrives at the 2011 American Music Awards in Los Angeles, California, U.S., November 20, 2011. REUTERS/Danny Moloshok/File Photo Michael Sorrentino, now 35, popularized the phrase “gym, tan, laundry” to describe the pre-party routine of cast members. Prosecutors accused the Sorrentinos of trying to avoid taxes on $8.9 million of Michael Sorrentino’s income from 2010 to 2012, including by trying to label purchases of clothes, vehicles other personal items as business expenses. Michael Sorrentino also faced charges including filing a false return for his company Situation Nation Inc, and having, on several days, made multiple cash deposits of less than $10,000 in different bank accounts to avoid federal reporting requirements. The brothers’ accountant, Gregg Mark, pleaded guilty in December 2015 to filing fraudulent tax returns on their behalf. Mark has yet to be sentenced, his lawyer Jack Arseneault said in an email. Michael Sorrentino faces a maximum 10 years in prison on two counts related to the bank deposits, and five years for alleged tax evasion. Marc Sorrentino faces up to 20 years in prison on a grand jury obstruction charge. The case is U.S. v. Sorrentino et al, U.S. District Court, District of New Jersey, No. 14-cr-00558. Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum
https://uk.reuters.com/article/us-people-sorrentino/jersey-shore-star-sorrentino-to-plead-guilty-in-tax-case-idUKKBN1F62S6
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Taylor Morrison Fourth Quarter 2017 Earnings Release Conference Call And Webcast Scheduled
SCOTTSDALE, Ariz., Jan. 24, 2018 /PRNewswire/ -- Taylor Morrison Home Corporation ("Taylor Morrison") announced today that it will release its fourth quarter 2017 results before the market opens on Wednesday, Feb. 7, 2018. Taylor Morrison will hold a conference call to discuss the fourth quarter results the same day, at 8:30 a.m. ET. A live audio webcast, as well as an archive of the conference call, will be available on Taylor Morrison's website at investors.taylormorrison.com . For call participants, the dial in number is: 1 (855) 470-8731 or 1 (661) 378-9962 and the conference ID is: 8699167. This call will be recorded and available for replay at investors.taylormorrison.com . Taylor Morrison's filings will be available at investors.taylormorrison.com or with the SEC at sec.gov . About Taylor Morrison Taylor Morrison Home Corporation (NYSE: TMHC) is a leading national homebuilder and developer that has been recognized as America's Most Trusted™ Home Builder for 2016, 2017 and 2018 by Lifestory Research. Based in Scottsdale, Arizona we operate under two well-established brands, Taylor Morrison and Darling Homes. We serve a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and 55 plus buyers. In Texas, Darling Homes builds communities with a focus on individuality and custom detail while delivering on the Taylor Morrison standard of excellence. For more information about Taylor Morrison and Darling Homes please visit www.taylormorrison.com or www.darlinghomes.com . CONTACT: Investor Relations Taylor Morrison Home Corporation (480) 734-2060 investor@taylormorrison.com View original content with multimedia: http://www.prnewswire.com/news-releases/taylor-morrison-fourth-quarter-2017-earnings-release-conference-call-and-webcast-scheduled-300587638.html SOURCE Taylor Morrison
http://www.cnbc.com/2018/01/24/pr-newswire-taylor-morrison-fourth-quarter-2017-earnings-release-conference-call-and-webcast-scheduled.html
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BRIEF-Goodfood Market Qtrly Adjusted Loss Per Share $0.05
45 AM / Updated 6 minutes ago BRIEF-Goodfood Market Qtrly Adjusted Loss Per Share $0.05 Reuters Staff Jan 11 (Reuters) - Goodfood Market Corp: * GOODFOOD MARKET CORP. REPORTS YEAR-OVER-YEAR REVENUE GROWTH OF 412% FOR THE FIRST QUARTER OF 2018 * GOODFOOD MARKET CORP - ‍ON TRACK TO LAUNCH NATIONAL PLATFORM DURING FIRST HALF OF CALENDAR 2018​ * GOODFOOD MARKET CORP - QTRLY ADJUSTED LOSS PER SHARE $0.05 * GOODFOOD MARKET CORP - ACTIVE SUBSCRIBERS REACHED 45,000 AS AT NOVEMBER 30, 2017, UP FROM 8,000 AS AT NOVEMBER 30, 2016 * GOODFOOD MARKET - ‍EXPECTS COMPANY TO EXPAND ITS CLIENT BASE AND BEGIN SERVING CUSTOMERS LOCATED IN WESTERN CANADA DURING FISCAL 2018​ * GOODFOOD MARKET CORP - QTRLY REVENUE C$11.2 MILLION VERSUS C$2.2 MILLION Source text for Eikon: Further company coverage:
https://www.reuters.com/article/brief-goodfood-market-qtrly-adjusted-los/brief-goodfood-market-qtrly-adjusted-loss-per-share-0-05-idUSASB0C0MU
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UK's Compass says new CEO to start Jan 1 after death of Cousins - Reuters
January 1, 2018 / 8:56 AM / Updated 5 hours ago UK's Compass says new CEO to start Jan 1 after death of Cousins Reuters Staff 1 Min Read Jan 1 (Reuters) - Britain’s Compass, the world’s biggest catering firm, said incoming chief executive Dominic Blakemore would start his tenure three months earlier than expected on January 1 after the death of outgoing CEO Richard Cousins. Cousins, 58, and four family members along with the pilot were killed when the seaplane they were travelling in crashed in Australia on New Year’s Eve. (Reporting by Elisabeth O‘Leary; editing by Jason Neely)
https://www.reuters.com/article/australia-seaplane-compass/uks-compass-says-new-ceo-to-start-jan-1-after-death-of-cousins-idUSL8N1OW050
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Former WTO, Goldman chief Peter Sutherland dies at 71
January 7, 2018 / 2:58 PM / Updated 7 hours ago Former WTO, Goldman chief Peter Sutherland dies at 71 Reuters Staff 1 Min Read DUBLIN, Jan 7 (Reuters) - Former World Trade Organisation director general and Goldman Sachs international chairman Peter Sutherland died on Sunday at the age of 71, Ireland’s foreign minister said. Sutherland, who also served as Ireland’s European Union commissioner and as attorney general during the 1980s, had been ill for some time, Irish national broadcaster RTE said, citing a statement from his family. “Very sad at passing of Peter Sutherland. I knew him as a compassionate, driven, global thinker, always willing to challenge views,” Irish Foreign Minister Simon Coveney said on Twitter. (Reporting by Padraic Halpin Editing by Jeremy Gaunt)
https://www.reuters.com/article/people-sutherland/former-wto-goldman-chief-peter-sutherland-dies-at-71-idUSL8N1P20EG
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Denver's Plan for Its Many Luxury Apartments: Housing Subsidies | realtor.com®
The Wall Street Journal The Lower Income Voucher Equity program, or LIVE Denver, will be open to a range of tenants, from single residents making $23,500 to $47,000 a year to families of four with household incomes of $33,500 to $67,000. Residents in this city of roughly 693,000 will receive subsidies to live in the units for two years, during which time a portion of their rent will be put into a savings account that can be used for a down payment. The program has enough money to subsidize 400 units initially, and officials say they have about 100 units signed up so far. The city has requested units in new or recently renovated buildings. The city will do an analysis to ensure landlords charge market rates. City officials expect to spend about $500 a month subsidizing a single person and roughly $900 for a family. It will take managing to avoid upsetting residents of the buildings who are paying full rent. Mike Zoellner, a local developer who helped create the program, said he envisions landlords advertising their participation in the program to signal to tenants they could live in a socially conscious property. “This is not a welfare program or anything like that. This is people who are working at hospitals, hotels and food service. We want them in our community and we want them in our building,” he said. Some housing experts said they are concerned the program risks protecting properties from market forces and doesn’t allow rents to decline naturally as supply outstrips demand. “What you would hope is that excess supply leads to lower rents. If the city is pumping subsidies in, aren’t they going to be propping up the upper end of the market?” said Chris Herbert, managing director of Harvard University’s Joint Center for Housing Studies. City officials say rents won’t come down quickly enough to prevent people from being pushed out of the city now. “Yes, eventually prices will come down over a two- to three-year window,” said Erik Soliván, executive director of Denver’s office of HOPE, the department that oversees housing policy in the city. “We need a solution to help families today.” Denver, for example, has added 12,000 apartments since 2015 and another 22,000 more are under construction, according to CoStar Group Inc. More than 90% of those units are considered luxury, meaning they incorporate higher-end finishes and amenities. There are currently 16,000 vacant units in metropolitan Denver, up 5,500 from three years ago, according to MPF Research. Rents for a typical one-bedroom in Denver range from around $1,200 to $1,600. Rents for luxury apartments are at the top end of that range. Because the buildings are higher-end, landlords won’t have to undergo the rigorous frequent inspections that make some wary of other government-subsidized housing programs, said Nancy Burke, vice president of government affairs at the Colorado Apartment Association. The market for more affordable apartments remains tight. Just 3.4% of units below the median rent in Denver were vacant in 2016, according to a Harvard University analysis of U.S. Census data. Average rents in Denver are up 30% over the last five years, according to MPF. That is pushing middle-class workers to the suburbs. Jamie Smith, president of St. Joseph Hospital, which employs about 2,200 workers in central Denver, said his medical technicians and newly graduated nurses are scattering further and further away from the city. “These folks are in high demand,” Mr. Smith said. “They’re driving by four or five other hospitals much closer to their home to get to us, and at some point it becomes a problem from a recruitment and retention standpoint.” The hospital is contributing $100,000 to the funding for the program and hopes it will help house dozens of employees. Hope Faulconer, a 27-year-old nursing assistant in the hospital’s oncology unit, says she often spends 45 minutes driving from her sister’s house, where she rents a room, to begin her 6 a.m. to 6:30 p.m. shift. Her commute home swells to an hour, she said. “I would love to live on my own, not have to have a roommate and not a cracker-box apartment,” said Ms. Faulconer, who makes just under $17 an hour and also is paying for nursing-school tuition. Popular Homes Based on your last search Editors' Picks
http://www.wsj.com/articles/denver-has-a-plan-for-its-many-luxury-apartments-housing-subsidies-1515412800
752
Hong Kong will start atoning for missing Alibaba
HONG KONG Losing Alibaba’s 2014 listing to New York was embarrassing for a city that has thrived connecting China to world markets. Hong Kong could go some way to making up for this in 2018. New York has been the go-to venue for initial public offerings of Chinese technology firms. It hosts more internet companies than Hong Kong and the market is simply much bigger. U.S. investors have traditionally been more open to backing loss-makers. And founders can retain outsize control relative to their economic stakes, which is not possible in Hong Kong. That is starting to change. The Fragrant Harbour hosted a string of well-received tech flotations in 2017, some of them unprofitable. The growing number of stocks means analysts and investors are increasingly well informed about the sector. And Hong Kong has an in-built cultural advantage: it is more welcoming of Chinese bosses who do not speak English, and of apps that would baffle an American audience. So the stage is set for Hong Kong to win over China’s up-and-coming tech players. The biggest include news aggregator Toutiao, food-delivery to hotel-bookings group Meituan-Dianping, and ride-hailing firm Didi Chuxing. Actual or potential fundraisings in 2017 valued the three at $20 billion, $30 billion and $50 billion, respectively. All three could list in 2018. Assuming valuations rise by one-quarter by the time the trio list and they sell up to 25 percent stakes, the IPOs could raise over $30 billion. Lufax, a peer-to-peer lender backed by Ping An Insurance, is another prospective candidate. The potential clincher for these companies is due in 2018, when firms will probably be allowed to list with multiple classes of shares. This is not great news for investors: Hong Kong lost Alibaba’s record-breaking IPO because of the regulator’s principled objection to unorthodox voting rights. There are some signs of movement in the other direction stateside. And weakening the system does not bode well for governance in an already scandal-prone market. But it will undoubtedly increase the city’s attraction for company founders. Expect Hong Kong’s tech sector to expand in 2018.
https://www.reuters.com/article/us-hongkongexchange-votingrights-breakin/breakingviews-hong-kong-will-start-atoning-for-missing-alibaba-idUSKBN1ET0C0
367
French Ex-Presidents Tell Saudis of Concern About Billionaire’s Arrest
Two former French presidents have expressed concern to Saudi Arabia’s crown prince that the arrest and detention of billionaire Prince al-Waleed bin Talal has raised worries among foreign investors, according to French and Saudi government advisers. The messages from François Hollande and Nicolas Sarkozy, France’s two most recent previous presidents, highlight the business uncertainty caused by the arrests of hundreds of people in early November in what Saudi authorities said was an anticorruption campaign. ... RELATED VIDEO Prince Mohammed bin Salman's Ambitious Plans for Saudi Arabia Crown Prince Mohammed bin Salman has huge ambitions for change in Saudi Arabia. But will his reforms also mean greater turbulence in the Middle East? WSJ's Niki Blasina reports. Photo: Getty
https://www.wsj.com/articles/french-ex-presidents-tell-saudis-of-concern-about-billionaires-arrest-1515602162
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INSIGHT-Ukraine money-go-round: how $1.7 bln in bank loans ended up offshore
January 24, 2018 / 6:02 AM / Updated 18 minutes ago INSIGHT-Ukraine money-go-round: how $1.7 bln in bank loans ended up offshore Reuters Staff * PrivatBank nationalised with big hole in balance sheet * Documents show funds went to Cyprus via web of firms * Reuters finds no evidence companies traded actively * Ex-owners deny wrongdoing, say case politically motivated By Natalia Zinets and Dasha Afanasieva ARTSYZ, Ukraine/LONDON, Jan 24 (Reuters) - When Ukrainian company Profit signed a $48.5 million deal with a British firm in 2014, it became part of what prosecutors in Ukraine say was a potentially criminal scheme that moved $1.7 billion from the country’s biggest lender to offshore accounts. With a loan it had raised from PrivatBank in east Ukraine, Profit paid Trade Point Agro Limited in London on Aug. 18, 2014 for 24,250 tonnes of polyethylene terephthalate, a polymer used in fabrics and plastic containers, according to a legal complaint Profit filed in November 2014 to try to recover the funds. But Trade Point Agro failed to deliver the goods and deposited the money in PrivatBank’s Cyprus branch, according to prosecutors. When a Ukrainian court ruled against Trade Point Agro and ordered it to repay Profit, Trade Point Agro did not appeal against the ruling but did not pay the money back. The deal between Profit and Trade Point Agro is part of a pre-trial investigation that is still under way into whether officials at PrivatBank illegally took money from the lender through shady loan practices involving dozens of companies. Finance Minister Oleksandr Danylyuk regards the case as a “litmus test” for the effectiveness of the battle against corruption, success in which is vital for Ukraine to receive international credits. In the pre-trial investigation, prosecutors are trying to identify anyone at PrivatBank who might have committed a crime. They say in court filings that from May to September, 2014, unnamed PrivatBank officials moved money out of the bank to companies such as Trade Point Agro which they believe look “fictitious”. PrivatBank, which was nationalised in December 2016, and Ukraine’s anti-corruption bureau are also investigating whether the bank illegally provided loans to companies linked to two wealthy tycoons who owned the bank before the state takeover. No one has been charged with wrongdoing. London’s High Court ordered some worldwide assets of Ihor Kolomoisky and Gennadiy Bogolyubov, PrivatBank’s former main shareholders, to be frozen last month. PrivatBank, now controlled by the state, said the court order was granted on the basis of detailed evidence to the court that they extracted almost $2 billion from PrivatBank through dishonest transactions. “NO EASY ANSWER” Kolomoisky and Bogolyubov deny wrongdoing, say the loans were repaid and that the bank was solvent at the time of the nationalisation, which Kolomoisky is challenging in court, saying it was not insolvent and the state takeover was politically motivated. An investigation commissioned by the central bank in 2017 found that PrivatBank had for at least a decade been used for money-laundering and shady deals where 95 percent of corporate loans went to companies related to the former owners. Kolomoisky dismissed the findings, made public this month, as “nonsense”. General Prosecutor Yuriy Lutsenko said in December there was “no easy legal answer” to the question of whether Kolomoisky and PrivatBank stole money, and that Kolomoisky believes he agreed to the nationalisation under duress. “Who is responsible for the stolen money? Kolomoisky’s answer: nobody stole money,” Lutsenko said. Trade Point Agro and Profit did not respond to requests for comment. Consultancy Gabara Strategies, acting on behalf of Kolomoisky and Bogolyubov, PrivatBank’s two main former shareholders, said: “Loans to the companies referred to did not result in a loss of USD 1.7 billion, or indeed any loss, to PrivatBank.” “The loans were repaid and PrivatBank at all times held adequate collateral for those loans,” it said in a statement, describing any suggestion to the contrary as “unsubstantiated and groundless”. Asked to explain how the loans were repaid, representatives of Kolomoisky and Bogolyubov did not provide any details. HALLMARKS OF SHELL COMPANIES At the time of PrivatBank’s nationalisation, the central bank says the lender had a $5.6-billion hole in its balance sheet caused by shady lending practices, with almost all of its corporate loans made to related parties. In an effort to determine what happened to loans made by PrivatBank, Reuters reviewed court documents related to legal proceedings launched by Profit and other companies to recoup funds they say they were cheated out of, and court documents from the prosecutors. Reuters also reviewed state property registries and company documents, visited the addresses listed for some of the firms that received loans from PrivatBank and inspected some of the physical collateral later used to underpin the loans. Reuters found some of the firms that were granted loans or received payment for goods they did not deliver bear some of the hallmarks of shell companies. Correspondents visited the addresses where nine of the companies in London and Ukraine are listed but found none at these locations. Reuters has also seen a copy of a central bank assessment in 2016 of part of PrivatBank’s collateral that has not been made public. The assessment valued the collateral, which included physical assets, at $3.5 million compared to PrivatBank’s own assessment of $91 million. The central bank says this suggests the value of physical assets used as collateral for loans was artificially inflated by PrivatBank officials to give the impression the $1.7 billion of loans were insured against default. The collateral included a Soviet-era petroleum storage depot in Artsyz, 600 km (373 miles) south of the Ukrainian capital Kiev, which was valued at more than $12 million by PrivatBank but considered worthless by the central bank, according to the central bank’s assessment seen by Reuters. A Reuters reporter who visited the depot found sheep grazing there and was told by Artsyz Mayor Volodymyr Mikhov: “It has not operated for at least 10 to 15 years.” Deputy Central Bank Governor Kateryna Rozhkova says over 400 legal cases connected to the nationalisation have been launched by the former shareholders and parties related to them against the central bank, PrivatBank and the finance ministry. She said this pointed to unwillingness by the former shareholders to restructure and pay off the debt as promised, and was designed to “destabilise” the efforts of PrivatBank, the central bank and the finance ministry to recover the loans. The statement to Reuters on behalf of PrivatBank’s two main former shareholders said that by October 2016 the bank was performing well and implementing a plan agreed with the central bank, but the central bank “tore up the agreed plan and engineered an ‘insolvency’ event, which allowed the Government to nationalize the bank for political reasons.” Rozhkova denied nationalising PrivatBank was a conspiracy. RETURN TO SENDER From May 28 to Sept. 1, 2014, 42 companies registered in the Dnipropetrovsk region of eastern Ukraine transferred $1.7 billion to three firms registered in Britain and three in the British Virgin Islands, according to claims submitted by the 42 companies to the region’s commercial court. All 42 borrowed money from PrivatBank, whose headquarters is in the city of Dnipro, to pay in advance for goods ranging from manganese ore and fuel oil to cranes and mechanical diggers. None of the six firms delivered the goods and all deposited the money they received with the Cyprus branch of PrivatBank, according to the statements filed by the Ukrainian companies in court cases in which they are seeking back the money they paid. A Reuters correspondent who visited the addresses listed in London for the three British-registered companies -- Trade Point Agro, Teamtrend Limited and Collyer Limited -- found no sign of them there. Two of the London-listed companies, Trade Point Agro and Teamtrend, used to have a common director, while Teamtrend and Collyer have common company secretaries and directors. Letters to the firms requesting comment went unanswered. Reuters also sent two letters to each of the three firms registered in the British Virgin Islands -- Rossyn, Milbert Ventures and Ukrtransitservice. They also went unanswered. The deal between Trade Point Agro and Profit was typical of those outlined in the filings to the Dnipropetrovsk Regional Commercial Court. Trade Point Agro pulled out of the contract two months after signing it, saying it would no longer deliver the goods on the agreed terms, and agreed to pay the money back by Nov. 4 but failed to do so, the Dnipropetrovsk court’s records show. Although the records also show the court ruled on Dec. 8, 2014 in favour of Profit’s $48.5-million claim against Trade Point Agro, prosecutors say the money has never been paid back. A Reuters correspondent was unable to contact Profit using the information provided in the state register of business and could not find Profit at the address where it is registered -- with three other firms that received loans from PrivatBank -- in Vozyednania Street in Dnipro. Reuters also sent requests for comment to the registered addresses of all 42 companies by courier but all the letters were returned. Twenty-six of the 42 firms registered in Ukraine share the same registered address with one or more companies involved in court cases, company documents show. Additional reporting by Alessandra Prentice in Dnipro, Writing by Matthias Williams, Editing by Timothy Heritage
https://www.reuters.com/article/ukraine-privatbank/insight-ukraine-money-go-round-how-1-7-bln-in-bank-loans-ended-up-offshore-idUSL8N1NH0OQ
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AT&T backs away from deal to sell Huawei smartphones: Report
AT&T won't sell smartphones from Huawei, sources told the Wall Street Journal . Huawei was rumored to be in talks to sell its Mate 10 smartphone through AT&T by February. It would have been the first time the Chinese company, which is currently the world's third largest telecommunications equipment manufacturer, partnered with a major U.S. carrier. The deal was expected to be announced at CES in Las Vegas on Tuesday. However, the breakdown in the deal means Huawei's foray in the American market will be delayed. AT&T and Huawei did not immediately respond to CNBC requests for comment. - Additional reporting by Todd Haselton .
https://www.cnbc.com/2018/01/08/att-backs-away-from-deal-to-sell-huawei-smartphones-report.html
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Belgian police shoot man armed with knife at station
January 23, 2018 / 8:32 PM / Updated 14 minutes ago Belgian police shoot man armed with knife at station Reuters Staff 1 Min Read BRUSSELS (Reuters) - Belgian police shot a man armed with a knife at the main railway station in the western city of Ghent on Tuesday and the man was taken to hospital, state broadcaster VRT said. Belgium reduced its national threat level on Monday, saying a militant attack had become less likely almost two years after bombings killed 32 people in Brussels. The government reduced the threat level to two on a four-tier scale, indicating a medium risk. Authorities had been on alert at level three for the serious chance of an attack since the bombings on March 22, 2016. Local police were not immediately available for comment on the incident in Ghent. Reporting by Robin Emmott; Editing by Matthew Mpoke Bigg
https://www.reuters.com/article/us-europe-attacks-belgium/belgian-police-shoot-man-armed-with-knife-at-station-idUSKBN1FC2X1
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BP expects U.S. earnings uplift from tax reform
January 2, 2018 / 7:36 AM / Updated 2 hours ago BP sets $1.5 billion charge for U.S tax changes but sees long-term boost Ron Bousso 3 Min Read LONDON (Reuters) - Oil giant BP ( BP.L ) will take a one-off $1.5 billion (1 billion pounds) charge to adjust to new U.S. tax rules, but expects a long-term boost from the corporate-friendly tax rates, it said on Tuesday. BP logo is seen at a fuel station of British oil company BP in St. Petersburg, October 18, 2012. REUTERS/Alexander Demianchuk/Files BP’s rival Royal Dutch Shell ( RDSa.L ) said last week it would incur a one-off charge of $2-$2.5 billion for the U.S. tax changes. Like BP, Shell and many other international companies said they expected a long-term positive impact to U.S. earnings from the massive $1.5 trillion tax overhaul that U.S. President Donald Trump signed into law last month. It cuts the corporate rate from 35 percent to 21 percent and temporarily reduces the tax burden for most individuals as well. But BP said that in the short term, lower tax rates will affect its deferred tax assets and liabilities, resulting in a one-off, non-cash charge of $1.5 billion to its 2017 fourth quarter results which are due to be announced on Feb. 8. “The ultimate impact of the change in the U.S. corporate income tax rate is subject to a number of complex provisions in the legislation which BP is reviewing,” BP said in a statement. The British company’s shares closed down about 1 percent on Tuesday. The adjustment will not affect BP’s cash flow in the fourth quarter. Exxon Mobil Corp ( XOM.N ), the world’s largest publicly traded oil producer, declined to comment on how the U.S. tax changes would financially affect it. Chevron Corp ( CVX.N ) said it was studying the changes but still plans to invest $8 billion in the United States this year. Deferred tax assets refer in some cases to a company overpaying taxes in advance and then getting them back in the form of tax relief. BP has large operations in oil and gas production in the Gulf of Mexico and onshore shale operations as well as refineries that can process up to 746,000 barrels per day of crude oil, according to its website. On Dec. 22, Trump signed the tax overhaul into law, cutting tax rates for businesses and offering some temporary cuts for some individuals and families. Additional reporting by Arathy S Nair in Bengaluru and Ernest Scheyder in Houston; Editing by David Goodman, Mark Potter and David Gregorio
https://uk.reuters.com/article/uk-bp-outlook-tax/bp-expects-u-s-earnings-uplift-from-tax-reform-idUKKBN1ER0E2
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EU bank rescue agency seeks help to improve image
FRANKFURT (Reuters) - The European Union agency in charge of winding down failing banks is seeking external help to improve its image, tarnished by criticism of its handling of three collapsing lenders and of its preparedness for the task. Launched in 2014 to end an era of bank bailouts, the Single Resolution Board came under fire last year for deciding not to intervene in two failing Italian banks, weeks after forcing losses on some investors in Spanish lender Banco Popular. The Brussels-based agency, chaired by German regulator Elke Koenig, has hired Belgian public relations firm Finn for some advice on how to improve its communication, Finn and the SRB told Reuters. Finn is planning interviews with journalists and officials from EU and national institutions to help form its recommendations for the SRB. “Finn is supporting the SRB to continue developing its communication strategies and to enhance its visibility,” the firm’s co-founder, Kristien Vermoesen, told Reuters. A spokeswoman for the SRB said it would not publish Finn’s report, but the initiative was not linked to past cases. She added the contract was not advertised on the SRB’s website because it fell below a minimum threshold of 15,000 euro ($18,585.00). The institution set improving its “communication in times of crisis” as one of its objectives for this year. Popular’s rescue was hailed by the Spanish government and EU bodies as a successful first test of a tougher European regime to deal with troubled lenders, after Popular was hit by a bank run. But investors hurt by the intervention have argued that Popular was not necessarily on the verge of collapse, sparking a flurry of lawsuits against the SRB. The SRB has also been criticized for declaring two failing Italian banks too small to be resolved under European rules, allowing the Italian government to provide state aid with laxer conditions. EU auditors said last month that the SRB may not be fully prepared to deal with a new banking crisis, since had detailed resolution plans for only some of the banks and those available were “still missing key elements”. The SRB is intended to minimize the cost to taxpayers and depositors when failing banks are wound down, forcing the losses on their shareholders and bondholders instead. Reporting By Francesco Canepa, editing by Larry King
https://www.reuters.com/article/us-eu-banks-resolution/eu-bank-rescue-agency-seeks-help-to-improve-image-idUSKBN1FJ2M1
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India's Kotak Mahindra Bank Q3 profit up 20 pct
Jan 19 (Reuters) - Indian private sector lender Kotak Mahindra Bank Ltd posted a nearly 20 percent increase in third-quarter profit on Friday, helped by higher interest and fee income and as bad loans dropped. Net profit rose to 10.53 billion rupees ($165.11 million) in the quarter ended Dec. 31, from 8.80 billion rupees a year earlier, the country's fourth-largest private bank by assets said in a statement. bit.ly/2Dqnk5V Analysts on average had expected a net profit of 10.69 billion rupees, according to Thomson Reuters data. Gross bad loans as a percentage of total loans stood at 2.31 percent at end-December, compared with 2.47 percent in the previous quarter and 2.42 percent in the same period a year ago. Net interest income rose about 17 percent to 23.94 billion rupees. ($1 = 63.7750 Indian rupees) (Reporting by Vishal Sridhar in Bengaluru; Editing by Biju Dwarakanath)
https://www.reuters.com/article/kotak-mah-bk-results/indias-kotak-mahindra-bank-q3-profit-up-20-pct-idUSL3N1PE2I6
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Las Vegas hotels bet on technology to attract, dazzle guests
LAS VEGAS (AP) — It takes just minutes for a room service attendant to respond to a text message asking for a soda, bringing the Diet Coke on a tray with a glass of ice and lime wedges, no need for the modern hassle of placing a phone call. Thousands of guests at some of Las Vegas' casino-hotels also can get towels, food and toiletries delivered with just a few taps on their smartphone. It comes as the staples of hotel room technology — a phone on a nightstand and a flat-screen TV — aren't cutting it anymore in the hypercompetitive world of Sin City tourism. Guests can use tablets to control room features like lights and temperature. Shower infusers and special lights promise travelers a chance to recharge. And a 4-foot-tall (1-meter-tall) robot can point visitors to the nearest ATM. In the battle for millions of Las Vegas' tourists, voice-assisted speakers and purification systems also are part of the push to attract ever-more-demanding customers and keep them coming back. "The hotel brands or the casino brands are trying to make themselves evolve to become more relevant to a younger audience that is highly technologically enabled," said Robert Rippee, director of the Hospitality Lab at the University of Nevada, Las Vegas. Las Vegas hotels are not the only ones using such technology. The Acme Hotel Co. in Chicago put an Amazon Echo in every room and the Waldorf Astoria in Beverly Hills, California, has equipped rooms with iPads. But what sets Sin City properties apart is the volume of guests they handle, which can test the technology that must be easy to understand. "Let's say the tablet is a Microsoft Surface, but the tablet you use is an iPad, so you immediately have a gap," Rippee said. "You, as the user, now have to learn to use a product an operating system you are unfamiliar with. If you are here for two nights, you are going to discard it." Caesars Entertainment launched a texting service at its 3,976-room Caesars Palace casino-hotel on the Las Vegas Strip in August, months after rolling it out at two boutique hotels. Senior vice president and chief experience officer Michael Marino said the service aims to improve guests' stay after the company noticed a dip in phone calls. "It's not like they have less needs, it's just that something has happened over the last couple of years where people just don't like to call people anymore," Marino said. Four properties now have the service named Ivy, which the company credits for higher scores of two of its hotels on travel review website TripAdvisor. The service uses artificial intelligence to automatically answer common questions and requests, such as gym location and hours of operation. But trained staffers type back responses to more complex inquiries such as where Muslims should face to pray in the direction of the Kaaba in Mecca. "The window of your room faces to the East. If you pray facing the window, you will be oriented towards Mecca," Ivy answered within two minutes. The Cosmopolitan casino-hotel also launched a chatbot a year ago, around the same time Wynn Resorts announced that an Amazon Echo would be installed in every room of the Wynn Las Vegas casino-hotel. At the Aria and Vdara hotels, each room is equipped with a tablet with applications that allow guests to schedule breakfast delivery, access thousands of publications and adjust temperature and lights. Travelers also can choose special rooms at the MGM Grand and The Mirage with several lighting options, including one that helps the body's internal clock, and a device that infuses the shower's water with vitamin C. Meanwhile, a shiny white, wide-eyed standing robot named Pepper in the lobby of the luxury Mandarin Oriental hotel can answer a set of preprogrammed questions, including checkout time, how to connect to the Wi-Fi network and the location of the spa. "I've seen robots on TV, but never in person. It's so cute," said Ana Rosa Santiago, a Miami resident who took a selfie with Pepper. "I already sent it to all my family." Follow Regina Garcia Cano on Twitter at https://twitter.com/reginagarciakNO .
https://www.cnbc.com/2018/01/10/the-associated-press-las-vegas-hotels-bet-on-technology-to-attract-dazzle-guests.html
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Arrowhead Pharmaceuticals Closes Underwritten Public Offering with Gross Proceeds of $60.4 Million
PASADENA, Calif.--(BUSINESS WIRE)-- Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced that on January 22, 2018 it closed the previously announced underwritten public offering of 11,500,000 shares of its common stock, which included shares issued upon the exercise in full by the underwriters of their option to purchase 1,500,000 additional shares. The offering was priced at $5.25 per share, and the company received gross proceeds of approximately $60.4 million, before deducting underwriting discounts, commissions and other offering expenses payable by the company. Jefferies LLC and Barclays Capital Inc. acted as bookrunning managers for the offering, Cantor Fitzgerald & Co. acted as passive joint bookrunner for the offering and Chardan and B. Riley FBR, Inc. acted as co-managers for the offering. About Arrowhead Pharmaceuticals Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead’s RNAi-based therapeutics leverage this natural pathway of gene silencing. Safe Harbor Statement under the Private Securities Litigation Reform Act: This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding our expectations with respect to our proposed public offering. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including, without limitation, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K, and other SEC filings discuss some of the important risk factors that may affect our ability to achieve the anticipated results, as well as our business, results of operations and financial condition. Readers are cautioned not to place undue reliance on these forward-looking statements. Additionally, Arrowhead disclaims any intent to update these forward-looking statements to reflect subsequent developments. Source: Arrowhead Pharmaceuticals, Inc. View source version on businesswire.com : http://www.businesswire.com/news/home/20180122006355/en/ Arrowhead Pharmaceuticals, Inc. Vince Anzalone, CFA 626-304-3400 ir@arrowheadpharma.com or Investors and Media: LifeSci Advisors, LLC Brian Ritchie 212-915-2578 britchie@lifesciadvisors.com www.lifesciadvisors.com Source: Arrowhead Pharmaceuticals Inc.
http://www.cnbc.com/2018/01/22/business-wire-arrowhead-pharmaceuticals-closes-underwritten-public-offering-with-gross-proceeds-of-60-point-4-million.html
459
Spiders and fleas pack Albert Hall as Cirque du Soleil's Ovo hits London
January 10, 2018 / 6:11 PM / Updated an hour ago Spiders and fleas pack Albert Hall as Cirque du Soleil's Ovo hits London Reuters Staff 2 Min Read LONDON (Reuters) - London’s Royal Albert Hall was crawling with spiders, crickets, ants and fleas on Wednesday as Cirque du Soleil brought its insect-themed show Ovo to the famous venue for the first time. ‘Ovo’, which means egg in Portuguese, is about a day in the life of a community of 17 insects - portrayed by humans, not by insects - and how they cope with the arrival of a mysterious egg and the foreigner inside. The show features eye-catching aerial displays to vibrant South American musical rhythms and is the 25th live production from Cirque du Soleil, the one-time Canadian street performer troupe that grew into a global circus and entertainment colossus. Artistic director Tim Bennett said the show, which has been seen by over 5 million people since its premiere in Montreal eight years ago also carried an important message about social inclusion. “It’s an insular colony of insects into which walks a foreigner, and he’s initially rejected because he’s different,” Bennett told Reuters. “As they get to know him they realize that he’s actually much more similar to them than he is different.” Ovo opens on Wednesday and runs for eight weeks. Reporting by Sarah Mills; Writing by Patrick Johnston; Editing by Hugh Lawson
https://www.reuters.com/article/us-theatre-ovo-cirque-de-soleil/spiders-and-fleas-pack-albert-hall-as-cirque-du-soleils-ovo-hits-london-idUSKBN1EZ2DV
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Singer Neil Diamond diagnosed with Parkinson's disease, to retire from touring
January 23, 2018 / 4:08 AM / Updated 36 minutes ago Singer Neil Diamond diagnosed with Parkinson's disease, to retire from touring Jon Herskovitz 2 Min Read (Reuters) - U.S. singer-songwriter Neil Diamond, one of pop music’s all-time best-selling artists, has been diagnosed with Parkinson’s disease and plans to retire from touring, his official website said on Monday. The onset of the disease has made it difficult for him to travel and perform on a large-scale, a statement on the site said, adding he will be cancelling upcoming concert dates in Australia and New Zealand and offering refunds. “It is with great reluctance and disappointment that I announce my retirement from concert touring. I have been so honored to bring my shows to the public for the past 50 years,” Diamond said in the statement, offering apologies to those who purchased tickets to his upcoming shows. Diamond, known for hits including “Sweet Caroline” and “Cracklin’ Rosie,” said he plans to remain active in song writing and recording. FILE PHOTO: Honoree Neil Diamond performs a medley of his songs at the 2009 MusiCares Person of the Year gala in Los Angeles, U.S. February 6, 2009. REUTERS/Mario Anzuoni/File Photo Later this week, Diamond will turn 77 and on Sunday the Recording Academy plans to honor him with its Lifetime Achievement Award. Diamond has sold more than 130 million albums worldwide and 38 of his singles have made it to the Top 40, according to the academy. FILE PHOTO: U.S. singer Neil Diamond performs at the Glastonbury Festival 2008 in Somerset in south west England June 29, 2008. REUTERS/Luke MacGregor/File Photo Grammy-award winner Diamond, a fixture in American pop music since he began recording in the 1960s, has been inducted into the Rock and Roll Hall of Fame. “My thanks goes out to my loyal and devoted audiences around the world. You will always have my appreciation for your support and encouragement,” Diamond said. “This ride has been ‘so good, so good, so good’ thanks to you,” he said. Reporting by Jon Herskovitz in Austin, Texas; Editing by Neil Fullick
https://uk.reuters.com/article/us-people-diamond/singer-neil-diamond-diagnosed-with-parkinsons-disease-to-retire-from-touring-idUKKBN1FC0CU
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Duterte says may ban sending Filipinos to work in Kuwait due to abuses
MANILA (Reuters) - The Philippines suspended the sending of workers to Kuwait on Friday, its labour minister said, a day after the country’s president complained of abuses being inflicted on Filipino domestic helpers, leading to several suicides. Labour Secretary Silvestre Belo said the halt on sending workers to Kuwait would be in force “pending investigation of the causes of deaths of about six or seven of our OFWs”, he told Reuters, referring to Overseas Filipino Workers. There are more than 250,000 Filipinos in Kuwait, based on the Philippine foreign ministry’s estimate, most of them working as domestic helpers. There are also large numbers of Filipinos working in the United Arab Emirates, Saudi Arabia and Qatar. Bello did not refer to specific cases or give a timeframe for when the deaths took place. Duterte, who is hugely popular among the Filipino diaspora, on Thursday said he was thinking of banning workers from going to Kuwait because the Philippines had recently “lost four women” there, referring to domestic helpers he said had been abused and committed suicide. He said he was aware of many cases of sexual abuse endured by Filipino women and wanted to raise it with the Kuwait government and “state the truth and just tell them that it’s not acceptable anymore”. The Kuwait foreign ministry could not be reached for comment and its embassy in Manila did not respond immediately to questions sent on Friday by Reuters. More than 2.3 million Filipinos are documented as working abroad. Collectively they remit more than $2 billion of their income back to the Philippines every month, money that fuels robust consumer spending in one of the world’s fastest-growing economies. Duterte on Thursday said he did not want to quarrel with Kuwait and respected its leaders, but said they needed to do something to stop the abuse. “Many of the women commit suicide. They claim abuse, sexually and all, and they endure,” he said. Additional reporting by Manuel Mogato and Neil Jerome Morales; Writing by Martin Petty and Enrico dela Cruz; Editing by Nick Macfie
https://www.reuters.com/article/us-philippines-kuwait-labour/duterte-says-may-ban-sending-filipinos-to-work-in-kuwait-due-to-abuses-idUSKBN1F80DT
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Morgan Stanley to take $1.25 bln hit in Q4 from tax bill
January 5, 2018 / 12:08 PM / Updated an hour ago Morgan Stanley to take $1.25 bln hit in Q4 from tax bill Reuters Staff 1 Min Read Jan 5 (Reuters) - Morgan Stanley said on Friday it would take a $1.25 billion hit in its fourth-quarter earnings due to a cut in corporate tax rate as part of the U.S. tax code overhaul. The net blow of the bill to the bank will include about a $1.4 billion net discrete tax provision, mainly due to the remeasurement of certain net deferred tax assets using the lowered corporate tax rate, the company said in a filing. It would be offset by $160 million in other positive effects, Morgan Stanley added.( bit.ly/2m0QVsB ) Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur
https://www.reuters.com/article/usa-tax-morgan-stanley/morgan-stanley-to-take-1-25-bln-hit-in-q4-from-tax-bill-idUSL4N1P03QC
136
Virginia Tech tops short-handed Notre Dame
Justin Bibbs scored 20 points and Chris Clarke contributed six points in the final minute as Virginia Tech downed injury-riddled Notre Dame 80-75 on Saturday night in South Bend, Ind. Clarke contributed 12 points, 14 rebounds and four assists off the bench for Virginia Tech, which was coming off an 80-69 upset of No. 10 North Carolina. Justin Robinson posted 12 points and seven assists and Nickeil Alexander-Walker added 11 points for the Hokies (15-6, 4-4 Atlantic Coast Conference). TJ Gibbs led the Irish (13-8, 3-5) with 27 points and five assists. John Mooney had 15 points and 11 rebounds, and Rex Pflueger also tossed in 15 points for Notre Dame, which has lost five straight for the first time since 2009. The Fighting Irish are scrambling without three of their best players. Forward Bonzie Colson has a broken foot, point guard Matt Farrell is sidelined due to a bone bruise to his ankle, and guard D.J. Harvey has a knee injury. Notre Dame has started seven different lineups in eight conference games. Notre Dame shot just 26.7 percent during the first half but was down just seven points at halftime after Gibbs swished a half-court shot at the buzzer. Virginia Tech shot 44.8 percent and committed only three turnovers but attempted just two free throws before the break. An 11-4 spurt by Virginia Tech early in the second half extended the lead to 56-42. Bibbs fueled the run, as he scored the first five points and then assisted on 3-point buckets by Robinson and Ahmed Hill. A Bibbs 3-pointer with 12:14 left made it 59-44, but a 15-3 outburst got the Irish back in it. Gibbs was the sparkplug, scoring seven points and dishing out two assists in that span. Mooney’s put-back with 3:14 left brought Notre Dame within 72-70. Notre Dame’s Nikola Djogo missed a potential go-ahead 3-pointer in the final minute. Clarke then had a tip-in, two free throws and a dunk to seal Virginia Tech’s victory. Last season, the Irish ended the Hokies’ 15-game home winning streak with a 76-71 victory. --Field Level Media
https://www.reuters.com/article/basketball-ncaa-ndam-vpi-recap/virginia-tech-tops-short-handed-notre-dame-idUSMTZEE1S8XN7QX
378
CloudBees Appoints Matt Parson as Chief Financial Officer
SAN JOSE, Calif.--(BUSINESS WIRE)-- CloudBees, Inc. , the hub of enterprise Jenkins and DevOps, today announced that Matt Parson, former treasurer at Red Hat, Inc., has joined CloudBees as chief financial officer, reporting to Sacha Labourey, CEO and co-founder. Parson brings nearly two decades of successful financial leadership experience to CloudBees. While at NYSE-listed Red Hat, Parson was an integral part of the finance team for more than a decade. During this time, the company’s revenue grew from about $200 million to almost $3 billion, and Red Hat became the largest open source enterprise IT company in the world. Parson helped manage the organization’s tremendous growth, from about 800 employees to nearly 11,500 worldwide. Early in his Red Hat tenure, Parson gained international experience holding the position of EMEA finance director working in Ireland, then later becoming international controller, where he established new entities and managed finance teams across Europe, Asia and South America. “Matt has a robust financial background with extensive experience working with a multibillion-dollar open source company,” said Labourey. “His background speaks for itself. He has proven experience growing revenue and managing international financial teams. He’s joining us at an opportune time, as CloudBees looks to continue our momentum and accelerate through our next phase of growth.” "I believe that Matt is uniquely qualified to drive the CloudBees financial strategy,” said Charlie Peters, CloudBees board member. “Matt has experience in high-growth environments, a deep knowledge of financial systems and familiarity with CloudBees customers, markets and subscription revenue models.” Parson started his career in public accounting where he spent about six years with three of the Big 4 accounting firms, including Arthur Andersen, Ernst & Young and KPMG. During this time, he worked with large public companies and smaller private companies in industries ranging from technology to healthcare to financial services. Following his years in public accounting, Parson went to Red Hat where he worked his way from director, internal audit to treasurer. “I couldn’t be more excited to join CloudBees. The board and the management team are a remarkable group of professionals,” said Parson. “Furthermore, the CloudBees position within the DevOps industry is very impressive, and the DevOps movement has only just begun. I see huge opportunity for the company and feel strongly that 2018 is going to be a banner year for CloudBees.” About CloudBees CloudBees is the hub of enterprise Jenkins and DevOps, providing companies with smarter solutions for automating software development and delivery. CloudBees starts with Jenkins, the most trusted and widely-adopted continuous delivery platform, and adds enterprise-grade security, scalability, manageability and expert-level support. By making the software delivery process more productive, manageable and hassle-free, CloudBees puts companies on the fastest path to transforming great ideas into great software and returning value to the business more quickly. Backed by Matrix Partners, Lightspeed Venture Partners and Verizon Ventures, CloudBees was founded in 2010 by former JBoss CTO Sacha Labourey and an elite team of continuous integration, continuous delivery and DevOps professionals. Follow CloudBees on Twitter , Facebook , LinkedIn and Google+ . View source version on businesswire.com : http://www.businesswire.com/news/home/20180116006172/en/ PAN Communications Media Contacts: Katelyn Campbell, +1-617-502-4300 cloudbees@pancomm.com Source: CloudBees, Inc.
http://www.cnbc.com/2018/01/16/business-wire-cloudbees-appoints-matt-parson-as-chief-financial-officer.html
546
Taiwan calls China's new aviation routes in Taiwan Strait irresponsible
TAIPEI (Reuters) - Taiwan’s government has called China’s recent unilateral expansion of civil aviation routes in the Taiwan Strait an irresponsible act that threatens regional security, in the latest row between Beijing and the self-ruled island. China opened several disputed air routes last week, including a northbound M503 route in the Taiwan Strait, without informing Taiwan, contravening what the democratic government in Taipei said is a 2015 deal to first discuss such flight paths. Taiwan’s President Tsai Ing-wen, after meeting with ministry heads to assess the situation on Sunday, said the move ”not only seriously affects aviation safety, but also damages the current situation in the Taiwan strait. “This kind of unilateral changing of the situation, this practice that harms regional stability, is not something that will be viewed favourably by the international community,” Tsai said in a statement. Tsai, who also said during her meeting with officials that China’s increased military activities in the region were threatening stability, called on Beijing to give priority to restore technical discussions on the flight paths. Beijing’s move comes as China has pressed ahead with a military modernisation programme that includes building aircraft carriers and stealth fighters to give it the ability to project power far from its shores, and stepped up what it calls “island encirclement patrols” near Taiwan. Last Thursday, China’s civil aviation authority said in a statement announcing the new routes that planes “will strictly follow the announced flight path”. “In recent years, the scheduled flights for the strait’s west coast airspace have quickly increased, and the delays are becoming more critical. Using the northbound M503 and related routes will effectively ease the currently existing air route’s traffic pressure,” it said. China considers Taiwan a wayward province, and broke off official communication with the Taiwan government after Tsai’s independence-leaning Democratic Progressive Party won power in 2016. China suspects Tsai wants to push for formal independence though, she has said she wants to maintain the status quo with China and is committed to ensuring peace. Reporting by Jess Macy Yu; Additional reporting by Brenda Goh and Michael Martina; Editing by Michael Perry
https://in.reuters.com/article/china-taiwan-flights/taiwan-calls-chinas-new-aviation-routes-in-taiwan-strait-irresponsible-idINKBN1EX0IM
362
Koreas to form unified ice hockey team, march together in Winter Olympics
The two Koreas will field a combined women's ice hockey team and march together under one flag at next month's Winter Olympics in the South, Seoul said on Wednesday, after a new round of talks amid a thaw in cross-border ties. North and South Korea have been talking since last week - for the first time in more than two years - about the Olympics, offering a respite from a months-long standoff over Pyongyang's pursuit of nuclear and missile programmes, although Japan urged caution over the North's "charm offensive". Handout: South Korean Ministry of Unification Officials from South Korea and North Korea meet to discuss the North's participation in the 2018 Winter Olympics. The two Koreas will compete as a unified team in the Olympics for the first time, though they have joined forces at other international sports events before. North Korea will send a delegation of more than 400, including 230 cheerleaders, 140 artists and 30 Taekwondo players for a demonstration, a joint press statement released by Seoul's unification ministry said, adding the precise number of athletes will be hammered out after discussions with the IOC. Prior to the Games, the sides will carry out joint training for skiers at the North's Masik Pass resort and a cultural event at the Mount Kumgang resort, for which Seoul officials plan to visit the sites next week. The delegation is expected to begin arriving in South Korea on Jan. 25, the statement said. The North will separately send a 150-strong delegation to the Paralympics. Twenty nations meeting in the Canadian city of Vancouver agreed on Tuesday to consider tougher sanctions to press North Korea to give up its nuclear weapons and U.S. Secretary of State Rex Tillerson warned the North it could trigger a military response if it did not choose dialogue. Japanese Foreign Minister Taro Kono said the world should not be naive about North Korea's "charm offensive" over the Olympics. "It is not the time to ease pressure, or to reward North Korea," Kono said. "The fact that North Korea is engaging in dialogue could be interpreted as proof that the sanctions are working." The Kim dynasty: North Korea's secretive rulers Getty Images | JIJI Press | AFP North Korean leader Kim Jong Un has refused to give up development of nuclear missiles capable of hitting the United States in spite of increasingly severe U.N. sanctions, raising fears of a new war on the Korean peninsula. The North has fired test-fired missiles over Japan. In state media this week, the North warned the South of spoiling inter-Korean ties by insisting it gives up its nuclear weapons. "We will work actively to improve North-South Korean relations but will not stand still to actions that are against unification," the North's Rodong Sinmun newspaper said. The South's Unification Ministry said the two sides exchanged opinions on several issues, including the size of the North Korean athletics team and joint cultural events. Icy reception Seoul has proposed a joint ice hockey team, which triggered an angry response from athletes in the South suddenly being told they may have to play alongside total strangers. "I don't know if it will happen, but a joint team will be a good opportunity for ice hockey to shed its sorrow as a less-preferred sport as many Koreans will take interest," South Korean President Moon Jae-in told players during a visit to a training centre. The number of petitions to the presidential Blue House's website opposing a unified team climbed to more than 100 this week, with the most popular petition gaining more than 11,000 votes. "This isn't the same as gluing a broken plate together," said one of the signers. Paik Hak-soon, the director of the Centre for North Korean studies at Sejong Institute in South Korea, said North Korea was using the cheering squad to draw attention to its apparent cooperative spirit. "Seeing good results in competitions thanks to the cheering squad would enable the North Koreans to say they contributed to a successful Olympics and the South Korean government would likely agree," said Paik. "In the end, they are using this old tactic to get to Washington through Seoul." Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. On Tuesday, officials from North and South agreed a 140-person North Korean orchestra would perform in South Korea during the Games. Pyongyang is also planning to send a large delegation in addition to the athletes and orchestra. Reclusive North Korea and the rich, democratic South are technically still at war because their 1950-53 conflict ended in a truce, not a peace treaty. The North regularly threatens to destroy the South, Japan and their major ally, the United States. China, which did not attend the Vancouver meeting, said on Wednesday the gathering showed a Cold War mentality and would only undermine a settlement of the North Korea problem.
https://www.cnbc.com/2018/01/17/koreas-to-form-unified-ice-hockey-team-march-together-in-winter-olympics.html
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American Express set to report earnings after the bell
Getty Images American Express chairman and CEO Kenneth Chenault American Express announced it will be temporarily suspending its buyback program after the recent tax overhaul. In the company's Thursday earnings release, CEO Ken Chenault said AmEx will suspend its buyback program for the first half of the year. The CEO said the company made this decision to rebuild its capital because of the upfront charge triggered by the new tax law. He said, however, that the company will continue to pay its quarterly dividend. Chenault said he believes the new tax law will ultimately have a positive effect on both the U.S. economy and the company. American Express also reported quarterly earnings and revenue that beat analysts' expectations on Thursday. Here's how the company did compared with what Wall Street expected: EPS: $1.58 vs. $1.54 expected according to Thomson Reuters Revenue: $8.84 billion vs. $8.72 billion expected according to Thomson Reuters The company's stock dipped nearly 2 percent after the company released its filing with the Securities and Exchange Commission. In October, the company announced that Chenault would be retiring in February. Chenault will be succeeded by current Vice Chairman Stephen Squeri. Berkshire Hathaway's legendary value investor and longtime AmEx stakeholder Warren Buffett praised Chenault's impact on the company. "Ken built on its storied history — not by abandoning traditional strengths, but by building on them and adding new ones," Buffett said. The company is expected to benefit from the tax reform legislation recently passed by congressional Republicans and the Trump administration. In its first analyst report on the financial services giant, Deutsche Bank gave AmEx a "buy" rating due in part to the anticipated effects of tax reform and deregulation. This is breaking news. Please check back for updates. Kevin Breuninger Special to CNBC.com Related Securities
https://www.cnbc.com/2018/01/18/american-express-axp-amex-earnings-q4-2017.html
307
CatchMark Scheduled to Release Fourth Quarter 2017 Earnings on February 15, 2018
ATLANTA, Jan. 23, 2018 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) will release its fourth quarter 2017 earnings on Thursday, February 15, 2018, following the market close. The company will host a conference call and live webcast at 10 a.m. ET on Friday, February 16, 2018 to discuss these results. Investors may listen to the conference call by dialing 1-888-347-1165 for U.S/Canada and 1-412-902-4276 for international callers. Participants should ask to be joined into the CatchMark call. Access to the live webcast will be available at www.catchmark.com . A replay of this webcast will be archived on the company's website shortly after the call. About CatchMark CatchMark Timber Trust, Inc. (NYSE: CTT) is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests and well-timed sales. Headquartered in Atlanta and focused exclusively on timberland ownership, CatchMark began operations in 2007 and owns interests in approximately 502,400 acres* of timberland located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com . From time to time, CatchMark releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts regarding new postings. Enrollment information is found in the "Investors Relations" section of www.catchmark.com . *As of September 30, 2017 View original content with multimedia: http://www.prnewswire.com/news-releases/catchmark-scheduled-to-release-fourth-quarter-2017-earnings-on-february-15-2018-300586949.html SOURCE CatchMark Timber Trust, Inc.
http://www.cnbc.com/2018/01/23/pr-newswire-catchmark-scheduled-to-release-fourth-quarter-2017-earnings-on-february-15-2018.html
277
Peabody To Announce Results For The Quarter And Year Ended December 31, 2017
ST. LOUIS, Jan. 10, 2018 /PRNewswire/ -- On Wednesday, Feb. 7, 2018, Peabody (NYSE: BTU) will announce results for the quarter and year ended Dec. 31, 2017. A conference call with management is scheduled for 10 a.m. CST on Wednesday, Feb. 7. Participants may access the call using the following phone numbers: U.S. and Canada (888) 312-3049 Australia 1800 849 976 United Kingdom 0808 238 9907 For all other international participants, please contact Peabody Investor Relations at (314) 342-7900 prior to the call to receive your dial-in number. The call, replay and other investor data will also be available at PeabodyEnergy.com . Peabody is the world's largest private-sector coal company and a leading voice in advocating for sustainable mining, energy access and clean coal technologies. Peabody serves metallurgical and thermal coal customers in more than 25 countries on five continents. For further information, visit PeabodyEnergy.com . Contact: Stephanie Weiler 314.342.7900 View original content with multimedia: http://www.prnewswire.com/news-releases/peabody-to-announce-results-for-the-quarter-and-year-ended-december-31-2017-300580849.html SOURCE Peabody
http://www.cnbc.com/2018/01/10/pr-newswire-peabody-to-announce-results-for-the-quarter-and-year-ended-december-31-2017.html
186
Rugby League-Widnes and Papua New Guinea centre Ottio dies aged 23
January 8, 2018 / 9:45 PM / Updated 19 hours ago Widnes and Papua New Guinea centre Ottio dies aged 23 Reuters Staff 2 Min Read MANCHESTER, England (Reuters) - Widnes Vikings and Papua New Guinea centre Kato Ottio has died at the age of 23 after suffering “a sudden health issue” in training, the English rugby league club said on Monday. Ottio was expected to travel to England next week to get ready for the start of the new Super League season in February having signed for Widnes from Canberra in December. The centre was part of the Papua New Guinea side which lost to England in November’s World Cup quarter-finals. James Rule, CEO of Widnes Vikings, told the team’s official website: “We are devastated to learn that Kato Ottio has passed away this afternoon. Kato was an incredibly talented player, with a bright future ahead of him in Rugby League. ”This news is all the more tragic, because Kato was due to travel to the UK this week to fulfil his dream of playing first-grade Rugby League. We had been in regular contact with Kato and were excited to welcome a bright, excited and passionate young man, who had genuine potential for the future. “Widnes Vikings will of course be looking to celebrate Kato’s life and pay our sincere respects to someone who we believe would have become a hero at our club”. The club said they were “still learning the full facts of this situation”. Reporting by Simon Evans, editing by Pritha Sarkar
https://uk.reuters.com/article/uk-rugby-league-ottio/widnes-and-papua-new-guinea-centre-ottio-dies-aged-23-idUKKBN1EX2C3
259
Businesses warn of risks of tighter rules on U.S. foreign investment
January 18, 2018 / 7:50 PM / in 40 minutes Businesses warn of risks of tighter rules on U.S. foreign investment Diane Bartz 3 Min Read WASHINGTON, Jan 18 (Reuters) - Proposals before the U.S. Senate and House to tighten rules on foreign investment into critical technologies could cause companies to take their research and development overseas to avoid scrutiny, critics said on Thursday. Businesses that see risks from the bills testified at a hearing by the Senate Committee on Banking, Housing and Urban Affairs. The bills before the House of Representatives and the Senate would allow the inter-agency Committee on Foreign Investment in the United States, known as CFIUS, to review minority investments and some intellectual property arrangements. International Business Machines Corp is worried that it would be forced to ask permission to sell computers or license software overseas, company Vice President Christopher Padilla said. “This bill would impose a very onerous - and entirely unilateral - set of restrictions on outbound transactions of U.S. companies,” Padilla said in written testimony. Scott Kupor, chair of the National Venture Capital Association, said Chinese investments in U.S. funds could make those funds vulnerable to CFIUS reviews if they tried to invest in high-tech companies, even though those investors were given no sensitive information beyond valuation and accounting data. Republican Senator John Cornyn, the driving force behind the bill, told the committee that he was an ardent supporter of foreign investment but that investment from China needed new, tougher scrutiny because of the threat it poses. “China uses both legal and illegal means to turn our own technology and know-how against us and erase our national security advantage. One of these tools is investment,” Cornyn told the committee. Former Democratic President Barack Obama had increased scrutiny of Chinese investment, but Republican President Donald Trump’s administration has taken a harder line on issues ranging from Beijing’s role in restraining North Korea to Chinese efforts to acquire U.S. strategic industries. The hearing came a day after CFIUS approved a $15 million deal for Beijing-based Naura Microelectronics Equipment Co Ltd to buy Akrion System LLC, a U.S. semiconductor manufacturing equipment company. The approval is one of only a handful granted to Chinese transactions by CFIUS under the Trump administration. The agency has killed a series of high-profile deals since Trump took office. The Senate version of the CFIUS bill has 10 co-sponsors. The House version, which recently picked up Representatives Pete Sessions as a co-sponsor, has 23, according to a congressional aide who spoke privately. (Reporting by Diane Bartz; Editing by Leslie Adler)
https://www.reuters.com/article/usa-ma-congress/businesses-warn-of-risks-of-tighter-rules-on-u-s-foreign-investment-idUSL1N1PD1PN
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State Auto Financial Announces Fourth Quarter and Year 2017 Earnings Conference Call
COLUMBUS, Ohio--(BUSINESS WIRE)-- State Auto Financial Corporation (NASDAQ:STFC) will discuss its fourth quarter and year 2017 results in a conference call on Tuesday, Feb. 20, 2018, at 11 a.m. ET. The company plans to release its results on Feb. 20, 2018, before the open of regular trading on the Nasdaq Stock Market. WHAT: STFC fourth quarter and year 2017 earnings conference call WHEN: Tuesday, Feb. 20, 2018, at 11 a.m. ET HOW: Webcast at http://www.StateAuto.com/STFC REPLAY: Available via the link above approximately one hour after the call ends CONTACT: Tara Shull, 614.917.4478 About State Auto Financial Corporation State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company and is proud to be a Trusted Choice® company partner. STFC stock is traded on the NASDAQ Global Select Market, which represents the top fourth of all NASDAQ listed companies. The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies, which include retail agencies and wholesale brokers. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information on State Auto Financial Corporation and the State Auto Insurance Companies can be found online at http://www.StateAuto.com/STFC . View source version on businesswire.com : http://www.businesswire.com/news/home/20180102005880/en/ State Auto Financial Corporation Media contact: Kyle Anderson, 614-917-5497 Kyle.Anderson@StateAuto.com or Investor contact: Tara Shull, 614-917-4478 Tara.Shull@StateAuto.com Source: State Auto Financial Corporation
http://www.cnbc.com/2018/01/02/business-wire-state-auto-financial-announces-fourth-quarter-and-year-2017-earnings-conference-call.html
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South African ministry agrees to pay state broadcaster $12,200 for interview, stirs outcry
JOHANNESBURG (Reuters) - South Africa’s social development ministry has provoked an outcry after admitting it agreed to pay state broadcaster SABC 149,000 rand ($12,200) of public money to conduct a lengthy interview with its scandal-prone head last month. The SABC aired the interview with Bathabile Dlamini, an ally of President Jacob Zuma and senior figure in the ruling African National Congress (ANC), on a popular talk show just a week before the ANC elected its new leadership. Dlamini was sharply criticized by South Africa’s top court last year for her role in a fiasco which threatened the payment of welfare benefits to 17 million people. She was re-elected to the ANC’s national executive in December. Dlamini’s spokeswoman said it was normal practice for the social development ministry to pay to get its message across and that the interview was not been timed to coincide with the ANC leadership conference. A spokesman for the SABC said the interview was filmed for an entertainment program and that 149,000 rand was not a large sum for such an interview. He said the SABC had decided not to accept the cash from the government and recognized it had broken its editorial policies. As president, Zuma appoints the board of the SABC. His presidency has been tarnished by a series of corruption scandals, including allegations that Zuma’s friends have influenced government appointments. Zuma denies any wrongdoing. Anton Harber, a professor of journalism at Wits University in Johannesburg, said the Dlamini interview had harmed the SABC’s journalistic credibility because the broadcaster had not disclosed that it was paid for. Harber joked on Twitter: ”Welcome to the SABC, Madam Minister. Are you an interviewee today, or a client? Reporting by Alexander Winning; Editing by Richard Balmforth
https://www.reuters.com/article/us-safrica-politics-dlamini/south-african-ministry-agrees-to-pay-state-broadcaster-12200-for-interview-stirs-outcry-idUSKBN1F82EH
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Currency war is last thing world needs: ECB's Coeure
34 AM / Updated 21 minutes ago Currency war is last thing world needs: ECB's Coeure Reuters Staff 1 Min Read DAVOS (Reuters) - Major economies should not target their exchange rates for competitive purposes and discussions among policymakers over currencies should be confined to official fora, European Central Bank board member Benoit Coeure said on Friday. ”The last thing the world needs today is a currency war,“ Coeure said a panel at the World Economic Forum in Davos. ”We live in a world of floating exchange rates, we live in a world where exchange rates are not and should not be targeted for competitive purposes. “We see lots of volatility created recently by different statements and I think that’s just not helpful,” Coeure said. “Volatility is not helpful and if that would reach a point where it would create any unwarranted consequence for us, any unwarranted tightening for monetary policy, we would have to reassess.” Coeure’s comments come after U.S. officials earlier this week made the case for a weak dollar, sending the greenback tumbling against the euro. Reporting by Noah Barkin and Silvia Aloisi; Writing by Balazs Koranyi; Editing by Francesco Canepa
https://uk.reuters.com/article/us-davos-meeting-ecb/currency-war-is-last-thing-world-needs-ecbs-coeure-idUKKBN1FF175
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'Star Wars' passes 'Beauty and the Beast' as top 2017 earner
LOS ANGELES (AP) — On the last day of the calendar year, "Star Wars: The Last Jedi" has surpassed "Beauty and the Beast" as the top grossing film in North America in 2017. It also topped the charts for the weekend for the third time, but just barely — Dwayne Johnson's "Jumanji: Welcome to the Jungle" is close on its tail. According to studio estimates on Sunday, "The Last Jedi" will add $52.4 million over the weekend bringing its domestic total to $517.1 million. "Beauty and the Beast," also a Disney release, netted out with $504 million for the year. With the weekend's earnings, "The Last Jedi" will also cross the $1 billion mark globally — even before it opens in China on Jan. 5. But "Star Wars" is facing some hefty competition still, from the likes of The Rock, Jack Black and Kevin Hart, whose "Jumanji" sequel took in $50.6 million in its second weekend in theaters to take second place. The Columbia Pictures film has earned a stunning $169.8 million to date and could even reach $300 million domestically by the end of its run. The acapella franchise "Pitch Perfect 3" took third place in weekend two, with $17.8 million, bringing its total to $64.3 million — still less than what "Pitch Perfect 2" earned on its opening weekend alone in May 2015 ($69.2 million). Another musical, "The Greatest Showman," with Hugh Jackman as P.T. Barnum, came in fourth place with $15.3 million after adding 310 screens. The animated kids film "Ferdinand" took fifth with $11.7 million. In its first weekend in theaters after debuting on Christmas Day, Ridley Scott's "All the Money in the World" took in $5.5 million, bringing its total to $12.6 million. The film got some added recognition when Scott replaced Kevin Spacey with Christopher Plummer and reshot portions of the film only 6 weeks before it was set to hit theaters. But the hype of the impressive feat hasn't translated into big earnings. Another adult-targeted film, Alexander Payne's "Downsizing," is struggling in theaters, taking in $4.6 million in its second weekend in theaters. The Matt Damon-starrer has earned only $17.1 million to date against a $68 million production budget. In limited release, Aaron Sorkin's "Molly's Game," starring Jessica Chastain, earned $2.33 million. The film about the "poker princess" Molly Bloom expands on Jan. 5. And Paul Thomas Anderson's "Phantom Thread" earned $220,000 from four theaters over the weekend after its Christmas opening. Starring Daniel Day-Lewis as a designer, "Phantom Thread" has grossed $531,000 to date. "As end of year marketplaces go, this is a great time to be a moviegoer," said Paul Dergarabedian, a senior media analyst for comScore. "There are so many movies out there, the only trick is how do you see all of them." The year as a whole will surpass $11 billion again, with comScore projecting $11.12 billion, which is down 2.3 percent from last year's record-breaking grosses ($11.4 billion), and almost on par with 2015's $11.14 billion. "We actually had a really great end of year surge," Dergarabedian said. "'Star Wars' adding about a half billion dollars didn't hurt. But 'Star Wars' didn't do this alone. It's not just about the big movies at the top, it's also about the smaller movies that provided a really great foundation. Every dollar counts." Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. Final domestic figures will be released Tuesday. 1."Star Wars: The Last Jedi," $52.4 million ($68 million international). 2."Jumanji: Welcome to the Jungle," $50.6 million ($67 million international). 3."Pitch Perfect 3," $17.8 million ($13.1 million international). 4."The Greatest Showman," $15.3 million ($28.5 million international). 5."Ferdinand," $11.7 million ($23.1 million international). 6."Coco," $6.6 million ($21.4 million international). 7."All the Money in the World," $5.5 million ($1.4 million international). 8."Darkest Hour," $5.3 million. 9."Downsizing," $4.6 million ($1.4 million international). 10."Father Figures," $3.7 million. Estimated ticket sales for Friday through Sunday at international theaters (excluding the U.S. and Canada), according to comScore: 1. "Star Wars: The Last Jedi," $68 million. 2. "Jumanji: Welcome to the Jungle," $67 million. 3. "Ex-File 3 (Quan Ren 3)," $41.1 million. 4. "Goldbuster (Yao Ling Ling)," $38.4 million. 5. "Youth," $28 million. 6. "Hanson and the Beast," $25.5 million. 7. "Ferdinand," $23.1 million. 8. "Namiya," $21.4 million. 9. "Coco," $21.4 million. 10. "Along with the Gods: The Two Worlds," $20.1 million. Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by 21st Century Fox; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC. Follow AP Film Writer Lindsey Bahr on Twitter at: http://twitter.com/ldbahr
https://www.cnbc.com/2017/12/31/the-associated-press-star-wars-passes-beauty-and-the-beast-as-top-2017-earner.html
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Exclusive: Pakistan plans takeover of charities run by Islamist figure U.S. has targeted
January 1, 2018 / 9:08 AM / in 2 hours Exclusive - Pakistan plans takeover of charities run by Islamist figure U.S. has targeted Asif Shahzad 7 Min Read ISLAMABAD (Reuters) - Pakistan’s government plans to seize control of charities and financial assets linked to Islamist leader Hafiz Saeed, who Washington has designated a terrorist, according to officials and documents reviewed by Reuters. Hafiz Muhammad Saeed (C), chief of the Islamic charity organisation Jamaat-ud-Dawa (JuD), speaks to supporters during a gathering to protest against Trump's decision to recognise Jerusalem as the capital of Israel, in Rawalpindi, Pakistan December 29, 2017. REUTERS/Faisal Mahmood Pakistan’s civilian government detailed its plans in a secret order to various provincial and federal government departments on Dec. 19, three officials who attended one of several high-level meeting discussing the crackdown told Reuters. Marked “secret”, a Dec. 19 document from the finance ministry directed law enforcement and governments in Pakistan’s five provinces to submit an action plan by Dec. 28 for a “takeover” of Saeed’s two charities, Jamaat-ud-Dawa (JuD) and the Falah-e-Insaniat Foundation. The United States has labelled JuD and FIF “terrorist fronts” for Lashkar-e-Taiba (“Army of the Pure” or LeT), a group Saeed founded in 1987 and which Washington and India blame for the 2008 attacks in Mumbai that killed 166 people. Saeed has repeatedly denied involvement in the Mumbai attacks and a Pakistani court saw insufficient evidence to convict him. The LeT could not be reached for comment. The Dec. 19 document, which refers to “Financial Action Task Force (FATF) issues”, names only Saeed’s two charities and “actions to be taken” against them. The FATF, an international body that combats money laundering and terrorist financing, has warned Pakistan it faces inclusion on a watch list for failing to crack down on financing terrorism. Asked about a crackdown on JuD and FIF, Interior Minister Ahsan Iqbal, who co-chaired one of the meetings on the plan, responded only generally, saying he has ordered authorities “to choke the fundraising of all proscribed outfits in Pakistan”. In a written reply to Reuters, he also said Pakistan wasn’t taking action under U.S. pressure. “We’re not pleasing anyone. We’re working as a responsible nation to fulfil our obligations to our people and international community.” In response to the Reuters article, JuD spokesman Yahya Mujahid said the organisation will go to court if the government decides to take over JuD and FIF. “We will not keep silent. We will fight a legal battle,” Mujahid said in statement, terming the government move illegal. Saeed could not be reached for comment. He has frequently denied having ties to militants and says the charitable organisations he founded and controls have no terrorism ties. He says he promotes an Islamic-oriented government through doing good works. On Monday, some of the first directives from the proposed crackdown were put in place. The country’s financial regulator, Securities and Exchange Commission of Pakistan (SECP), issued an order that “prohibits” all companies from donating money to Saeed, LeT, JuD, FiF and other groups and individuals who are named on the U.N. Security Council sanctions lists. In the capital Islamabad, the district magistrate banned proscribed organisations from “fund-raising in any kind and social, political, welfare and religious activities by these groups”, according to an order reviewed by Reuters. Hafiz Muhammad Saeed, chief of the Islamic charity organisation Jamaat-ud-Dawa (JuD), speaks to supporters during a gathering to protest against Trump's decision to recognise Jerusalem as the capital of Israel, in Rawalpindi, Pakistan December 29, 2017. REUTERS/Faisal Mahmood The two-month ban, which can be extended, was put into place “to curb the terrorist acts and assistance activites carried out by the proscribed organisations and their subsidiary welfare wings,” the document said. FIRST MAJOR MOVE If the government follows through with the plan, it would mark the first time Pakistan has made a major move against Saeed’s network, which includes 300 seminaries and schools, hospitals, a publishing house and ambulance services. The JuD and FIF alone have about 50,000 volunteers and hundreds of other paid workers, according to two counter-terrorism officials. Participants at the meeting raised the possibility that the government’s failure to act against the charities could lead to U.N. sanctions, one of the three officials said. A U.N. Security Council team is due to visit Pakistan in late January to review progress against U.N.-designated “terrorist” groups. Hafiz Saeed is showered with flower petals as he walks to court before a Pakistani court ordered his release from house arrest in Lahore, Pakistan November 22, 2017. REUTERS/Mohsin Raza “Any adverse comments or action suggested by the team can have far-reaching implications for Pakistan,” the official said. The Dec. 19 document gave few details about how the state would take over Saeed’s charities, pending the plans submitted from the provincial governments. It did say it would involve government entities taking over ambulance services and accounting for other vehicles used by the charities. It says law enforcement agencies will coordinate with Pakistan’s intelligence agencies to identify the assets of the two charities and examine how they raise money. The document also directs that the name of JuD’s 200-acre headquarters, Markaz-e-Taiba, near the eastern city of Lahore be changed to something else ”to make it known that the Government of “Punjab (province) solely manages and operates the Markaz(headquarters)”. The move to seize the charities could spark some concern from the powerful military, which has proposed plans to steer Saeed and the JuD into mainstream politics. The military did not respond to a request for comment. In August, JuD officials formed a new political party, the Milli Muslim League, and backed candidates who fared relatively strongly in two key parliamentary by-elections. The JuD publicly disavows armed militancy inside Pakistan, but offers vocal support for the cause of rebel fighters in Indian-administered Kashmir and has called for Pakistan to retake Kashmir. Nuclear-armed India and Pakistan have fought two wars over the disputed region. Washington, which has offered a $10 million reward for information leading to Saeed’s conviction over the Mumbai attacks, warned Islamabad of repercussions after a Pakistani court in late November released him from house arrest. Punjab’s provincial government had put Saeed under house arrest for 10 months this year for violating anti-terrorism laws. Writing on Twitter on Monday, U.S. President Donald Trump said the United States has “foolishly” handed Pakistan more than $33 billion in aid over the last 15 years while getting nothing in return and pledged to put a stop to it. Additional reporting by Drazen Jorgic; Editing by Bill Tarrant and Adrian Croft
https://in.reuters.com/article/pakistan-militants/exclusive-pakistan-plans-takeover-of-charities-run-by-islamist-figure-u-s-has-targeted-idINKBN1EQ0T4
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Versace TV murder series treats family with kindness, producer says
January 9, 2018 / 10:27 PM / Updated an hour ago Versace TV murder series treats family with kindness, producer says Reuters Staff 2 Min Read LOS ANGELES (Reuters) - The producer of an upcoming American TV series about the murder of designer Gianni Versace has defended the show from criticism, saying the family is treated “with respect and kindness.” FILE PHOTO: Italian designer Gianni Versace waves at the end of his presentation of his spring-summer '97 ready-to-wear collection at a Milan fashion show, in Milan, Italy, Oct. 5, 1996. REUTERS/Stringer/File Photo The Versace company said in a statement issued in Italy on Monday that the series was “an act of fiction” given that it was based on Maureen Orth’s 1999 book “Vulgar Favors.” It said it “did not authorize and was not involved in the television series.” “The Assassination of Gianni Versace: American Crime Story” dramatizes the violent death of Versace in a shooting at his Miami mansion in 1997. Executive producer Ryan Murphy told Hollywood trade publication Variety at a Los Angeles event that Versace’s sister, Donatella, sent actress Penelope Cruz flowers when Cruz was representing the series at the Golden Globes ceremony on Sunday. Director Ryan Murphy participates in a panel for the FX Networks "The People v. O.J. Simpson: American Crime Story" during the Television Critics Association (TCA) Cable Winter Press Tour in Pasadena, California, January 16, 2016. REUTERS/Kevork Djansezian Edgar Ramirez plays Gianni Versace and Cruz plays Donatella Versace in the nine-part series by Twenty-First Century Fox Inc’s FX cable network that will start broadcasting on Jan. 17. Donatella is artistic director and vice president of the privately held fashion company. “I don’t know if she (Donatella) is going to watch the show, but if she did I think that she would see that we treat her and her family with respect and kindness,” Murphy told Variety on Tuesday night. “She really is a feminist role model in my book, because she had to step into an impossible situation, which she did with grace and understanding. I think that she really loves Penelope and knows that Penelope would never do anything to represent her in a negative light,” Murphy said. Screenwriter Tom Rob Smith said the series aimed to be truthful in its spirit, even if it gets some details wrong. “The show is full of love for him (Versace),” Smith said. “I‘m sure there are points where (the family) could correct some of the smaller details, but I think the bigger picture is that this is a figure that we’re celebrating and a figure that we all fell in love with.” Reporting by Jill Serjeant; Editing by Lisa Shumaker
https://in.reuters.com/article/us-television-versace/versace-tv-murder-series-treats-family-with-kindness-producer-says-idINKBN1EY2P8
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Americans without health insurance up more than 3 million under Trump
The number of Americans without health insurance increased by about 3.2 million in the first year of Donald Trump 's presidency, which featured a series of efforts to undercut the Obamacare law , a new survey finds. A total of 12.2 percent of all adults now lack health insurance, an increase of 1.3 percentage points since the last quarter of 2016, according to the Gallup-Sharecare Well-Being Index. The last quarter of 2017 saw no significant change in the uninsured rate, according to the survey. But that spike in the uninsured rate over the course of 2017 is the biggest single-year increase measured since the survey started asking Americans about their health insurance status in 2008. The rise in uninsured rates was most pronounced among younger adults, blacks, Hispanics and low-income people. The increases reverse a consistent series of drops in the uninsured rate since the Affordable Care Act, as Obamacare is formally known, began taking full effect in January 2014. That year was the first in which most Americans were required to have some form of health insurance or pay a tax penalty, and also the first in which coverage from individual health plans sold on Obamacare marketplaces was available. In the third quarter of 2013 — the last quarter before Obamacare plans went on sale for 2014 coverage — the uninsured rate stood at 18 percent of adults. The uninsured rate began plummeting thereafter, falling to 13.4 percent in the first quarter of 2014, and to 10.9 percent by the last quarter of 2016. An estimated 20 million people gained health insurance coverage through the ACA, which included not only the offering of plans sold on the Obamacare exchange but also the expansion of Medicaid benefits to more poor adults in most states. But that downward trend in the uninsured rate reversed as Trump took office in January 2017. The new Trump administration promptly pulled back on enrollment promotion efforts in the last days of the Obamacare open-enrollment season last January. The administration also embarked on a series of efforts to repeal and replace much of the ACA through congressional action. Those efforts failed last year . But as Gallup noted in a write-up of its survey's latest findings, "media coverage of the policies to repeal and replace the healthcare law may have caused some consumers to question whether the government would enforce the penalty for not having insurance." Trump has continued to publicly disparage the law, which in October he falsely claimed did not exist anymore . He also cut back significantly on the advertising to encourage sign-ups in health plans during the recently completed enrollment period. Other likely causes of the 2017 rise in the uninsured rate, Gallup said, are that a number of health insurers stopped selling Obamacare individual plans through government marketplaces and that, as a result, prices increased for plans that remained on those exchanges. "This may have caused some Americans, especially those who failed to qualify for federal subsidies, to forego insurance," Gallup's write-up said. And Gallup noted that "it seems likely that the uninsured rate will rise further in the years ahead," given the effective repeal, starting in 2019, of Obamacare's requirement that most Americans have some form of health insurance or pay a fine. The tax bill passed by Congress last month included that gutting of the Obamacare individual mandate. The Congressional Budget Office has estimated that 13 million more Americans would become uninsured in the next decade because of that repeal, although some analysts say the increase will be less dramatic than that. Insurance premiums in the individual coverage market are projected to be 10 percent higher than they otherwise would have been as a result of the mandate's repeal. Those price increases are expected to lead some people to opt out of coverage.
https://www.cnbc.com/2018/01/16/americans-without-health-insurance-up-more-than-3-million-under-trump.html
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Alibaba Jack Ma: entrepreneurs should donate money to Chinese schools
Billionaire business magnate Jack Ma is calling on other entrepreneurs to support his plans to lift millions of poor Chinese children out of poverty and give them better access to education. The founder and executive chairman of e-commerce behemoth Alibaba said that investing in rural boarding schools could provide a solution for China's "left-behind children" and ensure a more prosperous future for the next generation. "Left-behind children" is a phenomenon in China which refers to the growing number of youth who are left in rural communities while their parents relocate to urban areas to find work. For the estimated 60 million children afflicted by the problem, education is a particular issue — kids in rural communities are expected to travel an average of 5.4 kilometers from home to school, according to China's Ministry of Education. AFP | Getty Images Wang Fuman, also known as 'Frost Boy', walks on the road in Ludian in China's southwestern Yunnan province on January 12, 2018. At an event organized by his charitable foundation on Sunday, Ma told a room of 80 entrepreneurs that establishing a network of boarding schools would improve education standards and save children from often difficult commutes. "Many pupils have to climb mountains or take a boat to go to school. In my opinion, these kids should not be commuting between home and school every day — they should go to a boarding school," Ma said in comments first cited by the South China Morning Post , which is owned by Alibaba. The plight of China's left-behind children rose to new prominence earlier in January after an image of eight-year-old boy, Wang Fuman, became an internet sensation. The child — deemed "Ice Boy" — had arrived at school with his hair and eyebrows covered in ice after walking for over an hour along treacherous mountain paths to get to school. Ma said the image reminded him of a young girl he had seen making a similar commute more than 25 years ago in 1992. "So many years have passed and the situation hasn't changed," he said. "It doesn't mean that the authorities haven't done anything about it, but that the resources can't reach some remote places," Ma said, according to SCMP. He acknowledged the efforts of the Chinese government to improve education, but said that Chinese entrepreneurs could also do more by donating to their home provinces. "I hope we entrepreneurs can push this plan to merge school resources. I encourage all of you to participate and make a contribution to your home provinces by building dormitories and donating school buses," Ma said, according to the report. Wang HE | Getty Images Founder and Chairman of Alibaba Group Jack Ma present at the 'Ma Yun Rural Teachers Prize' awards show on January 22, 2018 in Sanya , Hainan province, China. The tycoon said he envisions merging rural schools that have under 100 students. Those new groups could be made into boarding schools, with a bus service to collect children from their villages on Mondays and return them to their homes on Fridays. He added that the plan could provide employment for locals who could be hired as dormitory supervisors. The event, hosted by the Jack Ma Foundation in Sanya, Hainan Island, was attended by prominent Chinese business leaders, including Beijing property tycoon Feng Lun and co-founder of private equity firm Yunfeng Capita, Yu Feng, according to the SCMP. Ma has long espoused the benefits of education and has credited his English teacher in his hometown of Hangzhou with giving him the confidence to pursue his first vocational pursuit: teaching English. To read more about Jack Ma's solution for 'left-behind children,' see the South China Morning Post report.
https://www.cnbc.com/2018/01/23/alibaba-jack-ma-entrepreneurs-should-donate-money-to-chinese-schools.html
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Tennis-Roger Federer v Marin Cilic - match stats
January 28, 2018 / 11:56 AM / Updated 31 minutes ago Tennis-Roger Federer v Marin Cilic - match stats Reuters Staff 1 Min Read MELBOURNE, Jan 28 (Reuters) - Key statistics from Roger Federer's victory over Croatia's Marin Cilic in the final of the Australian Open on Sunday (prefix denotes seeding): 2-Federer 6-Cilic Aces 24 16 Double faults 4 5 Break points won 6/13 2/9 Net points won 14/18 14/19 Winners 41 45 Unforced errors 40 64 Total points won 152 128 Match duration: Three hours, three minutes (Compiled by Shrivathsa Sridhar in Bengaluru, editing by Pritha Sarkar)
https://uk.reuters.com/article/tennis-ausopen-federer-stats/tennis-roger-federer-v-marin-cilic-match-stats-idUKL4N1PN00Y
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UPDATE 1-German 2-year bond yields touch 6-1/2 month high, focus on ECB
(Updates throughout) * German 2-year bond yields touch 6-1/2 month highs * Markets mostly stable ahead of ECB Nowotny speech * US 2-year Treasury yields at highest since 2008 * Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr By Dhara Ranasinghe Germany’s 2-year government bond yield touched its highest level in more than 6 months on Wednesday, as bond investors position for a possible change in the European Central Bank’s ultra-easy monetary policy stance in the months ahead. Analyst expectations for an ECB interest-rate hike in the middle of next year are roughly in line with the ECB’s own guidance, German Bundesbank President Jens Weidmann said in an interview published late on Tuesday. That put some upward pressure on short-dated bond yields, although markets were mostly stable with focus already turning to the next ECB speaker - Ewald Nowotny, who is scheduled to speak later on Wednesday. The ECB’s Vitor Constancio said in an interview published on Wednesday he did not rule out that monetary policy would still continue to be “very accommodating for a long time”. Bond markets are showing an increased sensitivity to ECB commentary as investors try to asses just when the central bank will end its 2.55 trillion euro asset purchase scheme and move towards raising interest rates. On Tuesday, bond yields across the bloc fell after a report that the bank is unlikely to ditch a pledge to keep buying bonds at next week’s meeting. Last week, minutes from the ECB meeting suggesting policy makers may tweak their policy message in early 2018 had rattled markets. “At the moment markets are very sensitive to comments from ECB speakers,” said Commerzbank strategist Rainer Guntermann. “What’s changing is that the ECB commentary is turning a bit more balanced now.” In early Wednesday trade, the 2-year German Schatz yield briefly touched minus 0.57 percent, its highest level in around 6-1/2 months. Most 10-year bond yields were flat to a touch lower on the day, although southern European bond yields crept higher . U.S. short-dated bond yields rose to 2.039 percent , their highest since 2008, continuing to march higher on expectations for a pick up in inflation and interest rates. The Bank of Canada is expected to lift its key interest rate by 25 basis points to 1.25 percent on Wednesday, highlighting that major central banks are in the process of unwinding the extraordinary monetary policies put in place in after the financial crisis. Final euro zone inflation numbers for December are due later in the session, while Germany is scheduled to sell 30-year bonds. Reporting by Dhara Ranasinghe; Editing by Toby Chopra
https://www.reuters.com/article/eurozone-bonds/update-1-german-2-year-bond-yields-touch-6-1-2-month-high-focus-on-ecb-idUSL8N1PC1LY
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U.S. business borrowing for equipment rises about 6 percent in December: ELFA
January 24, 2018 / 8:35 PM / Updated 13 minutes ago U.S. business borrowing for equipment rises about 6 percent in December: ELFA Reuters Staff 2 Min Read (Reuters) - U.S. companies’ borrowing to spend on capital investment rose about 6 percent in December from a year earlier, the Equipment Leasing and Finance Association (ELFA) said. Companies signed up for $12.8 billion in new loans, leases and lines of credit last month, up from $12.1 billion a year earlier. “December new business volume registered the typical end-of-quarter, end-of-year spike as member companies scrambled to close out the year,” ELFA Chief Executive Ralph Petta said. “While 2017 was a good year, overall, for the equipment finance industry, most industry observers look for even stronger business activity in 2018.” Washington-based ELFA, a trade association that reports economic activity for the $1 trillion equipment finance sector, said credit approvals totaled 77.6 percent in December, up from 73.6 percent in November. ELFA’s leasing and finance index measures the volume of commercial equipment financed in the United States. It is designed to complement the U.S. Commerce Department’s durable goods orders report, which it typically precedes by a few days. ELFA’s index is based on a survey of 25 members that include Bank of America Corp ( BAC.N ), BB&T Corp ( BBT.N ), CIT Group Inc ( CIT.N ) and the financing affiliates or units of Caterpillar Inc ( CAT.N ), Deere & Co ( DE.N ), Verizon Communications Inc ( VZ.N ), Siemens AG ( SIEGn.DE ), Canon Inc ( 7751.T ) and Volvo AB ( VOLVb.ST ). The Equipment Leasing & Finance Foundation, ELFA’s non-profit affiliate, said its confidence index for January was at an all-time high of 75.3, up from 69.4 in December. A reading of above 50 indicates a positive outlook. Reporting by Pranav Kiran in Bengaluru; Editing by Anil D'Silva
https://www.reuters.com/article/us-usa-economy-elfa/u-s-business-borrowing-for-equipment-rises-about-6-percent-in-december-elfa-idUSKBN1FD2XJ
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S&P 500 snaps its longest streak ever without back-to-back 0.5% declines
The S&P 500 concluded Tuesday its longest stretch ever without back-to-back declines of at least half a percent. The broad index went 310 trading days without consecutive pullbacks of that magnitude, before falling 0.7 percent on Monday and 1 percent on Tuesday, according to data from Bespoke Investment Group. "Translation — bulls have been spoiled," Paul Hickey, the company's co-founder, said in a note Tuesday. Source: Bespoke Investment Group Stock investors had enjoyed an unprecedented period of low market volatility prior to this sell-off. The Cboe Volatility index ( VIX ), widely considered the best gauge of fear in the market, closed below 10 more than 50 times last year. It also failed to break above 20 at any time in 2017. Equities have been under pressure during the past two days as fears of rising inflation pushed the U.S. 10-year yield to its highest levels since 2014, thus giving investors pause about the market's rally. Several strategists have also begun calling for a pullback. Last week, Stifel strategist Barry Bannister predicted the Federal Reserve will cause a correction this quarter as it leads other central banks into tighter monetary policy. Meanwhile, a Goldman Sachs strategist said Monday there is a " high probability " the stock market experiences a correction in the coming months. Equities had kicked off 2018 with a bang. The S&P 500 had risen 7.5 percent prior to this week's pullback. The index remains up 5.7 percent for the young year.
https://www.cnbc.com/2018/01/30/sp-500-snaps-its-longest-streak-ever-without-back-to-back-0-point-5-percent-declines.html
254
Destiny Media Technologies, Inc. Announces First Quarter Fiscal Year 2018 Results
VANCOUVER, Jan. 16, 2018 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a cloud-based SaaS solution for digital asset management in the music industry, and Clipstream®, the world's first script powered video platform, today announced financial results for its fiscal 2018 first quarter ended November 30, 2017. Highlights Highlights for the quarter include: Revenue growth of 9.1% (5.6% adjusted for foreign currency adjustments) Highest quarterly net income and EBITDA in over 5 years Strong balance sheet with increased cash position to $1.75M First Quarter Fiscal 2018 Results Revenue for the quarter ended November 30, 2017 grew by 9.1% (5.6% currency adjusted) to $973,798. This growth is primarily due to the growth in independent labels in the US. This, combined with a 7% decrease in overall operating expenditures to $738,831, resulted in the Company's highest reported net income in any single quarter since fiscal year 2012. "These results reflect our first full quarter since our management transition," said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies, "As we expected, providing some care to our core Play MPE customers led to modest increases in usage, as shown by the growth in independent label revenue. Most importantly we are now one team focused on re-engaging with our Play MPE customers and getting version 8 released. This software update adds highly anticipated features, including Mac compatibility and easier to use release publishing tools. It will allow us to engage with existing, former and potential customers in a sales conversation with renewed enthusiasm that was not possible over the previous seven years." First Quarter Fiscal 2018 Earnings Conference Call Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Tuesday, January 16, 2018, to further discuss its first quarter fiscal year 2018 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 09715412. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com . About Destiny Media Technologies, Inc. Destiny Media Technologies ("Destiny") provides software as service (SaaS) solutions to businesses in the music industry solving critical problems in distribution and promotion. The core service, Play MPE® ( www.plaympe.com ), provides promotional music marketing to engaged networks of decision makers in radio, film, TV, and beyond. Forward-Looking Statements This release contains forward-looking statements that reflect current views with respect to future events and operating performance. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Destiny Media Technologies is not obligated to update these statements in the future. For more information on the Company's risks and uncertainties relating to those forward-looking statements, please refer to the Risk Factors section in our Annual Form 10-K for the fiscal year ended August 31, 2017, which is available on www.sedar.com or www.sec.gov . Destiny Media Technologies Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Expressed in United States dollars) Unaudited Three months Three months ended ended November 30, November 30, 2017 2016 $ $ Revenue 973,798 892,229 Operating expenses General and administrative 150,935 178,906 Sales and marketing 259,129 247,406 Research and development 303,070 324,674 Depreciation and amortization 25,697 41,878 738,831 792,864 Income from operations 234,967 99,365 Other income Interest income 2,325 4,763 Other income (expense) (3,802) - Net income 233,490 104,128 Other comprehensive income (loss) Foreign currency translation adjustments (52,116) (33,369) Total comprehensive income (loss) 181,374 70,759 Net income (loss) per common share, basic and diluted (0.00) (0.00) Weighted average common shares outstanding: Basic and diluted 55,013,874 55,013,874 Destiny Media Technologies Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in United States dollars) Unaudited As at, November 30, August 31, 2017 2017 $ $ ASSETS Current Cash and cash equivalents 1,752,591 1,342,956 Accounts receivable, net of allowance for doubtful accounts of $3,292 [August 31, 2017 – $3,383] 389,451 529,666 Other receivables 28,538 21,216 Current portion of long term receivable 31,333 64,811 Prepaid expenses 44,782 54,507 Deposits 576 592 Total current assets 2,247,271 2,013,748 Deposits 27,169 27,923 Property and equipment, net 171,491 116,208 Intangible assets, net 69,456 86,824 Total assets 2,515,387 2,244,703 LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable 236,225 127,444 Accrued liabilities 167,446 192,433 Deferred leasehold inducement 5,084 2,090 Deferred revenue 15,040 23,685 Obligation under capital lease – current portion 4,023 6,246 Total current liabilities 427,818 351,898 Total liabilities 427,818 351,898 Stockholders' equity Common stock, par value $0.001 Authorized: 100,000,000 shares Issued and outstanding: 55,013,874 shares [August 31, 2017 – issued and outstanding 55,013,874 shares] 55,014 55,014 Additional paid-in capital 9,725,603 9,712,213 Accumulated deficit (7,374,041) (7,607,531) Accumulated other comprehensive (loss) (319,007) (266,891) Total stockholders' equity 2,087,569 1,892,805 Total liabilities and stockholders' equity 2,515,387 2,244,703 SOURCE Destiny Media Technologies, Inc.
http://www.cnbc.com/2018/01/16/pr-newswire-destiny-media-technologies-inc-announces-first-quarter-fiscal-year-2018-results.html
914
Alison Brie Addresses James Franco Allegations at SAG Awards | Fortune
By Tom Huddleston Jr. 10:44 AM EST When actress Alison Brie arrived at Sunday night’s Screen Actors Guild Awards ceremony, where she was a nominee for her role in the Netflix wrestling comedy GLOW , the topic of discussion quickly turned to her brother-in-law, James Franco. E! red carpet host Giuliana Rancic asked Brie about the recent allegations of sexual misconduct and inappropriate behavior that have been made against Franco, the brother of her husband, Dave Franco. “I think that above all what we’ve always said is it remains vital that anyone who feels victimized does have the right to speak out,” Brie told Rancic on the SAG Awards red carpet. “I obviously support my family and not everything reported has been fully accurate. But of course now is a time for listening and that’s what we’re all trying to do.” Brie has been a fixture at award shows in recent months, thanks to her critically-acclaimed performance in GLOW as well as a small part in the oft-nominated The Disaster Artist , where she stars alongside her husband, Dave Franco, and his brother. As such, it was likely only a matter of time before she was asked to comment publicly on the allegations against James Franco, who did also attend the SAG Awards last night (after previously skipping the Critics’ Choice Movie Awards earlier this month). At the 2018 #SAGAwards , Alison Brie addressed the allegations of sexual misconduct made against her brother-in-law, James Franco: "It remains vital that anyone that feels victimized should and does have the right to speak out and come forward." pic.twitter.com/dG5uJJVko7 Get Data Sheet , Fortune’s technology newsletter. James Franco, who is still considered a leading contender for an Academy Award nomination for his role in The Disaster Artist , received criticism for wearing a “ Time’s Up ” pin at the 2018 Golden Globe Awards earlier this month, with multiple women coming forward to accuse him of previous misconduct. Franco recently took to late-night television to respond to some of those allegations, telling NBC’s Seth Meyers that the allegations against him are “not accurate” while adding that he does not plan to “actively refute” the claims. SPONSORED FINANCIAL CONTENT
http://fortune.com/2018/01/22/alison-brie-james-franco-sag-awards/
376
JGBs little changed, liquidity-enhancing auction reflects demand
TOKYO, Jan 22 (Reuters) - Japanese government bond prices were little changed across the board on Monday, with results of a liquidity-enhancing auction highlighting firm underlying investor demand for debt. The benchmark 10-year yield was unchanged at 0.075 percent. The 20-year yield dipped half a basis point to 0.585 percent. The finance ministry sold 550 billion yen ($4.96 billion) of off-the-run JGBs on Monday with the auction drawing ample investor demand. The ministry regularly conducts these auctions in an attempt to enhance market liquidity. The bid-to-cover ratio, a gauge of investor demand at auctions, rose to 3.34 from the previous sale’s 3.13. The auction results helped offset negative pressures from U.S. Treasuries, which saw its 10-year yield edge up to a 3-1/2-year high amid the U.S. government shutdown. $1 = 110.7800 yen Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips
https://www.reuters.com/article/japan-bonds/jgbs-little-changed-liquidity-enhancing-auction-reflects-demand-idUSL4N1PH1YP
161
Ray Himmel Joins VUV Analytics as Senior Vice President of Sales
AUSTIN, Texas, VUV Analytics Inc., the leader in vacuum ultraviolet (VUV) absorption spectroscopy, has announced the addition of Ray Himmel as senior vice president of sales. Mr. Himmel has an extensive track record of leading sales teams, including 15 years at Waters Corporation in U.S. and international sales executive roles. A former U.S. Marine, he studied marketing at Northeastern University. "Ray's breadth and depth of experience in selling instrumentation across diverse industry segments will be an asset to our company as we build upon our increasing footprint in fuels and chemicals and our early traction in foods, life science and other key markets," said Clark Jernigan, CEO of VUV Analytics. "We expect that his expertise in growing mainstream customer acceptance of disruptive technology will lead to the type of sales success for VUV that he drove with the Acquity UPLC product at Waters." "We are excited about Ray's experience leading international teams and focusing them on serving the most impactful markets," said Sean Jameson, senior vice president of business development. "His work will be critical in sustaining our growth in Europe, the Middle East and Asia." "I could not be more enthusiastic about joining VUV Analytics and driving their next level of sales growth," stated Ray Himmel, senior vice president of sales. "I look forward to leveraging their prior success and helping them to redefine the gas chromatography detector category by building widespread adoption of VUV." About VUV Analytics VUV Analytics manufactures universal vacuum ultraviolet (VUV) spectroscopic detectors that provide a new dimension of chemical analysis accuracy. VUV light creates unique spectral signatures in the gas phase that result in unambiguous compound identification and quantitative analysis across a wide spectrum of complex applications. Unlike legacy GC detectors, VUV detection delivers scalable data analysis automation with reduced analytical error and higher analytical throughput. For more information, visit www.vuvanalytics.com or contact VUV Analytics directly at (512) 333-0860. Media Contact: Paul Johnson 512-333-0860 paul.johnson@vuvanalytics.com Related Links VUV Analytics Website with multimedia: releases/ray-himmel-joins-vuv-analytics-as-senior-vice-president-of-sales-300589255.html SOURCE VUV Analytics Inc.
http://www.cnbc.com/2018/01/29/pr-newswire-ray-himmel-joins-vuv-analytics-as-senior-vice-president-of-sales.html
358
Zimmer Biomet Announces Fourth Quarter and Full-Year 2017 Results
WARSAW, Ind., Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) today reported financial results for the quarter and full year ended December 31, 2017. The Company reported fourth quarter net sales of $2.074 billion, an increase of 3.0% over the prior year period, and an increase of 1.5% on a constant currency basis. Diluted earnings per share for the fourth quarter were $6.16, and include a one-time tax benefit of approximately $6.40 resulting from the recently enacted U.S. tax reform legislation. Fourth quarter adjusted diluted earnings per share were $2.10, a decrease of 1.9% from the prior year period. Full-year 2017 net sales were $7.824 billion, an increase of 1.8% over the prior year, on both a reported and constant currency basis. Full-year revenues increased by 0.5% over the prior year on a constant currency basis, excluding approximately 130 basis points of contribution from the LDR Holding Corporation acquisition. Diluted earnings per share for the full year were $9.03. Adjusted diluted earnings per share for the full year were $8.03, an increase of 0.9% over the prior year. Bryan Hanson, President and CEO of Zimmer Biomet, said: "Since joining the Company last month, I have been performing a thorough review of the business. My immediate priorities are to improve Zimmer Biomet's execution and address a number of near-term challenges that have impacted, and will continue to impact, our performance. With that said, I fully believe in the power of the Zimmer Biomet global brand and portfolio of products, and I am confident that with sound strategy and enhanced execution we can drive sustained shareholder value." Net earnings for the fourth quarter were $1.257 billion, and $428.5 million on an adjusted basis. Operating cash flow for the fourth quarter was $402.9 million. Net earnings for full-year 2017 were $1.840 billion, and $1.636 billion on an adjusted basis. In the quarter, the Company paid $48.6 million in dividends and declared a fourth quarter dividend of $0.24 per share. The Company also repaid $300.0 million of debt during the quarter. For full-year 2017, the Company paid $193.6 million in dividends and repaid approximately $1.250 billion of debt. (1) U.S. tax reform legislation resulted in a net favorable provisional adjustment due to the reduction of certain deferred tax liabilities which were partially offset by provisional tax charges related to the toll tax provision of U.S. tax reform. The amount recognized is a provisional estimate and subject to change, possibly materially, due to, among other things, refinements of the Company's calculations, changes in interpretations and assumptions the Company has made or additional guidance issued by the U.S. Treasury, Securities and Exchange Commission or Financial Accounting Standards Board. Guidance For the first quarter of 2018, the Company expects revenue in the range of $1.955 billion to $1.995 billion, representing a change of negative 1.0% to positive 1.0% compared to the prior year period, and negative 4.0% to negative 2.0% on a constant currency basis compared to the prior year period, inclusive of negative impact related to approximately one less billing day compared to the prior year period. Additionally, the Company expects its diluted earnings per share for the first quarter of 2018 to be in a range of $0.73 to $0.88, and in a range of $1.84 to $1.91 on an adjusted basis. Conference Call The Company will conduct its fourth quarter and full-year 2017 investor conference call today, January 30, 2018, at 8:00 a.m. Eastern Time. The audio webcast can be accessed via Zimmer Biomet's Investor Relations website at http://investor.zimmerbiomet.com . It will be archived for replay following the conference call. Individuals in the U.S. and Canada who wish to dial into the conference call may do so by dialing (888) 312-9837 and entering conference ID 7278985. For a complete listing of international toll-free and local numbers, please visit http://investor.zimmerbiomet.com . A digital recording will be available 24 hours after the completion of the conference call, from January 31, 2018 to March 1, 2018. To access the recording, U.S. callers should dial (888) 203-1112 and international callers should dial +1 (719) 457-0820, and enter the Access Code ID 7278985. Sales Tables The following fourth quarter and full-year sales tables provide results by geography and product category, as well as the percentage change compared to the prior year periods on a reported basis and a constant currency basis. NET SALES - THREE MONTHS ENDED DECEMBER 31, 2017 (in millions, unaudited) Constant Net Currency Sales % Change % Change Geographic Results Americas $ 1,280 0.9 % 0.8 % EMEA 473 6.4 (0.3) Asia Pacific 321 7.0 7.2 Total $ 2,074 3.0 % 1.5 % Product Categories Knees Americas $ 443 (0.3) % (0.5) % EMEA 181 10.0 3.9 Asia Pacific 107 (4.1) (4.4) Total 731 1.4 (0.1) Hips Americas 256 0.8 0.5 EMEA 137 1.5 (5.3) Asia Pacific 106 13.8 14.6 Total 499 3.5 1.6 S.E.T * 454 5.9 4.6 Dental 108 2.1 (0.4) Spine & CMF 194 1.5 0.5 Other 88 4.3 2.9 Total $ 2,074 3.0 % 1.5 % * Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma NET SALES - YEAR ENDED DECEMBER 31, 2017 (in millions, unaudited) Constant Net Currency Sales % Change % Change Geographic Results Americas $ 4,866 1.3 % 1.2 % EMEA 1,745 0.9 0.2 Asia Pacific 1,213 5.4 6.3 Total $ 7,824 1.8 % 1.8 % Product Categories Knees Americas $ 1,660 (1.7) % (1.7) % EMEA 644 1.0 0.9 Asia Pacific 433 1.5 1.6 Total 2,737 (0.6) (0.6) Hips Americas $ 975 (1.2) (1.3) EMEA 519 (0.7) (1.8) Asia Pacific 385 7.5 9.1 Total 1,879 0.6 0.6 S.E.T * 1,709 3.9 4.0 Dental 419 (2.2) (2.6) Spine & CMF 759 14.7 14.4 Other 321 (2.5) (2.6) Total $ 7,824 1.8 % 1.8 % * Surgical, Sports Medicine, Foot and Ankle, Extremities and Trauma About the Company Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global leader in musculoskeletal healthcare. We design, manufacture and market orthopaedic reconstructive products; sports medicine, biologics, extremities and trauma products; office based technologies; spine, craniomaxillofacial and thoracic products; dental implants; and related surgical products. We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. Together with healthcare professionals, we help millions of people live better lives. We have operations in more than 25 countries around the world and sell products in more than 100 countries. For more information, visit www.zimmerbiomet.com or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet . Website Information We routinely post important information for investors on our website, www.zimmerbiomet.com , in the "Investor Relations" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Note on Non-GAAP Financial Measures This press release includes non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures may not be comparable to similar measures reported by other companies and should be considered in addition to, and not as a substitute for, or superior to, other measures prepared in accordance with GAAP. Sales change information for the three-month period and the year ended December 31, 2017 is presented on a GAAP (reported) basis and on a constant currency basis. The sales change information for the full year is also presented on a constant currency basis that excludes the contribution from the Company's acquisition of LDR Holding Corporation in July 2016. Projected revenue change information is also presented on a GAAP basis and on a constant currency basis. Constant currency rates exclude the effects of foreign currency exchange rates. They are calculated by translating current and prior-period sales at the same predetermined exchange rate. The translated results are then used to determine year-over-year percentage increases or decreases. Net earnings, diluted earnings per share and projected diluted earnings per share are presented on a GAAP (reported) basis and on an adjusted basis. Adjusted earnings and adjusted diluted earnings per share exclude the effects of inventory step-up; certain inventory and manufacturing-related charges connected to discontinuing certain product lines, quality enhancement and remediation efforts; special items; intangible asset amortization; certain claims; goodwill impairment; debt extinguishment charges; any related effects on our income tax provision associated with these items; the effect of U.S. tax reform; and other certain tax adjustments. Special items include expenses resulting directly from our business combinations and/or global restructuring, quality and operational excellence initiatives, including employee termination benefits, certain contract terminations, consulting and professional fees, dedicated project personnel, asset impairment or loss on disposal charges, certain litigation matters, costs of complying with our deferred prosecution agreement and other items. Other certain tax adjustments include a tax restructuring that lowered the tax rate on deferred tax liabilities recorded on intangible assets recognized in acquisition-related accounting, net favorable resolutions of various tax matters, a favorable tax rate change in a foreign jurisdiction and charges from internal restructuring transactions that provide the Company access to cash in a tax efficient manner. Management uses these non-GAAP financial measures internally to evaluate the performance of the business and believes they are useful measures that provide meaningful supplemental information to investors to consider when evaluating the performance of the Company. Management believes these measures offer the ability to make period-to-period comparisons that are not impacted by certain items that can cause dramatic changes in reported operating results, to perform trend analysis, to better identify operating trends that may otherwise be masked or distorted by these types of items and to provide additional transparency of certain items. In addition, certain of these non-GAAP financial measures are used as performance metrics in the Company's incentive compensation programs. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release. Cautionary Statement Regarding Forward-Looking Statements This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding sales and earnings guidance and any statements about our expectations, plans, strategies or prospects. We generally use the words "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "sees," "seeks," "should," "could," "intends" and similar expressions to identify forward-looking statements. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially. These risks, uncertainties and changes in circumstances include, but are not limited to: our chief executive officer transition, including disruptions and uncertainties related thereto, the potential impact on our business and future strategic direction resulting from our transition to a new chief executive officer, and our ability to retain other key members of senior management; the possibility that the anticipated synergies and other benefits from mergers and acquisitions will not be realized, or will not be realized within the expected time periods; the risks and uncertainties related to our ability to successfully integrate the operations, products, employees and distributors of acquired companies; the effect of the potential disruption of management's attention from ongoing business operations due to integration matters related to mergers and acquisitions; the effect of mergers and acquisitions on our relationships with customers, vendors and lenders and on our operating results and businesses generally; compliance with the Deferred Prosecution Agreement entered into in January 2017; the success of our quality and operational excellence initiatives, including ongoing quality enhancement and remediation efforts at the legacy Biomet Warsaw facility; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the U.S. Food and Drug Administration (FDA) and foreign government regulators, such as more stringent requirements for regulatory clearance of products; the ability to remediate matters identified in any inspectional observations or warning letters issued by the FDA, while continuing to satisfy the demand for our products; the outcome of government investigations; competition; pricing pressures; changes in customer demand for our products and services caused by demographic changes or other factors; the impact of healthcare reform measures; reductions in reimbursement levels by third-party payors and cost containment efforts of healthcare purchasing organizations; dependence on new product development, technological advances and innovation; shifts in the product category or regional sales mix of our products and services; supply and prices of raw materials and products; control of costs and expenses; the ability to obtain and maintain adequate intellectual property protection; the ability to form and implement alliances; changes in tax obligations arising from tax reform measures, including European Union rules on state aid, or examinations by tax authorities; product liability and intellectual property litigation losses; the ability to retain the independent agents and distributors who market our products; dependence on a limited number of suppliers for key raw materials and outsourced activities; changes in general industry and market conditions, including domestic and international growth rates; changes in general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; and the impact of the ongoing financial and political uncertainty on countries in the Euro zone on the ability to collect accounts receivable in affected countries. For a further list and description of such risks and uncertainties, see our reports filed with the U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2016 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017 and September 30, 2017. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov , www.zimmerbiomet.com or on request from us. Forward-looking statements speak only as of the date they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this release are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this release. ZIMMER BIOMET HOLDINGS, INC. CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE MONTHS ENDED DECEMBER 31, 2017 and 2016 (in millions, except per share amounts, unaudited) 2017 2016 Net Sales $ 2,074.3 $ 2,013.1 Cost of products sold, excluding intangible asset amortization 591.4 621.8 Intangible asset amortization 151.5 141.2 Research and development 95.0 95.7 Selling, general and administrative 770.6 756.3 Certain claims 10.3 - Goodwill impairment 272.0 - Special items 206.4 214.8 Operating expenses 2,097.2 1,829.8 Operating (Loss) Profit (22.9) 183.3 Other expense, net (7.1) (62.6) Interest income 0.8 0.2 Interest expense (80.0) (90.1) (Loss) earnings before income taxes (109.2) 30.8 Benefit for income taxes (1,366.2) (38.9) Net Earnings 1,257.0 69.7 Less: Net (Loss) Income attributable to noncontrolling interest (0.2) 0.1 Net Earnings of Zimmer Biomet Holdings, Inc. $ 1,257.2 $ 69.6 Earnings Per Common Share Basic $ 6.21 $ 0.35 Diluted $ 6.16 $ 0.34 Weighted Average Common Shares Outstanding Basic 202.5 200.4 Diluted 204.1 202.5 Cash Dividends Declared Per Common Share $ 0.24 $ 0.24 ZIMMER BIOMET HOLDINGS, INC. CONSOLIDATED STATEMENTS OF EARNINGS FOR THE YEARS ENDED DECEMBER 31, 2017 and 2016 (in millions, except per share amounts, unaudited) 2017 2016 Net Sales $ 7,824.1 $ 7,683.9 Cost of products sold, excluding intangible asset amortization 2,132.9 2,381.8 Intangible asset amortization 603.9 565.9 Research and development 367.4 365.6 Selling, general and administrative 2,973.9 2,932.9 Certain claims 10.3 - Goodwill impairment 304.7 - Special items 607.8 611.8 Operating expenses 7,000.9 6,858.0 Operating Profit 823.2 825.9 Other expense, net (18.3) (71.3) Interest income 2.2 2.9 Interest expense (327.5) (357.9) Earnings before income taxes 479.6 399.6 (Benefit) provision for income taxes (1,359.6) 95.0 Net Earnings 1,839.2 304.6 Less: Net Loss attributable to noncontrolling interest (0.4) (1.3) Net Earnings of Zimmer Biomet Holdings, Inc. $ 1,839.6 $ 305.9 Earnings Per Common Share Basic $ 9.11 $ 1.53 Diluted $ 9.03 $ 1.51 Weighted Average Common Shares Outstanding Basic 201.9 200.0 Diluted 203.7 202.4 Cash Dividends Declared Per Common Share $ 0.96 $ 0.96 ZIMMER BIOMET HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) December 31, December 31, 2017 2016 Assets Cash and cash equivalents $ 524.4 $ 634.1 Receivables, net 1,494.6 1,604.4 Inventories 2,081.8 1,959.4 Other current assets 481.5 465.7 Total current assets 4,582.3 4,663.6 Property, plant and equipment, net 2,038.6 2,037.9 Goodwill 10,668.4 10,643.9 Intangible assets, net 8,353.4 8,785.4 Other assets 749.9 553.6 Total Assets $ 26,392.6 $ 26,684.4 Liabilities and Stockholders' Equity Current liabilities $ 1,780.8 $ 1,805.9 Current portion of long-term debt 1,225.0 575.6 Other long-term liabilities 2,711.4 3,967.2 Long-term debt 8,917.5 10,665.8 Stockholders' equity 11,757.9 9,669.9 Total Liabilities and Stockholders' Equity $ 26,392.6 $ 26,684.4 ZIMMER BIOMET HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2017 and 2016 (in millions, unaudited) 2017 2016 Cash flows provided by (used in) operating activities Net earnings $ 1,839.2 $ 304.6 Depreciation and amortization 1,062.7 1,039.3 Share-based compensation 53.7 57.3 Goodwill and intangible asset impairment 331.5 30.0 Inventory step-up 32.8 323.3 Debt extinguishment - 53.3 Changes in operating assets and liabilities, net of acquired assets and liabilities Income taxes (1,636.7) (164.1) Receivables 176.5 (137.8) Inventories (122.8) 76.4 Accounts payable and accrued expenses (163.1) 28.7 Other assets and liabilities 8.5 21.2 Net cash provided by operating activities 1,582.3 1,632.2 Cash flows provided by (used in) investing activities Additions to instruments (337.0) (345.5) Additions to other property, plant and equipment (156.0) (184.7) Purchases of investments - (1.5) Sales of investments - 286.2 LDR acquisition, net of acquired cash - (1,021.1) Business combination investments, net of acquired cash (4.0) (421.9) Other investing activities (13.8) (3.0) Net cash used in investing activities (510.8) (1,691.5) Cash flows provided by (used in) financing activities Proceeds from senior notes - 1,073.5 Proceeds from multicurrency revolving facility 400.0 - Payments on multicurrency revolving facility (400.0) - Redemption of senior notes (500.0) (1,250.0) Proceeds from term loan 192.7 750.0 Payments on term loan (940.0) (800.0) Net payments on other debt (0.9) (33.1) Dividends paid to stockholders (193.6) (188.4) Proceeds from employee stock compensation plans 145.5 136.6 Net cash flows from unremitted servicing collections in revolving factoring programs 103.5 - Business combination contingent consideration payments (9.1) - Restricted stock withholdings (8.3) (6.3) Debt issuance costs (0.3) (10.0) Repurchase of common stock - (415.5) Net cash used in financing activities (1,210.5) (743.2) Effect of exchange rates on cash and cash equivalents 29.3 (22.7) Decrease in cash and cash equivalents (109.7) (825.2) Cash and cash equivalents, beginning of period 634.1 1,459.3 Cash and cash equivalents, end of period $ 524.4 $ 634.1 ZIMMER BIOMET HOLDINGS, INC. NET SALES BY GEOGRAPHY FOR THE THREE MONTHS and YEARS ENDED DECEMBER 31, 2017 and 2016 (in millions, unaudited) Three Months Ended December 31, Years Ended December 31, 2017 2016 % Inc 2017 2016 % Inc Americas $ 1,280.0 $ 1,268.1 0.9 % $ 4,865.6 $ 4,802.2 1.3 % EMEA 472.7 444.4 6.4 1,745.2 1,730.4 0.9 Asia Pacific 321.6 300.6 7.0 1,213.3 1,151.3 5.4 Total $ 2,074.3 $ 2,013.1 3.0 % $ 7,824.1 $ 7,683.9 1.8 % ZIMMER BIOMET HOLDINGS, INC. NET SALES BY PRODUCT CATEGORY FOR THE THREE MONTHS and YEARS ENDED DECEMBER 31, 2017 and 2016 (in millions, unaudited) Three Months Ended December 31, Years Ended December 31, 2017 2016 % Inc 2017 2016 % Inc / (Dec) Knees $ 731.2 $ 720.9 1.4 % $ 2,737.1 $ 2,752.6 (0.6) % Hips 499.1 482.2 3.5 1,879.1 1,867.9 0.6 S.E.T 454.6 429.4 5.9 1,709.1 1,644.4 3.9 Dental 107.5 105.4 2.1 418.6 427.9 (2.2) Spine & CMF 194.3 191.3 1.5 759.5 662.0 14.7 Other 87.6 83.9 4.3 320.7 329.1 (2.5) Total $ 2,074.3 $ 2,013.1 3.0 % $ 7,824.1 $ 7,683.9 1.8 % ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF REPORTED NET SALES % CHANGE TO CONSTANT CURRENCY % CHANGE (unaudited) For the Three Months Ended December 31, 2017 Foreign Constant Exchange Currency % Change Impact % Change Geographic Results Americas 0.9 % 0.1 % 0.8 % EMEA 6.4 6.7 (0.3) Asia Pacific 7.0 (0.2) 7.2 Total 3.0 % 1.5 % 1.5 % Product Categories Knees Americas (0.3) % 0.2 % (0.5) % EMEA 10.0 6.1 3.9 Asia Pacific (4.1) 0.3 (4.4) Total 1.4 1.5 (0.1) Hips Americas 0.8 0.3 0.5 EMEA 1.5 6.8 (5.3) Asia Pacific 13.8 (0.8) 14.6 Total 3.5 1.9 1.6 S.E.T 5.9 1.3 4.6 Dental 2.1 2.5 (0.4) Spine & CMF 1.5 1.0 0.5 Other 4.3 1.4 2.9 Total 3.0 % 1.5 % 1.5 % ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF REPORTED NET SALES % CHANGE TO CONSTANT CURRENCY % CHANGE AND % CHANGE EXCLUDING LDR HOLDING CORPORATION (unaudited) For the Year Ended December 31, 2017 Foreign Constant Exchange Currency % Change Impact % Change Geographic Results Americas 1.3 % 0.1 % 1.2 % EMEA 0.9 0.7 0.2 Asia Pacific 5.4 (0.9) 6.3 Total 1.8 % - % 1.8 % Product Categories Knees Americas (1.7) % - % (1.7) % EMEA 1.0 0.1 0.9 Asia Pacific 1.5 (0.1) 1.6 Total (0.6) - (0.6) Hips Americas (1.2) 0.1 (1.3) EMEA (0.7) 1.1 (1.8) Asia Pacific 7.5 (1.6) 9.1 Total 0.6 - 0.6 S.E.T 3.9 (0.1) 4.0 Dental (2.2) 0.4 (2.6) Spine & CMF 14.7 0.3 14.4 Other (2.5) 0.1 (2.6) Total 1.8 % - % 1.8 % Impact of LDR Holding Corporation (1.3) - (1.3) % Change excluding LDR Holding Corporation 0.5 % - % 0.5 % ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS FOR THE THREE MONTHS ENDED DECEMBER 31, 2017 and 2016 (in millions, unaudited) Three Months Ended December 31, 2017 2016 Net Earnings of Zimmer Biomet Holdings, Inc. $ 1,257.2 $ 69.6 Inventory step-up and other inventory and manufacturing-related charges 26.1 111.4 Intangible asset amortization 151.5 141.2 Certain claims 10.3 - Goodwill impairment (2) 272.0 - Special items Biomet merger-related 74.4 173.8 Other special items 132.0 41.0 Merger-related and other expense in other expense, net 2.1 4.7 Debt extinguishment - 53.3 Taxes on above items (3) (134.9) (152.0) U.S. tax reform (4) (1,305.5) - Other certain tax adjustments (5) (56.7) (8.9) Adjusted Net Earnings $ 428.5 $ 434.1 ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS FOR THE YEARS ENDED DECEMBER 31, 2017 and 2016 (in millions, unaudited) Years Ended December 31, 2017 2016 Net Earnings of Zimmer Biomet Holdings, Inc. $ 1,839.6 $ 305.9 Inventory step-up and other inventory and manufacturing-related charges 84.6 469.1 Intangible asset amortization 603.9 565.9 Certain claims 10.3 - Goodwill impairment (2) 304.7 - Special items Biomet merger-related 248.0 487.3 Other special items 359.8 124.5 Merger-related and other expense in other expense, net 2.6 3.6 Debt extinguishment - 53.3 Taxes on above items (3) (399.3) (449.0) Biomet merger-related measurement period tax adjustments (6) - 52.7 U.S. tax reform (4) (1,305.5) - Other certain tax adjustments (7) (112.3) (2.5) Adjusted Net Earnings $ 1,636.4 $ 1,610.8 ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS FOR THE THREE MONTHS ENDED DECEMBER 31, 2017 and 2016 (unaudited) Three Months Ended December 31, 2017 2016 Diluted EPS $ 6.16 $ 0.34 Inventory step-up and other inventory and manufacturing-related charges 0.13 0.55 Intangible asset amortization 0.74 0.70 Certain claims 0.05 - Goodwill impairment (2) 1.33 - Special items Biomet merger-related 0.36 0.86 Other special items 0.65 0.20 Merger-related and other expense in other expense, net 0.01 0.02 Debt extinguishment - 0.26 Taxes on above items (3) (0.66) (0.75) U.S. tax reform (4) (6.40) - Other certain tax adjustments (5) (0.27) (0.04) Adjusted Diluted EPS $ 2.10 $ 2.14 ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS FOR THE YEARS ENDED DECEMBER 31, 2017 and 2016 (unaudited) Years Ended December 31, 2017 2016 Diluted EPS $ 9.03 $ 1.51 Inventory step-up and other inventory and manufacturing-related charges 0.42 2.32 Intangible asset amortization 2.96 2.80 Certain claims 0.05 - Goodwill impairment (2) 1.49 - Special items Biomet merger-related 1.22 2.40 Other special items 1.77 0.62 Merger-related and other expense in other expense, net 0.01 0.02 Debt extinguishment - 0.26 Taxes on above items (3) (1.96) (2.22) Biomet merger-related measurement period tax adjustments (6) - 0.26 U.S. tax reform (4) (6.41) - Other certain tax adjustments (7) (0.55) (0.01) Adjusted Diluted EPS $ 8.03 $ 7.96 ZIMMER BIOMET HOLDINGS, INC. SUMMARY OF EXPENSES INCLUDED IN SPECIAL ITEMS FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2017 and 2016 (in millions, unaudited) Three Months Years Ended December 31, Ended December 31, 2017 2016 2017 2016 Biomet merger-related Consulting and professional fees $ 20.8 $ 82.0 $ 81.5 $ 220.4 Employee termination benefits 0.2 36.5 12.1 50.8 Dedicated project personnel 17.4 15.0 50.6 79.8 Relocated facilities 1.6 1.6 7.7 19.1 Certain litigation matters 10.5 2.5 15.5 2.5 Contract terminations 5.2 11.1 5.2 39.9 Information technology integration 1.0 5.0 5.9 14.3 Loss/impairment on assets 9.8 15.0 36.6 43.0 Other 7.9 5.1 32.9 17.5 Total Biomet merger-related 74.4 173.8 248.0 487.3 Other Consulting and professional fees 59.8 2.7 218.1 33.0 Employee termination benefits 1.4 3.8 3.5 7.0 Dedicated project personnel 10.2 5.8 45.6 17.3 Impairment/loss on disposal of assets - - - 1.1 LDR merger consideration compensation expense - - - 24.1 Relocated facilities 3.3 - 6.3 0.2 Certain litigation matters 53.2 27.1 63.2 30.8 Contract terminations 3.9 1.8 3.9 2.9 Information technology integration 1.1 0.2 2.9 1.3 Certain R&D agreements - - 2.5 - Contingent consideration adjustments (3.0) - (4.5) - Other 2.1 (0.4) 18.3 6.8 Total Other 132.0 41.0 359.8 124.5 Special items $ 206.4 $ 214.8 $ 607.8 $ 611.8 ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF FIRST QUARTER 2018 PROJECTED REVENUE % CHANGE TO PROJECTED CONSTANT CURRENCY % CHANGE (unaudited) Projected Three Months Ended March 31, 2018: High Low Revenue % change 1.0 % (1.0) % Foreign exchange impact (3.0) (3.0) Constant currency % change (2.0) % (4.0) % ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF FIRST QUARTER 2018 PROJECTED DILUTED EPS TO PROJECTED ADJUSTED DILUTED EPS (unaudited) Projected Three Months Ended March 31, 2018: High Low Diluted EPS $ 0.88 $ 0.73 Inventory step-up and other inventory and manufacturing related charges, intangible asset amortization, special items and other expense 1.27 1.37 Taxes on above items (3) and other certain tax adjustments (0.24) (0.26) Adjusted Diluted EPS $ 1.91 $ 1.84 (2) The Company recognized a $272.0 million non-cash goodwill impairment charge in the fourth quarter of 2018 related to its Spine less Asia Pacific reporting unit during its annual goodwill impairment testing. The impairment was driven by integration issues between the legacy Zimmer, Biomet and LDR businesses. In the third quarter of 2018, the Company recognized a $32.7 million non-cash goodwill impairment charge related to its Office Based Technologies reporting unit. Operating performance of this reporting unit has been lower than expected due to integration issues, management turnover and poor execution of its operating plans. (3) The tax effect for the U.S. jurisdiction is calculated based on an effective rate considering federal and state taxes, as well as permanent items where the items were or are projected to be incurred. For jurisdictions outside the U.S., the tax effect is estimated based upon the statutory rates where the items were or are projected to be incurred. (4) U.S. tax reform resulted in a net favorable provisional adjustment due to the reduction of certain deferred tax liabilities, which were partially offset by provisional tax charges related to the toll tax provision of U.S. tax reform. (5) In 2017, other certain tax adjustments relate to a favorable tax rate change in a foreign jurisdiction and net favorable adjustments from internal restructuring transactions. The 2016 adjustment primarily includes a favorable resolution of certain tax matters with taxing authorities offset by internal restructuring transactions that provide the Company access to offshore funds in a tax efficient manner. (6) The 2016 period includes negative effects from finalizing the tax accounts for the Biomet merger. Under the applicable U.S. GAAP rules, these measurement period adjustments are recognized on a prospective basis in the period of change. (7) In 2017, other certain tax adjustments relate to a tax restructuring that lowered the tax rate on deferred tax liabilities recorded on intangible assets recognized in acquisition-related accounting, net favorable resolutions of various tax matters, a favorable tax rate change in a foreign jurisdiction and net favorable adjustments from internal restructuring transactions. The 2016 adjustment primarily relates to a favorable adjustment to certain deferred tax liabilities recognized as part of acquisition-related accounting and favorable resolution of certain tax matters with taxing authorities offset by internal restructuring transactions that provide the Company access to offshore funds in a tax efficient manner. with multimedia: releases/zimmer-biomet-announces-fourth-quarter-and-full-year-2017-results-300590037.html SOURCE Zimmer Biomet Holdings, Inc.
http://www.cnbc.com/2018/01/30/pr-newswire-zimmer-biomet-announces-fourth-quarter-and-full-year-2017-results.html
5,510
Alibaba, Foxconn lead $350 million funding in electric car startup
January 29, 2018 / 9:19 AM / Updated 2 hours ago Alibaba, Foxconn lead $350 million funding in electric car startup Reuters Staff 2 Min Read BEIJING (Reuters) - Alibaba Group Holding Ltd and Foxconn Technology Co Ltd have led a 2.2 billion yuan ($347.74 million) funding round in Chinese electric car maker Xiaopeng Motors as competition escalates in the new energy vehicle (NEV) market. The latest injection brings the startup company’s total funding to 5 billion yuan, it said in a statement. It follows an earlier round in December in which Alibaba also participated. Xiaopeng, which debuted its electric car at CES in Las Vegas this month, is one of several Chinese start-ups looking to speed up development of battery-powered technology and compete with global leaders including Tesla Inc. China’s new energy vehicle sales are expected to grow by 40 percent in 2018, according to an industry body, even as the country’s traditional automotive market slowed sharply in 2017. Xiaopeng says its first vehicle, the ‘G3’, will hit the market this year. Alibaba has invested heavily in smart car technology and partnered with a handful of traditional western and Chinese carmakers, including Ford Motor Co and BMW. Other investors in the round include IDG Capital as well as previous investors GGV Capital, Morningside Venture Capital and Matrix Partners, Alibaba said on its press site on Sunday. Russian billionaire investor Yuri Milner is also supporting the initiative, the web site said. ($1 = 6.3265 Chinese yuan)
https://in.reuters.com/article/china-ev-funding/alibaba-foxconn-lead-350-million-funding-in-electric-car-startup-idINKBN1FI0U8
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At least 25 dead after bus careens off cliff in Peru -police
January 2, 2018 / 8:59 PM / in 2 minutes At least 25 dead after bus careens off cliff in Peru: police Reuters Staff 1 Min Read LIMA (Reuters) - At least 25 people died on Tuesday when the bus on which they were traveling collided with a truck and careened off a cliff along a sharply curving highway north of the capital, Lima, local police said. The accident took place on the Panamericana Norte highway near the area of Pasamayo. “It’s a dangerous curve zone,” Colonel Dino Escudero, head of Lima’s highway control division, told local radio station RPP. He said the death toll could rise because the bus had been carrying 40 passengers. Road accidents are common in Peru because of unsafe highways. Police are investigating Tuesday’s accident. Reporting by Marco Aquino; Editing by Peter Cooney
https://www.reuters.com/article/us-peru-crash/at-least-25-dead-after-bus-careens-off-cliff-in-peru-police-idUSKBN1ER1PX
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Iraq nears oil output capacity of 5 million bpd, says committed to OPEC cuts
Trump denies offensive language on immigration Trump denies offensive language on immigration Trump denies offensive language on immigration Reuters TV United States 42 AM / a few seconds ago Iraq nears oil output capacity of 5 million bpd, says committed to OPEC cuts ABU DHABI (Reuters) - Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the OPEC member’s oil output capacity is near reaching 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. A view shows the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani Luaibi, who was speaking at an industry conference in Abu Dhabi, also said that his ministry plans to conclude three contracts with international gas companies by mid-2018 to utilize gas from the south of the country. He said that by 2021, the country plans to “reach zero gas flaring”. Iraq is forced to flare some of the gas produced alongside crude oil as it lacks the facilities needed to capture and process it into usable fuel. Reporting by Rania El Gamal; editing by Alexander Smith
https://uk.reuters.com/article/us-oil-opec-iraq/iraq-nears-oil-output-capacity-of-5-million-bpd-says-committed-to-opec-cuts-idUKKBN1F20E6
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Exclusive: Amazon Studios to cut back on indie films in programming shift - sources
January 18, 2018 / 6:23 AM / Updated 3 hours ago Exclusive: Amazon Studios to cut back on indie films in programming shift - sources Jeffrey Dastin , Jessica Toonkel 4 Min Read SAN FRANCISCO/NEW YORK (Reuters) - Amazon.com Inc, which has made waves in recent years buying art-house movies at the Sundance Film Festival, is heading to the prestigious event this week with a long-term change in the works: It plans to shift resources from independent films to more commercial projects, people familiar with the matter told Reuters. The move reflects a new phase in the online retailer’s entertainment strategy. Initially, Amazon worked on high-brow movies that would win awards, put it on the map in Hollywood and help it attract top talent. Now, Amazon wants programming aimed at a far wider audience as it pursues its central business goal: persuading more people to join its video streaming service and shopping club Prime. The change in the movie strategy parallels a similar shift in Amazon Studios’ TV operation, which is also moving to bigger-budget fare. Amazon expects to go after films with budgets in the $50 million (£36 million) range at the expense of indie projects costing around $5 million, one person familiar with the plans said on the condition of anonymity. Another person confirmed the overall strategy, adding that the Culver City, California, studio is still working out the details on how much of its film budget will go to these bigger releases. Amazon declined to comment. The course change comes after Roy Price, who led Amazon Studios from its inception in 2010 and was a champion of projects with awards potential, resigned in October. Albert Cheng, the studio’s chief operating officer, has stepped in as interim head and is in charge of television projects, while Vice President Jason Ropell runs the film division. Both report to Jeff Blackburn, a Seattle-based senior vice president who wields broad authority at the company. It is unclear who will permanently replace Price. On the film side, Amazon is not moving all the way into blockbuster territory. The TV group had offered $250 million just for the rights to a fantasy prequel series of “The Lord of the Rings,” according to people familiar with the matter. That is a far more expensive project, representing a bigger change in direction than what the movie division is considering, one source said. Nor is Amazon abandoning indie films entirely. But industry sources are unsure how active the company will be at Sundance this year. The festival’s lineup is not believed to have a standout like “Manchester by the Sea,” which Amazon bought at Sundance for $10 million and which went on to win two Oscars. Amazon and rival Netflix Inc in general have pushed up prices for such prestige fare. Jeff Bezos, Amazon’s chief executive, recently told at least one industry executive that it is business as usual at the movie studio, a person familiar with the matter said. At Sundance, that could mean multi-million-dollar deals for films destined for theatres, as well as small deals by a separate team - Amazon Video Direct - that offers more modest payments for a project’s online streaming rights. Still, several filmmakers were surprised recently when the studio turned away a handful of projects with budgets up to $6 million, which they believed fit the mould of Amazon’s 2017 hit “The Big Sick,” another person familiar with the matter said. It was not immediately clear if their rejection was due to Amazon’s new priorities. Reporting by Jeffrey Dastin in San Francisco and Jessica Toonkel in New York; Additional reporting by Lisa Richwine and Piya Sinha Roy in Los Angeles; Editing by Jonathan Weber and Leslie Adler
https://uk.reuters.com/article/uk-amazon-com-films-exclusive/exclusive-amazon-studios-to-cut-back-on-indie-films-in-programming-shift-sources-idUKKBN1F70K0
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AIG to buy Validus for $5.56 billion in an all-cash deal
American International Group on Monday said it would buy property and casualty reinsurer Validus for $5.56 billion in cash to strengthen its general insurance business. AIG's offer of $68 per share represents a 45.5 percent premium to Validus' Friday close. Validus' shares were up nearly 16 percent at $54 before the bell. The deal, part of Chief Executive Brian Duperreault's turnaround plan, is expected to immediately add to AIG's earnings per share and return on equity. The deal, expected to close in mid-2018, will also boost AIG's talent and underwriting business apart from general insurance, the company said. Citigroup Global Markets, Perella Weinberg Partners, and Debevoise & Plimpton advised AIG on the transaction, while Validus was advised by J.P. Morgan Securities and Skadden, Arps, Slate, Meagher & Flom.
https://www.cnbc.com/2018/01/22/aig-to-buy-validus-for-5-point-56-billion-in-an-all-cash-deal.html
134
Tri-Series in UAE 2018 Scoreboard
January 23, 2018 / 1:59 PM / Updated 17 hours ago Tri-Series in UAE 2018 Scoreboard Reuters Staff 3 Min Read Jan 23 (OPTA) - Scoreboard at close of play of match 6 between United Arab Emirates and Scotland on Tuesday at Dubai, United Arab Emirates United Arab Emirates win by 4 wickets Scotland 1st innings Michael Leask c Amir Hayat b Mohammad Naveed 15 Kyle Coetzer c Imran Haider b Rohan Mustafa 75 Matthew Cross c&b Rohan Mustafa 12 Richard Berrington b Mohammad Naveed 90 Calum MacLeod b Zahoor Khan 10 George Munsey c Zahoor Khan b Imran Haider 47 Craig Wallace b Zahoor Khan 8 Safyaan Sharif c Adnan Mufti b Mohammad Naveed 8 Michael Jones b Zahoor Khan 4 Mark Watt Not Out 10 Scott Cameron Not Out 8 Extras 0b 7lb 1nb 0pen 4w 12 Total (50.0 overs) 299-9 Fall of Wickets : 1-16 Leask, 2-49 Cross, 3-133 Coetzer, 4-177 MacLeod, 5-253 Munsey, 6-257 Berrington, 7-271 Wallace, 8-277 Sharif, 9-277 Jones Bowling Ov Md Rn Wk Econ Ex Mohammad Naveed 10 0 47 3 4.70 2w Amir Hayat 8 0 40 0 5.00 Zahoor Khan 10 0 62 3 6.20 1w 1nb Rohan Mustafa 10 1 60 2 6.00 Imran Haider 10 0 69 1 6.90 1w Shaiman Anwar 2 0 14 0 7.00 United Arab Emirates 1st innings Rohan Mustafa lbw Scott Cameron 2 Ashfaq Ahmed c Michael Leask b Safyaan Sharif 92 Ghulam Shabeer b Mark Watt 17 Rameez Shahzad Not Out 121 Mohammad Usman Run Out Safyaan Sharif 11 Shaiman Anwar lbw Mark Watt 5 Adnan Mufti b Safyaan Sharif 38 Mohammad Naveed Not Out 3 Extras 0b 0lb 0nb 0pen 11w 11 Total (49.1 overs) 300-6 Fall of Wickets : 1-16 Mustafa, 2-50 Shabeer, 3-175 Ahmed, 4-195 Usman, 5-213 Butt, 6-288 Mufti Did Not Bat : Haider, Hayat, Khan Bowling Ov Md Rn Wk Econ Ex Safyaan Sharif 10 0 50 2 5.00 3w Michael Leask 8 0 43 0 5.38 1w Scott Cameron 8.1 1 59 1 7.22 Mark Watt 10 0 52 2 5.20 2w Calum MacLeod 7 0 56 0 8.00 2w Richard Berrington 6 0 40 0 6.67 Umpire Akbar Ali Umpire Nitin Menon Match Referee Manu Nayyar
https://uk.reuters.com/article/cricket-odi-scoreboard/tri-series-in-uae-2018-scoreboard-idUKMTZXEE1N0HC1D3
399
BRIEF-Rite Aid CFO- WE CONTINUE TO EXPECT REIMBURSEMENT RATE HEADWINDS
January 3, 2018 / 11:23 PM / Updated 22 minutes ago BRIEF-Rite Aid CFO- WE CONTINUE TO EXPECT REIMBURSEMENT RATE HEADWINDS Reuters Staff 1 Min Read Jan 3 (Reuters) - Rite Aid: * COO- RAD WILL HAVE 2,569 STORES LOCATED PRIMARILY IN 8 KEY STATES, TO BE SERVED BY 6 DISTRIBUTION. CENTERS POST TRANSFER OF STORES TO WBA * COO- WE HAVE BETTER PREDICTABILITY ON REIMBURSEMENT RATE AND ACCESS FOR THE COMING YEAR * COO- OUR TOTAL MED D ENROLLMENT FOR THE 2018 PLAN YEAR HAS SURPASSED 500,000 LIVES. * CFO- IN NOV, WE COMPLETED THE SALE OF 97 STORES TO WBA UNDER THE AMENDED AND RESTATED ASSET PURCHASE AGREEMENT * CFO- WE WILL CONTINUE TO RECEIVE PROCEEDS FROM THE ASSET SALE OVER THE NEXT SEVERAL MONTHS AS WBA TAKES POSSESSION OF THE STORES * CFO- EXPECT STORES TRANSACTION TO COMPLETE DURING THE Q1, FISCAL 2019.; PROCEEDS TO BE USED TO PAY OFF ABOUT $200 MILLION OF NET LIABILITIES * CFO- WE CONTINUE TO EXPECT REIMBURSEMENT RATE HEADWINDS * CFO- WE DO NOT CURRENTLY PLAN TO PROVIDE GUIDANCE FOR THE REMAINDER OF FISCAL 2018 * CEO- BIGGEST FACTOR IMPACTING SCRIPT COUNT RIGHT NOW IS REALLY NETWORK LOSS Further company coverage:
https://www.reuters.com/article/brief-rite-aid-cfo-we-continue-to-expect/brief-rite-aid-cfo-we-continue-to-expect-reimbursement-rate-headwinds-idUSFWN1OY0N1
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CARBO® Announces Fourth Quarter and Fiscal Year 2017 Results
HOUSTON, Jan. 25, 2018 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) today reported financial results for the fourth quarter and fiscal year 2017. Revenue for the fourth quarter of 2017 of $60.3 million, an increase of 108% year-over-year and 20% sequentially. Revenue total for 2017 grew 83% compared to 2016. Revenue generated from the Oil and Gas sector grew 84% and revenue generated from the Industrial sector grew 76%. Our progress on the company's transformation strategy was substantial in 2017. We are building a more enduring company, with a more diversified product offering. Continued to improve net cash (used in) / provided by operating activities throughout 2017, which was ($19.1) million, ($15.8) million, ($5.2) million and $1.3 million in Q1'17, Q2'17, Q3'17, and Q4'17 respectively. Expect revenue and operating cash will continue to show improvement in the first half of 2018 compared to the first half of 2017. Logo - https://mma.prnewswire.com/media/128186/carbo_logo.jpg The Company reported revenues of $60.3 million for the quarter ended December 31, 2017 compared to revenue of $29.1 million in the same period of 2016. Fourth quarter net cash provided by operations was $1.3 million compared to cash used in operations of ($12.7) million last year. CEO Gary Kolstad commented, "Revenue for 2017 increased 83% compared to 2016 as we accelerated growth in oilfield ceramic technology products, industrial ceramics, oilfield sand and environmental product revenues. We set out on a multi-year strategy to transform the Company and emerge from the significant and prolonged oil and gas industry downturn, as a more diversified company with multiple revenue streams coming from both the Oil and Gas and Industrial sectors. Our Industrial business growth opportunities should lead to continued increases in their contribution to our overall revenue. We are executing on this transformation strategy by leveraging our leading technology, experienced operating personnel, marketing and sales expertise, and existing asset base. "While we pioneered base ceramic proppant 38 years ago and expect to continue to be the industry leader, diversification away from our historical reliance of approximately 80% of our revenue being generated from base ceramic is necessary given the changing proppant buying habits of our clients during this last oil and gas downturn. I am very proud of our efforts in 2017, when we grew the Company's total revenue 83% and base ceramic proppant shrank to approximately 30% of our total revenue. "We were pleased with the fourth quarter results as revenues increased 20% sequentially despite seeing a slowdown in oil and gas activity in December. Oilfield ceramic technology products and industrial ceramic products revenues increased significantly. Fourth quarter increases in base ceramic proppant demand resulted in the best quarter of the year for base ceramic sales after adjusting for the Russia proppant business, which we sold in the third quarter. "We made many achievements in our industrial ceramics business during 2017. New products were launched successfully, and we achieved client growth in several end markets. New clients accounted for roughly one quarter of industrial sales in 2017. For example, in the foundry market we continue to see increased client interest in our industrial ceramic products as the new OSHA silica Permissible Exposure Limits (PEL) requirements are set to take effect in mid-2018. In addition to meeting OSHA requirements and improving worker safety, our ceramic media also provides our clients value through higher quality castings and reduction in operating costs. "As noted last quarter, due to client demand we announced additional sand capacity utilizing an 'asset-lite' business model. First production from this project has commenced and we expect to ramp to a maximum annual rate of 600,000 tons as we enter the second quarter. This project increases our total available sand capacity to over 1.3 million tons per year. "As previously mentioned, increasing the utilization of our manufacturing plants through mineral processing is important to the company's future profitability. In December, we signed a multi-year toll manufacturing agreement to be the exclusive toll processor for a product in the agricultural industry. This is a milestone for CARBO and we are pursuing additional opportunities to further increase utilization at our manufacturing plants. "As part of our effort to drive cost efficiencies, we continue to optimize both our inventoried product levels and our logistics infrastructure; we have also redistributed production across our manufacturing plants. As a result of the redistribution of production, we will incur a severance charge during the first quarter of 2018. "Solid revenue growth and operational execution during the fourth quarter allowed us to achieve our target of a cash neutral position compared to the third quarter of 2017. Maintaining cash at strong levels will allow us the freedom to continue to execute on our transformation strategy in 2018 and provide flexibility to increase resources to grow our business," Mr. Kolstad said. Fourth Quarter 2017 Results Revenues for the fourth quarter of 2017 increased 108%, or $31.3 million, compared to the same period of 2016. The increase was primarily attributable to increases in oilfield ceramic technology products, industrial ceramics, oilfield sand and environmental product revenues. Operating loss for the fourth quarter of 2017 decreased to $17.3 million as compared to $29.3 million in the same period of 2016. The decrease in operating loss was primarily attributable to increased sales combined with a reduction in certain fixed structural costs, and a decrease in slowing and idling expenses. Full Year Results Revenues for the year ended December 31, 2017, increased 83%, or $85.7 million, compared to 2016. The increase was primarily attributable to increases in oilfield ceramic technology products, industrial ceramics, oilfield sand and environmental product revenues. Worldwide ceramic and sand proppant sales volumes totaled 2.6 billion pounds for the full year 2017, an increase of 287% compared to 2016. Technology and Business Highlights In a unique application, KRYPTOSPHERE® was used by a pre-packed screen (PPS) manufacturer as the internal media within its slotted liner/screen design. The PPS is deployed to prevent fines migration associated with hydrocarbon production. KRYPTOSPHERE technology was selected due to its uniform, single-mesh-size that creates more uniform pore throats and more space for hydrocarbon flow. SCALEGUARD®, a proppant-delivered scale-inhibiting technology, experienced a record quarter, driven by several new clients in the Permian basin and the international market. The technology was also used along with KRYPTOSPHERE HD in a Lower Tertiary deepwater completion by a super major. A single scale inhibition treatment with SCALEGUARD can prevent production losses during the life of the well and dramatically reduce lease operating expenses. A previous well completion that included SALTGUARD® continues to perform as designed and has outperformed the initial anticipated treatment life. SALTGUARD inhibits salt formation in the frac and wellbore, preventing production decreases, lowering lease operating expenses and eliminating the need for costly fresh water injection and the associated disposal of the resulting saltwater. A project utilizing FUSION® technology for Stimulation and Proppant Pack Consolidation was selected for the BP 2017 Helios Award. The technology creates a bonded, high integrity proppant pack without closure stress. This provides the well integrity critical to inject and produce at the ultra-high rates required to improve well economics and increase EUR in mature, depleting fields. FUSION deployment on this project won the "Excellence" award with over 600 competing BP project submissions from around the globe. The technology was successfully used on two Gulf of Mexico ultra-deepwater water injector wells, one of which achieved the highest water injection rate in soft sand formations globally. During the quarter, Northern White sand production commenced from a North East sand processing facility. The facility is strategically located to service the Marcellus and Utica Basins with high quality sand. An update to FRACPRO® 2017 software was released that added a new Layer Sensitive fracture model, allowing engineers using FRACPRO to more precisely investigate fracture propagation through multiple layers. It also enhances and extends the transfer of information from FRACPRO to third party data information systems, such as OpenWells® and WellView®. Two foundries, one in the Pacific Northwest and one in the Great Lakes region, each made a 100% conversion to ACCUCAST®, high-performance ceramic casting media, from silica sand. The ACCUCAST product created castings that were much cleaner than those produced in silica sand, thereby, significantly reducing the cleaning hours and associated costs. Moreover, ACCUCAST substantially outperformed silica sand in recycle and reuse creating additional savings and value for the client. Lastly, the ACCUCAST technology produces no silica dust and meets the newly established OSHA Permissible Exposure Limits (PEL) to improve worker safety. A large European mining operation tested our new CARBOGRIND products against two major competitors. These tests showed CARBO product outperformed the competition by over 30%. Savings realized by the mining company resulted in an annual supply contract with CARBO. A large manufacturing company based in the Middle East, approved CARBOBEAD™ ceramic media as a replacement for silica sand in its production of pigments. CARBOBEAD LT delivered a significant reduction in scour equipment wear that will translate into less equipment repair, less down time, and extended equipment life. The CARBOBEAD ceramic product more than doubled the scour media cycle life in comparison to silica sand scour media, which dramatically lowers media consumption, media transportation costs and spent material disposal costs. Moreover, the CARBOBEAD LT product achieved world class pigment brightness levels, a critical measurement for pigment quality. Outlook CEO Gary Kolstad commented on the outlook for CARBO stating, "A key goal in 2018 is continued progress on our transformation strategy to diversify revenue streams. It is our belief that execution on this transformation strategy will result in profitable growth and positive cash from operating activities. Although seasonality will impact the first half of 2018, we believe our revenue and operating cash will show improvement in the first half of 2018 compared to the first half of 2017. "We believe revenues from the Oil and Gas and Industrial sectors will grow in 2018. Looking at them separately, revenue from the Oil and Gas sector should follow industry activity while revenue from the Industrial sector should see strong double-digit growth year over year. "If the recent strengthening in oil price continues in 2018, we believe base ceramic demand could improve in 2018. In addition, early indications from clients point to increased ceramic technology sales in our KRYPTOSPHERE and GUARD TM family of products. We anticipate KRYPTOSPHERE HD sales will be down slightly in 2018 due to a decrease in Gulf of Mexico activity, while KRYPTOSPHERE LD sales should exhibit solid growth globally. SCALEGUARD, a scale inhibiting production assurance product, continues to see success through its ability to prevent scale buildup and lower lease operating expense for E&P operators. The pipeline of opportunities is promising and we have been awarded additional work in 2018 for a client's Permian basin wells, which should result in increased revenues compared to 2017. "Regarding our sand business, first sales for our North East project have begun in January. We will continue to utilize various business models, including an 'asset-lite' model like this, to serve client demand. "We achieved solid growth in our industrial ceramics business during 2017, and we believe we will significantly grow this business in 2018 and in the foreseeable future. It is important that we continue to expand in the markets we serve today as well as develop new markets. We expect to add additional resources in 2018 to meet our objectives to grow this business by strong double digits again in 2018. "We expect to develop additional opportunities in mineral processing during 2018, for our underutilized manufacturing plants. Our recent signing of a multi-year agreement to toll process an agricultural product is a positive step forward. "ASSETGUARD TM , our environmental business, bounced back from the weather impacts of the third quarter. Given the majority of this business is related to the Oil and Gas sector, we believe it should also follow industry activity in 2018. However, we are targeting revenue streams in the Industrial sector and expect strong year-over-year growth in those sales. "Over multiple decades CARBO has found new and innovative ways to bring value to our clients. We believe 2018 will be an exciting year, filled with meeting the challenges of our existing clients as well as those of new clients. Execution on our transformation strategy continues, and we expect it will result in an enduring, diversified company," Mr. Kolstad concluded. Conference Call As previously announced, a conference call to discuss CARBO's fourth quarter 2017 results is scheduled for today at 10:30 a.m. Central Time (11:30 a.m. Eastern). Due to historical high call volume, CARBO is offering participants the opportunity to register in advance for the conference by accessing the following website: http://dpregister.com/10115898 Registered participants will immediately receive an email with a calendar reminder and a dial-in number and PIN that will allow them immediate access to the call. Participants who do not wish to pre-register for the call may dial in using (877) 232-2832 (for U.S. callers), (855) 669-9657 (for Canadian callers) or (412) 542-4138 (for international callers) and ask for the "CARBO Ceramics" call. The conference call also can be accessed through CARBO's website, www.carboceramics.com . A telephonic replay of the earnings conference call will be available through February 1st, 2018 at 9:00 a.m. Eastern Time. To access the replay, please dial (877)-344-7529 (for U.S. callers), (855) 669-9658 (for Canadian callers) or (412) 317-0088 (for international callers). Please reference conference number 10115898. Interested parties may also access the archived webcast of the earnings teleconference through CARBO's website approximately two hours after the end of the call. About CARBO CARBO (NYSE: CRR) is a global technology company that provides products and services to the oil and gas and industrial markets to enhance value for its clients. CARBO Oilfield Technologies - is a global leader that provides engineered solutions in its Design, Build, and Optimize the Frac® technology businesses, delivering important value to E&P operators by increasing well production and EUR. Oilfield Technologies is the world's largest producer of high quality ceramic proppant, provides one of the industry's most widely used fracture simulation software, has proprietary technology that provides fracture diagnostics and production assurance, and offers consulting services for fracture design and completion optimization. The Company also provides a range of technology solutions for spill prevention and containment. Its products and services are sold to operators of oil and natural gas wells and to oilfield service companies for use in the hydraulic fracturing of natural gas and oil wells. CARBO Industrial Technologies - is a leading provider of high-performance industrial ceramic media products that are engineered to increase process efficiency, improve end-product quality and reduce operating costs. Its products and services are primarily sold to industrial companies that work in manufacturing and mineral processing. For more information, please visit www.carboceramics.com . Forward-Looking Statements The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance and liquidity and capital resources, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may", "will", "estimate", "intend", "continue", "believe", "expect", "anticipate", "should", "could", "potential", "opportunity", or other similar terminology. All forward-looking statements are based on management's current expectations and estimates, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in the demand for, or price of, oil and natural gas, changes in the cost of raw materials and natural gas used in manufacturing our products, risks related to our ability to access needed cash and capital, our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants, our ability to manage distribution costs effectively, changes in demand and prices charged for our products, risks of increased competition, technological, manufacturing and product development risks, our dependence on and loss of key customers and end users, changes in foreign and domestic government regulations, including environmental restrictions on operations and regulation of hydraulic fracturing, changes in foreign and domestic political and legislative risks, risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks and other risks and uncertainties. Additional factors that could affect our future results or events are described from time to time in our reports filed with the Securities and Exchange Commission (the "SEC"). Please see the discussion set forth under the caption "Risk Factors" in our most recent annual report on Form 10-K, and similar disclosures in subsequently filed reports with the SEC. We assume no obligation to update forward-looking statements, except as required by law. Note on Non-GAAP Financial Measures This press release includes unaudited non-GAAP financial measures, including EBITDA and Adjusted EBITDA. We present non-GAAP measures when our management believes that the additional information provides useful information about our operating performance. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See the table entitled "Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA" below and the accompanying text for an explanation of the non-GAAP financial measures and a reconciliation of the non-GAAP financial measures to the comparable GAAP measures. -tables follow – Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 (In thousands except per share) (In thousands except per share) Revenues $ 60,341 $ 29,058 $ 188,756 $ 103,051 Cost of sales (see Cost of Sales Detail table below) 66,252 49,553 242,081 188,065 Gross loss (5,911) (20,495) (53,325) (85,014) SG&A expenses and start-up costs 11,336 8,851 42,533 39,999 Loss (gain) on disposal or impairment of assets 40 (21) 125,778 889 Loss on sale of Russian proppant business 19 — 26,747 — Operating loss (17,306) (29,325) (248,383) (125,902) Other expense, net (1,578) (1,580) (6,760) (5,306) Loss before income taxes (18,884) (30,905) (255,143) (131,208) Income tax benefit (1,500) (15,708) (2,027) (51,081) Net loss $ (17,384) $ (15,197) $ (253,116) $ (80,127) Loss per share: Basic $ (0.65) $ (0.57) $ (9.49) $ (3.29) Diluted $ (0.65) $ (0.57) $ (9.49) $ (3.29) Average shares outstanding: Basic 26,692 26,542 26,664 24,378 Diluted 26,692 26,542 26,664 24,378 Depreciation and amortization $ 9,532 $ 11,952 $ 45,337 $ 48,451 Cost of Sales Detail Three Months Ended Twelve Months Ended (In thousands) December 31, December 31, 2017 2016 2017 2016 Primary cost of sales $ 58,202 $ 37,185 $ 200,213 $ 133,431 Slowing and idling production 7,765 11,251 40,664 47,318 Loss (gain) on derivative instruments 1 (1,799) 917 (1,886) Railcar lease termination fee — 1,500 — 1,500 Lower of cost or market inventory adjustment — 1,400 — 1,515 Severance and other charges 284 16 287 6,187 Total Cost of Sales $ 66,252 $ 49,553 $ 242,081 $ 188,065 Product Sales Volumes (in million lbs) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Ceramic 104 96 389 356 Northern White Sand 706 150 2,190 311 Total 810 246 2,579 667 Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA Three Months Ended Twelve Months Ended (In thousands) December 31, December 31, 2017 2016 2017 2016 Net loss $ (17,384) $ (15,197) $ (253,116) $ (80,127) Interest expense, net 2,070 1,577 7,700 5,435 Income tax benefit (1,500) (15,708) (2,027) (51,081) Depreciation and amortization (1) 9,359 11,952 44,282 48,451 EBITDA $ (7,455) $ (17,376) $ (203,161) $ (77,322) Loss (gain) on disposal or impairment of assets 40 (21) 125,778 889 Loss on sale of Russian proppant business 19 — 26,747 — Severance and other charges 284 16 287 6,426 Loss (gain) on derivative instruments 1 (1,799) 917 (1,886) Lower of cost or market inventory adjustment — 1,400 — 1,515 Adjusted EBITDA $ (7,111) $ (17,780) $ (49,432) $ (70,378) Adjusted EBITDA is used by management to evaluate and assess our operational results, and we believe that Adjusted EBITDA allows investors to evaluate and assess our operational results. Adjusted EBITDA excludes various charges primarily related to the downturn in the energy industry and the sale of our Russian proppant business. (1) Depreciation and amortization for the three and twelve months ended December 31, 2017 excludes $173 and $1,055, respectively, of amortization of debt issuance costs and debt discount, which is included in interest expense, net, above. Balance Sheet Information December 31, December 31, 2017 2016 (in thousands) Assets Cash and cash equivalents $ 68,169 $ 91,680 Restricted cash (current) 6,935 — Other current assets 120,693 125,543 Restricted cash (long-term) 3,281 — Property, plant and equipment, net 324,186 494,103 Goodwill 3,500 3,500 Intangible and other assets, net 13,834 8,631 Total assets $ 540,598 $ 723,457 Liabilities and Shareholders ' Equity Long-term debt, current $ — $ 13,000 Derivative instruments 2,537 1,599 Other current liabilities 39,894 20,205 Deferred income taxes 230 1,236 Long-term debt and related parties notes payable 87,738 67,404 Other long-term liabilities 4,434 3,443 Shareholders' equity 405,765 616,570 Total liabilities and shareholders ' equity $ 540,598 $ 723,457 Contact: Mark Thomas, Director, Investor Relations (281) 921-6458 View original content: http://www.prnewswire.com/news-releases/carbo-announces-fourth-quarter-and-fiscal-year-2017-results-300588016.html SOURCE CARBO Ceramics Inc.
http://www.cnbc.com/2018/01/25/pr-newswire-carboa-announces-fourth-quarter-and-fiscal-year-2017-results.html
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UK Takeover Panel extends deadline for IWG bidding
45 PM / in 2 minutes UK Takeover Panel extends deadline for IWG bidding Reuters Staff 1 Min Read (Reuters) - The UK’s Takeover Panel has extended the deadline for a consortium of companies to make an offer for British office firm IWG Plc ( IWG.L ) until 1700 GMT on Feb. 2. IWG received an approach in December from a consortium comprising Canadian private equity firm Onex Corp ( ONEX.TO ) and Brookfield Asset Management ( BAMa.TO ). Initially the consortium had until Jan. 20 to make an offer or walk away for at least six months, under Takeover Panel rules. Reporting by Bhanu Pratap in Bengaluru; Editing by Elaine Hardcastle
https://www.reuters.com/article/us-iwg-m-a-brookfield-onex/uk-takeover-panel-extends-deadline-for-iwg-bidding-idUSKBN1F82D5
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Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2017 Results; Raises Dividend to $0.12 Per Share
Fourth Quarter and Full Year Highlights: Average Total Deposits increased 7% year-over-year to $6.4 billion, and Average Total Loans increased 7% year-over-year to $6.4 billion. Total Assets Under Management/Advisory (“AUM”), excluding Anchor Capital Advisors LLC ("Anchor"), were $21.2 billion at the end of the fourth quarter, and Net Flows during the fourth quarter were $128 million. Operating Return on Average Common Equity for the fourth quarter was 10.2% and Operating Return on Average Tangible Common Equity was 13.4%. Full year Operating Return on Average Common Equity was 10.1% and Operating Return on Average Tangible Common Equity was 13.6%. The Board of Directors approved a quarterly cash dividend of $0.12 per share of common stock, an increase from $0.11 per share in the prior quarter. Notable Items impacting fourth quarter results: $1.3 million loss on sale, $0.4 million of legal expense, and $24.9 goodwill impairment expense related to the Held for Sale classification and previously announced divestiture of Anchor $12.9 million Income Tax Expense related to the Tax Cuts and Jobs Act BOSTON--(BUSINESS WIRE)-- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2017 GAAP Net loss attributable to the Company of $18.3 million, compared to Net Income of $19.8 million for the third quarter of 2017 and $17.6 million for the fourth quarter of 2016. Fourth quarter 2017 diluted earnings per share were ($0.24), compared to $0.22 in the third quarter of 2017, and $0.19 in the fourth quarter of 2016. For the full year of 2017, BPFH reported GAAP Net Income attributable to the Company of $40.6 million or $0.42 of diluted earnings per share. This press release includes references to Operating metrics (non-GAAP) that exclude the impact of Notable Items listed above. A full reconciliation of these adjustments can be found in the footnotes. Summary of fourth quarter and full year financial results (GAAP basis and Operating basis) ($ in millions, except for per share data) Quarter ended December 31, 2017 Year ended December 31, 2017 GAAP or Reported Operating GAAP or Reported Operating Net income / (loss) attributable to the Company (18) $(18.3) $20.6 $40.6 $79.5 Diluted Total Earnings Per Share (5) , (18) $(0.24) $0.22 $0.42 $0.88 Non-GAAP Financial Measures Reported Operating Reported Operating Return on Average Common Equity (8) , (18) (9.9)% 10.2% 5.0% 10.1% Return on Average Tangible Common Equity (8) , (18) (11.9)% 13.4% 7.0% 13.6% "Our results this quarter include a combined impact of $38.9 million of charges resulting from our agreement to divest Anchor and the Tax Cuts and Jobs Act," said Clayton G. Deutsch, CEO. "Divesting Anchor will liberate capital for us, creating flexibility to reinvest in a more focused company, and the Tax Cuts and Jobs Act will result in a significantly lower effective tax rate going forward." "Excluding the impact of these items, our Company showed a strong core earnings performance, generating $74.6 million of Operating Net Income in 2017 with an Operating Return on Average Common Equity of 10.1%. During 2017, we increased the tangible book value per share of our Company by 8%, and we raised the quarterly dividend on our common stock to $0.12 per share as of the first quarter of 2018." Divestiture During the fourth quarter, the Company entered into an agreement to sell its ownership interest in Anchor in a transaction that will result in Anchor being majority owned by members of its management team. The transaction is expected to close in the first quarter of 2018. Results attributed to Anchor’s performance remain consolidated in the Company’s results during current and prior periods. For presentation purposes, Anchor’s AUM is excluded from current and prior period AUM amounts, but is included in the calculation of Core Fees and Income. The Company has classified the assets and liabilities of Anchor as Held for Sale at December 31, 2017, which are included with Other Assets and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheet. Core Fees and Income/Assets Under Management Total Core Fees and Income for the fourth quarter were $40.2 million, a 3% increase on a linked quarter basis and a 4% increase year-over-year. The increase reflects higher levels of AUM in the Wealth Management & Trust, Investment Management, and Wealth Advisory segments on both a linked quarter basis and year-over-year basis. Other Banking Fees decreased linked quarter due to lower loan fees, while increasing year-over-year due to increased BOLI income. AUM, excluding Anchor, was $21.2 billion at the end of the fourth quarter, an increase of 3% linked quarter and 13% year-over-year. The Company experienced net flows of $128 million during the fourth quarter of 2017. Net flows by segment were $79 million for Wealth Management & Trust, $20 million for Investment Management, and $29 million for Wealth Advisory. Net Interest Income Net Interest Income for the fourth quarter was $57.3 million, an increase of 1% from $56.6 million for the third quarter of 2017 and an increase of 11% from $51.5 million for the fourth quarter of 2016. Net Interest Margin was 3.04% for the fourth quarter of 2017, an increase of 2 basis points from the third quarter of 2017 and an increase of 16 basis points from the fourth quarter of 2016. Excluding interest recovered on previous nonaccrual loans, Net Interest Margin for the fourth quarter was 3.02%, flat from the third quarter of 2017 and an increase of 16 basis points from the fourth quarter of 2016. Total Operating Expense Total Operating Expense for the fourth quarter of 2017 was $94.0 million, up 36% linked quarter and 31% year-over-year. Notable expenses excluded from non-GAAP results include goodwill impairment charges of $24.9 million in the fourth quarter of 2017 and $9.5 million in the fourth quarter of 2016, and $0.4 of legal expense related to the divestiture of Anchor Capital in the fourth quarter of 2017. On an operating basis (non-GAAP), Total Expense during the fourth quarter of 2017 was $68.7 million, a decrease of 1% linked quarter and an increase of 10% year-over-year. For the full year, operating basis Total Expense was $274.6 million, an increase of 8% year-over-year. Provision and Asset Quality The Company recorded a provision credit of $0.9 million for the fourth quarter of 2017, compared to a provision credit of $0.4 million for the third quarter of 2017 and $1.1 million for the fourth quarter of 2016. The provision credit in the fourth quarter of 2017 was due to net recoveries and improved loss factors, partially offset by an increase in Criticized Loans and loan growth. Criticized Loans as of December 31, 2017 were $154.8 million, an increase of 6% linked quarter and an increase of 31% year-over-year. Nonaccrual Loans (“Nonaccruals”) as of December 31, 2017 were $14.3 million, an increase of 5% linked quarter and a decrease of 17% year-over-year. As a percentage of Total Loans, Nonaccruals were 22 basis points as of December 31, 2017, up 1 basis point compared to September 30, 2017, and down 6 basis po
http://www.cnbc.com/2018/01/17/business-wire-boston-private-financial-holdings-inc-reports-fourth-quarter-and-full-year-2017-results-raises-dividend-to-0-point-12-per.html
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Union Bank & Trust Announces Acquisition of Dixon, Hubard, Feinour, & Brown, Inc.
RICHMOND, Va., Jan. 29, 2018 (GLOBE NEWSWIRE) -- Union Bank & Trust (“Union”) today announced that it has entered into an agreement to acquire Dixon, Hubard, Feinour, & Brown, Inc., a Roanoke, Virginia based registered investment advisory firm with approximately $600 million in assets under management and advisement. Founded in 1981, Dixon, Hubard, Feinour, & Brown, Inc., will operate as a stand-alone subsidiary of Union Bank & Trust. The current principals and current employees will stay with the firm, which will continue to operate from its current offices in Roanoke. The acquisition, which is subject to certain closing conditions and approvals, is scheduled to close during the second quarter. “We are very pleased to bring Dixon, Hubard, Feinour, & Brown, Inc. under the Union umbrella while retaining the core leadership team that helped build the firm,” said Robert P. Martin, Union Wealth Management President for Union Bank & Trust. “We want to expand the reach and capabilities of our wealth management team by adding investment strategies, core competencies and advisory talent in key markets. Dixon Hubard, Feinour, & Brown, Inc. is one of the preeminent registered investment advisors in Virginia and adds a strong team that will complement our ability to offer broad financial solutions to our clients.” “We’ve built our business by taking care of clients and delivering investment results,” said C. Whitney Brown, Jr., President of Dixon, Hubard, Feinour, & Brown. “Partnering with Union will keep us doing what we do best while gaining access to the resources of Virginia’s only homegrown regional bank. Union’s roots in our area and their community-based approach to doing business make this a great fit.” Union’s Wealth Management offers comprehensive wealth management services including asset management, trust, estate planning, private banking, brokerage and financial planning. With Dixon, Hubard, Feinour & Brown, it will have more than $3.2 billion in assets under management and advisement with advisors throughout the Commonwealth of Virginia. ABOUT UNION BANKSHARES CORPORATION Headquartered in Richmond, Virginia, Union Bankshares Corporation (NASDAQ:UBSH) is the holding company for Union Bank & Trust, which has 150 banking offices, 39 of which are operated as Xenith Bank, a division of Union Bank & Trust of Richmond, Virginia, and approximately 220 ATMs located throughout Virginia and in portions of Maryland and North Carolina. Union Bank & Trust also operates Shore Premier Finance, a specialty marine lender. Non-bank affiliates of the holding company include: Union Mortgage Group, Inc., which provides a full line of mortgage products, Old Dominion Capital Management, Inc., which provides investment advisory services, and Union Insurance Group, LLC, which offers various lines of insurance products. FORWARD-LOOKING STATEMENTS Certain statements in this report may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about future events or results or otherwise and are not statements of historical fact. Such statements are often characterized by the use of qualified words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” or words of similar meaning or other statements concerning opinions or judgment of the Company and its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the effects of and changes in: general economic and bank industry conditions, the interest rate environment, legislative and regulatory requirements, competitive pressures, new products and delivery systems, inflation, changes in the stock and bond markets, accounting standards or interpretations of existing standards, mergers and acquisitions, technology, and consumer spending and savings habits. More information is available on the Company’s website, http://investors.bankatunion.com and on the Securities and Exchange Commission’s website, www.sec.gov . The information on the Company’s website is not a part of this release. The Company does not intend or assume any obligation to update or revise any forward-looking statements that may be made from time to time by or on behalf of the Company. Contact: Bill Cimino (804) 448-0937, VP and Director of Investor Relations Source:Union Bankshares Corporation
http://www.cnbc.com/2018/01/29/globe-newswire-union-bank-trust-announces-acquisition-of-dixon-hubard-feinour-brown-inc.html
751
Uniti Group Inc. To Report Fourth Quarter and Year End 2017 Financial Results and Host Conference Call
LITTLE ROCK, Ark., Jan. 08, 2018 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti”) (Nasdaq:UNIT) announced today that it will report its fourth quarter and year end 2017 financial results after the close of trading on the Nasdaq Stock Exchange on March 1, 2018. A conference call to discuss those earnings will be held the same day at 4:15 PM Eastern Time. The dial-in number for the conference call is (844) 513-7153 (or (508) 637-5603 for international callers) and the conference ID is 4379417. The call will also be webcast live and can be accessed at the Company’s website at www.uniti.com . A replay of the call will be available on the Company’s website beginning on March 1, 2018 at approximately 8:00 pm Eastern Time and will remain available for 14 days. ABOUT UNITI Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of September 30, 2017, Uniti owns 4.8 million fiber strand miles, 652 wireless towers, and other communications real estate throughout the United States and Latin America. Additional information about Uniti can be found on its website at www.uniti.com . INVESTOR and MEDIA CONTACTS: Mark A. Wallace, 501-850-0866 Executive Vice President, Chief Financial Officer & Treasurer mark.wallace@uniti.com Jim Volk, 501-850-0872 Vice President, Finance & Investor Relations jim.volk@uniti.com Source:Uniti Group Inc.
http://www.cnbc.com/2018/01/08/globe-newswire-uniti-group-inc-to-report-fourth-quarter-and-year-end-2017-financial-results-and-host-conference-call.html
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Global business jet market starting to recover -Dassault Aviation chief
PARIS (Reuters) - The global business jet market, which had been bruised by the 2007-08 financial crisis, has started to show signs of recovery, the head of France’s Dassault Aviation said on Thursday. Eric Trappier, Dassault Aviation Chairman and Chief Executive Officer, attends the company's 2014 annual results presentation in Saint Cloud near Paris March, 11, 2015. REUTERS/Christian Hartmann/Files Sales of business jets halved from their peak of 1,317 in 2008 to 661 in 2016, according to data from the General Aviation Manufacturers Association, but jet maker Dassault’s chairman and CEO Eric Trappier told reporters there were signs the market is picking up and that his company is also in the process of developing a new business jet. Speaking in his capacity as head of the French Gifas aerospace business interest group, Trappier said there had been a pick up in activity over the past month. Trappier’s comments echoed those made in October by Honeywell, which said it expected the market to receive a boost from the global economy’s steady growth and upgrades to newer aircraft from U.S. companies. Dassault Aviation last month said it was scrapping development of the Falcon 5X jet because of delays and technical problems with its French-supplied engines. It added that it would launch a new model powered by Pratt & Whitney Canada, a subsidiary of United Technologies Corp. Reporting by Cyril Altmeyer; Writing by Sudip Kar-Gupta; Editing by David Goodman
https://in.reuters.com/article/aerospace-dassault-avi/global-business-jet-market-starting-to-recover-dassault-aviation-chief-idINKBN1F016N
246
Ford Filed a Patent for an Autonomous Police Car | Fortune
© 2017 Time Inc. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy ( Your California Privacy Rights ). Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes. Market data provided by Interactive Data . ETF and Mutual Fund data provided by Morningstar , Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions . Powered and implemented by Interactive Data Managed Solutions .
http://fortune.com/video/2018/01/26/fords-autonomous-police-car-could-ticket-you-without-a-human/
108
French dairy firm under fire over Salmonella outbreak
French dairy firm under fire over Salmonella outbreak 10:48pm IST - 01:23 One of the world's biggest dairies has come under fire for its slow response to a Salmonella outbreak. French company Lactalis has promised to compensate victims of a Salmonella contamination in its baby milk. Anna Bevan reports. ▲ Hide Transcript ▶ View Transcript One of the world's biggest dairies has come under fire for its slow response to a Salmonella outbreak. French company Lactalis has promised to compensate victims of a Salmonella contamination in its baby milk. Anna Bevan reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2B2N7vL
https://in.reuters.com/video/2018/01/15/french-dairy-firm-under-fire-over-salmon?videoId=386301103
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Trump says he's 'not a racist,' 'ready' for DACA deal
Trump says he's 'not a racist,''ready' for DACA deal 07 President Trump said on Sunday that he is 'not a racist' despite reports of his derogatory comments about immigrants from Haiti and Africa, adding that he was 'ready, willing and able' to reach a deal to protect immigrants brought to the United States as children. President Trump said on Sunday that he is 'not a racist' despite reports of his derogatory comments about immigrants from Haiti and Africa, adding that he was 'ready, willing and able' to reach a deal to protect immigrants brought to the United States as children. //reut.rs/2B1eZ3e
https://in.reuters.com/video/2018/01/15/trump-says-hes-not-a-racist-ready-for-da?videoId=385807078
105
Nearly 1,500 evacuated in Paris region as rising Seine poses flood risk
PARIS (Reuters) - Nearly 1,500 people have been evacuated from homes in the Paris region, with authorities on alert for any major flood risk after the levels of the swollen River Seine rose further on Sunday. Michel Delpuech, head of the Paris police body, told reporters that around 1,500 people had been moved out of homes in the Ile de France region comprising the French capital and its suburbs. “The waters will only go away slowly,” added Delpuech. A ticket booth for sightseeing boats is partly submerged by the River Seine after days of almost non-stop rain caused flooding in the country, in Paris, France January 27, 2018. REUTERS/Mal Langsdon The Seine’s waters were set to peak later on Sunday or early on Monday close to levels which led to similar flooding in 2016, authorities said. The overflowing waters have already engulfed riverside walkways in Paris and led the world-famous Louvre museum to close a basement display of Islamic art. [nL8N1PJ4N4] Paris’s “Bateaux Mouches” tourist boats have been shut down due to the high waters while swans have been seen swimming where there are usually pavements and rats forced up onto the streets. Flooding caused destruction in Paris in 1910 when the Seine rose by 8.65 meters, although no deaths were recorded there. Reporting by Sudip Kar-Gupta and Pascale Antonie; Editing by Catherine Evans
https://www.reuters.com/article/us-france-weather-seine/nearly-1500-evacuated-in-paris-region-as-rising-seine-poses-flood-risk-idUSKBN1FH0IM
232
Ukraine central bank plans talks with IMF about new programme
KIEV, Jan 25 (Reuters) - The Ukrainian central bank plans to initiate talks with the International Monetary Fund on a new loans programme as Ukraine faces high foreign debt payments in 2018-2020, the acting head of the regulator, Yakiv Smoliy, said on Thursday. “The current programme ends in the first quarter of 2019. We have not yet started talks but we’re already thinking about when this would be possible. We will initiate such talks with the IMF at a meeting with the finance ministry,” Smoliy said. (Reporting by Natalia Zinets; Writing by Alessandra Prentice; editing by Matthias Williams and Toby Chopra)
https://www.reuters.com/article/ukraine-cenbank-imf-talks/ukraine-central-bank-plans-talks-with-imf-about-new-programme-idUSS8N1LW024
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Germany finds no evidence of substantial breaches of money laundering rules by banks
January 17, 2018 / 7:02 PM / Updated 32 minutes ago Germany finds no evidence of substantial breaches of money laundering rules by banks Reuters Staff 3 Min Read FRANKFURT (Reuters) - Germany has found no evidence of substantial breaches of money laundering rules by 11 of its banks named in the so-called Panama Papers, the country’s financial watchdog Bafin said on Wednesday. The Panama Papers detailing how the rich and powerful used offshore corporations to hide money and potentially evade taxes, were leaked to the media in 2016. “So far, it appears that none of the 11 banks which were involved in such dealings have substantially breached money laundering rules,” Bafin president Felix Hufeld said at an event in Frankfurt on Wednesday. “Due to lack of a mandate, we could not verify if taxes were evaded,” he said. “What you make of the fact that banks let themselves be used to avoid taxes - even though in a legal way - that is a completely different matter.” Bafin is tasked with making sure German banks are not involved in activities such as money laundering or are involved in funding illegal organisations, while fiscal authorities are in charge of making sure they adhere to tax laws. While tax evasion refers to illegal ways to avoid paying taxes, tax avoidance refers to often legal methods of paying the least amount of tax possible. Hufeld said he remained sceptical about how the 11 banks with ties to Panamanian law firm Mossack Fonseca - which was at the heart of the global scandal - were able to monitor whether anti-money-laundering standards were applied in the offshore businesses. The banks include Deutsche Bank ( DBKGn.DE ), Commerzbank ( CBKG.DE ), Berenberg and BayernLB [BAYLB.UL], which have all said that they adhered to the rules. Some 11.5 million documents from Mossack Fonseca were leaked to a German newspaper in 2016 and Germany’s Federal Crime Office(BKA) said last year that it had obtained a copy of the Panama Papers. In the wake of this and multiple other reports about tax avoidance by the rich and the powerful, European Union finance ministers in December adopted a blacklist of 17 jurisdictions, including Panama, deemed as tax havens. European tax commissioner Pierre Moscovici late last year likened tax professionals that help evasion to “vampires that fear the light,” and against which only transparency can work as a deterrent. However, in a potential blow to the campaign against tax avoidance, this week European Union officials proposed removing Panama from the blacklist of tax havens. Reporting by Arno Schuetze; Editing by Elaine Hardcastle
https://uk.reuters.com/article/uk-panama-tax-germany/germany-finds-no-evidence-of-substantial-breaches-of-money-laundering-rules-by-banks-idUKKBN1F62KE
432
Spire Changes Date of Earnings Conference Call
ST. LOUIS, Jan. 29, 2018 /PRNewswire/ -- Spire Inc. (NYSE: SR) has changed the date of its earnings conference call for the first quarter of fiscal 2018 to Thursday, February 1, one day later than originally scheduled in order to avoid a scheduling conflict. All other details for the conference call and webcast are unchanged and are included below for your convenience. Date and Time: Thursday, February 1 8:00 a.m. CT (9:00 a.m. ET) Phone Numbers: U.S. and Canada: 844-824-3832 International: 412-317-5142 The call will be webcast in a listen-only format for the media and general public and can be accessed at Investors.SpireEnergy.com under the Events & presentations tab. A replay of the call will be available from 10 a.m. CT (11:00 a.m. ET) on February 1 until March 2 by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada) or 412-317-0088 (international). The replay access code is 10115276. A replay of the webcast will be available on our website at Investors.SpireEnergy.com under Events & presentations. About Spire At Spire Inc. (NYSE: SR) we believe energy exists to help make people's lives better. It's a simple idea, but one that's at the heart of our company. Every day we serve 1.7 million customers making us the fifth largest publicly traded natural gas company in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our non-utility operations include Spire Marketing, which provides natural gas marketing and related services. We are committed to transforming our business and pursuing growth through 1) growing organically, 2) investing in infrastructure, 3) acquiring and integrating, and 4) innovation and technology. Learn more at SpireEnergy.com . Investor Contact: Scott W. Dudley Jr. Scott.Dudley@SpireEnergy.com 314-342-0878 Media Contact: Jessica B. Willingham Jessica.Willingham@SpireEnergy.com 314-342-3300 View original content: http://www.prnewswire.com/news-releases/spire-changes-date-of-earnings-conference-call-300589792.html SOURCE Spire Inc.
http://www.cnbc.com/2018/01/29/pr-newswire-spire-changes-date-of-earnings-conference-call.html
349
Coupa to Offer $200 Million Convertible Senior Notes Due 2023
SAN MATEO, Calif., Jan. 10, 2018 (GLOBE NEWSWIRE) -- Coupa Software (NASDAQ:COUP) today announced that it proposes to offer $200 million aggregate principal amount of convertible senior notes due 2023 (the “notes”), subject to market conditions and other factors. The notes are to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Coupa also intends to grant to the initial purchasers of the notes an option to purchase up to an additional $30 million aggregate principal amount of the notes. The notes will be senior, unsecured obligations of Coupa, and interest will be payable semi-annually in cash on January 15 and July 15 of each year, beginning on July 15, 2018. The notes will mature on January 15, 2023 unless redeemed, repurchased or converted prior to such date. Prior to October 15, 2022, the notes will be convertible at the option of holders during certain periods, upon satisfaction of certain conditions. Thereafter, the notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled in shares of Coupa common stock, cash or a combination of cash and shares of Coupa common stock, at Coupa’s election. The interest rate, initial conversion rate, offering price, and other terms are to be determined by negotiations between Coupa and the initial purchasers. Coupa expects to use the net proceeds from the offering of the notes for general corporate purposes, potential acquisitions and strategic transactions, and to pay the cost of the capped call transactions described below. Coupa has no agreements or understandings with respect to any acquisitions or strategic transactions at this time. If the initial purchasers exercise their option to purchase additional notes, Coupa intends to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions with the capped call counterparties and for general corporate purposes. Coupa may redeem all or any portion of the notes, at its option, on or after January 20, 2021, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon, if the last reported sale price of Coupa’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Coupa provides written notice of redemption. Holders of notes may require Coupa to repurchase their notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if Coupa issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period. In connection with the pricing of the notes, Coupa expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the notes and/or their respective affiliates and / or other financial institutions (the “capped call counterparties”). The capped call transactions will initially cover, subject to customary anti-dilution adjustments, the number of shares of Coupa common stock that will initially underlie the notes, assuming the initial purchasers do not exercise their option to purchase additional notes. The capped call transactions are expected generally to reduce or offset potential dilution to holders of Coupa’s common stock upon conversion of the notes and/or offset the potential cash payments that Coupa could be required to make in excess of the principal amount of any converted notes upon conversion thereof, with such reduction and/ or offset subject to a cap based on the cap price. If the initial purchasers of the notes exercise their option to purchase additional notes, Coupa may enter into additional capped call transactions with capped call counterparties that would initially cover, subject to customary anti-dilution adjustments, the number of shares of Coupa common stock that will initially underlie the notes purchased by the initial purchasers pursuant to their option to purchase additional notes. In connection with establishing their initial hedge of the capped call transactions, the capped call counterparties have advised Coupa that they and/or their respective affiliates expect to enter into various derivative transactions with respect to Coupa common stock and/or purchase Coupa common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Coupa common stock or the notes concurrently with, or shortly after, the pricing of the notes. In addition, the capped call counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Coupa common stock and/or purchasing or selling Coupa common stock in secondary market transactions following the pricing of the notes and prior to the maturity of the notes. This activity could decrease (or avoid an increase) in the market price of Coupa common stock or the notes, which could affect noteholders’ ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of such notes. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities (including the shares of Coupa common stock, if any, into which the notes are convertible) and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes and any shares of common stock issuable upon conversion of the notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Forward-Looking Statements: This press release contains forward-looking statements including, among other things, statements relating to Coupa’s intention to offer the notes, the timing of the proposed offering, the proposed terms of the offering and the intended use of the net proceeds from the offering. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Coupa will offer the notes or consummate the offering, the final terms of the o
http://www.cnbc.com/2018/01/10/globe-newswire-coupa-to-offer-200-million-convertible-senior-notes-due-2023.html
1,171
Alcoa Canada workers' union rejects contract offer
January 10, 2018 / 8:02 PM / a few seconds ago Alcoa Canada workers' union rejects contract offer Reuters Staff 1 Min Read (Reuters) - Unionized workers at Alcoa Corp’s aluminum smelter in Becancour, Quebec rejected the company’s latest contract offer. About 80 percent of the workers rejected the contract offer but the president of the local steelworker’s union urged the company to continue negotiations. The company and United Steelworkers had agreed in November to resume contract talks with a government-appointed conciliator. Becancour produces 430,000 metric tonnes of aluminum annually. Alcoa owns 74.95 percent of Becancour with Rio Tinto Alcan holding 25.05 percent. Reporting by Akshara P in Bengaluru; Editing by Shounak Dasgupta
https://www.reuters.com/article/us-alcoa-corp-smelter-canada/alcoa-canada-workers-union-rejects-contract-offer-idUSKBN1EZ2MF
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BRIEF-India's Bharti Infratel Dec-Qtr Consol PAT Down 5.6 Pct
Jan 17 (Reuters) - Bharti Infratel Ltd: * DEC QUARTER CONSOL PROFIT AFTER TAX 5.85 BILLION RUPEES VERSUS 6.20 BILLION RUPEES LAST YEAR * CONSENSUS FORECAST FOR DEC QUARTER CONSOL PROFIT WAS 7.10 BILLION RUPEES * DEC QUARTER CONSOL REVENUE 36.55 BILLION RUPEES VERSUS 34.01 BILLION RUPEES LAST YEAR Source text : [Bharti Infratel Limited today announced its audited Consolidated Proforma results for the third quarter ended December 31, 2017. The Consolidated revenues for the quarter, at Rs. 3,655 Crore grew by 7% over the corresponding period last year. Consolidated EBITDA improved to Rs. 1,613 Crore up 8% Y-o-Y, representing an operating margin of 44.1%. Consolidated EBIT improved to Rs. 1,009 Crore up 10% Y-o-Y. The Operating Free Cash Flow grew by 21% Y-o-Y to Rs. 970 Crore for the quarter.] [ bit.ly/2DfBJi4 ] Further company coverage:
https://www.reuters.com/article/brief-indias-bharti-infratel-dec-qtr-con/brief-indias-bharti-infratel-dec-qtr-consol-pat-down-5-6-pct-idUSFWN1PC0SH
147
Avolon says insulated from uncertainty over China's HNA
DUBLIN, Jan 24 (Reuters) - The head of aircraft leasing company Avolon said on Wednesday it is well protected from uncertainty surrounding its ultimate parent HNA Group of China. Ratings analysts have said Avolon would benefit from tougher guarantees that it would not be forced to bail out HNA, which controls Avolon via its 52-percent subsidiary Bohai Capital. “We put in place over a year ago…an insulation framework that quite simply was designed to protect Avolon, financially and otherwise, in the event of any downside scenario from its parent,” Avolon Chief Executive Domhnal Slattery said. “In my mind, that insulation framework works today,” he told the Global Airfinance conference in Dublin. He also played down an upward spike in Avolon corporate bond rates in recent days, saying Avolon has access to multiple funding markets. JP Morgan managing director Mark Streeter was Quote: d earlier by Airfinance Journal as saying Avolon’s bond yields of around 5.5-6 percent were “not competitive” and “unsustainable”. (Reporting by Tim Hepher, Editing by Conor Humphries)
https://www.reuters.com/article/aviation-finance-avolon/avolon-says-insulated-from-uncertainty-over-chinas-hna-idUSL8N1PJ342
173
Germany freezes any decision on tanks upgrade for Turkey
BERLIN, Jan 25 (Reuters) - Germany’s caretaker government has decided to put on hold any decision on upgrading German-made Leopard tanks in Turkey as requested by its NATO ally Ankara. A government spokesman confirmed a report by Der Spiegel magazine that conservative Chancellor Angela Merkel and Foreign Minister Sigmar Gabriel from the centre-left Social Democrats had agreed Berlin would not decide on the Turkish request before both blocs had sealed a new coalition deal. Germany is the world’s third-biggest arms exporter, but weapons sales remain a domestically sensitive issue given the country’s World War Two history. The debate has been fuelled by a Turkish offensive in northern Syria in which Turkey, a NATO member, has been using German-made Leopard 2 tanks. (Reporting by Michael Nienaber and Andreas Rinke; Editing by Paul Carrel)
https://www.reuters.com/article/germany-turkey-tanks/germany-freezes-any-decision-on-tanks-upgrade-for-turkey-idUSB4N1N901T
138
Trump blames Sen. 'Dicky' Durbin for blowing a DACA immigration deal
Trump blames Sen. 'Dicky' Durbin for blowing a DACA immigration deal Published 5 Mins Ago SHARES Getty Images President Donald Trump (C) presides over a meeting about immigration with Republican and Democrat members of Congress, including Senate Minority Whip Richard Durbin (D-IL) (L) and House Minority Whip Steny Hoyer (D-MD) in the Cabinet Room at the White House January 9, 2018 in Washington, DC. U.S. President Donald Trump on Monday blamed Senator Dick Durbin for blowing up talks over a deal to help immigrants brought to the country illegally as children and said the Democratic lawmaker misrepresented his comments about Haiti and African countries. "Senator Dicky Durbin totally misrepresented what was said at the DACA meeting," Trump said in a post on Twitter, referring to the Deferred Action for Childhood Arrivals program that gave legal protection to young immigrants known as "Dreamers." Durbin has said Trump used the term "shithole" when speaking about Haiti and African countries at a White House meeting about immigration policy last week. "Deals cant get made when there is no trust! Durbin blew DACA and is hurting our Military," Trump added. In remarks to reporters in Chicago, Durbin stood by his account of the meeting. Trump has drawn criticism at home, from Republicans and Democrats, and abroad for the comments attributed to him. "I know what happened. I stand behind every word that I said," Durbin said on Monday. "In terms of that meeting, I'm focused on one thing - not that meeting - but on making sure that those who are being protected by DACA ... have a future in America. I'm focused on that full-time."
https://www.cnbc.com/2018/01/15/trump-blames-sen-dicky-durbin-for-blowing-a-daca-immigration-deal.html
275
Freeport-McMoRan Reports Fourth-Quarter and Year Ended December 31, 2017 Results
PHOENIX--(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX): Net income attributable to common stock totaled $1.0 billion, $0.71 per share, for fourth-quarter 2017. After adjusting for net gains of $291 million, $0.20 per share, fourth-quarter 2017 adjusted net income attributable to common stock totaled $750 million, $0.51 per share. Consolidated sales totaled 1.0 billion pounds of copper, 593 thousand ounces of gold and 24 million pounds of molybdenum for fourth-quarter 2017 and 3.7 billion pounds of copper, 1.6 million ounces of gold and 95 million pounds of molybdenum for the year 2017. Consolidated sales for the year 2018 are expected to approximate 3.9 billion pounds of copper, 2.4 million ounces of gold and 91 million pounds of molybdenum, including 1.0 billion pounds of copper, 675 thousand ounces of gold and 24 million pounds of molybdenum for first-quarter 2018. Average realized prices for fourth-quarter 2017 were $3.21 per pound for copper, $1,285 per ounce for gold and $9.79 per pound for molybdenum. Average unit net cash costs for fourth-quarter 2017 were $1.04 per pound of copper and $1.20 per pound for the year 2017. Unit net cash costs are expected to average $0.97 per pound of copper for the year 2018. Operating cash flows totaled $1.7 billion (including $0.2 billion in working capital sources and timing of other tax payments) for fourth-quarter 2017 and $4.7 billion (including $0.6 billion in working capital sources and timing of other tax payments) for the year 2017. Based on current sales volume and cost estimates, and assuming average prices of $3.15 per pound for copper, $1,300 per ounce for gold and $10.00 per pound for molybdenum, operating cash flows for the year 2018 are expected to exceed $5.8 billion (including $0.3 billion in working capital sources and timing of other tax payments). Capital expenditures for fourth-quarter 2017 totaled $390 million (including approximately $250 million for major mining projects) and $1.4 billion for the year 2017 (including $0.9 billion for major mining projects). Capital expenditures for the year 2018 are expected to approximate $2.1 billion, including $1.2 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district and development of the Lone Star oxide project. During fourth-quarter 2017, FCX repaid $1.7 billion in debt , including the redemption of $617 million of senior notes due 2020 and the repurchase of $74 million of senior notes due 2018 in open-market transactions. At December 31, 2017, consolidated cash totaled $4.4 billion and consolidated debt totaled $13.1 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at December 31, 2017. Freeport-McMoRan Inc. (NYSE: FCX) reported net income attributable to common stock of $1.0 billion ($0.71 per share) for fourth-quarter 2017 and $1.8 billion ($1.25 per share) for the year 2017, compared with net income attributable to common stock of $292 million ($0.21 per share) for fourth-quarter 2016 and a net loss attributable to common stock of $4.2 billion ($3.16 per share) for the year 2016. After adjusting for net gains of $291 million ($0.20 per share) primarily related to tax benefits associated with U.S. tax reform, partly offset by charges for adjustments to environmental obligations, adjusted net income attributable to common stock totaled $750 million ($0.51 per share) for fourth-quarter 2017. Refer to the supplemental schedule, "Adjusted Net Income," on page VII, which is available on FCX's website, " fcx.com ," for additional information. Richard C. Adkerson, President and Chief Executive Officer, said, "During 2017, our global team’s focus on productivity and cost and capital discipline, together with improved market conditions for copper, produced solid results. We generated strong cash flows, continued to strengthen our balance sheet and advanced several long-term initiatives to build value for shareholders. Our actions during 2016 and 2017 achieved our debt reduction objectives efficiently while retaining a strong asset base for the future. As we enter 2018, our shareholders are well positioned to benefit from our global leadership position in copper, supported by a large, high-quality portfolio of long-lived geographically diverse assets and favorable copper market conditions. We are continuing to make significant progress in our ongoing negotiations with the Indonesian government to restore long-term stability for our Grasberg operations as we remain focused on executing our business strategy for the benefit of our shareholders and other stakeholders." SUMMARY FINANCIAL DATA Three Months Ended December 31, Years Ended December 31, 2017 2016 2017 2016 (in millions, except per share amounts) Revenues a,b $ 5,041 $ 4,377 $ 16,403 $ 14,830 Operating income (loss) a $ 1,467 $ 703 $ 3,633 $ (2,792 ) Net income (loss) from continuing operations $ 1,193 $ 202 $ 2,029 $ (3,832 ) Net income (loss) from discontinued operations $ 16 c $ (2 ) $ 66 c $ (193 ) Net income (loss) attributable to common stock d,e $ 1,041 $ 292 $ 1,817 $ (4,154 ) Diluted net income (loss) per share of common stock: Continuing operations $ 0.70 $ 0.22 $ 1.21 $ (2.96 ) Discontinued operations 0.01 (0.01 ) 0.04 (0.20 ) $ 0.71 $ 0.21 $ 1.25 $ (3.16 ) Diluted weighted-average common shares outstanding 1,455 1,410 1,454 1,318 Operating cash flows f $ 1,664 $ 1,135 $ 4,682 $ 3,729 Capital expenditures $ 390 $ 504 $ 1,410 $ 2,813 At December 31: Cash and cash equivalents $ 4,447 $ 4,245 $ 4,447 $ 4,245 Total debt, including current portion $ 13,117 $ 16,027 $ 13,117 $ 16,027 a. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page IX, which are available on FCX's website, " fcx.com ." b. Includes favorable adjustments to provisionally priced concentrate and cathode copper sales recognized in prior periods totaling $104 million ($42 million to net income attributable to common stock or $0.03 per share) in fourth-quarter 2017, $129 million ($57 million to net income attributable to common stock or $0.04 per share) in fourth-quarter 2016, $81 million ($34 million to net income attributable to common stock or $0.02 per share) for the year 2017 and $5 million ($2 million to net loss attributable to common stock or less than $0.01 per share) for the year 2016. For further discussion, refer to the supplemental schedule, "Derivative Instruments," on page IX, which is available on FCX's website, " fcx.com ." c. Primarily reflects adjustments to the fair value of the potential $120 million in contingent consideration related to the 2016 sale of FCX's interest in TF Holdings Limited (TFHL), which totaled $74 million at December 31, 2017, and will continue to be adjusted through December 31, 2019. d. Includes net gains (charges) of $291 million ($0.20 per share) in fourth-quarter 2017, $(59) million ($(0.04) per share) in fourth-quarter 2016, $113 million ($0.08 per share) for the year 2017 and $(4.5) billion ($3.39 per share) for the year 2016 that are described in the supplemental schedule, "Adjusted Net Income," on page VII, which is available on FCX's website, " fcx.com ." e. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, "Deferred Profits," on page IX, which is available on FCX's website, " fcx.com ." f. Includes net working capital sources (uses) and timing of other tax payments of $194 million in fourth-quarter 2017, $(396) million in fourth-quarter 2016, $589 million for the year 2017 and $87 million for the year 2016. SUMMARY OPERATING DATA Three Months Ended December 31, Years Ended December 31, 2017 2016 a 2017 2016 a Copper (millions of recoverable pounds) Production 1,007 1,131 3,737 4,222 Sales, excluding purchases 1,017 1,127 3,700 4,227 Average realized price per pound $ 3.21 $ 2.48 $ 2.93 $ 2.28 Site production and delivery costs per pound b $ 1.62 $ 1.44 $ 1.61 $ 1.42 Unit net cash costs per pound b $ 1.04 $ 1.21 $ 1.20 $ 1.26 Gold (thousands of recoverable ounces) Production 567 430 1,577 1,088 Sales, excluding purchases 593 405 1,562 1,079 Average realized price per ounce $ 1,285 $ 1,174 $ 1,268 $ 1,238 Molybdenum (millions of recoverable pounds) Production 22 22 92 80 Sales, excluding purchases 24 22 95 74 Average realized price per pound $ 9.79 $ 8.27 $ 9.33 $ 8.33 a. Excludes the results of the Tenke Fungurume (Tenke) mine, which was sold in November 2016 and is reported as discontinued operations. Copper sales from the Tenke mine totaled 59 million pounds in fourth-quarter 2016 and 424 million pounds for the year 2016. b. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit costs by operating division to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XII, which are available on FCX's website, " fcx.com ." Consolidated Sales Volumes Fourth-quarter 2017 copper sales of 1.0 billion pounds approximated the October 2017 estimate and were lower than fourth-quarter 2016 sales of 1.1 billion pounds, primarily reflecting lower sales volumes in North America and at Cerro Verde. Fourth-quarter 2017 gold sales of 593 thousand ounces were lower than the October 2017 estimate of 625 thousand ounces, primarily reflecting lower mill rates at PT Freeport Indonesia (PT-FI). Fourth-quarter 2017 gold sales were higher than fourth-quarter 2016 sales of 405 thousand ounces, primarily reflecting anticipated higher ore grades from Indonesia. Fourth-quarter 2017 molybdenum sales of 24 million pounds were slightly higher than the October 2017 estimate of 23 million pounds and fourth-quarter 2016 sales of 22 million pounds. Sales volumes for the year 2018 are expected to approximate 3.9 billion pounds of copper, 2.4 million ounces of gold and 91 million pounds of molybdenum, including 1.0 billion pounds of copper, 675 thousand ounces of gold and 24 million pounds of molybdenum in first-quarter 2018. Consolidated Unit Costs Consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines of $1.04 per pound of copper in fourth-quarter 2017 were lower than unit net cash costs of $1.21 per pound in fourth-quarter 2016, primarily reflecting higher by-product credits, partly offset by lower copper sales volumes and higher mining and milling costs in South America. Assuming average prices of $1,300 per ounce of gold and $10.00 per pound of molybdenum for 2018 and achievement of current sales volume and cost estimates, consolidated unit net cash costs (net of by-product credits) for copper mines are expected to average $0.97 per pound of copper for the year 2018. The impact of price changes on 2018 consolidated unit net cash costs would approximate $0.03 per pound for each $50 per ounce change in the average price of gold and $0.025 per pound for each $2 per pound change in the average price of molybdenum. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. MINING OPERATIONS North America Copper Mines. FCX operates seven open-pit copper mines in North America - Morenci, Bagdad, Safford, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. In addition to copper, certain of FCX's North America copper mines produce molybdenum concentrate, gold and silver. All of the North America mining operations are wholly owned, except for Morenci. FCX records its 72 percent undivided joint venture interest in Morenci using the proportionate consolidation method. Operating and Development Activities. FCX has significant undeveloped reserves and resources in North America and a portfolio of potential long-term development projects. Future investments will be undertaken based on the results of economic and technical feasibility studies, and are dependent on market conditions. FCX continues to study opportunities to reduce the capital intensity of its potential long-term development projects. Through exploration drilling, FCX has identified a significant resource at its wholly owned Lone Star project located near the Safford operation in eastern Arizona. FCX has commenced a project to develop the Lone Star oxide ores with first production expected by the end of 2020. Total estimated capital costs for the project, including mine equipment and pre-production stripping, approximates $850 million and will benefit from the utilization of existing infrastructure at the adjacent Safford operation. Production from the Lone Star oxide ores is expected to average approximately 200 million pounds of copper per year with an approximate 20-year mine life. The project also advances the potential for development of a larger-scale district opportunity. FCX is conducting additional drilling as it continues to evaluate longer term opportunities available from the significant sulfide potential in the Lone Star/Safford minerals district. Operating Data. Following is summary consolidated operating data for the North America copper mines for the fourth quarters and years 2017 and 2016: Three Months Ended December 31, Years Ended December 31, 2017 2016 2017 2016 Copper (millions of recoverable pounds) Production 367 420 1,518 1,831 Sales, excluding purchases 354 416 1,484 1,841 Average realized price per pound $ 3.15 $ 2.45 $ 2.85 $ 2.24 Molybdenum (millions of recoverable pounds) Production a 8 8 33 33 Unit net cash costs per pound of copper b Site production and delivery, excluding adjustments $ 1.79 $ 1.46 $ 1.64 $ 1.42 By-product credits (0.21 ) (0.13 ) (0.17 ) (0.12 ) Treatment charges 0.10 0.11 0.10 0.11 Unit net cash costs $ 1.68 $ 1.44 $ 1.57 $ 1.41 a. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which includes sales of molybdenum produced at the North America copper mines. b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XII, which are available on FCX's website, " fcx.com ." North America's consolidated copper sales volumes of 354 million pounds in fourth-quarter 2017 were lower than fourth-quarter 2016 sales of 416 million pounds, primarily reflecting anticipated lower ore grades. North America copper sales are estimated to approximate 1.5 billion pounds for the year 2018, compared with 1.5 billion pounds in 2017. Average unit net cash costs (net of by-product credits) for the North America copper mines of $1.68 per pound of copper in fourth-quarter 2017 were higher than unit net cash costs of $1.44 per pound in fourth-quarter 2016, primarily reflecting lower sales volumes. Average unit net cash costs (net of by-product credits) for the North America copper mines are expected to approximate $1.67 per pound of copper for the year 2018, based on achievement of current sales volume and cost estimates and assuming an average molybdenum price of $10.00 per pound. North America's average unit net cash costs for the year 2018 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum. South America Mining. FCX operates two copper mines in South America - Cerro Verde in Peru (in which FCX owns a 53.56 percent interest) and El Abra in Chile (in which FCX owns a 51 percent interest). These operations are consolidated in FCX's financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver. Operating and Development Activities. The Cerro Verde expansion project commenced operations in September 2015. The project expanded the concentrator facilities from 120,000 metric tons of ore per day to 360,000 metric tons of ore per day, and averaged 374,200 metric tons of ore per day in fourth-quarter 2017. Cerro Verde's expanded operations benefit from its large-scale, long-lived reserves and cost efficiencies. FCX continues to evaluate a major expansion at El Abra to process additional sulfide material and to achieve higher recoveries. Exploration results at El Abra indicate a significant sulfide resource, which could potentially support a major mill project similar to facilities recently constructed at Cerro Verde. Future investments will depend on technical studies, which are being advanced, economic factors and market conditions. Operating Data. Following is summary consolidated operating data for the South America mining operations for the fourth quarters and years 2017 and 2016: Three Months Ended December 31, Years Ended December 31, 2017 2016 2017 2016 Copper (millions of recoverable pounds) Production 303 342 1,235 1,328 Sales 312 359 1,235 1,332 Average realized price per pound $ 3.22 $ 2.50 $ 2.97 $ 2.31 Molybdenum (millions of recoverable pounds) Production a 6 7 27 21 Unit net cash costs per pound of copper b Site production and delivery, excluding adjustments $ 1.71 $ 1.35 $ 1.59 $ 1.26 By-product credits (0.20 ) (0.10 ) (0.18 ) (0.10 ) Treatment charges 0.21 0.25 0.22 0.24 Royalty on metals 0.01 0.01 0.01 0.01 Unit net cash costs $ 1.73 $ 1.51 $ 1.64 $ 1.41 a. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which includes sales of molybdenum produced at Cerro Verde. b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XII, which are available on FCX's website, " fcx.com ." South America's consolidated copper sales volumes of 312 million pounds in fourth-quarter 2017 were lower than fourth-quarter 2016 sales of 359 million pounds, primarily reflecting lower recovery rates at Cerro Verde. Sales from South America mining are expected to approximate 1.2 billion pounds of copper for the year 2018, compared with 1.2 billion pounds of copper in 2017. Average unit net cash costs (net of by-product credits) for South America mining of $1.73 per pound of copper in fourth-quarter 2017 were higher than unit net cash costs of $1.51 per pound in fourth-quarter 2016, primarily reflecting lower sales volumes and higher mining and milling costs at Cerro Verde, partly offset by higher by-product credits. Average unit net cash costs (net of by-product credits) for South America mining are expected to approximate $1.63 per pound of copper for the year 2018, based on current sales volume and cost estimates and assuming an average price of $10.00 per pound of molybdenum. Indonesia Mining. Through its 90.64 percent owned and consolidated subsidiary PT-FI, FCX's assets include one of the world's largest copper and gold deposits at the Grasberg minerals district in Papua, Indonesia. PT-FI operates a proportionately consolidated joint venture, which produces copper concentrate that contains significant quantities of gold and silver. Regulatory Matters. PT-FI continues to actively engage with Indonesian government officials to address regulatory changes that conflict with its contractual rights in a manner that provides long-term stability for PT-FI’s operations and investment plans, and protects value for FCX’s shareholders. Following a framework understanding reached in August 2017, the parties have been engaged in negotiation and documentation of a special license (IUPK) and accompanying documentation for assurances on legal and fiscal terms to provide PT-FI with long-term rights through 2041. In addition, the IUPK would provide that PT-FI construct a smelter within five years of reaching a definitive agreement and include agreement for the divestment of 51 percent of the project area interests to Indonesian participants at fair market value. In late 2017, the Indonesian government (including the regional government of Papua Province and Mimika Regency) and PT Indonesia Asahan Aluminium (Inalum), a state-owned enterprise, which will lead a consortium of investors, agreed to form a special purpose company to acquire Grasberg project area interests. Inalum is owned 100 percent by the Indonesian government and currently holds 9.36 percent of PT-FI's outstanding common stock. FCX is engaged in discussions with Inalum and PT-FI’s joint venture partner regarding potential arrangements that would result in the Inalum consortium acquiring interests that would meet the Indonesian government’s 51 percent ownership objective in a manner satisfactory to all parties, and in a structure that would provide for continuity of FCX’s management of PT-FI’s operations and governance of the business. The parties continue to negotiate documentation on a comprehensive agreement for PT-FI’s extended operations and to reach agreement on timing, process and governance matters relating to the divestment. The parties have a mutual objective of completing negotiations and the required documentation during the first half of 2018. In December 2017, the Indonesian government extended PT-FI’s temporary IUPK to June 30, 2018, and PT-FI is seeking an extension of its export license which currently expires on February 16, 2018, to enable normal operations to continue during the negotiation period. Until a definitive agreement is reached, PT-FI has reserved all rights under its Contract of Work (COW). Operating and Development Activities. PT-FI is currently mining the final phase of the Grasberg open pit, which contains high copper and gold ore grades. PT-FI expects to mine high-grade ore over the next several quarters prior to transitioning to the Grasberg Block Cave underground mine in the first half of 2019. PT-FI has several projects in the Grasberg minerals district related to the development of its large-scale, long-lived, high-grade underground ore bodies. In aggregate, these underground ore bodies are expected to produce large-scale quantities of copper and gold following the transition from the Grasberg open pit. Substantial progress has been made to prepare for the transition to mining of the Grasberg Block Cave underground mine. Mine development activities are sufficiently advanced to commence caving in early 2019. The ore flow system and underground rail line are expected to be installed during 2018. Subject to reaching a definitive agreement with the Indonesian government to support PT-FI's long-term investment plans, estimated annual capital spending on these projects would average $0.9 billion per year ($0.7 billion per year net to PT-FI) over the next five years. Considering the long-term nature and size of these projects, actual costs could vary from these estimates. In response to market conditions and Indonesian regulatory uncertainty, timing of these expenditures continues to be reviewed. If PT-FI is unable to reach a definitive agreement with the Indonesian government on its long-term mining rights, FCX intends to reduce or defer investments significantly in its underground development projects and will pursue dispute resolution procedures under its COW. Operating Data. Following is summary consolidated operating data for the Indonesia mining operations for the fourth quarters and years 2017 and 2016: Three Months Ended December 31, Years Ended December 31, 2017 2016 2017 2016 Copper (millions of recoverable pounds) Production 337 369 984 1,063 Sales 351 352 981 1,054 Average realized price per pound $ 3.25 $ 2.48 $ 3.00 $ 2.32 Gold (thousands of recoverable ounces) Production 562 424 1,554 1,061 Sales 584 401 1,540 1,054 Average realized price per ounce $ 1,285 $ 1,174 $ 1,268 $ 1,237 Unit net cash (credits) costs per pound of copper a Site production and delivery, excluding adjustments $ 1.36 b $ 1.50 $ 1.58 b $ 1.63 Gold and silver credits (2.18 ) (1.34 ) (2.05 ) (1.30 ) Treatment charges 0.26 0.27 0.27 0.28 Export duties 0.15 0.09 0.12 0.09 Royalty on metals 0.19 0.13 0.17 0.13 Unit net cash (credits) costs $ (0.22 ) $ 0.65 $ 0.09 $ 0.83 a. For a reconciliation of unit net cash (credits) costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XII, which are available on FCX's website, " fcx.com ." b. Excludes fixed costs charged directly to production and delivery costs totaling $8 million ($0.02 per pound of copper) in fourth-quarter 2017 and $120 million ($0.12 per pound of copper) for the year 2017 associated with workforce reductions. Indonesia's consolidated copper sales of 351 million pounds in fourth-quarter 2017 approximated fourth-quarter 2016 sales of 352 million pounds. Indonesia's consolidated gold sales of 584 thousand ounces in fourth-quarter 2017 were higher than fourth-quarter 2016 sales of 401 thousand ounces, reflecting higher gold ore grades. PT-FI's labor productivity continues to improve following disruptions that occurred in the first half of 2017. During fourth-quarter 2017, PT-FI and union officials reached terms for a new two-year labor agreement, effective October 1, 2017. Assuming achievement of planned operating rates for 2018, consolidated sales volumes from Indonesia mining are expected to approximate 1.2 billion pounds of copper and 2.4 million ounces of gold for the year 2018, compared with 1.0 billion pounds of copper and 1.5 million ounces of gold for the year 2017. A significant portion of PT-FI's costs are fixed and unit costs vary depending on production volumes and other factors. As a result of higher gold and silver credits, Indonesia had unit net cash credits (including gold and silver credits) of $0.22 per pound of copper in fourth-quarter 2017, compared with unit net cash costs of $0.65 per pound in fourth-quarter 2016. Assuming an average gold price of $1,300 per ounce for 2018 and achievement of current sales volume and cost estimates, unit net cash credits (including gold and silver credits) for Indonesia mining are expected to approximate $0.57 per pound of copper for the year 2018. Indonesia mining's unit net cash credits for the year 2018 would change by approximately $0.09 per pound for each $50 per ounce change in the average price of gold. Because of the fixed nature of a large portion of Indonesia's costs, unit net cash credits/costs vary from quarter to quarter depending on copper and gold volumes. Indonesia mining's projected sales volumes for the year 2018 are dependent on a number of factors, including operational performance, workforce productivity, timing of shipments, the extension of PT-FI's export license (which currently expires on February 16, 2018), the extension of PT-FI's IUPK after June 30, 2018, and satisfactory progress on the resolution of PT-FI's long-term mining rights. Molybdenum Mines. FCX has two wholly owned molybdenum mines - the Henderson underground mine and the Climax open-pit mine, both in Colorado. The Henderson and Climax mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of molybdenum concentrate produced at the Henderson and Climax mines, as well as from FCX's North America and South America copper mines, is processed at FCX's conversion facilities. Operating and Development Activities. Production from the Molybdenum mines totaled 8 million pounds of molybdenum in fourth-quarter 2017 and 7 million pounds in fourth-quarter 2016. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales and average realized prices, which includes sales of molybdenum produced at the Molybdenum mines, and from FCX's North America and South America copper mines. Unit net cash costs for the Molybdenum mines averaged $8.40 per pound of molybdenum in fourth-quarter 2017 and $8.26 per pound in fourth-quarter 2016. Based on current sales volume and cost estimates, average unit net cash costs for the Molybdenum mines are expected to approximate $9.00 per pound of molybdenum for the year 2018. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XII, which are available on FCX's website, " fcx.com ." Mining Exploration Activities. FCX's mining exploration activities are generally associated with its existing mines, focusing on opportunities to expand reserves and resources to support development of additional future production capacity. Exploration results continue to indicate opportunities for significant future potential reserve additions in North America and South America. Exploration spending is expected to approximate $65 million for the year 2018, compared to $72 million in 2017. Preliminary Recoverable Proven and Probable Mineral Reserves. FCX has significant reserves, resources and future development opportunities within its portfolio of mining assets. FCX's preliminary estimated consolidated recoverable proven and probable reserves from its mines at December 31, 2017, include 86.7 billion pounds of copper, 23.5 million ounces of gold and 2.84 billion pounds of molybdenum, which were determined using $2.00 per pound for copper, $1,000 per ounce for gold and $10.00 per pound for molybdenum. The preliminary recoverable proven and probable mining reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recovery rates and smelter recovery rates, where applicable. Recoverable reserve volumes are those which FCX estimates can be economically and legally extracted or produced at the time of the reserve determination. Preliminary Recoverable Proven and Probable Mineral Reserves Estimated at December 31, 2017 Copper Gold Molybdenum (billion pounds) (million ounces) (billion pounds) North America 33.5 0.3 2.22 South America 28.1 — 0.62 Indonesia a 25.1 23.2 — Consolidated basis b 86.7 23.5 2.84 Net equity interest c 71.3 21.3 2.56 a. Preliminary recoverable proven and probable reserves from Indonesia reflect estimates of minerals that can be recovered through the end of 2041. Refer to "Indonesia Mining" above and to "Risk Factors" in FCX's U.S Securities and Exchange Commission (SEC) filings for discussion of PT-FI's COW and Indonesia regulatory matters. b. Consolidated reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America and the Grasberg minerals district in Indonesia. Excluded from the table above were FCX’s estimated recoverable proven and probable reserves of 273.4 million ounces of silver, which were determined using $15 per ounce. c. Net equity interest reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership. Excluded from the table above were FCX’s estimated recoverable proven and probable reserves of 218.2 million ounces of silver. The following table summarizes changes in FCX's preliminary estimated consolidated recoverable proven and probable copper, gold and molybdenum reserves during 2017: Copper Gold Molybdenum (billions of lbs) (millions of ozs) (billions of lbs) Reserves at December 31, 2016 86.8 26.1 2.95 Net additions (revisions) 3.6 a (1.0 ) (0.02 ) Production (3.7 ) (1.6 ) (0.09 ) Reserves at December 31, 2017 86.7 23.5 2.84 a. Includes 4.4 billion pounds associated with the Lone Star project located near the Safford mine. In addition to the preliminary consolidated recoverable proven and probable reserves, FCX's preliminary estimated mineralized material at December 31, 2017, which was assessed using $2.20 per pound for copper, totaled 92 billion pounds of incremental contained copper (including 5 billion pounds associated with Kisanfu in the Democratic Republic of Congo, which is an asset held for sale). FCX continues to pursue opportunities to convert this material into reserves, future production volumes and cash flow. CASH FLOWS, CASH and DEBT Operating Cash Flows. FCX generated operating cash flows of $1.7 billion (including $0.2 billion in working capital sources and timing of other tax payments) in fourth-quarter 2017 and $4.7 billion (including $0.6 billion in working capital sources and timing of other tax payments) for the year 2017. Based on current sales volume and cost estimates, and assuming average prices of $3.15 per pound of copper, $1,300 per ounce of gold and $10.00 per pound of molybdenum, FCX's consolidated operating cash flows are estimated to exceed $5.8 billion for the year 2018 (including $0.3 billion in working capital sources and timing of other tax payments). The impact of price changes during 2018 on operating cash flows would approximate $360 million for each $0.10 per pound change in the average price of copper, $115 million for each $50 per ounce change in the average price of gold and $130 million for each $2 per pound change in the average price of molybdenum. Capital Expenditures. Capital expenditures totaled $390 million for fourth-quarter 2017 (including approximately $250 million for major mining projects) and $1.4 billion for the year ended 2017 (including $0.9 billion for major mining projects). Capital expenditures are expected to approximate $2.1 billion for the year 2018, including $1.2 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district and development of the Lone Star oxide project. If PT-FI is unable to reach a definitive agreement with the Indonesian government on its long-term mining rights, FCX intends to reduce or defer investments significantly in its underground development projects and will pursue dispute resolution procedures under its COW. Cash. Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests' share, taxes and other costs at December 31, 2017 (in billions): Cash at domestic companies $ 3.3 Cash at international operations 1.1 Total consolidated cash and cash equivalents 4.4 Noncontrolling interests' share (0.4 ) Cash, net of noncontrolling interests' share 4.0 Withholding taxes and other — Net cash available $ 4.0 Debt. Following is a summary of total debt and the related weighted-average interest rates at December 31, 2017 (in billions, except percentages): Weighted- Average Interest Rate Senior Notes $ 11.8 4.4% Cerro Verde credit facility 1.3 3.5% Total debt $ 13.1 4.3% During fourth-quarter 2017, FCX redeemed $617 million aggregate principal amount of senior notes due 2020 and repurchased $74 million of FCX senior notes due 2018 in open-market transactions, resulting in annual cash interest savings of over $40 million. During fourth-quarter 2017, FCX also repaid $730 million of senior notes due 2017 and $220 million of the Cerro Verde credit facility. Debt repayments in fourth-quarter 2017 totaled $1.7 billion. At December 31, 2017, FCX had no borrowings, $13 million in letters of credit issued and $3.5 billion available under its revolving credit facility. FINANCIAL POLICY In December 2015, FCX's common stock dividend was suspended. The declaration of dividends is at the discretion of the Board of Directors (the Board) and will depend upon FCX’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board. WEBCAST INFORMATION A conference call with securities analysts to discuss FCX's fourth-quarter 2017 results is scheduled for today at 10:00 a.m. Eastern Time. The conference call will be broadcast on the Internet along with slides. Interested parties may listen to the conference call live and view the slides by accessing “ fcx.com .” A replay of the webcast will be available through Friday, February 23, 2018.
http://www.cnbc.com/2018/01/25/business-wire-freeport-mcmoran-reports-fourth-quarter-and-year-ended-decembera31-2017-results.html
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Uber Reaches million dollar settlement with New York drivers over fees
Uber Technologies Inc agreed to pay up to $3 million to settle a proposed class-action lawsuit brought on behalf of 2,421 drivers in New York who accused the ride-sharing company of docking excessive fees from their fares. A preliminary settlement was filed on Monday with the federal court in Brooklyn, New York, and requires approval by U.S. District Judge Nicholas Garaufis. Drivers accused Uber of breach of contract for including sales tax and a "Black Car Fund" fee, which relates to workers' compensation, in fares when calculating service fees, thereby increasing the amounts owed. They also accused Uber of false advertising for allegedly offering guaranteed compensation without disclosing the conditions, such as in an ad telling drivers they could "DRIVE & MAKE $5,000 Guaranteed" in their first month behind the wheel. The San Francisco-based company denied all allegations, and settled without admitting wrongdoing to avoid the cost and inconvenience of litigation, according to the settlement. Uber did not immediately respond on Tuesday to requests for comment. The settlement covers Uber drivers who have used the Uber app to arrange rides in New York since Dec. 29, 2009, and whose claims are not subject to arbitration. It follows Uber's agreement to pay more than $80 million to roughly 96,000 drivers in New York, after the company admitted in May to having inadvertently underpaid drivers for two-and-a-half years, court papers show. Monday's settlement also calls for the dismissal of claims that Uber misclassified drivers who used the Uber app as independent contractors. Lawyers for the drivers may collect fees equal to as much as one-third of the settlement fund.
https://www.cnbc.com/2018/01/09/uber-reaches-million-dollar-settlement-with-new-york-drivers-over-fees.html
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Gates backs Central America malaria elimination plan with $31 million
January 24, 2018 / 2:38 PM / in an hour Gates backs Central America malaria elimination plan with $31 million Reuters Staff 2 Min Read LONDON (Reuters) - Philanthropist Bill Gates promised $31 million on Wednesday as part of a new Central America malaria elimination fund aimed at wiping out the disease in seven of the region’s countries and the Dominican Republic. In a joint plan with the Inter-American Development Bank and the Carlos Slim Foundation, Gates said the Regional Malaria Elimination Initiative (RMEI) would bring a total of $83.6 million in new funds “to ensure malaria remains a top health and development priority despite dwindling numbers of cases”. The new money would also help leverage more than $100 million in domestic financing and $39 million of existing donor money in the region by 2022, the philanthropist’s Bill & Melinda Gates Foundation said in a statement. Tennis - French Open - Roland Garros, Paris, France - 6/6/09 Bill Gates watches the Women's Final from in the crowd Mandatory Credit: Action Images / Scott Heavey Livepic Although Central America has seen a more than 90 percent drop in malaria cases since 2000, progress against the mosquito-borne disease has stalled and several countries in the region still have significant problems with malaria. According to the World Health Organization (WHO), more than 40,270 confirmed cases of malaria were reported in 2016 in Central America, the Dominican Republic and Haiti. Gates said the collaboration would help cover “financial and technical gaps” in the region as well as strengthening health systems to tackle other diseases carried by mosquitoes, including Zika, dengue and Chikungunya. Worldwide, malaria infects around 216 million people a year, killing around half a million of them. Most deaths are among babies and young children in the poorest parts of Africa. The WHO says that in 2016, some $2.7 billion was invested in global malaria control and elimination efforts. Reporting by Kate Kelland; Editing by Alison Williams
https://www.reuters.com/article/us-health-malaria-centralamerica/gates-backs-central-america-malaria-elimination-plan-with-31-million-idUSKBN1FD20B
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German industrial strikes to hit Daimler, Porsche
January 30, 2018 / 2:44 PM / Updated 6 minutes ago German industrial strikes to hit Daimler, Porsche Reuters Staff 3 Min Read FRANKFURT (Reuters) - Workers at German companies including carmakers Daimler ( DAIGn.DE ) and Porsche ( VOWG_p.DE ) and automotive supplier Bosch are set to stage strikes over the coming days amid a row over wages and working hours, union IG Metall said. Walkouts lasting 24 hours at a time will begin late on Tuesday and run until Friday, the union has said, after its members voted overwhelmingly in favour of action after last-ditch regional talks over wages and working hours failed to reach a deal at the weekend. Emboldened by the fastest economic growth in six years and record low unemployment, the union is demanding an 8 percent pay rise over 27 months for 3.9 million metals and engineering workers across Germany. The union has also asked for workers to be given the right to reduce their weekly hours to 28 from 35 to care for children, elderly or sick relatives, and return to full time after two years. Employers have offered a 6.8 percent increase but have rejected the demand for shorter hours unless they can also increase workers’ hours when necessary. Nearly a million workers have already taken part in short walkouts lasting no more than a few hours at a time across the country this month to support IG Metall’s demands. Slideshow (2 Images) An escalation to 24-hour strikes is the union’s last warning shot before it ballots for extended industrial action that could be crippling to companies reliant on a well-oiled supply chain of car parts and other components. Across Germany, around 260 companies are expected to be affected by walkouts this week. Workers at automotive supplier ZF Friedrichshafen [ZFF.UL] in the southwestern state of Baden-Wuerttemberg will go on strike from 5 am local time (0400 GMT) on Wednesday, while staff at Mercedes-Benz maker Daimler and sportscar firm Porsche will walk out on Friday, IG Metall said. “The employers haven’t sufficiently budged in negotiations, now we are going to push them into action with full-day warning strikes,” said Roman Zitzelsberger, head of IG Metall in Baden-Wuerttemberg, where 16 hours of negotiations failed to yield a deal. To the north, workers at Kion’s ( KGX.DE ) Still brand of forklift trucks in Hamburg and at valve maker Gestra in Bremen will down their tools. Both the union and the employers have left the door open to resuming talks after the planned strikes end on Friday but each said they demanded more willingness to make concessions. Reporting by Maria Sheahan; Editing by Gareth Jones
https://uk.reuters.com/article/uk-germany-wages/german-industrial-strikes-to-hit-daimler-porsche-idUKKBN1FJ214
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Intel drives Wall St to new highs
Intel drives Wall St to new highs 10:35pm GMT - 01:20 Fri, 13 Oct, 2017 - (1:34) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products:
https://uk.reuters.com/video/2018/01/26/intel-drives-wall-st-to-new-highs?videoId=388945707
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Tax season starts on Jan. 29. Here’s when to expect key forms
Early bird tax filers ought to watch their mailboxes over the next few weeks: Everything they need to prepare their return is en route. Filing season for the 2017 tax year begins on Jan. 29 . This year, the IRS bumped the deadline to file returns to April 17 because the traditional filing date of April 15 falls on a Sunday. Emancipation Day – a legal holiday – will be observed Monday, April 16. The IRS expects it will receive nearly 155 million individual tax returns this season. There's good reason to get organized and file in a timely fashion this year. Experts have said the massive Equifax breach could contribute to tax fraud . Even if you submit your return early, you'll have to wait a while for your refund if you claim the earned income tax credit or the additional child tax credit . Those who choose direct deposit will receive those refunds starting on Feb. 27. The IRS has delayed refunds on returns claiming these two credits in order to give itself more time to detect phony returns and keep cash out of the hands of thieves. Here's what you'll need to get a jump start on your filing. What's new Though most of the changes from the Tax Cuts and Jobs Act will take effect in the 2018 tax year, one major change will affect the 2017 filing season. Under the previous tax law, filers who take the medical expense deduction could only deduct qualifying costs that exceed 10 percent of their adjusted gross income (AGI). Now, that threshold has been dropped to 7.5 percent of AGI for the 2017 and 2018 tax years. Elenaleonova | Getty Images You can also still save on your 2017 taxes if you make an IRA contribution by April 17. Other than that, the opportunities to save this filing season are limited. "It would be challenging at this point to be able to make some kind of payment and get a benefit in 2017," said Melissa Labant, director of tax policy and advocacy at the American institute of Certified Public Accountants. Here's when to look for key documents in your mailbox (or email inbox): January Employers must provide employees with a W-2 by Jan. 31 . Businesses that hire independent contractors will have to give them their 1099-MISC by that date, which will include information regarding nonemployee income. If you're an independent contractor, you should be tracking your income throughout the year. "Be proactive and contact companies to find out when they're issuing those 1099-MISC forms," said Gavin Morrissey, managing partner at Financial Strategy Associates in Needham, Massachusetts. Retirees should also pay attention to their mailboxes in January. That's when the Social Security Administration sends beneficiaries an
https://www.cnbc.com/2018/01/05/tax-season-starts-on-jan-29-heres-when-to-expect-key-forms.html
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UPDATE 2-Lukoil calls for exit from output deal if oil holds at $70
January 12, 2018 / 3:00 PM / Updated 4 hours ago Lukoil calls for exit from output deal if oil holds at $70 Olesya Astakhova 3 Min Read MOSCOW (Reuters) - Russia should start exiting a global deal to cut oil output if crude prices remain at $70 per barrel for more than six months, Lukoil chief executive Vagit Alekperov said on Friday as he unveiled a $2-3 billion share buyback program. Russia and Saudi Arabia are leading the wider OPEC and non-OPEC effort to limit production to prop up prices and Brent crude oil futures have risen by more than 50 percent since mid-2017, hitting $70 a barrel this week for the first time since December 2014. “If the price of $70 remains for more than half a year, we should start exiting smoothly,” Alekperov, who is also a major shareholder in the Russian oil company, told reporters. Fatih Birol, head of the International Energy Agency, said that while oil prices at $65 to $70 a barrel were good for oil producers now, there was a risk it would encourage more oversupply from U.S. shale drillers. Alekperov said a price of $60 to $70 a barrel was a comfortable level for Russian oil firms. “We should not repeat the mistakes of 2000s when the oil price crossed over $100,” he said. BUYBACK Lukoil also said it would establish a share buyback program “as an incremental mechanism to distribute capital to shareholders” and planned to cancel around 10 percent out of a total 16 percent of the treasury shares it holds. “I think these changes will further support the growth of the company’s shareholder value,” Alekperov said. The board has supported the management initiative to cancel the major part of Lukoil treasury shares and use the remainder in a new long-term incentive program for key employees. The company would be cancelling the treasury shares it once planned to use for acquisitions during 2018, while the buy back program worth $2-3 billion would last for five years, Alekperov told reporters. The stakes held by both Alekperov and his business partner Leonid Fedun would increase following the changes, with Alekperov’s holdings rising to 30 percent and Fedun’s to just over 10 percent, Alekperov said. Lukoil shares rose by 5 percent to 3,880 roubles, giving the company a market capitalization of $55 billion, Thomson Reuters data showed. Reporting by Olesya Astakhova; Writing by Maria Tsvetkova and Katya Golubkova; Editing by Jack Stubbs/Edmund Blair/Alexander Smith
https://www.reuters.com/article/us-russia-lukoil-opec-prices/lukoil-calls-for-exit-from-output-deal-if-oil-holds-at-70-idUSKBN1F11TL
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Comcast Corp expected to post earnings of 47 cents a share - summary
January 22, 2018 / 7:15 PM / Updated 35 minutes ago Comcast Corp expected to post earnings of 47 cents a share - summary Reuters Staff 2 Min Read Jan 22 (Reuters) - * Comcast Corp is expected to show a rise in quarterly revenue when it reports results on January 24. * The Philadelphia, Pennsylvania-based company is expected to report a 3.8 percent increase in revenue to $21.82 billion from $21.03 billion a year ago, according to the mean estimate of 24 analysts, according to Thomson Reuters data. * The analyst mean estimate for Comcast Corp is for earnings of 47 cents per share. For the same quarter last year, the company reported earnings of 45 cents per share. * The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 29 “strong buy” or “buy,” 3 “hold” and no “sell” or “strong sell.” * The Starmine predicted earnings surprise, the difference between Wall Street’s mean estimate and Starmine’s estimate of its highest rated analysts, is negative for Comcast at 0.34 percent; predicted revenue surprise is negative at 0.09 percent. * The mean earnings estimate of analysts was unchanged in the last three months. * The earnings announcement is scheduled for January 24 at 01:30 p.m. GMT. * Comcast Corp belongs to the NASDAQ Composite Index. This summary was generated 01:30 p.m. GMT.
https://www.reuters.com/article/comcast-results-preview/comcast-corpexpected-to-postearnings-of-47cents-a-share-summary-idUSL8N1PH4B2
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United Continental falls on plans to raise capacity
Jan 24 (Reuters) - Shares of United Continental Holdings Inc fell more than 7 percent before the bell on Wednesday after the airline said it plans to add capacity, likely threatening its profit margin, as it is locked in a price war with low-cost carriers. The parent of the No.3 U.S. airline plans to increase capacity by between 4 percent and 6 percent in 2018, and aims to likely grow by a similar rate in 2019 and 2020, saying it would give the carrier a competitive edge in its fight against low-cost airlines such as Southwest Airlines and JetBlu Airways. The decision comes months after United ordered 10 extra Airbus A350 jetliners, while ditching the largest model, the A350-1000, in favor of the smaller and more popular A350-900 and delaying deliveries to save cash. United’s shares are poised to open lower despite the bigger-than-expected jump in quarterly profit it reported on Tuesday. Shares of other U.S. airline companies such as American Airlines Group and Delta Air Lines also fell in premarket trading. (Reporting by Rachit Vats in Bengaluru; Editing by Supriya Kurane)
https://www.reuters.com/article/ual-stocks/united-continental-falls-on-plans-to-raise-capacity-idUSL4N1PJ4LS
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